AMGEN
AMGN · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
AMGEN reported revenue of $36.8B in the fiscal year ended Dec 2025, up 10.0% from the year before. Operating income was $9.1B, an operating margin of 24.7%, and net income was $7.7B. Operating cash flow of $10B less capital expenditure of $1.9B left free cash flow of $8.1B. Net debt was $45.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $26B | $26.3B | $28.2B | $33.4B | $36.8B |
| Cost of revenue | $6.5B | $6.4B | $8.5B | $12.9B | $12B |
| Gross profit | $19.5B | $19.9B | $19.7B | $20.6B | $24.7B |
| Selling, general & admin | $5.4B | $5.4B | $6.2B | $7.1B | $7.1B |
| Operating income | $7.6B | $9.6B | $7.9B | $7.3B | $9.1B |
| Interest expense | $1.2B | $1.4B | $2.9B | $3.2B | $2.8B |
| Pre-tax income | $6.7B | $7.3B | $7.9B | $4.6B | $9B |
| Income tax | $808M | $794M | $1.1B | $519M | $1.3B |
| Net income | $5.9B | $6.6B | $6.7B | $4.1B | $7.7B |
| Diluted EPS | 10.28 | 12.11 | 12.49 | 7.56 | 14.23 |
| Diluted shares | 573M | 541M | 538M | 541M | 542M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $8B | $7.6B | $10.9B | $12B | $9.1B |
| Receivables | $4.9B | $5.6B | $7.3B | $6.8B | $9.6B |
| Inventory | $4.1B | $4.9B | $9.5B | $7B | $6.2B |
| Current assets | $19.4B | $22.2B | $30.3B | $29B | $29.1B |
| Net PP&E | $5.2B | $5.4B | $5.9B | $6.5B | $7.9B |
| Goodwill | $14.9B | $15.5B | $18.6B | $18.6B | $18.7B |
| Total assets | $61.2B | $65.1B | $97.2B | $91.8B | $90.6B |
| Payables | $1.4B | $1.6B | $1.6B | $1.9B | $2.4B |
| Current liabilities | $12.2B | $15.7B | $18.4B | $23.1B | $25.5B |
| Short-term debt | $87M | $1.6B | $1.4B | $3.6B | $4.6B |
| Long-term debt | $33.2B | $37.4B | $63.2B | $56.5B | $50B |
| Shareholders' equity | $6.7B | $3.7B | $6.2B | $5.9B | $8.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $9.3B | $9.7B | $8.5B | $11.5B | $10B |
| Capital expenditure | $880M | $936M | $1.1B | $1.1B | $1.9B |
| Free cash flow | $8.4B | $8.8B | $7.4B | $10.4B | $8.1B |
| Depreciation & amortisation | $3.4B | $3.4B | $4.1B | $5.6B | $5.2B |
| Stock-based compensation | $341M | $401M | $431M | $530M | $494M |
| Acquisitions | $2.5B | $3.8B | $27B | $0 | $53M |
| Share buybacks | $5B | $6.4B | $0 | $200M | $0 |
| Dividends paid | $4B | $4.2B | $4.6B | $4.8B | $5.1B |
| Dividend per share | 7.22 | 7.95 | 8.64 | 9.13 | 9.66 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.3% | 7.1% | 18.6% | 10.0% |
| Operating income growth (YoY) | – | 25.2% | −17.4% | −8.1% | 25.1% |
| EPS growth (YoY) | – | 17.8% | 3.1% | −39.5% | 88.2% |
| Gross margin | 75.2% | 75.7% | 70.0% | 61.5% | 67.2% |
| Operating margin | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% |
| Net margin | 22.7% | 24.9% | 23.8% | 12.2% | 21.0% |
| Return on equityBlank when equity is negative | 88.0% | 179.0% | 107.8% | 69.6% | 89.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.6% | 19.4% | 10.0% | 10.6% | 13.9% |
| Free cash flow margin | 32.3% | 33.4% | 26.1% | 31.1% | 22.0% |
| Cash conversion (CFO ÷ net income) | 1.57x | 1.48x | 1.26x | 2.81x | 1.29x |
| Receivable days | 69 | 77 | 94 | 74 | 95 |
| Inventory days | 231 | 281 | 411 | 199 | 189 |
| Payable days | 77 | 90 | 69 | 54 | 72 |
| Interest cover | 6.38x | 6.80x | 2.75x | 2.30x | 3.30x |
| Debt ÷ equity | 4.97x | 10.6x | 10.4x | 10.2x | 6.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $25.3B | $31.3B | $53.7B | $48.1B | $45.5B |
| Current ratio | 1.59x | 1.41x | 1.65x | 1.26x | 1.14x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
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.