Bristol-Myers Squibb (BMY) Q2 FY2026 earnings: revenue $13.0 billion, up 5.7% on the year

Bristol-Myers Squibb Co. (BMY) reported revenue of $13.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 5.7% on the same quarter a year earlier. Net income was $3.3 billion, up 153.2% on the year, and diluted earnings per share $1.62. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue

$13.0 billion

+5.7% on the year · +12.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

31.5%

14.5% a year earlier

Q3 FY2024Q2 FY2026

Net income

$3.3 billion

+153.2% on the year · +23.9% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.62

+153.1% on the year · +23.7% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 4 raised, 3 kept.

Revenue rose 6% to $13.0 billion: Total revenues were $13.0 billion, up 6% (5% Ex-FX), against $12.3 billion in the second quarter of 2025.
Growth Portfolio drove the gain: Management named Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag as the main drivers of Growth Portfolio revenue growth.
Legacy Portfolio declined 4%: Legacy Portfolio revenue was $5.4 billion, down 4% (5% Ex-FX), as Eliquis demand gains were more than offset by generic impacts elsewhere in the portfolio.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	12,973	11,489	12,269	+12.9%	+5.7%
Cost of revenue	3,726	3,421	3,372	+8.9%	+10.5%
Gross profit	9,247	8,068	8,897	+14.6%	+3.9%
Gross margin	71.3%	70.2%	72.5%
Research and development	2,959	2,649	2,580	+11.7%	+14.7%
Selling, general and administrative	1,826	1,617	1,713	+12.9%	+6.6%
Operating income	4,086	3,239	1,773	+26.2%	+130.5%
Operating margin	31.5%	28.2%	14.5%
Interest expense	407	411	485	-1.0%	-16.1%
Pre-tax income	4,086	3,240	1,773	+26.1%	+130.5%
Income tax	770	561	460	+37.3%	+67.4%
Effective tax rate	18.8%	17.3%	25.9%
Net income	3,317	2,677	1,310	+23.9%	+153.2%
Net margin	25.6%	23.3%	10.7%
Diluted EPS	$1.62	$1.31	$0.64	+23.7%	+153.1%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	3,393	1,104	3,917	+207.3%	-13.4%
Capital expenditure	305	347	361	-12.1%	-15.5%
Free cash flow	3,088	757	3,556	+307.9%	-13.2%
Free cash flow margin	23.8%	6.6%	29.0%
Cash from investing	-1,614	-131	-473
Cash from financing	-2,630	-1,560	-1,836
Depreciation and amortisation	610	594	1,029	+2.7%	-40.7%
Share-based compensation	135	146	138	-7.5%	-2.2%
Dividends paid	1,287	1,283	1,262	+0.3%	+2.0%
Dividend per share	$0.63	$0.63	$0.62	0.0%	+1.6%
Diluted shares, weighted	2,048m	2,047m	2,038m	+0.0%	+0.5%
Shares outstanding at period end	2,043m	2,042m	2,035m	+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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	22,319	20,068	17,435	+11.2%	+28.0%
Non-controlling interest	0.0	34.0	54.0
Short-term borrowings	n/a	n/a	4,715
Debt	43,120	44,460	48,945	-3.0%	-11.9%
Operating lease liabilities	1,726	1,770	1,550	-2.5%	+11.4%
Other liabilities	20,469	20,144	21,977	+1.6%	-6.9%
Total liabilities and equity	87,634	86,476	94,676	+1.3%	-7.4%
Fixed assets	7,791	7,658	7,373	+1.7%	+5.7%
Goodwill	21,740	21,740	21,776	0.0%	-0.2%
Intangible assets	17,387	18,244	21,378	-4.7%	-18.7%
Investments	2,742	1,278	1,350	+114.6%	+103.1%
Cash and equivalents	8,722	9,574	12,599	-8.9%	-30.8%
Receivables	9,077	7,946	9,711	+14.2%	-6.5%
Inventory	2,737	2,756	2,737	-0.7%	0.0%
Other assets	17,438	17,280	17,752	+0.9%	-1.8%
Total assets	87,634	86,476	94,676	+1.3%	-7.4%

Questions

What was Bristol-Myers Squibb's revenue in Q2 FY2026?

Bristol-Myers Squibb (BMY) reported revenue of $13.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 5.7% on the same quarter a year earlier.

How much did Bristol-Myers Squibb earn in Q2 FY2026?

Net income for Q2 FY2026 was $3.3 billion, up 153.2% on the year, and diluted earnings per share $1.62.

When did Bristol-Myers Squibb report Q2 FY2026 results?

Bristol-Myers Squibb filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 30 July 2026.

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-Q for the period ended 30 June 2026, filed 30 July 2026: the filing.