Amgen Inc. (AMGN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$5.62	$6.29	+11.9%	—	—	—
Q4 26	$4.77	$5.15	+8.0%	—	—	—
Q3 26	$4.73	$5.29	+11.8%	—	—	—
Q2 26	$5.01	$5.64	+12.6%	—	—	—
Q1 26	$5.28	$6.02	+14.0%	—	—	—
Q4 25	$4.26	$4.9	+15.0%	—	—	—
Q3 25	$5.08	$5.31	+4.5%	—	—	—
Q2 25	$5.11	$5.58	+9.2%	—	—	—
Q1 25	$5	$4.97	-0.6%	—	—	—
Q4 24	$3.89	$3.96	+1.8%	—	—	—
Q3 24	$4.59	$4.71	+2.6%	—	—	—
Q2 24	$4.68	$4.96	+6.0%	—	—	—
Q1 24	$4.49	$5	+11.4%	—	—	—
Q4 23	$3.85	$3.98	+3.4%	—	—	—
Q3 23	$4.1	$4.09	-0.2%	—	—	—
Q2 23	$4.44	$4.7	+5.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$14.3	—	—	$36.8B	—
FY24	—	$7.62	—	—	$33.4B	—
FY23	—	$12.6	—	—	$28.2B	—
FY22	—	$12.2	—	—	$26.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$23B	$22.8B	$23.7B	$23.4B	$25.4B	$26B	$26.3B	$28.2B	$33.4B	$36.8B
YoY change	+6.14%	-0.62%	+3.93%	-1.62%	+8.83%	+2.18%	+1.32%	+7.09%	+18.6%	+9.95%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	23B	22.8B	23.7B	23.4B	25.4B	26B	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	12B
Gross profit	18.8B	18.8B	19.6B	19B	19.3B	19.5B	19.9B	19.7B	20.6B	24.7B
Gross margin	81.9%	82.2%	82.7%	81.4%	75.8%	75.2%	75.7%	70%	61.5%	67.2%
Research & development	3.8B	3.6B	3.7B	4.1B	4.2B	4.8B	4.4B	4.8B	6B	7.3B
Selling, general & administrative	5.1B	4.9B	5.3B	5.2B	5.7B	5.4B	5.4B	6.2B	7.1B	7B
Operating expenses	9B	8.8B	9.4B	9.3B	10.1B	10.4B	10.4B	11.8B	13.3B	15.6B
Operating income	9.8B	10B	10.3B	9.7B	9.1B	9.1B	9.6B	7.9B	7.3B	9.1B
Operating margin	42.6%	43.6%	43.2%	41.4%	35.9%	35.2%	36.3%	28%	21.7%	24.7%
Non-operating income, net	—	—	—	753M	256M	-1.2B	-814M	2.8B	506M	2.7B
Pretax income	9.2B	9.6B	9.5B	9.1B	8.1B	6.7B	7.3B	7.9B	4.6B	9B
Income tax	1.4B	7.6B	1.2B	1.3B	869M	808M	794M	1.1B	519M	1.3B
Net income	7.7B	2B	8.4B	7.8B	7.3B	5.9B	6.6B	6.7B	4.1B	7.7B
Net margin	33.6%	8.66%	35.3%	33.6%	28.6%	22.7%	24.9%	23.8%	12.2%	21%
EBITDA	12.5B	12.9B	12.9B	12.6B	13B	12.8B	12.2B	14.8B	13.4B	16.9B
EPS	10.3	2.71	12.7	13	12.4	10.3	12.2	12.6	7.62	14.3
Diluted EPS	10.2	2.69	12.6	12.9	12.3	10.3	12.1	12.5	7.56	14.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.9B	8.2B	7.4B	8.4B	8.5B	9.1B	8.1B	9.2B	9.6B	9.9B	8.6B	10.1B
Cost of revenue	1.8B	3.1B	3.2B	3.2B	3.3B	3.1B	3B	3B	3.1B	3B	2.7B	2.8B
Gross profit	5.1B	5.1B	4.2B	5.2B	5.2B	6B	5.2B	6.2B	6.5B	6.9B	5.9B	7.2B
Gross margin	73.8%	62%	57%	61.4%	61.1%	65.7%	63.6%	67.2%	67.8%	69.8%	68.2%	72%
Research & development	1.1B	1.5B	1.3B	1.4B	1.4B	1.7B	1.5B	1.7B	1.9B	2.1B	1.7B	1.9B
Selling, general & administrative	1.4B	2.3B	1.8B	1.8B	1.6B	1.9B	1.7B	1.7B	1.7B	2B	1.6B	1.7B
Operating expenses	3.1B	3.8B	3.3B	3.2B	3.1B	3.7B	4B	3.5B	3.9B	4.2B	3.2B	3.7B
Operating income	2B	1.3B	991M	1.9B	2B	2.3B	1.2B	2.7B	2.5B	2.7B	2.7B	3.5B
Operating margin	29.3%	15.5%	13.3%	22.8%	24.1%	25.4%	14.5%	28.9%	26.4%	27.6%	30.9%	35%
Non-operating income, net	685M	402M	-235M	-307M	1.8B	-782M	1.5B	-394M	2.1B	-553M	75M	-73M
Pretax income	1.9B	852M	-68M	794M	3.1B	782M	2B	1.6B	3.9B	1.5B	2.1B	2.8B
Income tax	217M	85M	45M	48M	271M	155M	243M	136M	705M	181M	265M	393M
Net income	1.7B	767M	-113M	746M	2.8B	627M	1.7B	1.4B	3.2B	1.3B	1.8B	2.4B
Net margin	25.1%	9.36%	-1.52%	8.89%	33.3%	6.9%	21.2%	15.6%	33.7%	13.5%	21.1%	23.6%
EBITDA	3.6B	3.1B	2.2B	3B	5.3B	2.9B	4.1B	3.6B	5.9B	3.3B	3.9B	4.6B
EPS	3.23	1.43	-0.21	1.39	5.27	1.17	3.22	2.66	5.98	2.47	3.37	4.4
Diluted EPS	3.22	1.42	-0.21	1.38	5.22	1.16	3.2	2.65	5.93	2.45	3.34	4.37

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	109.4B	127.1B	128.7B	145.8B	134.7B	128.2B	141.3B	154.1B	140B	176.1B	226.1B
Enterprise value	105.9B	120.8B	133.3B	166.8B	157.1B	153.5B	170.9B	207.8B	188.1B	221.6B	267.5B
Shares outstanding	748M	731M	661M	605M	586M	570M	538M	535M	537M	538M	538M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	14.2	64.2	15.3	18.6	18.5	21.8	21.6	22.9	34.2	22.8	25.9
P/S	4.76	5.56	5.42	6.24	5.3	4.94	5.37	5.47	4.19	4.79	5.91
P/B	3.66	5.04	10.3	15.1	14.3	19.1	38.6	24.7	23.8	20.3	19.3
EV/EBITDA	8.45	9.4	10.3	13.2	12.1	12	14	14	14.1	13.1	15.5
EV/Sales	4.61	5.29	5.61	7.14	6.18	5.91	6.49	7.37	5.63	6.03	7.02
Earnings yield	7.06%	1.56%	6.52%	5.38%	5.39%	4.6%	4.64%	4.36%	2.92%	4.38%	3.87%
FCF yield	8.79%	8.27%	8.21%	5.85%	7.34%	6.54%	6.22%	4.78%	7.43%	4.6%	3.82%
PEG	—	—	—	—	—	—	—	—	—	—	0.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	81.9%	82.2%	82.7%	81.4%	75.8%	75.2%	75.7%	70%	61.5%	67.2%	72%
Operating margin	42.6%	43.6%	43.2%	41.4%	35.9%	35.2%	36.3%	28%	21.7%	24.7%	35.5%
Net margin	33.6%	8.66%	35.3%	33.6%	28.6%	22.7%	24.9%	23.8%	12.2%	21%	23%
ROE	25.8%	7.84%	67.2%	81.1%	77.2%	88%	179%	107.8%	69.6%	89.1%	91.5%
ROA	9.95%	2.48%	12.6%	13.1%	11.5%	9.63%	10.1%	6.91%	4.45%	8.51%	8.67%
ROIC	31.3%	10.9%	52.7%	27.1%	25.7%	25.2%	25.6%	11.3%	11.9%	14.4%	17.7%
Return on tangible assets	28%	5.96%	37.9%	-92%	1.8K%	577.2%	344.3%	-124.7%	-491%	88.9%	50.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.11	5.49	2.79	1.44	1.81	1.59	1.41	1.65	1.26	1.14	1.37
Quick ratio	3.86	5.17	2.57	1.16	1.48	1.26	1.1	1.13	0.95	0.9	1.13
Debt / equity	1.16	1.4	2.71	3.09	3.51	4.97	10.6	10.4	10.2	6.31	4.9
Debt / assets	0.45	0.44	0.51	0.5	0.52	0.54	0.6	0.67	0.65	0.6	0.6
Net debt / EBITDA	-0.28	-0.49	0.36	1.66	1.72	1.97	2.44	3.63	3.6	2.69	2.46
Interest coverage	8.27	8.36	7.86	8.09	7.44	6.6	6.22	3.73	2.46	4.26	4.86
Effective tax rate	15.7%	79.4%	12.1%	14.2%	10.7%	12.1%	10.8%	14.5%	11.3%	14.1%	15%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	30.7	31.3	35.9	38.6	43.4	45.6	48.9	52.7	62.2	68.3	70.7
EPS (basic)	10.3	2.71	12.7	13	12.4	10.3	12.2	12.6	7.62	14.3	14.3
EPS (diluted)	10.2	2.69	12.6	12.9	12.3	10.3	12.1	12.5	7.56	14.2	16.1
Book value per share	39.9	34.5	18.9	16	16.1	11.8	6.8	11.6	10.9	16.1	21.6
FCF per share	12.9	14.4	16	14.1	16.9	14.7	16.3	13.8	19.4	15.1	18.7
Cash per share	50.9	57	44.3	14.7	18.2	14.1	17.3	20.5	22.3	17	25.9
Capex per share	0.99	0.91	1.12	1.02	1.04	1.54	1.74	2.08	2.04	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.21%	2.91%	3.11%	2.65%	2.39%	3.39%	3.56%	3.94%	3.28%	—	—
Capex / operating cash flow	6.8%	6.11%	5.72%	6.09%	5.13%	9.29%	12.1%	11.4%	9.48%	—	—
Payout ratio	38.8%	170%	41.8%	44.7%	51.7%	68.1%	64%	67.8%	118.1%	66.5%	60.9%
Dividend yield	2.74%	2.65%	2.73%	2.41%	2.79%	3.13%	2.97%	2.96%	3.45%	2.91%	2.41%

Yield

2.41%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.52

ex-dividend Aug 21, 2026

Payout ratio

61%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 21, 2026	$2.52
May 15, 2026	$2.52
Feb 13, 2026	$2.52
Nov 21, 2025	$2.38

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6.9B	$8.2B	$7.4B	$8.4B	$8.5B	$9.1B	$8.1B	$9.2B	$9.6B	$9.9B	$8.6B	$10.1B
YoY change	+3.77%	+19.8%	+22%	+20.1%	+23.2%	+10.9%	+9.43%	+9.43%	+12.4%	+8.58%	+5.76%	+9.53%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	38.1B	41.7B	29.3B	8.9B	10.6B	8B	9.3B	10.9B	12B	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	7B	6.2B
Total current assets	46B	49.5B	37.6B	18.4B	21.1B	19.4B	22.2B	30.3B	29B	29.1B
Property, plant & equipment	1.3B	1.5B	1.3B	1.2B	1B	1.2B	1.2B	1.4B	1.7B	3B
Goodwill & intangibles	50.1B	46.7B	44.3B	68.2B	62.6B	60.1B	63.2B	102.5B	92.7B	81.9B
Total assets	77.6B	80B	66.4B	59.7B	62.9B	61.2B	65.1B	97.2B	91.8B	90.6B
Accounts payable	917M	1.4B	1.2B	1.4B	1.4B	1.4B	1.6B	1.6B	1.9B	2.4B
Short-term debt	4.4B	1.2B	4.4B	3B	91M	87M	1.6B	1.4B	3.5B	4.6B
Total current liabilities	11.2B	9B	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	50B
Total liabilities	47.8B	54.7B	53.9B	50B	53.5B	54.5B	61.5B	90.9B	86B	81.9B
Shareholders' equity	29.9B	25.2B	12.5B	9.7B	9.4B	6.7B	3.7B	6.2B	5.9B	8.7B
Total debt	34.6B	35.3B	33.9B	29.9B	33B	33.3B	38.9B	64.6B	60.1B	54.6B
Net debt	31.4B	31.5B	27B	23.9B	26.7B	25.3B	31.3B	53.7B	48.1B	45.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	9.4B	9.1B	12B	14B
Receivables	—	—	—	—	—	—	—	—	8.5B	9.6B	9.1B	10.2B
Inventory	—	—	—	—	—	—	—	—	6.3B	6.2B	6.2B	6.2B
Total current assets	—	—	—	—	—	—	—	—	27.9B	29.1B	31.5B	35B
Property, plant & equipment	—	—	—	—	—	—	—	—	-11B	3B	-9.3B	-9.4B
Goodwill & intangibles	15.5B	18.6B	18.6B	18.6B	18.7B	18.6B	18.6B	18.7B	83.6B	81.9B	80.1B	78.3B
Total assets	—	—	—	—	—	—	—	—	90.1B	90.6B	92.5B	95.6B
Accounts payable	—	—	—	—	—	—	—	—	2.8B	2.4B	2.9B	2.9B
Short-term debt	—	—	—	—	—	—	—	—	2.2B	4.6B	5.4B	5.4B
Total current liabilities	—	—	—	—	—	—	—	—	21.8B	25.5B	25B	25.5B
Long-term debt	—	—	—	—	—	—	—	—	52.4B	50B	51.9B	51.9B
Total liabilities	—	—	—	—	—	—	—	—	80.5B	81.9B	83.3B	84B
Shareholders' equity	—	—	—	—	—	—	—	—	9.6B	8.7B	9.2B	11.7B
Total debt	—	—	—	—	—	—	—	—	54.6B	54.6B	57.3B	57.3B
Net debt	—	—	—	—	—	—	—	—	45.1B	45.5B	45.3B	43.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	7.7B	2B	8.4B	7.8B	7.3B	5.9B	6.6B	6.7B	4.1B	7.7B
Depreciation & amortization	2.1B	2B	1.9B	2.2B	3.6B	3.4B	3.4B	4.1B	5.6B	5.2B
Stock-based compensation	311M	329M	311M	308M	330M	341M	401M	431M	530M	494M
Change in working capital	497M	7.6B	2.2B	260M	1.1B	-948M	-1.2B	-759M	2.6B	-2.3B
Operating cash flow	10.8B	10.9B	12.9B	10.1B	11.9B	9.5B	7.7B	9.8B	11.6B	10B
Capital expenditure	-738M	-664M	-738M	-618M	-608M	-880M	-936M	-1.1B	-1.1B	—
Investing cash flow	-8.7B	-4B	14.3B	5.7B	-5.4B	733M	-6B	-26.2B	-1B	-85M
Dividends paid	-3B	-3.4B	-3.5B	-3.5B	-3.8B	-4B	-4.2B	-4.6B	-4.8B	-5.1B
Share repurchases	-3B	-3.2B	-17.8B	-7.7B	-3.5B	-5B	-6.4B	0	-200M	0
Financing cash flow	-2.5B	-6.6B	-22.5B	-15.8B	-4.9B	-8.3B	-4B	21B	-9.4B	-10.9B
Net change in cash	-352M	243M	4.8B	83M	1.6B	1.9B	-2.4B	4.6B	1.1B	-986M
Free cash flow	9.6B	10.5B	10.6B	8.5B	9.9B	8.4B	8.8B	7.4B	10.4B	8.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.7B	767M	-113M	746M	2.8B	627M	1.7B	1.4B	3.2B	1.3B	1.8B	2.4B
Depreciation & amortization	895M	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1.1B	1.1B	1.1B
Stock-based compensation	104M	—	103M	157M	136M	134M	85M	157M	127M	125M	75M	165M
Change in working capital	-531M	118M	-200M	962M	-121M	571M	-1.2B	115M	979M	-3.6B	-863M	462M
Operating cash flow	2.3B	1.4B	693M	3B	4.3B	2.4B	1.7B	2.3B	4.7B	1.6B	2.2B	4B
Capital expenditure	-248M	-249M	-230M	-238M	-257M	-371M	-411M	—	—	—	—	—
Investing cash flow	-263M	-100M	-217M	-217M	-210M	-402M	-447M	-20M	22M	2M	-4M	-56M
Dividends paid	-1.1B	-1.1B	-1.2B	-1.2B	-1.2B	-1.2B	-1.3B	-1.3B	-1.3B	-1.3B	-1.4B	-1.4B
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-2B	2.8B	-1.7B	-2.6B	-3.7B	-1.2B	-4.1B	-2.7B	-2.9B	-1.2B	1.4B	-1.5B
Net change in cash	57M	4B	-1.2B	139M	445M	777M	-2.8B	-413M	1.9B	379M	3.6B	2.5B
Free cash flow	2.5B	289M	459M	2.2B	3.3B	4.4B	980M	1.9B	4.2B	961M	1.5B	3.5B

Date	Ratio
Nov 22, 1999	2:1
Mar 1, 1999	2:1
Aug 16, 1995	2:1
Sep 11, 1991	3:1
Aug 13, 1990	2:1

Amgen Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history