FirmAtlas
Company handbook · AMGN · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
AMGN · CIK 318154 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
Amgen Inc.
$432.49
−1.54 (−0.35%)
Close, Oct 16, 2026 · 52-week $288–447
Last fiscal year
Amgen Inc. reported revenue of $36.8B for the year ended Dec 31, 2025 (FY25), up 10.0% from FY24. Net income was $7.7B, operating cash flow $10.0B and free cash flow $8.1B. Source: 10-K filed Feb 13, 2026.
Market cap
$233.0B
P/E
26.6
EV/EBITDA
19.5x
P/B
19.9
Div yield
2.30%
ROIC
14.4%
Revenue 1Y
10.0%/yr
EPS 1Y
88.2%/yr
Shares 1Y
+0.4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORobert A. Bradway
HQThousand Oaks, CA
AuditorErnst & Young LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
10.3%
15.8%
14.7%
46.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$13.2B deployed
Capex
$3.0B
22.4%
Acquisitions
$53M
0.4%
Dividends
$10.0B
75.6%
Buybacks
$200M
1.5%
Operating cash flow over the period: $21.4B. Total debt changed by −$5.5B. R&D of $13.2B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
33,424
36,751+10.0%
38,095
YoY
+10.0%
Gross profit
20,566
24,714+20.2%
26,482
Gross margin
61.5%
67.2%+5.7 pp
—
Operating income
7,258
9,080+25.1%
11,426
Operating margin
21.7%
24.7%+3.0 pp
—
EBITDA
12,850
14,247+10.9%
—
EBITDA margin
38.4%
38.8%+0.3 pp
—
Interest expense
3,155
2,755−12.7%
—
Interest coverage
4.07x
5.17x+1.10x
—
Net income
4,090
7,711+88.5%
8,743
YoY
+88.5%
Net margin
12.2%
21.0%+8.7 pp
—
EPS (diluted, $)
7.56
14.23+88.2%
16.11
YoY
+88.2%
Balance sheet
Total assets
91,839
90,586−1.4%
95,639
Cash & short-term investments
11,973
9,129−23.8%
—
Accounts receivable
6,782
9,570+41.1%
—
Inventory
6,998
6,225−11.0%
—
Net PP&E
6,543
7,913+20.9%
—
Other assets
59,543
57,749−3.0%
—
Total liabilities
85,962
81,928−4.7%
83,951
Accounts payable
1,908
2,367+24.1%
—
Total debt
60,099
54,604−9.1%
62,749
Other liabilities
23,955
24,957+4.2%
—
Shareholders’ equity
5,877
8,658+47.3%
11,688
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
11,490
9,958−13.3%
12,478
Net income
4,090
7,711+88.5%
—
Depreciation & amortization
5,592
5,167−7.6%
—
Stock-based compensation
530
494−6.8%
—
Working capital & other
1,278
(3,414)−367.1%
—
Cash from investing
(1,046)
(1,943)n/m
—
Capex
(1,096)
(1,858)n/m
—
Acquisitions
0
(53)n/m
—
Investments bought
0
—
—
Investments sold / matured
0
0n/m
—
Other investing
50
(32)−164.0%
—
Cash from financing
(9,415)
(10,859)n/m
—
Debt raised
0
0n/m
—
Debt repaid
(3,600)
(5,000)n/m
—
Dividends
(4,832)
(5,124)n/m
—
Buybacks
(200)
0n/m
—
Other financing
(783)
(735)n/m
—
Net change in cash
1,029
(2,844)−376.4%
—
Free cash flow (OCF − capex)
10,394
8,100−22.1%
10,175
Where the cash went
Operating cash flow
11,490
9,958−13.3%
12,478
Reinvested in the business
1,096
1,911+74.4%
—
% of operating cash flow
9.5%
19.2%
Capex
1,096
1,858+69.5%
2,303
Acquisitions
0
53n/m
—
R&D (memo, already in costs)
5,964
7,272+21.9%
—
Free cash flow
10,394
8,100−22.1%
10,175
YoY
−22.1%
Returned to shareholders
5,032
5,124+1.8%
—
% of free cash flow
48.4%
63.3%
Dividends
4,832
5,124+6.0%
—
Buybacks
200
0−100.0%
—
Change in total debt
—
(5,495)
—
Cash left over
—
(2,572)
—
FCF conversion (FCF ÷ net income)
254.1%
105.0%−149.1 pp
—
Owner earnings
—
9,464
—
Owner earnings margin
—
25.8%
—
Buyback yield
0.1%
—
—
Returns & ratios
ROIC (all capital)
11.9%
14.4%+2.5 pp
—
ROIC (operating)
35.0%
39.2%+4.3 pp
—
Net debt / EBITDA
3.75x
3.19x−0.55x
—
Debt / equity
10.23x
6.31x−3.92x
—
Cash conversion cycle (days)
219
212−7 d
—
ROE
69.6%
89.1%+19.5 pp
—
ROA
4.5%
8.5%+4.1 pp
—
ROCE
10.6%
13.9%+3.4 pp
—
NOPAT
6,441
7,800+21.1%
—
Invested capital (operating)
18,415
21,341+15.9%
—
Invested capital (all)
54,003
54,133+0.2%
—
Reinvestment rate
—
37.5%
—
Debtor days
74
95+21 d
—
Inventory days
199
189−10 d
—
Days payable
54
72+18 d
—
Net debt is 3.2x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
9,557
9,866
8,618
10,054
vs year-ago quarter
Gross profit
6,475
6,890
5,874
7,243
Gross margin
67.8%
69.8%
68.2%
72.0%
Operating income
2,526
2,720
2,666
3,514
Net income
3,216
1,333
1,819
2,375
vs year-ago quarter
Net margin
33.7%
13.5%
21.1%
23.6%
EPS (diluted, $)
5.93
2.47
3.34
4.37
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
90,141
90,586
92,504
95,639
Cash & equivalents
9,445
9,129
12,038
13,989
Total debt
56,740
54,604
62,760
62,749
Shareholders’ equity
9,619
8,658
9,190
11,688
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
4,684
1,603
2,189
4,002
Capex
436
642
712
513
Free cash flow
4,248
961
1,477
3,489
vs year-ago quarter