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:	Sep 30, 2025	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)	2,195)	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)	1,011)	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	(359)	(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	139)	137)	144)	120)	129)	125)	133)	127)	132)	137)	122)	119)	115)	116)	107)	133)	142)	157)	151)	171)	185)	213)	210)
Impairment charges	196)	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	(295)	(293)	(292)	(281)	(288)	(270)	(280)	(245)	(222)	(223)	(194)	(243)	(208)	(225)	(387)	(222)	(160)	(167)	(135)	(213)	(191)	(122)	(173)
Acquired IPRD	633)	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	(190)	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	(74)	(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	155)	(484)	15)	143)	661)	(1,019)	479)	(508)	(247)	(65)	(175)	(106)	(674)	(669)	786)	(168)	(260)	(693)	67)	(290)	(159)	546)	(743)
Inventories	(90)	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	160)	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	1,703)	881)	(627)	(405)	1,819)	735)	(665)	(211)	1,533)	492)	(910)	(303)	1,140)	520)	(930)	(39)	908)	215)	(221)	—)	—)	—)	—)
Income taxes payable	887)	(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	240)	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	3,055)	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	4,116)	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	6,311)	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	829)	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	(665)	(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	49)	—)	12)	205)	—)	55)	5)	—)	148)	5)	62)	5)	63)	148)	2)	1,521)	244)	409)	405)	115)	2)	12)	—)
Capital expenditures	(320)	(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	279)	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	(1,874)	(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	(1,702)	(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	5)	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	(229)	(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	(1,263)	(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	(3)	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	(1,490)	(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	(4)	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	3,115)	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): The net earnings exhibit significant volatility over the observed periods. Early 2020 shows considerable losses, including a sharp decline at the end of 2020, followed by a recovery in 2021 with consistent positive earnings through 2023. However, a pronounced loss reappears in early 2024, before earnings stabilize and rebound again toward the end of the timeline.
Depreciation and Amortization: Depreciation and amortization expenses remain relatively stable, fluctuating mildly around the 2,400 to 2,700 million USD range, with a notable decrease in late 2024 and 2025. This suggests no major changes in the asset base or amortization policies during most periods, except for the recent downward adjustment.
Deferred Income Taxes: Deferred income taxes show high variability with alternating positive and negative figures across quarters. This inconsistent pattern indicates the impact of temporary differences and tax planning measures affecting reported tax liabilities or assets.
Stock-based Compensation: Stock-based compensation expenses remain relatively steady throughout the periods, fluctuating modestly between approximately 120 and 210 million USD. The figures suggest a stable approach to equity-based employee remuneration.
Impairment Charges: Impairment charges are generally low, with a few spikes, notably in Q4 2020 and in some quarters of 2024 and 2025. These spikes point to occasional write-downs or asset impairments impacting profitability at those times.
Divestiture Gains and Royalties: This item consistently records negative amounts, indicating ongoing losses or expenses associated with divestitures and royalties, with no clear improvement trend over time.
Acquired IPRD (In-Process Research and Development): Acquired IPRD amounts vary widely, with exceptionally large charges in Q4 2020 and Q4 2023, suggesting significant acquisitions or capitalization of research intangibles in those periods, contrasted by much smaller values or moderate activity in other quarters.
Equity Investment Gains (Losses), Net: Equity investment results fluctuate between gains and losses without a definitive trend, reflecting variability in the fair value or operating outcomes of equity-method investments.
Working Capital Items (Receivables, Inventories, Accounts Payable): Receivables and inventories show erratic movements, including notable swings from negative to positive values and vice versa, indicating changes in sales cycles and inventory management. Accounts payable also exhibit volatility but with less drastic shifts. These trends collectively imply fluctuating operational efficiency and working capital management challenges.
Rebates and Discounts: This category experiences considerable fluctuations, with large negative and positive values, suggesting variable rebates and discount programs that periodically impact cash flow differently.
Income Taxes Payable: Income taxes payable demonstrate sharp oscillations, often shifting significantly quarter to quarter between positive and negative balances, which may reflect timing differences, tax payments, or refunds influencing cash obligations.
Changes in Operating Assets and Liabilities: The changes in operating assets and liabilities show substantial volatility, alternating between large inflows and outflows, highlighting variability in working capital requirements affecting operating cash flows.
Net Cash Provided by Operating Activities: Operating cash flow remains positive for most quarters, though the magnitude varies significantly. Peaks are observed in certain quarters such as late 2021 and 2023, while some dips occur in mid-2022 and 2024, indicating inconsistent but generally robust cash generation from operations.
Investing Activities: Investing cash flows are highly variable, with large outflows related to acquisitions, especially in late 2020 and 2024. Periodic inflows stem from sales of securities and divestitures. Capital expenditures are substantial but relatively stable, indicating ongoing investment in property and equipment.
Financing Activities: Financing cash flows show significant fluctuations, reflecting varying debt issuance and repayment activities, share repurchases, and dividend payments. Noteworthy are large debt issuances in selected quarters and significant repurchases of common stock in earlier years, followed by reduced buyback activity in recent periods. Dividend payments steadily increase over time, indicating growing returns to shareholders.
Overall Cash Position Changes: The net change in cash balances fluctuates markedly, with periods of cash inflow and outflow reflecting the combined effects of operating, investing, and financing activities alongside exchange rate impacts. This suggests active cash management responding to business and market conditions, with no persistent trend indicating either continuous accumulation or depletion of cash reserves.

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Bristol-Myers Squibb Co. (NYSE:BMY)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data