Analysis of Debt
Total Debt (Carrying Amount)
Bristol-Myers Squibb Co., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The company’s total debt, as measured by the carrying amount, exhibited fluctuations over the five-year period. An initial decrease was followed by a period of relative stability, then a significant increase, and a subsequent decline.
- Overall Trend
- Total debt decreased from US$44,553 million in 2021 to US$39,320 million in 2022, representing a reduction of approximately 13.3%. It remained relatively stable in 2023 at US$39,772 million, before increasing substantially to US$49,649 million in 2024. A decrease to US$45,111 million was observed in 2025.
- Short-Term Debt
- Short-term debt obligations demonstrated a consistent downward trend from US$4,948 million in 2021 to US$2,046 million in 2024. A slight increase to US$2,261 million occurred in 2025, but remained below the 2021 level.
- Long-Term Debt
- Long-term debt, excluding the current portion, decreased from US$39,605 million in 2021 to US$35,056 million in 2022. It then experienced a modest increase to US$36,653 million in 2023. A significant rise was noted in 2024, reaching US$47,603 million, followed by a decrease to US$42,850 million in 2025.
The increase in total debt in 2024 appears to be primarily driven by an increase in long-term debt. The decrease observed in 2025 is attributable to a reduction in long-term debt, partially offset by a slight increase in short-term obligations.
- Composition of Debt
- Throughout the period, long-term debt consistently represented the majority of the company’s total debt. The proportion of short-term debt to total debt generally decreased, although it experienced a slight uptick in 2025.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Non-U.S. short-term financing obligations | 284) |
| Long-term debt, including current portion | 41,500) |
| Total debt (fair value) | 41,784) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.93 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 4.09%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.20% | 1,220) | 39) | |
| 6.80% | 256) | 17) | |
| 1.13% | 1,000) | 11) | |
| 3.25% | 512) | 17) | |
| 3.45% | 534) | 18) | |
| 3.90% | 544) | 21) | |
| 3.40% | 1,427) | 49) | |
| 4.90% | 727) | 36) | |
| 1.45% | 1,250) | 18) | |
| 2.97% | 881) | 26) | |
| 5.10% | 1,250) | 64) | |
| 5.75% | 1,000) | 58) | |
| 2.95% | 1,750) | 52) | |
| 3.36% | 1,351) | 45) | |
| 5.90% | 750) | 44) | |
| 5.20% | 2,500) | 130) | |
| 1.75% | 676) | 12) | |
| 5.88% | 279) | 16) | |
| 3.86% | 1,351) | 52) | |
| 6.13% | 219) | 13) | |
| 4.13% | 2,000) | 83) | |
| 2.35% | 750) | 18) | |
| 5.70% | 153) | 9) | |
| 3.25% | 500) | 16) | |
| 3.55% | 1,250) | 44) | |
| 5.25% | 226) | 12) | |
| 4.50% | 342) | 15) | |
| 4.63% | 748) | 35) | |
| 5.50% | 500) | 28) | |
| 4.29% | 881) | 38) | |
| 5.00% | 758) | 38) | |
| 4.35% | 1,250) | 54) | |
| 4.55% | 1,272) | 58) | |
| 4.25% | 3,750) | 159) | |
| 2.55% | 1,500) | 38) | |
| 3.70% | 2,000) | 74) | |
| 6.25% | 439) | 27) | |
| 5.55% | 2,750) | 153) | |
| 4.58% | 1,410) | 65) | |
| 3.90% | 1,000) | 39) | |
| 6.40% | 371) | 24) | |
| 5.65% | 440) | 25) | |
| 6.88% | 56) | 4) | |
| Total | 43,823) | 1,793) | |
| 4.09% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 1,793 ÷ 43,823 = 4.09%