Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

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

Microsoft Excel
3 months ended: 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) 2,462 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 1,012 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 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 144 120 129 125 133 127 132 137 122 119 115 116 107 133 142 157 151 171 185 213 210
Impairment charges 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 (292) (281) (288) (270) (280) (245) (222) (223) (194) (243) (208) (225) (387) (222) (160) (167) (135) (213) (191) (122) (173)
Acquired IPRD 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 78 205 (12) (107) (102) (53) 58 155 (165) 14 308 644 469 (465) (148) (601) (504) (245) (817) 338
Other adjustments 10 (29) 103 (2) 22 40 269 (13) 4 44 (40) (37) 256 (53) (31) (15) (266) (1,188) (1,024) (205) 526
Receivables 15 143 661 (1,019) 479 (508) (247) (65) (175) (106) (674) (669) 786 (168) (260) (693) 67 (290) (159) 546 (743)
Inventories (169) 175 (218) (225) (218) (197) (256) (16) (282) (41) (16) (13) 1 (128) 30 5 106 101 481 642 1,448
Accounts payable (85) 517 (374) (259) 300 444 (268) (165) 187 405 (300) (19) 23 226 (139) (145) 303 132 (424) (223) 703
Rebates and discounts (627) (405) 1,819 735 (665) (211) 1,533 492 (910) (303) 1,140 520 (930) (39) 908 215 (221)
Income taxes payable 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 (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 (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 (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 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 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 (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 (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 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 (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 (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 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 (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 (1,258) (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 (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 (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 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 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

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Net Earnings (Loss)
The net earnings exhibit considerable volatility across the periods, with significant losses at the end of 2020 and early 2024, contrasted by strong positive earnings in most other quarters. The largest loss is observed in December 2020 (-10,027 million USD) and March 2024 (-11,908 million USD), while the highest earnings peak is recorded in March 2021 (2,029 million USD). The recent quarters show a general recovery with positive earnings except for a sharp decline in March 2024. This suggests episodic challenges or one-time impacts affecting profitability.
Depreciation and Amortization
Depreciation and amortization remain relatively stable over the periods, mostly fluctuating between 2,400 and 2,700 million USD, except a decline in the last two reported quarters. This consistency indicates stable asset usage and capital expenditure patterns outside of the most recent reported decrease.
Deferred Income Taxes
The deferred income taxes show a mixed and volatile pattern with both positive and negative values, indicating changing tax assets and liabilities. Notably large negative values occur sporadically, emphasizing potentially significant deferred tax assets adjustments or liabilities impacting the periods unevenly.
Stock-Based Compensation
Stock-based compensation remains fairly consistent over time, hovering around 100 to 150 million USD per quarter, reflecting steady employee compensation costs related to equity awards.
Impairment Charges
Impairment charges spike dramatically at certain quarters, such as December 2020 and late 2024, suggesting the recognition of significant write-downs or asset impairments during specific periods. For other periods, impairment charges remain relatively low.
Divestiture Gains and Royalties
Divestiture gains and royalties are consistently negative across almost all periods, indicating ongoing expenses or losses related to these activities, with values generally between -100 and -300 million USD.
Acquired IPRD
The spending or capitalization on acquired in-process research and development demonstrates sharp spikes at specific dates such as December 2020 and March 2024, indicating substantial investment or acquisition activities in certain quarters, while remaining relatively modest otherwise.
Equity Investment Gains and Losses, Net
Equity investment results fluctuate between gains and losses without a sustained trend, showing no consistent impact on the overall financials but indicating volatility in equity-related investments.
Working Capital Components (Receivables, Inventories, Accounts Payable)
The working capital accounts show irregular movements: receivables and inventories fluctuate significantly, highlighting changes in operational cycles or sales volumes. Accounts payable also vary widely, reflecting changes in payment timing or supplier negotiations. Notably, rebates and discounts display extreme variability, indicating shifts in pricing strategies or customer incentives.
Income Taxes Payable and Other Adjustments
Income taxes payable reveal large swings both positive and negative, which likely reflect timing differences and settlement of tax obligations. Other adjustments are mostly erratic, showing no clear trend, suggesting miscellaneous operating or non-operating factors affecting cash flow adjustments.
Changes in Operating Assets and Liabilities
This category indicates substantial variability with some quarters showing significant outflows and others inflows, aligning with the fluctuations observed in working capital accounts and affecting the operating cash flow reconciliation.
Adjustments to Reconcile Net Earnings to Operating Cash Flow
The adjustments fluctuate widely, with very high values in December 2020 and March 2024, correlating to periods of large net losses, which implies substantial non-cash or extraordinary items impacting net earnings.
Net Cash from Operating Activities
Operating cash flow generally remains positive throughout the periods, demonstrating ongoing cash generation despite earnings volatility, with some declines corresponding to quarters with significant net losses.
Investing Activities
Investing cash flows show large outflows during acquisition-related periods, notably at the end of 2020 and early 2024, reflecting substantial acquisition payments. Marketable securities transactions fluctuate, with sales and purchases variably balancing out, while capital expenditures remain stable without major increases or decreases.
Financing Activities
Financing cash flows feature considerable variability, including large repurchases of common stock in early 2021 and late 2021, significant issuance and repayment of long-term debt, and fluctuating short-term debt movements. Dividend payments show a consistent gradual increase, evidencing steady shareholder returns.
Effect of Exchange Rates on Cash
The effects of currency exchange rates on cash are relatively minor but fluctuate in direction, reflecting the multinational nature and exposure to currency movements.
Overall Cash Position Changes
The net changes in cash, cash equivalents, and restricted cash exhibit significant swings, influenced heavily by the large operational, investing, and financing cash flows. Some quarters show strong increases while others experience significant declines, consistent with overall cash management responding to operational performance and capital deployment.