Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Amgen Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Accounts payable 2.61 3.15 3.42 2.69 2.08 2.36 2.49 1.75 1.64 1.50 1.34 1.49 2.41 1.89 2.12 2.37 2.23 1.80 2.14 2.23
Accrued liabilities 20.45 18.64 17.09 19.28 19.21 16.09 15.09 15.19 15.81 15.65 15.20 13.59 19.23 18.19 17.78 17.97 17.54 14.44 15.03 15.86
Current portion of long-term debt 5.08 2.39 2.78 3.77 3.87 3.90 6.08 4.26 1.49 1.58 2.40 0.94 2.44 2.42 1.38 1.43 0.14 6.60 7.23 2.49
Current liabilities 28.14% 24.17% 23.30% 25.75% 25.15% 22.35% 23.67% 21.20% 18.93% 18.73% 18.94% 16.02% 24.09% 22.50% 21.28% 21.77% 19.92% 22.84% 24.40% 20.58%
Long-term debt, excluding current portion 55.20 58.17 61.16 60.44 61.57 62.56 62.83 64.60 65.02 65.21 65.78 68.49 57.36 58.34 60.22 60.83 54.32 51.22 47.61 49.78
Long-term deferred tax liabilities 1.51 1.62 1.58 1.69 1.76 1.88 1.96 2.00 2.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-term tax liabilities 2.97 2.90 2.86 2.71 2.56 2.51 2.43 4.26 4.82 5.06 4.96 6.61 8.84 8.92 9.45 11.24 10.78 9.97 10.75 11.25
Other noncurrent liabilities 2.63 2.47 2.66 2.47 2.56 2.42 2.60 2.53 2.39 2.55 2.81 2.85 4.09 4.51 4.97 4.62 4.03 3.32 3.44 3.47
Noncurrent liabilities 62.30% 65.15% 68.25% 67.31% 68.45% 69.37% 69.81% 73.40% 74.65% 72.82% 73.55% 77.95% 70.29% 71.77% 74.64% 76.68% 69.13% 64.52% 61.80% 64.50%
Total liabilities 90.44% 89.33% 91.55% 93.05% 93.60% 91.72% 93.48% 94.60% 93.59% 91.54% 92.49% 93.97% 94.38% 94.27% 95.92% 98.45% 89.05% 87.36% 86.20% 85.07%
Common stock and additional paid-in capital; $0.0001 par value 37.56 37.54 38.32 37.57 36.51 36.74 36.53 35.58 34.04 36.18 36.12 36.67 49.93 50.82 52.86 52.79 52.47 49.22 53.33 50.86
Accumulated deficit -27.72 -26.40 -29.25 -30.37 -30.04 -28.09 -29.84 -29.97 -27.33 -27.58 -28.29 -30.34 -43.95 -44.06 -47.65 -49.95 -40.22 -35.33 -38.08 -34.60
Accumulated other comprehensive loss -0.28 -0.47 -0.62 -0.26 -0.07 -0.37 -0.17 -0.20 -0.30 -0.14 -0.31 -0.30 -0.35 -1.02 -1.13 -1.29 -1.30 -1.24 -1.45 -1.33
Stockholders’ equity 9.56% 10.67% 8.45% 6.95% 6.40% 8.28% 6.52% 5.40% 6.41% 8.46% 7.51% 6.03% 5.62% 5.73% 4.08% 1.55% 10.95% 12.64% 13.80% 14.93%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The composition of liabilities and stockholders’ equity exhibited notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A general trend indicates increasing reliance on long-term debt and fluctuating current liabilities, alongside evolving components of stockholders’ equity.

Current Liabilities
Current liabilities, as a percentage of total liabilities and stockholders’ equity, demonstrated volatility. An initial increase from 20.58% in March 2021 to a peak of 24.40% in June 2021 was followed by a decline. A subsequent rise to 24.09% by December 2022 was observed, with a further increase to 28.14% by December 2023. This suggests potential fluctuations in short-term financing needs or working capital management. The current portion of long-term debt contributed significantly to this volatility, with a substantial increase in June 2021 (7.23%) and again in March 2024 (4.26%).
Long-Term Debt
Long-term debt, excluding the current portion, consistently represented a substantial portion of the capital structure, generally ranging between approximately 47% and 69%. A clear upward trend is visible from 49.78% in March 2021 to a high of 68.49% in September 2022, before stabilizing and slightly decreasing to 55.20% by December 2023. This indicates a strategic shift towards long-term financing, potentially for investments or acquisitions. The proportion remained relatively stable through the end of the observed period.
Stockholders’ Equity
Stockholders’ equity experienced a significant decline as a percentage of the total, particularly between March 2021 (14.93%) and the first half of 2022 (reaching a low of 1.55% in March 2022). This decrease is primarily attributable to the substantial growth in accumulated deficit, which became a significant negative component of equity. While equity began to recover in the latter half of 2022, it remained considerably lower than its initial levels. By December 2025, stockholders’ equity represented 9.56% of the total, indicating a substantial shift in the company’s capital structure.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities remained relatively stable as percentages of the total, fluctuating within a defined range. Accrued liabilities consistently represented a larger portion than accounts payable. Both exhibited minor fluctuations throughout the period, suggesting consistent operational practices. A slight increase in both items was observed towards the end of the period.
Tax Liabilities
Long-term tax liabilities decreased substantially over the period, from 11.25% in March 2021 to 2.97% by December 2025. This suggests a reduction in deferred tax obligations or changes in tax planning strategies. Long-term deferred tax liabilities appeared in late 2023 and remained relatively stable through the end of the period.

Overall, the observed trends suggest a strategic shift towards increased long-term debt financing and a decrease in the relative contribution of stockholders’ equity, driven largely by the accumulated deficit. Current liabilities exhibited volatility, potentially reflecting short-term financing adjustments. The changes in tax liabilities indicate evolving tax positions.

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