Bristol-Myers Squibb Company

NYSE-BMY

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	2,195	1,313	2,462	76	1,215	1,684
Net Earnings
Depreciation & Amortization	1,011	1,011	1,012	1,880	2,592	2,596
Depreciation and Amortization, Net
Stock Based Compensation	139	137	144	120	129	125
Stock-Based Compensation
Other Adjustments	-89	1,441	207	1,087	-52	292
Deferred Income Taxes
Impairment Charges
Pension Settlements and Amortization
Divestiture Gains and Royalties
Asset Acquisition Charges
Acquired IPRD
Equity Investment Gains, Net
Contingent Consideration Fair Value Adjustments
Other Adjustments
Changes in Trade Receivables	155	-484	15	143	661	-1,019
Change in Receivables
Changes in Inventories	-90	4	-169	175	-218	-225
Change in Inventories
Changes in Accounts Payable	160	13	-85	517	-374	-259
Change in Accounts Payable
Changes in Income Taxes Payable	887	-621	54	121	-348	-1,943
Change in Income Taxes Payable
Changes in Unearned Revenue	—	—	—	—	—	—
Deferred Income
Changes in Other Operating Activities	1,943	1,103	-1,686	320	1,986	1,075
Change in Rebates and Discounts
Other
Change in Other Operating Assets and Liabilities
Cash from Operating Activities	6,311	3,917	1,954	4,439	5,591	2,326
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-320	-361	-260	-378	-324	-262
Capital Expenditures
Purchases of Investments	-665	-621	-636	-371	-40	-84
Purchase of Marketable Debt Securities
Proceeds from Sale of Investments	878	530	232	267	340.5	130
Sale and Maturities of Marketable Debt Securities
Proceeds from Sales of Equity Investments
Payments for Business Acquisitions	-1,874	-285	-78	-47	-348	-1,373
Acquisition and Other Payments, Net of Cash Acquired
Proceeds from Business Divestments	279	270	243	333	255	270
Divestiture and Other Proceeds
Cash from Investing Activities	-1,702	-473	-499	-196	-219	-1,319
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	—	—	1,493.5
Proceeds from Issuance of Short-Term Debt Obligations
Repayments of Short-Term Debt	—	—	—	-134.5	-269	-2,731
Repayments of Short-Term Debt Obligations
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	-134.5	-269	-1,237.5
Issuance of Long-Term Debt	—	—	—	—	—	6,441.5
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	-229	-643	—	-1,239	-2,478	-395
Repayments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-229	-643	—	-1,239	-2,478	6,046.5
Issuance of Common Shares	-3	11	-103	-19	16	-6
Stock Option Proceeds and Other, Net
Repurchases of Common Shares	—	—	—	—	—	—
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	-3	11	-103	-19	16	-6
Common Share Dividends Paid	-1,263	-1,262	-1,258	-1,218	-1,216	-1,217
Dividends
Other Financing Activities	5	58	368	-405	95	326
Short-Term Debt Obligations, Net
Other Short-Term Financing Obligations, Net
Interest Rate Swap Contract Terminations
Other
Cash from Financing Activities	-1,490	-1,836	-993	-1,642	-3,852	-4,023
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	5,991	3,556	1,694	4,061	5,267	2,064
NOPAT	2,118.9	1,678.1	2,742.1	208.5	1,384.6	2,041.5
Levered Free Cash Flow	5,563	1,816	1,322	1,333.5	1,778	7,471
Unlevered Free Cash Flow	5,709.9	2,827.1	1,608.1	2,843.5	4,698.6	3,023.5
Net Change in Cash	3,119	1,608	462	2,601	1,520	-3,016