Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

$24.99

Cash Flow Statement
Quarterly Data

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.

Paying user area

Try for free

Amgen Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Amgen Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Net income (loss)
Depreciation, amortization and other
Impairment of intangible assets
Stock-based compensation expense
Deferred income taxes
Acquired in-process research and development
Adjustments for equity method investments
Loss on divestiture
(Gains) losses on equity securities
Other items, net
Noncash adjustments to reconcile net income (loss) 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
Purchases of marketable securities
Proceeds from sales of marketable securities
Proceeds from maturities of marketable securities
Purchases of property, plant and equipment
Cash paid for acquisitions, net of cash acquired
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

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Net Income Trend
Net income exhibited significant volatility over the periods. Initial quarters in 2020 showed relatively stable and strong profits around 1,800 to 2,000 million USD. However, mid-2021 saw a sharp decline to 464 million USD, followed by recovery and further fluctuations, including a negative net income of -113 million USD in early 2024. Overall, the pattern is irregular with sporadic peaks and troughs.
Depreciation, Amortization, and Other Non-Cash Adjustments
These expenses remained fairly steady around 840 to 900 million USD up to late 2022, after which a notable increase occurred, peaking close to 1,400 million USD in multiple quarters between 2023 and 2025, indicating a possible increase in asset base or changes in accounting estimates.
Stock-Based Compensation Expense
Stock-based compensation expenses began appearing in 2022 and have varied widely, peaking broadly between 130 and 160 million USD in many recent quarters, illustrating rising cost pressures associated with employee incentives.
Deferred Income Taxes
This liability showed a generally increasing negative position over time, with values declining as low as -623 million USD in late 2022 and fluctuating thereafter, indicating changing tax obligations and deferred tax asset/liability adjustments.
Acquired In-Process Research and Development
Significant one-time acquisition-related charges appeared in mid-2021 with a spike of 1,505 million USD, indicating strategic investments in research assets during that period.
Noncash Adjustments to Reconcile Net Income to Operating Cash Flow
There was considerable variation in noncash adjustments, with extreme values such as 2,405 million USD in mid-2021 and a large negative adjustment (-1,023 million USD) in early 2023. This volatility may reflect irregularities in provisions, impairments, or accounting changes.
Trade Receivables and Inventories
Trade receivables fluctuated significantly, with changes alternating between positive and negative values, suggesting variable collection patterns. Inventories also varied but demonstrated a general increase from 2023 onwards, with unusually high positive changes in mid-2023 and forward, indicating possible stock accumulation or supply chain shifts.
Accounts Payable and Accrued Liabilities
Accounts payable changes were inconsistent, sometimes negative and sometimes positive, with no clear sustained trend. Accrued liabilities and sales incentives data available from 2022 onwards showed large fluctuations and considerable volatility, possibly reflecting changes in expense timing or incentive programs.
Net Cash Provided by Operating Activities
Operating cash flow was robust and generally strong across all periods, with a peak reaching above 4,700 million USD in late 2024, despite significant net income fluctuations. This suggests strong operational cash generation and possibly good working capital management.
Investing Activities
Investing cash flows were highly volatile, typified by large purchases of marketable securities in early 2021, offset by proceeds from maturities and sales. Large negative outflows due to acquisitions occurred notably in late 2023, exceeding 26,000 million USD, indicating a major acquisition event.
Financing Activities
Financing cash flow was highly irregular. Large debt issuances appeared intermittently, particularly in late 2022 and 2023, with amounts exceeding 20,000 million USD. Repayments and extinguishments of debt were also irregular but significant. Stock repurchase programs were substantial and consistent through 2021 and early 2022 but ceased afterward. Dividend payments steadily increased over time.
Cash and Cash Equivalents
Overall change in cash showed substantial volatility, with large inflows in quarters associated with financing or operating cash strength, and steep declines following large investing outflows, particularly around late 2023 with a major cash decrease of nearly 24,000 million USD, consistent with the acquisition spend.
Summary of Trends
The financial data reflects a company undergoing significant strategic transactions, including large acquisitions with corresponding debt issuances and repayments. Operating cash flow remains strong despite earnings volatility. Expense categories such as noncash adjustments and goodwill impairments show episodic spikes. Working capital accounts experience fluctuating patterns without clear sustainability. Overall, cash flow management appears active, balancing acquisitions and shareholder returns.