Selected Financial Data
since 2005
Income Statement
Bristol-Myers Squibb Co., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Net earnings (loss) attributable to BMS |
|---|---|---|
| Dec 31, 2025 | 48,194) | 7,054) |
| Dec 31, 2024 | 48,300) | (8,948) |
| Dec 31, 2023 | 45,006) | 8,025) |
| Dec 31, 2022 | 46,159) | 6,327) |
| Dec 31, 2021 | 46,385) | 6,994) |
| Dec 31, 2020 | 42,518) | (9,015) |
| Dec 31, 2019 | 26,145) | 3,439) |
| Dec 31, 2018 | 22,561) | 4,920) |
| Dec 31, 2017 | 20,776) | 1,007) |
| Dec 31, 2016 | 19,427) | 4,457) |
| Dec 31, 2015 | 16,560) | 1,565) |
| Dec 31, 2014 | 15,879) | 2,004) |
| Dec 31, 2013 | 16,385) | 2,563) |
| Dec 31, 2012 | 17,621) | 1,960) |
| Dec 31, 2011 | 21,244) | 3,709) |
| Dec 31, 2010 | 19,484) | 3,102) |
| Dec 31, 2009 | 18,808) | 10,612) |
| Dec 31, 2008 | 20,597) | 5,247) |
| Dec 31, 2007 | 19,348) | 2,165) |
| Dec 31, 2006 | 17,914) | 1,585) |
| Dec 31, 2005 | 19,207) | 3,000) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Revenues exhibited a fluctuating pattern over the observed period. From 2005 to 2008, revenues generally increased, peaking at approximately US$20.6 billion. A subsequent decline occurred in 2009, followed by a period of moderate growth through 2011. Revenues then decreased significantly in 2012, continuing at a lower level through 2014. A resurgence in revenue growth began in 2015, accelerating substantially in 2020 to reach US$42.5 billion, and continued to rise through 2021, before stabilizing in the US$45-46 billion range in 2021-2023. A further increase to US$48.3 billion was observed in 2024, followed by a slight decrease to US$48.2 billion in 2025.
- Net Earnings Trend
- Net earnings attributable to the company demonstrated considerable volatility. Initial profitability was strong, with earnings of US$3.0 billion in 2005, but decreased substantially in 2006. Earnings recovered and increased significantly through 2009, reaching a peak of US$10.6 billion. A sharp decline followed in 2010, and earnings remained relatively modest through 2014. A notable increase occurred in 2015 and 2016, but earnings decreased dramatically in 2017. A recovery was seen in 2018, followed by a substantial net loss in 2020. Profitability returned in 2021 and 2022, with earnings reaching US$8.0 billion in 2022. However, a significant net loss was recorded in 2023, followed by a return to profitability in 2025.
The relationship between revenues and net earnings was not consistently aligned. Periods of revenue growth did not always correspond with increases in net earnings, and vice versa. The substantial loss in 2020, despite significant revenue growth, suggests increased costs or other factors negatively impacting profitability. Similarly, the loss in 2023, despite relatively stable revenues, indicates a potential shift in the company’s cost structure or operational efficiency. The return to profitability in 2025 suggests corrective actions or favorable market conditions.
- Overall Profitability
- The company’s profitability profile was highly variable throughout the period. While periods of strong earnings were observed, particularly in 2009, these were interspersed with periods of lower earnings or net losses. This suggests the business is susceptible to fluctuations in market conditions, research and development expenses, or other operational factors. The significant swings in net earnings highlight the importance of further investigation into the underlying drivers of profitability.
The observed trends indicate a dynamic business environment. The substantial revenue growth in recent years, coupled with the fluctuating net earnings, warrants further analysis to understand the sustainability of revenue increases and the factors influencing profitability.
AI Ask an analyst for more
Balance Sheet: Assets
Bristol-Myers Squibb Co., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 29,390) | 90,038) |
| Dec 31, 2024 | 29,780) | 92,603) |
| Dec 31, 2023 | 31,770) | 95,159) |
| Dec 31, 2022 | 27,273) | 96,820) |
| Dec 31, 2021 | 33,262) | 109,314) |
| Dec 31, 2020 | 30,192) | 118,481) |
| Dec 31, 2019 | 29,354) | 129,944) |
| Dec 31, 2018 | 17,160) | 34,986) |
| Dec 31, 2017 | 14,854) | 33,551) |
| Dec 31, 2016 | 13,704) | 33,707) |
| Dec 31, 2015 | 10,415) | 31,748) |
| Dec 31, 2014 | 14,608) | 33,749) |
| Dec 31, 2013 | 18,916) | 38,592) |
| Dec 31, 2012 | 9,521) | 35,897) |
| Dec 31, 2011 | 15,318) | 32,970) |
| Dec 31, 2010 | 13,273) | 31,076) |
| Dec 31, 2009 | 13,958) | 31,008) |
| Dec 31, 2008 | 14,763) | 29,552) |
| Dec 31, 2007 | 10,348) | 26,172) |
| Dec 31, 2006 | 10,302) | 25,575) |
| Dec 31, 2005 | 12,283) | 28,138) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The company’s current assets exhibited fluctuating behavior between 2005 and 2025. Total assets demonstrated a similar pattern of variability, with a significant increase occurring in 2019.
- Current Assets Trend (2005-2012)
- From 2005 to 2006, current assets decreased from US$12,283 million to US$10,302 million. A relatively stable period followed through 2009, with values ranging between US$10,302 million and US$14,763 million. A notable decrease was observed in 2012, with current assets falling to US$9,521 million.
- Current Assets Trend (2013-2018)
- Current assets increased substantially in 2013, reaching US$18,916 million, before declining again to US$10,415 million in 2015. A moderate increase occurred between 2015 and 2018, with current assets reaching US$17,160 million.
- Current Assets Trend (2019-2025)
- A significant surge in current assets occurred in 2019, rising to US$29,354 million, and remained elevated through 2021, peaking at US$33,262 million. A subsequent decline was observed from 2021 to 2025, with current assets ending the period at US$29,390 million. This represents a return to levels similar to those observed in 2019.
- Total Assets Trend (2005-2012)
- Total assets decreased from US$28,138 million in 2005 to US$25,575 million in 2006. A period of moderate growth followed, peaking at US$35,897 million in 2012. The values remained relatively stable between US$26,172 million and US$35,897 million during this timeframe.
- Total Assets Trend (2013-2018)
- Total assets experienced a decline in 2013 and 2014, falling to US$33,749 million and US$31,748 million respectively. A slight recovery occurred between 2015 and 2018, with total assets reaching US$34,986 million.
- Total Assets Trend (2019-2025)
- A dramatic increase in total assets occurred in 2019, reaching US$129,944 million. This was followed by a substantial decrease in subsequent years, falling to US$90,038 million by 2025. The increase in 2019 was significantly larger than any other change observed in the period, suggesting a major event impacting the company’s asset base.
The substantial increase in total assets in 2019, coupled with the subsequent decline, warrants further investigation to understand the underlying drivers of these changes. The fluctuations in current assets suggest potential shifts in short-term liquidity management or operational cycles.
AI Ask an analyst for more
Balance Sheet: Liabilities and Stockholders’ Equity
Bristol-Myers Squibb Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total BMS shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2025 | 23,417) | 71,533) | 45,111) | 18,473) |
| Dec 31, 2024 | 23,774) | 76,215) | 49,649) | 16,335) |
| Dec 31, 2023 | 22,262) | 65,674) | 39,772) | 29,430) |
| Dec 31, 2022 | 21,890) | 65,702) | 39,320) | 31,061) |
| Dec 31, 2021 | 21,868) | 73,308) | 44,553) | 35,946) |
| Dec 31, 2020 | 19,080) | 80,599) | 50,676) | 37,822) |
| Dec 31, 2019 | 18,304) | 78,246) | 46,733) | 51,598) |
| Dec 31, 2018 | 10,654) | 20,859) | 7,349) | 14,031) |
| Dec 31, 2017 | 9,563) | 21,704) | 7,962) | 11,741) |
| Dec 31, 2016 | 8,841) | 17,360) | 6,708) | 16,177) |
| Dec 31, 2015 | 8,017) | 17,324) | 6,689) | 14,266) |
| Dec 31, 2014 | 8,461) | 18,766) | 7,832) | 14,852) |
| Dec 31, 2013 | 12,440) | 23,356) | 8,340) | 15,154) |
| Dec 31, 2012 | 8,279) | 22,259) | 7,394) | 13,623) |
| Dec 31, 2011 | 7,780) | 17,103) | 5,491) | 15,956) |
| Dec 31, 2010 | 6,739) | 15,438) | 5,445) | 15,713) |
| Dec 31, 2009 | 6,313) | 16,223) | 6,361) | 14,843) |
| Dec 31, 2008 | 6,710) | 17,311) | 6,739) | 12,241) |
| Dec 31, 2007 | 8,644) | 15,610) | 6,272) | 10,562) |
| Dec 31, 2006 | 6,496) | 15,584) | 7,435) | 9,991) |
| Dec 31, 2005 | 6,890) | 16,930) | 8,595) | 11,208) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An examination of the balance sheet items reveals significant shifts in the company’s liabilities and stockholders’ equity between 2005 and 2025. Current liabilities generally fluctuated between approximately $6.5 billion and $8.5 billion for much of the period, before increasing substantially in 2019 and remaining elevated through 2025. Total liabilities exhibited a more pronounced increase, particularly from 2018 onward, reaching a peak in 2019 and then declining before rising again in 2023 and 2024. Total debt followed a similar pattern to total liabilities, with a dramatic increase in 2019 and subsequent fluctuations. Stockholders’ equity demonstrated a generally upward trend until 2019, after which it experienced a considerable decline, followed by some recovery in the later years of the period.
- Current Liabilities
- Current liabilities remained relatively stable between 2005 and 2018, oscillating within a range of approximately $6.5 billion to $10.7 billion. A notable increase began in 2019, reaching $18.3 billion, and continued to rise, peaking at $23.8 billion in 2024 before decreasing slightly in 2025. This suggests a potential shift in short-term financing strategies or increased operational demands requiring higher current funding.
- Total Liabilities
- Total liabilities showed a moderate increase from 2005 to 2008, followed by a period of relative stability until 2012. A significant surge occurred between 2012 and 2019, escalating from $22.3 billion to $78.2 billion. This was followed by a decline to $65.7 billion in 2020, then a further decrease to $65.7 billion in 2021, before increasing again to $76.2 billion in 2024. The substantial increase in 2019 warrants further investigation, potentially linked to acquisitions or significant long-term debt issuance.
- Total Debt
- Total debt generally decreased from 2005 to 2007, then remained relatively stable until 2012. Similar to total liabilities, a substantial increase occurred between 2018 and 2019, rising from $7.3 billion to $46.7 billion. Subsequent years saw fluctuations, with a decrease to $39.3 billion in 2020, followed by an increase to $49.6 billion in 2023. The correlation between total debt and total liabilities suggests that debt financing is a primary component of the company’s capital structure.
- Stockholders’ Equity
- Stockholders’ equity exhibited a generally positive trend from 2005 to 2019, increasing from $11.2 billion to $51.6 billion. However, a significant decline occurred in 2020, falling to $37.8 billion, and continued to decrease to $29.4 billion in 2021. A modest recovery was observed in the final years of the period, reaching $18.5 billion in 2025. This decline may be attributable to share repurchases, dividend payments, or losses impacting retained earnings.
The period from 2019 to 2025 is characterized by a substantial increase in both liabilities and debt, coupled with a corresponding decrease in stockholders’ equity. This suggests a significant shift in the company’s financial leverage and capital structure during this timeframe. The fluctuations observed require further investigation to understand the underlying drivers and potential implications for the company’s financial health.
AI Ask an analyst for more
Cash Flow Statement
Bristol-Myers Squibb Co., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 14,156) | (4,132) | (10,348) |
| Dec 31, 2024 | 15,190) | (21,352) | 5,127) |
| Dec 31, 2023 | 13,860) | (2,295) | (9,416) |
| Dec 31, 2022 | 13,066) | (1,062) | (16,962) |
| Dec 31, 2021 | 16,207) | (538) | (16,224) |
| Dec 31, 2020 | 14,052) | (10,859) | (1,151) |
| Dec 31, 2019 | 8,067) | (9,770) | 7,621) |
| Dec 31, 2018 | 5,940) | (874) | (3,535) |
| Dec 31, 2017 | 5,275) | (66) | (4,077) |
| Dec 31, 2016 | 2,850) | 1,480) | (2,445) |
| Dec 31, 2015 | 1,832) | (1,572) | (3,351) |
| Dec 31, 2014 | 3,148) | 1,216) | (2,437) |
| Dec 31, 2013 | 3,545) | (572) | (1,068) |
| Dec 31, 2012 | 6,941) | (6,727) | (4,333) |
| Dec 31, 2011 | 4,840) | (1,437) | (2,657) |
| Dec 31, 2010 | 4,491) | (3,812) | (3,343) |
| Dec 31, 2009 | 4,065) | (4,380) | (17) |
| Dec 31, 2008 | 3,707) | 5,079) | (2,582) |
| Dec 31, 2007 | 3,153) | (202) | (3,213) |
| Dec 31, 2006 | 2,083) | 206) | (3,351) |
| Dec 31, 2005 | 1,836) | 1,191) | (3,637) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow statement reveals significant fluctuations across the observed period. Overall, operating activities consistently generate positive cash flow, while investing and financing activities demonstrate more variable patterns, often involving substantial cash outflows.
- Operating Activities
- Net cash provided by operating activities generally increased from 2005 to 2010, peaking at approximately US$4.5 billion. A substantial increase is then observed in 2012, reaching US$6.9 billion, followed by a decline in 2013. From 2013 to 2019, operating cash flow remained relatively stable, fluctuating between US$1.8 billion and US$8.1 billion. A significant surge occurred in 2020, reaching US$14.1 billion, followed by a slight decrease in 2021. The years 2022 and 2023 show a stabilization around US$13-14 billion, with a decrease to US$14.2 billion in 2024 and US$14.1 billion in 2025.
- Investing Activities
- Net cash flow from investing activities exhibited considerable volatility. From 2005 to 2007, it transitioned from positive to negative. A large positive inflow occurred in 2008, followed by significant outflows in 2009 and 2010. The period from 2011 to 2015 showed continued fluctuations, with negative cash flows dominating. 2016 and 2017 saw smaller negative values, but 2018 and 2019 experienced substantial outflows, particularly in 2019 at negative US$9.8 billion. This trend continued into 2020 with a negative US$10.9 billion. A smaller outflow was observed in 2021, followed by larger outflows in 2022 and 2023, culminating in a substantial outflow of negative US$21.4 billion in 2022. The outflow decreased to negative US$4.1 billion in 2025.
- Financing Activities
- Net cash flow from financing activities consistently showed outflows for most of the period, with the exception of 2019, which reported a positive US$7.6 billion. Outflows ranged from approximately US$2.4 billion to US$3.7 billion annually between 2005 and 2010. The period from 2011 to 2017 continued this pattern of negative cash flow. 2020 saw a smaller outflow, but 2021 and 2022 experienced significant outflows, reaching negative US$16.2 billion and negative US$17.0 billion respectively. A positive inflow of US$5.1 billion was observed in 2023, followed by a substantial outflow of negative US$10.3 billion in 2025.
The substantial negative cash flow from investing activities, particularly in 2019, 2020, 2022 and 2025, suggests significant capital expenditures or acquisitions. The positive cash flow from financing activities in 2019 likely represents proceeds from debt or equity issuance. The overall pattern indicates a company actively managing its capital structure and making considerable investments, potentially in research and development or strategic acquisitions, while consistently generating cash from its core operations.
AI Ask an analyst for more
Per Share Data
Bristol-Myers Squibb Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 3.47 | 3.46 | 2.49 |
| Dec 31, 2024 | -4.41 | -4.41 | 2.42 |
| Dec 31, 2023 | 3.88 | 3.86 | 2.31 |
| Dec 31, 2022 | 2.97 | 2.95 | 2.19 |
| Dec 31, 2021 | 3.15 | 3.12 | 2.01 |
| Dec 31, 2020 | -3.99 | -3.99 | 1.84 |
| Dec 31, 2019 | 2.02 | 2.01 | 1.68 |
| Dec 31, 2018 | 3.01 | 3.01 | 1.61 |
| Dec 31, 2017 | 0.61 | 0.61 | 1.57 |
| Dec 31, 2016 | 2.67 | 2.65 | 1.53 |
| Dec 31, 2015 | 0.94 | 0.93 | 1.49 |
| Dec 31, 2014 | 1.21 | 1.20 | 1.45 |
| Dec 31, 2013 | 1.56 | 1.54 | 1.41 |
| Dec 31, 2012 | 1.17 | 1.16 | 1.37 |
| Dec 31, 2011 | 2.18 | 2.16 | 1.33 |
| Dec 31, 2010 | 1.80 | 1.79 | 1.29 |
| Dec 31, 2009 | 5.35 | 5.34 | 1.25 |
| Dec 31, 2008 | 2.65 | 2.63 | 1.24 |
| Dec 31, 2007 | 1.10 | 1.09 | 1.15 |
| Dec 31, 2006 | 0.81 | 0.81 | 1.12 |
| Dec 31, 2005 | 1.53 | 1.52 | 1.12 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share information reveals fluctuating performance over the observed period. Earnings per share, both basic and diluted, demonstrate considerable volatility, while dividend per share exhibits a consistent upward trajectory.
- Earnings Per Share (Basic & Diluted)
- From 2005 to 2009, basic earnings per share increased from US$1.53 to a peak of US$5.35, representing substantial growth. A subsequent decline occurred in 2010, falling to US$1.80, followed by moderate fluctuations through 2013. Earnings per share then rose again, reaching US$3.01 in 2018 before experiencing a significant drop to a loss of US$3.99 in 2020. A recovery followed in 2021 and 2022, with earnings per share reaching US$3.88. However, 2023 saw another substantial loss of US$4.41, followed by a partial recovery to US$3.47 in 2024 and a further increase to US$3.46 in 2025. Diluted earnings per share mirrored this pattern closely, remaining consistently near the basic earnings per share values.
- Dividend Per Share
- Dividend per share consistently increased throughout the period, rising from US$1.12 in 2005 to US$2.49 in 2025. This represents a more than doubling of the dividend payout over the twenty-year span. The increases were generally incremental, with a slightly accelerated pace of growth observed between 2018 and 2025.
The divergence between earnings per share and dividend per share is notable. While earnings per share experienced significant swings, the dividend per share maintained a steady upward trend. This suggests a commitment to returning value to shareholders through dividends, even during periods of lower profitability, or potentially utilizing cash reserves to maintain dividend payments. The negative earnings per share in 2020 and 2023 raise questions regarding the sustainability of the dividend policy in the absence of consistent profitability.
- Overall Trend
- The period can be broadly characterized by cyclical earnings performance coupled with a consistent dividend growth strategy. The company appears to prioritize maintaining a growing dividend, even amidst earnings volatility. Further investigation into the factors driving the earnings fluctuations and the company’s dividend policy would be warranted.
AI Ask an analyst for more