The biggest changes in the 10-K filed 2026-02-24, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Net income
+1672.9% Big change FY to 2025-12-31 vs 2024-12-31“Our effective tax rate decreased in 2025, compared to 2024, primarily due to:”
Read it in the 10-K ↗
Operating margin
5.8% → 34.0% (+28.3 pts) Big change FY to 2025-12-31 vs 2024-12-31“Lower selling, general and administrative expenses; partially offset by”
Read it in the 10-K ↗
Cash from operations
-7.5% FY to 2025-12-31 vs 2024-12-31“Net cash provided by operating activities decreased in 2025, compared to 2024, primarily due to higher inventory build-up and higher income tax payments, as well as unfavorable timing of accounts receivable collections.”
Read it in the 10-K ↗
Revenue
+2.4% FY to 2025-12-31 vs 2024-12-31“Total revenues increased 2% to $29.4 billion in 2025, compared to 2024, primarily due to:”
Read it in the 10-K ↗
“HIV product sales increased 6% to $20.8 billion in 2025, compared to 2024, primarily due to higher demand for treatment and prevention, with average realized price being relatively flat despite the U.S.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on GILD in a spreadsheet:
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