Analysis of Debt
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Bristol-Myers Squibb Co. pages available for free this week:
- Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Debt to Equity since 2005
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Total Debt (Carrying Amount)
Bristol-Myers Squibb Co., balance sheet: debt
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Short-term debt obligations | ||||||
| Long-term debt, excluding current portion | ||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The company’s total debt, as measured by the carrying amount, exhibited fluctuations over the five-year period. An initial decrease was followed by a period of relative stability, then a significant increase, and a subsequent decline.
- Overall Trend
- Total debt decreased from US$44,553 million in 2021 to US$39,320 million in 2022, representing a reduction of approximately 13.3%. It remained relatively stable in 2023 at US$39,772 million, before increasing substantially to US$49,649 million in 2024. A decrease to US$45,111 million was observed in 2025.
- Short-Term Debt
- Short-term debt obligations demonstrated a consistent downward trend from US$4,948 million in 2021 to US$2,046 million in 2024. A slight increase to US$2,261 million occurred in 2025, but remained below the 2021 level.
- Long-Term Debt
- Long-term debt, excluding the current portion, decreased from US$39,605 million in 2021 to US$35,056 million in 2022. It then experienced a modest increase to US$36,653 million in 2023. A significant rise was noted in 2024, reaching US$47,603 million, followed by a decrease to US$42,850 million in 2025.
The increase in total debt in 2024 appears to be primarily driven by an increase in long-term debt. The decrease observed in 2025 is attributable to a reduction in long-term debt, partially offset by a slight increase in short-term obligations.
- Composition of Debt
- Throughout the period, long-term debt consistently represented the majority of the company’s total debt. The proportion of short-term debt to total debt generally decreased, although it experienced a slight uptick in 2025.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Non-U.S. short-term financing obligations | |
| Long-term debt, including current portion | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =