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Bristol Myers Squibb cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.8B in Q3 2026 · $9.3B over twelve months

Operating cash flow$4.2B
Capital spending−$344M
Free cash flow+$3.8B
Cash / net income1.9×
Cash conversion cycle27 days

Analysis

In Q3 2026, Bristol Myers Squibb generated $4.2B of operating cash flow and spent $344M on capital projects, leaving free cash flow of $3.8B. That is $2.2B less than in Q3 2025 ($6.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $10.7B; the largest uses were net borrowing (+) / repaid (−) ($12.0B), dividends ($5.1B), acquisitions ($3.0B); besides operations, cash came from other financing ($5.7B), asset & business sales ($797M); the cash balance fell by $6.2B.

Operating cash flow was $4.2B against net income of $2.2B — 1.9× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities −$734M, depreciation & amortization +$626M, deferred taxes −$510M.

Its cash conversion cycle was 27 days (receivables 64 + inventory 60 − payables 97).

Free cash flow

Bristol Myers Squibb: free cash flow by quarterBristol Myers Squibb: free cash flow by quarter$4.1BQ4 2024$1.7BQ1 2025$3.6BQ2 2025$6.0BQ3 2025$1.6BQ4 2025$757MQ1 2026$3.1BQ2 2026$3.8BQ3 2026
Operating cash flow less capital spending.
Bristol Myers Squibb: operating cash flow against capital spendingBristol Myers Squibb: operating cash flow against capital spendingOperating cash flowCapital spending$4.4B$378MQ4 2024$2.0B$260MQ1 2025$3.9B$361MQ2 2025$6.3B$320MQ3 2025$2.0B$370MQ4 2025$1.1B$347MQ1 2026$3.4B$305MQ2 2026$4.2B$344MQ3 2026
Latest (Q3 2026): Operating cash flow $4.2B, Capital spending $344M.

Capital allocation, year by year

Bristol Myers Squibb: where the cash came from (up) and went (down), by fiscal yearBristol Myers Squibb: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $16.2BFY2021: Net borrowing −$6.2BFY2021: Asset sales $748MFY2021: Capital spending −$973MFY2021: Acquisitions −$1.6BFY2021: Buybacks −$6.3BFY2021: Dividends −$4.4B$17.0BFY2021FY2022: Operating cash flow $13.1BFY2022: Net borrowing −$5.3BFY2022: Asset sales $1.2BFY2022: Capital spending −$1.1BFY2022: Acquisitions −$4.3BFY2022: Buybacks −$8.0BFY2022: Dividends −$4.6B$14.2BFY2022FY2023: Operating cash flow $13.9BFY2023: Net borrowing $456MFY2023: Asset sales $858MFY2023: Capital spending −$1.2BFY2023: Acquisitions −$1.2BFY2023: Buybacks −$5.2BFY2023: Dividends −$4.7B$15.2BFY2023FY2024: Operating cash flow $15.2BFY2024: Net borrowing $10.0BFY2024: Asset sales $1.1BFY2024: Capital spending −$1.2BFY2024: Acquisitions −$21.8BFY2024: Dividends −$4.9B$26.2BFY2024FY2025: Operating cash flow $14.2BFY2025: Net borrowing −$5.2BFY2025: Asset sales $1.1BFY2025: Capital spending −$1.3BFY2025: Acquisitions −$3.9BFY2025: Dividends −$5.0B$15.3BFY2025
Over these 5 years operating cash flow totalled $72.5B; the largest uses were acquisitions ($32.8B) and dividends ($23.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.6B
Debt$43.6B
Net debt$31.1B
Due within a year$2.0B

Bristol Myers Squibb funds itself: free cash flow was $9.3B over the last twelve months, and $12.6B of cash and investments stands against $43.6B of debt ($2.0B due within a year, 6.3× covered by cash).

Bristol Myers Squibb: debt maturities by year (FY2025)Bristol Myers Squibb: debt maturities by year (FY2025)$2.0BYear 1$2.0BYear 2$544MYear 3$2.2BYear 4$2.1BYear 5
Principal due in each year as disclosed in the annual report, against $12.6B of cash and investments now.

Where the cash came from and went

Bristol Myers Squibb: sources (+) and uses (−) of cash, Q3 2026Bristol Myers Squibb: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.2BDividends−$1.3BAcquisitions−$1.1BCash drawn (+) / kept (−)−$852MOther investing−$650MCapital spending−$344MOther financing$66.0MExchange rates−$3.0MAsset & business sales$2.0MNet borrowing (+) / repaid (−)−$1.0M
Bristol Myers Squibb: sources (+) and uses (−) of cash, TTM to Q3 2026Bristol Myers Squibb: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$12.0BOperating cash flow$10.7BCash drawn (+) / kept (−)$6.2BOther financing$5.7BDividends−$5.1BAcquisitions−$3.0BOther investing−$1.8BCapital spending−$1.4BAsset & business sales$797MExchange rates−$56.0M

From profit to cash

Bristol Myers Squibb: net income to operating cash flow, Q3 2026Bristol Myers Squibb: net income to operating cash flow, Q3 2026Net income$2.2BDepreciation & amortization$626MStock-based pay$138MDeferred taxes−$510MGains on investments$26.0MOther non-cash−$1.0MReceivables−$95.0MInventory$133MPayables$252MAccrued liabilities−$734MIncome taxes payable$195MOther operating capital$442MOperating cash flow$4.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202664609727
Q2 2026606710224
Q1 2026697210338
Q4 202571618844
Q3 2025737413016
Q2 2025707312715
Q1 2025737711337
Q4 202468566857

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$4.2B−$344M−$1.1B−$1.3B−$1.0M−$852M$3.8B
Q2 2026$3.4B−$305M−$91.0M−$1.3B−$1.4B$861M$3.1B
Q1 2026$1.1B−$347M−$65.0M−$1.3B−$179M$635M$757M
Q4 2025$2.0B−$370M−$1.7B−$1.3B−$4.7B$5.5B$1.6B
Q3 2025$6.3B−$320M−$1.9B−$1.3B−$229M−$3.1B$6.0B
Q2 2025$3.9B−$361M−$285M−$1.3B−$585M−$1.7B$3.6B
Q1 2025$2.0B−$260M−$78.0M−$1.3B$368M−$528M$1.7B
Q4 2024$4.4B−$378M−$47.0M−$1.2B−$405M−$2.5B$4.1B

Bristol Myers Squibb: income statement and cash flow

Bristol Myers Squibb, Q3 2026: revenue $13.1B (+7% year over year), operating margin 19.4%. The chart follows the revenue to costs, profit and cash.

Bristol Myers Squibb: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.