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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) 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: 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), 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 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.