Bristol-Myers Squibb Company stock research
FY2025 Q4
Bristol-Myers Squibb (BMY) Gross Margin — Quarter Ended Dec 31, 2025
Revenue was higher than both the prior quarter and the same quarter a year earlier. Gross profit improved year over year but declined sequentially, while cost of revenue increased from the prior quarter and decreased from a year ago, resulting in a gross margin that weakened from the previous quarter but strengthened compared with the same quarter last year.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue was higher than both the prior quarter and the same quarter a year earlier. Gross profit improved year over year but declined sequentially, while cost of revenue increased from the prior quarter and decreased from a year ago, resulting in a gross margin that weakened from the previous quarter but strengthened compared with the same quarter last year.
- The gross margin improved notably compared with the same quarter one year earlier, driven by a lower cost of revenue relative to revenue. The sequential decline in gross margin was accompanied by a larger increase in cost of revenue than in revenue.
- Compared with the immediately preceding quarter, revenue was higher but gross profit was lower, and cost of revenue was higher, leading to a weakened gross margin. Versus the same quarter one year earlier, revenue, gross profit, and gross margin were all higher, while cost of revenue was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
67.2%
Gross profit
$8.4B
Revenue
$12.5B
Cost of revenue
$4.1B
Quarter-over-quarter change
-4.7 pts
Year-over-year change
+6.2 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $12.5B | $8.4B | $4.1B | 67.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-4.7 pts
Year-over-year change
Dec 31, 2024
+6.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved notably compared with the same quarter one year earlier, driven by a lower cost of revenue relative to revenue. The sequential decline in gross margin was accompanied by a larger increase in cost of revenue than in revenue.
Compared with the immediately preceding quarter, revenue was higher but gross profit was lower, and cost of revenue was higher, leading to a weakened gross margin. Versus the same quarter one year earlier, revenue, gross profit, and gross margin were all higher, while cost of revenue was lower.
Monitor the sequential increase in cost of revenue relative to revenue, as it was the primary factor behind the gross margin decline from the prior quarter.