Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Bristol-Myers Squibb Co., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net earnings (loss)	1,313)	2,462)	76)	1,215)	1,684)	(11,908)	1,762)	1,934)	2,077)	2,267)	2,025)	1,608)	1,429)	1,283)	2,372)	1,552)	1,061)	2,029)	(10,027)	1,878)	(80)	(766)
Depreciation and amortization, net	1,011)	1,012)	1,880)	2,592)	2,596)	2,532)	2,464)	2,435)	2,432)	2,429)	2,521)	2,588)	2,583)	2,584)	2,579)	2,727)	2,712)	2,668)	2,690)	2,655)	2,558)	2,477)
Deferred income taxes	(437)	223)	(791)	(256)	(331)	(711)	(1,327)	(327)	(1,086)	(548)	(624)	(645)	(782)	(687)	(1,266)	(32)	(163)	68)	(436)	54)	1,418)	(53)
Stock-based compensation	137)	144)	120)	129)	125)	133)	127)	132)	137)	122)	119)	115)	116)	107)	133)	142)	157)	151)	171)	185)	213)	210)
Impairment charges	318)	—)	1,953)	139)	870)	1)	29)	159)	47)	20)	35)	61)	42)	41)	15)	613)	240)	339)	1,072)	15)	63)	53)
Divestiture gains and royalties	(293)	(292)	(281)	(288)	(270)	(280)	(245)	(222)	(223)	(194)	(243)	(208)	(225)	(387)	(222)	(160)	(167)	(135)	(213)	(191)	(122)	(173)
Acquired IPRD	1,507)	188)	30)	262)	132)	12,949)	600)	80)	158)	75)	52)	30)	400)	333)	86)	270)	796)	5)	12,259)	178)	54)	46)
Equity investment (gains) losses, net	22)	78)	205)	(12)	(107)	(102)	(53)	—)	58)	155)	(165)	14)	308)	644)	469)	(465)	(148)	(601)	(504)	(245)	(817)	338)
Contingent consideration fair value adjustments	336)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other adjustments	(12)	10)	(29)	103)	(2)	22)	40)	269)	(13)	4)	44)	(40)	(37)	256)	(53)	(31)	(15)	(266)	(1,188)	(1,024)	(205)	526)
Receivables	(484)	15)	143)	661)	(1,019)	479)	(508)	(247)	(65)	(175)	(106)	(674)	(669)	786)	(168)	(260)	(693)	67)	(290)	(159)	546)	(743)
Inventories	4)	(169)	175)	(218)	(225)	(218)	(197)	(256)	(16)	(282)	(41)	(16)	(13)	1)	(128)	30)	5)	106)	101)	481)	642)	1,448)
Accounts payable	13)	(85)	517)	(374)	(259)	300)	444)	(268)	(165)	187)	405)	(300)	(19)	23)	226)	(139)	(145)	303)	132)	(424)	(223)	703)
Rebates and discounts	881)	(627)	(405)	1,819)	735)	(665)	(211)	1,533)	492)	(910)	(303)	1,140)	520)	(930)	(39)	908)	215)	(221)	—)	—)	—)	—)
Income taxes payable	(621)	54)	121)	(348)	(1,943)	910)	1,044)	(412)	(2,119)	884)	(1,113)	60)	(1,201)	831)	(222)	(46)	(1,022)	227)	(201)	(2,289)	(44)	229)
Other	222)	(1,059)	725)	167)	340)	(608)	283)	(59)	173)	(1,064)	700)	(46)	(191)	(1,073)	275)	157)	227)	(916)	104)	1,105)	223)	(358)
Changes in operating assets and liabilities	15)	(1,871)	1,276)	1,707)	(2,371)	198)	855)	291)	(1,700)	(1,360)	(458)	164)	(1,573)	(362)	(56)	650)	(1,413)	(434)	(154)	(1,286)	1,144)	1,279)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities	2,604)	(508)	4,363)	4,376)	642)	14,742)	2,490)	2,817)	(190)	703)	1,281)	2,079)	832)	2,529)	1,685)	3,714)	1,999)	1,795)	13,697)	341)	4,306)	4,703)
Net cash provided by operating activities	3,917)	1,954)	4,439)	5,591)	2,326)	2,834)	4,252)	4,751)	1,887)	2,970)	3,306)	3,687)	2,261)	3,812)	4,057)	5,266)	3,060)	3,824)	3,670)	2,219)	4,226)	3,937)
Sale and maturities of marketable debt securities	524)	220)	62)	238)	75)	747)	41)	365)	270)	57)	1,206)	1,417)	1,688)	2,100)	1,244)	984)	1,186)	782)	1,523)	1,220)	2,143)	1,394)
Purchase of marketable debt securities	(621)	(636)	(371)	(40)	(84)	(274)	(717)	(502)	(355)	(200)	(26)	(274)	(1,578)	(1,714)	(2,070)	(1,065)	(1,041)	(1,302)	(1,024)	(1,191)	(1,222)	(735)
Proceeds from sales of equity investments	—)	12)	205)	—)	55)	5)	—)	148)	5)	62)	5)	63)	148)	2)	1,521)	244)	409)	405)	115)	2)	12)	—)
Capital expenditures	(361)	(260)	(378)	(324)	(262)	(284)	(330)	(342)	(259)	(278)	(346)	(247)	(272)	(253)	(320)	(270)	(210)	(173)	(283)	(153)	(131)	(186)
Divestiture and other proceeds	270)	243)	333)	255)	270)	241)	241)	247)	194)	227)	490)	221)	192)	402)	178)	188)	202)	180)	205)	200)	131)	205)
Acquisition and other payments, net of cash acquired	(285)	(78)	(47)	(348)	(1,373)	(20,053)	(581)	(326)	(184)	(78)	(116)	(3,261)	(467)	(442)	(152)	(1,057)	(366)	(35)	(12,663)	(243)	(110)	(68)
Net cash (used in) provided by investing activities	(473)	(499)	(196)	(219)	(1,319)	(19,618)	(1,346)	(410)	(329)	(210)	1,213)	(2,081)	(289)	95)	401)	(976)	180)	(143)	(12,127)	(165)	823)	610)
Proceeds from issuance of short-term debt obligations	—)	—)	—)	—)	—)	2,987)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repayments of short-term debt obligations	—)	—)	—)	(269)	(2,731)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other short-term financing obligations, net	58)	368)	(405)	95)	326)	83)	(353)	(10)	115)	128)	136)	(72)	88)	42)	(114)	139)	(123)	(62)	(3)	(242)	(48)	26)
Proceeds from issuance of long-term debt	—)	—)	—)	—)	—)	12,883)	4,455)	—)	—)	—)	—)	—)	—)	5,926)	—)	—)	—)	—)	6,945)	—)	—)	—)
Repayments of long-term debt	(643)	—)	—)	(2,478)	(395)	—)	(2,000)	—)	(239)	(1,640)	—)	(2,785)	(2,877)	(5,769)	—)	(500)	(1,000)	(4,522)	(1,250)	(1,500)	—)	—)
Repurchase of common stock	—)	—)	—)	—)	—)	—)	—)	(4,000)	(905)	(250)	(2,416)	(585)	—)	(5,000)	(2,751)	(525)	(1,236)	(1,775)	(1,465)	—)	—)	(81)
Dividends	(1,262)	(1,258)	(1,218)	(1,216)	(1,217)	(1,212)	(1,160)	(1,191)	(1,197)	(1,196)	(1,145)	(1,154)	(1,150)	(1,185)	(1,099)	(1,090)	(1,099)	(1,108)	(1,021)	(1,016)	(1,021)	(1,017)
Stock option proceeds and other, net	11)	(103)	(19)	16)	(6)	(97)	25)	41)	53)	(92)	179)	53)	419)	333)	(3)	196)	276)	172)	277)	171)	76)	18)
Net cash provided by (used in) financing activities	(1,836)	(993)	(1,642)	(3,852)	(4,023)	14,644)	967)	(5,160)	(2,173)	(3,050)	(3,246)	(4,543)	(3,520)	(5,653)	(3,967)	(1,780)	(3,182)	(7,295)	3,483)	(2,587)	(993)	(1,054)
Effect of exchange rates on cash, cash equivalents and restricted cash	128)	66)	(147)	77)	(22)	(45)	78)	(38)	(8)	13)	95)	(66)	(71)	9)	(54)	(28)	18)	(38)	87)	31)	60)	(67)
Increase (decrease) in cash, cash equivalents and restricted cash	1,736)	528)	2,454)	1,597)	(3,038)	(2,185)	3,951)	(857)	(623)	(277)	1,368)	(3,003)	(1,619)	(1,737)	437)	2,482)	76)	(3,652)	(4,887)	(502)	4,116)	3,426)

Net earnings (loss): Net earnings display considerable volatility over the quarters analyzed, with notable losses in Dec 31, 2020 (-10027 million USD) and Mar 31, 2024 (-11908 million USD). Despite these large fluctuations, several quarters show positive earnings above 1 billion USD. The overall trend exhibits sharp peaks and troughs, indicating periods of both significant profitability and substantial losses.
Depreciation and amortization, net: Depreciation and amortization figures remain relatively stable, mostly ranging between 2,400 and 2,700 million USD, with a gradual decline observed in the later quarters, especially after Dec 31, 2023, dropping significantly towards mid-2025.
Deferred income taxes: Deferred income taxes show variability, with both positive and negative values fluctuating widely across periods. Notably, large negative adjustments occur in Q4 2020 and at various points through 2022 and early 2024, indicating changing tax liabilities or assets.
Stock-based compensation: Stock-based compensation maintains a relatively steady trend, generally decreasing slightly over the period from about 210 million USD to mid-100s, with minor fluctuations.
Impairment charges: Impairment charges are generally low, except for several spikes such as in Q4 2020, Q3 2024, and Q1 2025, which indicate occasional, significant write-downs impacting profitability during these periods.
Divestiture gains and royalties: Divestiture gains and royalties consistently represent negative values, showing ongoing losses or costs associated with divestitures or royalty payments. These amounts remain relatively stable, with slight increases in negative impact in later periods.
Acquired IPRD (In-Process Research and Development): Acquired IPRD fluctuates substantially, with an extraordinarily high value in Q4 2020 (12,259 million USD) and another spike in Q1 2024 (12,949 million USD). Other quarters show moderate values or missing data, indicating irregular but significant investment in research and development acquisitions.
Equity investment (gains) losses, net: This line item shows significant variability with both gains and losses across quarters. While some periods report net gains (e.g., Q4 2021 and Q1 2022), other quarters experience substantial losses reaching hundreds of millions, reflective of fluctuating performance of equity investments.
Changes in operating assets and liabilities: Changes in operating assets and liabilities exhibit considerable fluctuation, with some quarters reflecting strong inflows and others showing substantial outflows. A large negative swing in mid-2024 indicates potential operational or working capital challenges.
Net cash provided by operating activities: Operating cash flow shows a generally positive, though volatile, trend. High points are observed in Q3 2021 and Q1 2025, with periodic declines in Q2 2020 and Q1 2024. Overall, the company maintains positive operating cash inflows despite earnings volatility.
Net cash used in or provided by investing activities: Investing cash flows range widely, with major outflows notably in Q4 2020 (-12,127 million USD) and Q1 2024 (-19,618 million USD), likely reflecting significant acquisition or asset purchase activity. Positive cash inflows occur intermittently, suggesting asset sales or divestitures at times.
Net cash provided by or used in financing activities: Financing activities fluctuate with large outflows dominating most quarters, reflecting repayments, stock repurchases, and dividend payments. Some periods show financing inflows, particularly in 2023 and early 2024, indicating debt issuance or other financing strategies.
Dividends: Dividends demonstrate a consistent payout pattern, increasing steadily from approximately 1,017 million USD to 1,262 million USD by mid-2025, representing a stable shareholder return despite other operational variances.
Cash and cash equivalents: Changes in cash balances are volatile, with positive increases seen in some quarters (e.g., early 2020 and Q4 2023) and sharp decreases in others (Q1 2021 and Q1 2024). The pattern reflects the influence of operating performance, investing, and financing activities on liquidity.
Other operational balance sheet items (Receivables, Inventories, Accounts payable): Receivables and inventories show inconsistent values, with several quarters experiencing negative balances possibly due to adjustments or accounting anomalies. Accounts payable alternate between positive and negative changes, indicative of fluctuating payment schedules and supplier negotiations.
Summary of trends: The data indicates a company experiencing significant financial volatility, including substantial swings in profitability and operating cash flows. There are periods of aggressive investment and acquisition activity evidenced by spikes in acquired IPRD and investing cash flows. Despite earnings fluctuations and impairment charges, operating cash flows generally remain positive, supporting ongoing dividends. Financing activities reveal a mixture of debt management and equity repurchases. Overall, the financial profile suggests active management of investments and capital structure amid varying operating performance.

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Bristol-Myers Squibb Co. (NYSE:BMY)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data