Balance Sheet: Assets
Quarterly Data
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.
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Bristol-Myers Squibb Co. pages available for free this week:
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Bristol-Myers Squibb Co., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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).
The analysis of the quarterly financial data reveals several notable trends across various asset categories over the fifteen-quarter period.
- Cash and Cash Equivalents
- The cash and cash equivalents exhibit considerable fluctuation, with initial growth from US$15.8 billion in March 2020 to a peak close to US$19.9 billion mid-2020, followed by a decline through early 2022. Subsequently, cash balances reached a low near US$6.3 billion in September 2024 but rebounded toward the end of the period, closing at approximately US$10.9 billion in March 2025. This volatility suggests periods of significant operational cash usage or investment activities.
- Marketable Debt Securities (Current and Non-Current)
- Current marketable debt securities display a declining trend from over US$2.5 billion in early 2020 down to minimal holdings around late 2022, followed by modest recoveries in late 2024 and early 2025. Non-current marketable debt securities diminish steadily from US$651 million in early 2020 to roughly US$320 million in mid-2024, showing a relatively conservative position with minor fluctuations at low levels.
- Receivables
- Accounts receivable steadily increase over the analyzed period, beginning around US$8.3 billion in early 2020 and rising consistently to over US$10.8 billion by early 2025. This upward trend may reflect growing sales or extended credit terms.
- Inventories
- Inventory levels initially decline sharply from US$2.8 billion in early 2020 to below US$2.0 billion by late 2020, followed by a recovery and growth phase peaking around US$3.3 billion in late 2024, before decreasing again slightly. This pattern might indicate changes in production cycles or inventory management strategies.
- Other Current Assets
- Other current assets generally trended upward, rising from approximately US$2.4 billion in early 2020, peaking near US$7.2 billion in mid-2023, and settling in the range of US$5.5 billion toward the beginning of 2025. This indicates possible increases in prepayments or other short-term assets.
- Current Assets
- Total current assets fluctuate with cash positions but largely follow a parabolic trend: peaking near US$34.3 billion mid-2020, falling to around US$26.8 billion in mid-2024, then recovering toward US$30.8 billion by early 2025.
- Property, Plant and Equipment (PP&E)
- PP&E values remain relatively stable with a modest upward trajectory, moving from US$6.1 billion in early 2020 to over US$7.2 billion by early 2025, indicating ongoing investments in fixed assets or capital expenditures.
- Goodwill
- Goodwill remains largely constant around US$20.5-21.7 billion throughout the examined period, reflecting stable acquisition accounting with no significant impairments or new acquisitions affecting this balance.
- Other Intangible Assets
- This category shows a marked decline over time, decreasing from approximately US$61.7 billion in early 2020 to about US$22.5 billion by early 2025. This continuous reduction may result from amortization or impairment of intangible assets.
- Deferred Income Taxes
- Deferred income taxes fluctuate, exhibiting an initial rise from approximately US$600 million to over US$1.4 billion in late 2021, then increasing more significantly to exceed US$4.2 billion by late 2024 before slightly retracting to US$4.0 billion by early 2025. This suggests growing deferred tax liabilities or timing differences in tax accounting.
- Other Non-Current Assets
- Other non-current assets trend moderately upward from approximately US$5.9 billion in early 2020 to around US$6.1 billion by early 2025, after some intermediate fluctuations. This indicates relative stability in long-term receivables or investments.
- Non-Current Assets
- Overall non-current assets decrease from US$97.4 billion in early 2020 to US$61.6 billion by early 2025, with some oscillations. The drop largely reflects declines in intangible assets, partially offset by modest increases in PP&E and other asset classes.
- Total Assets
- Total assets demonstrate a gradual decline from about US$129.3 billion in early 2020 to roughly US$92.4 billion by early 2025. This trend aligns with the observed significant reductions in intangible assets and some decreases in current assets, suggesting an overall contraction of the asset base.
In summary, the data shows a pattern of asset base reduction primarily driven by decreases in intangible assets and cash position fluctuations. Investments in fixed assets show modest growth while receivables steadily increase. Deferred tax liabilities rise notably, implying tax timing factors affecting the balance sheet. The company’s asset composition shifts with lower liquidity buffers at times and reduced intangible asset values over the five-year period.