Free cash flow generation is highly unstable, ranging from a peak of $6.0 billion in 2025Q3 to $757 million in 2026Q1, further complicated by aggressive capital deployment including $1.3 billion in quarterly dividend payments.
| 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 |
|---|
| Cash from Operations | 13.31B | 14.16B | 15.19B | 13.86B | 13.07B | 16.21B | 14.05B | 8.07B | 5.94B | 5.28B | 2.85B | 1.83B | 3.15B | 3.54B | 6.94B | 4.84B | 4.49B | 4.07B | 3.71B | 3.15B | 2.08B | 1.84B | 3.18B | 3.51B | 957M | 5.4B | 4.65B | 4.47B | 4.12B | 2.48B | 2.64B |
| Operating CF Margin % | - | 29.37% | 31.45% | 30.8% | 28.31% | 34.94% | 33.05% | 30.85% | 26.33% | 25.39% | 14.67% | 11.06% | 19.82% | 21.64% | 39.39% | 22.78% | 23.05% | 21.61% | 18% | 16.3% | 11.63% | 9.56% | 16.39% | 16.81% | 5.28% | 27.81% | 25.54% | 22.1% | 22.53% | 14.83% | 17.53% |
| Operating CF Growth % | -17.75% | -6.81% | 9.6% | 6.08% | -19.38% | 15.34% | 74.19% | 35.81% | 12.61% | 85.09% | 55.57% | -41.8% | -11.2% | -48.93% | 43.41% | 7.77% | 10.48% | 9.66% | 17.57% | 51.37% | 13.45% | -42.19% | -9.57% | 266.98% | -82.28% | 16.12% | 4.07% | 8.5% | 66.4% | -6.25% | 5.68% |
| Net Income | 7.28B | 7.05B | -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 | 11.86B | 5.25B | 2.17B | 1.58B | 3B | 2.39B | 3.11B | 2.07B | 5.25B | 4.71B | 4.17B | 3.64B | 3.21B | 2.85B |
| Depreciation & Amortization | 3.65B | 4.12B | 9.6B | 9.76B | 10.28B | 10.69B | 10.38B | 1.75B | 637M | 789M | 382M | 376M | 467M | 763M | 681M | 801M | 744M | 707M | 816M | 892M | 927M | 929M | 909M | 789M | 735M | 781M | 746M | 678M | 625M | 591M | 519M |
| Stock-Based Compensation | 422M | 0 | 507M | 518M | 457M | 583M | 779M | 441M | 221M | 199M | 205M | 235M | 213M | 191M | 154M | 161M | 193M | 183M | 181M | 133M | 112M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.03B | -965M | -2.09B | -3.29B | -2.74B | -1.39B | 983M | -924M | 86M | 1.01B | -204M | -347M | -542M | -491M | -1.23B | 415M | 422M | 163M | 1.43B | -416M | -236M | -812M | 286M | 249M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.57B | 4.4B | 15.29B | 744M | 955M | 570M | 9.92B | 279M | -127M | 714M | -680M | 965M | 780M | 14M | 5.17B | -1.67B | -1.22B | -8.89B | -4.08B | 537M | 335M | 219M | 503M | -603M | 1.31B | -999M | -10M | -79M | 304M | 33M | -52M |
| Working Capital Changes | 1.42B | -455M | 810M | -1.91B | -2.23B | -1.25B | 983M | 3.06B | 176M | 1.59B | -1.36B | -1.03B | 201M | 488M | -339M | -127M | -166M | 42M | 117M | -158M | -640M | -904M | -608M | 128M | -3.15B | 375M | -795M | -296M | -445M | -1.35B | -676M |
| Change in Receivables | 1.38B | -295M | 264M | -995M | -663M | -2.12B | -2.95B | 1.66B | -267M | -431M | -803M | -942M | -252M | -504M | 648M | -270M | 227M | 227M | -365M | -461M | 210M | 539M | -556M | -554M | 904M | -359M | -494M | 0 | 0 | 0 | 0 |
| Change in Inventory | -1M | -184M | -486M | -751M | -69M | 13M | 2.67B | 463M | -216M | -29M | -152M | 97M | -254M | -45M | -103M | -193M | 156M | 82M | 130M | -54M | 78M | -370M | -133M | 127M | 206M | -10M | 75M | -317M | -139M | -288M | -227M |
| Change in Payables | 492M | -2M | 184M | 198M | 109M | 245M | 188M | 229M | -59M | 320M | 104M | -919M | -44M | 412M | -232M | 593M | 315M | 472M | 253M | 506M | -460M | -378M | 248M | 287M | -311M | -170M | 256M | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.76B | -4.13B | -21.35B | -2.29B | -1.06B | -538M | -10.86B | -9.77B | -874M | -66M | 1.48B | -1.57B | 1.22B | -572M | -6.73B | -1.44B | -3.81B | -4.38B | 5.08B | -202M | 206M | 1.19B | -1.62B | -2.42B | -1.38B | -4.86B | 16M | -759M | -346M | -532M | -717M |
| Capital Expenditures | -1.4B | -1.31B | -1.25B | -1.21B | -1.12B | -973M | -753M | -836M | -951M | -1.05B | -1.22B | -820M | -526M | -537M | -548M | -367M | -424M | -730M | -941M | -843M | -793M | -738M | -809M | -990M | -997M | -1.02B | -589M | -709M | -788M | -767M | -601M |
| CapEx % of Revenue | 2.88% | 2.72% | 2.58% | 2.69% | 2.42% | 2.1% | 1.77% | 3.2% | 4.22% | 5.08% | 6.25% | 4.95% | 3.31% | 3.28% | 3.11% | 1.73% | 2.18% | 3.88% | 4.57% | 4.36% | 4.43% | 3.84% | 4.17% | 4.74% | 5.5% | 5.27% | 3.23% | 3.51% | 4.31% | 4.59% | 3.99% |
| Acquisitions | -4.17B | -2.87B | -21.82B | -260M | -2.98B | -862M | -12.21B | -8.78B | 3M | 14M | 975M | -403M | 3.37B | 9M | -7.46B | -211M | -829M | -2.23B | -191M | -159M | 507M | 843M | 214M | -18M | -275M | -2.4B | -196M | -266M | -93M | -254M | -316M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.37B | 0 | 1.1B | 0 | 0 | 0 | 0 | 0 | 1.32B | 1.72B | 3.05B | 359M | 1.96B | -35M | -6.18B | -762M | 67M | -4M | 5.07B | 44M | -1.02B | 73M | -283M | 59M | -109M | -266M | 766M | 169M | 482M | 322M | 173M |
| Cash from Financing | -10.91B | -10.35B | 5.13B | -9.42B | -16.96B | -16.22B | -1.15B | 7.62B | -3.54B | -4.08B | -2.44B | -3.35B | -2.44B | -1.07B | -4.33B | -2.66B | -3.34B | -17M | -2.58B | -3.21B | -3.35B | -3.64B | -463M | -1.05B | -1.12B | 1.77B | -4.16B | -3.2B | -2.98B | -2.15B | -1.89B |
| Debt Issued (Net) | -5.54B | -5.17B | 10.1B | 456M | -5.31B | -6.18B | 3.93B | 17.65B | -548M | 991M | 110M | -689M | -432M | 892M | -109M | -79M | -963M | 1.45B | -337M | -1.33B | -1.16B | -1.62B | 1.57B | 1.09B | 1.08B | 5.24B | -241M | -80M | -8M | 409M | 268M |
| Equity Issued (Net) | 0 | 0 | 0 | -5.16B | -8B | -6.29B | -1.55B | -7.3B | -320M | -2.47B | -50M | 266M | 288M | -433M | -1.94B | -620M | -324M | 827M | 5M | 333M | 170M | 166M | 141M | 44M | -26M | -1.34B | -1.99B | -1.17B | -1.08B | -1.04B | -646M |
| Dividends Paid | -5.07B | -5.04B | -4.86B | -4.74B | -4.63B | -4.4B | -4.08B | -2.68B | -2.61B | -2.58B | -2.55B | -2.48B | -2.4B | -2.31B | -2.29B | -2.25B | -2.2B | -2.48B | -2.46B | -2.21B | -2.2B | -2.19B | -2.17B | -2.17B | -2.17B | -2.14B | -1.93B | -1.71B | -1.55B | -1.51B | -1.51B |
| Share Repurchases | 0 | 0 | 0 | -5.16B | -8B | -6.29B | -1.55B | -7.3B | -320M | -2.47B | -231M | 819M | 0 | -433M | -2.4B | -1.22B | -576M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -164M | -1.59B | -2.34B | -1.42B | -1.56B | -1.16B | -852M |
| Other Financing | -302M | -128M | -106M | 27M | 984M | 641M | 542M | -53M | -54M | -22M | 42M | -451M | 105M | 782M | 2M | 296M | 146M | 194M | 211M | 0 | -158M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -1.3B | -137M | -1.17B | 2.19B | -4.99B | -657M | 2.15B | 5.91B | 1.49B | 1.18B | 1.85B | -3.19B | 1.99B | 1.93B | -4.12B | 743M | -2.65B | -293M | 6.17B | -217M | -1.03B | -630M | 1.13B | 77M | -1.52B | 2.32B | 462M | 476M | 788M | -225M | 36M |
| Free Cash Flow | 11.91B | 12.85B | 13.94B | 12.65B | 11.95B | 15.23B | 13.3B | 7.23B | 4.99B | 4.22B | 1.64B | 1.01B | 2.62B | 3.01B | 6.39B | 4.47B | 4.07B | 3.33B | 2.77B | 2.31B | 1.29B | 1.1B | 2.37B | 2.52B | -40M | 4.38B | 4.06B | 3.76B | 3.33B | 1.71B | 2.04B |
| FCF Margin % | 24.56% | 26.65% | 28.87% | 28.11% | 25.88% | 32.84% | 31.28% | 27.66% | 22.11% | 20.31% | 8.42% | 6.11% | 16.51% | 18.36% | 36.28% | 21.06% | 20.87% | 17.73% | 13.43% | 11.94% | 7.2% | 5.72% | 12.21% | 12.07% | -0.22% | 22.55% | 22.3% | 18.6% | 18.22% | 10.23% | 13.54% |
| FCF Growth % | -9% | -7.87% | 10.2% | 5.88% | -21.57% | 14.55% | 83.92% | 44.94% | 18.22% | 158.1% | 61.56% | -61.4% | -12.83% | -52.95% | 42.92% | 9.98% | 21.95% | 20.57% | 19.74% | 79.07% | 17.49% | -53.61% | -6.15% | 6405% | -100.91% | 7.78% | 8.03% | 12.88% | 94.97% | -16.23% | 2.72% |
| FCF per Share | 5.82 | 6.30 | 6.88 | 6.09 | 5.57 | 6.79 | 5.89 | 4.22 | 3.05 | 2.55 | 0.97 | 0.60 | 1.57 | 1.81 | 3.79 | 2.61 | 2.35 | 1.69 | 1.38 | 1.17 | 0.66 | 0.55 | 1.20 | 1.29 | -0.02 | 2.23 | 2.03 | 1.86 | 1.64 | 0.84 | 1.00 |
| FCF Conversion (FCF/Net Income) | 1.64x | 2.01x | -1.70x | 1.73x | 2.07x | 2.32x | -1.56x | 2.35x | 1.20x | 5.24x | 0.64x | 1.13x | 1.57x | 1.38x | 3.54x | 1.30x | 1.45x | 0.38x | 0.71x | 1.46x | 1.31x | 0.61x | 1.33x | 1.13x | 0.46x | 1.03x | 0.99x | 1.07x | 1.31x | 0.77x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acquisition-Driven Cash Volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -0.24 in 2024Q1 to over 60.0 in 2024Q4, suggesting that GAAP net income is a poor proxy for the company's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow appears driven by massive non-cash charges, likely related to the amortization of intangibles from the Celgene and subsequent acquisitions. Investors should monitor this gap closely, as it indicates that reported earnings may significantly understate the underlying cash-generating potential of the core pharmaceutical business.
Based on recent quarterly filings, free cash flow has demonstrated significant instability, ranging from a low of $757 million in 2026Q1 to a peak of $6.0 billion in 2025Q3, highlighting the difficulty in maintaining consistent cash generation during a period of heavy portfolio restructuring and asset integration.
The volatility in free cash flow margins suggests that the company's cash generation is highly sensitive to the timing of R&D milestones and the lumpy nature of working capital adjustments. This inconsistency may indicate that the company is struggling to establish a predictable cash flow baseline while transitioning away from legacy blockbuster assets.
According to the provided data, capital expenditures have remained relatively stable as a percentage of revenue, averaging approximately 2.7% over the last ten quarters, which suggests that the company is maintaining its manufacturing infrastructure without excessive capital intensity despite the complexity of its biologic and CAR-T production.
The relatively low and stable CapEx/Revenue ratio implies that the company's primary growth strategy is inorganic rather than organic capacity expansion. While this preserves cash for acquisitions, it also suggests that the company may be under-investing in internal manufacturing efficiencies that could otherwise improve long-term gross margins.
As evidenced by the $19.8 billion acquisition outflow in 2024Q1, the company's capital deployment is heavily skewed toward inorganic growth, which, when combined with consistent quarterly dividend payments of approximately $1.2 billion to $1.3 billion, places significant pressure on the company's overall liquidity and financial flexibility.
The reliance on large-scale acquisitions to replenish the pipeline appears to be the primary driver of cash outflows, often overshadowing the cash generated from operations. This strategy warrants further investigation, as the high cost of these deals may limit the company's ability to navigate future regulatory shocks or patent cliffs without further leveraging the balance sheet.
Quick answers to the most common questions about buying CELG-RI stock.
Bristol-Myers Squibb Company Ce (CELG-RI) generated $14.16B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bristol-Myers Squibb Company Ce (CELG-RI) generated $12.85B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bristol-Myers Squibb Company Ce (CELG-RI) spent $1.31B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bristol-Myers Squibb Company Ce (CELG-RI) returned $5.04B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.