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.
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
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Amgen Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The financial statement information reveals fluctuating cash flows over the observed period, spanning from March 2021 to December 2025. Operating activities generally provide a net cash inflow, though with significant variability. Investing activities are often cash-consuming, while financing activities demonstrate substantial shifts between cash inflows and outflows, largely driven by debt and equity transactions.
- Net Income and Noncash Adjustments
- Net income exhibits considerable fluctuation, ranging from a loss of US$113 million in December 2023 to a high of US$2,841 million in March 2023. Noncash adjustments to net income consistently contribute a positive cash flow impact, generally exceeding the magnitude of net income itself, particularly in earlier periods. However, this positive impact diminished in later periods, notably in December 2025.
- Operating Activities
- Net cash provided by operating activities generally remains positive throughout the period, peaking at US$4,684 million in September 2025. However, there are notable quarterly variations. A significant decrease is observed in December 2023, resulting in a cash inflow of only US$538 million. Changes in operating assets and liabilities contribute significantly to these fluctuations, with substantial impacts from trade receivables, accrued income taxes, and accrued liabilities. Specifically, large swings in accrued income taxes are apparent.
- Investing Activities
- Investing activities consistently represent a net cash outflow, primarily due to purchases of marketable securities and property, plant, and equipment. A particularly large outflow occurred in December 2023, primarily attributed to cash paid for acquisitions, totaling nearly US$27 billion. Proceeds from maturities of marketable securities provide partial offsets to these outflows, but are not consistently sufficient to reverse the net cash outflow.
- Financing Activities
- Financing activities demonstrate the most volatility. Significant net cash inflows are observed in certain periods, notably in March 2023 (US$21,509 million), driven by net proceeds from the issuance of debt. Conversely, substantial net cash outflows occur in other periods, largely due to repurchases of common stock and repayment of debt. Dividend payments also consistently represent a cash outflow. The pattern suggests active management of the capital structure through debt and equity markets.
- Specific Items of Note
- An acquired in-process research and development expense of US$1,505 million occurred in June 2021. A loss on divestiture of US$560 million was recorded in June 2022, and a larger loss of US$3,839 million in December 2022. Gains and losses on equity securities are also prominent, with a substantial loss of US$1,830 million in March 2023 and a loss of US$1,295 million in March 2025. Impairment of intangible assets and stock-based compensation expense also contribute to the overall cash flow picture, with the impairment charge appearing in March 2024.
Overall, the cash flow statement reflects a company actively engaged in investment, financing, and operational activities. The significant fluctuations observed across all three activity categories suggest a dynamic financial environment and strategic decision-making regarding capital allocation and funding.