Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Amgen Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Net income
Depreciation, amortization and other
Impairment of intangible assets
Stock-based compensation expense
Deferred income taxes
Acquired in-process research and development
Loss on divestiture
(Gains) losses on equity securities
Other items, net
Noncash adjustments to reconcile net income to net cash provided by operating activities
Trade receivables, net
Inventories
Other assets
Accounts payable
Accrued income taxes, net
Long-term tax liabilities
Accrued liabilities
Accrued sales incentives and allowance
Other liabilities
Changes in operating assets and liabilities, net of acquisitions
Net cash provided by operating activities
Cash paid for acquisitions, net of cash acquired
Purchases of marketable securities
Proceeds from sales of marketable securities
Proceeds from maturities of marketable securities
Purchases of property, plant and equipment
Other
Net cash (used in) provided by investing activities
Net proceeds from issuance of debt
Extinguishment of debt
Repayment of debt
Repurchases of common stock
Dividends paid
Other
Net cash provided by (used in) financing activities
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

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 company demonstrates fluctuating cash flows over the five-year period. Operating activities consistently provide positive cash flow, though with some variation. Investing activities show significant volatility, largely driven by marketable securities and acquisitions. Financing activities are also variable, influenced by debt issuance, repayment, stock repurchases, and dividend payments. The net impact results in fluctuating cash positions, with a notable decrease in the final year.

Operating Activities
Net cash provided by operating activities generally remains strong, ranging from US$9.261 billion to US$11.490 billion. While there is fluctuation, it consistently represents the primary source of cash inflow. A notable increase is observed between 2023 and 2024, followed by a decrease in 2025. Noncash adjustments to reconcile net income to net cash provided by operating activities generally follow the trend of net income, peaking in 2024. Changes in operating assets and liabilities show considerable variation, with a large positive impact in 2024, potentially indicating favorable working capital management during that period, and a negative impact in 2025.
Investing Activities
Investing activities exhibit substantial volatility. 2022 and 2023 show significant cash outflows, primarily due to cash paid for acquisitions, particularly a large outflow of US$26.989 billion in 2023. Purchases of marketable securities contribute to cash outflows in 2021 and 2022, while proceeds from sales and maturities of these securities provide inflows. The scale of acquisition-related outflows diminishes significantly in 2024 and 2025. Overall, net cash flow from investing activities is negative for all years, but the magnitude varies considerably.
Financing Activities
Financing activities demonstrate a complex pattern. Net proceeds from the issuance of debt are substantial in 2021, 2022, and 2023, providing significant cash inflows. However, these are offset by repayments of debt, repurchases of common stock, and consistent dividend payments. Stock repurchases are notably high in 2021 and 2022. The net effect is negative cash flow in most years, indicating a return of capital to investors and debt management. A significant negative cash flow is observed in 2025, driven by debt repayment and dividend payments.
Net Income & Adjustments
Net income fluctuates over the period, increasing from US$5.893 billion in 2021 to US$6.717 billion in 2023, decreasing to US$4.090 billion in 2024, and then rising sharply to US$7.711 billion in 2025. Depreciation and amortization consistently contribute a significant positive noncash adjustment to operating cash flow, increasing from US$3.398 billion to US$5.592 billion before decreasing in 2025. Impairment charges and gains/losses on equity securities introduce volatility to the noncash adjustments, with a substantial loss in 2023 and a significant loss in 2025.
Cash Position
The company begins the period with US$6.266 billion in cash and cash equivalents. Despite generally positive operating cash flow, the cash position fluctuates due to the significant investing and financing activities. The cash balance peaks at US$11.973 billion in 2024 but decreases to US$9.129 billion in 2025, indicating a net outflow of cash during that year.