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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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Gilead Sciences Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income (Loss)
- The net income displays significant volatility. There are notable negative spikes, such as the loss of $3,346 million in June 2020 and a large loss of $4,170 million in March 2024. Positive peaks include $2,586 million in September 2021 and $3,052 million in September 2025, indicating irregular profitability over the quarters.
- Depreciation and Amortization Expenses
- Depreciation expense remains relatively stable, fluctuating modestly around the $70-$90 million range. Amortization expense shows a gradual upward trend, rising from approximately $280 million in early 2020 to near $600 million in the last reported quarters, reflecting increased intangible asset amortization.
- Stock-Based Compensation Expense
- This expense exhibits moderate growth over the period, increasing from about $140 million to over $220 million, suggesting a rising cost of equity incentives.
- Deferred Income Taxes
- Deferred income taxes reveal substantial fluctuations with both positive and negative values, including significant negative peaks such as -$723 million in March 2024. This points to considerable variability in deferred tax assets and liabilities, likely influenced by tax strategy and timing differences.
- Net Gain (Loss) from Equity Securities
- This item is highly variable, swinging between gains and losses. Some quarters report large gains (e.g., $964 million in September 2020), while others have losses (e.g., -$189 million in December 2022), showing exposure to equity market volatility.
- Acquired In-Process Research and Development Expenses
- There are notable spikes in expenditures, prominently the $4,524 million in June 2020 and $4,131 million in March 2024, indicative of substantial investment in in-process acquisitions at irregular intervals.
- In-Process Research and Development Impairments
- Impairments appear intermittently, with large amounts of $2,700 million in December 2020 and $2,430 million in June 2024, reflecting significant write-offs or reductions in acquired research asset values.
- Operating Assets and Liabilities
- Changes in operating assets and liabilities demonstrate wide variability with periods of both large negative and positive swings, such as a $1,814 million positive change in December 2021 and a negative -$2,014 million in September 2025, indicating fluctuating working capital management.
- Net Cash Provided by Operating Activities
- Operating cash flow remains positive throughout, with some fluctuations. It peaked at $4,309 million in September 2024 but was as low as $827 million in June 2025. The cash generation ability appears strong despite net income volatility.
- Investing Activities
- Investing cash flows are predominantly negative each quarter, with major negative figures such as -$8,977 million in December 2020, reflecting significant acquisitions and investments. Purchases of marketable debt securities and acquisitions contribute primarily to this outflow.
- Financing Activities
- Financing cash flows are inconsistent, with both inflows and outflows. There are large repayments of debt and stock repurchases, such as a $3,527 million outflow in September 2021. Proceeds from debt issuance appear sporadically, e.g., $7,189 million in September 2020. Dividend payments consistently reduce cash.
- Cash and Equivalents Movement
- Cash and cash equivalents fluctuate considerably, with significant decreases in several quarters (e.g., -$3,305 million in June 2020) followed by strong increases in others (e.g., $6,140 million in September 2020), reflecting the combined effects of operating, investing, and financing activities along with exchange rate impacts.