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, 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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income (loss)	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)	1,544)	353)	(3,346)	1,538)
Depreciation expense	97)	95)	94)	98)	94)	91)	86)	83)	94)	83)	80)	80)	80)	90)	82)	79)	78)	79)	73)	68)	68)
Amortization expense	599)	598)	596)	596)	596)	597)	598)	598)	546)	445)	445)	445)	445)	445)	441)	440)	395)	348)	282)	281)	281)
Stock-based compensation expense	209)	222)	216)	210)	187)	201)	202)	198)	165)	174)	168)	165)	130)	159)	171)	166)	139)	161)	173)	168)	141)
Deferred income taxes	(199)	(379)	(576)	(166)	(723)	(370)	(68)	(221)	(303)	(338)	(270)	(293)	(651)	(359)	240)	(68)	71)	(202)	(121)	53)	56)
Net loss from equity securities	426)	126)	(257)	391)	14)	(189)	169)	(69)	256)	61)	197)	303)	96)	(57)	142)	174)	351)	616)	964)	(201)	283)
Acquired in-process research and development expenses	253)	(11)	505)	38)	4,131)	347)	91)	236)	481)	158)	448)	330)	8)	—)	19)	96)	62)	64)	1,171)	4,524)	97)
In-process research and development impairments	—)	—)	1,750)	—)	2,430)	50)	—)	—)	—)	—)	—)	—)	2,700)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	90)	58)	86)	90)	119)	568)	54)	143)	62)	234)	126)	238)	182)	737)	25)	375)	201)	80)	80)	57)	73)
Accounts receivable, net	79)	72)	162)	(29)	(66)	220)	(612)	(86)	635)	(281)	(372)	(452)	699)	41)	(422)	(281)	975)	(837)	(702)	744)	(376)
Inventories	(223)	(226)	(85)	(70)	(45)	(307)	(82)	(226)	(227)	(276)	(95)	8)	53)	35)	70)	(25)	(69)	(147)	(26)	(37)	15)
Prepaid expenses and other	12)	(146)	(57)	(19)	(37)	(32)	5)	40)	26)	(65)	12)	(27)	(54)	(25)	(15)	6)	(8)	(236)	(54)	30)	46)
Accounts payable	(105)	(58)	359)	(83)	72)	(43)	(29)	(3)	(272)	264)	66)	(13)	(91)	124)	(20)	31)	(253)	214)	(21)	(4)	(109)
Income tax assets and liabilities, net	(552)	536)	111)	(1,171)	(208)	(698)	(881)	(28)	(161)	119)	108)	(479)	(112)	99)	72)	(219)	(316)	(350)	(67)	(234)	(127)
Accrued and other liabilities	(244)	305)	152)	(174)	(175)	317)	50)	634)	(543)	356)	164)	362)	(1,657)	1,540)	(138)	25)	(738)	582)	145)	463)	(550)
Changes in operating assets and liabilities	(1,033)	483)	642)	(1,546)	(459)	(543)	(1,549)	331)	(542)	117)	(117)	(601)	(1,162)	1,814)	(453)	(463)	(409)	(774)	(725)	962)	(1,101)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	442)	1,192)	3,056)	(289)	6,389)	752)	(417)	1,299)	759)	934)	1,077)	667)	1,828)	2,829)	667)	799)	888)	372)	1,897)	5,912)	(102)
Net cash provided by operating activities	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)	1,916)	2,250)	2,566)	1,436)
Purchases of marketable debt securities	—)	—)	—)	—)	(244)	(456)	(369)	(578)	(527)	(372)	(308)	(477)	(613)	(626)	(813)	(1,147)	(931)	(506)	(3,056)	(3,595)	(13,158)
Proceeds from sales of marketable debt securities	—)	—)	—)	—)	2,265)	98)	95)	150)	167)	42)	47)	204)	119)	224)	255)	191)	60)	10,872)	1,941)	770)	9,656)
Proceeds from maturities of marketable debt securities	—)	—)	—)	—)	327)	349)	266)	395)	324)	358)	277)	449)	506)	372)	558)	631)	619)	951)	2,301)	2,778)	3,449)
Acquisitions, including in-process research and development, net of cash acquired	(273)	(75)	(570)	(152)	(4,043)	(279)	(79)	(243)	(551)	(218)	(448)	(324)	(807)	(1)	(54)	(92)	(1,255)	(19,938)	(1,000)	(4,804)	—)
Purchases of equity securities	(16)	(39)	(9)	(34)	(410)	(224)	(26)	(67)	(125)	(6)	(122)	(16)	(28)	(48)	(31)	(22)	(279)	(67)	(302)	(78)	(8)
Purchases of property, plant and equipment	(104)	(147)	(141)	(130)	(105)	(215)	(122)	(139)	(109)	(181)	(157)	(143)	(247)	(156)	(139)	(119)	(165)	(181)	(155)	(143)	(171)
Other investing activities, net	(22)	36)	10)	9)	3)	—)	6)	(1)	(5)	2)	(2)	(1)	—)	(43)	(10)	(19)	(91)	(108)	—)	49)	(112)
Net cash used in investing activities	(415)	(225)	(710)	(307)	(2,207)	(727)	(229)	(483)	(826)	(375)	(713)	(308)	(1,070)	(278)	(234)	(577)	(2,042)	(8,977)	(271)	(5,023)	(344)
Proceeds from debt financing, net of issuance costs	—)	3,464)	—)	—)	—)	1)	1,979)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	995)	7,189)	—)	—)
Proceeds from issuances of common stock	252)	173)	98)	5)	146)	26)	83)	26)	97)	176)	36)	3)	94)	12)	57)	12)	88)	8)	36)	35)	177)
Repurchases of common stock under repurchase programs	(730)	(350)	(300)	(100)	(400)	(150)	(300)	(150)	(400)	(792)	(180)	(72)	(352)	(49)	(145)	(43)	(309)	—)	(201)	(54)	(1,328)
Repayments of debt and other obligations	(1,762)	(7)	(112)	(1,851)	—)	—)	(2,250)	—)	—)	—)	(1,000)	—)	(500)	(1,000)	(2,500)	—)	(1,250)	—)	(2,000)	—)	(500)
Payments of dividends	(1,010)	(973)	(983)	(972)	(990)	(943)	(953)	(944)	(969)	(915)	(929)	(920)	(945)	(894)	(900)	(894)	(917)	(858)	(861)	(856)	(874)
Other financing activities, net	(176)	(47)	(82)	(35)	(117)	(33)	(78)	(33)	(134)	(23)	(45)	(14)	(91)	(11)	(39)	(6)	(89)	(14)	(39)	1)	(86)
Net cash provided by (used in) financing activities	(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)	131)	4,124)	(874)	(2,611)
Effect of exchange rate changes on cash and cash equivalents	19)	(55)	44)	(11)	(18)	37)	(6)	14)	12)	75)	(72)	(48)	(18)	(9)	(23)	20)	(23)	41)	37)	26)	(61)
Net change in cash and cash equivalents	(2,065)	4,955)	2,264)	(1,946)	(1,367)	380)	1)	768)	(476)	713)	(40)	443)	(1,042)	976)	(531)	828)	(1,932)	(6,889)	6,140)	(3,305)	(1,580)

Net Income (Loss): The net income exhibits significant volatility over the periods, with a notable loss recorded in June 2020 (-3346 million USD) and March 2024 (-4170 million USD). Periods generally show positive net income with fluctuations, reaching peaks in September 2021 (2586 million USD) and September 2023 (2172 million USD). There is an overall pattern of recovery following losses, but the variability implies earnings instability.
Depreciation and Amortization Expenses: Depreciation expense has gradually increased from 68 million USD in early 2020 to 97 million USD by the end of 2024, indicating growing capital asset base or changes in asset composition. Amortization expense similarly rose over time, from 281 million USD to nearly 600 million USD, suggesting consistent recognition of intangible asset costs or acquired in-process research and development amortization.
Stock-Based Compensation Expense: This expense shows a general upward trend, increasing from 141 million USD in Q1 2020 to over 220 million USD in late 2024. The increase might reflect expanded employee incentives or changes in equity compensation plans.
Deferred Income Taxes and Net Loss from Equity Securities: Deferred income taxes fluctuate considerably, displaying both positive and negative values with large swings such as -651 million USD in March 2022 and 240 million USD in September 2020. Net loss from equity securities also varies markedly, with gains in some quarters (e.g., 964 million USD in September 2020) and losses in others (-201 million USD in June 2020), reflecting volatility in equity investments or market conditions.
In-Process Research and Development and Related Impairments: The acquired in-process research and development expenses show considerable volatility, with extreme spikes in June 2020 (4524 million USD) and March 2024 (4131 million USD), indicating substantial acquisitions or capitalized R&D. Impairments are sporadic but significant, notably 2700 million USD in late 2020 and 2430 million USD in mid-2024, which likely reflect write-downs of certain intangible assets.
Working Capital Components: Working capital items such as accounts receivable, inventories, prepaid expenses, accounts payable, and accrued liabilities show irregular and often opposing movements, leading to volatile changes in operating assets and liabilities. For example, accounts receivable swings between positive and negative values, while inventories show a general negative trend, indicating fluctuating operational activity or inventory management challenges. The 'changes in operating assets and liabilities' line demonstrates wide fluctuations, indicating inconsistent cash flow impact from these components.
Cash Flows from Operating Activities: Net cash provided by operating activities remains positive throughout, although exhibits fluctuations. After peaking at over 3200 million USD in late 2021, it decreased in early 2022 but recovered with a peak near 4300 million USD by late 2024. The consistent ability to generate positive operating cash flows supports operational sustainability despite income volatility.
Investing Activities: Net cash used in investing activities varies significantly, with large outflows especially in late 2020 (-8977 million USD) aligning with significant acquisitions or capital expenditures. Purchases of marketable debt securities fluctuate but overall show a declining pattern. Proceeds from sales and maturities of such securities are intermittent but generally contribute smaller inflows compared to purchases. Property, plant, and equipment purchases display moderate, fairly steady spending. Overall, investing outflows indicate ongoing investments in growth and asset base.
Financing Activities: Net cash used in financing activities mostly reflects repurchases of common stock, payments of dividends, and debt repayments. Repurchases and dividends are consistent and sizeable, suggesting a strategy focused on shareholder returns. Debt repayments are sizable but irregular, whereas proceeds from debt financing occur sporadically with a large inflow in early 2023. Issuance of common stock is occasional and relatively modest. The financing cash flows indicate an active capital management approach balancing debt, equity, and shareholder returns.
Overall Cash Position Changes: The net change in cash and equivalents is inconsistent, with sharp decreases during periods of heavy investing or financing cash outflows and moderate increases associated with positive operating cash flow and occasional financing inflows. Notable large positive change occurs in September and December 2024 (respectively 2264 and 4955 million USD), while significant decreases are seen in first quarters of 2020, 2021, and 2024, showing fluctuating liquidity conditions tied to operational and investment cycles.

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Gilead Sciences Inc. (NASDAQ:GILD)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data