Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Gilead Sciences Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	715)	833)	550)	905)	705)
Accrued rebates	4,337)	3,892)	3,802)	3,479)	3,244)
Current portion of long-term debt, net	2,807)	1,815)	1,798)	2,273)	1,516)
Compensation and employee benefits	1,298)	1,228)	1,201)	1,018)	927)
Income taxes payable	92)	1,646)	1,208)	959)	539)
Allowance for sales returns	321)	321)	387)	422)	499)
Accrual for settlement related to bictegravir litigation	—)	—)	—)	—)	1,250)
Other	2,243)	2,269)	2,334)	2,181)	2,930)
Other current liabilities	3,954)	5,464)	5,130)	4,580)	6,145)
Current liabilities	11,813)	12,004)	11,280)	11,237)	11,610)
Long-term debt, net, excluding current portion	22,129)	24,896)	23,189)	22,957)	25,179)
Long-term income taxes payable	896)	830)	2,039)	3,916)	4,767)
Deferred tax liability	402)	724)	1,588)	2,673)	4,356)
Other long-term obligations	1,165)	1,295)	1,280)	1,179)	976)
Long-term liabilities	24,592)	27,745)	28,096)	30,725)	35,278)
Total liabilities	36,405)	39,749)	39,376)	41,962)	46,888)
Preferred stock, par value $0.001 per share; none outstanding	—)	—)	—)	—)	—)
Common stock, par value $0.001 per share	1)	1)	1)	1)	1)
Additional paid-in capital	8,932)	7,700)	6,500)	5,550)	4,661)
Accumulated other comprehensive income	39)	132)	28)	2)	83)
Retained earnings	13,731)	11,497)	16,304)	15,687)	16,324)
Total Gilead stockholders’ equity	22,703)	19,330)	22,833)	21,240)	21,069)
Noncontrolling interest	(85)	(84)	(84)	(31)	(5)
Total stockholders’ equity	22,618)	19,246)	22,749)	21,209)	21,064)
Total liabilities and stockholders’ equity	59,023)	58,995)	62,125)	63,171)	67,952)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, the company’s liabilities decreased from 2021 to 2025, while stockholders’ equity exhibited more fluctuation. Total liabilities experienced a notable decline over the five-year period, decreasing from US$46,888 million to US$36,405 million. Stockholders’ equity initially increased but then decreased significantly in 2024 before recovering somewhat in 2025, ending at US$22,618 million. The composition of both liabilities and equity shifted during this period, with specific accounts showing distinct trends.

Current Liabilities: Current liabilities remained relatively stable between 2021 and 2023, fluctuating around US$11.2 billion. A rise was observed in 2024 to US$12.004 billion, followed by a decrease to US$11.813 billion in 2025. Accounts payable showed volatility, peaking in 2022 at US$905 million before decreasing to US$715 million in 2025. Accrued rebates consistently increased throughout the period, rising from US$3,244 million to US$4,337 million. A significant decrease in income taxes payable occurred in 2025, dropping to US$92 million from US$1,646 million in 2024. The accrual for settlement related to bictegravir litigation was present only in 2021, at US$1,250 million.
Long-Term Liabilities: Long-term liabilities generally decreased from 2021 to 2025, moving from US$35,278 million to US$24,592 million. Long-term debt, excluding the current portion, remained relatively stable, fluctuating between US$22,957 million and US$24,896 million. Long-term income taxes payable experienced a substantial decline, decreasing from US$4,767 million in 2021 to US$896 million in 2025. Deferred tax liability also decreased significantly, falling from US$4,356 million to US$402 million over the same period.
Stockholders’ Equity: Total stockholders’ equity increased from US$21,064 million in 2021 to US$22,749 million in 2023, before decreasing sharply to US$19,246 million in 2024. It then partially recovered to US$22,618 million in 2025. A significant driver of this fluctuation was retained earnings, which decreased from US$16,324 million in 2021 to US$11,497 million in 2024, then increased to US$13,731 million in 2025. Additional paid-in capital consistently increased throughout the period, rising from US$4,661 million to US$8,932 million. Noncontrolling interest remained negative and decreased in magnitude over the period.
Total Liabilities and Stockholders’ Equity: The combined total of liabilities and stockholders’ equity decreased from US$67,952 million in 2021 to US$59,023 million in 2025. The largest decrease occurred between 2023 and 2024, falling from US$62,125 million to US$58,995 million. This suggests a period of significant financial restructuring or capital allocation changes.

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Gilead Sciences Inc. (NASDAQ:GILD)

Balance Sheet: Liabilities and Stockholders’ Equity