Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Bristol-Myers Squibb Co., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
Revenue trends demonstrate general stability with a modest growth trajectory over the analyzed period. Total revenues fluctuated between a low of $10.9 billion in September 2023 and a peak of $12.5 billion in December 2025. While net product sales remained the primary driver, alliance and other revenues provided a smaller, though volatile, contribution, peaking at $531 million in December 2024.
- Gross Margin and Cost Analysis
- Gross margins remained robust for most of the period, typically ranging between $8.1 billion and $9.6 billion. However, a significant contraction occurred in December 2024, where the gross margin fell to $7.5 billion. This decline was driven by a sharp increase in the cost of products sold, which spiked to $4.8 billion in that quarter, nearly double the typical quarterly cost range of $2.3 billion to $3.4 billion.
- Operating Expense Patterns
- Selling, general, and administrative (SG&A) expenses exhibited moderate volatility, generally oscillating between $1.6 billion and $2.3 billion. Research and development (R&D) spending showed a consistent upward trend, moving from approximately $2.2 billion in early 2021 to a peak of $3.2 billion in December 2024, reflecting sustained investment in the product pipeline.
- Impact of Non-Recurring Charges
- A major financial anomaly is observed on March 31, 2023, due to a substantial acquired In-Process Research and Development (IPRD) charge of $12.9 billion. This single event triggered a massive operating loss of $11.4 billion and a net loss of $11.9 billion for the quarter, representing the most significant deviation in the company's earnings profile.
- Amortization and Asset Valuation
- Amortization of acquired intangible assets remained highly consistent at approximately $2.4 billion per quarter from March 2021 through December 2024. A structural shift occurred on March 31, 2025, where amortization costs dropped precipitously to $830 million and continued to decline to $437 million by March 31, 2026, significantly reducing the drag on operating income.
- Net Earnings and Profitability Recovery
- Net earnings attributable to the company showed strong recovery following the Q1 2023 loss. Excluding the IPRD outlier, net earnings generally trended upward, particularly in 2025 and 2026. The combination of stable revenues and the sharp reduction in amortization expenses contributed to a marked increase in operating income, which reached $3.3 billion in March 2025 and $3.2 billion in March 2026.