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Gilead Sciences cash flow, quarter by quarter

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

Free cash flow$4.8B in Q3 2026 · $13.8B over twelve months

Operating cash flow$5.0B
Capital spending−$237M
Free cash flow+$4.8B
Cash / net income2.1×
Cash conversion cycle121 days

Analysis

In Q3 2026, Gilead Sciences generated $5.0B of operating cash flow and spent $237M on capital projects, leaving free cash flow of $4.8B. That is $837M more than in Q3 2025 ($4.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $14.5B; the largest uses were acquisitions ($11.9B), dividends ($4.1B), buybacks ($1.4B); besides operations, cash came from other investing ($2.0B), net borrowing (+) / repaid (−) ($1.3B); the cash balance fell by $893M.

Operating cash flow was $5.0B against net income of $2.4B — 2.1× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$756M, payables +$254M, inventory −$252M.

Its cash conversion cycle was 121 days (receivables 56 + inventory 113 − payables 47).

Free cash flow

Gilead Sciences: free cash flow by quarterGilead Sciences: free cash flow by quarter$2.8BQ4 2024$1.7BQ1 2025$720MQ2 2025$4.0BQ3 2025$3.1BQ4 2025$2.4BQ1 2026$3.4BQ2 2026$4.8BQ3 2026
Operating cash flow less capital spending.
Gilead Sciences: operating cash flow against capital spendingGilead Sciences: operating cash flow against capital spendingOperating cash flowCapital spending$3.0B$147MQ4 2024$1.8B$104MQ1 2025$827M$107MQ2 2025$4.1B$147MQ3 2025$3.3B$205MQ4 2025$2.5B$117MQ1 2026$3.6B$140MQ2 2026$5.0B$237MQ3 2026
Latest (Q3 2026): Operating cash flow $5.0B, Capital spending $237M.

Capital allocation, year by year

Gilead Sciences: where the cash came from (up) and went (down), by fiscal yearGilead Sciences: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $11.4BFY2021: Net borrowing −$4.8BFY2021: Shares issued $169MFY2021: Capital spending −$579MFY2021: Acquisitions −$1.6BFY2021: Buybacks −$546MFY2021: Dividends −$3.6B$11.6BFY2021FY2022: Operating cash flow $9.1BFY2022: Net borrowing −$1.5BFY2022: Shares issued $309MFY2022: Capital spending −$728MFY2022: Acquisitions −$1.8BFY2022: Buybacks −$1.4BFY2022: Dividends −$3.7B$9.4BFY2022FY2023: Operating cash flow $8.0BFY2023: Net borrowing −$270MFY2023: Shares issued $232MFY2023: Capital spending −$585MFY2023: Acquisitions −$1.2BFY2023: Buybacks −$1.0BFY2023: Dividends −$3.8B$8.2BFY2023FY2024: Operating cash flow $10.8BFY2024: Net borrowing $1.5BFY2024: Shares issued $422MFY2024: Capital spending −$523MFY2024: Acquisitions −$4.8BFY2024: Buybacks −$1.1BFY2024: Dividends −$3.9B$12.7BFY2024FY2025: Operating cash flow $10.0BFY2025: Net borrowing −$1.8BFY2025: Shares issued $408MFY2025: Capital spending −$563MFY2025: Acquisitions −$1.1BFY2025: Buybacks −$1.9BFY2025: Dividends −$4.0B$10.4BFY2025
Over these 5 years operating cash flow totalled $49.3B; the largest uses were dividends ($19.0B) and acquisitions ($10.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.4B
Debt$26.2B
Net debt$19.8B
Due within a year$2.4B

Gilead Sciences funds itself: free cash flow was $13.8B over the last twelve months, and $6.4B of cash and investments stands against $26.2B of debt ($2.4B due within a year, 2.7× covered by cash).

Where the cash came from and went

Gilead Sciences: sources (+) and uses (−) of cash, Q3 2026Gilead Sciences: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$5.0BCash drawn (+) / kept (−)−$3.3BDividends−$1.0BBuybacks−$370MCapital spending−$237MOther financing−$187MShares issued$87.0MAcquisitions−$19.0MNet borrowing (+) / repaid (−)−$19.0MOther investing$12.0MExchange rates−$4.0M
Gilead Sciences: sources (+) and uses (−) of cash, TTM to Q3 2026Gilead Sciences: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$14.5BAcquisitions−$11.9BDividends−$4.1BOther investing$2.0BBuybacks−$1.4BNet borrowing (+) / repaid (−)$1.3BCash drawn (+) / kept (−)$893MOther financing−$779MCapital spending−$699MShares issued$294MExchange rates−$29.0MNot reconciled−$1.0M

From profit to cash

Gilead Sciences: net income to operating cash flow, Q3 2026Gilead Sciences: net income to operating cash flow, Q3 2026Net income$2.4BDepreciation & amortization$132MStock-based pay$234MDeferred taxes$202MOther non-cash$234MReceivables$52.0MInventory−$252MPayables$254MAccrued liabilities$756MIncome taxes payable$204MOperating cash flow$5.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265611347121
Q2 20265711138131
Q1 20266211542135
Q4 20255810143116
Q3 20255810641124
Q2 20255910940128
Q1 20255910146115
Q4 20245510451108

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$5.0B−$237M−$19.0M−$370M−$1.0B−$19.0M$87.0M−$3.3B$4.8B
Q2 2026$3.6B−$140M−$11.2B−$355M−$1.0B−$17.0M$9.0M$4.5B$3.4B
Q1 2026$2.5B−$117M−$109M−$419M−$1.0B−$2.8B$166M−$65.0M$2.4B
Q4 2025$3.3B−$205M−$609M−$230M−$994M−$8.0M$32.0M−$233M$3.1B
Q3 2025$4.1B−$147M−$167M−$435M−$1.0B−$9.0M$97.0M−$2.2B$4.0B
Q2 2025$827M−$107M−$21.0M−$527M−$994M−$9.0M$27.0M$2.8B$720M
Q1 2025$1.8B−$104M−$273M−$730M−$1.0B−$1.8B$252M$2.1B$1.7B
Q4 2024$3.0B−$147M−$75.0M−$350M−$973M$3.5B$173M−$5.0B$2.8B

Gilead Sciences: income statement and cash flow

Gilead Sciences, Q3 2026: revenue $8.3B (+7% year over year), operating margin 41.7%. The chart follows the revenue to costs, profit and cash.

Gilead Sciences: 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.