Bristol-Myers Squibb (BMY) Q4 FY2025 earnings: revenue $12.5 billion, up 1.3% on the year

Bristol-Myers Squibb Co. (BMY) reported revenue of $12.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 1.3% on the same quarter a year earlier. Net income was $1.1 billion, up 1409.7% on the year, and diluted earnings per share $0.53. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue

$12.5 billion

+1.3% on the year · +2.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

11.8%

1.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.1 billion

+1,409.7% on the year · -50.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.53

+1,225.0% on the year · -50.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 new.

Fourth-quarter revenue rose 1%: Total revenues were $12.5 billion, up 1% and flat excluding foreign exchange. Growth Portfolio revenues rose 16% to $7.4 billion, while Legacy Portfolio revenues fell 15%.
Full-year non-GAAP EPS was $6.15: Full-year non-GAAP EPS was $6.15 and GAAP EPS was $3.46. The October 2025 release had set a non-GAAP EPS range of $6.40 to $6.60 for the year.
Legacy Portfolio down 15% in quarter: Legacy Portfolio revenues were $5.1 billion in the fourth quarter, down 15% or 16% excluding foreign exchange.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	12,502	12,222	12,342	+2.3%	+1.3%
Cost of revenue	4,096	3,435	4,812	+19.2%	-14.9%
Gross profit	8,406	8,787	7,530	-4.3%	+11.6%
Gross margin	67.2%	71.9%	61.0%
Research and development	2,586	2,528	3,191	+2.3%	-19.0%
Selling, general and administrative	2,181	1,789	2,136	+21.9%	+2.1%
Operating income	1,470	3,114	175	-52.8%	+740.0%
Operating margin	11.8%	25.5%	1.4%
Interest expense	432	480	496	-10.0%	-12.9%
Pre-tax income	1,470	3,114	175	-52.8%	+740.0%
Income tax	384	919	99.0	-58.2%	+287.9%
Effective tax rate	26.1%	29.5%	56.6%
Net income	1,087	2,201	72.0	-50.6%	+1,409.7%
Net margin	8.7%	18.0%	0.6%
Diluted EPS	$0.53	$1.08	$0.04	-50.9%	+1,225.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,974	6,311	4,439	-68.7%	-55.5%
Capital expenditure	370	320	378	+15.6%	-2.1%
Free cash flow	1,604	5,991	4,061	-73.2%	-60.5%
Free cash flow margin	12.8%	49.0%	32.9%
Cash from investing	-1,458	-1,702	-196
Cash from financing	-6,029	-1,490	-1,642
Depreciation and amortisation	944	1,026	1,941	-8.0%	-51.4%
Share-based compensation	132	139	120	-5.0%	+10.0%
Buybacks	n/a	n/a	0.0
Dividends paid	1,262	1,263	1,218	-0.1%	+3.6%
Dividend per share	n/a	$0.62	n/a
Diluted shares, weighted	2,041m	2,039m	2,037m	+0.1%	+0.2%
Shares outstanding at period end	2,036m	2,036m	2,029m	+0.0%	+0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	18,473	18,552	16,335	-0.4%	+13.1%
Non-controlling interest	33.0	48.0	53.0	-31.2%	-37.7%
Short-term borrowings	n/a	n/a	2,046
Debt	45,111	48,978	49,431	-7.9%	-8.7%
Operating lease liabilities	1,826	1,849	1,370	-1.2%	+33.3%
Other liabilities	24,595	27,462	23,368	-10.4%	+5.3%
Total liabilities and equity	90,038	96,889	92,603	-7.1%	-2.8%
Fixed assets	7,543	7,349	7,136	+2.6%	+5.7%
Goodwill	21,754	21,745	21,719	+0.0%	+0.2%
Intangible assets	19,103	20,465	23,307	-6.7%	-18.0%
Investments	860	1,182	833	-27.2%	+3.2%
Cash and equivalents	10,209	15,726	10,346	-35.1%	-1.3%
Receivables	9,592	9,624	9,012	-0.3%	+6.4%
Inventory	2,690	2,758	2,557	-2.5%	+5.2%
Other assets	18,287	18,040	17,693	+1.4%	+3.4%
Total assets	90,038	96,889	92,603	-7.1%	-2.8%

Questions

What was Bristol-Myers Squibb's revenue in Q4 FY2025?

Bristol-Myers Squibb (BMY) reported revenue of $12.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 1.3% on the same quarter a year earlier.

How much did Bristol-Myers Squibb earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.1 billion, up 1409.7% on the year, and diluted earnings per share $0.53.

When did Bristol-Myers Squibb report Q4 FY2025 results?

Bristol-Myers Squibb filed its 10-K for the year that ended with the quarter on 11 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	11,985	11,648	11,887	11,218	11,406	11,337	11,226	10,966	11,477	11,865	12,201	11,892	12,342	11,201	12,269	12,222	12,502	11,489	12,973	13,069
Cost of revenue	2,356	2,471	2,720	2,353	2,593	2,566	2,876	2,506	2,745	2,932	3,267	2,957	4,812	3,033	3,372	3,435	4,096	3,421	3,726	4,146
Gross profit	9,629	9,177	9,167	8,865	8,813	8,771	8,350	8,460	8,732	8,933	8,934	8,935	7,530	8,168	8,897	8,787	8,406	8,068	9,247	8,923
Gross margin	80%	79%	77%	79%	77%	77%	74%	77%	76%	75%	73%	75%	61%	73%	73%	72%	67%	70%	71%	68%
R&D	2,607	2,260	2,321	2,418	2,510	2,321	2,258	2,242	2,478	2,695	2,899	2,374	3,191	2,257	2,580	2,528	2,586	2,649	2,959	2,365
SG&A	2,354	1,831	1,787	1,930	2,266	1,762	1,934	2,003	2,073	2,367	1,928	1,983	2,136	1,584	1,713	1,789	2,181	1,617	1,826	1,699
Operating income	1,858	1,687	1,958	2,209	1,859	2,770	1,859	2,137	1,674	-11,516	1,286	1,676	175	2,971	1,773	3,114	1,470	3,239	4,086	2,536
Operating margin	16%	14%	16%	20%	16%	24%	17%	19%	15%	-97%	11%	14%	1%	27%	14%	25%	12%	28%	31%	19%
Interest expense	323	326	313	299	294	288	282	280	316	425	521	505	496	494	485	480	432	411	407	403
Pre-tax income	1,858	1,687	1,958	2,209	1,859	2,770	1,859	2,137	1,674	-11,516	1,286	1,676	175	2,971	1,773	3,114	1,470	3,240	4,086	2,536
Tax rate	-28%	24%	27%	27%	-9%	18%	-12%	9%	-5%	n/a	-31%	28%	57%	17%	26%	30%	26%	17%	19%	15%
Net income	2,372	1,278	1,421	1,606	2,022	2,262	2,073	1,928	1,762	-11,911	1,680	1,211	72.0	2,456	1,310	2,201	1,087	2,677	3,317	2,162
Net margin	20%	11%	12%	14%	18%	20%	18%	18%	15%	-100%	14%	10%	1%	22%	11%	18%	9%	23%	26%	17%
Diluted EPS	$1.07	$0.59	$0.66	$0.75	$0.95	$1.07	$0.99	$0.93	$0.87	-$5.89	$0.83	$0.60	$0.04	$1.20	$0.64	$1.08	$0.53	$1.31	$1.62	$1.05
Operating cash flow	4,057	3,812	2,261	3,687	3,306	2,970	1,887	4,751	4,252	2,834	2,326	5,591	4,439	1,954	3,917	6,311	1,974	1,104	3,393	4,181
Capital expenditure	320	253	272	247	346	278	259	342	330	284	262	324	378	260	361	320	370	347	305	344
Free cash flow	3,737	3,559	1,989	3,440	2,960	2,692	1,628	4,409	3,922	2,550	2,064	5,267	4,061	1,694	3,556	5,991	1,604	757	3,088	3,837
Buybacks	2,751	5,000	0.0	701	2,300	250	905	4,000	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	1,099	1,185	1,150	1,154	1,145	1,196	1,197	1,191	1,160	1,212	1,217	1,216	1,218	1,258	1,262	1,263	1,262	1,283	1,287	1,287
Shares outstanding	2,180m	2,129m	2,135m	2,126m	2,099m	2,101m	2,089m	2,035m	2,022m	2,027m	2,027m	2,028m	2,029m	2,035m	2,035m	2,036m	2,036m	2,042m	2,043m	2,044m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 11 February 2026: the filing.