Revenue grew 10.2% year-over-year to $7.8B in Q2 2026 with gross margin at 79.8%, but a $10.4B impairment swung operating margin to -133.2% and EPS to -$8.45, masking an adjusted operating margin near 40%.
Gilead Sciences, Inc. (GILD) 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 | 30.46B | 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 % | 5.52% | 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 | 6.22B | 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 | 24.24B | 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 % | 79.59% | 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 | 25.73B | 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 | 6.46B | 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 | 6.07B | 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 | -1.49B | 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 % | -4.9% | 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 | 956M | 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 % | 3.14% | 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 % | -91.17% | 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 | -1.43B | 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 | -815M | -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 | 183M | 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 | 998M | 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 | -462M | -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 | -1.96B | 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 % | -6.42% | 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 | 1.28B | 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 % | -65.73% | 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 | -3.24B | 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 % | -10.64% | 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 % | -151.34% | 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) | -3.24B | 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 | -84M | -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) | -2.61 | 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 % | -153.19% | 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 | 1.24B | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
HIV franchise concentration and pipeline setbacks
Metrics are mathematically derived from official filings.
HIV Momentum Offsets Oncology Lumpiness
Revenue grew 10.2% year-over-year in Q2 2026, driven by 12% HIV sales growth, though oncology and liver contributions remain smaller, per recent filings.
The 10.2% revenue growth in Q2 2026 marks an acceleration from the 4.4% in Q1 2026 and 1.8% in Q2 2025, suggesting strengthening core demand. However, the growth is heavily concentrated in the HIV franchise, with Trodelvy and Livdelzi contributing but not yet diversifying the top line. Investors should monitor whether this momentum can be sustained as HIV faces eventual competitive pressures and as the company seeks to scale oncology.
Gross Margin Resilience Amid Mix Shift
Gross margin expanded to 79.8% in Q2 2026 from 78.8% a year earlier, reflecting favorable product mix and manufacturing efficiencies, as reported in financial statements.
The 100 basis point year-over-year gross margin improvement suggests continued pricing power in HIV and stable manufacturing costs, despite the growing oncology portfolio. However, the shift toward cell therapies and biologics may pressure gross margins over time due to higher complexity. The current level remains above peers like AbbVie (70.2%) and Amgen (70.8%), indicating a structural advantage, but sustainability depends on maintaining HIV's high-margin profile.
Operating Leverage Masked by One-Time Charges
Excluding the Q2 2026 IPR&D impairment, operating margin would have been roughly 40%, consistent with prior quarters, but reported operating income swung to -$10.4B, per SEC filings.
The reported operating margin of -133.2% in Q2 2026 is distorted by a massive non-cash charge, likely an IPR&D impairment. Adjusting for this, the underlying operating margin appears stable around 37-40%, indicating that SG&A and R&D are scaling in line with revenue. The company's ability to maintain operating leverage despite R&D investments is a positive, but the volatility from acquisition accounting remains a key earnings quality concern.
Earnings Distorted by Non-Cash Impairments
Q2 2026 EPS of -$8.45 reflects a one-time charge, while adjusted EPS would have been near $2.18, based on reported figures, highlighting the impact of acquisition accounting.
The $10.5B net loss in Q2 2026 is clearly non-operational, as evidenced by the raised full-year guidance and 10% base business growth commentary. This pattern mirrors Q1 2024's -$3.34 EPS, which also stemmed from IPR&D charges. Investors should focus on adjusted metrics, but the frequency of such charges suggests a pattern of overpaying for early-stage assets, which may indicate capital allocation concerns.
R&D Intensity Reflects Pipeline Ambition
R&D spending rose to $1.8B in Q2 2026, up from $1.5B a year earlier, representing 23% of revenue, as disclosed in quarterly reports, underscoring heavy investment in oncology and virology.
The increase in R&D spending is consistent with Gilead's strategy to diversify beyond HIV, but it also pressures near-term margins. SG&A remained relatively flat at $1.9B, indicating cost discipline in commercial operations. The high R&D intensity is necessary to offset patent cliffs, but the recent FDA clinical holds on HIV candidates highlight execution risk, suggesting that not all investments will yield returns.
What Could Undermine the Growth Narrative
Despite raised guidance, the Q2 2026 EPS miss and FDA holds on HIV candidates raise questions about earnings quality and pipeline execution, per recent disclosures.
Short-sellers might argue that the company's reliance on HIV for growth is a vulnerability, especially with regulatory scrutiny on drug pricing and the potential for Medicare negotiation under the IRA. The clinical holds on GS-1720 and GS-4182 could delay the long-acting injectable strategy, leaving the franchise exposed to generic competition. Additionally, the recurring IPR&D charges suggest a pattern of value-destructive acquisitions, which may justify the stock's discount to peers.