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

	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	2,367)	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	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	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	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	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	1,366)	1,458)	1,386)	1,510)	1,616)	1,711)	1,780)	1,862)	2,354)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Long-term tax liabilities	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	2,378)	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	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	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	34,023)	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	(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	(258)	(422)	(544)	(231)	(66)	(336)	(155)	(190)	(289)	(126)	(280)	(268)	(231)	(652)	(672)	(763)	(796)	(808)	(868)	(833)
Stockholders’ equity	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	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)

The liabilities and stockholders’ equity of the company exhibit notable fluctuations over the observed period from March 2021 to December 2025. Overall, total liabilities generally increased, with a significant jump in late 2022 and early 2023, before stabilizing and decreasing slightly towards the end of the period. Stockholders’ equity experienced a more volatile trajectory, initially declining before a substantial recovery and subsequent moderate fluctuations.

Current Liabilities: Current liabilities demonstrated an initial increase from $12.869 billion in March 2021 to a peak of $15.687 billion in December 2022. This was followed by a decrease to $15.687 billion in December 2022, then a rise to $25.489 billion in December 2025. A significant driver of this trend appears to be the accounts payable, which increased substantially from $1.396 billion in March 2021 to $3.010 billion in June 2025, before decreasing to $2.367 billion in December 2025. Accrued liabilities also consistently increased over the period, rising from $9.917 billion to $18.523 billion. The current portion of long-term debt showed considerable volatility, peaking at $4.324 billion in June 2021, then decreasing significantly before rising again to $4.599 billion in December 2025.
Noncurrent Liabilities: Noncurrent liabilities generally increased from $40.336 billion in March 2021 to $45.773 billion in December 2022, then experienced a substantial increase to $83.372 billion in March 2023. This was largely driven by a significant increase in long-term debt, excluding the current portion, which rose from $31.129 billion in March 2021 to $60.761 billion in March 2023. Subsequently, noncurrent liabilities decreased to $56.439 billion in December 2025, with long-term debt decreasing to $50.005 billion. Long-term tax liabilities decreased steadily over the period, from $7.037 billion to $2.690 billion. Long-term deferred tax liabilities were first reported in September 2022 and decreased from $2.354 billion to $1.366 billion in December 2025. Other noncurrent liabilities remained relatively stable, fluctuating between $2.170 billion and $2.949 billion.
Stockholders’ Equity: Stockholders’ equity experienced a decline from $9.334 billion in March 2021 to a low of $6.700 billion in June 2022. A substantial recovery followed, with equity increasing to $9.619 billion in September 2025. This recovery was primarily driven by an increase in common stock and additional paid-in capital, which remained relatively stable around $32-34 billion, and a reduction in accumulated deficit, which decreased from -$24.600 billion in June 2022 to -$25.107 billion in December 2025. Accumulated other comprehensive loss also decreased over the period, from -$833 million to -$258 million.

In summary, the company’s balance sheet reflects a trend of increasing liabilities, particularly in the short term, alongside a recovery in stockholders’ equity. The significant increase in long-term debt in early 2023 warrants further investigation, as does the substantial rise in accounts payable and accrued liabilities. The reduction in accumulated deficit contributed positively to the improvement in stockholders’ equity.

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Amgen Inc. (NASDAQ:AMGN)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data