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

	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Accounts payable	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)	1,421)	1,161)	1,150)	1,338)
Accrued liabilities	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)	10,141)	8,701)	9,282)	8,649)
Current portion of long-term debt	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)	91)	91)	91)	1,840)
Current liabilities	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)	11,653)	9,953)	10,523)	11,827)
Long-term debt, excluding current portion	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)	32,895)	34,196)	34,133)	30,008)
Long-term deferred tax liabilities	1,458)	1,386)	1,510)	1,616)	1,711)	1,780)	1,862)	2,354)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Long-term tax liabilities	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)	6,968)	7,560)	7,556)	8,111)
Other noncurrent liabilities	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)	2,023)	1,969)	2,140)	2,238)
Noncurrent liabilities	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)	41,886)	43,725)	43,829)	40,357)
Total liabilities	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)	53,539)	53,678)	54,352)	52,184)
Common stock and additional paid-in capital; $0.0001 par value	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)	31,802)	31,713)	31,610)	31,525)
Accumulated deficit	(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)	(21,408)	(19,851)	(20,168)	(21,378)
Accumulated other comprehensive loss	(422)	(544)	(231)	(66)	(336)	(155)	(190)	(289)	(126)	(280)	(268)	(231)	(652)	(672)	(763)	(796)	(808)	(868)	(833)	(985)	(903)	(783)	(662)
Stockholders’ equity	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)	9,409)	10,959)	10,659)	9,485)
Total liabilities and stockholders’ equity	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)	62,948)	64,637)	65,011)	61,669)

The financial data reveals several notable trends and shifts in the company’s quarterly performance, particularly in liabilities and stockholders’ equity over the five-year span.

Current Liabilities: Accounts payable fluctuated moderately, with a peak occurring toward the end of 2025, reaching highs above US$3 billion. Accrued liabilities showed a general upward trend, increasing from around US$8.6 billion in early 2020 to over US$17 billion by mid-2025, signaling rising short-term obligations. The current portion of long-term debt exhibited considerable volatility, with significant spikes in mid-2021 and again in the second half of 2024, indicating periods of maturing debt requiring near-term repayment.
Total Current Liabilities: There was an overall upward trajectory in current liabilities, increasing from approximately US$11.8 billion in Q1 2020 to peaks near US$23 billion in the middle of 2025. This increase was driven by growth in accrued liabilities and fluctuating amounts of current portion long-term debt and accounts payable, reflecting enhanced short-term financial commitments.
Long-Term Debt and Liabilities: The long-term debt (excluding current portion) trends initially indicated modest fluctuation, with values oscillating around US$30 billion to US$37 billion in the early periods, but a sharp increase is observed starting in 2023, with long-term debt peaking over US$63 billion by the end of 2023 and maintaining high levels up to mid-2025. This suggests significant new borrowing or refinancing activities. Long-term deferred tax liabilities appeared in later periods, suggesting changes in tax positions or accounting standards. Long-term tax liabilities generally declined from above US$8 billion in early 2020 to just above US$2 billion by mid-2025, reflecting potentially lower taxable temporary differences or tax settlements.
Other Noncurrent Liabilities and Noncurrent Liabilities: Other noncurrent liabilities remained relatively stable, with small fluctuations around US$2.2 billion to US$2.7 billion. The total noncurrent liabilities, however, demonstrated an increase, especially in 2023, paralleling the rise in long-term debt, peaking at over US$72 billion in late 2023 before easing slightly but remaining elevated above US$58 billion through mid-2025. This pattern strongly highlights an increasingly leveraged long-term financial position.
Total Liabilities: Total liabilities exhibited growth from near US$52 billion in early 2020, peaking near US$91 billion by the end of 2023 and stabilizing somewhat near US$80 billion by mid-2025. The sharp increase in liabilities underscores heavier debt obligations and other liabilities, which may impact solvency and risk measures.
Stockholders’ Equity: Stockholders’ equity showed significant volatility, beginning around US$9.5 billion in early 2020, dropping drastically to under US$1 billion by early 2022, before recovering somewhat and increasing to nearly US$9.6 billion by the end of the observed timeframe. The fluctuations in equity appear linked primarily to a large accumulated deficit, which varied between approximately -US$21 billion and improved from -US$29.5 billion in 2022 to roughly -US$23.8 billion by mid-2025. This trajectory suggests periods of substantial losses impacting retained earnings and overall net worth.
Overall Financial Position: Total liabilities and stockholders' equity combined fluctuated around US$61 billion in early 2020, rose markedly above US$97 billion by late 2023, and then declined to just above US$90 billion by mid-2025. The considerable increase in liabilities relative to equity suggests increased financial leverage and potential pressure on capital structure stability. The improving equity from 2022 onward may indicate some recovery in profitability or capital injection.

In summary, the data reveals a trend towards greater leverage with increasing debt levels, especially long-term debt, and rising current liabilities. Equity experienced significant erosion followed by partial recovery, highlighting profitability and loss challenges. These patterns are indicative of heightened financial risk, with elevated obligations due in the short and long term, requiring ongoing monitoring and management focus.

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Amgen Inc. (NASDAQ:AMGN)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data