Gilead Sciences, Inc. (GILD) Cash Flow Statement
Where GILD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.02B −7.5% vs 2024
- Capital expenditures
- $563.0M 1.9% of revenue
- Free cash flow
- $9.46B 32.1% margin
- Returned to shareholders
- $5.92B 63% of free cash flow
- Change in cash
- −$2.43B cash at year-end $7.56B
Cash from operations
$10.02B
Capital expenditures
−$563.0M
Investments (net)
−$3.16B
Acquisitions & other
−$1.07B
Dividends
−$4.00B
Share buybacks (net)
−$1.92B
Net borrowing (repayment)
−$1.79B
Shares issued
+$408.0M
Other financing
−$440.0M
Currency & other
+$92.0M
Change in cash
−$2.43B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GILD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
GILD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $17.05B2016 | $10.02B2025 | −5.7%/yr | |
| Capital expenditures | $748.0M2016 | $563.0M2025 | −3.1%/yr | |
| Free cash flow | $16.30B2016 | $9.46B2025 | −5.9%/yr | |
| Free cash flow margin | 53.6%2016 | 32.1%2025 | −21.5 pts | |
| Operating cash flow / net income | 1.262016 | 1.182025 | −0.09 | |
| Stock-based compensation | $380.0M2016 | $894.0M2025 | +10.0%/yr | |
| Dividends paid | $2.46B2016 | $4.00B2025 | +5.6%/yr | |
| Share buybacks (net) | $11.00B2016 | $1.92B2025 | −17.6%/yr | |
| Capex / revenue | 2.5%2016 | 1.9%2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GILD cash flow by activity
OperatingInvestingFinancingChange in cash
GILD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GILD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $8.51B | $480.0M | $5.67B | $4.57B | $6.20B | $89.0M | $5.36B | $5.46B | $4.64B | $13.49B |
| Depreciation & amortization | $2.76B | $2.77B | $2.69B | $2.10B | $2.05B | $1.48B | $1.40B | $1.43B | $1.29B | $1.16B |
| Stock-based compensation | $894.0M | $835.0M | $766.0M | $637.0M | $635.0M | $643.0M | $636.0M | $845.0M | $638.0M | $380.0M |
| Change in working capital | −$3.95B | −$880.0M | −$2.30B | −$1.76B | $489.0M | −$1.64B | −$798.0M | −$939.0M | $5.11B | $1.55B |
| Other non-cash items | $1.80B | $7.63B | $1.19B | $3.53B | $2.01B | $7.59B | $2.54B | $1.60B | $222.0M | $475.0M |
| Cash from operating activities | $10.02B | $10.83B | $8.01B | $9.07B | $11.38B | $8.17B | $9.14B | $8.40B | $11.90B | $17.05B |
| Investing activities | ||||||||||
| Capital expenditures | −$563.0M | −$523.0M | −$585.0M | −$728.0M | −$579.0M | −$650.0M | −$825.0M | −$924.0M | −$590.0M | −$748.0M |
| Investments (net) | −$3.16B | −$3.45B | −$1.91B | −$2.47B | −$3.13B | $11.95B | −$2.31B | $15.28B | −$5.05B | −$11.24B |
| Acquisitions & other investing | −$1.07B | $523.0M | $233.0M | $728.0M | $579.0M | −$25.91B | −$4.68B | $0 | −$10.43B | $0 |
| Cash from investing activities | −$4.79B | −$3.45B | −$2.27B | −$2.47B | −$3.13B | −$14.62B | −$7.82B | $14.36B | −$16.07B | −$11.98B |
| Financing activities | ||||||||||
| Dividends paid | −$4.00B | −$3.92B | −$3.81B | −$3.71B | −$3.60B | −$3.45B | −$3.22B | −$2.97B | −$2.73B | −$2.46B |
| Share repurchases & issuance (net) | −$1.92B | −$1.15B | −$1.00B | −$1.40B | −$546.0M | −$1.58B | −$1.75B | −$2.90B | −$954.0M | −$11.00B |
| Net borrowing (repayment) | −$1.79B | $1.49B | −$270.0M | −$1.50B | −$4.75B | $5.68B | −$2.75B | −$6.25B | $7.17B | $4.27B |
| Shares issued | $408.0M | $422.0M | $382.0M | $309.0M | $169.0M | $256.0M | $209.0M | $289.0M | $0 | $0 |
| Other financing | −$440.0M | −$281.0M | −$428.0M | −$173.0M | −$145.0M | −$138.0M | −$122.0M | −$486.0M | −$96.0M | −$537.0M |
| Cash from financing activities | −$7.75B | −$3.43B | −$5.12B | −$6.47B | −$8.88B | $770.0M | −$7.63B | −$12.32B | $3.39B | −$9.72B |
| Summary | ||||||||||
| Net change in cash | −$2.43B | $3.91B | $673.0M | $74.0M | −$659.0M | −$5.63B | −$6.31B | $10.35B | −$641.0M | −$4.62B |
| Cash at end of period | $7.56B | $9.99B | $6.08B | $5.41B | $5.34B | $6.00B | $11.63B | $17.94B | $7.59B | $8.23B |
| Free cash flow | $9.46B | $10.30B | $7.42B | $8.34B | $10.80B | $7.52B | $8.32B | $7.48B | $11.31B | $16.30B |
| Free cash flow margin | 32.1% | 35.8% | 27.4% | 30.6% | 39.6% | 30.5% | 37.1% | 33.8% | 43.3% | 53.6% |
| Capex / revenue | 1.9% | 1.8% | 2.2% | 2.7% | 2.1% | 2.6% | 3.7% | 4.2% | 2.3% | 2.5% |
| Operating cash flow / net income | 1.18 | 22.56 | 1.41 | 1.99 | 1.84 | 91.78 | 1.70 | 1.54 | 2.56 | 1.26 |
| 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 | −$2.02B | $2.02B | $2.18B | $3.05B | $1.96B | $1.31B | $1.78B | $1.25B | $1.61B | −$4.17B | $1.42B | $2.17B |
| Depreciation & amortization | $698.0M | $689.0M | $687.0M | $686.0M | $691.0M | $696.0M | $693.0M | $690.0M | $694.0M | $690.0M | $688.0M | $684.0M |
| Stock-based compensation | −$218.0M | $218.0M | $230.0M | $230.0M | $225.0M | $209.0M | $222.0M | $216.0M | $210.0M | $187.0M | $201.0M | $202.0M |
| Change in working capital | $711.0M | −$711.0M | −$604.0M | −$297.0M | −$2.01B | −$1.03B | $483.0M | $642.0M | −$1.55B | −$459.0M | −$543.0M | −$1.55B |
| Other non-cash items | $4.40B | $327.0M | $831.0M | $437.0M | −$35.0M | $570.0M | −$206.0M | $1.51B | $353.0M | $5.97B | $406.0M | $246.0M |
| Cash from operating activities | $3.57B | $2.54B | $3.33B | $4.11B | $827.0M | $1.76B | $2.98B | $4.31B | $1.32B | $2.22B | $2.17B | $1.75B |
| Investing activities | ||||||||||||
| Capital expenditures | −$117.0M | −$117.0M | −$205.0M | −$147.0M | −$107.0M | −$104.0M | −$147.0M | −$141.0M | −$130.0M | −$105.0M | −$215.0M | −$122.0M |
| Investments (net) | $983.0M | $2.01B | −$1.03B | −$427.0M | −$2.12B | −$415.0M | −$225.0M | −$710.0M | −$307.0M | −$2.21B | −$727.0M | −$229.0M |
| Acquisitions & other investing | −$11.21B | −$125.0M | −$597.0M | $147.0M | $107.0M | $104.0M | $147.0M | $141.0M | $130.0M | $105.0M | $215.0M | $122.0M |
| Cash from investing activities | −$10.35B | $1.77B | −$1.83B | −$427.0M | −$2.12B | −$415.0M | −$225.0M | −$710.0M | −$307.0M | −$2.21B | −$727.0M | −$229.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.03B | −$1.04B | −$994.0M | −$1.00B | −$994.0M | −$1.01B | −$973.0M | −$983.0M | −$972.0M | −$990.0M | −$943.0M | −$953.0M |
| Share repurchases & issuance (net) | −$355.0M | −$419.0M | −$230.0M | −$435.0M | −$527.0M | −$730.0M | −$350.0M | −$300.0M | −$100.0M | −$400.0M | −$150.0M | −$300.0M |
| Net borrowing (repayment) | $4.07B | −$2.77B | −$8.0M | −$9.0M | −$9.0M | −$1.76B | $3.46B | −$112.0M | — | — | — | — |
| Shares issued | $9.0M | $166.0M | $32.0M | $97.0M | $27.0M | $252.0M | $173.0M | $98.0M | $5.0M | $146.0M | $26.0M | $83.0M |
| Other financing | −$349.0M | −$180.0M | −$63.0M | −$137.0M | −$64.0M | −$176.0M | −$47.0M | −$82.0M | −$1.89B | −$117.0M | −$32.0M | −$349.0M |
| Cash from financing activities | $2.34B | −$4.24B | −$1.26B | −$1.49B | −$1.57B | −$3.43B | $2.26B | −$1.38B | −$2.95B | −$1.36B | −$1.10B | −$1.52B |
| Summary | ||||||||||||
| Net change in cash | −$4.45B | $64.0M | $234.0M | $2.19B | −$2.78B | −$2.06B | $4.95B | $2.27B | −$1.95B | −$1.37B | $380.0M | $1.0M |
| Cash at end of period | $3.18B | $7.63B | $7.56B | $7.33B | $5.14B | $7.93B | $9.99B | $5.04B | $2.77B | $4.72B | $6.08B | $5.71B |
| Free cash flow | $3.69B | $2.43B | $3.12B | $3.96B | $720.0M | $1.65B | $2.83B | $4.17B | $1.20B | $2.11B | $1.95B | $1.63B |
| Free cash flow margin | 47.3% | 34.9% | 39.4% | 51.0% | 10.2% | 24.8% | 37.4% | 55.2% | 17.2% | 31.6% | 27.5% | 23.2% |
| Capex / revenue | 1.5% | 1.7% | 2.6% | 1.9% | 1.5% | 1.6% | 1.9% | 1.9% | 1.9% | 1.6% | 3.0% | 1.7% |
| Operating cash flow / net income | — | 1.26 | 1.52 | 1.35 | 0.42 | 1.34 | 1.67 | 3.44 | 0.82 | — | 1.53 | 0.81 |
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.
GILD cash generation
In fiscal 2025 (ended December 31, 2025), Gilead generated $10.0 billion of cash from operations (down 7.5%) and spent $563.0 million on capital expenditures, leaving free cash flow of $9.5 billion, 32.1% of revenue. It returned $5.9 billion to shareholders through dividends ($4.0 billion) and net share buybacks ($1.9 billion). Cash and equivalents fell by $2.4 billion over the year.
Related: GILD income statement, GILD balance sheet, GILD dividend history. See the GILD stock overview for the latest quote and news.
GILD cash flow FAQ
What is Gilead's free cash flow?
Gilead's free cash flow was $9.5 billion in fiscal 2025: $10.0 billion of operating cash flow minus $563.0 million of capital expenditures It was $10.3 billion a year earlier..
How much cash does Gilead generate from operations?
Gilead generated $10.0 billion of cash from operating activities in fiscal 2025, 1.18 times its net income of $8.5 billion.
How much does Gilead spend on capital expenditures?
Gilead spent $563.0 million on capital expenditures in fiscal 2025, 1.9% of revenue, compared with $523.0 million the year before.
How much stock does Gilead buy back?
Gilead spent $1.9 billion on net share repurchases in fiscal 2025.
How much does Gilead pay in dividends?
Gilead paid $4.0 billion in dividends in fiscal 2025, 42.3% of free cash flow.