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ABBVAbbVie

Health care · Pharmaceuticals · NYSE

AbbVie operates as a single global business segment dedicated to the research and development, manufacturing, commercialization and sale of innovative medicines and therapies. 10-K, Item 1

ABBV quote by TradingView
Employees
57,000
Headquarters
North Chicago, IL
Next results
around Jan 6, 2027
Compare with peers → Embed
All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)5.81Sales (ttm)66.0BNet income (ttm)10.3BSales growth+8.6%EPS growth-1.3%Sales Q/Q+10.3%
Free cash flow18.9BGross margin73.7%Oper. margin32.2%Net margin15.7%FCF margin28.6%ROEn/m
ROA7.0%R&D / sales14.9%Dividend6.65Debt/Eqn/mCurr. ratio0.87Cash10.8B
Op. cash flow (ttm)20.1BEBITDA15.8BEBITDA margin25.9%Net debt70.1BQuick ratio0.75Interest cover5.21
Payout ratio281.8%Tax rate35.8%Stock pay / sales1.6%Shares out.1.8BShares Y/Y0.0%Book / share-2.59
Cash / share6.10Sales / share37.35Asset turnover0.45Inventory turns3.68Days sales out.75Sales 3Y CAGR+1.8%
Sales 5Y CAGR+6.0%EPS 3Y CAGR-29.1%EPS 5Y CAGR-2.8%Employees57,000Sales / employee1.2M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin widened to 24.6%16.2% → 24.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

ABBV against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
ABBVPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+8.6%25th of 60 · median +7.1%
Net margin
15.7%19th of 60 · median 9.6%
Free cash flow margin
28.6%3rd of 56 · median 15.5%
ABBV and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ABBV AbbVie$66.0B +8.6%73.7%15.7%-28.6%-
HCA HCA Healthcare$78.7B +7.1%-8.6%-7.6%-
MRK Merck & Co.$67.4B +1.3%71.8%3.6%5.5%21.9%1.20
PFE Pfizer$63.6B -1.6%73.4%6.3%4.5%18.5%0.70
BMY Bristol Myers Squibb$50.0B -0.2%69.2%18.5%39.5%18.6%1.86
ABT Abbott Laboratories$48.2B +5.7%56.9%9.7%9.2%14.0%0.61

From $56.2B of sales to $11.5B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $38.8BRevenue to Cost of revenue: $17.4BGross profit to Operating profit: $17.9BGross profit to Operating expenses: $20.8BOperating profit to Net profit: $11.5BOperating profit to Tax & other: $6.4BOperating expenses to R&D: $6.9BOperating expenses to Sales, admin & other: $13.9B Revenue: $56.2B Revenue$56.2B +23% Y/Y Gross profit: $38.8B · 69% margin Gross profit$38.8B69% margin Cost of revenue: $17.4B · 31% of revenue Cost of revenue$17.4B31% of revenue Operating profit: $17.9B · 32% margin Operating profit$17.9B32% margin +58% Y/Y Operating expenses: $20.8B · 37% of revenue Operating expenses$20.8B37% of revenue Net profit: $11.5B · 21% margin Net profit$11.5B21% margin +150% Y/Y Tax & other: $6.4B · 11% of revenue Tax & other$6.4B11% of revenue R&D: $6.9B · 12% of revenue R&D$6.9B12% of revenue Sales, admin & other: $13.9B · 25% of revenue Sales, admin & other$13.9B25% of revenue

Swipe sideways for the whole flow →

From $58.1B of sales to $11.8B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $40.6BRevenue to Cost of revenue: $17.4BGross profit to Operating profit: $18.1BGross profit to Operating expenses: $22.5BOperating profit to Net profit: $11.8BOperating profit to Tax & other: $6.3BOperating expenses to R&D: $6.5BOperating expenses to Sales, admin & other: $16.0B Revenue: $58.1B Revenue$58.1B +3% Y/Y Gross profit: $40.6B · 70% margin Gross profit$40.6B70% margin Cost of revenue: $17.4B · 30% of revenue Cost of revenue$17.4B30% of revenue Operating profit: $18.1B · 31% margin Operating profit$18.1B31% margin +1% Y/Y Operating expenses: $22.5B · 39% of revenue Operating expenses$22.5B39% of revenue Net profit: $11.8B · 20% margin Net profit$11.8B20% margin +3% Y/Y Tax & other: $6.3B · 11% of revenue Tax & other$6.3B11% of revenue R&D: $6.5B · 11% of revenue R&D$6.5B11% of revenue Sales, admin & other: $16.0B · 28% of revenue Sales, admin & other$16.0B28% of revenue

Swipe sideways for the whole flow →

From $54.3B of sales to $4.9B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $33.9BRevenue to Cost of revenue: $20.4BGross profit to Operating profit: $12.8BGross profit to Operating expenses: $21.1BOperating profit to Net profit: $4.9BOperating profit to Tax & other: $7.9BOperating expenses to R&D: $7.7BOperating expenses to Sales, admin & other: $13.5B Revenue: $54.3B Revenue$54.3B −6% Y/Y Gross profit: $33.9B · 62% margin Gross profit$33.9B62% margin Cost of revenue: $20.4B · 38% of revenue Cost of revenue$20.4B38% of revenue Operating profit: $12.8B · 23% margin Operating profit$12.8B23% margin −30% Y/Y Operating expenses: $21.1B · 39% of revenue Operating expenses$21.1B39% of revenue Net profit: $4.9B · 9% margin Net profit$4.9B9% margin −59% Y/Y Tax & other: $7.9B · 15% of revenue Tax & other$7.9B15% of revenue R&D: $7.7B · 14% of revenue R&D$7.7B14% of revenue Sales, admin & other: $13.5B · 25% of revenue Sales, admin & other$13.5B25% of revenue

Swipe sideways for the whole flow →

From $56.3B of sales to $4.3B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $39.4BRevenue to Cost of revenue: $16.9BGross profit to Operating profit: $9.1BGross profit to Operating expenses: $30.3BOperating profit to Net profit: $4.3BOperating profit to Interest, tax, other: $4.9BOperating expenses to R&D: $12.8BOperating expenses to Sales, admin & other: $17.5B Revenue: $56.3B Revenue$56.3B +4% Y/Y Gross profit: $39.4B · 70% margin Gross profit$39.4B70% margin Cost of revenue: $16.9B · 30% of revenue Cost of revenue$16.9B30% of revenue Operating profit: $9.1B · 16% margin Operating profit$9.1B16% margin −28% Y/Y Operating expenses: $30.3B · 54% of revenue Operating expenses$30.3B54% of revenue Net profit: $4.3B · 8% margin Net profit$4.3B8% margin −12% Y/Y Interest, tax, other: $4.9B · 9% of revenue Interest, tax, other$4.9B9% of revenue R&D: $12.8B · 23% of revenue R&D$12.8B23% of revenue Sales, admin & other: $17.5B · 31% of revenue Sales, admin & other$17.5B31% of revenue

Swipe sideways for the whole flow →

From $61.2B of sales to $4.2B of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $43.0BRevenue to Cost of revenue: $18.2BGross profit to Operating profit: $15.1BGross profit to Operating expenses: $27.9BOperating profit to Net profit: $4.2BOperating profit to Tax & other: $10.8BOperating expenses to R&D: $9.1BOperating expenses to Sales, admin & other: $18.8B Revenue: $61.2B Revenue$61.2B +9% Y/Y Gross profit: $43.0B · 70% margin Gross profit$43.0B70% margin Cost of revenue: $18.2B · 30% of revenue Cost of revenue$18.2B30% of revenue Operating profit: $15.1B · 25% margin Operating profit$15.1B25% margin +65% Y/Y Operating expenses: $27.9B · 46% of revenue Operating expenses$27.9B46% of revenue Net profit: $4.2B · 7% margin Net profit$4.2B7% margin −1% Y/Y Tax & other: $10.8B · 18% of revenue Tax & other$10.8B18% of revenue R&D: $9.1B · 15% of revenue R&D$9.1B15% of revenue Sales, admin & other: $18.8B · 31% of revenue Sales, admin & other$18.8B31% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 2
  • ✓
    Net margin above the peer median15.7% vs 9.6%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 23.2% → 6.9%

Balance sheet

1 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 5.2× interest expense
  • !
    Equity below zeroDebt $80.9B, equity −$4.6B
  • !
    Current ratio below 1Current ratio 0.87
  • !
    Net debt over 3 years of free cash flow$70.1B net debt, 3.7 years
Debt / equity at each year end, FY2016 to FY2025: 7.95 → 20.10
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$17.8B last year
  • !
    Share count up over 5 years+6.0%
  • ✓
    Dividend per share up over 5 years$4.84 → $6.65
  • ✓
    Cash from operations above net income$19.0B vs $4.2B
Free cash flow, FY2016 to FY2025: 6.6B → 17.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $80.9B Debt$80.9B Long-term debt: $72.2B · 89% Long-term debt$72.2B · 89% Due within a year: $8.7B · 11% Due within a year$8.7B · 11% Next 12 months: $6.0B · 7% Next 12 months$6.0B · 7% Year 2: $5.1B · 6% Year 2$5.1B · 6% Year 3: $4.5B · 6% Year 3$4.5B · 6% Year 4: $8.6B · 11% Year 4$8.6B · 11% Year 5: $1.0B · 1% Year 5$1.0B · 1% After year 5: $39.3B · 49% After year 5$39.3B · 49%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $2.5B Not stated $7.2B

Line, as the company names itKindRateFixed or floatingAmount
Senior Notes Issued in 2025 (Senior Notes)Notes and bonds–not stated$4.0B
364 day Term Loan Credit AgreementBank loans–floating$2.0B
2.125% senior euro notes due 2028 (€750 principal) (Senior Notes)Notes and bonds2.12–2.18%not stated$750.0M
0.75% senior euro notes due 2027 (€750 principal) (Senior Notes)Notes and bonds0.75–0.86%not stated$750.0M
1.25% senior euro notes due 2031 (€650 principal) (Senior Notes)Notes and bonds1.25–1.30%not stated$650.0M
2.125% senior euro notes due 2029 (€550 principal) (Senior Notes)Notes and bonds1.19–2.12%not stated$550.0M
2.625% senior euro notes due 2028 (€500 principal) (Senior Notes)Notes and bonds1.20–2.62%not stated$500.0M
Commercial PaperCommercial paper–floating$499.0M

From the debt note in the 10-K's XBRL (0001551152-26-000008), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 61.2B Net income 4.2B
FY2016 revenue 25.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-19-000008 FY2016 net income 6.0B · NetIncomeLoss, 0001551152-19-000008 25.6B FY2016 FY2017 revenue 28.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-20-000007 FY2017 net income 5.3B · NetIncomeLoss, 0001551152-20-000007 28.2B FY2017 FY2018 revenue 32.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-21-000008 FY2018 net income 5.7B · NetIncomeLoss, 0001551152-21-000008 32.8B FY2018 FY2019 revenue 33.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-22-000007 FY2019 net income 7.9B · NetIncomeLoss, 0001551152-22-000007 33.3B FY2019 FY2020 revenue 45.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-23-000011 FY2020 net income 4.6B · NetIncomeLoss, 0001551152-23-000011 45.8B FY2020 FY2021 revenue 56.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-24-000011 FY2021 net income 11.5B · NetIncomeLoss, 0001551152-24-000011 56.2B FY2021 FY2022 revenue 58.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-25-000020 FY2022 net income 11.8B · NetIncomeLoss, 0001551152-25-000020 58.1B FY2022 FY2023 revenue 54.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-26-000008 FY2023 net income 4.9B · NetIncomeLoss, 0001551152-26-000008 54.3B FY2023 FY2024 revenue 56.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-26-000008 FY2024 net income 4.3B · NetIncomeLoss, 0001551152-26-000008 56.3B FY2024 FY2025 revenue 61.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001551152-26-000008 FY2025 net income 4.2B · NetIncomeLoss, 0001551152-26-000008 61.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

ABBV's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue61.2B
FY2016: 25.6BFY2017: 28.2BFY2018: 32.8BFY2019: 33.3BFY2020: 45.8BFY2021: 56.2BFY2022: 58.1BFY2023: 54.3BFY2024: 56.3BFY2025: 61.2B FY2017FY2019FY2021FY2023FY2025
Net income4.2B
FY2016: 6.0BFY2017: 5.3BFY2018: 5.7BFY2019: 7.9BFY2020: 4.6BFY2021: 11.5BFY2022: 11.8BFY2023: 4.9BFY2024: 4.3BFY2025: 4.2B FY2017FY2019FY2021FY2023FY2025
Free cash flow17.8B
FY2016: 6.6BFY2017: 9.4BFY2018: 12.8BFY2019: 12.8BFY2020: 16.8BFY2021: 22.0BFY2022: 24.2BFY2023: 22.1BFY2024: 17.8BFY2025: 17.8B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)2.36
FY2016: 3.63FY2017: 3.30FY2018: 3.66FY2019: 5.28FY2020: 2.72FY2021: 6.45FY2022: 6.63FY2023: 2.72FY2024: 2.39FY2025: 2.36 FY2017FY2019FY2021FY2023FY2025
Dividend per share6.65
FY2016: 2.35FY2017: 2.63FY2018: 3.95FY2019: 4.39FY2020: 4.84FY2021: 5.31FY2022: 5.71FY2023: 5.99FY2024: 6.29FY2025: 6.65 FY2017FY2019FY2021FY2023FY2025
Diluted shares1.8B
FY2016: 1.6BFY2017: 1.6BFY2018: 1.5BFY2019: 1.5BFY2020: 1.7BFY2021: 1.8BFY2022: 1.8BFY2023: 1.8BFY2024: 1.8BFY2025: 1.8B FY2017FY2019FY2021FY2023FY2025

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 46.6B76.2% +8.3%
All other countries 5.8B9.4% +5.7%
Germany 1.7B2.8% +18.6%
Japan 1.3B2.1% +13.5%
Canada 1.2B2.0% +12.3%
China 1.0B1.6% +9.7%
France 806.0M1.3% +3.9%
United Kingdom 626.0M1.0% +19.9%
Spain 609.0M1.0% +15.3%
Italy 580.0M0.9% +13.5%
Brazil 478.0M0.8% +3.0%
Australia 459.0M0.8% -0.9%

10-K 0001551152-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue25.6B28.2B32.8B33.3B45.8B56.2B58.1B54.3B56.3B61.2B
Cost of revenue5.8B7.0B7.7B7.4B15.4B17.4B17.4B20.4B16.9B18.2B
R&D4.4B5.0B10.3B6.4B6.4B6.9B6.5B7.7B12.8B9.1B
SG&A5.9B6.3B7.4B6.9B11.3B12.3B15.3B12.9B14.8B14.0B
Operating income9.3B9.5B6.4B13.0B11.4B17.9B18.1B12.8B9.1B15.1B
Interest expense1.0B1.1B1.3B1.8B2.5B2.4B2.2B2.2B2.8B2.9B
Pretax income7.9B7.7B5.2B8.4B3.4B13.0B13.5B6.2B3.7B6.6B
Income tax1.9B2.4B-490.0M544.0M-1.2B1.4B1.6B1.4B-570.0M2.4B
Net income6.0B5.3B5.7B7.9B4.6B11.5B11.8B4.9B4.3B4.2B
EPS (diluted)3.633.303.665.282.726.456.632.722.392.36
Diluted shares1.6B1.6B1.5B1.5B1.7B1.8B1.8B1.8B1.8B1.8B
Depreciation & amortization425.0M425.0M471.0M464.0M666.0M803.0M778.0M752.0M764.0M762.0M
EBITDA9.8B10.0B6.9B13.4B12.0B18.7B18.9B13.5B9.9B15.8B
Operating margin36.4%33.8%19.5%39.0%24.8%31.9%31.2%23.5%16.2%24.6%
Net margin23.2%18.8%17.4%23.7%10.1%20.5%20.4%9.0%7.6%6.9%
Revenue growth-+10.1%+16.1%+1.6%+37.7%+22.7%+3.3%-6.4%+3.7%+8.6%
EPS growth--9.1%+10.9%+44.3%-48.5%+137%+2.8%-59.0%-12.1%-1.3%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash5.1B9.3B7.3B39.9B8.4B9.7B9.2B12.8B5.5B5.2B
Short-term investments1.3B486.0M772.0M030.0M84.0M28.0M2.0M31.0M28.0M
Receivables4.8B5.1B5.4B5.4B8.8B10.0B11.3B11.2B10.9B12.6B
Inventory1.4B1.6B1.6B1.8B3.3B3.1B3.6B4.1B4.2B5.0B
Current assets16.2B21.2B16.9B49.5B24.2B27.9B28.5B33.0B25.6B29.1B
Property & equipment2.6B2.8B2.9B3.0B5.2B5.1B4.9B5.0B5.1B5.6B
Goodwill15.4B15.8B15.7B15.6B33.1B32.4B32.2B32.3B35.0B35.6B
Total assets66.1B70.8B59.4B89.1B150.6B146.5B138.8B134.7B135.2B134.0B
Accounts payable1.4B1.5B1.5B1.5B2.3B2.9B2.9B3.7B2.9B3.6B
Current liabilities9.8B16.6B17.2B15.6B28.7B35.2B29.5B37.8B38.7B43.3B
Total debt36.8B37.4B40.3B67.2B85.0B76.0B63.1B59.2B66.8B67.0B
Shareholders' equity4.6B5.1B-8.4B-8.2B13.1B15.4B17.3B10.4B3.3B-3.3B
Retained earnings4.4B5.5B3.4B4.7B1.1B3.1B4.8B-1.0B-7.9B-15.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow7.0B10.0B13.4B13.3B17.6B22.8B24.9B22.8B18.8B19.0B
Capital spending479.0M529.0M638.0M552.0M798.0M787.0M695.0M777.0M974.0M1.2B
Free cash flow6.6B9.4B12.8B12.8B16.8B22.0B24.2B22.1B17.8B17.8B
Stock-based pay (added back)353.0M365.0M421.0M430.0M753.0M692.0M671.0M747.0M911.0M955.0M
Dividends paid3.7B4.1B5.6B6.4B7.7B9.3B10.0B10.5B11.0B11.7B
Buybacks6.0B1.4B12.0B629.0M978.0M934.0M1.5B2.0B1.7B980.0M
Acquisitions2.5B00038.3B525.0M255.0M017.5B204.0M
Debt raised11.6B06.0B31.5B3.0B1.0B2.0B-17.0B4.0B
Investing cash flow-6.1B-274.0M-1.0B596.0M-37.6B-2.3B-623.0M-2.0B-20.8B-6.6B
Financing cash flow-3.9B-5.5B-14.4B18.7B-11.5B-19.0B-24.8B-17.2B-5.2B-12.7B
Dividend per share2.352.633.954.394.845.315.715.996.296.65

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)353.0M365.0M421.0M430.0M753.0M692.0M671.0M747.0M911.0M955.0M
Stock-based pay / revenue1.4%1.3%1.3%1.3%1.6%1.2%1.2%1.4%1.6%1.6%
Operating lease cost---124.0M192.0M226.0M201.0M189.0M196.0M213.0M
Operating lease cash paid---125.0M185.0M236.0M212.0M214.0M204.0M230.0M
Right-of-use assets----895.0M762.0M737.0M744.0M723.0M737.0M
Operating lease liabilities---360.0M1.0B891.0M920.0M901.0M875.0M883.0M
Finance lease liabilities---27.0M29.0M34.0M34.0M42.0M40.0M41.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on ABBV in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ABBV/export.csv") into a cell.