AbbVie Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AbbVie Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	25,638	28,216	32,753	33,266	45,804	56,197	58,054	54,318	56,334	61,160
Cost of revenue	5,832	7,042	7,718	7,439	15,387	17,446	17,414	20,415	16,904	18,204
Gross profit	19,806	21,174	25,035	25,827	30,417	38,751	40,640	33,903	39,430	42,956
Research and development	4,385	5,007	10,329	6,407	6,379	6,922	6,510	7,675	12,791	9,096
Selling, general and administrative	5,881	6,295	7,399	6,942	11,299	12,349	15,260	12,872	14,752	14,010
Operating income	9,340	9,545	6,383	12,983	11,363	17,924	18,117	12,757	9,137	15,075
Interest expense	1,047	1,150	1,348	1,784	2,454	2,423	2,230	2,224	2,808	2,893
Interest income	82	146	204	275	174	39	186	540	648	266
Other non-operating income	-188	-466	-18	-3,006	-5,614	-2,500	-2,448	-4,677	-3,240	-5,793
Pre-tax income	7,884	7,727	5,197	8,426	3,398	12,989	13,477	6,250	3,716	6,597
Income tax	1,931	2,418	-490	544	-1,224	1,440	1,632	1,377	-570	2,364
Net income to minority interests			0	0	6	7	9	10	8	7
Net income	5,953	5,309	5,687	7,882	4,616	11,542	11,836	4,863	4,278	4,226
EBITDA	9,765	9,970	6,854	13,447	12,029	18,727	18,895	13,509	9,901	15,837
EPS, basic	3.65	3.31	3.67	5.30	2.73	6.48	6.65	2.73	2.40	2.37
EPS, diluted	3.63	3.30	3.66	5.28	2.72	6.45	6.63	2.72	2.39	2.36
Shares, basic (weighted)	1,622	1,596	1,541	1,481	1,667	1,770	1,771	1,768	1,769	1,769
Shares, diluted (weighted)	1,631	1,603	1,546	1,484	1,673	1,777	1,778	1,773	1,773	1,773
Dividend per share	2.35	2.63	3.95	4.39	4.84	5.31	5.71	5.99	6.29	6.65

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,100	9,303	7,289	39,924	8,449	9,746	9,201	12,814	5,524	5,229
Short-term investments	1,323	486	772	0	30	84	28	2	31	28
Receivables	4,758	5,088	5,384	5,428	8,822	9,977	11,254	11,155	10,919	12,589
Inventory	1,444	1,605	1,605	1,813	3,310	3,128	3,579	4,099	4,181	4,951
Other current assets										6,293
Total current assets	16,187	21,223	16,945	49,519	24,173	27,928	28,463	33,002	25,582	29,062
Property, plant and equipment	2,604	2,803	2,883	2,962	5,248	5,110	4,935	4,989	5,134	5,628
Lease right-of-use assets					895	762	737	744	723	737
Goodwill	15,416	15,785	15,663	15,604	33,124	32,379	32,156	32,293	34,956	35,640
Intangible assets	28,897	27,559	21,233	18,649	82,876	75,951	67,439	55,610	60,068	52,641
Long-term investments	1,783	2,090	1,420	93	293	277	241	304	279	268
Other non-current assets	1,212	1,326	1,208	2,288	4,851	4,884	5,571	8,513	9,142	10,721
Total assets	66,099	70,786	59,352	89,115	150,565	146,529	138,805	134,711	135,161	133,960
Accounts payable	1,407	1,474	1,546	1,452	2,276	2,882	2,934	3,688	2,945	3,592
Accrued liabilities	644	763	787	830	1,669	1,785	1,371	1,802	1,986	2,219
Short-term debt	25	6,015	1,609	3,753	8,468	12,481	4,135	7,191	6,804	6,056
Total current liabilities	9,781	16,641	17,239	15,585	28,661	35,194	29,538	37,841	38,749	43,289
Long-term debt	36,440	30,953	35,002	62,975	77,554	64,189	59,135	52,194	60,340	58,941
Lease liabilities					832	713	754	735	697	689
Other non-current liabilities	1,160	1,241	1,307	17,597	27,607	28,701	30,655	32,327	30,129	32,569
Total liabilities	61,463	65,689	67,798	97,287	137,468	131,093	121,518	124,314	131,797	137,188
Total debt	36,465	36,968	36,611	67,233	84,948	75,962	63,128	59,245	66,841	64,503
Paid-in capital	13,678	14,270	14,756	15,193	17,384	18,305	19,245	20,180	21,333	22,495
Retained earnings	4,378	5,459	3,368	4,717	1,055	3,127	4,784	-1,000	-7,900	-15,493
Treasury stock	-10,852	-11,923	-24,108	-24,504	-2,264	-3,143	-4,594	-6,533	-8,201	-9,146
Other comprehensive income	-2,586	-2,727	-2,480	-3,596	-3,117	-2,899	-2,199	-2,305	-1,925	-1,144
Shareholders' equity	4,636	5,097	-8,446	-8,172	13,076	15,408	17,254	10,360	3,325	-3,270
Minority interests				0	21	28	33	37	39	42
Total equity	4,636	5,097	-8,446	-8,172	13,097	15,436	17,287	10,397	3,364	-3,228
Total liabilities and equity	66,099	70,786	59,352	89,115	150,565	146,529	138,805	134,711	135,161	133,960

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5,953	5,309	5,687	7,882	4,622	11,549	11,845	4,873	4,286	4,233
Depreciation and amortization	425	425	471	464	666	803	778	752	764	762
Stock-based compensation	353	365	421	430	753	692	671	747	911	955
Deferred income tax	-796	-4,162	-1,517	122	-2,325	-898	-1,931	-2,889	-1,449	-492
Change in receivables	-71	-391	-591	-74	-929	-1,321	-1,455	66	207	-1,490
Change in inventory	-38	93	-226	-231	-40	-142	-686	-417	-319	-234
Change in payables	-1,187	425	734	97	1,514	1,719	1,769	3,840	177	951
Cash from operations	7,041	9,960	13,427	13,324	17,588	22,777	24,943	22,839	18,806	19,030
Capital expenditures	-479	-529	-638	-552	-798	-787	-695	-777	-974	-1,214
Acquisitions	-2,495	0	0	0	-38,260	-525	-255	0	-17,493	-204
Purchases of investments	-5,315	-2,230	-1,792	-583	-61	-119	-1,438	-77	-73	-35
Sales and maturities of investments	2,359	2,793	2,160	2,699	1,525	98	1,530	55	555	76
Cash from investing	-6,074	-274	-1,006	596	-37,557	-2,344	-623	-2,009	-20,820	-6,643
Debt issued	11,627	0	5,963	31,482	3,000	1,000	2,000		16,963	3,994
Stock issued	268	254	73	8	209	244	262	180	214	172
Share buybacks	-6,033	-1,410	-12,014	-629	-978	-934	-1,487	-1,972	-1,708	-980
Dividends paid	-3,717	-4,107	-5,580	-6,366	-7,716	-9,261	-10,043	-10,539	-11,025	-11,657
Cash from financing	-3,928	-5,512	-14,396	18,708	-11,501	-19,039	-24,803	-17,222	-5,211	-12,724
Exchange rate effect	-338	29	-39	7	-5	-97	-62	5	-65	42
Net change in cash	-3,299	4,203	-2,014	32,635	-31,475	1,297	-545	3,613	-7,290	-295
Free cash flow	6,562	9,431	12,789	12,772	16,790	21,990	24,248	22,062	17,832	17,816
Interest paid	986	1,099	1,215	1,794	2,619	2,712	2,546	2,469	2,811	3,002
Income taxes paid	3,563	1,696		1,447	1,674	3,648	2,988	4,700	4,100	3,626

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $264.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.5%	Gross profit / revenue.
Operating margin	26.2%	Operating income / revenue.
EBITDA margin	27.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.5%	Pre-tax income / revenue.
Net margin	9.8%	Net income / revenue.
FCF margin	28.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.3%	Cash from operations / revenue.
Effective tax rate	27.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.7%	Net income / average total assets.
Return on invested capital (ROIC)	21.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.1%	Research and development expense / revenue.
SG&A / revenue	22.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	65.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	60.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-29.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-29.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-2.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-198.3%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.81x	Current assets / current liabilities.
Quick ratio	0.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / assets	52.4%	Total debt / total assets.
Liabilities / assets	104.4%	Total liabilities / total assets.
Net debt	$64.25B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.64x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.79x	Operating income / interest expense.
Working capital	-$7.97B	Current assets - current liabilities.
Goodwill and intangibles / assets	62.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$90.59B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	11.1x	Revenue / average property, plant and equipment.
Inventory turnover	3.58x	Cost of revenue / average inventory.
Days inventory	102 days	365 x average inventory / cost of revenue.
Receivables turnover	4.66x	Revenue / average receivables.
Days sales outstanding	78 days	365 x average receivables / revenue.
Days payables	662 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-482 days	Days inventory + days sales outstanding - days payables.
FCF conversion	288.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$36.36	Revenue / diluted weighted shares.
FCF per share	$10.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.01	Cash from operations / diluted weighted shares.
Book value per share	-$3.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$51.15	Tangible book value / shares outstanding.
Cash per share	$3.71	(Cash + short-term investments) / shares outstanding.
Payout ratio	189.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	65.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	8.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$467.12B	Share price x shares outstanding.
Enterprise value	$531.37B	Market cap + total debt - cash - short-term investments.
P/E	74.0x	Market cap / net income. Only when net income is positive.
P/S	7.25x	Market cap / revenue.
P/FCF	25.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.9x	Market cap / cash from operations, when positive.
EV/Sales	8.25x	Enterprise value / revenue.
EV/EBIT	31.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.

What was AbbVie Inc.'s revenue in fiscal 2025?

AbbVie Inc. reported revenue of $61.16B for fiscal 2025, 8.6% higher than the year before.

Was AbbVie Inc. profitable in fiscal 2025?

Yes. Net income was $4.23B, a net margin of 6.9%.

How much free cash flow did AbbVie Inc. generate in fiscal 2025?

Cash from operations of $19.03B minus capital expenditures of $1.21B left free cash flow of $17.82B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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