Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Bristol-Myers Squibb Co. pages available for free this week:
- 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 balance sheet: liabilities and stockholders’ equity (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).
The financial position over the analyzed period is characterized by significant fluctuations in leverage and a substantial reduction in total equity. Total liabilities exhibit a volatile trend, starting at 74,762 million in March 2021, reaching a peak of 82,483 million in March 2024, and eventually declining to 66,374 million by March 2026.
- Liability Composition and Debt Trends
- A primary driver of liability volatility is long-term debt. A significant capital event is observed between December 2023 and March 2024, where long-term debt rose sharply from 36,653 million to 49,487 million. While this debt level moderated toward 42,152 million by March 2026, the company maintained a higher long-term debt profile in the latter half of the period compared to the 2022-2023 lows.
- Current liabilities showed a general upward trend from 17,330 million in March 2021 to a peak of 28,136 million in September 2025, before contracting to 19,158 million in March 2026. Short-term debt obligations within this category were highly erratic, fluctuating between lows of 1,078 million and highs of 7,522 million, suggesting active short-term liquidity management.
- Deferred income taxes experienced a consistent and steep decline, falling from 5,235 million in March 2021 to 211 million by March 2026, indicating a structural shift in tax liabilities.
- Equity and Shareholder Value Analysis
- Total equity underwent a severe contraction, moving from 37,673 million in March 2021 to 20,102 million in March 2026. The most acute decline occurred in the first quarter of 2024, where total equity dropped from 29,485 million to 16,548 million.
- Retained earnings grew steadily from 22,204 million in March 2021 to a peak of 28,766 million in December 2023. However, a sharp reduction to 15,640 million in March 2024 suggests a significant distribution of capital or a substantial accounting adjustment during that period.
- The cost of treasury stock increased significantly from 27,199 million in March 2021 to 43,766 million in December 2023, indicating a sustained and aggressive share repurchase strategy that contributed to the overall reduction in shareholders' equity.
- Overall Capital Structure Shift
- The relationship between liabilities and equity shifted markedly in early 2024. The simultaneous spike in long-term debt and the collapse of retained earnings resulted in a higher leverage profile. Total liabilities and equity, which peaked at 112,435 million in March 2021, trended downward to 86,476 million by March 2026, reflecting a contraction in the overall balance sheet size.