Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Amgen Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable
Sales deductions
Employee compensation and benefits
Dividends payable
Income taxes payable
Other
Accrued liabilities
Current portion of long-term debt
Current liabilities
Long-term debt, excluding current portion
Long-term deferred tax liabilities
Long-term tax liabilities
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock and additional paid-in capital; $0.0001 par value per share
Accumulated deficit
Accumulated other comprehensive loss
Stockholders’ equity
Total liabilities and stockholders’ equity

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, the liabilities of the company demonstrate a significant increasing trend from 2021 to 2023, followed by a stabilization and slight decrease through 2025. Stockholders’ equity experienced volatility, initially declining before showing improvement in the later years of the observed period. The combined liabilities and equity generally increased, peaking in 2023 before a modest decline.

Current Liabilities
Current liabilities exhibited a consistent upward trend from $12.184 billion in 2021 to $25.489 billion in 2025. This growth was primarily driven by increases in accrued liabilities, sales deductions, and the current portion of long-term debt. A notable increase in income taxes payable was observed between 2021 and 2024, followed by a substantial decrease in 2025. Accounts payable also showed a steady increase throughout the period.
Noncurrent Liabilities
Noncurrent liabilities experienced a substantial increase from $42.281 billion in 2021 to $72.530 billion in 2023, largely attributable to a significant rise in long-term debt excluding the current portion. From 2023 to 2025, noncurrent liabilities decreased to $56.439 billion, primarily due to a reduction in long-term debt. Long-term deferred tax liabilities also increased initially, peaking in 2023, before declining slightly in subsequent years. Long-term tax liabilities decreased consistently throughout the period.
Total Liabilities
Total liabilities mirrored the trends in its components, increasing from $54.465 billion in 2021 to $90.922 billion in 2023, then decreasing to $81.928 billion in 2025. The peak in 2023 reflects the combined effect of increased current and noncurrent liabilities. The subsequent decline suggests a focus on debt reduction or liability management.
Stockholders’ Equity
Stockholders’ equity demonstrated a more volatile pattern. It decreased from $6.700 billion in 2021 to $3.661 billion in 2022, before recovering to $8.658 billion in 2025. The primary driver of these fluctuations was the accumulated deficit, which, while remaining negative, showed a decreasing trend from 2022 onwards. Common stock and additional paid-in capital increased steadily throughout the period, partially offsetting the impact of the accumulated deficit. Accumulated other comprehensive loss remained relatively stable, with a slight increase in 2025.
Total Liabilities and Stockholders’ Equity
The sum of total liabilities and stockholders’ equity increased from $61.165 billion in 2021 to $97.154 billion in 2023, then decreased to $90.586 billion in 2025. This pattern reflects the combined trends of liabilities and equity, with the initial increase driven by liability growth and the subsequent stabilization/decrease resulting from liability reduction and equity improvement.