GILEAD SCIENCES, INC.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
GILD$170.87+0.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Operating Activities: | |||
| Net income | $8,510 | $480 | $5,613 |
| Adjustments to reconcile Net income to Net cash provided by operating activities: | |||
| Depreciation expense | 370 | 381 | 354 |
| Amortization expense | 2,390 | 2,386 | 2,339 |
| Stock-based compensation expense | 894 | 835 | 766 |
| Deferred income taxes | 160 | (1,844) | (962) |
| Net (gain) loss from equity securities | (451) | 274 | 167 |
| Acquired in-process research and development expenses | 1,024 | 4,663 | 1,155 |
| In-process research and development impairments | 590 | 4,180 | 50 |
| Other, net | 480 | 353 | 826 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (367) | 139 | 157 |
| Inventories | (1,036) | (426) | (842) |
| Prepaid expenses and other | (311) | (259) | 39 |
| Accounts payable | (132) | 290 | (347) |
| Income tax assets and liabilities, net | (2,108) | (732) | (1,768) |
| Accrued and other liabilities | 6 | 108 | 458 |
| Net cash provided by operating activities | 10,019 | 10,828 | 8,006 |
| Investing Activities: | |||
| Purchases of marketable debt securities | (3,939) | (244) | (1,930) |
| Proceeds from sales of marketable debt securities | 854 | 2,265 | 510 |
| Proceeds from maturities of marketable debt securities | 55 | 327 | 1,334 |
| Acquisitions, including in-process research and development, net of cash acquired | (1,070) | (4,840) | (1,152) |
| Purchases of equity securities | (133) | (492) | (442) |
| Purchases of property, plant and equipment | (563) | (523) | (585) |
| Other investing activities, net | 2 | 58 | (1) |
| Net cash used in investing activities | (4,793) | (3,449) | (2,265) |
| Financing Activities: | |||
| Proceeds from debt financing, net of issuance costs | — | 3,464 | 1,980 |
| Proceeds from issuances of common stock | 408 | 422 | 232 |
| Repurchases of common stock under repurchase programs | (1,922) | (1,150) | (1,000) |
| Repayments of debt and other obligations | (1,788) | (1,970) | (2,250) |
| Payments of dividends | (4,003) | (3,918) | (3,809) |
| Other financing activities, net | (440) | (281) | (279) |
| Net cash used in financing activities | (7,745) | (3,433) | (5,125) |
| Effect of exchange rate changes on cash and cash equivalents | 92 | (40) | 57 |
| Net change in cash and cash equivalents | (2,428) | 3,906 | 673 |
| Cash and cash equivalents at beginning of period | 9,991 | 6,085 | 5,412 |
| Cash and cash equivalents at end of period | $7,564 | $9,991 | $6,085 |
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