Amgen Inc. (AMGN) Cash Flow Statement
Where AMGN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $9.96B −13.3% vs 2024
- Capital expenditures
- $1.86B 5.1% of revenue
- Free cash flow
- $8.10B 22.0% margin
- Returned to shareholders
- $5.12B 63% of free cash flow
- Change in cash
- −$2.84B cash at year-end $9.13B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AMGN operating cash flow, capex and free cash flow
AMGN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $10.35B2016 | $9.96B2025 | −0.4%/yr | |
| Capital expenditures | $837.0M2016 | $1.86B2025 | +9.3%/yr | |
| Free cash flow | $9.52B2016 | $8.10B2025 | −1.8%/yr | |
| Free cash flow margin | 41.4%2016 | 22.0%2025 | −19.3 pts | |
| Operating cash flow / net income | 1.342016 | 1.292025 | −0.05 | |
| Stock-based compensation | $311.0M2016 | $494.0M2025 | +5.3%/yr | |
| Dividends paid | $3.00B2016 | $5.12B2025 | +6.1%/yr | |
| Share buybacks (net) | $2.96B2016 | $02025 | −100.0% | |
| Capex / revenue | 3.6%2016 | 5.1%2025 | +1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AMGN cash flow by activity
AMGN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AMGN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.71B | $4.09B | $6.72B | $6.55B | $5.89B | $7.26B | $7.84B | $8.39B | $1.98B | $7.72B |
| Depreciation & amortization | $5.17B | $5.59B | $4.07B | $3.42B | $3.40B | $3.60B | $2.21B | $1.95B | $1.96B | $2.10B |
| Stock-based compensation | $494.0M | $530.0M | $431.0M | $401.0M | $341.0M | $330.0M | $308.0M | $311.0M | $329.0M | $311.0M |
| Change in working capital | −$1.98B | $2.37B | −$484.0M | −$733.0M | −$1.19B | −$216.0M | −$731.0M | $622.0M | $7.91B | $1.0M |
| Other non-cash items | −$1.44B | −$1.09B | −$2.26B | $84.0M | $823.0M | −$482.0M | −$475.0M | $23.0M | −$996.0M | $215.0M |
| Cash from operating activities | $9.96B | $11.49B | $8.47B | $9.72B | $9.26B | $10.50B | $9.15B | $11.30B | $11.18B | $10.35B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.86B | −$1.10B | −$1.11B | −$936.0M | −$880.0M | −$608.0M | −$618.0M | −$738.0M | −$664.0M | −$837.0M |
| Investments (net) | $0 | −$1.05B | −$2.59B | −$6.04B | $733.0M | −$4.72B | $20.00B | $15.03B | −$3.19B | −$7.68B |
| Acquisitions & other investing | −$85.0M | $1.10B | −$22.50B | $936.0M | $880.0M | −$75.0M | −$13.67B | $50.0M | −$167.0M | −$144.0M |
| Cash from investing activities | −$1.94B | −$1.05B | −$26.20B | −$6.04B | $733.0M | −$5.40B | $5.71B | $14.34B | −$4.02B | −$8.66B |
| Financing activities | ||||||||||
| Dividends paid | −$5.12B | −$4.83B | −$4.56B | −$4.20B | −$4.01B | −$3.75B | −$3.51B | −$3.51B | −$3.37B | −$3.00B |
| Share repurchases & issuance (net) | $0 | −$200.0M | $0 | −$6.36B | −$4.97B | −$3.49B | −$7.70B | −$17.79B | −$3.16B | −$2.96B |
| Net borrowing (repayment) | −$5.00B | −$3.60B | $26.32B | $6.62B | $795.0M | $2.46B | −$4.51B | −$1.12B | $71.0M | $3.59B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$735.0M | −$783.0M | −$719.0M | −$103.0M | −$78.0M | −$90.0M | −$42.0M | −$68.0M | −$140.0M | −$229.0M |
| Cash from financing activities | −$10.86B | −$9.41B | $21.05B | −$4.04B | −$8.27B | −$4.87B | −$15.77B | −$22.49B | −$6.59B | −$2.60B |
| Summary | ||||||||||
| Net change in cash | −$2.84B | $1.03B | $3.31B | −$360.0M | $1.72B | $229.0M | −$908.0M | $3.15B | $559.0M | −$903.0M |
| Cash at end of period | $9.13B | $11.97B | $10.94B | $7.63B | $7.99B | $6.27B | $6.04B | $6.95B | $3.80B | $3.24B |
| Free cash flow | $8.10B | $10.39B | $7.36B | $8.79B | $8.38B | $9.89B | $8.53B | $10.56B | $10.51B | $9.52B |
| Free cash flow margin | 22.0% | 31.1% | 26.1% | 33.4% | 32.3% | 38.9% | 36.5% | 44.5% | 46.0% | 41.4% |
| Capex / revenue | 5.1% | 3.3% | 3.9% | 3.6% | 3.4% | 2.4% | 2.6% | 3.1% | 2.9% | 3.6% |
| Operating cash flow / net income | 1.29 | 2.81 | 1.26 | 1.48 | 1.57 | 1.45 | 1.17 | 1.35 | 5.65 | 1.34 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.38B | $1.82B | $1.33B | $3.22B | $1.43B | $1.73B | $627.0M | $2.83B | $746.0M | −$113.0M | $767.0M | $1.73B |
| Depreciation & amortization | $1.11B | $1.12B | $1.13B | $1.31B | $1.34B | $1.39B | $1.40B | $1.40B | $1.40B | $1.40B | $1.38B | $895.0M |
| Stock-based compensation | $165.0M | $75.0M | $125.0M | $127.0M | $157.0M | $85.0M | $134.0M | $136.0M | $157.0M | $103.0M | $473.0M | −$149.0M |
| Change in working capital | $408.0M | −$721.0M | −$1.87B | $1.66B | −$759.0M | −$1.02B | $2.08B | $856.0M | $122.0M | −$692.0M | −$898.0M | $53.0M |
| Other non-cash items | −$58.0M | −$100.0M | $879.0M | −$1.63B | $109.0M | −$795.0M | $534.0M | −$1.65B | $34.0M | −$8.0M | −$1.18B | $231.0M |
| Cash from operating activities | $4.00B | $2.19B | $1.60B | $4.68B | $2.28B | $1.39B | $4.77B | $3.57B | $2.46B | $689.0M | $538.0M | $2.76B |
| Investing activities | ||||||||||||
| Capital expenditures | −$513.0M | −$712.0M | −$642.0M | −$436.0M | −$369.0M | −$411.0M | −$371.0M | −$257.0M | −$238.0M | −$230.0M | −$249.0M | −$248.0M |
| Investments (net) | — | — | — | −$414.0M | −$389.0M | −$447.0M | −$402.0M | −$210.0M | −$217.0M | −$217.0M | −$27.09B | −$262.0M |
| Acquisitions & other investing | −$56.0M | −$4.0M | −$51.0M | $436.0M | $369.0M | $411.0M | $371.0M | $257.0M | $238.0M | $230.0M | $249.0M | $248.0M |
| Cash from investing activities | −$569.0M | −$716.0M | −$693.0M | −$414.0M | −$389.0M | −$447.0M | −$402.0M | −$210.0M | −$217.0M | −$217.0M | −$27.09B | −$262.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.36B | −$1.36B | −$1.28B | −$1.28B | −$1.28B | −$1.28B | −$1.21B | −$1.21B | −$1.21B | −$1.21B | −$1.14B | −$1.14B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −$200.0M | — | — | — | $0 | $0 |
| Net borrowing (repayment) | $0 | $3.13B | $0 | −$1.50B | −$1.00B | −$2.50B | $0 | −$2.20B | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$120.0M | −$337.0M | $57.0M | −$71.0M | −$393.0M | −$328.0M | −$2.0M | −$241.0M | −$1.44B | −$500.0M | $3.89B | −$865.0M |
| Cash from financing activities | −$1.48B | $1.44B | −$1.23B | −$2.85B | −$2.67B | −$4.11B | −$1.41B | −$3.65B | −$2.65B | −$1.71B | $2.75B | −$2.00B |
| Summary | ||||||||||||
| Net change in cash | $1.95B | $2.91B | −$316.0M | $1.42B | −$782.0M | −$3.16B | $2.96B | −$290.0M | −$407.0M | −$1.24B | −$23.80B | $493.0M |
| Cash at end of period | $13.99B | $12.04B | $9.13B | $9.45B | $8.03B | $8.81B | $11.97B | $9.01B | $9.30B | $9.71B | $10.94B | $34.74B |
| Free cash flow | $3.49B | $1.48B | $961.0M | $4.25B | $1.91B | $980.0M | $4.40B | $3.31B | $2.22B | $459.0M | $289.0M | $2.76B |
| Free cash flow margin | 34.7% | 17.1% | 9.7% | 44.4% | 20.8% | 12.0% | 48.4% | 39.0% | 26.5% | 6.2% | 3.5% | 40.0% |
| Capex / revenue | 5.1% | 8.3% | 6.5% | 4.6% | 4.0% | 5.0% | 4.1% | 3.0% | 2.8% | 3.1% | 3.0% | 3.6% |
| Operating cash flow / net income | 1.69 | 1.20 | 1.20 | 1.46 | 1.59 | 0.80 | 7.61 | 1.26 | 3.30 | — | 0.70 | 1.60 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AMGN cash generation
In fiscal 2025 (ended December 31, 2025), Amgen generated $10.0 billion of cash from operations (down 13.3%) and spent $1.9 billion on capital expenditures, leaving free cash flow of $8.1 billion, 22.0% of revenue. It returned $5.1 billion to shareholders through dividends ($5.1 billion) and net share buybacks ($0). Cash and equivalents fell by $2.8 billion over the year.
Related: AMGN income statement, AMGN balance sheet, AMGN dividend history. See the AMGN stock overview for the latest quote and news.
AMGN cash flow FAQ
What is Amgen's free cash flow?
Amgen's free cash flow was $8.1 billion in fiscal 2025: $10.0 billion of operating cash flow minus $1.9 billion of capital expenditures It was $10.4 billion a year earlier..
How much cash does Amgen generate from operations?
Amgen generated $10.0 billion of cash from operating activities in fiscal 2025, 1.29 times its net income of $7.7 billion.
How much does Amgen spend on capital expenditures?
Amgen spent $1.9 billion on capital expenditures in fiscal 2025, 5.1% of revenue, compared with $1.1 billion the year before.
How much does Amgen pay in dividends?
Amgen paid $5.1 billion in dividends in fiscal 2025, 63.3% of free cash flow.