Balance Sheet: Liabilities and Stockholders’ Equity

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.

Bristol-Myers Squibb Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-term debt obligations	2,261)	2,046)	3,119)	4,264)	4,948)
Accounts payable	3,575)	3,602)	3,259)	3,040)	2,949)
Rebates and discounts	8,844)	9,021)	7,680)	6,702)	6,399)
Income taxes	979)	1,514)	1,371)	942)	754)
Employee compensation and benefits	1,561)	1,694)	1,291)	1,425)	1,375)
Research and development	1,434)	1,366)	1,257)	1,359)	1,373)
Dividends	1,283)	1,258)	1,213)	1,196)	1,186)
Interest	484)	572)	349)	321)	378)
Royalties	537)	477)	465)	431)	410)
Current operating lease liabilities	202)	181)	162)	136)	169)
Other	2,257)	2,043)	2,096)	2,074)	1,927)
Other current liabilities	17,581)	18,126)	15,884)	14,586)	13,971)
Current liabilities	23,417)	23,774)	22,262)	21,890)	21,868)
Deferred income taxes	222)	369)	338)	2,166)	4,501)
Long-term debt, excluding current portion	42,850)	47,603)	36,653)	35,056)	39,605)
Income taxes	1,407)	1,491)	3,288)	3,992)	4,835)
Pension and postretirement	330)	400)	480)	402)	654)
Non-current operating lease liabilities	1,826)	1,370)	1,530)	1,261)	874)
Deferred income	169)	230)	300)	283)	326)
Deferred compensation	487)	456)	427)	349)	427)
Contingent value rights	607)	256)	—)	—)	—)
Other	218)	266)	396)	303)	218)
Other non-current liabilities	5,044)	4,469)	6,421)	6,590)	7,334)
Non-current liabilities	48,116)	52,441)	43,412)	43,812)	51,440)
Total liabilities	71,533)	76,215)	65,674)	65,702)	73,308)
Preferred stock, $2 convertible series, par value $1 per share	—)	—)	—)	—)	—)
Common stock, par value of $0.10 per share	292)	292)	292)	292)	292)
Capital in excess of par value of stock	46,388)	46,024)	45,684)	45,165)	44,361)
Accumulated other comprehensive loss	(1,524)	(1,238)	(1,546)	(1,281)	(1,268)
Retained earnings	16,896)	14,912)	28,766)	25,503)	23,820)
Cost of treasury stock	(43,579)	(43,655)	(43,766)	(38,618)	(31,259)
Total BMS shareholders’ equity	18,473)	16,335)	29,430)	31,061)	35,946)
Noncontrolling interest	33)	53)	55)	57)	60)
Total equity	18,506)	16,388)	29,485)	31,118)	36,006)
Total liabilities and equity	90,039)	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 liabilities and stockholders’ equity of the company demonstrate a complex pattern of fluctuation between 2021 and 2025. Total liabilities initially decreased before increasing significantly in 2024, while total equity experienced a more consistent decline, followed by a modest recovery in the final year. A notable shift in the composition of both liabilities and equity is observed throughout the period.

Current Liabilities: Current liabilities remained relatively stable between 2021 and 2023, fluctuating around US$22 billion. A substantial increase occurred in 2024, reaching US$23.774 billion, before decreasing slightly in 2025 to US$23.417 billion. Within current liabilities, ‘Other current liabilities’ consistently represents the largest component, growing from US$13.971 billion in 2021 to US$18.126 billion in 2024, then decreasing to US$17.581 billion in 2025. Short-term debt obligations show a consistent decline from US$4.948 billion in 2021 to US$2.046 billion in 2024, with a slight increase to US$2.261 billion in 2025. Rebates and discounts also increased steadily, peaking at US$9.021 billion in 2024 before a slight decrease.
Non-Current Liabilities: Non-current liabilities decreased from US$51.440 billion in 2021 to US$43.812 billion in 2022, remaining relatively stable through 2023. A significant increase was observed in 2024, reaching US$52.441 billion, followed by a decrease to US$48.116 billion in 2025. Long-term debt, excluding the current portion, contributed substantially to this trend, increasing from US$39.605 billion in 2021 to US$47.603 billion in 2024, then decreasing to US$42.850 billion in 2025. Non-current operating lease liabilities also exhibited an upward trend, increasing from US$874 million in 2021 to US$1.826 billion in 2025.
Stockholders’ Equity: Total stockholders’ equity experienced a consistent decline from US$36.006 billion in 2021 to US$16.388 billion in 2024. A modest recovery occurred in 2025, reaching US$18.506 billion. Retained earnings decreased significantly from US$23.820 billion in 2021 to US$14.912 billion in 2024, with a slight increase to US$16.896 billion in 2025. The cost of treasury stock remained consistently negative and increased in absolute value throughout the period, indicating ongoing share repurchases. Capital in excess of par value of stock showed a gradual increase, while accumulated other comprehensive loss remained relatively stable, with a negative balance throughout the period.
Total Liabilities and Equity: Total liabilities and equity decreased from US$109.314 billion in 2021 to US$92.603 billion in 2024, before increasing slightly to US$90.039 billion in 2025. This trend largely reflects the combined movements in total liabilities and total equity. The decrease in equity was more pronounced than the initial decrease in liabilities, contributing to the overall decline in total liabilities and equity.

The company’s financial structure underwent notable changes during the analyzed period. The increase in long-term debt and other non-current liabilities, coupled with the decrease in retained earnings and the continued share repurchase program, suggest a shift in the company’s capital structure. The fluctuations in current liabilities appear to be driven primarily by changes in ‘Other current liabilities’ and short-term debt obligations.

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Bristol-Myers Squibb Co. (NYSE:BMY)

Balance Sheet: Liabilities and Stockholders’ Equity