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.

Gilead Sciences Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Net income (loss)	2,021)	2,183)	3,052)	1,960)	1,315)	1,783)	1,253)	1,614)	(4,170)	1,417)	2,172)	1,039)	985)	1,633)	1,786)	1,135)	12)	376)	2,586)	1,517)	1,722)
Depreciation expense	93)	90)	90)	93)	97)	95)	94)	98)	94)	91)	86)	83)	94)	83)	80)	80)	80)	90)	82)	79)	78)
Amortization expense	596)	597)	596)	598)	599)	598)	596)	596)	596)	597)	598)	598)	546)	445)	445)	445)	445)	445)	441)	440)	395)
Stock-based compensation expense	218)	230)	230)	225)	209)	222)	216)	210)	187)	201)	202)	198)	165)	174)	168)	165)	130)	159)	171)	166)	139)
Deferred income taxes	179)	(122)	659)	(178)	(199)	(379)	(576)	(166)	(723)	(370)	(68)	(221)	(303)	(338)	(270)	(293)	(651)	(359)	240)	(68)	71)
Net (gain) loss from equity securities	(142)	(253)	(482)	(142)	426)	126)	(257)	391)	14)	(189)	169)	(69)	256)	61)	197)	303)	96)	(57)	142)	174)	351)
Acquired in-process research and development expenses	107)	539)	170)	62)	253)	(11)	505)	38)	4,131)	347)	91)	236)	481)	158)	448)	330)	8)	—)	19)	96)	62)
In-process research and development impairments	—)	400)	—)	190)	—)	—)	1,750)	—)	2,430)	50)	—)	—)	—)	—)	—)	—)	2,700)	—)	—)	—)	—)
Other, net	183)	267)	90)	33)	90)	58)	86)	90)	119)	568)	54)	143)	62)	234)	126)	238)	182)	737)	25)	375)	201)
Accounts receivable, net	134)	179)	(333)	(292)	79)	72)	162)	(29)	(66)	220)	(612)	(86)	635)	(281)	(372)	(452)	699)	41)	(422)	(281)	975)
Inventories	(52)	(123)	(515)	(175)	(223)	(226)	(85)	(70)	(45)	(307)	(82)	(226)	(227)	(276)	(95)	8)	53)	35)	70)	(25)	(69)
Prepaid expenses and other	5)	(36)	(368)	81)	12)	(146)	(57)	(19)	(37)	(32)	5)	40)	26)	(65)	12)	(27)	(54)	(25)	(15)	6)	(8)
Accounts payable	(67)	(95)	230)	(162)	(105)	(58)	359)	(83)	72)	(43)	(29)	(3)	(272)	264)	66)	(13)	(91)	124)	(20)	31)	(253)
Income tax assets and liabilities, net	(29)	(134)	(122)	(1,300)	(552)	536)	111)	(1,171)	(208)	(698)	(881)	(28)	(161)	119)	108)	(479)	(112)	99)	72)	(219)	(316)
Accrued and other liabilities	(702)	(395)	811)	(166)	(244)	305)	152)	(174)	(175)	317)	50)	634)	(543)	356)	164)	362)	(1,657)	1,540)	(138)	25)	(738)
Changes in operating assets and liabilities	(711)	(604)	(297)	(2,014)	(1,033)	483)	642)	(1,546)	(459)	(543)	(1,549)	331)	(542)	117)	(117)	(601)	(1,162)	1,814)	(453)	(463)	(409)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	523)	1,144)	1,056)	(1,133)	442)	1,192)	3,056)	(289)	6,389)	752)	(417)	1,299)	759)	934)	1,077)	667)	1,828)	2,829)	667)	799)	888)
Net cash provided by operating activities	2,544)	3,327)	4,108)	827)	1,757)	2,975)	4,309)	1,325)	2,219)	2,169)	1,755)	2,338)	1,744)	2,567)	2,863)	1,802)	1,840)	3,205)	3,253)	2,316)	2,610)
Purchases of marketable debt securities	(525)	(1,382)	(270)	(2,287)	—)	—)	—)	—)	(244)	(456)	(369)	(578)	(527)	(372)	(308)	(477)	(613)	(626)	(813)	(1,147)	(931)
Proceeds from sales of marketable debt securities	2,520)	340)	219)	295)	—)	—)	—)	—)	2,265)	98)	95)	150)	167)	42)	47)	204)	119)	224)	255)	191)	60)
Proceeds from maturities of marketable debt securities	36)	23)	17)	15)	—)	—)	—)	—)	327)	349)	266)	395)	324)	358)	277)	449)	506)	372)	558)	631)	619)
Acquisitions, including in-process research and development, net of cash acquired	(109)	(609)	(167)	(21)	(273)	(75)	(570)	(152)	(4,043)	(279)	(79)	(243)	(551)	(218)	(448)	(324)	(807)	(1)	(54)	(92)	(1,255)
Purchases of equity securities	(19)	(14)	(82)	(21)	(16)	(39)	(9)	(34)	(410)	(224)	(26)	(67)	(125)	(6)	(122)	(16)	(28)	(48)	(31)	(22)	(279)
Purchases of property, plant and equipment	(117)	(205)	(147)	(107)	(104)	(147)	(141)	(130)	(105)	(215)	(122)	(139)	(109)	(181)	(157)	(143)	(247)	(156)	(139)	(119)	(165)
Other investing activities, net	(16)	12)	3)	10)	(22)	36)	10)	9)	3)	—)	6)	(1)	(5)	2)	(2)	(1)	—)	(43)	(10)	(19)	(91)
Net cash (used in) provided by investing activities	1,770)	(1,835)	(427)	(2,116)	(415)	(225)	(710)	(307)	(2,207)	(727)	(229)	(483)	(826)	(375)	(713)	(308)	(1,070)	(278)	(234)	(577)	(2,042)
Proceeds from debt financing, net of issuance costs	—)	—)	—)	—)	—)	3,464)	—)	—)	—)	1)	1,979)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from issuances of common stock	166)	32)	97)	27)	252)	173)	98)	5)	146)	26)	83)	26)	97)	176)	36)	3)	94)	12)	57)	12)	88)
Repurchases of common stock under repurchase programs	(419)	(230)	(435)	(527)	(730)	(350)	(300)	(100)	(400)	(150)	(300)	(150)	(400)	(792)	(180)	(72)	(352)	(49)	(145)	(43)	(309)
Repayments of debt and other obligations	(2,766)	(8)	(9)	(9)	(1,762)	(7)	(112)	(1,851)	—)	—)	(2,250)	—)	—)	—)	(1,000)	—)	(500)	(1,000)	(2,500)	—)	(1,250)
Payments of dividends	(1,040)	(994)	(1,005)	(994)	(1,010)	(973)	(983)	(972)	(990)	(943)	(953)	(944)	(969)	(915)	(929)	(920)	(945)	(894)	(900)	(894)	(917)
Other financing activities, net	(180)	(63)	(137)	(64)	(176)	(47)	(82)	(35)	(117)	(33)	(78)	(33)	(134)	(23)	(45)	(14)	(91)	(11)	(39)	(6)	(89)
Net cash used in financing activities	(4,239)	(1,263)	(1,489)	(1,567)	(3,426)	2,260)	(1,379)	(2,953)	(1,361)	(1,099)	(1,519)	(1,101)	(1,406)	(1,554)	(2,118)	(1,003)	(1,794)	(1,942)	(3,527)	(931)	(2,477)
Effect of exchange rate changes on cash and cash equivalents	(10)	4)	(5)	73)	19)	(55)	44)	(11)	(18)	37)	(6)	14)	12)	75)	(72)	(48)	(18)	(9)	(23)	20)	(23)
Net change in cash and cash equivalents	65)	233)	2,187)	(2,783)	(2,065)	4,955)	2,264)	(1,946)	(1,367)	380)	1)	768)	(476)	713)	(40)	443)	(1,042)	976)	(531)	828)	(1,932)

The company exhibits a pattern of strong and consistent cash generation from operations despite significant volatility in reported net income. While net income experienced a substantial contraction in the first quarter of 2024, reaching a deficit of $4,170 million, net cash provided by operating activities remained positive at $2,219 million for the same period. This resilience is attributed to significant non-cash adjustments, particularly regarding acquired in-process research and development (IPRD) expenses and amortization, which have trended upward from approximately $400 million per quarter in 2021 to nearly $600 million by 2026.

Operating Cash Flow Dynamics: Net cash provided by operating activities shows a general upward trajectory, peaking at $4,309 million in September 2024. The divergence between net income and operating cash flow is most pronounced during quarters with high IPRD expenses and impairment charges, indicating that a significant portion of the company's reported losses are non-cash in nature. Stock-based compensation has also seen a gradual increase, rising from $139 million in March 2021 to a range of $218 million to $230 million in the later periods.
Investment and Acquisition Trends: Investing activities are characterized by consistent net cash outflows, driven by a strategic focus on acquisitions and the management of marketable securities. A major spike in investment spending occurred in March 2024, with acquisitions totaling $4,043 million. The company maintains a cyclical approach to liquidity, frequently balancing the purchase of marketable debt securities with proceeds from sales and maturities to fund these capital deployments.
Capital Allocation and Shareholder Returns: Financing activities reflect a disciplined and steady commitment to shareholder returns. Dividend payments have remained remarkably stable, showing a gradual increase from $917 million per quarter in early 2021 to $1,040 million by March 2026. Share repurchases are conducted periodically, although the volume varies significantly by quarter. The company employs a strategy of opportunistic debt financing, as seen in the $3,464 million proceed in December 2024, to offset large-scale debt repayments, such as the $2,766 million outflow in March 2026.
Working Capital and Asset Management: Changes in operating assets and liabilities exhibit high quarterly variance, often offsetting operating gains. Notable fluctuations are observed in accounts receivable and accrued liabilities, which contribute to the volatility of the net change in cash. Inventory levels generally show a trend of cash outflows, suggesting consistent investment in product stockpiling or supply chain management.

Overall, the financial profile is one of an organization using robust operating cash flows to fund aggressive R&D acquisitions and consistent shareholder distributions, while utilizing the debt and marketable securities markets to manage short-term liquidity and long-term capital structure.

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Gilead Sciences Inc. (NASDAQ:GILD)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data