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

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

26 accounts · 10 years

Total assets $134.0B

Total liabilities ~$137.2B

Shareholders equity $-3.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	3.9%	4.1%	9.5%	6.6%	6.7%	5.6%	44.8%	12.3%	13.1%	7.7%
Short Term Investments	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	1.3%	0.7%	2.0%
Accounts Receivable	9.4%	8.1%	8.3%	8.1%	6.8%	5.9%	6.1%	9.1%	7.2%	7.2%
Inventory	3.7%	3.1%	3.0%	2.6%	2.1%	2.2%	2.0%	2.7%	2.3%	2.2%
Prepaid Expenses	4.7%	3.6%	3.7%	3.2%	3.4%	2.4%	2.6%	3.2%	6.7%	5.4%
Total Current Assets	21.7%	18.9%	24.5%	20.5%	19.1%	16.1%	55.6%	28.6%	30.0%	24.5%
Property,Plant and Equipment	4.2%	3.8%	3.7%	3.6%	3.5%	3.5%	3.3%	4.9%	4.0%	3.9%
Goodwill	26.6%	25.9%	24.0%	23.2%	22.1%	22.0%	17.5%	26.4%	22.3%	23.3%
Intangible Assets	39.3%	44.4%	41.3%	48.6%	51.8%	55.0%	20.9%	35.8%	38.9%	43.7%
Long Term Investments	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.1%	2.4%	3.0%	2.7%
Other Noncurrent Assets	8.0%	6.8%	6.3%	4.0%	3.3%	3.2%	2.6%	2.0%	1.9%	1.8%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	25.9%	23.6%	22.8%	18.3%	15.5%	13.4%	13.3%	20.1%	14.4%	14.2%
Current Portion of Long Term Debt	6.4%	5.0%	5.3%	3.0%	8.5%	5.6%	4.2%	8.9%	9.1%	0.6%
Total Current Liabilities	32.3%	28.7%	28.1%	21.3%	24.0%	19.0%	17.5%	29.0%	23.5%	14.8%
Long Term Debt	44.0%	44.6%	38.7%	42.6%	43.8%	51.5%	70.7%	59.0%	43.7%	55.1%
Deferred Tax Liabilities	1.8%	1.9%	1.4%	1.6%	2.1%	2.4%	1.3%	1.8%	3.5%	10.4%
Other Noncurrent Liabilities	24.3%	22.3%	24.0%	22.1%	19.6%	18.3%	19.7%	24.4%	22.0%	12.6%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	16.8%	15.8%	15.0%	13.9%	12.5%	11.5%	17.0%	24.9%	20.2%	20.7%
Retained Earnings	-11.6%	-5.8%	-0.7%	3.4%	2.1%	0.7%	5.3%	5.7%	7.7%	6.6%
Treasury Stock	6.8%	6.1%	4.8%	3.3%	2.1%	1.5%	27.5%	40.6%	16.8%	16.4%
Accumulated Other Comprehensive Income	-0.9%	-1.4%	-1.7%	-1.6%	-2.0%	-2.1%	-4.0%	-4.2%	-3.9%	-3.9%
Total Stockholders Equity	-2.4%	2.5%	7.7%	12.4%	10.5%	8.7%	-9.2%	-14.2%	7.2%	7.0%
Noncontrolling Interest	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $61.2B

Operating income $15.1B

Net income $4.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	45.7%	41.7%	40.3%	41.8%	38.4%	30.4%	37.3%	55.2%	39.9%	38.8%
Expenses Cost of Revenue	13.6%	12.5%	15.2%	12.5%	11.9%	10.2%	8.3%	13.0%	9.9%	8.8%
Expenses Research and Development	10.5%	11.5%	6.3%	5.2%	5.5%	5.2%	7.6%	18.1%	7.5%	6.9%
Expenses Selling,General and Administrative	10.5%	10.9%	9.6%	11.0%	8.4%	7.5%	7.8%	12.5%	8.9%	8.9%
Expenses Other Operating Expenses	-0.2%	-0.0%	-0.1%	0.0%	0.3%	0.0%	-1.0%	0.8%	0.0%	0.0%
Other Income Expense Operating Income	11.3%	6.8%	9.5%	13.1%	12.2%	7.5%	14.6%	10.8%	13.5%	14.1%
Other Income Expense Interest Expense	2.0%	1.6%	1.3%	—	—	1.5%	—	—	1.4%	1.5%
Other Income Expense Other Income/expense	-4.4%	-2.4%	-3.6%	-1.9%	-1.7%	-3.8%	-3.4%	-0.1%	-1.1%	-0.7%
Other Income Expense Income Before Tax	4.9%	2.7%	4.6%	9.7%	8.9%	2.3%	9.5%	8.8%	10.9%	11.9%
Income Tax Income Tax Expense	1.8%	-0.4%	1.0%	1.2%	1.0%	-0.8%	0.6%	-0.8%	3.4%	2.9%
net Income Other Items Below Tax	-0.0%	-0.0%	-0.0%	-1.5%	-1.6%	-0.0%	-1.7%	-1.9%	—	—
net Income net Income	3.2%	3.2%	3.6%	8.5%	7.9%	3.1%	8.8%	9.6%	7.5%	9.0%
net Income Comprehensive Income	3.7%	3.4%	3.5%	9.0%	8.0%	3.4%	7.6%	10.0%	7.3%	9.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.3%	1.3%	1.3%	1.3%	1.2%	1.1%	1.7%	2.6%	2.3%	2.5%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $19.0B

Investing cash flow $-6.6B

Financing cash flow $-12.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	3.2%	3.2%	3.6%	8.5%	7.9%	3.1%	8.8%	9.6%	7.5%	9.0%
Operating Activities Depreciation and Amortization	6.1%	6.2%	6.4%	6.1%	5.8%	4.3%	2.3%	3.0%	2.1%	1.2%
Operating Activities Stock Based Compensation	0.7%	0.7%	0.6%	0.5%	0.5%	0.5%	0.5%	0.7%	0.5%	0.5%
Operating Activities Deferred Income Taxes	-0.4%	-1.1%	-2.1%	-1.4%	-0.6%	-1.5%	0.1%	-2.6%	—	—
Operating Activities Changes In Operating Assets and Liabilities	-1.8%	-2.1%	2.1%	-0.1%	-0.8%	0.1%	-1.6%	0.7%	0.0%	-2.6%
Operating Activities Other Non Cash Items	6.4%	7.0%	6.4%	4.3%	2.8%	5.3%	4.9%	11.3%	3.9%	1.9%
Operating Activities net Cash From Operating Activities	14.2%	13.9%	17.0%	18.0%	15.5%	11.7%	15.0%	22.6%	14.1%	10.7%
Investing Activities Capital Expenditures	-0.9%	-0.7%	-0.6%	-0.5%	-0.5%	-0.5%	-0.6%	-1.1%	-0.7%	-0.7%
Investing Activities Business Acquisitions	-0.2%	-12.9%	0.0%	-0.2%	-0.4%	-25.4%	0.0%	0.0%	—	-3.8%
Investing Activities Purchases of Investments	-3.9%	-2.3%	-0.9%	-1.4%	-1.0%	-1.0%	-1.9%	-4.3%	-3.6%	-8.4%
Investing Activities Proceeds From Sale of Investments	0.1%	0.4%	0.0%	1.1%	0.1%	1.0%	3.0%	3.6%	3.9%	3.6%
Investing Activities Other Investing Activities	-0.0%	0.1%	0.0%	0.6%	0.2%	0.9%	0.2%	0.0%	0.0%	0.2%
Investing Activities net Cash From Investing Activities	-5.0%	-15.4%	-1.5%	-0.4%	-1.6%	-24.9%	0.7%	-1.7%	-0.4%	-9.2%
Financing Activities Proceeds From Debt	6.6%	16.3%	0.0%	1.4%	0.7%	2.0%	35.3%	15.1%	0.0%	17.6%
Financing Activities Repayment of Debt	-7.2%	-10.8%	-3.1%	-10.4%	-6.4%	-3.8%	-5.1%	-10.2%	-0.0%	-9.1%
Financing Activities Repurchase of Common Stock	-0.7%	-1.3%	-1.5%	-1.1%	-0.6%	-0.6%	-0.7%	-20.2%	-2.0%	-9.1%
Financing Activities Dividends Paid	-8.7%	-8.2%	-7.8%	-7.2%	-6.3%	-5.1%	-7.1%	-9.4%	-5.8%	-5.6%
Financing Activities Proceeds From Stock Issuance	0.1%	0.2%	0.1%	0.2%	0.2%	0.1%	0.0%	0.1%	0.4%	0.4%
Financing Activities Other Financing Activities	0.4%	-0.0%	-0.6%	-0.8%	-0.5%	-0.2%	-1.4%	0.3%	-0.3%	-0.1%
Financing Activities net Cash From Financing Activities	-9.5%	-3.9%	-12.8%	-17.9%	-13.0%	-7.6%	21.0%	-24.3%	-7.8%	-5.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%	-0.0%	-0.1%	-0.0%	0.0%	-0.1%	0.0%	-0.5%
Cash Reconciliation net Change In Cash	-0.2%	-5.4%	2.7%	-0.4%	0.9%	-20.9%	36.6%	-3.4%	5.9%	-5.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+70.2%	+70.0%	+62.4%	+70.0%	+69.0%	+66.4%	+77.6%	+76.4%	+75.0%	+77.3%
Operating margin	+24.6%	+16.2%	+23.5%	+31.2%	+31.9%	+24.8%	+39.0%	+19.5%	+33.8%	+36.4%
Net margin	+6.9%	+7.6%	+9.0%	+20.4%	+20.5%	+10.1%	+23.7%	+17.4%	+18.8%	+23.2%
FCF margin	+29.1%	+31.7%	+40.6%	+41.8%	+39.1%	+36.7%	+38.4%	+39.0%	+33.4%	+25.6%
Growth
Revenue CAGR (3y)	+1.8%	+0.1%	+5.8%	+20.4%	+19.7%	+17.5%	+9.1%	+12.7%	+12.2%	+10.9%
Returns
ROE	-129.2%	+128.7%	+46.9%	+68.6%	+74.9%	+35.3%	-96.5%	-67.3%	+104.2%	+128.4%
ROA	+3.2%	+3.2%	+3.6%	+8.5%	+7.9%	+3.1%	+8.8%	+9.6%	+7.5%	+9.0%
ROIC	+16.4%	+14.1%	+17.5%	+22.3%	+19.4%	+12.5%	+65.2%	+26.0%	+19.8%	+19.4%
Liquidity
Current ratio	0.67x	0.66x	0.87x	0.96x	0.79x	0.84x	3.18x	0.98x	1.28x	1.65x
Quick ratio	0.41x	0.42x	0.63x	0.69x	0.56x	0.60x	2.91x	0.74x	0.86x	1.01x
Leverage
D/E	-41.97x	39.65x	12.00x	7.04x	8.51x	10.51x	-11.90x	-8.03x	12.89x	13.26x
Interest coverage	5.74x	4.23x	7.58x	—	—	4.98x	—	—	9.51x	9.68x
Efficiency
Asset turnover	0.46x	0.42x	0.40x	0.42x	0.38x	0.30x	0.37x	0.55x	0.40x	0.39x
Cash conversion cycle	-522d	-529d	-400d	-387d	-345d	-329d	-432d	-428d	-381d	-429d

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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Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

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