Bristol-Myers Squibb Company stock research
FY2026 Q1
Bristol-Myers Squibb (BMY) Gross Margin & Quarterly History
Explore Bristol-Myers Squibb Company (BMY) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue declined at a faster rate, resulting in an improved gross margin. Versus the same quarter last year, revenue was higher but gross profit was slightly lower, with cost of revenue rising more than proportionally, leading to a weakened gross margin.
- The strongest observable margin driver is the change in cost of revenue relative to revenue. In the current quarter, cost of revenue declined more sharply than revenue compared to the prior quarter, which supported the gross margin improvement.
- Compared to the immediately preceding quarter, gross margin improved as cost of revenue fell faster than revenue. Compared to the same quarter one year earlier, gross margin weakened as cost of revenue increased at a higher rate than revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
70.2%
Gross profit
$8.1B
Revenue
$11.5B
Cost of revenue
$3.4B
Quarter-over-quarter change
+3.0 pts
Year-over-year change
-2.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $12.3B | $8.9B | $3.4B | 72.5% |
| Sep 30, 2025 | $12.2B | $8.8B | $3.4B | 71.9% |
| Dec 31, 2025 | $12.5B | $8.4B | $4.1B | 67.2% |
| Mar 31, 2026 | $11.5B | $8.1B | $3.4B | 70.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+3.0 pts
Year-over-year change
Mar 31, 2025
-2.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the change in cost of revenue relative to revenue. In the current quarter, cost of revenue declined more sharply than revenue compared to the prior quarter, which supported the gross margin improvement.
Compared to the immediately preceding quarter, gross margin improved as cost of revenue fell faster than revenue. Compared to the same quarter one year earlier, gross margin weakened as cost of revenue increased at a higher rate than revenue.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters, as its movement has been the primary factor behind gross margin changes.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Bristol-Myers Squibb Company (BMY) | 70.2% |