GILEAD SCIENCES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GILEAD SCIENCES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30,390	26,107	22,127	22,449	24,689	27,305	27,281	27,116	28,754	29,443
Cost of revenue	4,261	4,371	4,853	4,675	4,572	6,601	5,657	6,498	6,251	6,234
Gross profit	26,129	21,736	17,274	17,774	20,117	20,704	21,624	20,618	22,503	23,209
Research and development	5,098	3,734	5,018	9,106	4,927	4,601	4,977	5,718	5,907	5,799
Selling, general and administrative	3,398	3,878	4,056	4,381	5,151	5,246	5,673	6,090	6,091	5,774
Operating income	17,633	14,124	8,200	4,287	4,071	9,918	7,330	7,605	1,662	10,022
Interest expense	964	1,118	1,077	995	984	1,001	935	944	977	1,024
Other non-operating income	428	523	676	1,868	-1,418	-639	-581	198	6	798
Pre-tax income	17,097	13,529	7,799	5,160	1,669	8,278	5,814	6,859	690	9,796
Income tax	3,609	8,885	2,339	-204	1,580	2,077	1,248	1,247	211	1,286
Net income to minority interests	-13	16	5	-22	-34	-24	-26	-52	0	0
Net income	13,501	4,628	5,455	5,386	123	6,225	4,592	5,665	480	8,510
EBITDA	17,810	14,357	8,426	4,542	4,359	10,247	7,653	7,959	2,043	10,392
EPS, basic	10.08	3.54	4.20	4.24	0.10	4.96	3.66	4.54	0.38	6.84
EPS, diluted	9.94	3.51	4.17	4.22	0.10	4.93	3.64	4.50	0.38	6.78
Shares, basic (weighted)	1,339	1,307	1,298	1,270	1,257	1,256	1,255	1,248	1,247	1,244
Shares, diluted (weighted)	1,358	1,319	1,308	1,277	1,263	1,262	1,262	1,258	1,255	1,255
Dividend per share	1.84	2.08	2.28	2.52	2.72	2.84	2.92	3.00	3.08	3.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8,229	7,588	17,940	11,631	5,997	5,338	5,412	6,085	9,991	7,564
Short-term investments	3,666	17,922	12,149	12,721	1,411	1,182	973	1,179	0	68
Receivables	4,514	3,851	3,327	3,582	4,892	4,493	4,777	4,660	4,420	4,913
Inventory	1,587	801	814	922	1,683	1,618	1,507	1,787	1,710	1,774
Other current assets	1,062	1,661	1,606	1,440	2,013	2,141	1,774	2,374	3,052	4,024
Total current assets	19,588	31,823	35,836	30,296	15,996	14,772	14,443	16,085	19,173	18,342
Property, plant and equipment	2,865	3,295	4,006	4,502	4,967	5,121	5,475	5,317	5,414	5,606
Lease right-of-use assets				668	646	542	505	581	515	532
Goodwill	1,172	4,159	4,117	4,117	8,108	8,332	8,314	8,314	8,314	8,314
Intangible assets	8,971	17,100	15,738	13,786	33,126	33,455	28,894	26,454	19,948	16,978
Long-term investments	20,485	11,184	1,423	1,488	502	1,309	1,245	1,163	0	2,974
Other non-current assets	3,896	2,722	2,555	7,438	5,708	4,963	4,800	4,792	3,769	4,845
Total assets	56,977	70,283	63,675	61,627	68,407	67,952	63,171	62,125	58,995	59,023
Accounts payable	1,206	814	790	713	844	705	905	550	833	715
Accrued liabilities	2,991	3,370	3,139	3,074	4,336	6,145	1,018	1,201	1,228	1,298
Deferred revenue	202
Short-term debt	0	2,747	2,748	2,499	2,757	1,516	2,273	1,798	1,815	2,807
Total current liabilities	9,218	11,635	10,605	9,759	11,397	11,610	11,237	11,280	12,004	11,813
Long-term debt	26,346	30,795	24,574	22,094	28,645	25,179	22,957	23,189	24,896	22,129
Lease liabilities				626	608	489	467	546	498	503
Other non-current liabilities	297	558	1,040	1,009	1,214	976	1,179	1,280	1,295	1,165
Total liabilities	37,614	49,782	42,141	38,977	50,186	46,888	41,962	39,376	39,749	36,405
Total debt	26,346	33,542	27,322	24,593	31,402	26,695	25,229	24,987	26,710	24,937
Paid-in capital	454	1,264	2,282	3,051	3,880	4,661	5,550	6,500	7,700	8,932
Retained earnings	18,154	19,012	19,024	19,388	14,381	16,324	15,687	16,304	11,497	13,730
Other comprehensive income	278	165	80	85	-60	83	2	28	132	39
Shareholders' equity	18,887	20,442	21,387	22,525	18,202	21,069	21,240	22,833	19,330	22,703
Minority interests	476	59	147	125	19	-5	-31	-84	-84	-84
Total equity	19,363	20,501	21,534	22,650	18,221	21,064	21,209	22,749	19,246	22,618
Total liabilities and equity	56,977	70,283	63,675	61,627	68,407	67,952	63,171	62,125	58,995	59,023
Shares outstanding	1,310	1,308	1,282	1,266	1,254	1,254	1,247	1,246	1,246	1,241

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13,488	4,644	5,460	5,364	89	6,201	4,566	5,613	480	8,510
Depreciation and amortization	177	233	226	255	288	329	323	354	381	370
Stock-based compensation	380	638	845	636	643	635	637	766	835	894
Deferred income tax					-214	-116	-1,552	-962	-1,844	160
Change in receivables	1,192	754	480	-218	-1,171	313	-406	157	139	-367
Change in inventory	-488	-253	-310	-95	-195	11	-310	-842	-426	-1,036
Change in payables	47	-430	-39	-61	80	-118	226	-347	290	-132
Cash from operations	17,047	11,898	8,400	9,144	8,168	11,384	9,072	8,006	10,828	10,019
Capital expenditures	-748	-590	-924	-825	-650	-579	-728	-585	-523	-563
Acquisitions	0	-10,426	0	-4,251	-25,920	-1,584	-1,797	-1,152	-4,840	-1,070
Purchases of investments	-25,619	-23,314	-10,233	-30,455	-20,315	-3,517	-1,770	-1,930	-244	-3,939
Sales and maturities of investments	1,700	7,821	24,336	22,398	9,479	2,180	1,590	1,334	327	55
Cash from investing	-11,985	-16,069	14,355	-7,817	-14,615	-3,131	-2,466	-2,265	-3,449	-4,793
Debt issued						0	0
Debt repaid	-1,981	-1,811	-6,250	-2,750	-2,500	-4,750	-1,500	-2,250	-1,970	-1,788
Stock issued	208	234	289	209	256	169	309	232	422	408
Share buybacks	-11,001	-954	-2,900	-1,749	-1,583	-546	-1,396	-1,000	-1,150	-1,922
Dividends paid	-2,455	-2,731	-2,971	-3,222	-3,449	-3,605	-3,709	-3,809	-3,918	-4,003
Cash from financing	-9,725	3,393	-12,318	-7,634	770	-8,877	-6,469	-5,125	-3,433	-7,745
Exchange rate effect	41	137	-85	-2	43	-35	-63	57	-40	92
Net change in cash	-4,622	-641	10,352	-6,309	-5,634	-659	74	673	3,906	-2,428
Free cash flow	16,299	11,308	7,476	8,319	7,518	10,805	8,344	7,421	10,305	9,456
Interest paid	885	1,038	1,070	982	951	979	907	891	951	1,036
Income taxes paid	2,436	3,342	3,198	1,793	2,639	2,509	3,136	3,990	2,779	3,215

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $150.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	79.6%	Gross profit / revenue.
Operating margin	-8.2%	Operating income / revenue.
EBITDA margin	-7.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.4%	Pre-tax income / revenue.
Net margin	-10.6%	Net income / revenue.
FCF margin	42.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	44.5%	Cash from operations / revenue.
Return on equity (ROE)	-27.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.6%	Net income / average total assets.
Return on invested capital (ROIC)	-5.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	19.9%	Research and development expense / revenue.
SG&A / revenue	21.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	503.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	408.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,673.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	133.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1,684.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	23.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	132.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-8.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.27x	Current assets / current liabilities.
Quick ratio	0.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.2%	Total debt / total assets.
Liabilities / assets	76.2%	Total liabilities / total assets.
Net debt	$23.07B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.50x	Operating income / interest expense.
Working capital	$2.93B	Current assets - current liabilities.
Goodwill and intangibles / assets	45.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$10.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	5.22x	Revenue / average property, plant and equipment.
Inventory turnover	3.18x	Cost of revenue / average inventory.
Days inventory	115 days	365 x average inventory / cost of revenue.
Receivables turnover	6.03x	Revenue / average receivables.
Days sales outstanding	61 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	136 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	4.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.50	Revenue / diluted weighted shares.
FCF per share	$10.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.90	Cash from operations / diluted weighted shares.
Book value per share	$9.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.47	Tangible book value / shares outstanding.
Cash per share	$2.56	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	31.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	11.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$187.15B	Share price x shares outstanding.
Enterprise value	$210.21B	Market cap + total debt - cash - short-term investments.
P/S	6.14x	Market cap / revenue.
P/B	15.8x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	14.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.8x	Market cap / cash from operations, when positive.
EV/Sales	6.90x	Enterprise value / revenue.
EV/FCF	16.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.9%	Free cash flow / market cap.
Earnings yield	-1.7%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.

What was GILEAD SCIENCES, INC.'s revenue in fiscal 2025?

GILEAD SCIENCES, INC. reported revenue of $29.44B for fiscal 2025, 2.4% higher than the year before.

Was GILEAD SCIENCES, INC. profitable in fiscal 2025?

Yes. Net income was $8.51B, a net margin of 28.9%.

How much free cash flow did GILEAD SCIENCES, INC. generate in fiscal 2025?

Cash from operations of $10.02B minus capital expenditures of $563.0M left free cash flow of $9.46B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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