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.
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Bristol-Myers Squibb Co. pages available for free this week:
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Bristol-Myers Squibb Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 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 cash flow profile is characterized by stable operational cash generation punctuated by a significant strategic acquisition event in the first quarter of 2024. While net earnings exhibited extreme volatility during this period, the ability to generate cash from core operations remained resilient, providing a consistent foundation for capital expenditures and shareholder returns.
- Operating Cash Flow and Earnings Reconciliation
- Net cash provided by operating activities generally fluctuated between $1.8 billion and $6.3 billion per quarter. A critical divergence occurred in March 2024, where a reported net loss of $11.9 billion was fully offset by non-cash adjustments totaling $14.7 billion. This reconciliation was primarily driven by $12.9 billion in acquired in-process research and development (IPRD), indicating that the earnings loss was largely a result of accounting charges related to an acquisition rather than an operational failure.
- Investing Activities and Strategic Growth
- Investing activities were dominated by a massive outflow of $19.6 billion in March 2024, directly linked to $20.1 billion in acquisition and other payments. Outside of this event, capital expenditures remained remarkably consistent, typically ranging between $250 million and $380 million per quarter. The company also maintained active liquidity management through the periodic sale and purchase of marketable debt securities.
- Financing Activities and Capital Structure
- Financing activities reflect a strategy of utilizing debt to fund major growth while maintaining steady shareholder distributions. The acquisition in early 2024 was heavily financed through the issuance of $12.9 billion in long-term debt. Debt repayment patterns were intermittent but significant, notably a $10.1 billion repayment in December 2025. Stock repurchases were aggressive between 2021 and 2023 but decreased substantially in subsequent periods.
- Shareholder Return Consistency
- Dividend payments demonstrate a high degree of stability and a gradual upward trend, increasing from approximately $1.1 billion per quarter in 2021 to nearly $1.3 billion by mid-2026. This consistency suggests a prioritized commitment to dividend distributions regardless of quarterly earnings volatility or large-scale investing activities.
- Working Capital Dynamics
- Changes in operating assets and liabilities showed significant quarterly swings, particularly in rebates and discounts and income taxes payable. These fluctuations often offset or augmented the cash flow from operations, but they did not disrupt the overall positive trend of net cash provided by operating activities.