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.

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

US$ in millions

3 months ended:	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
Net income (loss)	3,216)	1,432)	1,730)	627)	2,830)	746)	(113)	767)	1,730)	1,379)	2,841)	1,616)	2,143)	1,317)	1,476)	1,899)	1,884)	464)	1,646)	1,615)	2,021)	1,803)	1,825)
Depreciation, amortization and other	1,307)	1,341)	1,387)	1,397)	1,396)	1,400)	1,399)	1,380)	895)	896)	900)	911)	837)	828)	841)	852)	850)	855)	841)	873)	901)	930)	897)
Impairment of intangible assets	400)	—)	800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Stock-based compensation expense	127)	157)	85)	134)	136)	157)	103)	161)	104)	119)	47)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	(30)	(422)	(250)	(334)	(110)	(383)	(401)	(623)	(447)	(154)	(49)	(351)	(333)	(263)	(251)	(189)	(127)	(46)	(91)	52)	(78)	(177)	(84)
Acquired in-process research and development	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,505)	—)	—)	—)	—)	—)
Adjustments for equity method investments	—)	—)	—)	1)	28)	(12)	(27)	28)	(14)	28)	(31)	178)	216)	192)	305)	(97)	166)	49)	(85)	—)	—)	—)	—)
Loss on divestiture	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2)	5)	560)	—)	—)	—)	—)	—)	—)	—)	—)	—)
(Gains) losses on equity securities	(1,971)	554)	(1,295)	876)	(1,633)	401)	515)	(261)	(135)	661)	(1,830)	14)	(209)	111)	211)	—)	—)	—)	—)	—)	—)	—)	—)
Other items, net	(28)	(23)	(50)	(9)	68)	28)	(95)	(16)	574)	65)	(60)	(25)	9)	85)	29)	22)	(149)	42)	164)	(135)	25)	138)	107)
Noncash adjustments to reconcile net income (loss) to net cash provided by operating activities	(195)	1,607)	677)	2,065)	(115)	1,591)	1,494)	669)	977)	1,615)	(1,023)	729)	525)	1,513)	1,135)	588)	740)	2,405)	829)	790)	848)	891)	920)
Trade receivables, net	222)	(515)	(1,308)	473)	(342)	(176)	486)	(433)	(342)	(96)	(144)	(180)	(62)	(309)	(195)	(160)	(304)	(56)	91)	(396)	1,146)	(222)	(955)
Inventories	240)	239)	288)	323)	681)	722)	806)	573)	(54)	30)	(58)	(91)	(241)	(180)	(230)	50)	(48)	(41)	(126)	101)	(90)	(113)	(113)
Other assets	(283)	(206)	(201)	(14)	(299)	(250)	(89)	(232)	(263)	70)	(139)	92)	(32)	241)	(43)	136)	(115)	(112)	(146)	65)	(79)	(176)	319)
Accounts payable	(174)	589)	497)	(232)	(122)	643)	23)	(187)	156)	(118)	(253)	296)	(44)	(140)	42)	191)	(104)	(127)	(29)	247)	14)	(191)	(25)
Accrued income taxes, net	610)	(2,417)	104)	53)	247)	(1,534)	223)	(2,029)	527)	28)	443)	(155)	193)	(1,003)	318)	(135)	211)	(982)	52)	52)	(753)	315)	137)
Long-term tax liabilities	74)	92)	70)	69)	76)	78)	(715)	78)	97)	89)	107)	44)	77)	51)	57)	102)	55)	(22)	69)	(592)	4)	32)	74)
Accrued liabilities	(200)	824)	(874)	728)	(275)	693)	(1,054)	884)	(282)	581)	(230)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accrued sales incentives and allowance	1,184)	627)	486)	658)	929)	(77)	(316)	520)	242)	575)	(402)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other liabilities	(10)	8)	(78)	21)	(39)	23)	(56)	(72)	(28)	(44)	(78)	298)	419)	440)	(396)	137)	99)	402)	(282)	271)	257)	503)	(48)
Changes in operating assets and liabilities, net of acquisitions	1,663)	(759)	(1,016)	2,079)	856)	122)	(692)	(898)	53)	1,115)	(754)	304)	310)	(900)	(447)	321)	(206)	(938)	(371)	(252)	499)	148)	(611)
Net cash provided by operating activities	4,684)	2,280)	1,391)	4,771)	3,571)	2,459)	689)	538)	2,760)	4,109)	1,064)	2,649)	2,978)	1,930)	2,164)	2,808)	2,418)	1,931)	2,104)	2,153)	3,368)	2,842)	2,134)
Purchases of marketable securities	—)	—)	—)	—)	—)	—)	—)	—)	(1)	—)	—)	(224)	(387)	(1,976)	—)	1)	(901)	(403)	(7,597)	(3,148)	(3,100)	(2,100)	(129)
Proceeds from sales of marketable securities	—)	—)	—)	—)	—)	—)	—)	(2)	—)	1)	1,124)	98)	—)	—)	—)	—)	(1)	405)	3,999)	—)	(1)	24)	2,574)
Proceeds from maturities of marketable securities	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	550)	673)	400)	15)	32)	904)	1,399)	3,004)	3,524)	2,043)	2,100)	125)	113)
Purchases of property, plant and equipment	(436)	(369)	(411)	(371)	(257)	(238)	(230)	(249)	(248)	(271)	(344)	(340)	(160)	(246)	(190)	(287)	(242)	(185)	(166)	(173)	(135)	(158)	(142)
Cash paid for acquisitions, net of cash acquired	—)	—)	—)	—)	—)	—)	—)	(26,989)	—)	—)	—)	(3,839)	—)	—)	—)	(890)	(13)	(1,626)	—)	—)	—)	—)	—)
Other	22)	(20)	(36)	(31)	47)	21)	13)	151)	(13)	59)	28)	159)	(120)	14)	47)	42)	(169)	14)	(79)	(106)	(492)	(50)	(2,646)
Net cash (used in) provided by investing activities	(414)	(389)	(447)	(402)	(210)	(217)	(217)	(27,089)	(262)	(211)	1,358)	(3,473)	(267)	(2,193)	(111)	(230)	73)	1,209)	(319)	(1,384)	(1,628)	(2,159)	(230)
Net proceeds from issuance of debt	—)	—)	—)	—)	—)	—)	—)	3,996)	1)	(18)	23,798)	(19)	2,984)	2)	3,952)	(1)	4,946)	—)	—)	—)	(88)	4,039)	4,963)
Extinguishment of debt	(81)	(301)	(301)	—)	(249)	—)	(410)	(97)	(130)	—)	(420)	—)	(297)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repayment of debt	(1,500)	(1,000)	(2,500)	—)	(2,200)	(1,400)	—)	—)	(750)	—)	(704)	—)	—)	—)	—)	(4,150)	—)	—)	—)	(1,450)	—)	(1,750)	(3,250)
Repurchases of common stock	—)	—)	—)	(200)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(6,360)	(1,443)	(1,080)	(1,581)	(871)	(1,205)	(765)	(555)	(961)
Dividends paid	(1,282)	(1,280)	(1,279)	(1,205)	(1,210)	(1,209)	(1,208)	(1,140)	(1,140)	(1,139)	(1,137)	(1,040)	(1,038)	(1,038)	(1,080)	(990)	(999)	(1,008)	(1,016)	(932)	(936)	(942)	(945)
Other	10)	(92)	(27)	(2)	8)	(40)	(90)	(5)	14)	(53)	(28)	10)	(61)	(26)	(26)	26)	(19)	(33)	(52)	(3)	(9)	(17)	(61)
Net cash provided by (used in) financing activities	(2,853)	(2,673)	(4,107)	(1,407)	(3,651)	(2,649)	(1,708)	2,754)	(2,005)	(1,210)	21,509)	(1,049)	1,588)	(1,062)	(3,514)	(6,558)	2,848)	(2,622)	(1,939)	(3,590)	(1,798)	775)	(254)
Increase (decrease) in cash and cash equivalents	1,417)	(782)	(3,163)	2,962)	(290)	(407)	(1,236)	(23,797)	493)	2,688)	23,931)	(1,873)	4,299)	(1,325)	(1,461)	(3,980)	5,339)	518)	(154)	(2,821)	(58)	1,458)	1,650)

The analysis of the company's quarterly financial data reveals several notable trends and patterns across a variety of financial measures from March 2020 through September 2025.

Net Income (Loss): The net income exhibits significant volatility over the periods, with values ranging from a high of 3,216 million USD in late 2025 to a loss or very low income in multiple quarters such as the negative 113 million USD in the first quarter of 2024 and relatively modest figures under 1,000 million USD in others. Several quarters show pronounced peaks, indicative of either exceptional gains or timing differences in revenue recognition or expense recognition.
Depreciation, Amortization, and Other Noncash Expenses: These expenses remain relatively stable, generally fluctuating between 800 and 1,400 million USD per quarter. A marked increase appears from the end of 2022 onward, stabilizing at around 1,300-1,400 million USD, possibly reflecting greater capital investment or acquired intangible assets being amortized.
Impairment of Intangible Assets: Impairment charges are absent for most periods but appear as significant one-time expenses of 800 million USD and 400 million USD in the first quarter of 2025 and a preceding quarter respectively, indicating periodic write-downs likely related to asset revaluation or disposals.
Stock-Based Compensation Expense: Starting from early 2022, stock-based compensation expenses emerge and fluctuate substantially, peaking at 161 million USD in late 2022 and generally remaining in the range of 85 to 157 million USD thereafter, revealing an increasing emphasis on equity incentives as part of compensation strategy.
Deferred Income Taxes: Deferred tax balances demonstrate a trend toward negative values in many quarters, with large fluctuations ranging from positive figures such as 52 million USD to negative values exceeding -600 million USD. These swings indicate changing tax positions, possibly related to timing differences or adjustments in tax estimates.
Acquired In-Process Research and Development: A substantial one-time expense of 1,505 million USD is recorded in mid-2021, pointing to significant investment in new research assets or pipeline acquisitions in that period.
Adjustments for Equity Method Investments: Adjustments show variability without a consistent trend, moving between positive and negative values, which could be influenced by performance of associated companies or changes in equity stakes.
Gains/Losses on Equity Securities: These appear highly volatile, with major gains and losses reported in various quarters, for instance a -1,830 million USD loss in early 2023 followed by substantial positive and negative swings thereafter, suggesting active portfolio management or valuation adjustments in marketable equity holdings.
Operating Assets and Liabilities: Changes generally vary widely with alternating positive and negative values. Notably, periods such as the first quarter of 2025 see large positive changes in operating liabilities and assets, which could have contributed to strong cash flow performance in those quarters.
Net Cash Provided by Operating Activities: The operating cash flow remains robust throughout, with some large positive peaks notably in mid-2023 (4,109 million USD) and in late 2024 to early 2025, despite some downturns to below 1,000 million in a few quarters. This indicates generally strong cash generation capacity amidst earnings volatility.
Investing Activities: Investing cash flows feature predominantly negative outflows related mainly to property, plant, and equipment purchases consistently ranging from approximately 140 million to over 400 million USD per quarter, with a very significant outlier of -27,089 million USD in late 2023 indicating a major acquisition or investment. Other investing inflows and outflows show variability but overall indicate periodic strategic investment and divestment activity.
Financing Activities: Financing cash flows are highly variable, reflecting issuance and repayment of debt, stock repurchases, and dividends. Noteworthy large debt issuances in late 2022 and early 2023 alongside repayment activities indicate active capital structure management. Repurchases of common stock are considerable, particularly the large outflow in early 2022 (-6,360 million USD), followed by periods with little or no repurchase activities. Dividends are consistent and gradual increased over time by roughly 1-2% annually.
Cash and Cash Equivalents: The changes in cash balances are very volatile, with substantial inflows such as 23,931 million USD in early 2023 and outflows exceeding 23,797 million USD in the subsequent quarter, associated with major investing and financing transactions. Smaller fluctuations throughout other periods suggest normal operational liquidity management.

In summary, the financial data reveal a company with substantial operational cash generation, periodic large strategic investments, and active financing management including debt issuance and stock repurchases. Earnings display notable volatility which is mitigated by strong noncash adjustments and cash flow performance. One-time charges such as impairments and research acquisitions introduce episodic impacts, while tax positions and equity investments contribute to non-recurring adjustments. The overall financial activity suggests an engagement in growth initiatives alongside disciplined capital management.

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Amgen Inc. (NASDAQ:AMGN)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data