ABBV

Company financials

AbbVie

Health Care Biotechnology North Chicago, Illinois Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$61.2B
                    3y CAGR +1.8%
                    
                    P29
                    
                    +8.6%
                    
                    Net income
                    FY2025
                
$4.2B
                    Net margin +6.9%
                    
                    P25
                    
                    -1.2%
                    
                    Total assets
                    FY2025
                
$134.0B
                    ROA +3.2%
                    
                    P25
                    
                    -0.9%
                    
                    Operating cash flow
                    FY2025
                
$19.0B
                    FCF margin +29.1%
                    
                    P96
                    
                    +1.2%

15 yrs · FY2011–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

26 accounts · 5 years

Total assets $134.0B

Total liabilities ~$137.2B

Shareholders equity $-3.3B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$5.2B -5.3%	$5.5B -56.9%	$12.8B 39.3%	$9.2B -5.6%	$9.7B
Short Term Investments	$28.0M -9.7%	$31.0M 1450.0%	$2.0M -92.9%	$28.0M -66.7%	$84.0M
Accounts Receivable	$12.6B 15.3%	$10.9B -2.1%	$11.2B -0.9%	$11.3B 12.8%	$10.0B
Inventory	$5.0B 18.4%	$4.2B 2.0%	$4.1B 14.5%	$3.6B 14.4%	$3.1B
Prepaid Expenses	$6.3B 27.2%	$4.9B -0.1%	$4.9B 12.1%	$4.4B -11.9%	$5.0B
Total Current Assets	$29.1B 13.6%	$25.6B -22.5%	$33.0B 15.9%	$28.5B 1.9%	$27.9B
Property,Plant and Equipment	$5.6B 9.6%	$5.1B 2.9%	$5.0B 1.1%	$4.9B -3.4%	$5.1B
Goodwill	$35.6B 2.0%	$35.0B 8.2%	$32.3B 0.4%	$32.2B -0.7%	$32.4B
Intangible Assets	$52.6B -12.4%	$60.1B 8.0%	$55.6B -17.5%	$67.4B -11.2%	$76.0B
Long Term Investments	$268.0M -3.9%	$279.0M -8.2%	$304.0M 26.1%	$241.0M -13.0%	$277.0M
Other Noncurrent Assets	$10.7B 17.3%	$9.1B 7.4%	$8.5B 52.8%	$5.6B 14.1%	$4.9B
Total Assets	$134.0B -0.9%	$135.2B 0.3%	$134.7B -2.9%	$138.8B -5.3%	$146.5B
Liabilities
Accounts Payable	$34.7B 8.7%	$31.9B 4.2%	$30.6B 20.7%	$25.4B 11.9%	$22.7B
Current Portion of Long Term Debt	$8.6B 25.7%	$6.8B -5.4%	$7.2B 73.9%	$4.1B -66.9%	$12.5B
Total Current Liabilities	$43.3B 11.7%	$38.7B 2.4%	$37.8B 28.1%	$29.5B -16.1%	$35.2B
Long Term Debt	$58.9B -2.3%	$60.3B 15.6%	$52.2B -11.7%	$59.1B -7.9%	$64.2B
Deferred Tax Liabilities	$2.4B -7.4%	$2.6B 32.1%	$2.0B -10.9%	$2.2B -27.2%	$3.0B
Other Noncurrent Liabilities	$32.6B 8.1%	$30.1B -6.8%	$32.3B 5.5%	$30.7B 6.8%	$28.7B
Equity
Common Stock	$18.0M 0.0%	$18.0M 0.0%	$18.0M 0.0%	$18.0M 0.0%	$18.0M
Additional Paid In Capital	$22.5B 5.4%	$21.3B 5.7%	$20.2B 4.9%	$19.2B 5.1%	$18.3B
Retained Earnings	$-15.5B -96.1%	$-7.9B -690.0%	$-1.0B -120.9%	$4.8B 53.0%	$3.1B
Treasury Stock	$9.1B 11.5%	$8.2B 25.5%	$6.5B 42.2%	$4.6B 46.2%	$3.1B
Accumulated Other Comprehensive Income	$-1.1B 40.6%	$-1.9B 16.5%	$-2.3B -4.8%	$-2.2B 24.1%	$-2.9B
Total Stockholders Equity	$-3.3B -198.3%	$3.3B -67.9%	$10.4B -40.0%	$17.3B 12.0%	$15.4B
Noncontrolling Interest	$42.0M 7.7%	$39.0M 5.4%	$37.0M 12.1%	$33.0M 17.9%	$28.0M
Total Liabilitiesand Equity	$134.0B -0.9%	$135.2B 0.3%	$134.7B -2.9%	$138.8B -5.3%	$146.5B

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $61.2B

Operating income $15.1B

Net income $4.2B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$61.2B 8.6%	$56.3B 3.7%	$54.3B -6.4%	$58.1B 3.3%	$56.2B
Expenses Cost of Revenue	$18.2B 7.7%	$16.9B -17.2%	$20.4B 17.2%	$17.4B -0.2%	$17.4B
Expenses Research and Development	$14.1B -9.2%	$15.5B 83.9%	$8.5B 17.3%	$7.2B -10.2%	$8.0B
Expenses Selling,General and Administrative	$14.0B -5.0%	$14.8B 14.6%	$12.9B -15.6%	$15.3B 23.6%	$12.3B
Expenses Other Operating Expenses	$-241.0M -3342.9%	$-7.0M 96.1%	$-179.0M -419.6%	$56.0M -87.0%	$432.0M
Other Income Expense Operating Income	$15.1B 65.0%	$9.1B -28.4%	$12.8B -29.6%	$18.1B 1.1%	$17.9B
Other Income Expense Interest Expense	$2.6B 21.6%	$2.2B 28.3%	$1.7B	—	—
Other Income Expense Other Income/expense	$-5.9B -79.4%	$-3.3B 32.4%	$-4.8B -85.8%	$-2.6B -1.8%	$-2.6B
Other Income Expense Income Before Tax	$6.6B 77.5%	$3.7B -40.5%	$6.2B -53.6%	$13.5B 3.8%	$13.0B
Income Tax Income Tax Expense	$2.4B 514.7%	$-570.0M -141.4%	$1.4B -15.6%	$1.6B 13.3%	$1.4B
net Income Other Items Below Tax	$-7.0M 12.5%	$-8.0M 20.0%	$-10.0M 99.5%	$-2.1B 14.1%	$-2.4B
net Income net Income	$4.2B -1.2%	$4.3B -12.0%	$4.9B -58.9%	$11.8B 2.5%	$11.5B
net Income Comprehensive Income	$5.0B 7.5%	$4.7B -2.1%	$4.8B -62.1%	$12.5B 6.6%	$11.8B
Earnings Per Share Basic Eps	$2 -1.2%	$2 -12.1%	$3 -58.9%	$7 2.6%	$6
Earnings Per Share Diluted Eps	$2 -1.3%	$2 -12.1%	$3 -59.0%	$7 2.8%	$6
Earnings Per Share Weighted Average Shares Diluted	$1.8B 0.0%	$1.8B 0.0%	$1.8B -0.3%	$1.8B 0.1%	$1.8B

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $19.0B

Investing cash flow $-6.6B

Financing cash flow $-12.7B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$4.2B -1.2%	$4.3B -12.0%	$4.9B -58.9%	$11.8B 2.6%	$11.5B
Operating Activities Depreciation and Amortization	$8.2B -2.4%	$8.4B -3.3%	$8.7B 2.1%	$8.5B -0.3%	$8.5B
Operating Activities Stock Based Compensation	$955.0M 4.8%	$911.0M 22.0%	$747.0M 11.3%	$671.0M -3.0%	$692.0M
Operating Activities Deferred Income Taxes	$-492.0M 66.0%	$-1.4B 49.8%	$-2.9B -49.6%	$-1.9B -115.0%	$-898.0M
Operating Activities Changes In Operating Assets and Liabilities	$-2.4B 15.1%	$-2.8B -198.9%	$2.8B 3092.6%	$-94.0M 92.4%	$-1.2B
Operating Activities Other Non Cash Items	$8.6B -9.5%	$9.5B 10.0%	$8.6B 43.6%	$6.0B 44.4%	$4.1B
Operating Activities net Cash From Operating Activities	$19.0B 1.2%	$18.8B -17.7%	$22.8B -8.4%	$24.9B 9.5%	$22.8B
Investing Activities Capital Expenditures	$-1.2B -24.6%	$-974.0M -25.4%	$-777.0M -11.8%	$-695.0M 11.7%	$-787.0M
Investing Activities Business Acquisitions	$-204.0M 98.8%	$-17.5B	$0 100.0%	$-255.0M 51.4%	$-525.0M
Investing Activities Purchases of Investments	$-5.2B -70.4%	$-3.1B -140.6%	$-1.3B 35.4%	$-2.0B -30.2%	$-1.5B
Investing Activities Proceeds From Sale of Investments	$76.0M -86.3%	$555.0M 909.1%	$55.0M -96.4%	$1.5B 1461.2%	$98.0M
Investing Activities Other Investing Activities	$-29.0M -115.3%	$189.0M 1353.8%	$13.0M -98.3%	$774.0M 111.5%	$366.0M
Investing Activities net Cash From Investing Activities	$-6.6B 68.1%	$-20.8B -936.3%	$-2.0B -222.5%	$-623.0M 73.4%	$-2.3B
Financing Activities Proceeds From Debt	$8.8B -60.0%	$22.0B	$0 -100.0%	$2.0B 100.0%	$1.0B
Financing Activities Repayment of Debt	$-9.6B 34.4%	$-14.6B -252.4%	$-4.1B 71.3%	$-14.4B -53.3%	$-9.4B
Financing Activities Repurchase of Common Stock	$-980.0M 42.6%	$-1.7B 13.4%	$-2.0B -32.6%	$-1.5B -59.2%	$-934.0M
Financing Activities Dividends Paid	$-11.7B -5.7%	$-11.0B -4.6%	$-10.5B -4.9%	$-10.0B -8.4%	$-9.3B
Financing Activities Proceeds From Stock Issuance	$172.0M -19.6%	$214.0M 18.9%	$180.0M -31.3%	$262.0M 7.4%	$244.0M
Financing Activities Other Financing Activities	$544.0M 1395.2%	$-42.0M 94.3%	$-742.0M 32.7%	$-1.1B -63.5%	$-674.0M
Financing Activities net Cash From Financing Activities	$-12.7B -144.2%	$-5.2B 69.7%	$-17.2B 30.6%	$-24.8B -30.3%	$-19.0B
Cash Reconciliation Effect of Exchange Rate On Cash	$42.0M 164.6%	$-65.0M -1400.0%	$5.0M 108.1%	$-62.0M 36.1%	$-97.0M
Cash Reconciliation net Change In Cash	$-295.0M 96.0%	$-7.3B -301.8%	$3.6B 762.9%	$-545.0M -142.0%	$1.3B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+70.2%	+70.0%	+62.4%	+70.0%	+69.0%
Operating margin	+24.6%	+16.2%	+23.5%	+31.2%	+31.9%
Net margin	+6.9%	+7.6%	+9.0%	+20.4%	+20.5%
FCF margin	+29.1%	+31.7%	+40.6%	+41.8%	+39.1%
Growth
Revenue CAGR (3y)	+1.8%	+0.1%	+5.8%	+20.4%	+19.7%
Returns
ROE	-129.2%	+128.7%	+46.9%	+68.6%	+74.9%
ROA	+3.2%	+3.2%	+3.6%	+8.5%	+7.9%
ROIC	+16.4%	+14.1%	+17.5%	+22.3%	+19.4%
Liquidity
Current ratio	0.67x	0.66x	0.87x	0.96x	0.79x
Quick ratio	0.41x	0.42x	0.63x	0.69x	0.56x
Leverage
D/E	-41.97x	39.65x	12.00x	7.04x	8.51x
Interest coverage	5.74x	4.23x	7.58x	—	—
Efficiency
Asset turnover	0.46x	0.42x	0.40x	0.42x	0.38x
Cash conversion cycle	-522d	-529d	-400d	-387d	-345d

Valuation

Price against fundamentals

ABBV $218 · 2025-09-12 · 414d old · FY2025

Market cap $387.1B

P/E 91.60x

P/S 6.33x

P/B —

EV $449.4B

EV/EBITDA —

FCF yield +4.6%

Dividend yield +3.0%

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AbbVie

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