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:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Bristol-Myers Squibb Co., consolidated cash flow 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).
Operational cash flow exhibits general resilience across the analyzed period, typically fluctuating between $1.8 billion and $6.3 billion per quarter. Despite significant volatility in net earnings, net cash provided by operating activities remained positive throughout the timeframe, indicating a strong capacity to generate liquidity from core business operations. A notable anomaly occurred in the first quarter of 2024, where net earnings plummeted to a loss of $11.9 billion, yet operating cash flow remained positive at $2.8 billion, suggesting that the loss was driven by non-cash charges.
- Operating Performance and Non-Cash Adjustments
- Net earnings demonstrated substantial volatility, particularly in March 2024. However, depreciation and amortization remained relatively stable between $2.4 billion and $2.7 billion until late 2024, after which a marked decline was observed, reaching $594 million by March 2026. Stock-based compensation remained consistent, generally ranging from $107 million to $151 million. Impairment charges showed sporadic spikes, most notably in December 2024 ($1.95 billion) and June 2024 ($870 million), reflecting periodic asset revaluations.
- Strategic Investment and Capital Allocation
- Investing activities were characterized by a massive capital deployment in the first quarter of 2024, with net cash used in investing activities reaching $19.6 billion. This was primarily driven by acquisition payments totaling $20.1 billion and a corresponding increase in acquired In-Process Research and Development (IPRD) of $12.9 billion. Capital expenditures remained remarkably stable, typically oscillating between $250 million and $380 million per quarter, indicating a consistent baseline for infrastructure maintenance and growth.
- Financing Activities and Shareholder Returns
- The company maintained a disciplined dividend policy, with quarterly payments steadily increasing from approximately $1.1 billion in 2021 to $1.28 billion by March 2026. Debt management was highly active, featuring large-scale issuances to fund strategic acquisitions, such as the $12.9 billion long-term debt issuance in March 2024. Common stock repurchases were frequent but inconsistent, with significant outflows occurring in early 2022 and throughout 2023, before tapering off in the latter part of the series.
- Working Capital Dynamics
- Changes in operating assets and liabilities showed high quarterly variance. Rebates and discounts emerged as a significant driver of cash flow volatility, with large swings such as the $3.5 billion outflow in March 2026. Income taxes payable also exhibited significant fluctuations, frequently alternating between large inflows and outflows, which suggests timing differences in tax settlements.
The overall financial trajectory is defined by a stable operational core used to fund aggressive strategic expansion. The massive acquisition event in early 2024 was effectively financed through a combination of new long-term debt and existing cash reserves, allowing the company to maintain its dividend commitments and operational stability despite the short-term impact on reported net earnings.