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:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Bristol-Myers Squibb Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 statement reveals a complex pattern of cash movements over the observed period, spanning from March 2021 to December 2025. Operating activities generally provided positive cash flow, though with significant fluctuations. Investing activities were largely cash-consuming, while financing activities exhibited substantial variability, swinging between significant cash outflows and inflows.
- Net Cash from Operating Activities
- Net cash provided by operating activities demonstrated a generally positive trend from 2021 through 2023, peaking at US$4.751 billion in September 2023. However, a substantial decline occurred in the first quarter of 2024, resulting in a net loss of US$11.908 billion, followed by a recovery but remaining lower than previous levels. The final periods show a slight increase, but remain below the 2023 peak. Adjustments to reconcile net earnings to net cash provided by operating activities were consistently positive, and generally increased alongside net earnings, though the impact of deferred income taxes and impairment charges introduced considerable volatility.
- Investing Activities
- Investing activities consistently utilized cash. Capital expenditures remained relatively stable between approximately US$-200 million and US$-370 million per quarter for most of the period. However, acquisition and other payments, net of cash acquired, were a major driver of cash outflow, particularly in the first quarter of 2024 with a significant outflow of US$-20.053 billion. Sale and maturities of marketable debt securities provided some offsetting cash inflow, but were insufficient to offset the overall cash outflow from investing activities. Acquired IPRD showed a large increase in the first quarter of 2024, contributing to the overall cash outflow.
- Financing Activities
- Financing activities were highly variable. Repurchase of common stock and dividends consistently represented significant cash outflows. Long-term debt issuance and repayment fluctuated considerably, with a large issuance in the first quarter of 2022 (US$5.926 billion) and another in the fourth quarter of 2023 (US$4.455 billion), followed by substantial repayments. The first quarter of 2024 saw a large inflow from financing activities (US$14.644 billion), likely related to the debt issuance. Overall, net cash provided by (used in) financing activities swung dramatically between positive and negative values throughout the period.
- Key Volatility Drivers
- Several items contributed to significant fluctuations in cash flow. Deferred income taxes, impairment charges, divestiture gains and royalties, and acquisition-related payments all exhibited substantial variability, impacting both operating and investing cash flows. The large net loss in the first quarter of 2024 significantly impacted operating cash flow, while the associated acquisition payments heavily influenced investing cash flow. The impact of rebates and discounts on cash flow was also substantial, showing large swings throughout the period.
- Overall Trend
- The overall trend indicates a period of generally positive operating cash flow, offset by substantial cash outflows from investing and financing activities. The significant volatility observed in financing activities suggests active debt management and capital allocation strategies. The large outflow in the first quarter of 2024 represents a notable event, likely related to a major acquisition, and significantly impacted the company’s overall cash position.