v3.25.4
EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
EQUITY EQUITY
The following table summarizes changes in equity during 2025, 2024 and 2023:

 Common StockCapital in Excess
of Par Value
of Stock		Accumulated Other Comprehensive Income/(Loss)Retained
Earnings		Treasury StockNoncontrolling
Interest
Dollars and shares in millions
SharesPar ValueSharesCost
Balance at December 31, 2022
2,923 $292 $45,165 $(1,281)$25,503 825 $(38,618)$57 
Net earnings/(loss)
— — — — 8,025 — — 14 
Other comprehensive income/(loss)
— — — (265)— — — — 
Cash dividends declared(a)
— — — — (4,762)— — — 
Share repurchases
— — 105 — — 87 (5,306)— 
Stock compensation— — 410 — — (10)147 — 
Convertible debt
— — 4 — — — 11 — 
Distributions— — — — — — — (16)
Balance at December 31, 2023
2,923 292 45,684 (1,546)28,766 902 (43,766)55 
Net earnings/(loss)
— — — — (8,948)— — 15 
Other comprehensive income/(loss)
— — — 308 — — — — 
Cash dividends declared(a)
— — — — (4,906)— — — 
Stock compensation— — 340 — — (8)111 — 
Distributions— — — — — — — (17)
Balance at December 31, 2024
2,923 292 46,024 (1,238)14,912 894 (43,655)53 
Net earnings/(loss)
— — — — 7,054 — — 2 
Other comprehensive income/(loss)
— — — (286)— — — — 
Cash dividends declared(a)
— — — — (5,070)— — — 
Stock compensation— — 363 — — (8)76 — 
Distributions— — — — — — — (22)
Balance at December 31, 2025
2,923 $292 $46,387 $(1,524)$16,896 887 $(43,579)$33 
    
(a)    Cash dividends declared per common share were $2.49 in 2025, $2.42 in 2024 and $2.31 in 2023.

BMS has a share repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares, effected in the open market or through privately negotiated transactions in compliance with Rule 10b-18 under the Exchange Act, including through Rule 10b5-1 trading plans. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized utilizing the first-in first-out method and are generally funded by cash on hand. In December 2023, the Board of Directors approved an increase of $3.0 billion to the share repurchase authorization for BMS's common stock. The remaining share repurchase capacity under the BMS share repurchase program was $5.0 billion as of December 31, 2025.

In 2023, BMS entered into ASR agreements and repurchased 70 million shares of common stock for $4.0 billion. In addition, as part of its share repurchase program, BMS repurchased 17 million shares of its common stock for $1.2 billion.

The ASR agreements were funded with cash on-hand. The total number of shares repurchased under the ASR agreements was based on volume-weighted average prices of BMS's common stock during the terms of the ASR transactions less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements.
The components of Other comprehensive income/(loss) were as follows:
 Year Ended December 31,
202520242023
Dollars in millionsPretaxTaxAfter TaxPretaxTaxAfter TaxPretaxTaxAfter Tax
Derivatives qualifying as cash flow hedges:
Recognized in other comprehensive income/(loss)
$(340)$73 $(267)$495 $(86)$409 $70 $(12)$58 
Reclassified to net earnings/(loss)(a)
(88)15 (73)(33)(2)(35)(334)46 (288)
Derivatives qualifying as cash flow hedges(429)89 (340)462 (88)374 (264)34 (230)
Pension and postretirement benefits:
Actuarial gains/(losses)102 (18)84 (44)16 (28)(140)25 (115)
Amortization(b)
5 (1)4 8 (1)7 — — — 
Settlements(b)
(8)1 (6)119 (8)111 — — — 
Pension and postretirement benefits99 (18)82 83 7 90 (140)25 (115)
Marketable debt securities:
Unrealized gains/(losses)
2 — 1 — — — 3 (1)2 
Foreign currency translation(60)31 (29)(136)(20)(156)84 (6)78 
Other comprehensive income/(loss)
$(388)$102 $(286)$409 $(101)$308 $(317)$52 $(265)
(a)    Included in Cost of products sold and Other (income)/expense, net. Refer to “—Note 9. Financial Instruments and Fair Value Measurements" for further information.
(b)    Included in Other (income)/expense, net.

The accumulated balances related to each component of Other comprehensive income/(loss), net of taxes, were as follows:
 December 31,
Dollars in millions20252024
Derivatives qualifying as cash flow hedges$37 $376 
Pension and postretirement benefits(566)(648)
Marketable debt securities3 2 
Foreign currency translation(a)
(997)(968)
Accumulated other comprehensive income/(loss)
$(1,524)$(1,238)
(a)    Includes net investment hedge gains of $105 million and $210 million as of December 31, 2025 and December 31, 2024, respectively.