Amgen

Health Care Biotechnology Thousand Oaks, California Last filing Feb 13, 2026 · FY2025

                    Revenue
                    FY2025
                
$36.8B
                    3y CAGR +11.8%
                    
                    P83
                    
                    +10.0%
                    
                    Net income
                    FY2025
                
$7.7B
                    Net margin +21.0%
                    
                    P80
                    
                    +88.5%
                    
                    Total assets
                    FY2025
                
$90.6B
                    ROA +8.5%
                    
                    P68
                    
                    -1.4%
                    
                    Operating cash flow
                    FY2025
                
$10.0B
                    FCF margin +22.0%
                    
                    P82
                    
                    -13.3%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

27 accounts · 5 years

Total assets $90.6B

Total liabilities $25.5B

Shareholders equity $8.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$9.1B -23.8%	$12.0B 9.4%	$10.9B 43.5%	$7.6B -4.5%	$8.0B
Short Term Investments	$0	$0	$0 -100.0%	$1.7B 3391.7%	$48.0M
Accounts Receivable	$9.6B 41.1%	$6.8B -6.7%	$7.3B 30.6%	$5.6B 13.6%	$4.9B
Inventory	$6.2B -11.0%	$7.0B -26.5%	$9.5B 93.1%	$4.9B 20.7%	$4.1B
Prepaid Expenses	$4.1B 26.1%	$3.3B 25.9%	$2.6B 9.0%	$2.4B 0.9%	$2.4B
Other Current Assets	$4.1B 26.1%	$3.3B 25.9%	$2.6B 9.0%	$2.4B 0.9%	$2.4B
Total Current Assets	$29.1B 0.1%	$29.0B -4.3%	$30.3B 36.7%	$22.2B 14.4%	$19.4B
Property,Plant and Equipment	$7.9B 20.9%	$6.5B 10.1%	$5.9B 9.5%	$5.4B 4.7%	$5.2B
Goodwill	$18.7B 0.2%	$18.6B 0.0%	$18.6B 20.0%	$15.5B 4.3%	$14.9B
Intangible Assets	$22.3B -19.6%	$27.7B -15.1%	$32.6B 103.0%	$16.1B 5.9%	$15.2B
Other Noncurrent Assets	$12.7B 27.5%	$9.9B 3.3%	$9.6B 62.9%	$5.9B -9.6%	$6.5B
Total Assets	$90.6B -1.4%	$91.8B -5.5%	$97.2B 49.2%	$65.1B 6.5%	$61.2B
Liabilities
Accounts Payable	$2.4B 24.1%	$1.9B 20.0%	$1.6B 1.1%	$1.6B 15.1%	$1.4B
Accrued Liabilities	$18.5B 5.0%	$17.6B 14.9%	$15.4B 22.6%	$12.5B 16.7%	$10.7B
Current Portion of Long Term Debt	$4.6B 29.5%	$3.5B 146.0%	$1.4B -9.3%	$1.6B 1728.7%	$87.0M
Other Current Liabilities	$2.4B 1.2%	$2.3B 1.0%	$2.3B -12.6%	$2.7B 8.0%	$2.5B
Total Current Liabilities	$25.5B 10.3%	$23.1B 25.6%	$18.4B 17.2%	$15.7B 28.8%	$12.2B
Long Term Debt	$50.0B -11.6%	$56.5B -10.5%	$63.2B 69.1%	$37.4B 12.4%	$33.2B
Deferred Tax Liabilities	$1.4B -15.5%	$1.6B -31.4%	$2.4B 25.5%	$1.9B 29.5%	$1.4B
Other Noncurrent Liabilities	$2.4B 1.2%	$2.3B 1.0%	$2.3B -12.6%	$2.7B 8.0%	$2.5B
Total Liabilities	$25.5B 10.3%	$23.1B 25.6%	$18.4B 17.2%	$15.7B 28.8%	$12.2B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$3.3B 0.1%	$3.3B 0.0%	$3.3B 0.0%	$3.3B -0.7%	$3.3B
Retained Earnings	$-25.1B 9.0%	$-27.6B -3.9%	$-26.5B 7.2%	$-28.6B -16.3%	$-24.6B
Accumulated Other Comprehensive Income	$-258.0M -290.9%	$-66.0M 77.2%	$-289.0M -25.1%	$-231.0M 71.0%	$-796.0M
Total Stockholders Equity	$8.7B 47.3%	$5.9B -5.7%	$6.2B 70.2%	$3.7B -45.4%	$6.7B
Total Liabilitiesand Equity	$90.6B -1.4%	$91.8B -5.5%	$97.2B 49.2%	$65.1B 6.5%	$61.2B

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $36.8B

Operating income $9.1B

Net income $7.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$36.8B 10.0%	$33.4B 18.6%	$28.2B 7.1%	$26.3B 1.3%	$26.0B
Expenses Cost of Revenue	$12.0B -6.4%	$12.9B 52.1%	$8.5B 31.9%	$6.4B -0.7%	$6.5B
Expenses Research and Development	$7.3B 21.9%	$6.0B 24.7%	$4.8B 7.9%	$4.4B -8.0%	$4.8B
Expenses Selling,General and Administrative	$7.0B -0.6%	$7.1B 14.8%	$6.2B 14.1%	$5.4B 0.9%	$5.4B
Expenses Depreciation and Amortization	$5.2B -7.6%	$5.6B 37.4%	$4.1B 19.1%	$3.4B 0.6%	$3.4B
Expenses Share Based Compensation	$494.0M -6.8%	$530.0M 23.0%	$431.0M 7.5%	$401.0M 17.6%	$341.0M
Expenses Operating Expenses	$27.7B 5.8%	$26.2B 28.9%	$20.3B 21.1%	$16.8B -8.6%	$18.3B
Other Income Expense Operating Income	$9.1B 25.1%	$7.3B -8.1%	$7.9B -17.4%	$9.6B 25.2%	$7.6B
Other Income Expense Interest Income	$408.0M -20.0%	$510.0M -57.5%	$1.2B 844.9%	$127.0M 1054.5%	$11.0M
Other Income Expense Interest Expense	$2.8B -12.7%	$3.2B 9.7%	$2.9B 104.5%	$1.4B 17.5%	$1.2B
Other Income Expense Other Income/expense	$2.7B 423.9%	$506.0M -82.1%	$2.8B 448.0%	$-814.0M -414.3%	$259.0M
Other Income Expense Income Before Tax	$9.0B 94.7%	$4.6B -41.3%	$7.9B 6.9%	$7.3B 9.6%	$6.7B
Income Tax Income Tax Expense	$1.3B 143.7%	$519.0M -54.4%	$1.1B 43.3%	$794.0M -1.7%	$808.0M
net Income net Income	$7.7B 88.5%	$4.1B -39.1%	$6.7B 2.5%	$6.6B 11.2%	$5.9B
net Income Comprehensive Income	$7.5B 74.3%	$4.3B -35.2%	$6.7B -6.4%	$7.1B 17.0%	$6.1B
Earnings Per Share Basic Eps	$14 88.1%	$8 -39.3%	$13 3.1%	$12 17.8%	$10
Earnings Per Share Diluted Eps	$14 88.2%	$8 -39.5%	$12 3.1%	$12 17.8%	$10
Earnings Per Share Weighted Average Shares Basic	$538.0M 0.2%	$537.0M 0.4%	$535.0M -0.6%	$538.0M -5.6%	$570.0M
Earnings Per Share Weighted Average Shares Diluted	$542.0M 0.2%	$541.0M 0.6%	$538.0M -0.6%	$541.0M -5.6%	$573.0M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $10.0B

Investing cash flow $-1.9B

Financing cash flow $-10.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$7.7B 88.5%	$4.1B -39.1%	$6.7B 2.5%	$6.6B 11.2%	$5.9B
Operating Activities Depreciation and Amortization	$5.2B -7.6%	$5.6B 37.4%	$4.1B 19.1%	$3.4B 0.6%	$3.4B
Operating Activities Stock Based Compensation	$494.0M -6.8%	$530.0M 23.0%	$431.0M 7.5%	$401.0M 17.6%	$341.0M
Operating Activities Deferred Income Taxes	$-700.0M 43.5%	$-1.2B -1.9%	$-1.2B 4.7%	$-1.3B -193.8%	$-434.0M
Operating Activities Changes In Operating Assets and Liabilities	$2.7B 205.8%	$-2.6B -339.0%	$1.1B -38.2%	$1.7B 231.2%	$525.0M
Operating Activities Other Non Cash Items	$-156.0M -205.9%	$-51.0M 77.0%	$-222.0M -22.0%	$-182.0M -279.2%	$-48.0M
Operating Activities net Cash From Operating Activities	$10.0B -13.3%	$11.5B 35.6%	$8.5B -12.9%	$9.7B 5.0%	$9.3B
Investing Activities Capital Expenditures	$1.9B 69.5%	$1.1B -1.4%	$1.1B 18.8%	$936.0M 6.4%	$880.0M
Investing Activities Business Acquisitions	$53.0M	$0 -100.0%	$27.0B 603.0%	$3.8B 51.8%	$2.5B
Investing Activities Proceeds From Sale of Investments	$0	$0 -100.0%	$550.0M -50.9%	$1.1B -87.3%	$8.8B
Investing Activities Other Investing Activities	$32.0M 164.0%	$-50.0M 77.7%	$-224.0M -124.0%	$-100.0M -152.1%	$192.0M
Investing Activities net Cash From Investing Activities	$-1.9B -85.8%	$-1.0B 96.0%	$-26.2B -333.6%	$-6.0B -924.6%	$733.0M
Financing Activities Proceeds From Debt	$0	$0 -100.0%	$27.8B 301.5%	$6.9B 39.9%	$4.9B
Financing Activities Repayment of Debt	$5.0B 38.9%	$3.6B 147.6%	$1.5B	$0 -100.0%	$4.2B
Financing Activities Repurchase of Common Stock	$0 -100.0%	$200.0M	$0 -100.0%	$6.4B 27.8%	$5.0B
Financing Activities Dividends Paid	$5.1B 6.0%	$4.8B 6.1%	$4.6B 8.6%	$4.2B 4.6%	$4.0B
Financing Activities Other Financing Activities	$-52.0M 58.1%	$-124.0M -72.2%	$-72.0M 30.1%	$-103.0M -32.1%	$-78.0M
Financing Activities net Cash From Financing Activities	$-10.9B -15.3%	$-9.4B -144.7%	$21.0B 621.4%	$-4.0B 51.2%	$-8.3B
Cash Reconciliation Effect of Exchange Rate On Cash	$9.1B -23.8%	$12.0B 9.4%	$10.9B 43.5%	$7.6B -4.5%	$8.0B
Cash Reconciliation net Change In Cash	$-2.8B -376.4%	$1.0B -69.0%	$3.3B 1020.8%	$-360.0M -120.9%	$1.7B
Cash Reconciliation Cash At Beginning of Period	$9.1B -23.8%	$12.0B 9.4%	$10.9B 43.5%	$7.6B -4.5%	$8.0B
Cash Reconciliation Cash At End of Period	$9.1B -23.8%	$12.0B 9.4%	$10.9B 43.5%	$7.6B -4.5%	$8.0B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+67.2%	+61.5%	+70.0%	+75.7%	+75.2%
Operating margin	+24.7%	+21.7%	+28.0%	+36.3%	+29.4%
Net margin	+21.0%	+12.2%	+23.8%	+24.9%	+22.7%
FCF margin	+22.0%	+31.1%	+26.1%	+33.4%	+32.3%
Growth
Revenue CAGR (3y)	+11.8%	+8.8%	+3.5%	+4.1%	+3.0%
Returns
ROE	+89.1%	+69.6%	+107.8%	+179.0%	+88.0%
ROA	+8.5%	+4.5%	+6.9%	+10.1%	+9.6%
ROIC	+14.4%	+11.9%	+11.3%	+24.4%	+21.0%
Liquidity
Current ratio	1.14x	1.26x	1.65x	1.41x	1.59x
Quick ratio	0.73x	0.81x	0.99x	0.84x	1.06x
Leverage
D/E	2.94x	3.93x	2.95x	4.28x	1.82x
Interest coverage	3.30x	2.30x	2.75x	6.80x	6.38x
Efficiency
Asset turnover	0.41x	0.36x	0.29x	0.40x	0.42x
Cash conversion cycle	+212d	+219d	+437d	+268d	+223d

Valuation

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FY2025 fundamentals · no price

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Amgen

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