AMGEN INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AMGEN 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	22,991	22,849	23,747	23,362	25,424	25,979	26,323	28,190	33,424	36,751
Cost of revenue	4,162	4,069	4,101	4,356	6,159	6,454	6,406	8,451	12,858	12,037
Gross profit	18,829	18,780	19,646	19,006	19,265	19,525	19,917	19,739	20,566	24,714
Research and development	3,840	3,562	3,737	4,116	4,207	4,819	4,434	4,784	5,964	7,272
Selling, general and administrative	5,062	4,870	5,332	5,150	5,730	5,368	5,414	6,179	7,096	7,050
Operating income	9,794	9,973	10,263	9,674	9,139	7,639	9,566	7,897	7,258	9,080
Interest expense	1,260	1,304	1,392	1,289	1,262	1,197	1,406	2,875	3,155	2,755
Interest income						11	127	1,200	510	408
Other non-operating income	629	928	674	753	256	259	-814	2,833	506	2,651
Pre-tax income	9,163	9,597	9,545	9,138	8,133	6,701	7,346	7,855	4,609	8,976
Income tax	1,441	7,618	1,151	1,296	869	808	794	1,138	519	1,265
Net income	7,722	1,979	8,394	7,842	7,264	5,893	6,552	6,717	4,090	7,711
EBITDA	11,899	11,928	12,209	11,880	12,740	11,037	12,983	11,968	12,850	14,247
EPS, basic	10.32	2.71	12.70	12.96	12.40	10.34	12.18	12.56	7.62	14.33
EPS, diluted	10.24	2.69	12.62	12.88	12.31	10.28	12.11	12.49	7.56	14.23
Shares, basic (weighted)	748	731	661	605	586	570	538	535	537	538
Shares, diluted (weighted)	754	735	665	609	590	573	541	538	541	542
Dividend per share	4.15	4.77	5.41	5.95	6.56	7.22	7.95	8.64	9.13	9.66

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,241	3,800	6,945	6,037	6,266	7,989	7,629	10,944	11,973	9,129
Short-term investments		37,878	22,359	2,874	4,381	48	1,676	0
Receivables	3,165	3,237	3,580	4,057	4,525	4,895	5,563	7,268	6,782	9,570
Inventory	2,745	2,834	2,940	3,584	3,893	4,086	4,930	9,518	6,998	6,225
Other current assets	2,015	1,727	1,794	1,888	2,079	2,367	2,388	2,602	3,277	4,133
Total current assets	46,010	49,476	37,618	18,440	21,144	19,385	22,186	30,332	29,030	29,057
Property, plant and equipment	4,961	4,989	4,958	4,928	4,889	5,184	5,427	5,941	6,543	7,913
Lease right-of-use assets				469	408	566	579	651	557	602
Goodwill	14,761	14,761	14,699	14,703	14,689	14,890	15,529	18,629	18,637	18,680
Intangible assets	10,279	8,609	7,443	19,413	16,587	15,182	16,080	32,641	27,699	22,276
Other non-current assets	1,625	2,119	1,698	2,223	5,639	6,524	5,899	9,611	9,930	12,660
Total assets	77,626	79,954	66,416	59,707	62,948	61,165	65,121	97,154	91,839	90,586
Accounts payable	917	1,352	1,207	1,371	1,421	1,366	1,572	1,590	1,908	2,367
Accrued liabilities	5,884	6,516	7,862	8,511	10,141	10,731	12,524	15,359	17,641	18,523
Short-term debt	4,403	1,152	4,419	2,953	91	87	1,591	1,443	3,550	4,599
Total current liabilities	11,204	9,020	13,488	12,835	11,653	12,184	15,687	18,392	23,099	25,489
Long-term debt	30,193	34,190	29,510	26,950	32,895	33,222	37,354	63,170	56,549	50,005
Lease liabilities				388	306	525	539	691	673	696
Other non-current liabilities	1,499	1,238	1,284	2,212	2,023	2,465	2,651	2,326	2,349	2,378
Total liabilities	47,751	54,713	53,916	50,034	53,539	54,465	61,460	90,922	85,962	81,928
Total debt	34,596	35,342	33,929	29,903	32,986	33,309	38,945	64,613	60,099	54,604
Paid-in capital	30,784	30,992	31,246	31,531	31,802	32,096	32,514	33,070	33,533	34,023
Retained earnings	-438	-5,072	-17,977	-21,330	-21,408	-24,600	-28,622	-26,549	-27,590	-25,107
Other comprehensive income	-471	-679	-769	-528	-985	-796	-231	-289	-66	-258
Shareholders' equity	29,875	25,241	12,500	9,673	9,409	6,700	3,661	6,232	5,877	8,658
Total equity	29,875	25,241	12,500	9,673	9,409	6,700	3,661	6,232	5,877	8,658
Total liabilities and equity	77,626	79,954	66,416	59,707	62,948	61,165	65,121	97,154	91,839	90,586
Shares outstanding	738	722	630	591	578	558	534	535	537	539

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7,722	1,979	8,394	7,842	7,264	5,893	6,552	6,717	4,090	7,711
Depreciation and amortization	2,105	1,955	1,946	2,206	3,601	3,398	3,417	4,071	5,592	5,167
Stock-based compensation	311	329	311	308	330	341	401	431	530	494
Deferred income tax	216	-1,277	-363	-304	-363	-434	-1,275	-1,215	-1,238	-700
Change in receivables	-214	-58	-378	-504	-427	-429	-746	-1,015	441	-2,676
Change in inventory	-80	133	-3	-66	-215	-165	-742	491	2,532	886
Change in payables	-44	424	-143	164	45	-69	154	-402	312	428
Cash from operations	10,354	11,177	11,296	9,150	10,497	9,261	9,721	8,471	11,490	9,958
Capital expenditures	-738	-664	-738	-618	-608	-880	-936	-1,112	-1,096	-1,858
Acquisitions	0	-19	195	-13,617	0	-2,529	-3,839	-26,989	0	-53
Purchases of investments	-28,094	-33,607	-18,741	-9,394	-8,477	-8,900	-2,587	-1	0
Sales and maturities of investments	2,459	6,174	5,412	20,548	4,381	8,831	1,120	550	0	0
Cash from investing	-8,658	-4,024	14,339	5,709	-5,401	733	-6,044	-26,204	-1,046	-1,943
Debt issued	7,318	4,476	0	0	8,914	4,945	6,919	27,777	0	0
Debt repaid	-3,725	-4,405	-1,121	-4,514	-6,450	-4,150	0	-1,454	-3,600	-5,000
Share buybacks	-2,965	-3,160	-17,794	-7,702	-3,486	-4,975	-6,360	0	-200	0
Dividends paid	-2,998	-3,365	-3,507	-3,509	-3,755	-4,013	-4,196	-4,556	-4,832	-5,124
Cash from financing	-2,599	-6,594	-22,490	-15,767	-4,867	-8,271	-4,037	21,048	-9,415	-10,859
Net change in cash	-903	559	3,145	-908	229	1,723	-360	3,315	1,029	-2,844
Free cash flow	9,616	10,513	10,558	8,532	9,889	8,381	8,785	7,359	10,394	8,100
Interest paid	1,200	1,300	1,500	1,300	1,200	1,200	1,200	2,400	3,300	2,900
Income taxes paid	1,100	1,500	1,900	1,900	1,400	1,900	2,400	3,400	2,900	4,300

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 $414.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.5%	Gross profit / revenue.
Operating margin	30.0%	Operating income / revenue.
EBITDA margin	37.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	23.0%	Net income / revenue.
FCF margin	26.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	32.8%	Cash from operations / revenue.
Return on equity (ROE)	74.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.1%	Net income / average total assets.
Return on invested capital (ROIC)	16.4%	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	20.0%	Research and development expense / revenue.
SG&A / revenue	18.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.0%	Capital expenditures / revenue.
D&A / revenue	7.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.5%	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	5.1%	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	25.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.7%	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	-0.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	88.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.6%	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	1.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	88.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.9%	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	-13.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.8%	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	-1.0%	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	-22.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-2.7%	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	-3.9%	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	5.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.7%	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	8.0%	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	47.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	33.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.6%	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	7.6%	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	0.2%	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	-1.7%	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	1.37x	Current assets / current liabilities.
Quick ratio	0.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.55x	(Cash + short-term investments) / current liabilities.
Debt / equity	4.90x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	59.9%	Total debt / total assets.
Liabilities / assets	87.8%	Total liabilities / total assets.
Net debt	$43.32B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.28x	Operating income / interest expense.
Working capital	$9.46B	Current assets - current liabilities.
Goodwill and intangibles / assets	40.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$27.47B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	4.46x	Revenue / average property, plant and equipment.
Inventory turnover	1.87x	Cost of revenue / average inventory.
Days inventory	195 days	365 x average inventory / cost of revenue.
Receivables turnover	3.72x	Revenue / average receivables.
Days sales outstanding	98 days	365 x average receivables / revenue.
Days payables	90 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	203 days	Days inventory + days sales outstanding - days payables.
FCF conversion	116.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.07	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	$70.03	Revenue / diluted weighted shares.
FCF per share	$18.70	Free cash flow / diluted weighted shares.
Operating cash flow per share	$22.94	Cash from operations / diluted weighted shares.
Book value per share	$21.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$50.81	Tangible book value / shares outstanding.
Cash per share	$25.88	(Cash + short-term investments) / shares outstanding.
Payout ratio	60.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	51.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$224.15B	Share price x shares outstanding.
Enterprise value	$267.47B	Market cap + total debt - cash - short-term investments.
P/E	25.6x	Market cap / net income. Only when net income is positive.
P/S	5.88x	Market cap / revenue.
P/B	19.2x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	22.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.0x	Market cap / cash from operations, when positive.
EV/Sales	7.02x	Enterprise value / revenue.
EV/EBIT	23.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	4.64x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was AMGEN INC's revenue in fiscal 2025?

AMGEN INC reported revenue of $36.75B for fiscal 2025, 10% higher than the year before.

Was AMGEN INC profitable in fiscal 2025?

Yes. Net income was $7.71B, a net margin of 21%.

How much free cash flow did AMGEN INC generate in fiscal 2025?

Cash from operations of $9.96B minus capital expenditures of $1.86B left free cash flow of $8.10B.

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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