Revenue of $13.1B in 2026Q3 with a 68.3% gross margin and 21.8% operating margin shows an improved structural profile, but operating margin volatility from 31.5% in 2026Q2 to 21.8% suggests profitability remains sensitive to non-recurring items.
Bristol-Myers Squibb Company (BMY) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 50.03B | 48.2B | 48.3B | 45.01B | 46.16B | 46.38B | 42.52B | 26.14B | 22.56B | 20.78B | 19.43B | 16.56B | 15.88B | 16.39B | 17.62B | 21.24B | 19.48B | 18.81B | 20.6B | 19.35B | 17.91B | 19.21B | 19.38B | 20.89B | 18.12B | 19.42B | 18.22B | 20.22B | 18.28B | 16.7B | 15.06B |
| Revenue Growth % | 4.16% | -0.22% | 7.32% | -2.5% | -0.49% | 9.1% | 62.62% | 15.89% | 8.59% | 6.94% | 17.31% | 4.29% | -3.09% | -7.01% | -17.05% | 9.03% | 3.59% | -8.69% | 6.46% | 8% | -6.73% | -0.89% | -7.25% | 15.32% | -6.71% | 6.63% | -9.92% | 10.6% | 9.48% | 10.86% | 9.43% |
| Cost of Goods Sold | 15.39B | 13.94B | 20.87B | 19.65B | 19.67B | 19.62B | 20.82B | 8.89B | 6.49B | 5.82B | 4.93B | 3.75B | 3.88B | 4.58B | 4.43B | 5.52B | 5.15B | 5.03B | 6.16B | 6.14B | 5.57B | 5.83B | 5.81B | 7.59B | 6.39B | 5.58B | 4.01B | 4.86B | 4.23B | 3.87B | 3.45B |
| COGS % of Revenue | - | 28.92% | 43.2% | 43.66% | 42.61% | 42.31% | 48.96% | 34.02% | 28.75% | 28% | 25.39% | 22.67% | 24.43% | 27.98% | 25.16% | 26% | 26.45% | 26.75% | 29.89% | 31.74% | 31.1% | 30.33% | 29.99% | 36.34% | 35.26% | 28.7% | 22.03% | 24.04% | 23.14% | 23.19% | 22.87% |
| Gross Profit | 34.64B | 34.26B | 27.43B | 25.36B | 26.49B | 26.76B | 21.7B | 17.25B | 16.07B | 14.96B | 14.49B | 12.81B | 12B | 11.8B | 13.19B | 15.72B | 14.33B | 13.78B | 14.44B | 13.21B | 11.68B | 13.38B | 13.57B | 13.3B | 11.73B | 13.85B | 14.2B | 15.36B | 14.05B | 12.83B | 11.62B |
| Gross Margin % | 69.24% | 71.08% | 56.79% | 56.34% | 57.39% | 57.69% | 51.04% | 65.98% | 71.25% | 72% | 74.61% | 77.33% | 75.57% | 72.02% | 74.84% | 74% | 73.55% | 73.25% | 70.11% | 68.26% | 65.22% | 69.67% | 70.01% | 63.66% | 64.74% | 71.3% | 77.97% | 75.96% | 76.86% | 76.81% | 77.13% |
| Gross Profit Growth % | - | 24.89% | 8.18% | -4.28% | -1.01% | 23.32% | 25.8% | 7.31% | 7.47% | 3.19% | 13.19% | 6.72% | 1.69% | -10.52% | -16.11% | 9.71% | 4.01% | -4.6% | 9.34% | 13.03% | -12.68% | -1.38% | 2% | 13.39% | -15.29% | -2.5% | -7.54% | 9.31% | 9.55% | 10.41% | 9.84% |
| Operating Expenses | 21.54B | 20.54B | 17.77B | 16.89B | 17.22B | 17.22B | 17.21B | 10.81B | 9.68B | 9.72B | 9.32B | 8.87B | 8.87B | 8.67B | 8.92B | 8.97B | 8.19B | 8.73B | 9.57B | 9.44B | 9.04B | 9.26B | 8.87B | 8.36B | 7.44B | 7.59B | 8.22B | 9.51B | 8.93B | 8.39B | 7.67B |
| OpEx % of Revenue | - | 42.61% | 36.8% | 37.52% | 37.3% | 37.13% | 40.47% | 41.35% | 42.91% | 46.78% | 47.95% | 53.55% | 55.83% | 52.91% | 50.63% | 42.22% | 42.05% | 46.41% | 46.44% | 48.79% | 50.47% | 48.19% | 45.76% | 39.99% | 41.04% | 39.1% | 45.11% | 47.02% | 48.85% | 50.24% | 50.89% |
| Selling, General & Admin | 7.32B | 7.27B | 7.87B | 7.68B | 7.81B | 7.69B | 7.65B | 4.86B | 4.55B | 4.75B | 4.91B | 4.83B | 4.82B | 4.94B | 5.02B | 5.13B | 4.63B | 5.08B | 6.34B | 6.32B | 6.14B | 6.58B | 6.43B | 6.08B | 5.22B | 5.34B | 5.53B | 6.99B | 6.73B | 6.41B | 5.87B |
| SG&A % of Revenue | - | 15.08% | 16.28% | 17.06% | 16.92% | 16.57% | 17.99% | 18.6% | 20.17% | 22.86% | 25.28% | 29.17% | 30.37% | 30.14% | 28.47% | 24.15% | 23.75% | 27.02% | 30.79% | 32.66% | 34.25% | 34.27% | 33.16% | 29.08% | 28.8% | 27.47% | 30.37% | 34.55% | 36.81% | 38.4% | 38.97% |
| Research & Development | 10.56B | 9.95B | 9.78B | 9.21B | 9.41B | 9.53B | 9.56B | 5.95B | 5.13B | 4.97B | 4.41B | 4.04B | 4.04B | 3.73B | 3.9B | 3.84B | 3.57B | 3.65B | 3.22B | 3.12B | 2.91B | 2.67B | 2.44B | 2.28B | 2.22B | 2.26B | 1.94B | 1.84B | 1.58B | 1.39B | 1.28B |
| R&D % of Revenue | - | 20.65% | 20.25% | 20.46% | 20.39% | 20.55% | 22.48% | 22.75% | 22.74% | 23.92% | 22.67% | 24.38% | 25.46% | 22.77% | 22.16% | 18.07% | 18.3% | 19.39% | 15.65% | 16.13% | 16.22% | 13.92% | 12.6% | 10.91% | 12.24% | 11.63% | 10.64% | 9.11% | 8.63% | 8.29% | 8.47% |
| Other Operating Expenses | 4M | 3.32B | 127M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 746M | 678M | 625M | 591M | 519M |
| Operating Income | 13.11B | 13.72B | 9.66B | 8.47B | 9.27B | 9.54B | 4.49B | 6.44B | 6.39B | 5.24B | 5.18B | 3.94B | 3.13B | 3.13B | 4.27B | 6.75B | 6.14B | 5.05B | 4.88B | 3.77B | 2.64B | 4.13B | 4.7B | 4.93B | 4.1B | 5.16B | 5.99B | 5.24B | 4.46B | 4.44B | 3.95B |
| Operating Margin % | 26.2% | 28.48% | 20% | 18.82% | 20.08% | 20.57% | 10.56% | 24.63% | 28.34% | 25.22% | 26.66% | 23.78% | 19.74% | 19.1% | 24.22% | 31.78% | 31.49% | 26.84% | 23.67% | 19.47% | 14.75% | 21.48% | 24.25% | 23.61% | 22.63% | 26.56% | 32.86% | 25.91% | 24.37% | 26.57% | 26.24% |
| Operating Income Growth % | - | 42.1% | 14% | -8.62% | -2.82% | 112.38% | -30.24% | 0.7% | 22.05% | 1.16% | 31.51% | 25.61% | 0.16% | -26.65% | -36.79% | 10.02% | 21.55% | 3.55% | 29.41% | 42.58% | -35.95% | -12.22% | -4.74% | 20.29% | -20.49% | -13.83% | 14.26% | 17.57% | 0.41% | 12.27% | 9.35% |
| EBITDA | 15.22B | 17.73B | 19.26B | 18.23B | 19.55B | 20.23B | 14.87B | 8.19B | 7.03B | 6.03B | 5.56B | 4.31B | 3.6B | 3.89B | 4.95B | 7.38B | 6.74B | 5.75B | 5.69B | 4.66B | 3.57B | 5.05B | 5.61B | 5.72B | 4.84B | 5.89B | 6.73B | 5.92B | 5.08B | 5.03B | 4.47B |
| EBITDA Margin % | 30.43% | 36.8% | 39.87% | 40.51% | 42.35% | 43.6% | 34.98% | 31.31% | 31.16% | 29.01% | 28.63% | 26.05% | 22.68% | 23.76% | 28.08% | 34.73% | 34.61% | 30.6% | 27.63% | 24.08% | 19.92% | 26.31% | 28.94% | 27.39% | 26.69% | 30.3% | 36.96% | 29.26% | 27.79% | 30.11% | 29.68% |
| EBITDA Growth % | -17.06% | -7.91% | 5.63% | -6.73% | -3.36% | 36% | 81.7% | 16.41% | 16.64% | 8.4% | 28.91% | 19.77% | -7.47% | -21.32% | -32.94% | 9.43% | 17.17% | 1.12% | 22.15% | 30.54% | -29.38% | -9.88% | -1.99% | 18.32% | -17.84% | -12.57% | 13.77% | 16.45% | 1.03% | 12.46% | 10.07% |
| D&A (Non-Cash Add-back) | 2.02B | 4.01B | 9.6B | 9.76B | 10.28B | 10.69B | 10.38B | 1.75B | 637M | 789M | 382M | 376M | 467M | 763M | 681M | 628M | 607M | 707M | 816M | 892M | 927M | 929M | 909M | 789M | 735M | 728M | 746M | 678M | 625M | 591M | 519M |
| EBIT | 12.98B | 11.22B | -6.43B | 9.61B | 8.95B | 9.43B | -5.45B | 5.63B | 6.15B | 5.33B | 6.08B | 2.26B | 2.58B | 3.09B | 2.52B | 7.13B | 6.34B | 5.9B | 5.78B | 3.94B | 2.9B | 4.92B | 4.91B | 4.93B | 4.1B | 5.16B | 5.99B | 5.24B | 4.46B | 4.44B | 3.95B |
| Net Interest Income | -1.65B | -1.89B | -1.95B | -1.17B | -1.23B | -1.33B | -1.42B | -656M | -183M | -196M | -167M | -184M | -203M | -199M | -182M | -54M | -198M | -130M | -180M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91M | 75M | 54M | 130M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.65B | 1.89B | 1.95B | 1.17B | 1.23B | 1.33B | 1.42B | 656M | 183M | 196M | 167M | 184M | 203M | 199M | 182M | 145M | 273M | 184M | 310M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.77B | -4.4B | -18.04B | -32M | -1.56B | -1.44B | -11.36B | -1.46B | -426M | -108M | 736M | -1.86B | -754M | -239M | -1.93B | 230M | -65M | 554M | 596M | -233M | -242M | 391M | -281M | -253M | -1.34B | -2.94B | -508M | -81M | -818M | 44M | 60M |
| Pretax Income | 11.33B | 9.33B | -8.38B | 8.44B | 7.71B | 8.1B | -6.87B | 4.97B | 5.97B | 5.13B | 5.92B | 2.08B | 2.38B | 2.89B | 2.34B | 6.98B | 6.07B | 5.6B | 4.78B | 3.53B | 2.4B | 4.3B | 4.42B | 4.68B | 2.76B | 2.22B | 5.48B | 5.16B | 3.64B | 4.48B | 4.01B |
| Pretax Margin % | 22.65% | 19.35% | -17.35% | 18.75% | 16.71% | 17.46% | -16.16% | 19.03% | 26.45% | 24.7% | 30.45% | 12.54% | 14.99% | 17.64% | 13.28% | 32.86% | 31.16% | 29.79% | 23.19% | 18.27% | 13.4% | 22.41% | 22.8% | 22.4% | 15.24% | 11.42% | 30.07% | 25.51% | 19.9% | 26.84% | 26.64% |
| Income Tax | 2.09B | 2.27B | 554M | 400M | 1.37B | 1.08B | 2.12B | 1.51B | 1.02B | 4.16B | 1.41B | 446M | 352M | 311M | -161M | 1.72B | 1.56B | 1.18B | 1.09B | 803M | 538M | 870M | 1.52B | 1.21B | 391M | 73M | 1.38B | 1.37B | 888M | 1.28B | 1.16B |
| Effective Tax Rate % | 18.43% | 24.36% | -6.61% | 4.74% | 17.74% | 13.39% | -30.91% | 30.45% | 17.11% | 81% | 23.8% | 21.47% | 14.78% | 10.76% | -6.88% | 24.65% | 25.66% | 21.1% | 22.82% | 22.72% | 22.42% | 20.21% | 34.38% | 25.85% | 14.16% | 3.29% | 25.23% | 26.54% | 24.41% | 28.49% | 28.98% |
| Net Income | 9.24B | 7.05B | -8.95B | 8.03B | 6.33B | 6.99B | -8.99B | 3.44B | 4.92B | 1.01B | 4.46B | 1.56B | 2B | 2.56B | 1.96B | 3.71B | 3.1B | 10.61B | 5.25B | 2.17B | 1.58B | 3B | 2.39B | 3.11B | 2.14B | 4.83B | 4.71B | 4.17B | 3.14B | 3.21B | 2.85B |
| Net Margin % | 18.47% | 14.64% | -18.53% | 17.83% | 13.71% | 15.08% | -21.16% | 13.15% | 21.81% | 4.85% | 22.94% | 9.45% | 12.62% | 15.64% | 11.12% | 17.46% | 15.92% | 56.42% | 25.47% | 11.19% | 8.85% | 15.62% | 12.32% | 14.87% | 11.79% | 24.89% | 25.86% | 20.61% | 17.18% | 19.19% | 18.92% |
| Net Income Growth % | 53.06% | 178.83% | -211.5% | 26.84% | -9.54% | 177.75% | -361.56% | -30.1% | 388.58% | -77.41% | 184.79% | -21.91% | -21.81% | 30.77% | -47.16% | 19.57% | -70.77% | 102.25% | 142.36% | 36.59% | -47.17% | 25.63% | -23.12% | 45.34% | -55.79% | 2.61% | 13.05% | 32.66% | -2% | 12.46% | 57.28% |
| Net Income (Continuing) | 9.24B | 7.06B | -8.93B | 8.04B | 6.34B | 7.01B | -8.99B | 3.46B | 4.95B | 975M | 4.51B | 1.63B | 2.03B | 2.58B | 2.5B | 5.26B | 4.51B | 4.42B | 3.69B | 2.73B | 1.86B | 2.84B | 2.9B | 3.1B | 2.07B | 2.04B | 4.1B | 3.79B | 2.75B | 3.21B | 2.85B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.44B | 2.56B | 197M | 163M | 158M | 10M | 9M | 70M | 2.79B | 615M | 378M | 391M | 0 | 0 |
| Minority Interest | 0 | 33M | 53M | 55M | 57M | 60M | 60M | 100M | 96M | 106M | 170M | 158M | 131M | 82M | 15M | -89M | -75M | -58M | -33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.50 | 3.45 | -4.41 | 3.86 | 2.95 | 3.12 | -3.98 | 2.01 | 3.03 | 0.61 | 2.65 | 0.97 | 1.20 | 1.54 | 1.16 | 2.16 | 1.80 | 5.37 | 2.62 | 1.09 | 0.81 | 1.51 | 1.21 | 1.59 | 1.02 | 2.67 | 2.36 | 2.06 | 1.55 | 1.57 | 1.40 |
| EPS Growth % | 52.61% | 178.23% | -214.25% | 30.85% | -5.45% | 178.39% | -298.01% | -33.66% | 396.72% | -76.98% | 173.2% | -19.17% | -22.08% | 32.76% | -46.3% | 20% | -66.48% | 104.96% | 140.37% | 34.57% | -46.36% | 24.79% | -23.9% | 55.88% | -61.8% | 13.14% | 14.56% | 32.9% | -1.27% | 12.14% | 57.3% |
| EPS (Basic) | - | 3.46 | -4.41 | 3.88 | 2.97 | 3.15 | -3.98 | 2.02 | 3.03 | 0.61 | 2.67 | 0.97 | 1.21 | 1.56 | 1.17 | 2.18 | 1.81 | 5.38 | 2.65 | 1.10 | 0.81 | 1.54 | 1.23 | 1.60 | 1.03 | 2.70 | 2.40 | 2.10 | 1.58 | 1.61 | 1.42 |
| Diluted Shares Outstanding | 2.05B | 2.04B | 2.03B | 2.08B | 2.15B | 2.25B | 2.26B | 1.71B | 1.64B | 1.65B | 1.68B | 1.68B | 1.67B | 1.66B | 1.69B | 1.72B | 1.73B | 1.98B | 2B | 1.98B | 1.96B | 1.98B | 1.98B | 1.95B | 2.02B | 1.97B | 2B | 2.03B | 2.03B | 2.04B | 2.04B |
| Basic Shares Outstanding | 2.04B | 2.04B | 2.03B | 2.07B | 2.13B | 2.22B | 2.26B | 1.71B | 1.63B | 1.65B | 1.67B | 1.67B | 1.66B | 1.64B | 1.67B | 1.7B | 1.71B | 1.97B | 1.98B | 1.97B | 1.96B | 1.95B | 1.94B | 1.94B | 2B | 1.94B | 1.97B | 1.98B | 1.99B | 1.99B | 2.01B |
| Dividend Payout Ratio | - | 71.52% | - | 59.12% | 73.24% | 62.85% | - | 77.9% | 53.11% | 255.91% | 57.15% | 158.27% | 119.66% | 90.09% | 116.63% | 60.77% | 70.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BMY stock.
For fiscal year 2025, Bristol-Myers Squibb Company (BMY) reported total revenue of $48.20B. This represents a 219.9% increase compared to $15.06B in 1996.
Bristol-Myers Squibb Company (BMY) is profitable, generating $7.05B in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
Bristol-Myers Squibb Company (BMY) reported an operating income of $13.72B, resulting in an operating profit margin of 28.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Bristol-Myers Squibb Company (BMY) generated $34.26B in gross profit for the year, representing a gross profit margin of 71.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Patent cliff and IRA pricing
Metrics are mathematically derived from official filings.
Top-Line Growth Stalls Amid Patent Erosion
Based on reported quarterly figures, BMY's revenue moved from $11.2B in 2025Q1 to $13.1B in 2026Q3, with year-over-year growth decelerating toward roughly 7% after mid-single-digit volatility over the period under review.
The recent acceleration in reported revenue growth appears to reflect the ramp of newer launches offsetting legacy erosion, though the quarter-to-quarter pattern is uneven. Investors should monitor whether the 2026Q3 growth rate is sustainable, since the reported data does not isolate volume versus pricing contributions or organic versus acquired revenue. This warrants further investigation before extrapolating the trend into the patent-cliff period.
Gross Margin Shift Reflects Mix Change
As reported in the quarterly income statements, BMY's gross margin improved from roughly 55.7% in 2024Q2 to between 68% and 71% in 2026, a step change that suggests a shift in product mix rather than a one-time item.
The expansion in gross margin likely reflects a higher proportion of high-margin biologic and oncology revenue relative to lower-margin legacy and alliance-related sales. This suggests the cost base has become more favorable on a unit basis, though the data alone cannot confirm the drivers. The margin level remains in line with large-cap pharma peers such as Pfizer and Merck, which may indicate limited pricing advantage beyond the sector norm.
Operating Leverage Holds at Mid-Cycle Levels
Operating margin reached 31.5% in 2026Q2 and 21.8% in 2026Q3 on the reported figures, indicating that operating income remains volatile relative to revenue despite a higher structural gross margin.
The gap between gross margin near 68% and operating margin in the 20% to 30% range points to substantial R&D and SG&A absorption, with R&D alone running near $2.4B to $3.0B per quarter. Operating income therefore does not scale cleanly with gross profit, which suggests reinvestment intensity is limiting incremental margin. Based on these reported figures, operating efficiency appears adequate but not clearly improving.
Net Income Swings Distort Earnings Signal
Based on EPS data, BMY's diluted EPS ranged from $0.04 in 2024Q4 to $1.62 in 2026Q2, a dispersion that suggests reported net income is driven heavily by non-operating or one-time items rather than operating trends.
The gap between operating income and net income in several quarters, such as 2024Q4 where operating income of $2.5B translated into net income of only $72M, indicates material below-the-line charges. Stock-based compensation remains relatively steady at $120M to $146M per quarter, so it does not explain the volatility. Investors should treat reported EPS with caution and focus on adjusted operating trends instead.
R&D and SG&A Absorb Large Share of Gross Profit
Per reported filings, R&D expense ran between $2.3B and $3.0B per quarter and SG&A between $1.6B and $2.2B, together consuming a large share of the roughly $8B to $9B quarterly gross profit.
The combined R&D and SG&A load of roughly $4B to $5B per quarter indicates a high fixed-cost structure typical of large-scale biologics development and commercialization. This suggests that management is maintaining pipeline investment during a period of revenue transition, which supports long-term optionality but compresses near-term margins. The trend in SG&A relative to revenue appears broadly stable, which may indicate reasonable cost discipline.
Patent Cliff Could Overwhelm Recent Gains
The strongest challenge to the income statement narrative is that reported margin recovery depends on a legacy portfolio facing loss of exclusivity, which the quarterly data does not yet reflect.
Revenue growth of 6.9% in 2026Q3 and margin expansion may prove temporary if Eliquis and Revlimid erosion accelerates faster than new launches can offset. The reported figures do not separate newer product contributions from declining legacy sales, which limits confidence in sustainability. Investors should monitor whether gross margin holds above 65% as legacy revenue declines, since a reversal would materially pressure profitability.