Astrazeneca
AZN · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
Astrazeneca reported revenue of $58.7B in the fiscal year ended Dec 2025, up 8.6% from the year before. Operating income was $13.7B, an operating margin of 23.4%, and net income was $10.2B. Operating cash flow of $14.6B less capital expenditure of $2.8B left free cash flow of $11.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $37.4B | $44.4B | $45.8B | $54.1B | $58.7B |
| Cost of revenue | $12.4B | $12.4B | $8.3B | $10.2B | $10.6B |
| Gross profit | $25B | $32B | $37.5B | $43.9B | $48.1B |
| Research & development | $9.7B | $9.8B | $10.9B | $13.6B | $14.2B |
| Selling, general & admin | $15.2B | $18.4B | $19.2B | $20B | $19.9B |
| Operating income | $1.1B | $3.8B | $8.2B | $10B | $13.7B |
| Interest expense | $1.3B | $1.3B | $1.6B | $1.7B | $1.7B |
| Pre-tax income | −$265M | $2.5B | $6.9B | $8.7B | $12.4B |
| Income tax | −$380M | −$792M | $938M | $1.7B | $2.2B |
| Net income | $115M | $3.3B | $6B | $7B | $10.2B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $6.3B | $6.2B | $5.8B | $5.5B | $5.7B |
| Receivables | $9.6B | $10.5B | $12.1B | $13B | $15.2B |
| Inventory | $9B | $4.7B | $5.4B | $5.3B | $6.6B |
| Current assets | $26.2B | $22.6B | $25.1B | $25.8B | $28.7B |
| Net PP&E | $9.2B | $8.5B | $9.4B | $10.3B | $13B |
| Goodwill | $20B | $19.8B | $20B | $21B | $21.2B |
| Total assets | $105B | $96.5B | $101B | $104B | $114B |
| Payables | $18.9B | $19B | $22.4B | $22.5B | $25.3B |
| Current liabilities | $22.6B | $26.3B | $30.5B | $27.9B | $30.6B |
| Total liabilities | $66.1B | $59.4B | $62B | $63.2B | $65.4B |
| Shareholders' equity | $39.3B | $37B | $39.1B | $40.8B | $48.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6B | $9.8B | $10.3B | $11.9B | $14.6B |
| Capital expenditure | $1.1B | $1.1B | $1.4B | $1.9B | $2.8B |
| Free cash flow | $4.9B | $8.7B | $9B | $9.9B | $11.8B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.5% | 3.3% | 18.0% | 8.6% |
| Operating income growth (YoY) | – | 255.8% | 118.1% | 22.1% | 37.4% |
| Gross margin | 66.8% | 72.1% | 82.0% | 81.1% | 81.9% |
| Operating margin | 2.8% | 8.5% | 17.9% | 18.5% | 23.4% |
| Net margin | 0.3% | 7.4% | 13.0% | 13.0% | 17.4% |
| Return on equityBlank when equity is negative | 0.3% | 8.9% | 15.2% | 17.3% | 21.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.3% | 5.4% | 11.6% | 13.1% | 16.5% |
| Free cash flow margin | 13.0% | 19.7% | 19.6% | 18.4% | 20.0% |
| Cash conversion (CFO ÷ net income) | 51.9x | 2.98x | 1.74x | 1.68x | 1.42x |
| Receivable days | 94 | 87 | 97 | 88 | 94 |
| Inventory days | 264 | 138 | 239 | 189 | 225 |
| Payable days | 556 | 561 | 988 | 803 | 868 |
| Interest cover | 0.81x | 2.79x | 5.04x | 5.74x | 8.11x |
| Current ratio | 1.16x | 0.86x | 0.82x | 0.93x | 0.94x |
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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.