Gilead Sciences, Inc.

Name: Gilead Sciences, Inc. financial statements and ratios
Creator: Annalist

GILD · Nasdaq · Health care, biotechnology · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 30 October 2026. Snapshot FY2026Q3_21f894d9.

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Overview

Revenue, quarter

+6.8% year on year

Operating income, quarter

+4.1% year on year

Net income, quarter

−20.4% year on year

Diluted EPS, quarter

−20.2% year on year

Operating margin, last 4 quarters

−43.7pp year on year

Return on equity, last 4 quarters

−62.9pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$8.3 billion, 6.8% higher than in the same quarter a year earlier.
Weakenedin Q3 FY2026 · stated since Q2 FY20256.8% from 10.2% in Q2 FY2026
Rule: Revenue against a year earlier · Sources 10-Q 2026-09
History of this finding, 11 records
1. Q3 FY2026 WeakenedRevenue for the quarter ended 30 September 2026 was US$8.3 billion, 6.8% higher than in the same quarter a year earlier.Recorded from FY2026Q3_21f894d9 · data update
2. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$7.8 billion, 10.2% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 ConfirmedRevenue for the quarter ended 31 March 2026 was US$7.0 billion, 4.4% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$7.9 billion, 4.7% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q3 FY2025 StrengthenedRevenue for the quarter ended 30 September 2025 was US$7.8 billion, 3.0% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2025 NewRevenue for the quarter ended 30 June 2025 was US$7.1 billion, 1.8% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q1 FY2025 NewRevenue for the quarter ended 31 March 2025 was US$6.7 billion, 0.3% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q1 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
10. Q4 FY2024 ConfirmedRevenue for the quarter ended 31 December 2024 was US$7.6 billion, 6.4% higher than in the same quarter a year earlier.Reconstructed · data update
11. Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$7.5 billion, 7.0% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$2.4 billion, 20.4% lower than in the same quarter a year earlier.
Newin Q3 FY2026 · first stated
Rule: Net income against a year earlier · Sources 10-Q 2026-09
History of this finding, 14 records
1. Q3 FY2026 NewNet income attributable to the company was US$2.4 billion, 20.4% lower than in the same quarter a year earlier.Recorded from FY2026Q3_21f894d9 · data update
2. Q3 FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026Q3_21f894d9 · data update
3. Q2 FY2026 NewThe company reported a net loss of US$10.5 billion, against net income of US$2.0 billion in the same quarter a year earlier.Reconstructed · data update
4. Q2 FY2026 RetiredThe finding changed to a loss.Reconstructed · data update
5. Q1 FY2026 StrengthenedNet income attributable to the company was US$2.0 billion, 53.7% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q4 FY2025 WeakenedNet income attributable to the company was US$2.2 billion, 22.4% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q3 FY2025 StrengthenedNet income attributable to the company was US$3.1 billion, 143.6% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q2 FY2025 NewNet income attributable to the company was US$2.0 billion, 21.4% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q1 FY2025 NewNet income attributable to the company was US$1.3 billion, against a net loss of US$4.2 billion in the same quarter a year earlier.Reconstructed · data update
11. Q1 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
12. Q4 FY2024 NewNet income attributable to the company was US$1.8 billion, 24.8% higher than in the same quarter a year earlier.Reconstructed · data update
13. Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
14. Q3 FY2024 NewNet income attributable to the company was US$1.3 billion, 42.5% lower than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was -7.6%, 43.7 percentage points lower than a year earlier.
Strengthenedin Q3 FY2026 · stated since Q2 FY2026
Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 11 records
1. Q3 FY2026 StrengthenedThe operating margin over the last 4 quarters was -7.6%, 43.7 percentage points lower than a year earlier.Recorded from FY2026Q3_21f894d9 · data update
2. Q2 FY2026 NewThe operating margin over the last 4 quarters was -8.2%, 36.1 percentage points lower than a year earlier.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. Q1 FY2026 WeakenedThe operating margin over the last 4 quarters was 34.9%, 6.3 percentage points higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 WeakenedThe operating margin over the last 4 quarters was 34.0%, 28.3 percentage points higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 StrengthenedThe operating margin over the last 4 quarters was 36.1%, 33.2 percentage points higher than a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 27.9%, 18.7 percentage points higher than a year earlier.Reconstructed · data update
8. Q1 FY2025 NewThe operating margin over the last 4 quarters was 28.6%, 22.9 percentage points higher than a year earlier.Reconstructed · data update
9. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q4 FY2024 WeakenedThe operating margin over the last 4 quarters was 5.8%, 22.3 percentage points lower than a year earlier.Reconstructed · data update
11. Q3 FY2024 NewThe operating margin over the last 4 quarters was 2.9%, 27.3 percentage points lower than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was -22.3%, against 40.5% a year earlier.
Strengthenedin Q3 FY2026 · stated since Q2 FY2026
Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 more
History of this finding, 11 records
1. Q3 FY2026 StrengthenedReturn on equity over the last 4 quarters was -22.3%, against 40.5% a year earlier.Recorded from FY2026Q3_21f894d9 · data update
2. Q2 FY2026 NewReturn on equity over the last 4 quarters was -20.6%, against 33.3% a year earlier.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. Q1 FY2026 WeakenedReturn on equity over the last 4 quarters was 43.2%, against 32.5% a year earlier.Reconstructed · data update
5. Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 40.5%, against 2.3% a year earlier.Reconstructed · data update
6. Q3 FY2025 StrengthenedReturn on equity over the last 4 quarters was 40.5%, against 0.6% a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 33.3%, against 5.3% a year earlier.Reconstructed · data update
8. Q1 FY2025 NewReturn on equity over the last 4 quarters was 32.5%, against 2.5% a year earlier.Reconstructed · data update
9. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q4 FY2024 WeakenedReturn on equity over the last 4 quarters was 2.3%, against 25.7% a year earlier.Reconstructed · data update
11. Q3 FY2024 NewReturn on equity over the last 4 quarters was 0.6%, against 27.1% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$13.8 billion, and operating cash flow was -3.7 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Free cash flow · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 9 records
1. Q3 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$13.8 billion, and operating cash flow was -3.7 times net income attributable to the company.Recorded from FY2026Q3_21f894d9 · data update
2. Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$12.9 billion, and operating cash flow was -4.2 times net income attributable to the company.Reconstructed · data update
3. Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$10.2 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
4. Q4 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$9.5 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
5. Q3 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$9.2 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
6. Q2 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$9.4 billion, and operating cash flow was 1.6 times net income attributable to the company.Reconstructed · data update
7. Q1 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$9.8 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · data update
8. Q4 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$10.3 billion, and operating cash flow was 22.6 times net income attributable to the company.Reconstructed · data update
9. Q3 FY2024 NewFree cash flow over the last 4 quarters was US$9.4 billion, and operating cash flow was 79.5 times net income attributable to the company.Reconstructed · initial
Net debt was US$19.8 billion at 30 September 2026, 43.8 times EBITDA over the last 4 quarters.
Weakenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 WeakenedNet debt was US$19.8 billion at 30 September 2026, 43.8 times EBITDA over the last 4 quarters.Recorded from FY2026Q3_21f894d9 · data update
2. Q2 FY2026 StrengthenedNet debt was US$23.1 billion at 30 June 2026, 87.7 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q1 FY2026 WeakenedNet debt was US$14.5 billion at 31 March 2026, 1.1 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q4 FY2025 ConfirmedNet debt was US$17.3 billion at 31 December 2025, 1.4 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q3 FY2025 WeakenedNet debt was US$17.6 billion at 30 September 2025, 1.3 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q2 FY2025 StrengthenedNet debt was US$19.7 billion at 30 June 2025, 1.8 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q1 FY2025 ConfirmedNet debt was US$17.0 billion at 31 March 2025, 1.5 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q4 FY2024 WeakenedNet debt was US$16.7 billion at 31 December 2024, 3.8 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q3 FY2024 NewNet debt was US$18.2 billion at 30 September 2024, 5.1 times EBITDA over the last 4 quarters.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents28 documents, latest Form 10-Q, period ended 30 September 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q3_21f894d9

Corporate Events

Acquisitions paid in cash31 December 2024
Paid US$4.8 billion in cash for business acquisitions in fiscal 2024, 7.8% of total assets at the start of the year.
Source 10-K 2025-12
Acquisition23 October 2020
Completed an acquisition.
Source 8-K 2020-10

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 30 September 2026, filed 30 October 2026. Changes are against the previous report, and each figure shows its period.

8changes1threshold crossed

Changes in This Report 8

WeakenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$8.3 billion, 6.8% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$7.8 billion, 10.2% higher than in the same quarter a year earlier.
NewNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$2.4 billion, 20.4% lower than in the same quarter a year earlier.
Earlier record, Q2 FY2026
The company reported a net loss of US$10.5 billion, against net income of US$2.0 billion in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was -7.6%, 43.7 percentage points lower than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was -8.2%, 36.1 percentage points lower than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-09
Return on equity over the last 4 quarters was -22.3%, against 40.5% a year earlier.
Earlier record, Q2 FY2026
Return on equity over the last 4 quarters was -20.6%, against 33.3% a year earlier.

4 more changes

StrengthenedFree Cash Flow10-Q 2026-09
Free cash flow over the last 4 quarters was US$13.8 billion, and operating cash flow was -3.7 times net income attributable to the company.
Earlier record, Q2 FY2026
Free cash flow over the last 4 quarters was US$12.9 billion, and operating cash flow was -4.2 times net income attributable to the company.
WeakenedNet Debt or Net Cash10-Q 2026-09
Net debt was US$19.8 billion at 30 September 2026, 43.8 times EBITDA over the last 4 quarters.
Earlier record, Q2 FY2026
Net debt was US$23.1 billion at 30 June 2026, 87.7 times EBITDA over the last 4 quarters.
StrengthenedLiquidity Cover10-Q 2026-09
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 2.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Earlier record, Q2 FY2026
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 2.4 times the sum of debt due within 12 months, capital expenditure and dividends.
StrengthenedCash Backing of Earnings10-Q 2026-09
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 33.4% of average total assets.
Earlier record, Q2 FY2026
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 32.0% of average total assets.

Thresholds Crossed 1

ConfirmedDebt Against the S&P Benchmark Bands
Debt was 58.0 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsHighly leveraged bandDebt to EBITDA, reported 58.03x · Q3 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Debt was 58.0 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
Confirmedin Q3 FY2026 · stated since Q2 FY202658.03x from 99.79x in Q2 FY2026
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 12 records
1. Q3 FY2026 ConfirmedDebt was 58.0 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Recorded from FY2026Q3_21f894d9 · data update
2. Q2 FY2026 NewDebt was 99.8 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to the highly leveraged band.Reconstructed · data update
4. Q1 FY2026 ConfirmedDebt was 1.7 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
5. Q4 FY2025 ConfirmedDebt was 2.0 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
6. Q3 FY2025 NewDebt was 1.9 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
7. Q3 FY2025 RetiredThe finding changed to the modest band.Reconstructed · data update
8. Q2 FY2025 ConfirmedDebt was 2.3 times EBITDA over the last 4 quarters on reported figures, within the intermediate band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
9. Q1 FY2025 NewDebt was 2.3 times EBITDA over the last 4 quarters on reported figures, within the intermediate band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
10. Q1 FY2025 RetiredThe finding changed to the intermediate band.Reconstructed · data update
11. Q4 FY2024 ConfirmedDebt was 6.0 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
12. Q3 FY2024 NewDebt was 6.5 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities						est.
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt						est.

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Total debt	$26.7bn	$25.2bn	$25.0bn	$26.7bn	$24.9bn	$26.2bn
Operating lease liabilities	$590m	$578m	$671m	$611m	$605m	$605m
Lease-adjusted debt	$27.3bn	$25.8bn	$25.7bn	$27.3bn	$25.5bn	$26.8bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
The filings of Gilead Sciences, Inc. do not report operating lease cost, so the lease-adjusted ratios are empty and debt to EBITDA on reported figures takes their place.

Liquidity and MaturitiesLiquidity cover 2.90x, Debt due within 12 months $2.4bn · Q3 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 2.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Strengthenedin Q3 FY2026 · stated since Q3 FY20242.90x from 2.36x in Q2 FY2026
Rule: Liquidity cover · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.9 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q3_21f894d9 · data update
2. Q2 FY2026 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. Q1 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
4. Q4 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q3 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
6. Q2 FY2025 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q1 FY2025 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
8. Q4 FY2024 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
9. Q3 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q3 FY2026

Sources	Amount
Cash and short-term investments	$6.4bn
Operating cash flow	$14.5bn
Sources	$20.9bn

Uses	Amount
Debt due within 12 months	$2.4bn
Capital expenditure	$699m
Dividends paid	$4.1bn
Uses	$7.2bn

Liquidity cover 2.90x

Debt Maturities at 31 December 2020

Principal due by fiscal year, US dollars

FY2021	FY2022	FY2023	FY2024	FY2025	After FY2025	Total
$2.8bn	$1.5bn	$4.2bn	$1.8bn	$1.8bn	$18.5bn	$30.5bn

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −33.4%, Operating cash flow to EBITDA 32.03x · Q3 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 33.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin Q3 FY2026 · stated since Q3 FY2024−33.4% from −32.0% in Q2 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 more
History of this finding, 9 records
1. Q3 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 33.4% of average total assets.Recorded from FY2026Q3_21f894d9 · data update
2. Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 32.0% of average total assets.Reconstructed · data update
3. Q1 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.Reconstructed · data update
4. Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.6% of average total assets.Reconstructed · data update
5. Q3 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.Reconstructed · data update
6. Q2 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.5% of average total assets.Reconstructed · data update
7. Q1 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.8% of average total assets.Reconstructed · data update
8. Q4 FY2024 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 17.1% of average total assets.Reconstructed · data update
9. Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 16.9% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company						n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 3.28, Beneish −2.45 · Piotroski 7 of 9 · Last 4 quarters 0.82 at Q3 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 3.28, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Newin FY2025 · first stated
Rule: Altman Z'' zone · Sources 10-Q 2026-09, 10-K 2025-12
History of this finding, 5 records
1. FY2025 NewThe Altman Z'' score for fiscal 2025 was 3.28, above the safe threshold of 2.60.Reconstructed · data update
2. Q4 FY2025 RetiredThe finding changed to the safe zone.Reconstructed · data update
3. FY2024 NewThe Altman Z'' score for fiscal 2024 was 2.13, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
4. Q4 FY2024 RetiredThe finding changed to the grey zone.Reconstructed · data update
5. FY2023 NewThe Altman Z'' score for fiscal 2023 was 2.79, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.45, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023−2.45 from −3.44 in FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-09
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.45, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 3.44, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.71, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were current ratio higher than a year earlier and no common equity issued.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Newin FY2025 · first stated
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09
History of this finding, 4 records
1. FY2025 NewThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were current ratio higher than a year earlier and no common equity issued.Reconstructed · data update
2. Q4 FY2025 RetiredThe finding changed to a high score.Reconstructed · data update
3. FY2024 ConfirmedThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and no common equity issued.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, no common equity issued and margin higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	safe zone	grey zone	safe zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

3.28Safe zone, above 2.60

The score of 3.28 is in the safe zone of the model, above 2.60. The largest part is operating profit, at 1.14.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.111	6.560	0.726
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.233	3.260	0.758
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.170	6.720	1.141
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.621	1.050	0.652
Score			3.277

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.45Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.45 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.086	0.920	0.999
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.993	0.528	0.524
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.019	0.404	0.412
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.024	0.892	0.913
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.062	0.115	0.122
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.926	−0.172	−0.159
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.026	4.679	−0.120
Leverage indexDebt against total assets, against a year earlier.	0.919	−0.327	−0.301
Score			−2.449

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 1.27 means a probability of a misstatement 1.27 times the average rate in the Dechow sample: 0.47% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.098	0.790	0.078
Change in receivables / average total assetsThe growth of receivables against average assets.	0.008	2.518	0.021
Change in inventories / average total assetsThe growth of stock against average assets.	0.001	1.191	0.001
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.777	1.979	1.537
Change in cash salesThe growth of sales collected in cash.	−0.002	0.171	−0.000
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.136	−0.932	−0.127
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−5.354
Probability of a misstatement			0.47%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Not met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Not met	Not met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 September 2026	30 Oct 2026	10-Q:0000882095-26-000039
Form 10-Q, period ended 30 June 2026	6 Aug 2026	10-Q:0000882095-26-000031
Form 10-Q, period ended 31 March 2026	7 May 2026	10-Q:0000882095-26-000024
Form 10-K, period ended 31 December 2025	24 Feb 2026	10-K:0000882095-26-000006
Form 10-Q, period ended 30 September 2025	7 Nov 2025	10-Q:0000882095-25-000047
Form 10-Q, period ended 30 June 2025	7 Aug 2025	10-Q:0000882095-25-000032
Form 10-Q, period ended 31 March 2025	7 May 2025	10-Q:0000882095-25-000012
Form 10-K, period ended 31 December 2024	28 Feb 2025	10-K:0000882095-25-000006
Form 10-Q, period ended 30 September 2024	12 Nov 2024	10-Q:0000882095-24-000028
Form 10-Q, period ended 30 June 2024	8 Aug 2024	10-Q:0000882095-24-000022
Form 10-Q, period ended 31 March 2024	8 May 2024	10-Q:0000882095-24-000013
Form 10-K, period ended 31 December 2023	23 Feb 2024	10-K:0000882095-24-000007
Form 10-Q, period ended 30 September 2023	7 Nov 2023	10-Q:0000882095-23-000031
Form 10-Q, period ended 30 June 2023	4 Aug 2023	10-Q:0000882095-23-000025
Form 10-Q, period ended 31 March 2023	3 May 2023	10-Q:0000882095-23-000017
Form 10-K, period ended 31 December 2022	22 Feb 2023	10-K:0000882095-23-000007
Form 10-Q, period ended 30 September 2022	2 Nov 2022	10-Q:0000882095-22-000027
Form 10-Q, period ended 30 June 2022	8 Aug 2022	10-Q:0000882095-22-000019
Form 10-Q, period ended 31 March 2022	4 May 2022	10-Q:0000882095-22-000013
Form 10-K, period ended 31 December 2021	23 Feb 2022	10-K:0000882095-22-000007
Form 10-Q, period ended 30 September 2021	3 Nov 2021	10-Q:0000882095-21-000029
Form 10-Q, period ended 30 June 2021	5 Aug 2021	10-Q:0000882095-21-000021
Form 10-Q, period ended 31 March 2021	6 May 2021	10-Q:0000882095-21-000013
Form 10-K, period ended 31 December 2020	25 Feb 2021	10-K:0000882095-21-000008
Form 10-Q, period ended 30 September 2020	4 Nov 2020	10-Q:0000882095-20-000027
Form 8-K, period ended 23 October 2020	23 Oct 2020	8-K:0001104659-20-117765
Form 10-Q, period ended 30 June 2020	6 Aug 2020	10-Q:0000882095-20-000019
Form 10-Q, period ended 31 March 2020	6 May 2020	10-Q:0000882095-20-000013

Checks

300298 of 300 checks passed, 2 warnings

Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year154 of 155 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Research and development expense, FY2020: $5,039m against $4,927m

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Debt maturities1 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

Quarters and 9 months21 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit0 of 1 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Q4 FY2020: 6,023,000,000 against 5,930,000,000

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Interest and debt6 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.

Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,612
Confirmed by other figures	51.7%, 833 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	23.0%, 370 values
Values withheld	0
Restated figures tracked	7
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Gilead Sciences, Inc., snapshot gilead-sciences/FY2026Q3_21f894d9 (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_21f894d9 · dataset SHA-256 21f894d93e562ba3ab96fd02225bac8c11e7cbd1074425d2a2d15e7e39ee7c4a · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json