Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Gilead Sciences Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Gilead Sciences Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The cash flow profile is characterized by strong and relatively consistent operating cash generation, which is utilized to fund aggressive strategic acquisitions and a disciplined shareholder return program. While net income exhibits significant volatility, the net cash provided by operating activities remains resilient, indicating a high degree of non-cash adjustments and strong underlying cash-generating capacity.
- Operating Activity Trends
- Net income demonstrates extreme quarterly fluctuations, with substantial losses recorded in March 2024 (-$4,170 million) and June 2026 (-$10,496 million). Despite these earnings swings, net cash provided by operating activities generally remains positive and robust, frequently exceeding $2,000 million per quarter, peaking at $4,309 million in September 2024. This divergence is primarily driven by significant non-cash adjustments, including amortization expenses that rose from approximately $400 million per quarter in 2021 to roughly $600 million by 2026, and substantial in-process research and development (IPR&D) impairments.
- Investing Activity and Capital Deployment
- Investing activities are dominated by large-scale acquisitions and the management of marketable debt securities. A pattern of aggressive inorganic growth is evident, culminating in a massive cash outflow of $11,209 million for acquisitions in June 2026. This follows other significant expenditure periods, such as March 2024, where $4,043 million was deployed for acquisitions. Capital expenditures for property, plant, and equipment remain stable, typically ranging between $100 million and $200 million per quarter. Liquidity is actively managed through the periodic purchase and sale of marketable debt securities to balance cash reserves.
- Financing Activity and Shareholder Returns
- A consistent commitment to shareholder distributions is observed through stable quarterly dividend payments, which transitioned from approximately $900 million per quarter in 2021 to over $1 billion per quarter by 2026. Share repurchases are conducted irregularly but frequently, with outflows varying between $100 million and $730 million per quarter. To support large-scale investing activities, the company utilizes debt financing, as evidenced by a $4,085 million proceed from debt in June 2026, which partially offset the acquisition costs in the same period.
- Liquidity and Net Cash Position
- The net change in cash and cash equivalents is highly volatile, reflecting the timing of major corporate actions. Large outflows associated with acquisitions are often countered by debt issuance or the sale of marketable securities. For instance, the significant net decrease in cash in June 2026 (-$4,450 million) is directly linked to the peak in acquisition spending, despite a simultaneous increase in debt financing.