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.

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

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	2,367)	1,908)	1,590)	1,572)	1,366)
Sales deductions	10,606)	8,405)	7,271)	5,986)	5,174)
Employee compensation and benefits	1,437)	1,329)	1,381)	1,099)	1,081)
Dividends payable	1,358)	1,278)	1,205)	1,137)	1,083)
Income taxes payable	379)	2,583)	1,664)	1,195)	701)
Other	4,743)	4,046)	3,838)	3,107)	2,692)
Accrued liabilities	18,523)	17,641)	15,359)	12,524)	10,731)
Current portion of long-term debt	4,599)	3,550)	1,443)	1,591)	87)
Current liabilities	25,489)	23,099)	18,392)	15,687)	12,184)
Long-term debt, excluding current portion	50,005)	56,549)	63,170)	37,354)	33,222)
Long-term deferred tax liabilities	1,366)	1,616)	2,354)	11)	—)
Long-term tax liabilities	2,690)	2,349)	4,680)	5,757)	6,594)
Other noncurrent liabilities	2,378)	2,349)	2,326)	2,651)	2,465)
Noncurrent liabilities	56,439)	62,863)	72,530)	45,773)	42,281)
Total liabilities	81,928)	85,962)	90,922)	61,460)	54,465)
Common stock and additional paid-in capital; $0.0001 par value per share	34,023)	33,533)	33,070)	32,514)	32,096)
Accumulated deficit	(25,107)	(27,590)	(26,549)	(28,622)	(24,600)
Accumulated other comprehensive loss	(258)	(66)	(289)	(231)	(796)
Stockholders’ equity	8,658)	5,877)	6,232)	3,661)	6,700)
Total liabilities and stockholders’ equity	90,586)	91,839)	97,154)	65,121)	61,165)

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.

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Amgen Inc. (NASDAQ:AMGN)

Balance Sheet: Liabilities and Stockholders’ Equity