AbbVie
ABBV · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
AbbVie reported revenue of $61.2B in the fiscal year ended Dec 2025, up 8.6% from the year before. Operating income was $15.1B, an operating margin of 24.6%, and net income was $4.2B. Operating cash flow of $19B less capital expenditure of $1.2B left free cash flow of $17.8B. Net debt was $61.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $56.2B | $58.1B | $54.3B | $56.3B | $61.2B |
| Cost of revenue | $17.4B | $17.4B | $20.4B | $16.9B | $18.2B |
| Gross profit | $38.8B | $40.6B | $33.9B | $39.4B | $43B |
| Selling, general & admin | $12.3B | $15.3B | $12.9B | $14.8B | $14B |
| Operating income | $17.9B | $18.1B | $12.8B | $9.1B | $15.1B |
| Interest expense | $2.4B | $2.2B | $2.2B | $2.8B | $2.9B |
| Pre-tax income | $13B | $13.5B | $6.3B | $3.7B | $6.6B |
| Income tax | $1.4B | $1.6B | $1.4B | −$570M | $2.4B |
| Net income | $11.5B | $11.8B | $4.9B | $4.3B | $4.2B |
| Diluted EPS | 6.45 | 6.63 | 2.72 | 2.39 | 2.36 |
| Diluted shares | 1,777M | 1,778M | 1,773M | 1,773M | 1,773M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $9.7B | $9.2B | $12.8B | $5.5B | $5.2B |
| Receivables | $10B | $11.3B | $11.2B | $10.9B | $12.6B |
| Inventory | $3.1B | $3.6B | $4.1B | $4.2B | $5B |
| Current assets | $27.9B | $28.5B | $33B | $25.6B | $29.1B |
| Net PP&E | $5.1B | $4.9B | $5B | $5.1B | $5.6B |
| Goodwill | $32.4B | $32.2B | $32.3B | $35B | $35.6B |
| Total assets | $147B | $139B | $135B | $135B | $134B |
| Payables | $2.9B | $2.9B | $3.7B | $2.9B | $3.6B |
| Current liabilities | $35.2B | $29.5B | $37.8B | $38.7B | $43.3B |
| Short-term debt | $14M | $1M | $0 | $0 | $2.5B |
| Long-term debt | $76B | $63.1B | $59.2B | $66.8B | $64.5B |
| Shareholders' equity | $15.4B | $17.3B | $10.4B | $3.3B | −$3.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $22.8B | $24.9B | $22.8B | $18.8B | $19B |
| Capital expenditure | $787M | $695M | $777M | $974M | $1.2B |
| Free cash flow | $22B | $24.2B | $22.1B | $17.8B | $17.8B |
| Depreciation & amortisation | $803M | $778M | $752M | $764M | $762M |
| Stock-based compensation | $692M | $671M | $747M | $911M | $955M |
| Acquisitions | $525M | $255M | $0 | $17.5B | $204M |
| Share buybacks | $934M | $1.5B | $2B | $1.7B | $980M |
| Dividends paid | $9.3B | $10B | $10.5B | $11B | $11.7B |
| Dividend per share | 5.31 | 5.71 | 5.99 | 6.29 | 6.65 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.3% | −6.4% | 3.7% | 8.6% |
| Operating income growth (YoY) | – | 1.1% | −29.6% | −28.4% | 65.0% |
| EPS growth (YoY) | – | 2.8% | −59.0% | −12.1% | −1.3% |
| Gross margin | 69.0% | 70.0% | 62.4% | 70.0% | 70.2% |
| Operating margin | 31.9% | 31.2% | 23.5% | 16.2% | 24.6% |
| Net margin | 20.5% | 20.4% | 9.0% | 7.6% | 6.9% |
| Return on equityBlank when equity is negative | 74.9% | 68.6% | 46.9% | 128.7% | – |
| ROCEEBIT ÷ (assets − current liabilities) | 16.1% | 16.6% | 13.2% | 9.5% | 16.6% |
| Free cash flow margin | 39.1% | 41.8% | 40.6% | 31.7% | 29.1% |
| Cash conversion (CFO ÷ net income) | 1.97x | 2.11x | 4.70x | 4.40x | 4.50x |
| Receivable days | 65 | 71 | 75 | 71 | 75 |
| Inventory days | 65 | 75 | 73 | 90 | 99 |
| Payable days | 60 | 61 | 66 | 64 | 72 |
| Interest cover | 7.40x | 8.12x | 5.74x | 3.25x | 5.21x |
| Debt ÷ equity | 4.93x | 3.66x | 5.72x | 20.1x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $66.2B | $53.9B | $46.4B | $61.3B | $61.8B |
| Current ratio | 0.79x | 0.96x | 0.87x | 0.66x | 0.67x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.