GILD · Q2 FY2026
GILEAD SCIENCES, INC. Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $7.80B | $7.08B (yr ago) | Beat |
| EPS | -$8.45 | $1.56 (yr ago) | Miss |
| Free Cash Flow | $3.43B | $0.72B (yr ago) | Beat |
| Gross Margin | 76.0% | Not disclosed (yr ago) | Miss |
| Operating Margin | -133.2% | 34.9% (yr ago) | Miss |
What changed
Revenue increased 10.2% year over year to $7.80B, while quarterly free cash flow rose to $3.43B from $0.72B. Those gains were overshadowed by a $10.39B operating loss, -133.2% operating margin and -$8.45 EPS; net debt also increased to $23.07B from $19.80B in Q2 FY2025.
Impact on the investment thesis
We establish fair value at $137.10 per share, modestly below the $144.81 market price. Strong cash generation supports the valuation, but the unexplained operating loss and higher net debt prevent assigning a richer multiple until subsequent filings establish whether the charge was nonrecurring.