Detailed financial statements for AbbVie Inc. (ABBV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
AbbVie Inc. is a global biopharmaceutical company dedicated to the discovery, development, manufacturing, and commercialization of advanced medicines. Its extensive therapeutic portfolio encompasses several key areas: Immunology and Inflammation: Leading products include HUMIRA, an injectable therapy for autoimmune and intestinal Behçet's diseases; SKYRIZI, which addresses moderate to severe plaque psoriasis in adults; and RINVOQ, a JAK inhibitor for moderate to severe active...
Analysis Summary
AbbVie Inc. reported revenue of $61.16B in the most recent fiscal year, growing at a 5-year CAGR of 6.0%. Net income reached $4.23B, with a -1.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 71.5%, operating margin 29.3%, net margin 9.8%. Free cash flow grew at 1.2% CAGR over 5 years.
At the current price of $265.76, ABBV trades at a P/E of 74.05 and an ROE of -136.50%. Market capitalisation stands at $469.5B, placing it among large-cap names.
Balance sheet quality for ABBV: current ratio of 0.7, net debt of $63.81B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $17.82B represents 422% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.64B | $28.22B | $32.75B | $33.27B | $45.80B | $56.20B | $58.05B | $54.32B | $56.33B | $61.16B |
| Cost of Revenue | $5.83B | $7.04B | $7.72B | $7.44B | $15.39B | $17.45B | $17.41B | $20.41B | $16.90B | $18.20B |
| Gross Profit | $19.80B | $21.18B | $25.04B | $25.83B | $30.42B | $38.75B | $40.64B | $33.90B | $39.43B | $42.96B |
| Research & Development | $4.58B | $5.33B | $10.75B | $6.79B | $7.75B | $8.05B | $6.51B | $7.67B | $12.79B | $9.10B |
| Selling, General & Admin | $5.88B | $6.29B | $7.40B | $6.94B | $11.30B | $12.35B | $15.26B | $12.87B | $14.75B | $14.01B |
| Operating Expenses | $10.47B | $11.63B | $18.65B | $12.84B | $19.05B | $20.83B | $22.52B | $21.15B | $30.29B | $22.86B |
| Operating Income | $9.34B | $9.54B | $6.38B | $12.98B | $11.36B | $17.92B | $18.12B | $12.76B | $9.14B | $20.09B |
| EBITDA | $10.12B | $10.38B | $8.31B | $12.23B | $12.32B | $23.93B | $24.17B | $17.17B | $14.91B | $17.63B |
| Interest Expense | $1.05B | $1.15B | $1.35B | $1.78B | $2.45B | $2.42B | $2.23B | $2.22B | $2.81B | $2.89B |
| Pre-tax Income | $7.88B | $7.73B | $5.20B | $8.43B | $3.40B | $12.99B | $13.48B | $6.25B | $3.72B | $6.60B |
| Income Tax | $1.93B | $2.42B | -$490.0M | $544.0M | -$1.22B | $1.44B | $1.63B | $1.38B | -$570.0M | $2.36B |
| Net Income | $5.95B | $5.31B | $5.69B | $7.88B | $4.62B | $11.54B | $11.84B | $4.86B | $4.28B | $4.23B |
| EPS | $3.65 | $3.31 | $3.69 | $5.30 | $2.73 | $6.48 | $6.65 | $2.73 | $2.40 | $2.37 |
| EPS (Diluted) | $3.63 | $3.30 | $3.68 | $5.28 | $2.72 | $6.45 | $6.63 | $2.72 | $2.39 | $2.37 |
| Shares Outstanding (Diluted) | $1.63B | $1.60B | $1.55B | $1.48B | $1.67B | $1.78B | $1.78B | $1.77B | $1.77B | $1.77B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $15.78B | $16.62B | $15.00B | $16.99B |
| Gross Profit | $10.47B | $12.07B | $10.78B | $12.70B |
| Operating Income | $1.90B | $5.81B | $4.73B | $6.43B |
| EBITDA | $3.52B | $5.37B | $3.69B | $8.66B |
| Net Income | $186.0M | $1.82B | $699.0M | $3.61B |
| EPS | $0.10 | $1.02 | $0.39 | $2.04 |
| EPS (Diluted) | $0.10 | $1.02 | $0.39 | $2.04 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.10B | $9.30B | $7.29B | $39.92B | $8.45B | $9.75B | $9.20B | $12.81B | $5.52B | $5.23B |
| Short-term Investments | $1.32B | $486.0M | $772.0M | 0 | $30.0M | $84.0M | $28.0M | $2.0M | $31.0M | $28.0M |
| Receivables | $4.76B | $5.09B | $5.38B | $5.43B | $8.82B | $9.98B | $11.25B | $11.15B | $10.92B | $12.59B |
| Inventory | $1.44B | $1.60B | $1.60B | $1.81B | $3.31B | $3.13B | $3.58B | $4.10B | $4.18B | $4.95B |
| Total Current Assets | $16.19B | $21.22B | $16.95B | $49.52B | $24.17B | $27.93B | $28.46B | $33.00B | $25.58B | $29.06B |
| Property, Plant & Equipment | $2.60B | $2.80B | $2.88B | $2.96B | $5.25B | $5.11B | $4.93B | $4.99B | $5.13B | $6.37B |
| Goodwill | $15.42B | $15.79B | $15.66B | $15.60B | $33.12B | $32.38B | $32.16B | $32.29B | $34.96B | $35.64B |
| Intangible Assets | $28.90B | $27.56B | $21.23B | $18.65B | $82.88B | $75.95B | $67.44B | $55.61B | $60.07B | $52.64B |
| Total Assets | $66.10B | $70.79B | $59.35B | $89.11B | $150.56B | $146.53B | $138.81B | $134.71B | $135.16B | $133.96B |
| Accounts Payable | $1.41B | $1.47B | $1.55B | $1.45B | $2.28B | $2.88B | $2.93B | $3.69B | $2.94B | $3.59B |
| Short-term Debt | $402.0M | $6.42B | $5.31B | $3.75B | $8.68B | $12.67B | $4.30B | $7.19B | $6.80B | $8.75B |
| Total Current Liabilities | $9.78B | $16.64B | $17.24B | $15.59B | $28.66B | $35.19B | $29.54B | $37.84B | $38.75B | $43.29B |
| Long-term Debt | $36.44B | $30.95B | $35.00B | $62.98B | $77.53B | $64.16B | $59.12B | $52.17B | $60.34B | $59.61B |
| Total Liabilities | $61.46B | $65.69B | $67.80B | $97.29B | $137.47B | $131.09B | $121.52B | $124.31B | $131.80B | $137.19B |
| Retained Earnings | $4.38B | $5.46B | $3.37B | $4.72B | $1.05B | $3.13B | $4.78B | -$1.00B | -$7.90B | -$15.49B |
| Total Equity | $4.64B | $5.10B | -$8.45B | -$8.17B | $13.08B | $15.41B | $17.25B | $10.36B | $3.33B | -$3.27B |
| Total Debt | $36.84B | $37.37B | $40.31B | $67.09B | $87.06B | $77.58B | $64.19B | $60.12B | $67.84B | $69.07B |
| Net Debt | $30.42B | $27.58B | $32.25B | $27.16B | $78.58B | $67.75B | $54.96B | $47.30B | $62.29B | $63.81B |
| Working Capital | $6.41B | $4.58B | -$294.0M | $33.93B | -$4.49B | -$7.27B | -$1.07B | -$4.84B | -$13.17B | -$14.23B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $5.63B | $5.23B | $9.39B | $6.57B |
| Total Assets | $133.90B | $133.96B | $136.46B | $135.13B |
| Total Liabilities | $136.50B | $137.19B | $143.07B | $141.00B |
| Total Equity | -$2.64B | -$3.27B | -$6.66B | -$5.93B |
| Total Debt | $68.74B | $68.87B | $72.86B | $70.82B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $5.95B | $5.31B | $5.69B | $7.88B | $4.62B | $11.55B | $11.85B | $4.82B | $4.29B | $4.23B |
| Depreciation & Amortization | $1.19B | $1.50B | $1.76B | $2.02B | $6.47B | $8.52B | $8.47B | $8.70B | $8.39B | $8.14B |
| Stock-based Compensation | $353.0M | $365.0M | $421.0M | $430.0M | $753.0M | $692.0M | $671.0M | $747.0M | $911.0M | $955.0M |
| Change in Working Capital | -$1.69B | $9.0M | -$1.13B | -$1.33B | $106.0M | -$1.32B | -$258.0M | $2.81B | -$2.78B | -$2.36B |
| Operating Cash Flow | $7.04B | $9.96B | $13.43B | $13.32B | $17.59B | $22.78B | $24.94B | $22.84B | $18.81B | $19.03B |
| Capital Expenditure | -$479.0M | -$529.0M | -$638.0M | -$552.0M | -$798.0M | -$787.0M | -$695.0M | -$777.0M | -$974.0M | -$1.21B |
| Acquisitions | -$2.76B | -$308.0M | -$736.0M | -$1.14B | -$39.61B | -$1.90B | -$794.0M | -$1.22B | -$17.49B | -$204.0M |
| Stock Repurchased | -$6.03B | -$1.41B | -$12.01B | -$629.0M | -$978.0M | -$934.0M | -$1.49B | -$1.97B | -$1.71B | -$980.0M |
| Dividends Paid | -$3.72B | -$4.11B | -$5.58B | -$6.37B | -$7.72B | -$9.26B | -$10.04B | -$10.54B | -$11.03B | -$11.66B |
| Free Cash Flow | $6.56B | $9.43B | $12.79B | $12.77B | $16.79B | $21.99B | $24.25B | $22.06B | $17.83B | $17.82B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $7.02B | $5.22B | $3.83B | $3.44B |
| Capital Expenditure | $504.0M | -$329.0M | -$265.0M | $265.0M |
| Free Cash Flow | $7.53B | $4.89B | $3.56B | $3.70B |
| Dividends Paid | -$2.91B | -$2.91B | -$3.09B | -$3.07B |
| Stock-based Compensation | $209.0M | $157.0M | $444.0M | $166.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.1% | +16.1% | +1.6% | +37.7% | +22.7% | +3.3% | -6.4% | +3.7% | +8.6% | |
| Net Income Growth (YoY) | -10.8% | +7.1% | +38.6% | -41.4% | +150.0% | +2.5% | -58.9% | -12.0% | -1.2% | |
| EPS Growth (YoY) | -9.3% | +11.5% | +43.6% | -48.5% | +137.4% | +2.6% | -58.9% | -12.1% | -1.2% | |
| Shares Change (YoY) | -1.7% | -3.6% | -4.0% | +12.7% | +6.2% | +0.1% | -0.3% | +0.0% | +0.1% | |
| FCF Growth (YoY) | +43.7% | +35.6% | -0.1% | +31.5% | +31.0% | +10.3% | -9.0% | -19.2% | -0.1% | |
| Gross Margin | 77.2% | 75.0% | 76.4% | 77.6% | 66.4% | 69.0% | 70.0% | 62.4% | 70.0% | 70.2% |
| Operating Margin | 36.4% | 33.8% | 19.5% | 39.0% | 24.8% | 31.9% | 31.2% | 23.5% | 16.2% | 32.8% |
| EBITDA Margin | 39.5% | 36.8% | 25.4% | 36.8% | 26.9% | 42.6% | 41.6% | 31.6% | 26.5% | 28.8% |
| Net Margin | 23.2% | 18.8% | 17.4% | 23.7% | 10.1% | 20.5% | 20.4% | 9.0% | 7.6% | 6.9% |
| FCF Margin | 25.6% | 33.4% | 39.0% | 38.4% | 36.7% | 39.1% | 41.8% | 40.6% | 31.7% | 29.1% |
| Effective Tax Rate | 24.5% | 31.3% | -9.4% | 6.5% | -36.0% | 11.1% | 12.1% | 22.0% | -15.3% | 35.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.02 | $5.88 | $8.27 | $8.61 | $10.04 | $12.37 | $13.64 | $12.44 | $10.06 | $10.04 |
| Dividends Per Share | $2.28 | $2.56 | $3.61 | $4.29 | $4.61 | $5.21 | $5.65 | $5.94 | $6.22 | $6.57 |
| Shares Outstanding (Basic) | $1.62B | $1.60B | $1.54B | $1.48B | $1.67B | $1.77B | $1.77B | $1.77B | $1.77B | $1.77B |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -136.50% |
| Return on Invested Capital | 13.46% |
| Return on Assets | 4.67% |
| Gross Margin | 71.48% |
| Operating Margin | 29.32% |
| Net Margin | 9.81% |
Financial Health
| Debt / Equity | -11.93 |
| Current Ratio | 0.81 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.43 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 17.16 | 29.22 | 24.98 | 16.71 | 39.25 | 20.90 | 24.30 | 56.77 | 74.04 | 96.41 |
| P/B | 21.91 | 30.28 | -16.82 | -16.05 | 13.66 | 15.55 | 16.59 | 26.45 | 94.54 | -123.96 |
| P/S | 3.96 | 5.47 | 4.34 | 3.94 | 3.90 | 4.26 | 4.93 | 5.04 | 5.58 | 6.63 |
| Gross Margin | 77.2% | 75.0% | 76.4% | 77.6% | 66.4% | 69.0% | 70.0% | 62.4% | 70.0% | 70.2% |
| Operating Margin | 36.4% | 33.8% | 19.5% | 39.0% | 24.8% | 31.9% | 31.2% | 23.5% | 16.2% | 32.8% |
| Net Margin | 23.2% | 18.8% | 17.4% | 23.7% | 10.1% | 20.5% | 20.4% | 9.0% | 7.6% | 6.9% |
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Explore sector: Healthcare · Drug Manufacturers - General
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