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:	Jun 30, 2026	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)	(10,496)	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	98)	93)	90)	90)	93)	97)	95)	94)	98)	94)	91)	86)	83)	94)	83)	80)	80)	80)	90)	82)	79)	78)
Amortization expense	600)	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	231)	218)	230)	230)	225)	209)	222)	216)	210)	187)	201)	202)	198)	165)	174)	168)	165)	130)	159)	171)	166)	139)
Deferred income taxes	(587)	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	(343)	(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	12,043)	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	1,750)	—)	400)	—)	190)	—)	—)	1,750)	—)	2,430)	50)	—)	—)	—)	—)	—)	—)	2,700)	—)	—)	—)	—)
Other, net	241)	183)	267)	90)	33)	90)	58)	86)	90)	119)	568)	54)	143)	62)	234)	126)	238)	182)	737)	25)	375)	201)
Accounts receivable, net	(333)	134)	179)	(333)	(292)	79)	72)	162)	(29)	(66)	220)	(612)	(86)	635)	(281)	(372)	(452)	699)	41)	(422)	(281)	975)
Inventories	(145)	(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	(13)	5)	(36)	(368)	81)	12)	(146)	(57)	(19)	(37)	(32)	5)	40)	26)	(65)	12)	(27)	(54)	(25)	(15)	6)	(8)
Accounts payable	18)	(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	171)	(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	338)	(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	36)	(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	14,069)	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	3,573)	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	(26)	(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	1,024)	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	1)	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	(11,209)	(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	(16)	(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	(140)	(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	19)	(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	(10,347)	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	4,085)	—)	—)	—)	—)	—)	3,464)	—)	—)	—)	1)	1,979)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from issuances of common stock	9)	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	(355)	(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	(17)	(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	(1,029)	(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	(349)	(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	2,344)	(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	(20)	(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	(4,450)	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 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.

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Gilead Sciences Inc. (NASDAQ:GILD)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data