Gilead Sciences

GILD · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

GILD · Last close · October 26, 2026

$158.69

Gilead Sciences' revenue rose 2.4% to $29.4 billion in fiscal 2025. Its operating margin was 34.0%, up from 5.8% a year earlier. Free cash flow was $9.5 billion, down 8.2%. It paid out $5.9 billion in dividends and buybacks, 63% of free cash flow.

GILEAD SCIENCES, INC. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0000882095-26-000006 Updated October 9, 2026

Revenue

$29.4B

2.4%

Operating margin

34.0%

28.3 pts

Net income

$8.5B

1672.9%

Free cash flow

$9.5B

8.2%

Return on capital

22.9%

19.9 pts

Market cap

$197.3B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Gilead Sciences does

Gilead is a biopharmaceutical company based in Foster City, California. It discovers, develops and sells medicines for life-threatening diseases, mainly HIV, viral hepatitis, COVID-19 and cancer. It operates in more than 35 countries. Its commercial portfolio in 2025 included more than 25 therapies.

HIV is its core area. Its products include Biktarvy, Descovy, Genvoya, Odefsey, Sunlenca and Yeztugo, which is used to reduce the risk of getting HIV. It also sells Symtuza, which Janssen sells and on which Gilead receives a share of revenue. In liver disease it sells Epclusa for hepatitis C. In oncology it sells cell therapies, including Tecartus, a CAR T-cell treatment for certain lymphomas and leukemia.

Gilead sells through its own commercial teams and through wholesalers, distributors and corporate partners. It says it competes with global pharmaceutical and biotechnology companies, specialized drug makers and makers of generic drugs. Its revenue depends on patents and other intellectual property it must defend.

Its biggest risks, as it describes them

Failing to develop and sell new products or to win approval for new uses of existing ones.
Pricing and reimbursement pressure from governments and other payers on its existing products.
Competition from other drug makers, including makers of generic drugs.
Clinical trials that may show poor results or run late.
Losing patent protection or failing to defend its patents and other intellectual property.

From Gilead Sciences's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 4.2% a year and net income 5.0% a year, while buybacks cut the share count by 8%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Gilead Sciences yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Gilead Sciences' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Gilead Sciences' fiscal 2025 free cash flow of $9.5B, net cash of −$17.3B at December 31, 2025 and 1,255 million diluted shares, from its filings. The scenarios are fitted to Gilead Sciences: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Biotechnology), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Gilead Sciences's own revenue growth, as above. Cautious: growth of 0.5% then 1% a year, 2% after year 10, a 13% discount rate. Base: growth of 2.5% then 2.5% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 4.5% then 4% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $158.69
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Gilead Sciences' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	6.5	6.4	7.3	10.0	7.6
Debt incl. finance leases	26.7	25.2	25.0	26.7	24.9
Net debt (negative means net cash)	20.2	18.8	17.7	16.7	17.3
Net debt to EBITDA	1.7x	2.0x	1.7x	3.8x	1.4x
Debt to equity	1.3x	1.2x	1.1x	1.4x	1.1x
Interest coverage	9.9x	7.8x	8.1x	1.7x	9.8x
Current ratio	1.3x	1.3x	1.4x	1.6x	1.6x
Quick ratio	1.1x	1.1x	1.3x	1.4x	1.4x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Gilead Sciences shares on the open market, and 7 insiders sold $85.8 million, $85.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Andrew D DickinsonChief Financial Officer	Sold plan	3,000	$156.22	$468,660	Form 4
Oct 1, 2026	Daniel Patrick O'DayChairman & CEO, Director	Sold plan	15,000	$147.90	$2.2 million	Form 4
Sep 15, 2026	Andrew D DickinsonChief Financial Officer	Sold plan	3,000	$145.29	$435,870	Form 4
Sep 15, 2026	Johanna MercierChief Comm & Corp Aff Officer	Sold plan	3,000	$144.22	$432,646	Form 4
Sep 1, 2026	Daniel Patrick O'DayChairman & CEO, Director	Sold plan	15,000	$148.64	$2.2 million	Form 4
Aug 26, 2026	Anthony WeltersDirector	Sold plan	18,000	$148.62	$2.7 million	Form 4
Aug 20, 2026	Jeffrey BluestoneDirector	Sold plan	5,000	$145.01	$725,066	Form 4
Aug 17, 2026	Johanna MercierChief Comm & Corp Aff Officer	Sold plan	28,000	$137.64	$3.9 million	Form 4
Aug 17, 2026	Andrew D DickinsonChief Financial Officer	Sold plan	3,000	$138.36	$415,080	Form 4
Aug 3, 2026	Daniel Patrick O'DayChairman & CEO, Director	Sold plan	15,000	$130.31	$2.0 million	Form 4
Jul 15, 2026	Andrew D DickinsonChief Financial Officer	Sold plan	3,000	$129.93	$389,790	Form 4
Jul 15, 2026	Johanna MercierChief Comm & Corp Aff Officer	Sold plan	3,000	$129.92	$389,760	Form 4

The latest 12 of 40 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	7 of 9	8 of 9
Accruals ratio	−3.7%	−17.1%	−2.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Gilead Sciences side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Gilead Sciences	FY25	2.4%	34.0%	32.1%	22.9%	1.4x	8
Amgen	FY25	9.9%	24.7%	22.0%	14.4%	3.2x	7	Compare
Regeneron Pharmaceuticals	FY25	1.0%	24.9%	28.4%	12.7%	−1.4x	5	Compare
AbbVie	FY25	8.6%	24.6%	29.1%	15.7%	2.7x	7	Compare
Vertex Pharmaceuticals	FY25	8.9%	34.8%	26.6%	31.5%	−1.5x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	30.4	26.1	22.1	22.4	24.7	27.3	27.3	27.1	28.8	29.4
Revenue growth	−6.9%	−14.1%	−15.2%	1.5%	10.0%	10.6%	−0.1%	−0.6%	6.0%	2.4%
Gross profit	26.1	21.7	17.3	17.8	20.1	20.7	21.6	20.6	22.5	23.2
Research and development	5.1	3.7	5.0	9.1	4.9	4.6	5.0	5.7	5.9	5.8
Operating income	17.6	14.1	8.2	4.3	4.1	9.9	7.3	7.6	1.7	10.0
Net income	13.5	4.6	5.5	5.4	0.1	6.2	4.6	5.7	0.5	8.5
Diluted EPS (US$)	9.94	3.51	4.17	4.22	0.10	4.93	3.64	4.50	0.38	6.78
Diluted shares (millions)	1,358	1,319	1,308	1,277	1,263	1,262	1,262	1,258	1,255	1,255
Cash flow
Cash from operations	17.0	11.9	8.4	9.1	8.2	11.4	9.1	8.0	10.8	10.0
Capital expenditure	0.7	0.6	0.9	0.8	0.7	0.6	0.7	0.6	0.5	0.6
Free cash flow	16.3	11.3	7.5	8.3	7.5	10.8	8.3	7.4	10.3	9.5
Dividends paid	2.5	2.7	3.0	3.2	3.4	3.6	3.7	3.8	3.9	4.0
Share buybacks	11.0	1.0	2.9	1.7	1.6	0.5	1.4	1.0	1.1	1.9
Acquisitions	0.0	10.4	0.0	4.3	25.9	1.6	1.8	1.2	4.8	1.1
Stock-based compensation	0.4	0.6	0.8	0.6	0.6	0.6	0.6	0.8	0.8	0.9
Balance sheet at fiscal year end
Cash and short-term investments	11.9	25.5	30.1	24.4	7.4	6.5	6.4	7.3	10.0	7.6
Debt incl. finance leases	26.3	33.5	27.3	24.6	31.4	26.7	25.2	25.0	26.7	24.9
Total assets	57.0	70.3	63.7	61.6	68.4	68.0	63.2	62.1	59.0	59.0
Total liabilities	37.6	49.8	42.1	39.0	50.2	46.9	42.0	39.4	39.7	36.4
Shareholders' equity	18.9	20.4	21.4	22.5	18.2	21.1	21.2	22.8	19.3	22.7
Margins and ratios
Gross margin	86.0%	83.3%	78.1%	79.2%	81.5%	75.8%	79.3%	76.0%	78.3%	78.8%
Operating margin	58.0%	54.1%	37.1%	19.1%	16.5%	36.3%	26.9%	28.1%	5.8%	34.0%
Net margin	44.4%	17.7%	24.6%	24.0%	0.5%	22.8%	16.8%	20.9%	1.7%	28.9%
Free cash flow margin	53.6%	43.3%	33.8%	37.1%	30.4%	39.6%	30.6%	27.4%	35.8%	32.1%
Return on capital	46.0%	22.6%	24.3%	20.6%	6.2%	17.8%	14.2%	15.4%	3.0%	22.9%
Return on equity	72.2%	23.5%	26.1%	24.5%	0.6%	31.7%	21.7%	25.7%	2.3%	40.5%
Return on assets	24.8%	7.3%	8.1%	8.6%	0.2%	9.1%	7.0%	9.0%	0.8%	14.4%
Net debt to EBITDA	0.8x	0.6x	−0.3x	0.1x	4.3x	1.7x	2.0x	1.7x	3.8x	1.4x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Gilead Sciences' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Gilead Sciences.