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.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Gilead Sciences Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data reveals several key trends in the company's liquidity, debt management, and equity position over the five-year period ending December 31, 2024.
- Current Liabilities
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Current liabilities experienced slight fluctuations, beginning at US$11,397 million in 2020 and showing a marginal decrease in 2022 and 2023, before increasing again to US$12,004 million in 2024. Accounts payable showed volatility, with a notable dip in 2023 to US$550 million after peaking at US$905 million in 2022, then rising again to US$833 million in 2024. Accrued rebates steadily increased from US$3,460 million in 2020 to US$3,892 million in 2024, reflecting growing obligations related to rebates. The current portion of long-term debt declined significantly from US$2,757 million in 2020 to US$1,516 million in 2021, then varied moderately in subsequent years.
- Long-Term Liabilities
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Long-term liabilities decreased robustly from US$38,789 million in 2020 to US$27,745 million in 2024, highlighting a consistent effort to reduce long-term obligations. This decline was primarily driven by reductions in net long-term debt, which dropped from US$28,645 million in 2020 to US$24,896 million in 2024. Both long-term income taxes payable and deferred tax liabilities decreased substantially each year, with deferred tax liabilities falling sharply from US$3,914 million to US$724 million, and long-term income taxes payable dropping from US$5,016 million to US$830 million, suggesting effective tax planning or changing tax positions.
- Total Liabilities
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Total liabilities shrank consistently over the period, moving from US$50,186 million in 2020 to US$39,749 million in 2024. This aligns with the decreases observed in long-term liabilities and relatively stable current liabilities, indicating an overall reduction in the company's external obligations.
- Stockholders’ Equity
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Stockholders' equity experienced an upward trend from 2020 through 2023, growing from US$18,221 million to US$22,749 million, driven largely by increases in additional paid-in capital, which rose from US$3,880 million to US$7,700 million. Accumulated other comprehensive income turned positive over time, moving from a slight loss to US$132 million in 2024. Retained earnings showed a complex pattern—increasing through 2023 but declining sharply in 2024 from US$16,304 million to US$11,497 million, indicating possible distributions, impairments, or losses. Noncontrolling interest became more negative over time, reaching negative US$84 million in 2024, which may reflect losses or adjustments attributed to minority interests.
- Overall Financial Position
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Total liabilities and stockholders’ equity trended downward from US$68,407 million in 2020 to US$58,995 million in 2024, primarily due to the reduction in liabilities. Compensation and employee benefits showed steady growth, increasing from US$864 million in 2020 to US$1,228 million in 2024, suggesting investment in human capital. Income taxes payable increased substantially in the current liabilities category, more than doubling from US$598 million to US$1,646 million, implying higher tax liabilities or accruals in recent years. Allowance for sales returns decreased consistently, which may indicate improved sales quality or return policies.
In summary, the company has demonstrated a consistent reduction in debt and total liabilities while growing equity through paid-in capital. However, the sharp decrease in retained earnings in the final year merits further inquiry. The increase in income taxes payable and accrued rebates suggests rising operational obligations. Expense control appears visible given steady but moderate growth in employee-related costs. The overall financial trajectory indicates strengthening balance sheet stability with some areas requiring monitoring for future performance impact.