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Amgen Inc Financials

AMGN
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Amgen Inc (AMGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 54 / 100
Financial Profile 54/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
77

Amgen Inc has an operating margin of 24.7%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 77/100, reflecting efficient cost management and pricing power. This is up from 21.7% the prior year.

Growth
50

Amgen Inc's revenue grew 10.0% year-over-year to $36.8B, a solid pace of expansion. This earns a growth score of 50/100.

Leverage
0

Amgen Inc has elevated debt relative to equity (D/E of 5.78), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity
18

Amgen Inc's current ratio of 1.14 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.

Cash Flow
80

Amgen Inc converts 22.0% of revenue into free cash flow ($8.1B). This strong cash generation earns a score of 80/100.

Returns
100

Amgen Inc earns a strong 89.1% return on equity (ROE), meaning it generates $89 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 69.6% the prior year.

Altman Z-Score Distress
1.78

Amgen Inc scores 1.78, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($189.7B) relative to total liabilities ($81.9B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Strong
7/9

Amgen Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.29x

For every $1 of reported earnings, Amgen Inc generates $1.29 in operating cash flow ($10.0B OCF vs $7.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
3.3x

Amgen Inc earns $3.3 in operating income for every $1 of interest expense ($9.1B vs $2.8B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$36.8B
YoY+10.0%
5Y CAGR+7.6%
10Y CAGR+5.4%

Amgen Inc generated $36.8B in revenue in fiscal year 2025. This represents an increase of 10.0% from the prior year.

EBITDA
$14.2B
YoY+10.9%
5Y CAGR+2.3%
10Y CAGR+3.0%

Amgen Inc's EBITDA was $14.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.9% from the prior year.

Net Income
$7.7B
YoY+88.5%
5Y CAGR+1.2%
10Y CAGR+1.1%

Amgen Inc reported $7.7B in net income in fiscal year 2025. This represents an increase of 88.5% from the prior year.

EPS (Diluted)
$14.23
YoY+88.2%
5Y CAGR+2.9%
10Y CAGR+4.6%

Amgen Inc earned $14.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 88.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$8.1B
YoY-22.1%
5Y CAGR-3.9%
10Y CAGR-1.2%

Amgen Inc generated $8.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 22.1% from the prior year.

Cash & Debt
$9.1B
YoY-23.8%
5Y CAGR+7.8%
10Y CAGR+8.2%

Amgen Inc held $9.1B in cash against $50.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
$9.66
YoY+5.8%
5Y CAGR+8.0%

Amgen Inc paid $9.66 per share in dividends in fiscal year 2025. This represents an increase of 5.8% from the prior year.

Shares Outstanding
539M
YoY+0.3%
5Y CAGR-1.4%
10Y CAGR-3.3%

Amgen Inc had 539M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Margins & Returns

Gross Margin
67.3%
YoY+5.7pp
5Y CAGR-8.5pp
10Y CAGR-13.2pp

Amgen Inc's gross margin was 67.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.7 percentage points from the prior year.

Operating Margin
24.7%
YoY+3.0pp
5Y CAGR-11.2pp
10Y CAGR-14.4pp

Amgen Inc's operating margin was 24.7% in fiscal year 2025, reflecting core business profitability. This is up 3.0 percentage points from the prior year.

Net Margin
21.0%
YoY+8.7pp
5Y CAGR-7.6pp
10Y CAGR-11.0pp

Amgen Inc's net profit margin was 21.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 8.7 percentage points from the prior year.

Return on Equity
89.1%
YoY+19.5pp
5Y CAGR+11.9pp
10Y CAGR+64.3pp

Amgen Inc's ROE was 89.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 19.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$7.3B
YoY+21.9%
5Y CAGR+11.6%
10Y CAGR+6.0%

Amgen Inc invested $7.3B in research and development in fiscal year 2025. This represents an increase of 21.9% from the prior year.

Share Buybacks
$0
YoY-100.0%

Amgen Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures
$1.9B
YoY+69.5%
5Y CAGR+25.0%
10Y CAGR+12.1%

Amgen Inc invested $1.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 69.5% from the prior year.

AMGN Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $9.9B+3.2% $9.6B+4.1% $9.2B+12.6% $8.1B-10.3% $9.1B+6.9% $8.5B+1.4% $8.4B+12.6% $7.4B
Cost of Revenue $3.0B-3.4% $3.1B+2.4% $3.0B+1.4% $3.0B-4.6% $3.1B-6.0% $3.3B+2.3% $3.2B+1.1% $3.2B
Gross Profit $6.9B+6.4% $6.5B+5.0% $6.2B+19.1% $5.2B-13.3% $6.0B+15.0% $5.2B+0.8% $5.2B+21.3% $4.2B
R&D Expenses $2.1B+12.7% $1.9B+8.9% $1.7B+17.4% $1.5B-13.8% $1.7B+18.9% $1.4B+0.2% $1.4B+7.7% $1.3B
SG&A Expenses $2.0B+13.5% $1.7B+1.7% $1.7B+0.2% $1.7B-10.2% $1.9B+15.6% $1.6B-9.0% $1.8B-1.3% $1.8B
Operating Income $2.7B+7.7% $2.5B-4.9% $2.7B+125.5% $1.2B-49.0% $2.3B+12.9% $2.0B+7.2% $1.9B+92.6% $991.0M
Interest Expense $653.0M-4.7% $685.0M-1.3% $694.0M-4.0% $723.0M-3.2% $747.0M-3.7% $776.0M-4.0% $808.0M-1.9% $824.0M
Income Tax $181.0M-74.3% $705.0M+418.4% $136.0M-44.0% $243.0M+56.8% $155.0M-42.8% $271.0M+464.6% $48.0M+6.7% $45.0M
Net Income $1.3B-58.6% $3.2B+124.6% $1.4B-17.2% $1.7B+175.9% $627.0M-77.8% $2.8B+279.4% $746.0M+760.2% -$113.0M
EPS (Diluted) N/A $5.93+123.8% $2.65-17.2% $3.20 N/A $5.22+278.3% $1.38+757.1% $-0.21

AMGN Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $90.6B+0.5% $90.1B+2.6% $87.9B-1.6% $89.4B-2.7% $91.8B+1.1% $90.9B0.0% $90.9B-2.2% $93.0B
Current Assets $29.1B+4.2% $27.9B+4.3% $26.7B-0.7% $26.9B-7.2% $29.0B+8.5% $26.8B-1.6% $27.2B-2.9% $28.0B
Cash & Equivalents $9.1B-3.3% $9.4B+17.7% $8.0B-8.9% $8.8B-26.4% $12.0B+32.9% $9.0B-3.1% $9.3B-4.2% $9.7B
Inventory $6.2B-1.9% $6.3B-3.6% $6.6B-2.2% $6.7B-3.8% $7.0B-4.9% $7.4B-7.9% $8.0B-8.4% $8.7B
Accounts Receivable $9.6B+12.7% $8.5B-2.4% $8.7B+7.0% $8.1B+19.9% $6.8B-7.3% $7.3B+5.5% $6.9B+2.3% $6.8B
Goodwill $18.7B0.0% $18.7B0.0% $18.7B+0.2% $18.6B0.0% $18.6B-0.1% $18.7B+0.2% $18.6B+0.2% $18.6B
Total Liabilities $81.9B+1.7% $80.5B+0.1% $80.5B-3.2% $83.2B-3.3% $86.0B+3.1% $83.4B-1.9% $85.0B-3.4% $88.0B
Current Liabilities $25.5B+17.0% $21.8B+6.4% $20.5B-11.0% $23.0B-0.4% $23.1B+13.7% $20.3B-5.6% $21.5B+9.1% $19.7B
Long-Term Debt $50.0B-4.6% $52.4B-2.5% $53.8B-0.5% $54.0B-4.5% $56.5B-0.5% $56.9B-0.5% $57.1B-4.9% $60.1B
Total Equity $8.7B-10.0% $9.6B+29.5% $7.4B+19.7% $6.2B+5.6% $5.9B-21.9% $7.5B+27.0% $5.9B+18.0% $5.0B
Retained Earnings -$25.1B-5.5% -$23.8B+7.4% -$25.7B+5.3% -$27.1B+1.6% -$27.6B-8.1% -$25.5B+5.9% -$27.1B+2.7% -$27.9B

AMGN Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $1.6B-65.8% $4.7B+105.4% $2.3B+63.9% $1.4B-70.8% $4.8B+33.6% $3.6B+45.2% $2.5B+256.9% $689.0M
Capital Expenditures $642.0M+47.2% $436.0M+18.2% $369.0M-10.2% $411.0M+10.8% $371.0M+44.4% $257.0M+8.0% $238.0M+3.5% $230.0M
Free Cash Flow $961.0M-77.4% $4.2B+122.3% $1.9B+95.0% $980.0M-77.7% $4.4B+32.8% $3.3B+49.2% $2.2B+383.9% $459.0M
Investing Cash Flow -$693.0M-67.4% -$414.0M-6.4% -$389.0M+13.0% -$447.0M-11.2% -$402.0M-91.4% -$210.0M+3.2% -$217.0M0.0% -$217.0M
Financing Cash Flow -$1.2B+57.0% -$2.9B-6.7% -$2.7B+34.9% -$4.1B-191.9% -$1.4B+61.5% -$3.7B-37.8% -$2.6B-55.1% -$1.7B
Dividends Paid $1.3B+0.1% $1.3B+0.2% $1.3B+0.1% $1.3B+6.1% $1.2B-0.4% $1.2B+0.1% $1.2B+0.1% $1.2B
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

AMGN Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 69.8%+2.1pp 67.8%+0.5pp 67.2%+3.6pp 63.6%-2.2pp 65.8%+4.7pp 61.1%-0.3pp 61.4%+4.4pp 57.0%
Operating Margin 27.6%+1.1pp 26.4%-2.5pp 28.9%+14.5pp 14.5%-11.0pp 25.4%+1.4pp 24.1%+1.3pp 22.8%+9.4pp 13.3%
Net Margin 13.5%-20.1pp 33.7%+18.1pp 15.6%-5.6pp 21.2%+14.3pp 6.9%-26.4pp 33.3%+24.4pp 8.9%+10.4pp -1.5%
Return on Equity 15.4%-18.0pp 33.4%+14.1pp 19.3%-8.6pp 27.9%+17.2pp 10.7%-26.9pp 37.6%+25.0pp 12.6%+14.8pp -2.3%
Return on Assets 1.5%-2.1pp 3.6%+1.9pp 1.6%-0.3pp 1.9%+1.3pp 0.7%-2.4pp 3.1%+2.3pp 0.8%+0.9pp -0.1%
Current Ratio 1.14-0.1 1.28-0.0 1.31+0.1 1.17-0.1 1.26-0.1 1.32+0.1 1.26-0.2 1.42
Debt-to-Equity 5.78+0.3 5.45-1.8 7.24-1.5 8.70-0.9 9.62+2.1 7.55-2.1 9.64-2.3 11.96
FCF Margin 9.7%-34.7pp 44.5%+23.6pp 20.8%+8.8pp 12.0%-36.4pp 48.4%+9.5pp 39.0%+12.5pp 26.5%+20.3pp 6.2%

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Frequently Asked Questions

Amgen Inc (AMGN) reported $36.8B in total revenue for fiscal year 2025. This represents a 10.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Amgen Inc (AMGN) revenue grew by 10% year-over-year, from $33.4B to $36.8B in fiscal year 2025.

Yes, Amgen Inc (AMGN) reported a net income of $7.7B in fiscal year 2025, with a net profit margin of 21.0%.

Amgen Inc (AMGN) reported diluted earnings per share of $14.23 for fiscal year 2025. This represents a 88.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Amgen Inc (AMGN) had EBITDA of $14.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Amgen Inc (AMGN) had $9.1B in cash and equivalents against $50.0B in long-term debt.

Amgen Inc (AMGN) had a gross margin of 67.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Amgen Inc (AMGN) had an operating margin of 24.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Amgen Inc (AMGN) had a net profit margin of 21.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Amgen Inc (AMGN) paid $9.66 per share in dividends during fiscal year 2025.

Amgen Inc (AMGN) has a return on equity of 89.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Amgen Inc (AMGN) generated $8.1B in free cash flow during fiscal year 2025. This represents a -22.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Amgen Inc (AMGN) generated $10.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Amgen Inc (AMGN) had $90.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Amgen Inc (AMGN) invested $1.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Amgen Inc (AMGN) invested $7.3B in research and development during fiscal year 2025.

Amgen Inc (AMGN) had 539M shares outstanding as of fiscal year 2025.

Amgen Inc (AMGN) had a current ratio of 1.14 as of fiscal year 2025, which is considered adequate.

Amgen Inc (AMGN) had a debt-to-equity ratio of 5.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Amgen Inc (AMGN) had a return on assets of 8.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Amgen Inc (AMGN) has an Altman Z-Score of 1.78, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Amgen Inc (AMGN) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Amgen Inc (AMGN) has an earnings quality ratio of 1.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Amgen Inc (AMGN) has an interest coverage ratio of 3.3x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Amgen Inc (AMGN) scores 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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