Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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 (quarterly data)

US$ in millions

	Mar 31, 2026	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	2,935)	2,367)	2,838)	3,010)	2,406)	1,908)	2,147)	2,267)	1,628)	1,590)	1,358)	1,212)	1,320)	1,572)	1,204)	1,256)	1,403)	1,366)	1,171)	1,277)	1,396)
Accrued liabilities	16,583)	18,523)	16,800)	15,022)	17,234)	17,641)	14,621)	13,722)	14,127)	15,359)	14,168)	13,718)	12,061)	12,524)	11,584)	10,545)	10,639)	10,731)	9,383)	8,984)	9,917)
Current portion of long-term debt	5,437)	4,599)	2,153)	2,444)	3,368)	3,550)	3,544)	5,528)	3,959)	1,443)	1,428)	2,167)	834)	1,591)	1,543)	817)	844)	87)	4,288)	4,324)	1,556)
Current liabilities	24,955)	25,489)	21,791)	20,476)	23,008)	23,099)	20,312)	21,517)	19,714)	18,392)	16,954)	17,097)	14,215)	15,687)	14,331)	12,618)	12,886)	12,184)	14,842)	14,585)	12,869)
Long-term debt, excluding current portion	51,886)	50,005)	52,434)	53,760)	54,013)	56,549)	56,854)	57,117)	60,061)	63,170)	59,040)	59,377)	60,761)	37,354)	37,161)	35,705)	36,010)	33,222)	33,291)	28,458)	31,129)
Long-term deferred tax liabilities	1,344)	1,366)	1,458)	1,386)	1,510)	1,616)	1,711)	1,780)	1,862)	2,354)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Long-term tax liabilities	2,764)	2,690)	2,616)	2,511)	2,419)	2,349)	2,280)	2,205)	3,964)	4,680)	4,579)	4,478)	5,864)	5,757)	5,680)	5,603)	6,652)	6,594)	6,483)	6,428)	7,037)
Other noncurrent liabilities	2,365)	2,378)	2,223)	2,336)	2,210)	2,349)	2,199)	2,363)	2,357)	2,326)	2,305)	2,536)	2,532)	2,662)	2,875)	2,949)	2,732)	2,465)	2,160)	2,055)	2,170)
Noncurrent liabilities	58,359)	56,439)	58,731)	59,993)	60,152)	62,863)	63,044)	63,465)	68,244)	72,530)	65,924)	66,391)	69,157)	45,773)	45,716)	44,257)	45,394)	42,281)	41,934)	36,941)	40,336)
Total liabilities	83,314)	81,928)	80,522)	80,469)	83,160)	85,962)	83,356)	84,982)	87,958)	90,922)	82,878)	83,488)	83,372)	61,460)	60,047)	56,875)	58,280)	54,465)	56,776)	51,526)	53,205)
Common stock and additional paid-in capital; $0.0001 par value	34,030)	34,023)	33,841)	33,680)	33,578)	33,533)	33,393)	33,204)	33,082)	33,070)	32,753)	32,601)	32,535)	32,514)	32,371)	31,343)	31,247)	32,096)	31,989)	31,877)	31,806)
Accumulated deficit	(24,650)	(25,107)	(23,800)	(25,708)	(27,140)	(27,590)	(25,530)	(27,124)	(27,870)	(26,549)	(24,971)	(25,540)	(26,919)	(28,622)	(28,066)	(28,252)	(29,568)	(24,600)	(22,964)	(22,762)	(21,639)
Accumulated other comprehensive loss	(190)	(258)	(422)	(544)	(231)	(66)	(336)	(155)	(190)	(289)	(126)	(280)	(268)	(231)	(652)	(672)	(763)	(796)	(808)	(868)	(833)
Stockholders’ equity	9,190)	8,658)	9,619)	7,428)	6,207)	5,877)	7,527)	5,925)	5,022)	6,232)	7,656)	6,781)	5,348)	3,661)	3,653)	2,419)	916)	6,700)	8,217)	8,247)	9,334)
Total liabilities and stockholders’ equity	92,504)	90,586)	90,141)	87,897)	89,367)	91,839)	90,883)	90,907)	92,980)	97,154)	90,534)	90,269)	88,720)	65,121)	63,700)	59,294)	59,196)	61,165)	64,993)	59,773)	62,539)

An analysis of the balance sheet indicates a significant expansion of the company's total liabilities and a corresponding shift in its capital structure between March 2021 and March 2026. Total liabilities increased from 53,205 million USD in March 2021 to a peak of 90,922 million USD in December 2023, before stabilizing around 83,314 million USD by March 2026. This growth is primarily driven by a substantial increase in long-term debt, which suggests a period of aggressive financing or strategic acquisition during the 2023 fiscal year.

Debt and Long-Term Obligations: A sharp escalation in long-term debt, excluding the current portion, is observed starting in March 2023, where the balance jumped from 37,354 million USD in December 2022 to 60,761 million USD. This level remained elevated, peaking at 63,170 million USD in December 2023, before entering a gradual downward trend to 51,886 million USD by March 2026. The current portion of long-term debt exhibited high volatility, with significant peaks in June 2024 at 5,528 million USD and March 2026 at 5,437 million USD, indicating fluctuating short-term repayment requirements.
Equity and Retained Earnings: Stockholders' equity experienced extreme volatility, reaching a critical low of 916 million USD in March 2022. This decline was mirrored by a widening accumulated deficit, which reached 29,568 million USD in the same period. However, a recovery trend is evident from mid-2022 onward, with stockholders' equity climbing to 9,190 million USD by March 2026. The accumulated deficit also narrowed toward the end of the analyzed period, settling at 24,650 million USD, suggesting a period of improved earnings retention or capital restructuring.
Current Liabilities and Short-Term Trends: Current liabilities demonstrated a consistent upward trajectory, rising from 12,869 million USD in March 2021 to 24,955 million USD in March 2026. This increase was supported by growth in accrued liabilities, which rose from 9,917 million USD to 16,583 million USD over the same period, and a notable increase in accounts payable, which peaked at 3,010 million USD in June 2025. These trends indicate an increase in the company's short-term operational obligations.
Tax and Other Noncurrent Liabilities: Long-term tax liabilities showed a marked decrease over the long term, falling from 7,037 million USD in March 2021 to 2,764 million USD by March 2026. Additionally, the emergence of long-term deferred tax liabilities starting in December 2023, peaking at 2,354 million USD, indicates a shift in the timing of tax recognition. Other noncurrent liabilities remained relatively stable, fluctuating within a narrow range between 2,055 million USD and 2,949 million USD.

Overall, the financial position is characterized by a transition toward higher leverage in 2023, followed by a gradual deleveraging process. While the company faced a period of severely diminished equity in early 2022, the subsequent recovery and the management of long-term debt suggest a stabilization of the balance sheet by early 2026.

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Amgen Inc. (NASDAQ:AMGN)

Balance Sheet: Liabilities and Stockholders’ EquityQuarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data