Bristol-Myers Squibb (BMY) 10-K Summaries & Annual Filing History
Review Bristol-Myers Squibb Company (BMY) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Bristol-Myers Squibb reported a stable revenue and a positive net income for the fiscal year. Operating cash flow remained strong, supporting the company's liquidity.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$48.2B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$7.1B
Net income reported for the year.
Operating cash flow
$14.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $46.2B | -0.5% |
| Dec 31, 2023 | $45B | -2.5% |
| Dec 31, 2024 | $48.3B | +7.3% |
| Dec 31, 2025 | $48.2B | -0.2% |
Business overview
The company is a biopharmaceutical firm engaged in the discovery, development, and commercialization of medicines. It relies on research and development, intellectual property, and strategic alliances. It faces competition and pricing constraints in regulated markets.
Financial performance
Revenue was approximately flat compared to the prior year, while net income and operating cash flow were both positive. The company's financial performance reflects its ongoing operations.
Material risks
The filing identifies risks from competition, pricing constraints, and government regulation. Additionally, product exclusivity and intellectual property are key areas of concern.
Liquidity and capital
The company has a net debt position but believes its cash, cash equivalents, and operating cash flow are sufficient to meet near-term needs. It regularly evaluates its capital structure for dividends, share repurchases, and acquisitions.
What to watch
Investors should monitor the impact of product exclusivity expirations on future revenue.