Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Bristol-Myers Squibb Co., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	10,209)	10,346)	11,464)	9,123)	13,979)
Marketable debt securities	464)	513)	816)	130)	2,987)
Net trade receivables	9,592)	9,012)	8,882)	8,151)	7,979)
Alliance, royalties, VAT and other	1,822)	1,735)	2,039)	1,735)	1,390)
Receivables	11,414)	10,747)	10,921)	9,886)	9,369)
Inventories	2,690)	2,557)	2,662)	2,339)	2,095)
Income taxes	2,920)	3,292)	3,927)	3,547)	2,786)
Research and development	753)	754)	723)	579)	514)
Contract assets	192)	385)	416)	504)	361)
Equity investments	—)	—)	—)	—)	255)
Restricted cash	—)	—)	55)	148)	140)
Other	748)	1,186)	786)	1,017)	776)
Other current assets	4,613)	5,617)	5,907)	5,795)	4,832)
Current assets	29,390)	29,780)	31,770)	27,273)	33,262)
Property, plant and equipment	7,543)	7,136)	6,646)	6,255)	6,049)
Goodwill	21,754)	21,719)	21,169)	21,149)	20,502)
Other intangible assets	19,103)	23,307)	27,072)	35,859)	42,527)
Deferred income taxes	5,378)	4,236)	2,768)	1,344)	1,439)
Marketable debt securities	396)	320)	364)	—)	—)
Equity investments	2,096)	1,736)	1,699)	2,187)	2,713)
Operating lease right-of-use assets	1,582)	1,224)	1,390)	1,220)	919)
Inventories	1,650)	1,569)	906)	484)	909)
Pension and postretirement	330)	234)	284)	285)	317)
Research and development	250)	336)	413)	496)	248)
Restricted cash	—)	—)	—)	54)	197)
Receivables and convertible notes	15)	452)	436)	—)	—)
Other	551)	554)	242)	214)	232)
Other non-current assets	6,474)	6,105)	5,370)	4,940)	5,535)
Non-current assets	60,648)	62,823)	63,389)	69,547)	76,052)
Total assets	90,038)	92,603)	95,159)	96,820)	109,314)

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).

Overall, the company’s total assets demonstrate a declining trend from 2021 to 2025, decreasing from US$109.314 billion to US$90.038 billion. This decline is primarily driven by shifts within both current and non-current asset categories, with significant changes observed in intangible assets and cash positions.

Liquidity and Current Assets: Current assets experienced considerable volatility throughout the period. A substantial decrease occurred between 2021 and 2022, falling from US$33.262 billion to US$27.273 billion, before partially recovering to US$31.770 billion in 2023. Further declines were noted in 2024 and 2025, reaching US$29.390 billion. Cash and cash equivalents decreased significantly from 2021 to 2022, then showed some recovery, but remained below the 2021 level. Marketable debt securities experienced a dramatic reduction between 2021 and 2022, and remained relatively low through 2025. Net trade receivables consistently increased throughout the period, indicating a potential rise in credit sales or slower collection rates. Inventories exhibited a gradual increase, suggesting a build-up of goods. Other current assets also showed initial growth, followed by a decline in the later years.
Long-Term Investments and Intangible Assets: Non-current assets also decreased over the five-year period, moving from US$76.052 billion in 2021 to US$60.648 billion in 2025. Goodwill remained relatively stable, with a slight increase over the period. However, other intangible assets experienced a significant and consistent decline, decreasing from US$42.527 billion in 2021 to US$19.103 billion in 2025. This suggests potential asset write-downs or amortization. Deferred income taxes increased substantially from 2021 to 2025, potentially indicating changes in tax liabilities or deferred tax asset recognition. Equity investments decreased from 2021 to 2023, then showed some recovery in 2024 and 2025. Property, plant, and equipment showed a consistent, albeit moderate, increase throughout the period.
Other Asset Categories: Research and development assets, both current and non-current, increased between 2021 and 2023, then stabilized or slightly decreased in 2024 and 2025. This suggests a period of increased investment in innovation followed by a potential stabilization of R&D spending. Restricted cash decreased significantly, particularly in the later years, potentially indicating the release of funds for operational purposes. Other non-current assets showed some fluctuation but generally remained stable.

The combined effect of these changes resulted in a consistent decrease in total assets. The most significant driver of this decline appears to be the reduction in other intangible assets, coupled with the initial decrease and subsequent stabilization of current assets. The company’s asset composition is shifting, with a decreasing reliance on intangible assets and a fluctuating cash position.

Bristol-Myers Squibb Co. (NYSE:BMY)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items