Bristol-Myers Squibb Company stock research
FY2025 Q3
Bristol-Myers Squibb (BMY) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both decreased slightly compared to the prior quarter, while cost of revenue was unchanged, resulting in a slightly lower gross margin. Compared to the same quarter one year earlier, revenue was higher but gross profit was unchanged, while cost of revenue increased, leading to a lower gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both decreased slightly compared to the prior quarter, while cost of revenue was unchanged, resulting in a slightly lower gross margin. Compared to the same quarter one year earlier, revenue was higher but gross profit was unchanged, while cost of revenue increased, leading to a lower gross margin.
- The strongest observable margin driver is the increase in cost of revenue relative to the year-ago quarter, which outpaced the growth in revenue and compressed gross margin.
- Gross margin weakened sequentially from the prior quarter and weakened more notably compared to the same quarter one year earlier.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
71.9%
Gross profit
$8.8B
Revenue
$12.2B
Cost of revenue
$3.4B
Quarter-over-quarter change
-0.6 pts
Year-over-year change
-3.2 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 |
|---|---|---|---|---|
| Dec 31, 2024 | $12.3B | $7.5B | $4.8B | 61.0% |
| Mar 31, 2025 | $11.2B | $8.2B | $3.0B | 72.9% |
| Jun 30, 2025 | $12.3B | $8.9B | $3.4B | 72.5% |
| Sep 30, 2025 | $12.2B | $8.8B | $3.4B | 71.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-0.6 pts
Year-over-year change
Sep 30, 2024
-3.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the increase in cost of revenue relative to the year-ago quarter, which outpaced the growth in revenue and compressed gross margin.
Gross margin weakened sequentially from the prior quarter and weakened more notably compared to the same quarter one year earlier.
Monitor the trajectory of cost of revenue relative to revenue, as its increase has been the primary factor in margin compression.