Cash flow remains sensitive to strategic capital deployment, with free cash flow margins fluctuating significantly from a low of 10.2% in 2025Q2 to a peak of 55.2% in 2024Q3.
| 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 | 10.81B | 10.02B | 10.83B | 8.01B | 9.07B | 11.38B | 8.17B | 9.14B | 8.4B | 11.9B | 17.05B | 21.25B | 12.82B | 3.1B | 3.19B | 3.64B | 2.83B | 3.08B | 2.14B | 1.77B | 1.22B | 705.64M | 507.96M | 234.61M | 74.41M | -126.98M | -38.2M | -62.6M | -51.3M | -54.5M | -16.5M |
| Operating CF Margin % | - | 34.03% | 37.66% | 29.53% | 33.25% | 41.69% | 33.08% | 40.73% | 37.96% | 45.57% | 56.09% | 65.11% | 51.5% | 27.72% | 32.93% | 43.4% | 35.65% | 43.93% | 40.17% | 41.73% | 40.25% | 34.79% | 38.35% | 27.03% | 15.94% | -54.32% | -19.54% | -37.04% | -33.95% | -41.19% | -49.4% |
| Operating CF Growth % | 14.37% | -7.47% | 35.25% | -11.75% | -20.31% | 39.37% | -10.67% | 8.86% | -29.4% | -30.2% | -19.78% | 65.78% | 312.82% | -2.82% | -12.2% | 28.41% | -7.99% | 43.7% | 21.41% | 44.94% | 72.62% | 38.92% | 116.52% | 215.29% | 158.6% | -232.39% | 38.97% | -22.03% | 5.87% | -230.3% | 28.26% |
| Net Income | 9.22B | 8.51B | 480M | 5.67B | 4.59B | 6.2B | 123M | 5.36B | 5.46B | 4.64B | 13.49B | 18.11B | 12.06B | 3.06B | 2.57B | 2.79B | 2.89B | 2.63B | 1.97B | 1.62B | -1.19B | 813.91M | 449.37M | -72M | 72.1M | 52.27M | -56.78M | -66.5M | -44.8M | -72.9M | -21.7M |
| Depreciation & Amortization | 2.73B | 2.76B | 2.77B | 2.69B | 2.1B | 2.05B | 1.48B | 1.4B | 1.43B | 1.29B | 1.16B | 1.1B | 1.05B | 345M | 278M | 302.23M | 265.48M | 212.94M | 155.61M | 51.28M | 47.28M | 35.78M | 24.41M | 20.86M | 14.43M | 14.69M | 12.01M | 12.6M | 13.2M | 15.2M | 4.5M |
| Stock-Based Compensation | 455M | 0 | 835M | 766M | 644M | 635M | 643M | 636M | 845M | 638M | 380M | 382M | 360M | 252M | 209M | 192.38M | 200.04M | 180.68M | 153.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 538M | 160M | -1.84B | -962M | -1.55B | -116M | -214M | -2.1B | 289M | -82M | -119M | -393M | 248M | 187M | 74M | 101.29M | 94.24M | -42.01M | -24.97M | 133.07M | -9.22M | -53.24M | 151.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.49B | 2.54B | 9.47B | 2.15B | 5.05B | 2.13B | 7.77B | 4.64B | 1.32B | 304M | 594M | 562M | -381M | -174M | -48M | 42.2M | 64.79M | 72.64M | 17.17M | 201.82M | 2.6B | 170.01M | 5.51M | 387.84M | 23.14M | -163.12M | 13.18M | 11.4M | -22.7M | 10M | -100K |
| Working Capital Changes | -3.63B | -3.95B | -880M | -2.3B | -1.76B | 489M | -1.64B | -798M | -939M | 5.11B | 1.55B | 1.5B | -518M | -562M | 108M | 211.85M | -680.38M | 30.21M | -128.13M | -236.06M | -225.15M | -260.82M | -122.89M | -102.09M | -35.26M | -30.82M | -6.62M | -20.1M | 3M | -6.8M | 800K |
| Change in Receivables | -312M | -367M | 139M | 157M | -406M | 313M | -1.17B | -218M | 480M | 754M | 1.19B | -1.4B | -2.58B | -315M | 198M | -375.74M | -348.88M | -356.46M | -257.16M | -138.03M | -184.37M | 13.75M | -118.84M | -97.09M | -43.89M | -25.48M | -3.94M | -7M | -6.5M | -6.1M | 0 |
| Change in Inventory | -865M | -1.04B | -426M | -842M | -310M | 11M | -195M | -95M | -310M | -253M | -488M | -855M | 143M | -343M | -350M | -200.79M | -161.19M | -75.27M | -330.73M | -34.62M | -358.18M | -81.92M | -37.89M | -46.47M | -12.35M | -18.72M | 397K | -4.4M | 900K | -1M | 0 |
| Change in Payables | -94M | -132M | 290M | -347M | 226M | -118M | 80M | -61M | -39M | -430M | 47M | 226M | -289M | -98M | 117M | 428.94M | -4.45M | 203.64M | 312.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.61B | -4.79B | -3.45B | -2.27B | -2.47B | -3.13B | -14.62B | -7.82B | 14.36B | -16.07B | -11.98B | -12.47B | -1.82B | -254M | -11.85B | 3.59B | -1.94B | -2.22B | -178.82M | -1.3B | -1.74B | -682.48M | -487.41M | -727.35M | 45.82M | 20.78M | -84.2M | -16.3M | 67.4M | -141.5M | -39.5M |
| Capital Expenditures | -576M | -563M | -523M | -585M | -728M | -579M | -650M | -825M | -924M | -590M | -748M | -747M | -557M | -190M | -397M | -131.9M | -61.88M | -230.06M | -115M | -78.65M | -105.21M | -47.95M | -51.37M | -38.61M | -17.6M | -26.33M | -15.62M | -12.5M | -11M | -13.8M | -3.7M |
| CapEx % of Revenue | 1.94% | 1.91% | 1.82% | 2.16% | 2.67% | 2.12% | 2.63% | 3.67% | 4.18% | 2.26% | 2.46% | 2.29% | 2.24% | 1.7% | 4.09% | 1.57% | 0.78% | 3.28% | 2.16% | 1.86% | 3.48% | 2.36% | 3.88% | 4.45% | 3.77% | 11.26% | 7.99% | 7.4% | 7.28% | 10.43% | 11.08% |
| Acquisitions | -906M | -1.07B | -4.84B | -1.15B | -1.8B | -1.58B | -25.74B | -4.25B | 0 | -10.43B | 0 | 0 | 0 | -379M | -10.75B | -588.61M | -91M | -1.25B | -10.85M | -46.44M | -2.74B | 0 | 0 | -498.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 9M | 3M | 58M | 0 | -1M | 19M | -171M | -434M | -190M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50M | 144.3M | -2.45M | -2.4M | 10.3M | 3.4M | 0 |
| Cash from Financing | -8.56B | -7.75B | -3.43B | -5.13B | -6.47B | -8.88B | 770M | -7.63B | -12.32B | 3.39B | -9.72B | -5.88B | -3.02B | -2.54B | 563M | 1.76B | -1.34B | -1.05B | -1.47B | -267.3M | 649.26M | 441.9M | 78.66M | 82.09M | 386.61M | 33.55M | 269.05M | 24M | 13.1M | 112.4M | 160.6M |
| Debt Issued (Net) | -2.79B | -1.79B | 1.49B | -270M | -1.5B | -4.75B | 5.68B | -2.75B | -6.25B | 7.17B | 4.27B | 9.69B | 5.67B | -1.67B | 519M | 4.01B | 2.09B | -311.1M | -4.33M | -99.46M | 695.56M | 298.61M | -137K | -1.72M | 335.22M | -2.76M | 238.59M | -5.3M | -7.2M | 57.4M | 200K |
| Equity Issued (Net) | -1.29B | -1.51B | -728M | -768M | -1.09B | -377M | -1.33B | -1.54B | -2.61B | -720M | -10.79B | -9.68B | -5.02B | -269M | -201M | -2.17B | -3.8B | -775.77M | -1.72B | -244.12M | -141.56M | 143.28M | 78.8M | 83.81M | 51.39M | 36.31M | 30.45M | 29.3M | 20.4M | 55M | 160.4M |
| Dividends Paid | -4.03B | -4B | -3.92B | -3.81B | -3.71B | -3.6B | -3.45B | -3.22B | -2.97B | -2.73B | -2.46B | -1.87B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.61B | -1.92B | -1.15B | -1B | -1.4B | -546M | -1.58B | -1.75B | -2.9B | -954M | -11B | -10B | -5.35B | -582M | -667M | -2.38B | -4.02B | -998.5M | -1.97B | -487.54M | -544.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -444M | -440M | -281M | -278M | -173M | -145M | -138M | -122M | -486M | -330M | -745M | -4.02B | -3.68B | -609M | 245M | -74.19M | 368.57M | 35.43M | 253.21M | 76.28M | 95.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 |
| Net Change in Cash | -298M | -2.43B | 3.91B | 673M | 74M | -659M | -5.63B | -6.31B | 10.35B | -641M | -4.62B | 2.82B | 7.91B | 309M | -8.08B | 8.98B | -365.08M | -186.34M | 491.22M | 152.08M | 108.09M | 427M | 86.19M | -422.21M | 493.44M | -73.8M | 150.28M | -54.1M | 29.8M | -82.3M | -27.4M |
| Free Cash Flow | 10.23B | 9.46B | 10.3B | 7.42B | 8.34B | 10.8B | 7.52B | 8.32B | 7.48B | 11.31B | 16.3B | 20.5B | 12.26B | 2.92B | 2.8B | 3.51B | 2.77B | 2.85B | 2.03B | 1.69B | 1.11B | 657.69M | 456.6M | 196M | 56.81M | -153.31M | -53.82M | -75.1M | -62.3M | -68.3M | -20.2M |
| FCF Margin % | 34.4% | 32.12% | 35.84% | 27.37% | 30.59% | 39.57% | 30.45% | 37.06% | 33.79% | 43.31% | 53.63% | 62.82% | 49.26% | 26.02% | 28.84% | 41.82% | 34.87% | 40.65% | 38.01% | 39.88% | 36.77% | 32.42% | 34.47% | 22.58% | 12.17% | -65.58% | -27.52% | -44.44% | -41.23% | -51.63% | -60.48% |
| FCF Growth % | 3.91% | -8.24% | 38.86% | -11.06% | -22.78% | 43.72% | -9.63% | 11.28% | -33.89% | -30.62% | -20.5% | 67.22% | 320.62% | 4.18% | -20.22% | 26.52% | -2.74% | 40.51% | 20.25% | 51.57% | 69.21% | 44.04% | 132.96% | 244.99% | 137.06% | -184.84% | 28.33% | -20.55% | 8.78% | -238.12% | 14.41% |
| FCF per Share | 8.16 | 7.53 | 8.21 | 5.90 | 6.61 | 8.56 | 5.95 | 6.51 | 5.72 | 8.57 | 12.00 | 13.48 | 7.44 | 1.72 | 1.77 | 2.22 | 1.59 | 1.53 | 1.06 | 0.87 | 0.61 | 0.35 | 0.25 | 0.12 | 0.03 | -0.09 | -0.04 | -0.05 | -0.05 | -0.07 | -0.02 |
| FCF Conversion (FCF/Net Income) | 1.11x | 1.18x | 22.56x | 1.41x | 1.98x | 1.83x | 66.41x | 1.70x | 1.54x | 2.57x | 1.26x | 1.17x | 1.06x | 1.01x | 1.23x | 1.30x | 0.98x | 1.17x | 1.08x | 1.09x | -1.02x | 0.87x | 1.13x | -3.26x | 1.03x | -2.43x | 0.67x | 0.94x | 1.15x | 0.75x | 0.76x |
| Interest Paid | 0 | 0 | 951M | 891M | 907M | 979M | 951M | 982M | 1.07B | 1.04B | 885M | 529M | 330M | 238M | 249M | 62.18M | 15.75M | 8.99M | 7.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2.78B | 3.99B | 3.14B | 2.51B | 2.64B | 1.79B | 3.2B | 3.34B | 2.44B | 3.14B | 2.06B | 1.05B | 1.1B | 621.02M | 1.13B | 746.22M | 495.54M | 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 frequently decoupled, evidenced by the 2024Q1 period where net income was negative $4.2B while operating cash flow remained positive at $2.2B, highlighting the significant impact of non-cash acquisition-related charges.
The persistent gap between net income and operating cash flow suggests that GAAP earnings are an unreliable proxy for the company's actual cash-generating capacity. Investors should monitor these recurring non-cash adjustments, as they mask the underlying cash productivity of the core HIV and oncology franchises.
Based on Gilead's reported figures, free cash flow margins have fluctuated significantly, ranging from a low of 10.2% in 2025Q2 to a peak of 55.2% in 2024Q3, indicating that the company's cash trajectory is highly sensitive to the timing of large-scale capital deployment and operational shifts.
The inconsistency in FCF margins appears to be a function of episodic acquisition activity rather than a deterioration in core business performance. This volatility warrants caution, as it complicates the ability to forecast sustainable cash returns to shareholders over the medium term.
According to recent SEC filings, working capital changes have been a major source of cash flow instability, with a notable $2.0B outflow in 2025Q2 contrasting sharply with the $642M inflow observed in 2024Q3, suggesting significant variability in the timing of collections and inventory management.
These erratic working capital movements may indicate lumpy revenue recognition or seasonal shifts in the distribution of specialty pharmaceuticals. Analysts should investigate whether these swings represent structural inefficiencies in the supply chain or merely timing differences in government-related contract payments.
As indicated by historical cash flow data, Gilead consistently prioritizes shareholder returns and inorganic growth, with quarterly dividend payments averaging approximately $1.0B alongside periodic share repurchases and significant net acquisition outflows, such as the $4.0B spent on acquisitions during the 2024Q1 period.
The company's commitment to maintaining a high dividend yield while simultaneously pursuing external growth assets suggests a management team focused on balancing legacy cash flow extraction with pipeline replenishment. However, the high cost of these acquisitions may limit the company's flexibility if core HIV cash flows face future regulatory pressure.
Quick answers to the most common questions about buying GILD stock.
Gilead Sciences, Inc. (GILD) generated $10.02B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gilead Sciences, Inc. (GILD) generated $9.46B 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.
Gilead Sciences, Inc. (GILD) spent $563.0M 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, Gilead Sciences, Inc. (GILD) returned $4.00B to shareholders via cash dividends and spent $1.92B on share repurchases. This shows the company's commitment to returning capital to its equity investors.