10-Q · April 30, 2026
Bristol-Myers Squibb reported revenue of $11.5 billion for Q1 2026, a 3% increase from the previous period and slightly above estimates. However, EPS of $1.31 fell short of the expected $1.43, mainly due to generic…
Earnings analysis · 10-Q
BMY earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Bristol Myers Squibb delivered Q3 revenue of $13.069 billion, a $374 million beat versus consensus, but GAAP EPS of $1.05 missed the $1.24 estimate. Management raised 2026 revenue guidance to $49.75 billion-$50.25…
Read full summary
Bristol Myers Squibb delivered Q3 revenue of $13.069 billion, a $374 million beat versus consensus, but GAAP EPS of $1.05 missed the $1.24 estimate. Management raised 2026 revenue guidance to $49.75 billion-$50.25 billion while lowering non-GAAP EPS guidance to $6.35-$6.55, reflecting a $(0.60) impact from acquired IPRD charges and licensing income. The filing reports no material changes to the 2025 Form 10-K risk factors, and the provided excerpt does not include sufficient financial-statement detail to calculate Q3 margins, free cash flow, or segment revenue.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.05
What stood out
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Revenue Beat Consensus
Q3 revenue was $13.069 billion, exceeding the $12.695 billion consensus estimate by $374 million, or approximately 2.9%.
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Non-GAAP EPS Exceeded GAAP EPS
GAAP diluted EPS was $1.05 versus the $1.24 estimate, while non-GAAP EPS was $1.35.
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Full-Year Revenue Outlook Raised
Management raised 2026 revenue guidance to $49.75 billion-$50.25 billion from $49.0 billion-$50.0 billion, increasing the midpoint by $500 million.
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Lower Other Expense Outlook
Other expense guidance improved to approximately $650 million from $700 million, a $50 million reduction.
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Substantial Repurchase Capacity
The company had $5.0 billion of remaining share-repurchase capacity as of September 30, 2026, although no shares were purchased under the publicly announced program during the quarter.
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Controls Remained Effective
Management concluded disclosure controls were effective as of September 30, 2026, and reported no changes in internal control that materially affected or were reasonably likely to materially affect reporting.
What to watch
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EPS Miss and Lowered EPS Outlook
GAAP EPS of $1.05 missed the $1.24 consensus estimate by $0.19, while 2026 non-GAAP EPS guidance was reduced to $6.35-$6.55 from $6.75-$7.00.
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IPRD Charges Pressure Earnings
Acquired IPRD charges and licensing income are expected to reduce 2026 non-GAAP EPS by $(0.60), creating a material headwind to the $6.35-$6.55 outlook range.
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No New Risk-Factor Updates
The 10-Q states there were no material changes from the risk factors disclosed in the 2025 Form 10-K; therefore, no newly updated risk factor was identified. The filing also reports $5.0 billion of remaining repurchase capacity, which may not be utilized because the program can be suspended or discontinued at any time.
Management's outlook
2026 revenue guidance was raised to $49.75 billion-$50.25 billion from $49.0 billion-$50.0 billion, while non-GAAP EPS guidance was lowered to $6.35-$6.55 from $6.75-$7.00. The EPS outlook includes a $(0.60) impact from acquired IPRD charges and licensing income; other expense guidance improved to approximately $650 million from $700 million.
Earlier filings 4
10-K · February 11, 2026
Bristol-Myers Squibb (BMS) describes a strategy of combining the scale of a large pharmaceutical company with biotech-like agility to focus on transformational medicines in oncology, hematology, immunology,…
10-Q · October 30, 2025
Bristol-Myers Squibb reported Q3 revenue of $12,222 million (up $330 million YoY from $11,892 million) and diluted EPS of $1.08 (vs $0.60 a year ago), beating consensus. Operating profitability improved materially…
10-Q · July 31, 2025
Bristol-Myers Squibb reported Q2 2025 revenue of $12,269 million (up $68 million vs Q2 2024) with diluted EPS of $0.64 (down $0.19 vs Q2 2024). Growth-product sales led the top-line: Growth Portfolio revenue rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.