Bristol-Myers Squibb Company (BMY) Cash Flow Statement
Where BMY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $14.16B −6.8% vs 2024
- Capital expenditures
- $1.31B 2.7% of revenue
- Free cash flow
- $12.85B 26.7% margin
- Returned to shareholders
- $5.04B 39% of free cash flow
- Change in cash
- −$137.0M cash at year-end $10.22B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BMY operating cash flow, capex and free cash flow
BMY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.06B2016 | $14.16B2025 | +18.6%/yr | |
| Capital expenditures | $1.22B2016 | $1.31B2025 | +0.8%/yr | |
| Free cash flow | $1.84B2016 | $12.85B2025 | +24.1%/yr | |
| Free cash flow margin | 9.5%2016 | 26.7%2025 | +17.2 pts | |
| Operating cash flow / net income | 0.682016 | 2.012025 | +1.33 | |
| Stock-based compensation | $205.0M2016 | $553.0M2025 | +11.7%/yr | |
| Dividends paid | $2.55B2016 | $5.04B2025 | +7.9%/yr | |
| Share buybacks (net) | $231.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 6.3%2016 | 2.7%2025 | −3.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BMY cash flow by activity
BMY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BMY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.05B | −$8.93B | $8.04B | $6.34B | $7.01B | −$8.99B | $3.46B | $4.95B | $975.0M | $4.51B |
| Depreciation & amortization | $4.01B | $9.60B | $9.76B | $10.28B | $10.69B | $10.38B | $1.75B | $637.0M | $789.0M | $382.0M |
| Stock-based compensation | $553.0M | $507.0M | $518.0M | $457.0M | $583.0M | $779.0M | $441.0M | $221.0M | $199.0M | $205.0M |
| Change in working capital | −$455.0M | $810.0M | −$1.91B | −$2.23B | −$1.25B | $983.0M | $3.06B | $217.0M | $2.15B | −$1.15B |
| Other non-cash items | $2.99B | $13.21B | −$2.54B | −$1.78B | −$823.0M | $10.90B | −$645.0M | $1.04B | $1.17B | −$884.0M |
| Cash from operating activities | $14.16B | $15.19B | $13.86B | $13.07B | $16.21B | $14.05B | $8.07B | $7.07B | $5.28B | $3.06B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.31B | −$1.25B | −$1.21B | −$1.12B | −$973.0M | −$753.0M | −$836.0M | −$951.0M | −$1.05B | −$1.22B |
| Investments (net) | $52.0M | −$21.35B | $264.0M | $3.04B | $1.30B | $2.11B | −$152.0M | $74.0M | $975.0M | $1.72B |
| Acquisitions & other investing | −$2.87B | $1.25B | −$1.35B | −$2.98B | −$862.0M | −$12.21B | −$8.78B | −$1.12B | $14.0M | $975.0M |
| Cash from investing activities | −$4.13B | −$21.35B | −$2.29B | −$1.06B | −$538.0M | −$10.86B | −$9.77B | −$2.00B | −$66.0M | $1.48B |
| Financing activities | ||||||||||
| Dividends paid | −$5.04B | −$4.86B | −$4.74B | −$4.63B | −$4.40B | −$4.08B | −$2.68B | −$2.61B | −$2.58B | −$2.55B |
| Share repurchases & issuance (net) | $0 | $0 | −$5.16B | −$8.00B | −$6.29B | −$1.55B | −$7.30B | −$320.0M | −$2.47B | −$231.0M |
| Net borrowing (repayment) | −$5.17B | $10.10B | $456.0M | −$5.31B | −$6.18B | $3.93B | $17.65B | −$548.0M | $991.0M | $110.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$128.0M | −$106.0M | $27.0M | $984.0M | $641.0M | $542.0M | −$53.0M | −$54.0M | −$22.0M | $15.0M |
| Cash from financing activities | −$10.35B | $5.13B | −$9.42B | −$16.96B | −$16.22B | −$1.15B | $7.62B | −$3.54B | −$4.08B | −$2.65B |
| Summary | ||||||||||
| Net change in cash | −$137.0M | −$1.17B | $2.19B | −$4.99B | −$657.0M | $2.15B | $5.91B | $1.49B | $1.18B | $1.85B |
| Cash at end of period | $10.22B | $10.35B | $11.52B | $9.32B | $14.32B | $14.97B | $12.82B | $6.91B | $5.42B | $4.24B |
| Free cash flow | $12.85B | $13.94B | $12.65B | $11.95B | $15.23B | $13.30B | $7.23B | $6.12B | $4.22B | $1.84B |
| Free cash flow margin | 26.7% | 28.9% | 28.1% | 25.9% | 32.8% | 31.3% | 27.7% | 27.1% | 20.3% | 9.5% |
| Capex / revenue | 2.7% | 2.6% | 2.7% | 2.4% | 2.1% | 1.8% | 3.2% | 4.2% | 5.1% | 6.3% |
| Operating cash flow / net income | 2.01 | — | 1.72 | 2.06 | 2.31 | — | 2.33 | 1.43 | 5.41 | 0.68 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.32B | $2.68B | $1.08B | $2.19B | $1.31B | $2.46B | $76.0M | $1.22B | $1.68B | −$11.91B | $1.76B | $1.93B |
| Depreciation & amortization | $594.0M | $594.0M | $977.0M | $1.01B | $1.01B | $1.01B | $1.88B | $2.59B | $2.60B | $2.53B | $2.46B | $2.44B |
| Stock-based compensation | $135.0M | $146.0M | $133.0M | $139.0M | $137.0M | $144.0M | $120.0M | $129.0M | $125.0M | $133.0M | $127.0M | $132.0M |
| Change in working capital | −$624.0M | −$3.00B | −$1.65B | $3.06B | $15.0M | −$1.87B | $1.28B | $1.71B | −$2.37B | $198.0M | $855.0M | $291.0M |
| Other non-cash items | −$28.0M | $688.0M | $1.43B | −$89.0M | $1.44B | $207.0M | $1.09B | −$52.0M | $292.0M | $11.88B | −$956.0M | −$41.0M |
| Cash from operating activities | $3.39B | $1.10B | $1.97B | $6.31B | $3.92B | $1.95B | $4.44B | $5.59B | $2.33B | $2.83B | $4.25B | $4.75B |
| Investing activities | ||||||||||||
| Capital expenditures | −$305.0M | −$347.0M | −$370.0M | −$320.0M | −$361.0M | −$260.0M | −$378.0M | −$324.0M | −$262.0M | −$284.0M | −$330.0M | −$342.0M |
| Investments (net) | −$1.43B | −$31.0M | $340.0M | −$1.70B | −$473.0M | −$499.0M | −$196.0M | −$219.0M | −$1.32B | −$19.62B | −$1.35B | −$410.0M |
| Acquisitions & other investing | $118.0M | $247.0M | −$1.43B | $320.0M | $361.0M | $260.0M | $378.0M | $324.0M | $262.0M | $284.0M | $330.0M | $342.0M |
| Cash from investing activities | −$1.61B | −$131.0M | −$1.46B | −$1.70B | −$473.0M | −$499.0M | −$196.0M | −$219.0M | −$1.32B | −$19.62B | −$1.35B | −$410.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.29B | −$1.28B | −$1.26B | −$1.26B | −$1.26B | −$1.26B | −$1.22B | −$1.22B | −$1.22B | −$1.21B | −$1.16B | −$1.19B |
| Share repurchases & issuance (net) | — | −$98.0M | $0 | — | — | — | $0 | $0 | $0 | $0 | $0 | −$4.00B |
| Net borrowing (repayment) | −$1.35B | −$179.0M | −$4.73B | −$224.0M | −$585.0M | $368.0M | −$405.0M | −$2.65B | — | — | — | −$10.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $7.0M | $0 | −$33.0M | −$3.0M | $11.0M | −$103.0M | −$19.0M | $16.0M | −$2.81B | $15.86B | $2.13B | $41.0M |
| Cash from financing activities | −$2.63B | −$1.56B | −$6.03B | −$1.49B | −$1.84B | −$993.0M | −$1.64B | −$3.85B | −$4.02B | $14.64B | $967.0M | −$5.16B |
| Summary | ||||||||||||
| Net change in cash | −$861.0M | −$635.0M | −$5.51B | $3.12B | $1.74B | $528.0M | $2.45B | $1.60B | −$3.04B | −$2.19B | $3.95B | −$857.0M |
| Cash at end of period | $8.72B | $9.58B | $10.22B | $15.73B | $12.61B | $10.88B | $10.35B | $7.89B | $6.30B | $9.33B | $11.52B | $7.57B |
| Free cash flow | $3.09B | $757.0M | $1.60B | $5.99B | $3.56B | $1.69B | $4.06B | $5.27B | $2.06B | $2.55B | $3.92B | $4.41B |
| Free cash flow margin | 23.8% | 6.6% | 12.8% | 49.0% | 29.0% | 15.1% | 32.9% | 44.3% | 16.9% | 21.5% | 34.2% | 40.2% |
| Capex / revenue | 2.4% | 3.0% | 3.0% | 2.6% | 2.9% | 2.3% | 3.1% | 2.7% | 2.1% | 2.4% | 2.9% | 3.1% |
| Operating cash flow / net income | 1.02 | 0.41 | 1.82 | 2.88 | 2.98 | 0.79 | 58.41 | 4.60 | 1.38 | — | 2.41 | 2.46 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BMY cash generation
In fiscal 2025 (ended December 31, 2025), Bristol Myers Squibb generated $14.2 billion of cash from operations (down 6.8%) and spent $1.3 billion on capital expenditures, leaving free cash flow of $12.8 billion, 26.7% of revenue. It returned $5.0 billion to shareholders through dividends ($5.0 billion) and net share buybacks ($0). Cash and equivalents fell by $137.0 million over the year.
Related: BMY income statement, BMY balance sheet, BMY dividend history. See the BMY stock overview for the latest quote and news.
BMY cash flow FAQ
What is Bristol Myers Squibb's free cash flow?
Bristol Myers Squibb's free cash flow was $12.8 billion in fiscal 2025: $14.2 billion of operating cash flow minus $1.3 billion of capital expenditures It was $13.9 billion a year earlier..
How much cash does Bristol Myers Squibb generate from operations?
Bristol Myers Squibb generated $14.2 billion of cash from operating activities in fiscal 2025, 2.01 times its net income of $7.1 billion.
How much does Bristol Myers Squibb spend on capital expenditures?
Bristol Myers Squibb spent $1.3 billion on capital expenditures in fiscal 2025, 2.7% of revenue, compared with $1.2 billion the year before.
How much does Bristol Myers Squibb pay in dividends?
Bristol Myers Squibb paid $5.0 billion in dividends in fiscal 2025, 39.3% of free cash flow.