AstraZeneca (AZN) financial statements
AstraZeneca reported revenue of $58.7B in fiscal 2025, up 11.0% a year over 9 years.
Net income was $10.2B and the operating margin 23.4%, against 21.3% in 2016.
Free cash flow was $8.7B, and the company returned $5.0B in dividends and $521M in net buybacks.
The diluted share count rose 23% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AstraZeneca's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.0B | $22.5B | $22.1B | $24.4B | $26.6B | $37.4B | $44.4B | $45.8B | $54.1B | $58.7B |
| Cost of revenue | $4.1B | $4.3B | $4.9B | $4.9B | $5.3B | $12.4B | $12.4B | $8.3B | $10.2B | $10.6B |
| Gross profit | $18.9B | $18.1B | $17.2B | $19.5B | $21.3B | $25.0B | $32.0B | $37.5B | $43.9B | $48.1B |
| Research and development | $5.9B | $5.8B | $5.9B | $6.1B | $6.0B | $9.7B | $9.8B | $10.9B | $13.6B | $14.2B |
| Selling, general and admin | $9.4B | $10.2B | $10.0B | $11.7B | $11.3B | $15.2B | $18.4B | $19.2B | $20.0B | $19.9B |
| Operating income | $4.9B | $3.7B | $3.4B | $2.9B | $5.2B | $1.1B | $3.8B | $8.2B | $10.0B | $13.7B |
| Interest expense | $1.4B | $1.5B | $1.4B | $1.4B | $1.3B | $1.3B | $1.3B | $1.6B | $1.7B | $1.7B |
| Pre-tax income | $3.6B | $2.2B | $2.0B | $1.5B | $3.9B | -$265M | $2.5B | $6.9B | $8.7B | $12.4B |
| Income tax | $146M | -$641M | -$57M | $321M | $772M | -$380M | -$792M | $938M | $1.6B | $2.2B |
| Net income | $3.5B | $3.0B | $2.2B | $1.3B | $3.2B | $112M | $3.3B | $6.0B | $7.0B | $10.2B |
| EPS (diluted) | $2.76 | $2.37 | $1.70 | $1.03 | $2.44 | $0.08 | $2.11 | $3.81 | $4.50 | $6.54 |
| Diluted shares | 1.27B | 1.27B | 1.27B | 1.30B | 1.31B | 1.43B | 1.56B | 1.56B | 1.56B | 1.56B |
| Gross margin | 82.1% | 80.8% | 77.7% | 79.8% | 80.1% | 66.8% | 72.1% | 82.0% | 81.1% | 81.9% |
| Operating margin | 21.3% | 16.4% | 15.3% | 12.0% | 19.4% | 2.8% | 8.5% | 17.9% | 18.5% | 23.4% |
| Net margin | 15.2% | 13.4% | 9.8% | 5.5% | 12.0% | 0.3% | 7.4% | 13.0% | 13.0% | 17.4% |
Balance sheet
Fiscal years, from AstraZeneca's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.9B | $4.6B | $5.7B | $6.2B | $8.0B | $6.4B | $6.4B | $6.0B | $5.7B | $5.7B |
| Receivables | $4.6B | $5.0B | $5.6B | $5.8B | $7.0B | $9.6B | $10.5B | $12.1B | $13.0B | $15.2B |
| Inventory | $2.3B | $3.0B | $2.9B | $3.2B | $4.0B | $9.0B | $4.7B | $5.4B | $5.3B | $6.6B |
| Total current assets | $13.3B | $13.2B | $15.6B | $15.6B | $19.5B | $26.2B | $22.6B | $25.1B | $25.8B | $28.7B |
| Property, plant and equipment | $6.8B | $7.6B | $7.4B | $7.7B | $8.3B | $9.2B | $8.5B | $9.4B | $10.3B | $13.0B |
| Goodwill | $11.7B | $11.8B | $11.7B | $11.7B | $11.8B | $20.0B | $19.8B | $20.0B | $21.0B | $21.2B |
| Total assets | $62.5B | $63.4B | $60.7B | $61.4B | $66.7B | $105.4B | $96.5B | $101.1B | $104.0B | $114.1B |
| Total current liabilities | $15.3B | $16.4B | $16.3B | $18.1B | $20.3B | $22.6B | $26.3B | $30.5B | $27.9B | $30.6B |
| Long-term debt | $14.5B | $15.6B | $17.4B | $15.7B | $17.5B | $28.1B | $23.0B | $22.4B | $26.5B | $24.7B |
| Total liabilities | $45.9B | $46.7B | $46.6B | $46.8B | $51.1B | $66.1B | $59.4B | $62.0B | $63.2B | $65.4B |
| Shareholders' equity | $14.9B | $15.0B | $12.5B | $13.1B | $15.6B | $39.3B | $37.0B | $39.1B | $40.8B | $48.7B |
| Net debt | $11.8B | $14.5B | $14.3B | $12.2B | $11.9B | $23.5B | $22.1B | $21.7B | $23.4B | $22.1B |
Cash flow
Fiscal years, from AstraZeneca's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.1B | $3.6B | $2.6B | $3.0B | $4.8B | $6.0B | $9.8B | $10.3B | $11.9B | $14.6B |
| Capital spending | $2.3B | $1.6B | $1.4B | $2.5B | $2.6B | $2.2B | $2.6B | $3.8B | $4.6B | $5.9B |
| Free cash flow | $1.8B | $2.0B | $1.2B | $509M | $2.2B | $3.8B | $7.2B | $6.6B | $7.3B | $8.7B |
| Stock-based compensation | $241M | $220M | $219M | $259M | $277M | $615M | $619M | $579M | $660M | $719M |
| Dividends paid | $3.6B | $3.5B | $3.5B | $3.6B | $3.6B | $3.9B | $4.4B | $4.5B | $4.6B | $5.0B |
| Share buybacks (net) | — | — | — | — | — | -$149M | — | — | -$81M | -$521M |
| Net borrowing | $2.5B | $238M | $1.6B | -$1.0B | $1.4B | $8.2B | -$1.3B | -$1.1B | $1.8B | -$2.0B |
| Free cash flow margin | 8.0% | 8.7% | 5.6% | 2.1% | 8.2% | 10.1% | 16.3% | 14.3% | 13.5% | 14.8% |
| Dividends per share | $2.81 | $2.78 | $2.75 | $2.76 | $2.72 | $2.70 | $2.80 | $2.87 | $2.96 | $3.18 |
Questions
What was AstraZeneca's revenue in 2025?
$58.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does AstraZeneca generate?
$8.7B in fiscal 2025 (operating cash flow minus capital spending).
From AstraZeneca's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.