BRISTOL MYERS SQUIBB CO
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
BMY$62.80+1.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows From Operating Activities: | |||
| Net earnings/(loss) | $7,055 | $(8,933) | $8,040 |
| Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities: | |||
| Depreciation and amortization, net | 4,011 | 9,600 | 9,760 |
| Deferred income taxes | (965) | (2,089) | (3,288) |
| Stock-based compensation | 553 | 507 | 518 |
| Impairment charges | 1,098 | 2,963 | 255 |
| Divestiture gains and royalties | (1,165) | (1,119) | (884) |
| Acquired IPRD | 3,721 | 13,373 | 913 |
| Equity investment (gains)/losses, net | (280) | (16) | 160 |
| Contingent consideration fair value adjustments | 351 | — | — |
| Other adjustments | 232 | 94 | 300 |
| Changes in operating assets and liabilities: | |||
| Receivables | (295) | 264 | (995) |
| Inventories | (184) | (486) | (751) |
| Accounts payable | (2) | 184 | 198 |
| Rebates and discounts | (441) | 1,484 | 904 |
| Income taxes payable | (4) | (1,260) | (603) |
| Other | 471 | 624 | (667) |
| Net cash provided by operating activities | 14,156 | 15,190 | 13,860 |
| Cash Flows From Investing Activities: | |||
| Sale and maturities of marketable debt securities | 1,975 | 1,122 | 733 |
| Purchase of marketable debt securities | (2,000) | (769) | (1,774) |
| Proceeds from sales of equity investments | 77 | 265 | 215 |
| Capital expenditures | (1,311) | (1,248) | (1,209) |
| Divestiture and other proceeds | 1,071 | 1,099 | 909 |
| Acquisition and other payments, net of cash acquired | (3,944) | (21,821) | (1,169) |
| Net cash provided by/(used in) investing activities | (4,132) | (21,352) | (2,295) |
| Cash Flows From Financing Activities: | |||
| Proceeds from issuance of short-term debt obligations | — | 2,987 | — |
| Repayments of short-term debt obligations | — | (3,000) | — |
| Other short-term financing obligations, net | 25 | 99 | (120) |
| Proceeds from issuance of long-term debt | 5,740 | 12,883 | 4,455 |
| Repayments of long-term debt | (10,940) | (2,873) | (3,879) |
| Repurchase of common stock | — | — | (5,155) |
| Dividends | (5,045) | (4,863) | (4,744) |
| Stock option proceeds and other, net | (128) | (106) | 27 |
| Net cash provided by/(used in) financing activities | (10,348) | 5,127 | (9,416) |
| Effect of exchange rates on cash, cash equivalents and restricted cash | 195 | (137) | 45 |
| Increase/(decrease) in cash, cash equivalents and restricted cash | (129) | (1,172) | 2,194 |
| Cash, cash equivalents and restricted cash at beginning of period | 10,347 | 11,519 | 9,325 |
| Cash, cash equivalents and restricted cash at end of period | $10,218 | $10,347 | $11,519 |
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