Amgen (AMGN) financial statements
Amgen reported revenue of $36.8B in fiscal 2025, up 5.4% a year over 9 years.
Net income was $7.7B and the operating margin 24.7%, against 42.6% in 2016.
Free cash flow was $8.1B, and the company returned $5.1B in dividends.
The diluted share count fell 28% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Amgen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.0B | $22.8B | $23.7B | $23.4B | $25.4B | $26.0B | $26.3B | $28.2B | $33.4B | $36.8B |
| Cost of revenue | $4.2B | $4.1B | $4.1B | $4.4B | $6.2B | $6.5B | $6.4B | $8.5B | $12.9B | $12.0B |
| Gross profit | $18.8B | $18.8B | $19.6B | $19.0B | $19.3B | $19.5B | $19.9B | $19.7B | $20.6B | $24.7B |
| Research and development | $3.8B | $3.6B | $3.7B | $4.1B | $4.2B | $4.8B | $4.4B | $4.8B | $6.0B | $7.3B |
| Selling, general and admin | $5.1B | $4.9B | $5.3B | $5.2B | $5.7B | $5.4B | $5.4B | $6.2B | $7.1B | $7.0B |
| Operating income | $9.8B | $10.0B | $10.3B | $9.7B | $9.1B | $7.6B | $9.6B | $7.9B | $7.3B | $9.1B |
| Interest expense | $1.3B | $1.3B | $1.4B | $1.3B | $1.3B | $1.2B | $1.4B | $2.9B | $3.2B | $2.8B |
| Pre-tax income | $9.2B | $9.6B | $9.5B | $9.1B | $8.1B | $6.7B | $7.3B | $7.9B | $4.6B | $9.0B |
| Income tax | $1.4B | $7.6B | $1.2B | $1.3B | $869M | $808M | $794M | $1.1B | $519M | $1.3B |
| Net income | $7.7B | $2.0B | $8.4B | $7.8B | $7.3B | $5.9B | $6.6B | $6.7B | $4.1B | $7.7B |
| EPS (diluted) | $10.24 | $2.69 | $12.62 | $12.88 | $12.31 | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 |
| Diluted shares | 754M | 735M | 665M | 609M | 590M | 573M | 541M | 538M | 541M | 542M |
| Gross margin | 81.9% | 82.2% | 82.7% | 81.4% | 75.8% | 75.2% | 75.7% | 70.0% | 61.5% | 67.2% |
| Operating margin | 42.6% | 43.6% | 43.2% | 41.4% | 35.9% | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% |
| Net margin | 33.6% | 8.7% | 35.3% | 33.6% | 28.6% | 22.7% | 24.9% | 23.8% | 12.2% | 21.0% |
Balance sheet
Fiscal years, from Amgen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $38.1B | $41.7B | $29.3B | $8.9B | $10.6B | $8.0B | $9.3B | $10.9B | $12.0B | $9.1B |
| Receivables | $3.2B | $3.2B | $3.6B | $4.1B | $4.5B | $4.9B | $5.6B | $7.3B | $6.8B | $9.6B |
| Inventory | $2.7B | $2.8B | $2.9B | $3.6B | $3.9B | $4.1B | $4.9B | $9.5B | $7.0B | $6.2B |
| Total current assets | $46.0B | $49.5B | $37.6B | $18.4B | $21.1B | $19.4B | $22.2B | $30.3B | $29.0B | $29.1B |
| Property, plant and equipment | $5.0B | $5.0B | $5.0B | $4.9B | $4.9B | $5.2B | $5.4B | $5.9B | $6.5B | $7.9B |
| Goodwill | $14.8B | $14.8B | $14.7B | $14.7B | $14.7B | $14.9B | $15.5B | $18.6B | $18.6B | $18.7B |
| Total assets | $77.6B | $80.0B | $66.4B | $59.7B | $62.9B | $61.2B | $65.1B | $97.2B | $91.8B | $90.6B |
| Total current liabilities | $11.2B | $9.0B | $13.5B | $12.8B | $11.7B | $12.2B | $15.7B | $18.4B | $23.1B | $25.5B |
| Long-term debt | $30.2B | $34.2B | $29.5B | $26.9B | $32.9B | $33.2B | $37.4B | $63.2B | $56.5B | $50.0B |
| Total liabilities | $47.8B | $54.7B | $53.9B | $50.0B | $53.5B | $54.5B | $61.5B | $90.9B | $86.0B | $81.9B |
| Shareholders' equity | $29.9B | $25.2B | $12.5B | $9.7B | $9.4B | $6.7B | $3.7B | $6.2B | $5.9B | $8.7B |
| Net debt | $31.4B | $31.5B | $27.0B | $23.9B | $26.7B | $25.3B | $31.3B | $53.7B | $48.1B | $45.5B |
Cash flow
Fiscal years, from Amgen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.4B | $11.2B | $11.3B | $9.2B | $10.5B | $9.3B | $9.7B | $8.5B | $11.5B | $10.0B |
| Capital spending | $738M | $664M | $738M | $618M | $608M | $880M | $936M | $1.1B | $1.1B | $1.9B |
| Free cash flow | $9.6B | $10.5B | $10.6B | $8.5B | $9.9B | $8.4B | $8.8B | $7.4B | $10.4B | $8.1B |
| Stock-based compensation | $311M | $329M | $311M | $308M | $330M | $341M | $401M | $431M | $530M | $494M |
| Dividends paid | $3.0B | $3.4B | $3.5B | $3.5B | $3.8B | $4.0B | $4.2B | $4.6B | $4.8B | $5.1B |
| Share buybacks (net) | -$3.0B | -$3.2B | -$17.8B | -$7.7B | -$3.5B | -$5.0B | -$6.4B | $0 | -$200M | $0 |
| Net borrowing | $3.6B | $71M | -$1.1B | -$4.5B | $2.5B | $795M | $6.9B | $26.3B | -$3.6B | -$5.0B |
| Free cash flow margin | 41.8% | 46.0% | 44.5% | 36.5% | 38.9% | 32.3% | 33.4% | 26.1% | 31.1% | 22.0% |
| Dividends per share | $3.98 | $4.58 | $5.27 | $5.76 | $6.36 | $7.00 | $7.76 | $8.47 | $8.93 | $9.45 |
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What was Amgen's revenue in 2025?
$36.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Amgen generate?
$8.1B in fiscal 2025 (operating cash flow minus capital spending).
From Amgen's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.