Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Bristol-Myers Squibb Co., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
The financial performance over the analyzed period is characterized by a consistent decline in gross profitability contrasted with a severe, temporary contraction in operational and net margins during 2024, followed by a significant recovery and expansion in returns by mid-2026.
- Gross Profit Margin
- A sustained downward trend is observed in gross profit margins, which decreased from 79.62% in March 2022 to 70.16% by June 2026. While the decline was gradual through 2023, a more pronounced drop occurred between September 2024 and December 2024, where margins fell from 74.91% to 71.08%, indicating an increasing cost of goods sold relative to revenue over the long term.
- Operating and Net Profit Margins
- Operational and net profitability exhibited extreme volatility. From March 2022 through December 2023, these margins remained relatively stable, with net profit margins peaking at 18.44% in September 2023. However, a sharp reversal occurred in early 2024, with both metrics entering negative territory. Operating profit margin reached a trough of -15.50% and net profit margin bottomed at -18.53% in December 2024. A robust recovery began in March 2025, with operating profit margins eventually exceeding pre-crisis levels to reach 23.83% by June 2026, and net profit margins climbing to 18.87%.
- Return on Equity (ROE)
- Return on equity mirrored the volatility of the profit margins. ROE grew steadily from 19.79% in March 2022 to 27.27% by December 2023. This was followed by a precipitous decline throughout 2024, reaching a low of -54.78% in December 2024. The subsequent recovery was aggressive, with ROE surging to 31.16% in March 2025 and continuing upward to a period high of 41.59% by June 2026, suggesting an improved ability to generate returns from shareholders' equity following the 2024 downturn.
- Return on Assets (ROA)
- Return on assets followed a similar V-shaped trajectory. ROA climbed from 6.07% in March 2022 to 8.43% in December 2023 before falling to a minimum of -9.66% in December 2024. The recovery phase saw ROA return to positive territory in March 2025 (5.86%) and accelerate to 10.59% by June 2026, indicating a more efficient utilization of total assets in the final year of the period.
In summary, the data reveals a fundamental divergence between gross margin erosion and bottom-line recovery. Despite the long-term compression of gross profits, the operational efficiency and overall returns achieved by mid-2026 represent a significant improvement over the baseline levels observed in 2022.
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Return on Sales
Return on Investment
Gross Profit Margin
Bristol-Myers Squibb Co., gross profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Gross margin | 9,247) | 8,068) | 8,406) | 8,787) | 8,897) | 8,168) | 7,530) | 8,935) | 8,934) | 8,933) | 8,732) | 8,460) | 8,350) | 8,771) | 8,813) | 8,865) | 9,167) | 9,177) | ||||||
| Revenues | 12,973) | 11,489) | 12,502) | 12,222) | 12,269) | 11,201) | 12,342) | 11,892) | 12,201) | 11,865) | 11,477) | 10,966) | 11,226) | 11,337) | 11,406) | 11,218) | 11,887) | 11,648) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Gross profit margin1 | 70.16% | 70.46% | 71.08% | 69.50% | 70.29% | 70.47% | 71.08% | 74.91% | 75.38% | 75.71% | 76.24% | 76.54% | 77.01% | 77.68% | 78.04% | 78.82% | 79.13% | 79.62% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 71.48% | 70.68% | 70.24% | 69.74% | 70.93% | 70.69% | 69.99% | 67.21% | 62.75% | 62.28% | 62.42% | 65.76% | 68.91% | 69.43% | 70.00% | 69.62% | 70.48% | 69.53% | ||||||
| Amgen Inc. | 67.97% | 66.72% | 65.75% | 64.71% | 62.99% | 61.48% | 59.85% | 58.71% | 61.56% | 64.76% | 68.60% | 72.35% | 72.87% | 73.65% | 74.17% | 73.99% | 74.00% | 73.30% | ||||||
| Danaher Corp. | 58.51% | 58.94% | 59.11% | 59.53% | 59.66% | 59.74% | 59.50% | 59.37% | 59.27% | 58.39% | 58.74% | 58.77% | 59.17% | 60.22% | 60.21% | 60.65% | 60.77% | 60.77% | ||||||
| Eli Lilly & Co. | 83.40% | 82.83% | 83.04% | 83.03% | 82.64% | 81.70% | 81.31% | 80.91% | 80.75% | 80.16% | 79.25% | 78.67% | 77.77% | 77.67% | 76.77% | 75.61% | 75.98% | 74.40% | ||||||
| Gilead Sciences Inc. | 79.15% | 79.01% | 78.44% | 78.31% | 78.42% | 78.17% | 78.15% | 75.98% | 75.56% | 75.62% | 75.87% | 78.66% | 79.27% | 78.94% | 79.03% | 74.31% | 75.30% | 75.50% | ||||||
| Johnson & Johnson | 67.91% | 67.82% | 67.88% | 68.08% | 67.92% | 68.30% | 69.07% | 69.05% | 69.06% | 69.20% | 68.82% | 68.54% | 68.06% | 67.34% | 67.26% | 67.43% | 67.86% | 67.97% | ||||||
| Merck & Co. Inc. | 72.97% | 73.91% | 74.80% | 77.18% | 76.60% | 76.42% | 76.32% | 75.82% | 75.25% | 74.37% | 73.17% | 72.86% | 72.96% | 72.43% | 70.63% | 70.49% | 70.41% | 70.72% | ||||||
| Pfizer Inc. | 73.18% | 73.51% | 74.33% | 73.39% | 72.12% | 72.28% | 71.94% | 67.73% | 58.18% | 58.09% | 58.10% | 60.97% | 69.61% | 68.61% | 65.77% | 65.53% | 62.18% | 60.35% | ||||||
| Regeneron Pharmaceuticals Inc. | 84.86% | 84.55% | 85.35% | 85.39% | 85.57% | 85.79% | 86.13% | 86.12% | 86.16% | 86.32% | 86.16% | 85.96% | 86.42% | 86.96% | 87.18% | 85.39% | 84.97% | 84.65% | ||||||
| Thermo Fisher Scientific Inc. | 40.80% | 40.78% | 40.93% | 41.27% | 41.18% | 41.34% | 41.28% | 40.77% | 40.76% | 40.40% | 39.90% | 39.87% | 39.75% | 40.28% | 42.24% | 44.42% | 46.63% | 48.37% | ||||||
| Vertex Pharmaceuticals Inc. | 86.00% | 86.24% | 86.24% | 86.28% | 86.11% | 86.03% | 86.11% | 86.12% | 86.45% | 86.86% | 87.21% | 87.80% | 87.92% | 88.04% | 87.90% | 88.00% | 88.13% | 87.95% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
1 Q2 2026 Calculation
Gross profit margin = 100
× (Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025
+ Gross marginQ3 2025)
÷ (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
= 100 × (9,247 + 8,068 + 8,406 + 8,787)
÷ (12,973 + 11,489 + 12,502 + 12,222)
= 70.16%
2 Click competitor name to see calculations.
An analysis of the profitability metrics reveals a consistent and sustained decline in the gross profit margin over the observed period from March 2022 through June 2026. While revenues remained relatively stable with moderate fluctuations, the percentage of each revenue dollar retained as gross profit diminished steadily.
- Long-term Gross Profit Margin Erosion
- A persistent downward trend is evident in the gross profit margin, which decreased from a peak of 79.62% in March 2022 to 70.16% by June 2026. This represents a total contraction of approximately 946 basis points over the analyzed timeframe. The decline was gradual throughout 2022 and 2023 before accelerating during 2024.
- Revenue and Gross Margin Relationship
- Revenues exhibited volatility but generally trended upward toward the end of the period, reaching a high of 12,973 million USD in June 2026. However, this growth in top-line revenue did not translate into margin expansion. Instead, the gross profit margin continued to slide even as revenues increased, indicating that the cost of goods sold rose at a faster rate than sales growth.
- Significant Margin Shifts
- A notable acceleration in margin compression occurred between September 2024 (74.91%) and December 2024 (71.08%), marking one of the sharpest quarterly declines in the dataset. Following this drop, the margin entered a period of relative stabilization, fluctuating within a narrower band between 69.50% and 71.08% through the first half of 2026.
- Absolute Gross Margin Performance
- In absolute terms, the gross margin fluctuated between a low of 7,530 million USD in December 2024 and a high of 9,247 million USD in June 2026. The fact that the absolute gross margin recovered to its highest level in June 2026 despite the lowest recorded profit margin percentage confirms that the increase in volume or pricing was offset by a significant increase in production or acquisition costs.
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Operating Profit Margin
Bristol-Myers Squibb Co., operating profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating income (loss) | 4,025) | 3,271) | 1,421) | 3,006) | 2,266) | 3,309) | 480) | 1,910) | 1,559) | (11,435) | 1,303) | 1,879) | 1,743) | 2,357) | 1,642) | 2,069) | 2,242) | 2,336) | ||||||
| Revenues | 12,973) | 11,489) | 12,502) | 12,222) | 12,269) | 11,201) | 12,342) | 11,892) | 12,201) | 11,865) | 11,477) | 10,966) | 11,226) | 11,337) | 11,406) | 11,218) | 11,887) | 11,648) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | 23.83% | 20.55% | 20.75% | 18.86% | 16.70% | 15.24% | -15.50% | -14.05% | -14.39% | -14.30% | 16.18% | 16.96% | 17.29% | 18.13% | 17.96% | 19.04% | 18.19% | 16.79% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 26.20% | 24.41% | 24.65% | 15.16% | 18.80% | 17.56% | 16.22% | 24.89% | 22.31% | 23.50% | 23.49% | 27.32% | 31.03% | 28.49% | 31.21% | 30.59% | 30.33% | 32.68% | ||||||
| Amgen Inc. | 31.51% | 29.77% | 25.83% | 25.14% | 24.45% | 22.71% | 22.66% | 19.97% | 20.96% | 24.72% | 29.35% | 34.55% | 37.50% | 36.07% | 38.57% | 39.31% | 38.04% | 32.78% | ||||||
| Danaher Corp. | 20.42% | 19.21% | 19.09% | 19.01% | 18.39% | 20.26% | 20.37% | 20.11% | 21.22% | 21.05% | 21.77% | 23.83% | 25.06% | 27.02% | 27.61% | 27.35% | 25.44% | 25.23% | ||||||
| Eli Lilly & Co. | 42.22% | 43.63% | 40.35% | 38.84% | 32.37% | 28.74% | 28.64% | 24.81% | 23.28% | 20.80% | 18.92% | 18.42% | 24.17% | 22.45% | 24.97% | 24.65% | 25.50% | 25.94% | ||||||
| Gilead Sciences Inc. | -8.37% | 35.46% | 34.66% | 36.75% | 28.03% | 28.77% | 5.81% | 2.92% | 9.26% | 5.79% | 28.24% | 30.37% | 31.18% | 33.03% | 27.17% | 22.39% | 25.78% | 26.56% | ||||||
| Johnson & Johnson | 26.47% | 26.39% | 26.85% | 25.44% | 23.67% | 23.59% | 23.42% | 24.42% | 25.31% | 25.04% | 24.90% | 25.55% | 25.61% | 25.21% | 24.63% | 23.89% | 23.47% | 23.76% | ||||||
| Merck & Co. Inc. | 9.58% | 18.18% | 32.64% | 33.73% | 30.00% | 31.51% | 31.03% | 21.60% | 24.75% | 6.93% | 3.92% | 13.08% | 10.34% | 27.85% | 30.27% | 30.66% | 33.04% | 28.85% | ||||||
| Pfizer Inc. | 21.70% | 22.96% | 22.76% | 21.85% | 23.23% | 19.29% | 19.51% | 9.56% | -4.19% | -2.08% | 2.15% | 14.36% | 28.13% | 34.44% | 34.83% | 33.59% | 30.37% | 26.12% | ||||||
| Regeneron Pharmaceuticals Inc. | 24.74% | 24.32% | 24.95% | 25.89% | 27.02% | 27.20% | 28.10% | 28.69% | 28.95% | 29.40% | 30.85% | 32.23% | 34.20% | 35.79% | 38.93% | 45.45% | 48.19% | 55.08% | ||||||
| Thermo Fisher Scientific Inc. | 17.58% | 17.46% | 17.38% | 17.16% | 17.13% | 17.23% | 17.11% | 16.93% | 17.01% | 16.38% | 16.00% | 15.81% | 15.42% | 16.29% | 18.69% | 20.54% | 22.51% | 23.83% | ||||||
| Vertex Pharmaceuticals Inc. | 37.95% | 38.31% | 34.77% | 34.06% | 34.36% | -6.69% | -2.11% | -2.54% | -3.37% | 41.16% | 38.83% | 40.16% | 41.72% | 43.93% | 48.23% | 47.72% | 48.85% | 36.93% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
= 100 × (4,025 + 3,271 + 1,421 + 3,006)
÷ (12,973 + 11,489 + 12,502 + 12,222)
= 23.83%
2 Click competitor name to see calculations.
The financial performance of the organization reflects three distinct phases: a period of relative stability, a sharp contraction in profitability, and a subsequent strong recovery and expansion of margins.
- Period of Stability (March 2022 – December 2023)
- During this interval, operating profit margins remained consistent, fluctuating within a narrow range between 16.18% and 19.04%. Operating income remained positive and relatively steady, while revenues showed minimal volatility, maintaining a baseline around 11 billion US dollars per quarter.
- Profitability Contraction (March 2024 – December 2024)
- A significant downturn is observed throughout 2024. The operating profit margin shifted into negative territory, reaching a low of -15.50% by December 31, 2024. This period was marked by extreme volatility in operating income, including a substantial loss of 11.435 billion US dollars in the first quarter of 2024, which severely impacted the overall margin profile despite revenues remaining stable or slightly increasing.
- Recovery and Margin Expansion (March 2025 – June 2026)
- A consistent upward trend in profitability is evident starting in early 2025. Operating profit margins returned to positive territory in March 2025 at 15.24% and expanded steadily to reach a peak of 23.83% by June 30, 2026. This expansion was driven by a marked increase in operating income, which grew from 3.309 billion US dollars in March 2025 to 4.025 billion US dollars by June 2026, while revenues remained relatively constant between 11 and 13 billion US dollars.
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Net Profit Margin
Bristol-Myers Squibb Co., net profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net earnings (loss) attributable to BMS | 3,317) | 2,677) | 1,087) | 2,201) | 1,310) | 2,456) | 72) | 1,211) | 1,680) | (11,911) | 1,762) | 1,928) | 2,073) | 2,262) | 2,022) | 1,606) | 1,421) | 1,278) | ||||||
| Revenues | 12,973) | 11,489) | 12,502) | 12,222) | 12,269) | 11,201) | 12,342) | 11,892) | 12,201) | 11,865) | 11,477) | 10,966) | 11,226) | 11,337) | 11,406) | 11,218) | 11,887) | 11,648) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | 18.87% | 15.01% | 14.64% | 12.57% | 10.58% | 11.38% | -18.53% | -15.30% | -14.06% | -13.50% | 17.83% | 18.44% | 17.62% | 15.95% | 13.71% | 14.29% | 14.04% | 13.31% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 9.80% | 5.79% | 6.91% | 4.00% | 6.45% | 7.31% | 7.59% | 9.22% | 9.71% | 11.02% | 8.95% | 11.81% | 15.50% | 13.37% | 20.39% | 23.19% | 22.04% | 22.00% | ||||||
| Amgen Inc. | 24.11% | 21.98% | 21.94% | 20.31% | 19.75% | 18.10% | 12.77% | 13.58% | 10.60% | 13.35% | 24.96% | 29.52% | 31.52% | 31.77% | 26.42% | 27.88% | 26.73% | 23.42% | ||||||
| Danaher Corp. | 15.95% | 14.89% | 14.71% | 14.43% | 14.21% | 15.81% | 16.33% | 16.39% | 17.83% | 18.54% | 19.94% | 22.89% | 22.80% | 23.32% | 22.91% | 21.65% | 20.61% | 21.32% | ||||||
| Eli Lilly & Co. | 33.53% | 34.99% | 31.67% | 30.99% | 25.91% | 22.66% | 23.51% | 20.48% | 18.86% | 17.08% | 15.36% | 15.55% | 22.01% | 20.54% | 21.88% | 20.63% | 19.58% | 20.90% | ||||||
| Gilead Sciences Inc. | -10.86% | 31.51% | 29.43% | 28.41% | 21.98% | 20.87% | 1.68% | 0.45% | 3.82% | 1.78% | 21.03% | 21.60% | 20.18% | 20.87% | 17.02% | 12.44% | 15.22% | 16.60% | ||||||
| Johnson & Johnson | 21.48% | 21.83% | 28.46% | 27.26% | 25.00% | 24.41% | 15.84% | 16.74% | 43.91% | 44.92% | 41.28% | 39.58% | 14.52% | 13.77% | 18.90% | 19.95% | 19.21% | 20.90% | ||||||
| Merck & Co. Inc. | 4.77% | 13.59% | 28.08% | 29.63% | 25.79% | 27.27% | 26.68% | 19.23% | 21.98% | 3.76% | 0.61% | 7.77% | 5.34% | 22.52% | 24.49% | 25.88% | 29.00% | 26.27% | ||||||
| Pfizer Inc. | 6.80% | 11.83% | 12.42% | 15.65% | 16.84% | 12.62% | 12.62% | 7.04% | -4.62% | -0.55% | 3.56% | 15.13% | 27.38% | 31.19% | 31.27% | 29.81% | 28.94% | 27.01% | ||||||
| Regeneron Pharmaceuticals Inc. | 27.86% | 29.65% | 31.41% | 32.13% | 31.37% | 31.94% | 31.07% | 33.61% | 32.04% | 29.45% | 30.14% | 30.47% | 33.93% | 33.81% | 35.64% | 39.17% | 39.97% | 48.06% | ||||||
| Thermo Fisher Scientific Inc. | 15.04% | 15.15% | 15.05% | 15.02% | 15.23% | 15.18% | 14.77% | 14.48% | 14.69% | 14.20% | 13.99% | 13.68% | 13.14% | 13.75% | 15.47% | 15.92% | 17.37% | 18.49% | ||||||
| Vertex Pharmaceuticals Inc. | 35.00% | 35.51% | 32.94% | 31.35% | 31.86% | -8.91% | -4.86% | -4.52% | -4.74% | 39.46% | 36.68% | 35.94% | 35.40% | 35.40% | 37.20% | 37.62% | 38.26% | 30.84% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to BMSQ2 2026
+ Net earnings (loss) attributable to BMSQ1 2026
+ Net earnings (loss) attributable to BMSQ4 2025
+ Net earnings (loss) attributable to BMSQ3 2025)
÷ (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
= 100 × (3,317 + 2,677 + 1,087 + 2,201)
÷ (12,973 + 11,489 + 12,502 + 12,222)
= 18.87%
2 Click competitor name to see calculations.
The net profit margin exhibits significant volatility over the observed period, characterized by a phase of steady growth, a severe contraction in 2024, and a subsequent recovery through mid-2026. While revenues remained relatively stable, fluctuating primarily between 10.9 billion and 12.9 billion US dollars, the net profit margin experienced wide swings, indicating that profitability was driven by substantial fluctuations in net earnings rather than top-line revenue changes.
- Initial Growth Phase (2022–2023)
- From March 2022 to September 2023, a general upward trend in profitability is observed. The net profit margin rose from 13.31% to a peak of 18.44%, reflecting an improvement in the conversion of revenues into actual profit during this interval.
- Profitability Contraction (2024)
- A sharp decline occurred starting in the first quarter of 2024, where the net profit margin plummeted to -13.50%. This negative trajectory intensified throughout the year, reaching its lowest point of -18.53% by December 31, 2024. This period marks a significant deviation from the previous profitability patterns.
- Recovery and Expansion (2025–2026)
- A recovery began in the first quarter of 2025, with the margin returning to positive territory at 11.38%. A consistent quarterly increase followed, with the margin climbing steadily to 14.64% by the end of 2025 and reaching a period high of 18.87% by June 30, 2026. This indicates a successful restoration of profit margins to levels exceeding those seen prior to the 2024 downturn.
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Return on Equity (ROE)
Bristol-Myers Squibb Co., ROE calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net earnings (loss) attributable to BMS | 3,317) | 2,677) | 1,087) | 2,201) | 1,310) | 2,456) | 72) | 1,211) | 1,680) | (11,911) | 1,762) | 1,928) | 2,073) | 2,262) | 2,022) | 1,606) | 1,421) | 1,278) | ||||||
| Total BMS shareholders’ equity | 22,319) | 20,068) | 18,473) | 18,552) | 17,435) | 17,389) | 16,335) | 17,142) | 17,015) | 16,490) | 29,430) | 28,998) | 31,973) | 31,824) | 31,061) | 32,671) | 32,600) | 31,580) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | 41.59% | 36.25% | 38.19% | 32.55% | 28.96% | 31.16% | -54.78% | -42.34% | -38.44% | -37.28% | 27.27% | 28.57% | 24.91% | 22.97% | 20.37% | 20.44% | 20.30% | 19.79% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | 295.42% | 128.66% | 84.91% | 78.77% | 74.85% | 46.94% | 53.86% | 67.50% | 57.14% | 68.60% | 83.83% | 86.24% | 76.64% | ||||||
| Amgen Inc. | 74.80% | 84.87% | 89.06% | 72.82% | 89.11% | 95.59% | 69.59% | 56.20% | 52.83% | 74.93% | 107.78% | 98.82% | 117.67% | 148.04% | 178.97% | 187.11% | 271.85% | 624.78% | ||||||
| Danaher Corp. | 7.61% | 6.97% | 6.88% | 6.86% | 6.52% | 7.40% | 7.87% | 7.59% | 8.42% | 8.24% | 8.91% | 11.29% | 12.30% | 13.47% | 14.39% | 14.40% | 13.63% | 13.93% | ||||||
| Eli Lilly & Co. | 78.84% | 81.02% | 77.78% | 77.38% | 75.52% | 70.45% | 74.62% | 58.78% | 54.14% | 47.91% | 48.65% | 44.46% | 58.73% | 50.82% | 58.64% | 59.91% | 66.61% | 65.69% | ||||||
| Gilead Sciences Inc. | -27.39% | 39.19% | 37.48% | 37.65% | 32.08% | 31.13% | 2.48% | 0.69% | 5.77% | 2.77% | 24.81% | 26.33% | 25.92% | 26.59% | 21.62% | 15.82% | 20.44% | 22.66% | ||||||
| Johnson & Johnson | 24.76% | 25.92% | 32.87% | 31.69% | 28.88% | 27.92% | 19.68% | 20.93% | 53.14% | 54.95% | 51.11% | 48.61% | 17.37% | 17.95% | 23.36% | 25.68% | 24.05% | 26.54% | ||||||
| Merck & Co. Inc. | 7.57% | 19.48% | 34.70% | 36.71% | 33.49% | 36.07% | 36.96% | 27.30% | 31.52% | 5.71% | 0.97% | 11.17% | 8.04% | 27.82% | 31.57% | 34.32% | 38.34% | 34.68% | ||||||
| Pfizer Inc. | 5.09% | 8.31% | 8.99% | 10.59% | 12.12% | 8.73% | 9.11% | 4.61% | -2.96% | -0.33% | 2.38% | 10.81% | 21.68% | 28.77% | 32.79% | 32.14% | 33.61% | 30.29% | ||||||
| Regeneron Pharmaceuticals Inc. | 13.65% | 14.08% | 14.41% | 14.79% | 14.89% | 15.31% | 15.03% | 15.87% | 15.32% | 14.29% | 15.22% | 16.03% | 17.90% | 17.80% | 19.14% | 25.05% | 27.49% | 39.84% | ||||||
| Thermo Fisher Scientific Inc. | 13.23% | 13.19% | 12.55% | 12.88% | 13.03% | 13.19% | 12.78% | 12.52% | 13.12% | 13.26% | 12.83% | 13.11% | 13.08% | 14.26% | 15.80% | 16.15% | 17.59% | 18.56% | ||||||
| Vertex Pharmaceuticals Inc. | 21.76% | 22.41% | 21.18% | 21.22% | 21.18% | -5.99% | -3.26% | -3.07% | -3.32% | 21.67% | 20.59% | 21.01% | 21.75% | 22.59% | 23.88% | 25.12% | 26.77% | 22.47% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
1 Q2 2026 Calculation
ROE = 100
× (Net earnings (loss) attributable to BMSQ2 2026
+ Net earnings (loss) attributable to BMSQ1 2026
+ Net earnings (loss) attributable to BMSQ4 2025
+ Net earnings (loss) attributable to BMSQ3 2025)
÷ Total BMS shareholders’ equity
= 100 × (3,317 + 2,677 + 1,087 + 2,201)
÷ 22,319 = 41.59%
2 Click competitor name to see calculations.
The analysis of the return on equity (ROE) reveals a trajectory characterized by initial steady growth, a period of severe volatility and contraction, and a subsequent strong recovery phase.
- Initial Growth Phase (March 2022 – December 2023)
- During this period, ROE exhibited a consistent upward trend, increasing from 19.79% to 27.27%. This growth was driven by a general increase in net earnings, which rose from 1,278 million in the first quarter of 2022 to a peak of 2,262 million in March 2023. Shareholders' equity remained relatively stable, hovering between 28.9 billion and 32.6 billion, indicating that the improvement in ROE was primarily a result of increased profitability rather than financial leverage.
- Period of Significant Volatility (March 2024 – December 2024)
- A sharp reversal occurred in March 2024, marked by a substantial net loss of 11,911 million, which caused ROE to plummet to -37.28%. This period was characterized by a simultaneous and drastic reduction in shareholders' equity, which dropped from 29.4 billion in late 2023 to 16.4 billion in March 2024. Despite a return to positive net earnings in subsequent quarters, ROE continued to decline further, reaching a low of -54.78% by December 2024, reflecting the lingering impact of the equity erosion and volatile earnings levels.
- Recovery and Performance Expansion (March 2025 – June 2026)
- A strong recovery began in March 2025, with ROE rebounding to 31.16%. This recovery was supported by a resurgence in net earnings, which climbed to 3,317 million by June 2026. While shareholders' equity also began to trend upward, recovering to 22.3 billion, the growth in earnings outpaced the growth in equity. This resulted in a significant expansion of ROE, which reached a peak of 41.59% by the end of the analyzed period, representing the highest level of efficiency in generating shareholder returns across the entire timeline.
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Return on Assets (ROA)
Bristol-Myers Squibb Co., ROA calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net earnings (loss) attributable to BMS | 3,317) | 2,677) | 1,087) | 2,201) | 1,310) | 2,456) | 72) | 1,211) | 1,680) | (11,911) | 1,762) | 1,928) | 2,073) | 2,262) | 2,022) | 1,606) | 1,421) | 1,278) | ||||||
| Total assets | 87,634) | 86,476) | 90,038) | 96,889) | 94,676) | 92,427) | 92,603) | 93,670) | 94,646) | 99,031) | 95,159) | 91,263) | 93,489) | 94,281) | 96,820) | 98,196) | 100,357) | 103,034) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | 10.59% | 8.41% | 7.83% | 6.23% | 5.33% | 5.86% | -9.66% | -7.75% | -6.91% | -6.21% | 8.43% | 9.08% | 8.52% | 7.75% | 6.53% | 6.80% | 6.59% | 6.07% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 4.67% | 2.66% | 3.15% | 1.78% | 2.74% | 3.08% | 3.17% | 3.57% | 3.76% | 4.03% | 3.61% | 4.78% | 6.42% | 5.64% | 8.53% | 9.49% | 8.83% | 8.71% | ||||||
| Amgen Inc. | 9.14% | 8.43% | 8.51% | 7.77% | 7.53% | 6.64% | 4.45% | 4.65% | 3.44% | 4.05% | 6.91% | 8.36% | 8.84% | 8.92% | 10.06% | 10.73% | 11.09% | 9.67% | ||||||
| Danaher Corp. | 4.33% | 4.42% | 4.33% | 4.38% | 4.18% | 4.76% | 5.03% | 4.83% | 5.35% | 5.28% | 5.64% | 6.74% | 7.49% | 8.15% | 8.55% | 8.35% | 7.76% | 7.74% | ||||||
| Eli Lilly & Co. | 18.77% | 21.68% | 18.35% | 16.02% | 13.67% | 12.42% | 13.45% | 11.07% | 10.22% | 9.60% | 8.19% | 8.61% | 11.85% | 10.70% | 12.62% | 12.71% | 12.09% | 13.06% | ||||||
| Gilead Sciences Inc. | -6.56% | 16.38% | 14.42% | 13.86% | 11.33% | 10.57% | 0.81% | 0.23% | 1.97% | 0.86% | 9.12% | 9.42% | 8.80% | 9.02% | 7.27% | 5.33% | 6.58% | 7.16% | ||||||
| Johnson & Johnson | 10.46% | 10.47% | 13.46% | 13.03% | 11.72% | 11.26% | 7.81% | 8.24% | 20.99% | 22.37% | 20.98% | 20.85% | 6.81% | 6.49% | 9.57% | 10.94% | 10.33% | 11.12% | ||||||
| Merck & Co. Inc. | 2.44% | 6.94% | 13.34% | 14.69% | 13.96% | 15.14% | 14.62% | 10.34% | 12.20% | 2.18% | 0.34% | 4.32% | 2.98% | 12.09% | 13.30% | 14.25% | 15.48% | 13.29% | ||||||
| Pfizer Inc. | 2.15% | 3.61% | 3.73% | 4.71% | 5.22% | 3.79% | 3.76% | 1.94% | -1.20% | -0.14% | 0.94% | 4.87% | 9.75% | 14.85% | 15.91% | 15.32% | 15.01% | 13.58% | ||||||
| Regeneron Pharmaceuticals Inc. | 10.37% | 10.82% | 11.11% | 11.40% | 11.67% | 11.98% | 11.69% | 12.43% | 11.98% | 11.22% | 11.95% | 12.41% | 14.02% | 13.91% | 14.85% | 19.40% | 20.90% | 30.11% | ||||||
| Thermo Fisher Scientific Inc. | 6.16% | 6.05% | 6.08% | 6.38% | 6.50% | 6.58% | 6.51% | 6.11% | 6.32% | 6.21% | 6.07% | 6.12% | 6.08% | 6.36% | 7.15% | 7.77% | 8.21% | 8.20% | ||||||
| Vertex Pharmaceuticals Inc. | 16.06% | 16.38% | 15.42% | 14.78% | 15.13% | -4.32% | -2.38% | -2.16% | -2.43% | 16.81% | 15.92% | 15.97% | 16.54% | 17.18% | 18.30% | 19.59% | 20.50% | 17.19% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
1 Q2 2026 Calculation
ROA = 100
× (Net earnings (loss) attributable to BMSQ2 2026
+ Net earnings (loss) attributable to BMSQ1 2026
+ Net earnings (loss) attributable to BMSQ4 2025
+ Net earnings (loss) attributable to BMSQ3 2025)
÷ Total assets
= 100 × (3,317 + 2,677 + 1,087 + 2,201)
÷ 87,634 = 10.59%
2 Click competitor name to see calculations.
The analysis of the Return on Assets (ROA) reveals a cyclical performance pattern characterized by an initial growth phase, a significant period of volatility and negative returns in 2024, and a subsequent recovery leading to peak efficiency by mid-2026.
- Initial Growth and Stability (March 2022 – December 2023)
- During this period, a consistent upward trajectory in ROA is observed, rising from 6.07% in March 2022 to a peak of 9.08% in September 2023. This improvement was driven by a combination of increasing quarterly net earnings, which grew from 1,278 million USD to a peak of 2,262 million USD in March 2023, and a gradual reduction in the total asset base from 103,034 million USD to approximately 95,159 million USD.
- Performance Contraction and Volatility (March 2024 – December 2024)
- A sharp decline in profitability occurred in the first quarter of 2024, evidenced by a substantial net loss of 11,911 million USD, which pushed the ROA to -6.21%. Despite a return to positive net earnings in the subsequent three quarters of 2024, the ROA continued to deteriorate, reaching a low of -9.66% by December 31, 2024. This indicates that the impact of the initial first-quarter loss heavily weighed on the annualized or cumulative performance metrics for the remainder of the year.
- Recovery and Efficiency Optimization (March 2025 – June 2026)
- A strong recovery phase began in March 2025, with the ROA returning to positive territory at 5.86%. A steady upward trend followed, culminating in the highest recorded ROA of 10.59% by June 30, 2026. This recovery is attributed to a significant increase in net earnings, which reached 3,317 million USD in the final quarter analyzed, occurring simultaneously with a continued contraction of the total asset base to 87,634 million USD. The divergence between rising earnings and a shrinking asset base suggests a marked improvement in asset utilization and operational efficiency.
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