AMGN Financials Amgen

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 7.6% per year over the past 5 years.
Net income has grown slower than revenue (1.2% vs 7.6% per year).
Operating margin has contracted, at 24.7% in the latest year.
Free cash flow has declined 3.9% per year over the past 5 years.

Financial health

Total debt ($54.6B) exceeds cash ($9.1B); net debt is $45.5B.
Total debt has grown in line with revenue (10.6% vs 7.6% per year).
Total debt is 3.8× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 66.5% of earnings and 63.3% of free cash flow.
The dividend has grown 6.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$36.8B	$7.7B	67.2%	24.7%	$8.1B	$54.6B	$9.1B
2024	$33.4B	$4.1B	61.5%	21.7%	$10.4B	$60.1B	$12.0B
2023	$28.2B	$6.7B	70.0%	28.0%	$7.4B	$64.6B	$10.9B
2022	$26.3B	$6.6B	75.7%	36.3%	$8.8B	$38.9B	$7.6B
2021	$26.0B	$5.9B	75.2%	29.4%	$8.4B	$33.3B	$8.0B
2020	$25.4B	$7.3B	75.8%	35.9%	$9.9B	$33.0B	$6.3B
2019	$23.4B	$7.8B	81.4%	41.4%	$8.5B	$29.9B	$6.0B
2018	—	$8.4B	—	—	$10.6B	$33.9B	$6.9B
2017	—	$2.0B	—	—	$10.5B	$35.3B	$3.8B
2016	—	$7.7B	—	—	$9.6B	$34.6B	$3.2B
2015	—	$6.9B	—	—	$9.1B	$31.4B	$4.1B
2014	—	$5.2B	—	—	$8.2B	$30.6B	$3.7B
2013	—	$5.1B	—	—	$5.8B	$32.1B	$3.8B
2012	—	$4.3B	—	—	$5.2B	$26.5B	$3.3B
2011	—	$3.7B	—	—	$4.6B	$21.4B	$6.9B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$8.6B	$1.8B	68.2%	30.9%	$1.5B	$57.3B	$12.0B
Dec '25	$9.9B	$1.3B	69.8%	27.6%	$961M	$54.6B	$9.1B
Sep '25	$9.6B	$3.2B	67.8%	26.4%	$4.2B	$54.6B	$9.4B
Jun '25	$9.2B	$1.4B	67.2%	28.9%	$1.9B	$56.2B	$8.0B
Mar '25	$8.1B	$1.7B	63.6%	14.5%	$980M	$57.4B	$8.8B
Dec '24	$9.1B	$627M	65.7%	25.4%	$4.4B	$60.1B	$12.0B
Sep '24	$8.5B	$2.8B	61.1%	24.1%	$3.3B	$60.4B	$9.0B
Jun '24	$8.4B	$746M	61.4%	22.8%	$2.2B	$62.6B	$9.3B
Mar '24	$7.4B	-$113M	57.0%	13.3%	$459M	$64.0B	$9.7B
Dec '23	$8.2B	$767M	62.0%	15.5%	$289M	$64.6B	$10.9B
Sep '23	$6.9B	$1.7B	73.8%	29.3%	$2.5B	$60.5B	$34.7B
Jun '23	$7.0B	$1.4B	74.0%	38.4%	$3.8B	$61.5B	$34.2B
Mar '23	$6.1B	$2.8B	71.8%	31.5%	$720M	$61.6B	$31.6B
Dec '22	$6.8B	$1.6B	74.5%	32.6%	$2.3B	$38.9B	$7.6B
Sep '22	$6.7B	$2.1B	76.1%	40.0%	$2.8B	$38.7B	$9.5B
Jun '22	$6.6B	$1.3B	77.1%	33.0%	$1.7B	$36.5B	$5.2B
Mar '22	$6.2B	$1.5B	75.0%	40.1%	$2.0B	$36.9B	$6.5B
Dec '21	$6.8B	$1.9B	74.9%	33.7%	$2.5B	$33.3B	$8.0B
Sep '21	$6.7B	$1.9B	76.0%	35.5%	$2.2B	$37.6B	$12.0B
Jun '21	$6.5B	$464M	74.9%	12.7%	$1.7B	$32.8B	$6.6B

Valuation over time

How the market has priced AMGN against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 19.9× (Mar '23) to 24.7× (Jun '26).
The price-to-sales ratio has risen from 5.0× (Mar '23) to 5.2× (Jun '26).
The dividend yield has fallen from 3.2% (Mar '23) to 2.7% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is AMGN growing its revenue and profit?

Over the past 5 years, Amgen's revenue has grown 7.6% per year, and net income grown 1.2% per year. These are computed facts, not advice.

How much debt does AMGN have?

As of FY2025, Amgen reported $54.6B of total debt against $9.1B of cash.

What is AMGN's profit margin?

In FY2025, gross margin was 67.2%, operating margin 24.7%, and net margin 21.0%.

What is AMGN's P/E ratio?

As of Jun '26, Amgen traded at a price-to-earnings ratio of about 24.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.