Revenue growth remains stable at 4.4% as of 2026Q1, supported by structural gross margins that have consistently hovered near 79% over the last ten quarters.
| 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 | 29.73B | 29.44B | 28.75B | 27.12B | 27.28B | 27.3B | 24.69B | 22.45B | 22.13B | 26.11B | 30.39B | 32.64B | 24.89B | 11.2B | 9.7B | 8.39B | 7.95B | 7.01B | 5.34B | 4.23B | 3.03B | 2.03B | 1.32B | 867.86M | 466.79M | 233.77M | 195.56M | 169M | 151.1M | 132.3M | 33.4M |
| Revenue Growth % | 3.48% | 2.39% | 6.04% | -0.6% | -0.09% | 10.6% | 9.98% | 1.46% | -15.25% | -14.09% | -6.89% | 31.13% | 122.19% | 15.46% | 15.7% | 5.48% | 13.38% | 31.4% | 26.14% | 39.78% | 49.19% | 53.13% | 52.63% | 85.92% | 99.68% | 19.54% | 15.71% | 11.85% | 14.21% | 296.11% | 1137.04% |
| Cost of Goods Sold | 6.14B | 6.23B | 6.25B | 6.5B | 5.66B | 6.6B | 4.57B | 4.67B | 4.85B | 4.37B | 4.26B | 4.01B | 3.79B | 2.86B | 2.47B | 2.12B | 1.87B | 1.6B | 1.13B | 768.77M | 433.32M | 260.33M | 166.59M | 112.69M | 69.72M | 43.76M | 33.51M | 16.9M | 10.2M | 6.4M | -3.6M |
| COGS % of Revenue | - | 21.17% | 21.74% | 23.96% | 20.74% | 24.18% | 18.52% | 20.82% | 21.93% | 16.74% | 14.02% | 12.27% | 15.22% | 25.52% | 25.47% | 25.33% | 23.52% | 22.76% | 21.13% | 18.17% | 14.32% | 12.83% | 12.58% | 12.98% | 14.94% | 18.72% | 17.14% | 10% | 6.75% | 4.84% | -10.78% |
| Gross Profit | 23.59B | 23.21B | 22.5B | 20.62B | 21.62B | 20.7B | 20.12B | 17.77B | 17.27B | 21.74B | 26.13B | 28.63B | 21.1B | 8.34B | 7.23B | 6.26B | 6.08B | 5.42B | 4.21B | 3.46B | 2.59B | 1.77B | 1.16B | 755.17M | 397.07M | 190M | 162.04M | 152.1M | 140.9M | 125.9M | 37M |
| Gross Margin % | 79.35% | 78.83% | 78.26% | 76.04% | 79.26% | 75.82% | 81.48% | 79.17% | 78.07% | 83.26% | 85.98% | 87.73% | 84.78% | 74.48% | 74.53% | 74.67% | 76.48% | 77.24% | 78.87% | 81.83% | 85.68% | 87.17% | 87.42% | 87.02% | 85.06% | 81.28% | 82.86% | 90% | 93.25% | 95.16% | 110.78% |
| Gross Profit Growth % | - | 3.13% | 9.14% | -4.65% | 4.44% | 2.92% | 13.18% | 2.89% | -20.53% | -16.81% | -8.75% | 35.69% | 152.93% | 15.38% | 15.49% | 2.98% | 12.26% | 28.69% | 21.59% | 33.49% | 46.65% | 52.68% | 53.35% | 90.19% | 108.98% | 17.26% | 6.54% | 7.95% | 11.91% | 240.27% | 527.12% |
| Operating Expenses | 12.22B | 11.51B | 20.84B | 13.01B | 14.29B | 10.79B | 16.05B | 8.44B | 7.98B | 7.61B | 8.5B | 6.44B | 5.84B | 3.82B | 3.22B | 2.47B | 2.12B | 1.89B | 1.52B | 1.3B | 957.52M | 659.01M | 530.65M | 425.25M | 316.06M | 310.69M | 214.36M | 203.8M | 219.2M | 198M | 73.1M |
| OpEx % of Revenue | - | 39.08% | 72.48% | 47.99% | 52.4% | 39.5% | 64.99% | 37.58% | 36.05% | 29.16% | 27.96% | 19.73% | 23.45% | 34.09% | 33.2% | 29.47% | 26.63% | 26.91% | 28.47% | 30.66% | 31.64% | 32.49% | 40.06% | 49% | 67.71% | 132.91% | 109.62% | 120.59% | 145.07% | 149.66% | 218.86% |
| Selling, General & Admin | 5.9B | 5.71B | 6.09B | 6.09B | 5.67B | 5.25B | 5.11B | 4.38B | 4.06B | 3.88B | 3.4B | 3.43B | 2.98B | 1.7B | 1.46B | 1.24B | 1.04B | 946.69M | 797.34M | 705.74M | 573.66M | 381.28M | 307.1M | 250.16M | 181.3M | 125.14M | 82.02M | 78.3M | 78.2M | 70.6M | 26.7M |
| SG&A % of Revenue | - | 19.39% | 21.18% | 22.46% | 20.79% | 19.21% | 20.71% | 19.52% | 18.33% | 14.85% | 11.18% | 10.5% | 11.98% | 15.17% | 15.06% | 14.81% | 13.14% | 13.5% | 14.94% | 16.68% | 18.96% | 18.8% | 23.18% | 28.82% | 38.84% | 53.53% | 41.94% | 46.33% | 51.75% | 53.36% | 79.94% |
| Research & Development | 5.79B | 5.8B | 5.91B | 5.72B | 4.98B | 4.6B | 5.04B | 4.05B | 3.92B | 3.73B | 5.1B | 3.01B | 2.85B | 2.12B | 1.76B | 1.23B | 1.07B | 939.92M | 721.77M | 591.03M | 383.86M | 277.72M | 223.55M | 164.87M | 134.76M | 185.55M | 132.34M | 112.9M | 127.8M | 112.2M | 41.9M |
| R&D % of Revenue | - | 19.7% | 20.54% | 21.09% | 18.24% | 16.85% | 20.41% | 18.06% | 17.72% | 14.3% | 16.78% | 9.23% | 11.47% | 18.93% | 18.14% | 14.66% | 13.5% | 13.41% | 13.53% | 13.97% | 12.68% | 13.69% | 16.88% | 19% | 28.87% | 79.37% | 67.67% | 66.8% | 84.58% | 84.81% | 125.45% |
| Other Operating Expenses | 3M | 0 | 8.84B | 1.21B | 3.64B | 939M | 5.89B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.22M | 0 | 0 | 0 | 12.6M | 13.2M | 15.2M | 4.5M |
| Operating Income | 11.38B | 11.7B | 1.66B | 7.61B | 7.33B | 9.92B | 4.07B | 4.29B | 8.2B | 14.12B | 17.63B | 22.19B | 15.27B | 4.52B | 4.01B | 3.79B | 3.96B | 3.53B | 2.68B | 2.16B | -758.75M | 1.11B | 627.39M | -158.68M | 81.01M | -120.69M | -52.32M | -51.7M | -78.3M | -72.1M | -36.1M |
| Operating Margin % | 38.26% | 39.74% | 5.78% | 28.05% | 26.87% | 36.32% | 16.49% | 19.1% | 37.06% | 54.1% | 58.02% | 68% | 61.33% | 40.39% | 41.33% | 45.2% | 49.84% | 50.34% | 50.2% | 51.17% | -25.07% | 54.68% | 47.36% | -18.28% | 17.35% | -51.63% | -26.75% | -30.59% | -51.82% | -54.5% | -108.08% |
| Operating Income Growth % | - | 604.03% | -78.15% | 3.75% | -26.09% | 143.63% | -5.04% | -47.72% | -41.94% | -19.9% | -20.55% | 45.38% | 237.42% | 12.82% | 5.81% | -4.35% | 12.27% | 31.76% | 23.75% | 385.27% | -168.41% | 76.78% | 495.39% | -295.88% | 167.12% | -130.68% | -1.2% | 33.97% | -8.6% | -99.72% | -12.81% |
| EBITDA | 13.2B | 14.46B | 4.43B | 10.3B | 9.43B | 11.97B | 5.55B | 5.69B | 9.63B | 15.41B | 18.79B | 23.29B | 16.32B | 4.87B | 4.29B | 4.09B | 4.23B | 3.74B | 2.83B | 2.22B | -711.47M | 1.14B | 651.79M | -137.82M | 95.44M | -106M | -40.31M | -39.1M | -65.1M | -56.9M | -31.6M |
| EBITDA Margin % | 44.41% | 49.12% | 15.4% | 37.98% | 34.58% | 43.83% | 22.48% | 25.35% | 43.52% | 59.03% | 61.83% | 71.36% | 65.55% | 43.47% | 44.2% | 48.8% | 53.18% | 53.37% | 53.12% | 52.38% | -23.51% | 56.44% | 49.21% | -15.88% | 20.45% | -45.34% | -20.61% | -23.14% | -43.08% | -43.01% | -94.61% |
| EBITDA Growth % | 20.1% | 226.51% | -56.99% | 9.17% | -21.18% | 115.6% | -2.46% | -40.9% | -37.51% | -17.99% | -19.32% | 42.76% | 235.08% | 13.55% | 4.79% | -3.21% | 12.97% | 32.04% | 27.91% | 411.44% | -162.15% | 75.64% | 572.95% | -244.41% | 190.03% | -162.96% | -3.09% | 39.94% | -14.41% | -80.06% | -9.72% |
| D&A (Non-Cash Add-back) | 2.06B | 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 |
| EBIT | 11.26B | 10.82B | 1.67B | 7.8B | 6.75B | 9.28B | 2.65B | 6.16B | 8.88B | 14.65B | 18.06B | 22.35B | 15.27B | 4.51B | 3.97B | 3.86B | 4.02B | 3.57B | 2.74B | 2.16B | 1.64B | 1.11B | 627.39M | 329.92M | 81.01M | -120.69M | -52.32M | -51.7M | -78.3M | -72.1M | -36.1M |
| Net Interest Income | -749M | -675M | -696M | -568M | -829M | -1B | -984M | -995M | -1.08B | -1.12B | -964M | -688M | -412M | -307M | -361M | -205.42M | -108.96M | -27.27M | -5.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 256M | 349M | 281M | 376M | 106M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.4M | 59.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1B | 1.02B | 977M | 944M | 935M | 1B | 984M | 995M | 1.08B | 1.12B | 964M | 688M | 412M | 307M | 361M | 205.42M | 108.96M | 69.66M | 65.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -647M | -1.91B | -972M | -746M | -1.52B | -1.64B | -2.4B | 873M | -401M | -595M | -536M | -534M | -409M | -316M | -398M | -138.84M | -48.67M | -27.27M | -5.84M | 105.83M | 120.55M | 52.73M | 29.04M | -8.86M | -7.61M | 178.14M | 10.41M | -13.9M | 34.4M | -500K | 36.1M |
| Pretax Income | 10.73B | 9.8B | 690M | 6.86B | 5.81B | 8.28B | 1.67B | 5.16B | 7.8B | 13.53B | 17.1B | 21.66B | 14.86B | 4.21B | 3.61B | 3.65B | 3.91B | 3.5B | 2.67B | 2.27B | -638.21M | 1.16B | 656.42M | -167.53M | 73.4M | 57.45M | -41.91M | -65.6M | -43.9M | -72.6M | 0 |
| Pretax Margin % | 36.08% | 33.27% | 2.4% | 25.3% | 21.31% | 30.32% | 6.76% | 22.99% | 35.25% | 51.82% | 56.26% | 66.36% | 59.69% | 37.56% | 37.23% | 43.54% | 49.23% | 49.95% | 50.09% | 53.67% | -21.09% | 57.28% | 49.56% | -19.3% | 15.72% | 24.57% | -21.43% | -38.82% | -29.05% | -54.88% | - |
| Income Tax | 1.51B | 1.29B | 211M | 1.25B | 1.25B | 2.08B | 1.58B | -204M | 2.34B | 8.88B | 3.61B | 3.55B | 2.8B | 1.15B | 1.04B | 861.95M | 1.02B | 876.36M | 702.36M | 655.04M | 551.75M | 347.88M | 207.05M | -95.53M | 1.3M | 4.13M | 1.2M | 900K | 900K | 300K | 0 |
| Effective Tax Rate % | 14.08% | 13.13% | 30.58% | 18.18% | 21.47% | 25.09% | 94.67% | -3.95% | 29.99% | 65.67% | 21.11% | 16.4% | 18.83% | 27.35% | 28.74% | 23.61% | 26.16% | 25.02% | 26.28% | 28.85% | -86.45% | 29.94% | 31.54% | 57.02% | 1.77% | 7.2% | -2.86% | -1.37% | -2.05% | -0.41% | - |
| Net Income | 9.22B | 8.51B | 480M | 5.67B | 4.59B | 6.22B | 123M | 5.39B | 5.46B | 4.63B | 13.5B | 18.11B | 12.1B | 3.08B | 2.59B | 2.8B | 2.9B | 2.64B | 1.98B | 1.62B | -1.19B | 813.91M | 449.37M | -72M | 72.1M | 52.27M | -56.78M | -66.5M | -44.8M | -72.9M | -21.7M |
| Net Margin % | 30.99% | 28.9% | 1.67% | 20.89% | 16.83% | 22.8% | 0.5% | 23.99% | 24.65% | 17.73% | 44.43% | 55.48% | 48.62% | 27.45% | 26.72% | 33.43% | 36.5% | 37.59% | 37.09% | 38.19% | -39.32% | 40.13% | 33.92% | -8.3% | 15.45% | 22.36% | -29.03% | -39.35% | -29.65% | -55.1% | -64.97% |
| Net Income Growth % | 54.5% | 1672.92% | -91.53% | 23.37% | -26.23% | 4960.98% | -97.72% | -1.26% | 17.87% | -65.72% | -25.44% | 49.64% | 293.53% | 18.63% | -7.55% | -3.36% | 10.07% | 33.19% | 22.51% | 235.74% | -246.2% | 81.12% | 724.1% | -199.87% | 37.93% | 192.07% | 14.62% | -48.44% | 38.55% | -235.94% | 20.8% |
| Net Income (Continuing) | 9.22B | 8.51B | 479M | 5.61B | 4.57B | 6.2B | 89M | 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 | 51.18M | -43.11M | -66.5M | -44.8M | -72.9M | -21.7M |
| Discontinued Operations | 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 |
| Minority Interest | -84M | 0 | -84M | -84M | -31M | -5M | 19M | 125M | 147M | 59M | 476M | 579M | 393M | 375M | 241.13M | 128.49M | 258.11M | 138.09M | 193.01M | 140.3M | 53.09M | 8.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.35 | 6.78 | 0.38 | 4.50 | 3.64 | 4.93 | 0.10 | 4.22 | 4.17 | 3.51 | 9.94 | 11.91 | 7.35 | 1.81 | 1.64 | 1.78 | 1.66 | 1.41 | 1.05 | 0.84 | -0.65 | 0.43 | 0.25 | -0.04 | 0.04 | 0.03 | -0.04 | -0.05 | -0.04 | -0.03 | -0.02 |
| EPS Growth % | 54.53% | 1684.21% | -91.56% | 23.63% | -26.17% | 4961.6% | -97.69% | 1.2% | 18.8% | -64.69% | -16.54% | 62.04% | 306.08% | 10.37% | -7.87% | 7.23% | 17.73% | 34.29% | 25% | 229.23% | -251.16% | 72% | 658.04% | -202.28% | 34.77% | 183.33% | 19.59% | -13.58% | -58.74% | -10.25% | 39.3% |
| EPS (Basic) | - | 6.84 | 0.38 | 4.54 | 3.66 | 4.96 | 0.10 | 4.24 | 4.20 | 3.54 | 10.08 | 12.37 | 7.95 | 2.01 | 1.71 | 1.81 | 1.70 | 1.46 | 1.09 | 0.87 | -0.65 | 0.45 | 0.26 | -0.04 | 0.05 | 0.04 | -0.04 | -0.05 | -0.04 | -0.03 | -0.02 |
| Diluted Shares Outstanding | 1.25B | 1.25B | 1.25B | 1.26B | 1.26B | 1.26B | 1.26B | 1.28B | 1.31B | 1.32B | 1.36B | 1.52B | 1.65B | 1.69B | 1.58B | 1.58B | 1.75B | 1.87B | 1.92B | 1.93B | 1.84B | 1.9B | 1.86B | 1.61B | 1.65B | 1.62B | 1.46B | 1.37B | 1.31B | 1.04B | 889.15M |
| Basic Shares Outstanding | 1.24B | 1.24B | 1.25B | 1.25B | 1.25B | 1.26B | 1.26B | 1.27B | 1.3B | 1.31B | 1.34B | 1.46B | 1.52B | 1.53B | 1.51B | 1.55B | 1.71B | 1.81B | 1.84B | 1.86B | 1.84B | 1.82B | 1.73B | 1.61B | 1.56B | 1.52B | 1.46B | 1.37B | 1.31B | 1.04B | 889.15M |
| Dividend Payout Ratio | - | 47.04% | 816.25% | 67.24% | 80.77% | 57.91% | 2804.07% | 59.82% | 54.46% | 59.01% | 18.18% | 10.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Medicare Price Negotiation Exposure
As reported in recent financial statements, Gilead's revenue growth has stabilized in the low-to-mid single digits, with 2026Q1 revenue of $7.0B reflecting a 4.4% year-over-year increase, suggesting that the core HIV franchise continues to provide a durable, albeit slow-growing, foundation for the company's overall top-line performance.
The revenue trajectory appears heavily reliant on the clinical entrenchment of Biktarvy, which offsets the episodic volatility inherent in the Veklury portfolio. Investors should monitor whether the oncology segment can scale sufficiently to transition the company from a low-growth virology play into a more diversified growth profile.
Based on Gilead's reported figures, gross margins have consistently hovered near the 79% level over the last ten quarters, demonstrating significant pricing power and a high-value product mix that remains largely insulated from the inflationary pressures impacting broader manufacturing sectors within the healthcare industry.
This high margin profile is a direct result of the company's dominance in small-molecule HIV treatments, which benefit from favorable manufacturing economics. However, the ongoing strategic shift toward complex biologics and cell therapies warrants further investigation, as these modalities may introduce structural margin compression over the long term.
According to recent SEC filings, Gilead's operating margins have exhibited significant fluctuations, ranging from a negative 64.6% in 2024Q1 to a peak of 42.8% in 2025Q3, primarily driven by the timing of non-recurring IPR&D charges rather than fundamental shifts in core operating efficiency.
While the underlying business appears capable of generating robust operating leverage, the frequent impairment of acquired assets obscures the true efficiency of the SG&A and R&D spend. Analysts should focus on normalized operating margins to better gauge management's discipline in managing the company's cost structure.
As indicated by the historical income statement data, Gilead's net income is frequently impacted by large, non-cash IPR&D charges, such as the significant losses recorded in early 2024, which complicate the assessment of true earnings quality and the underlying profitability of the company's recent oncology acquisitions.
The volatility in EPS, which swung from a loss of $3.34 in 2024Q1 to a profit of $2.43 in 2025Q3, suggests that GAAP earnings are an unreliable metric for evaluating operational performance. Investors should prioritize cash flow metrics and adjusted earnings to filter out the noise created by these accounting adjustments.
Based on an analysis of the company's reliance on the HIV franchise, there is a credible risk that the market is overestimating the durability of current cash flows, particularly as the implementation of Medicare price negotiations under the IRA threatens to compress margins on key products.
Short-term stability in the HIV segment may be masking a long-term structural decline if the company fails to successfully pivot its oncology pipeline into a meaningful revenue contributor. The current valuation appears to reflect a skepticism regarding the company's ability to replace its legacy virology cash flows.
Quick answers to the most common questions about buying GILD stock.
For fiscal year 2025, Gilead Sciences, Inc. (GILD) reported total revenue of $29.44B. This represents a 88049.7% increase compared to $33.4M in 1996.
Gilead Sciences, Inc. (GILD) is profitable, generating $8.51B in net income for the fiscal year ending 2025 with a net profit margin of 28.9%.
Gilead Sciences, Inc. (GILD) reported an operating income of $11.70B, resulting in an operating profit margin of 39.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Gilead Sciences, Inc. (GILD) generated $23.21B in gross profit for the year, representing a gross profit margin of 78.8%. This demonstrates the company's core pricing power and production efficiency.