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Bristol Myers Squibb (BMY) stock

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NYSE: BMY NYSE Pharmaceuticals Next results ~February 4, 2027

B Fundamentals grade

Bristol Myers Squibb is a biopharmaceutical company that researches, develops, manufactures and sells prescription medicines. Its key marketed products include Eliquis, Opdivo, Opdivo Qvantig, Orencia, Reblozyl and Yervoy, alongside Revlimid (lenalidomide). It is also developing newer treatment types such as CAR-T cell therapies and radiopharmaceutical therapeutics.

The company derives most of its revenue and earnings from this group of key products, whose commercial value is concentrated in each medicine's period of market exclusivity. In the United States, most products reach patients through wholesalers, with pharmacy chains, pharmacy benefit managers and commercial and government payers shaping coverage and reimbursement. It also earns royalties from out-licensed intellectual property and related arrangements, including royalties tied to Keytruda, Tecentriq and a patent settlement with Merck, several of which are set to end in 2026.

Bristol Myers Squibb operates internationally, selling in the United States, European Union member states and other countries, and is subject to tax and regulation across these jurisdictions. Under a US Government Agreement, it expects certain tariff relief until January 2029.

Based on Bristol Myers Squibb's 10-K filed February 11, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Cash-flow model

Base case. Range ~$72–$140 across our lower- and higher-growth cases (-1.1%–8.9% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 64% above it.

Price used: $61.73, November 3, 2026

Bristol Myers Squibb valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Bristol Myers Squibb files

10-Q filed October 29: Bristol Myers Squibb

Model value +2.5%

Bristol Myers Squibb's revenue reached $50.0bn in the twelve months to September 2026, up 4.2% on a year earlier and an acceleration from the 3.1% growth seen a quarter earlier. Free-cash-flow margin, however, slipped sharply to 18.6%, down from 31.9% a year earlier. Despite that decline, the fundamentals grade improves from C+ to B. Meanwhile, our model value climbs from $99.04 to $102 a share, well above the current share price of $62.48. The rating remains Buy.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Bristol Myers Squibb

Bristol Myers Squibb's trailing twelve-month revenue to June 2026 reached $50.0bn, up 4.2% on the year, an acceleration from the 3.1% growth recorded a quarter earlier. Margins told a different story, though. Free-cash-flow margin dropped sharply to 18.6%, down from 31.9% a year earlier. Despite this, our model value held broadly steady at $99.04 a share. That figure sits well above the current share price of $60.57, leaving a wide gap between our estimate of worth and where the market has it priced. Given this, the rating remains unchanged at Buy.

10-Q on SEC EDGAR

Where Bristol Myers Squibb stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $49.2bn, up 3.1% on a year earlier, faster than 1.8% a quarter earlier. Free-cash-flow margin fell to 23.3% from 30.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $93.64 a share, against a share price of $61.34. At that price, our model says the market is pricing in cash flow shrinking about 2.9% a year for five years, slower than the 1.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Bristol Myers Squibb's trailing-twelve-month revenue grew 4.2% year on year, with a free-cash-flow margin of 18.6%. Where it stands out: net margin of 18.5% ranks 11 of 75 pharmaceuticals companies we cover. Where it lags: long-term debt as % of assets of 47.1% ranks 43 of 53 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$100 per share in the base case (~$72–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 39.3% while net income grew 53.1%: a 92pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $63.02 is 61% below our value per share of $100.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 47.1% ranks 43 of 53 pharmaceuticals companies we cover (median 23.8%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.35 against an average estimate of $1.17: beat by 14.9%
Revenue
$13.07bn, up 6.9% on a year earlier
Share reaction
+3.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
non-GAAP revenue guidance $49.75bn to $50.25bn (full-year); other income/(expense) $650m (full-year)
Next report
October 29, 2026; average EPS estimate $1.54

Bristol Myers Squibb's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week+0.3%
  • 1 month+0.9%
  • This year+22.0%
  • 1 year+40.1%
  • 5 years+28.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$50B
Net margin
18.5%
EPS (TTM, diluted)
$4.52

Growth

Revenue growth
+4.2%
Change in growth rate
+1.1 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
$9.3B
FCF margin
18.6%
Stock pay % of revenue
1.1%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bristol Myers Squibb valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 4.8% a year for five years.That is slower than the 1.5% a year revenue growth Bristol Myers Squibb has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-4.8%
  • Last 12 months4.2%
  • 3 years a year3.6%
  • 5 years a year1.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($61.73, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$100
Price used
$61.73close November 3, 2026
Implied change
▲ +64%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Bristol Myers Squibb's free cash flow after stock-based pay with after-tax interest added back ($14.1B, FY2026 Q3 TTM), growing -0.3% and 1.4% in the next two years (forecasts, guidance and its record), then back to 3.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$72–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Bristol Myers Squibb's free cash flow after stock-based pay ( $14.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Bristol Myers Squibb as an operating company, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$100 ~$72–$140 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$59 ~$61–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$24 ~$19–$30 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$28 ~$24–$32 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$63 ~$24–$100 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bristol Myers Squibb with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▼ −43%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $84$119$166$228$309$413
8.5% $61$86$120$165$222$296
10% $47$67$93$127$170$227

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$47.33$40.95$44.10$38.42$49.07$49.27$50.69$60.31$44.55$51.59$51.64$63.02
Market value$79.5bn$68.8bn$72.9bn$62.9bn$84.0bn$111.3bn$113.8bn$129.4bn$92.6bn$104.6bn$105.3bn$129.0bn
+ Net debt (− = net cash)$4.3bn$2.5bn$2.5bn$1.7bn$37.1bn$38.1bn$35.3bn$34.1bn$31.2bn$41.1bn$36.9bn$34.1bn
Enterprise value$83.8bn$71.3bn$75.4bn$64.6bn$121.2bn$149.4bn$149.1bn$163.5bn$123.7bn$145.7bn$142.2bn$163.1bn
Multiples
Price / sales 4.8x3.5x3.5x2.8x3.2x2.6x2.5x2.8x2.1x2.2x2.2x2.6x
Price / earnings 50.8x15.4x72.4x12.8x24.4x—16.3x20.5x11.5x—14.9x14.0x
Price / free cash flow 61.8x37.3x17.3x10.3x11.4x8.4x7.5x10.8x7.3x7.5x8.2x13.9x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

77 /100

Strong moat

How hard Bristol Myers Squibb's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 28.2% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 71.5%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Net margin has been a median 13.4%; its worst year was -15.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 28.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.8% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.54 +6% $50.1bn +4%
Next $6.62 +1% $48.6bn −3%

Next year's EPS estimate has moved +2.3% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −5.2% on 90 days ago. In the last 30 days, 1 analyst raised Bristol Myers Squibb's forecast and 8 cut it.

Consensus EPS forecast Bristol Myers Squibb, last 90 days
$6.40 $6.60 $6.80 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.90 Current fiscal year, 60 days ago: $6.95 Current fiscal year, 30 days ago: $6.95 Current fiscal year, 7 days ago: $6.57 Current fiscal year, Now: $6.54 $6.54 Next fiscal year, 90 days ago: $6.47 Next fiscal year, 60 days ago: $6.56 Next fiscal year, 30 days ago: $6.56 Next fiscal year, 7 days ago: $6.61 Next fiscal year, Now: $6.62 $6.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.90$6.47
60 days ago $6.95$6.56
30 days ago $6.95$6.56
7 days ago $6.57$6.61
Now $6.54$6.62

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.17 $1.35 +14.9%
Jun 2026 $1.60 $2.04 +27.7%
Mar 2026 $1.42 $1.58 +11.2%
Dec 2025 $1.20 $1.26 +4.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • non-GAAP revenue guidance full-year $49.75bn to $50.25bn Non-GAAP Raised
    “Bristol Myers Squibb is increasing its full-year, non-GAAP revenue guidance from a range of approximately $49.0 billion to $50.0 billion to a range of approximately $49.75 billion to $50.25 billion.” source
  • Non-GAAP EPS 2026 $6.35 to $6.55 Non-GAAP Lowered
    “Non-GAAP EPS is being updated to an anticipated range of $6.35 - $6.55, which is inclusive of a $(0.60) impact from Acquired IPRD and licensing income.” source
  • Gross Margin % 2026 69% to 70% Non-GAAP Maintained
    “Gross Margin % ~69% - 70% No change” source
  • Other income/(expense) full-year about $650m Non-GAAP Lowered
    “Full-year other income/(expense) is now expected to be ~$650 million of expense, due to favorable net interest.” source
  • Operating Expenses 2026 about $16.5bn Non-GAAP Maintained
    “Operating Expenses 3 ~$16.5 billion No change” source
  • Effective tax rate 2026 about 18% Non-GAAP Maintained
    “Effective tax rate ~18% No change” source
Show 1 more item
  • 2026 WW Revenue Growth · Eliquis 2026 20% growth to 25% growth Maintained
    “2026 WW Revenue Growth* 20% - 25% No change” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Bristol Myers Squibb's revenue by -0.3% next year and +1.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-2.1%, weight 70%) and the company's own record (+3.9%, weight 30%) . How the weights are set.

Analyst recommendations

27 analysts, Oct 2026
Buy1037%
Hold1659%
Sell14%

Monthly trend

  1. Oct 2026461627
  2. Sep 2026371728
  3. Aug 2026371728
  4. Jul 2026361828

Counts of recommendations published by analysts covering Bristol Myers Squibb, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
3.5
at average volume
Short interest, 1 month
+19%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
0.1%
of shares
Employees
32,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +42.9%

$44.11 on October 31, 2025 to $63.02

ThenNowEffect
Revenue (last 12 months) $47.7bn $49.2bn +3.1%
Net margin 10.6% 18.9% +78.3%
P/E multiple 17.8x 13.9x −21.9%
Share count 2034m 2043m −0.5%

Biggest factor: net margin.

Last 3 years +37.4%

$45.86 on November 3, 2023 to $63.02

ThenNowEffect
Revenue (last 12 months) $45.2bn $49.2bn +8.8%
Net margin 17.6% 18.9% +7.1%
P/E multiple 12.2x 13.9x +13.6%
Share count 2122m 2043m +3.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BMY+3%+19%−26%+16%+0%+22%
Industry peers (median)−20%−52%−13%−2%+9%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BMY42%75%25%67%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BMY−22%−16%−33%−26%−30%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 48% from December 2, 2022 to July 3, 2024. Getting back needed a 91% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$43.65 – $67.39
From 52-week high
−6.5%
vs 50-day average
+1.1%
vs 200-day average
+7.0%
Volatility (1 year)
28%
Beta vs S&P 500
0.22

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.5%
After a week
7 up, 4 down
typical move ±4.7%
After a month
8 up, 3 down
typical move ±7.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +3.2% −2.1% — —
July 30, 2026 +3.5% +2.4% +1.7% +5.5%
April 30, 2026 +1.1% +1.3% −2.3% −4.6%
February 5, 2026 +7.6% +0.6% +3.9% +5.2%
October 30, 2025 +8.1% −0.8% +9.5% +15.4%
July 31, 2025 −3.8% −2.0% −1.3% +2.6%
April 24, 2025 −1.3% +2.8% +2.2% −3.5%
February 6, 2025 −4.8% −0.6% −6.3% +5.7%
October 31, 2024 +3.2% −1.5% +3.9% +13.8%
July 26, 2024 +8.2% +1.2% +7.7% +6.6%
April 25, 2024 −8.2% +0.6% −10.6% −15.6%
February 2, 2024 −1.4% +0.7% +2.3% +6.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Bristol Myers Squibb’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.21× the last 60 days’ realised volatility , richer than 60% of the 175 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Bristol Myers Squibb in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Bristol Myers Squibb
$44B $46B $48B $50B $52B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $45B Revenue (TTM), FY24 Q1: $45.5B Revenue (TTM), FY24 Q2: $46.5B Revenue (TTM), FY24 Q3: $47.4B Revenue (TTM), FY24 Q4: $48.3B Revenue (TTM), FY25 Q1: $47.6B Revenue (TTM), FY25 Q2: $47.7B Revenue (TTM), FY25 Q3: $48B Revenue (TTM), FY25 Q4: $48.2B Revenue (TTM), FY26 Q1: $48.5B Revenue (TTM), FY26 Q2: $49.2B Revenue (TTM), FY26 Q3: $50B $50B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $45B
FY24 Q1 $45.5B
FY24 Q2 $46.5B
FY24 Q3 $47.4B
FY24 Q4 $48.3B
FY25 Q1 $47.6B
FY25 Q2 $47.7B
FY25 Q3 $48B
FY25 Q4 $48.2B
FY26 Q1 $48.5B
FY26 Q2 $49.2B
FY26 Q3 $50B
Revenue growth, TTM YoY Bristol Myers Squibb
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -2.5% Revenue growth, TTM YoY, FY24 Q1: -0.7% Revenue growth, TTM YoY, FY24 Q2: 2.9% Revenue growth, TTM YoY, FY24 Q3: 5.6% Revenue growth, TTM YoY, FY24 Q4: 7.3% Revenue growth, TTM YoY, FY25 Q1: 4.6% Revenue growth, TTM YoY, FY25 Q2: 2.6% Revenue growth, TTM YoY, FY25 Q3: 1.3% Revenue growth, TTM YoY, FY25 Q4: -0.2% Revenue growth, TTM YoY, FY26 Q1: 1.8% Revenue growth, TTM YoY, FY26 Q2: 3.1% Revenue growth, TTM YoY, FY26 Q3: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -2.5%
FY24 Q1 -0.7%
FY24 Q2 2.9%
FY24 Q3 5.6%
FY24 Q4 7.3%
FY25 Q1 4.6%
FY25 Q2 2.6%
FY25 Q3 1.3%
FY25 Q4 -0.2%
FY26 Q1 1.8%
FY26 Q2 3.1%
FY26 Q3 4.2%
FCF margin (TTM) Bristol Myers Squibb
15% 20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 28.1% FCF margin (TTM), FY24 Q1: 27.5% FCF margin (TTM), FY24 Q2: 27.8% FCF margin (TTM), FY24 Q3: 29.1% FCF margin (TTM), FY24 Q4: 28.9% FCF margin (TTM), FY25 Q1: 27.5% FCF margin (TTM), FY25 Q2: 30.6% FCF margin (TTM), FY25 Q3: 31.9% FCF margin (TTM), FY25 Q4: 26.7% FCF margin (TTM), FY26 Q1: 24.6% FCF margin (TTM), FY26 Q2: 23.3% FCF margin (TTM), FY26 Q3: 18.6% 18.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 28.1%
FY24 Q1 27.5%
FY24 Q2 27.8%
FY24 Q3 29.1%
FY24 Q4 28.9%
FY25 Q1 27.5%
FY25 Q2 30.6%
FY25 Q3 31.9%
FY25 Q4 26.7%
FY26 Q1 24.6%
FY26 Q2 23.3%
FY26 Q3 18.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 18.8 19.5 21.2 17.6 16.4 15.9 16.6 19.4 20.8 22.6 26.1 42.5 46.4 46.2 45.0 48.3 48.2 50.0
Gross profit 13.7 14.2 15.6 13.0 11.8 11.9 12.7 14.5 14.7 16.1 18.1 30.7 36.4 36.0 34.3 34.3 34.3 34.6
Net income 10.6 3.1 3.7 2.0 2.6 2.0 1.6 4.5 1.0 4.9 3.4 −9.0 7.0 6.3 8.0 −8.9 7.1 9.2
Diluted EPS $5.34 $1.79 $2.16 $1.16 $1.54 $1.20 $0.93 $2.65 $0.61 $3.01 $2.01 −$3.99 $3.12 $2.95 $3.86 −$4.41 $3.46 $4.52
Growth (year on year)
Revenue +6.2% +3.6% +9.0% −17.1% −7.0% −3.1% +4.3% +17.3% +6.9% +8.6% +15.9% +62.6% +9.1% −0.5% −2.5% +7.3% −0.2% +4.2%
Net income +102.2% −70.8% +19.6% −47.2% +30.8% −21.8% −21.9% +184.8% −77.4% +388.6% −30.1% −362.1% — −9.5% +26.8% −211.5% — +53.1%
Diluted EPS +103.8% −66.5% +20.7% −46.3% +32.8% −22.1% −22.5% +184.9% −77.0% +393.4% −33.2% −298.5% — −5.4% +30.8% −214.2% — +52.2%
Margins
Gross margin 72.7% 72.9% 73.6% 73.8% 71.8% 75.2% 76.4% 74.5% 70.7% 71.3% 69.1% 72.3% 78.6% 78.0% 76.2% 71.1% 71.1% 69.2%
Net margin 56.4% 15.9% 17.5% 11.1% 15.6% 12.6% 9.5% 22.9% 4.8% 21.8% 13.2% −21.2% 15.1% 13.7% 17.8% −18.5% 14.6% 18.5%
Free-cash-flow margin 17.7% 20.9% 21.1% 36.3% 18.4% 16.5% 7.8% 9.5% 20.3% 27.1% 28.2% 31.3% 32.8% 25.9% 28.1% 28.9% 26.7% 18.6%
Cash flow
Cash from operations 4.1 4.5 4.8 6.9 3.5 3.1 2.1 3.1 5.3 7.1 8.2 14.1 16.2 13.1 13.9 15.2 14.2 10.7
Capital spending 0.7 0.4 0.4 0.5 0.5 0.5 0.8 1.2 1.1 1.0 0.8 0.8 1.0 1.1 1.2 1.2 1.3 1.4
Free cash flow 3.3 4.1 4.5 6.4 3.0 2.6 1.3 1.8 4.2 6.1 7.4 13.3 15.2 11.9 12.7 13.9 12.8 9.3
Stock-based pay 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.4 0.8 0.6 0.5 0.5 0.5 0.6 0.6
Free cash flow after stock pay 3.2 3.9 4.3 6.2 2.8 2.4 1.1 1.6 4.0 5.9 6.9 12.5 14.7 11.5 12.1 13.4 12.3 8.7
Balance sheet
Cash 7.7 5.0 5.8 1.7 3.6 5.6 2.4 4.2 5.4 6.9 12.3 14.5 14.0 9.1 11.5 10.3 10.2 9.6
Total debt 6.4 5.4 5.5 8.1 8.4 7.8 6.7 6.7 8.0 8.6 49.5 52.7 49.3 43.2 42.6 51.5 47.1 43.6
Net debt (negative = net cash) −1.3 0.4 −0.3 6.4 4.8 2.3 4.3 2.5 2.5 1.7 37.2 38.1 35.3 34.1 31.2 41.1 36.9 34.1
Diluted shares 1,978m 1,727m 1,717m 1,688m 1,662m 1,670m 1,679m 1,680m 1,652m 1,637m 1,712m 2,258m 2,245m 2,146m 2,078m 2,027m 2,039m 2,047m
Returned to shareholders
Dividends 2.5 2.2 2.3 2.3 2.3 2.4 2.5 2.5 2.6 2.6 2.7 4.1 4.4 4.6 4.7 4.9 5.0 5.1
Buybacks — 0.6 1.2 2.4 0.4 — — 0.2 2.5 0.3 7.3 1.5 6.3 8.0 5.2 0.0 0.0 —
Total returned 2.5 2.8 3.5 4.7 2.7 2.4 2.5 2.8 5.0 2.9 10.0 5.6 10.7 12.6 9.9 4.9 5.0 5.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $88.8bn
Short-term assets $29.8bnLonger-term assets $59.0bn
What it owes, and who funded it · $88.8bn
Short-term liabilities $18.8bnLonger-term liabilities $46.6bnShareholders' equity $23.4bn
  • Short-term assets cover short-term liabilities $29.8bn of assets due within a year against $18.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $29.8bn short-term assets against $46.6bn of longer-dated liabilities.
  • More cash than debt $9.6bn of cash against $42.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 183% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 119% to 183% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.7bn of operating cash flow against $42.9bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Bristol Myers Squibb's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$5.1B
Buybacks, last 3 fiscal years
$5.2B
Diluted share count
+0.6%
year over year
Total shareholder yield
4.0%
dividends 4.0% + buybacks 0.0% of market value
Dividend payout ratio
55%
of net income paid out
R&D spending
21.1%
of revenue
Sales & admin spending
14.6%
of revenue
Days sales outstanding
67 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated BMY NVO GSK AZN PFE MRK Median
Revenue, last 12 months $50.0bn $46.8bn $43.1bn $58.7bn $63.7bn $66.6bn $276m
Revenue growth, last 12 months 4.2% 11.1% 7.5% 8.6% −0.2% 4.6% 9.9%
Revenue growth, 3-year average 3.6% — — — −7.0% 4.5% 5.5%
Revenue growth, latest quarter 6.9% — — — 2.6% 5.1% 6.5%
Gross margin 69.2% 81.0% 72.4% 81.9% 73.2% 73.0% 62.0%
Operating margin — 41.3% 24.3% 23.4% — — −5.9%
Operating margin, 3-year average — — 18.5% 14.2% — — −7.4%
Net margin 18.5% 33.1% 17.5% 17.4% 6.8% 4.8% −7.3%
Cash from operations / revenue 21.3% 38.5% 23.7% 24.8% 21.0% 30.0% 10.2%
Free-cash-flow margin 18.6% 19.1% 19.6% 20.0% 17.2% 24.1% 8.6%
Free-cash-flow margin, 3-year average 26.5% — 21.9% 14.4% 15.1% 22.8% 7.4%
Stock pay / revenue 1.1% 0.5% 1.1% 1.2% 1.5% 1.3% 3.6%
Change in share count 0.6% −0.3% −0.6% −0.1% 0.2% −1.9% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 4.2% 10.0% 47 of 74
Change in growth rate Growth +1.1pp -0.3pp 32 of 74
Gross margin Profitability 69.2% 59.8% 21 of 59
Net margin Profitability 18.5% -7.3% 11 of 75
Free-cash-flow margin Cash generation 18.6% 10.1% 24 of 74
Stock pay as % of revenue Cash generation 1.1% 3.6% 12 of 69
Long-term debt as % of assets Balance sheet 47.1% 23.8% 43 of 53
Change in share count Balance sheet 0.6% 1.5% 25 of 62
Days sales outstanding Balance sheet 67 days 72 days 23 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Sales Revenue Gross $88.1B ▲ 5.3%
Net Product Sales $46.8B 0.0%
Growth Brands $26.4B ▲ 17.0%
Legacy Brands $21.8B ▼ 15.4%
Eliquis $14.4B ▲ 8.3%
Opdivo $10B ▲ 8.0%
Orencia $3.7B ▲ 0.6%
Revlimid $3B ▼ 48.9%
Yervoy $2.9B ▲ 14.6%
Pomalyst Imnovid $2.7B ▼ 22.9%
Reblozyl $2.3B ▲ 31.2%
Other Growth Brands $1.9B ▲ 17.1%
Alliance and Other Revenues $1.4B ▼ 5.5%
Breyanzi $1.4B ▲ 81.8%
Opdualag $1.2B ▲ 27.7%
Camzyos $1.1B ▲ 77.4%
Otherrevenues $992M ▼ 4.9%
Other Legacy Brands $798M ▼ 13.7%
Zeposia $577M ▲ 1.9%
Sprycel $493M ▼ 61.7%
Alliance Revenues $447M ▼ 6.7%
Abecma $427M ▲ 5.2%
Abraxane $368M ▼ 57.9%
Sotyktu $291M ▲ 18.3%
Opdivo Ovantig $238M —
Krazati $205M ▲ 62.7%
Cobenfy $155M ▲ 1450.0%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $33.3B 69.1% ▼ 2.4%
Outside the US $13.8B 28.7% ▲ 4.8%
Other Region $1.1B 2.3% ▲ 9.1%

From Bristol Myers Squibb's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$96.5B
Institutions reporting
2,511
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
143 / 156

Top buyers and sellers, Q2 2026: 1,138 institutions bought and 1,156 sold ; the biggest buyer was Price T Rowe Associates Inc (+21.5M shares) and the biggest seller Jpmorgan Chase & Co (−20.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $10.4B 180.4M 10.8% ▲ 5.1%
Vanguard Capital Management LLC $7.7B 133.3M 8.0% ▲ 0.8%
State Street Corp $5.9B 102.4M 6.1% ▲ 3.9%
Jpmorgan Chase & Co $4.2B 71.7M 4.4% ▼ 22.5%
Charles Schwab Investment Management Inc $3.9B 67.6M 4.0% ▲ 10.6%
Geode Capital Management, LLC $3.2B 56.4M 3.4% ▲ 2.1%
Vanguard Portfolio Management LLC $2.7B 46.9M 2.8% ▲ 1.4%
Norges Bank $2.1B 36.9M 2.2% —
Bank Of America Corp $2B 34.0M 2.0% ▲ 4.5%
Price T Rowe Associates Inc $1.8B 31.7M 1.9% ▲ 209.3%
Morgan Stanley $1.7B 29.0M 1.7% ▼ 0.6%
AQR Capital Management LLC $1.6B 27.4M 1.6% ▼ 7.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bristol Myers Squibb's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.3M 4 trades by 3 insiders · 81% under pre-set plans
Net ▼ $2.3M net selling
Insider Date Trade Shares Price Value
Massacesi Cristian EVP,Chief Med Offr,Head of Dev September 9, 2026 Sell 6,249 $64.57 $403,498
Holzer Phil M SVP and Controller August 25, 2026 Sell 500 $67.50 $33,750
Elkins David V EVP, Chief Financial Officer April 1, 2026 Sell pre-set plan 4,481 $62.05 $278,046
Elkins David V EVP, Chief Financial Officer April 1, 2026 Sell pre-set plan 25,519 $61.60 $1.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 88 trades and filings

In the last 12 months, 3 members of Congress disclosed 2 purchases and 3 sales of Bristol Myers Squibb shares.

  • Mike Kelly(R-PA 16):Sale (full), $15,001 - $50,000, traded May 7, 2026, filed June 11, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Bristol Myers Squibb was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bristol Myers Squibb in brief

What does Bristol Myers Squibb do?
Bristol Myers Squibb is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Bristol Myers Squibb's stock ticker?
Bristol Myers Squibb trades under the ticker BMY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bristol Myers Squibb's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bristol Myers Squibb reported revenue of $50B, 4.2% higher than a year earlier, according to its SEC filings.
What is Bristol Myers Squibb's free cash flow?
Bristol Myers Squibb's free-cash-flow margin is 18.6% of revenue over the trailing twelve months, ranking 24 of the 74 pharmaceuticals companies we cover.
What is Bristol Myers Squibb's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Bristol Myers Squibb's free cash flow after stock-based pay gives ~$100 per share in the base case, and ~$72–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Bristol Myers Squibb's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Bristol Myers Squibb's market cap?
On November 2, 2026, Bristol Myers Squibb's market capitalisation was about $129B, with a price-to-earnings ratio of 14.0 and net debt of $34.1B. Market figures come from third-party market data and may be delayed.
Does Bristol Myers Squibb pay a dividend?
Yes: Bristol Myers Squibb paid $5.1B in dividends over the trailing twelve months, a dividend yield of 3.96% and a payout ratio of 55.4%.
How much debt does Bristol Myers Squibb have?
Bristol Myers Squibb's debt-to-equity ratio is 183.2%, from its latest balance sheet (118.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Bristol Myers Squibb's competitors?
In our Pharmaceuticals peer group, the companies closest to Bristol Myers Squibb are Novo Nordisk A S, GSK plc, Astrazeneca PLC, Pfizer and Merck & Co. The side-by-side comparison below sets their revenue, margins and growth against Bristol Myers Squibb's.
Are insiders buying or selling Bristol Myers Squibb stock?
Over the last 12 months, Bristol Myers Squibb's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Bristol Myers Squibb's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bristol Myers Squibb announces its own schedule.