Bristol Myers Squibb (BMY) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Bristol Myers Squibb published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Bristol Myers Squibb reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Bristol Myers Squibb operates as a single segment and reports revenue in two groups it defines itself, the Growth Portfolio and the Legacy Portfolio. Other revenue (-$7 million) is revenue hedging activity.
• Both GAAP and non-GAAP EPS include a net $(0.58) per share impact from Acquired IPRD charges and licensing income in Q3 2026, against $(0.20) a year earlier.

Source: Bristol Myers Squibb Q3 2026 results (Form 8-K, Exhibit 99.1), October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Bristol Myers Squibb splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Bristol Myers Squibb's Growth Portfolio revenue was $7.7 billion in Q3 2026, up 12% from $6.9 billion in Q3 2025, 59% of total revenue.
• Bristol Myers Squibb's Legacy Portfolio revenue was $5.4 billion in Q3 2026, up 1% from $5.4 billion in Q3 2025, 41% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Bristol Myers Squibb said:

“Bristol Myers Squibb is increasing its full-year, non-GAAP revenue guidance from a range of approximately $49.0 billion to $50.0 billion to a range of approximately $49.75 billion to $50.25 billion.”

“Full-year other income/(expense) is now expected to be ~$650 million of expense, due to favorable net interest.”

“Non-GAAP EPS is being updated to an anticipated range of $6.35 - $6.55, which is inclusive of a $(0.60) impact from Acquired IPRD and licensing income.”

“The company continues to expect total Worldwide Eliquis revenues to increase in 2026 when compared to 2025, and is reaffirming its previously projected range as shown in the table below.”

Source: Bristol Myers Squibb Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BMY forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Bristol Myers Squibb's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Bristol Myers Squibb splits its revenue into a Growth Portfolio, $7,662 million in Q3 2026 and up 12%, and a Legacy Portfolio, $5,415 million and up 1%, where the release cites continued generic impacts outside Eliquis. Total revenue was $13,069 million, up 7%. U.S. revenue was $9,074 million and international revenue $3,995 million. (Bristol Myers Squibb Q3 2026 release, Oct 29, 2026; Bristol Myers Squibb Form 10-Q, Q3 2026, Oct 29, 2026)

Eliquis is Bristol Myers Squibb's largest single product at $4,690 million, up 25%, and U.S. Eliquis sales rose 39% to $3,653 million. The 10-Q says the increase came primarily from higher average net selling prices in the U.S.: Bristol Myers Squibb reduced the U.S. list price in 2026, which raised realized net prices through lower rebates. In the EU, the apixaban composition of matter patents expire in November 2026. (Bristol Myers Squibb Q3 2026 release, Oct 29, 2026; Bristol Myers Squibb Form 10-Q, Q3 2026, Oct 29, 2026)

The list price cut shows up in the gap between gross and net sales. Gross product sales were $17,965 million against $22,494 million a year earlier, while gross-to-net adjustments fell to $5,358 million from $10,644 million, including Medicaid and Medicare rebates of $1,649 million against $4,887 million. Net product sales rose to $12,606 million from $11,850 million. (Bristol Myers Squibb Form 10-Q, Q3 2026, Oct 29, 2026)

Opdivo, the largest Growth Portfolio drug, fell 6% to $2,374 million, which Bristol Myers Squibb attributed to lower U.S. demand as patients moved to Opdivo Qvantig, whose sales rose to $334 million from $67 million. Breyanzi rose 46% to $526 million, Camzyos 42% to $420 million and Reblozyl 22% to $750 million. In the Legacy Portfolio, generic erosion cut Revlimid 47% to $303 million and Pomalyst/Imnovid 81% to $130 million. (Bristol Myers Squibb Q3 2026 release, Oct 29, 2026; Bristol Myers Squibb Form 10-Q, Q3 2026, Oct 29, 2026)

Bristol Myers Squibb's three largest U.S. wholesalers accounted for approximately 90% of total gross sales of U.S. products in the first nine months of 2026. (Bristol Myers Squibb Form 10-Q, Q3 2026, Oct 29, 2026)

Bristol Myers Squibb's GAAP diluted EPS was $1.05 and non-GAAP EPS $1.35 in Q3 2026. Specified items worth $0.30 per share separate them, mainly $458 million of amortization of acquired intangible assets, which non-GAAP results exclude. Both figures carry a net $(0.58) per share hit from Acquired IPRD charges and licensing income, because Acquired IPRD of $1,558 million, up 146%, stays in non-GAAP results. Bristol Myers Squibb said the charges reflect recent license agreements and ongoing collaborations. (Bristol Myers Squibb Q3 2026 release, Oct 29, 2026)

Gross margin fell to 68.3% from 71.9% on a GAAP basis, which Bristol Myers Squibb put down to product mix and, to a lesser extent, a one-time contract termination charge. The GAAP effective tax rate dropped to 14.8% from 29.5%, driven by jurisdictional earnings mix. Other (income)/expense swung to $307 million of expense. Royalty income on diabetes products expired at the end of 2025. (Bristol Myers Squibb Q3 2026 release, Oct 29, 2026)

Diluted weighted average shares were 2,053 million, against 2,039 million a year earlier. Bristol Myers Squibb bought no shares under its repurchase program in the quarter, and $5.0 billion of capacity remained at September 30, 2026. (Bristol Myers Squibb Q3 2026 release, Oct 29, 2026; Bristol Myers Squibb Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Bristol Myers Squibb gives full-year non-GAAP guidance in its release and updates it each quarter. With Q3 2026 results it raised 2026 revenue guidance to about $49.75 billion to $50.25 billion, from $49.0 billion to $50.0 billion, and cut non-GAAP EPS guidance to $6.35 to $6.55, from $6.75 to $7.00, because the range now includes a $(0.60) impact from Acquired IPRD and licensing income, against $(0.02) in July. (Bristol Myers Squibb Q3 2026 release, Oct 29, 2026)

Gross margin guidance of about 69% to 70%, operating expenses of about $16.5 billion and a tax rate of about 18% were unchanged, as was guidance for worldwide Eliquis revenue growth of 20% to 25% over 2025. The guidance excludes Acquired IPRD charges and licensing income incurred after September 30, 2026. (Bristol Myers Squibb Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Bristol Myers Squibb, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Bristol Myers Squibb's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BMY is on is BMY a buy or a sell?, what analysts expect next is on the BMY forecast, and what the company does is on the Bristol Myers Squibb (BMY) stock page.

Every number on this page can be traced to a document Bristol Myers Squibb published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.