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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover 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 cash flow statement (quarterly data)
US$ in millions
Based on: 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 exhibits considerable volatility across the periods. Notably, there is a substantial loss recorded on June 30, 2020 (-3346 million), followed by a recovery and growth reaching a peak of 2586 million on September 30, 2021. However, starting in March 31, 2024, the data shows a sharp loss again (-4170 million), before recovering to positive values in subsequent quarters. This pattern indicates fluctuations likely driven by non-recurring events or changes in operational performance.
- Depreciation and Amortization Expenses
- Depreciation expense has gradually increased from 68 million in March 31, 2020, to a consistent range of about 90-97 million in later periods, reflecting possible asset base growth or revaluation. Amortization expense demonstrates a steady increase from 281 million in early 2020 to approximately 598 million by late 2024, suggesting ongoing capitalized intangible assets requiring systematic expense allocation.
- Stock-Based Compensation
- This expense shows an upward trajectory, rising from 141 million in the first quarter of 2020 to around 225 million by late 2024. This could indicate an increase in employee compensation through stock incentives.
- Deferred Income Taxes
- The deferred income taxes fluctuate significantly, alternating between positive and negative values with wide swings (e.g., -651 million in March 31, 2022, and 240 million in September 30, 2020). These irregular movements may reflect changes in tax positions, valuation allowances, or timing differences.
- Net Loss from Equity Securities
- This item shows significant variability, shifting between gains and losses with no clear trend, indicating an unstable return profile from equity investments.
- In-Process Research and Development Expenses and Impairments
- Acquired in-process R&D expenses fluctuate substantially, with very high spikes (e.g., 4524 million in June 30, 2020 and 4131 million in March 31, 2024). The impairments of in-process R&D show significant one-time charges in certain quarters (2700 million in December 31, 2021 and 2430 million in June 30, 2024). These figures suggest considerable investments and write-offs related to product or technology development acquisitions.
- Other, Net
- This category fluctuates considerably without a consistent trend, with some quarters showing unusually high values such as 737 million in December 31, 2020 and 568 million in December 31, 2022. This volatility points to miscellaneous and possibly irregular transactions.
- Working Capital Components (Accounts Receivable, Inventories, Prepaid Expenses, Accounts Payable, Accrued and Other Liabilities)
- Accounts receivable and inventories reveal volatile movements with no stable trend, indicating varying sales activity or collection cycles. Accounts payable and accrued liabilities exhibit large swings, including significant negative balances (e.g., -1657 million accrued liabilities in March 31, 2022), and large positive values (1540 million in December 31, 2020), suggesting irregular timing of payments and accruals. Changes in operating assets and liabilities similarly show sharp fluctuations, reinforcing the pattern of variable cash cycle dynamics.
- Cash Flows from Operating Activities
- Net cash provided by operating activities is generally strong, with mostly positive values ranging from approximately 1300 to over 4300 million, indicating a robust generation of cash despite variability in earnings.
- Investing Activities
- Cash outflows in investing activities are substantial, with significant acquisitions noted especially in large negative amounts in mid-2020 and early 2021. Purchases of property, plant, and equipment remain relatively stable. The pattern reflects continued investment in fixed and intangible assets with occasional large acquisitions.
- Financing Activities
- Financing cash flows reflect mixed activity: periods of debt issuance, stock issuance, and repurchases of common stock and dividends payments are consistent. Notably, stock repurchases are sizeable and persistent over the years, while dividend payments show steady increases, pointing to ongoing shareholder returns. Debt repayments occur intermittently with large negative outflows.
- Effect of Exchange Rate Changes and Net Cash Changes
- The effects of exchange rate changes on cash are minor relative to other items but occasionally positive or negative. Overall net change in cash and cash equivalents shows considerable variability, consistent with the underlying fluctuations in operating, investing, and financing cash flows.
- Summary
- The financial data reveals a company with substantial and irregular investments in research and development assets, reflected by volatile expenses and impairments in this area. Operationally, cash generation remains solid despite fluctuations in net income, implying effective cash management or non-cash charges impacting earnings. Investing outflows indicate a focus on growth and asset acquisition, while financing activities suggest active capital management with a balance of debt issuance and repayments, share repurchases, and dividend payments. The overall pattern reflects a dynamic business with sizable investments, variable profitability, and consistent attention to shareholder returns.