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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- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Amgen Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 cash flow profile is characterized by significant volatility in net income and substantial strategic shifts in investing and financing activities, most notably a large-scale acquisition event in late 2023. While net income exhibits quarterly fluctuations, including a notable deficit in the first quarter of 2024, net cash provided by operating activities remains consistently positive, peaking in the latter half of 2024 and mid-2025.
- Operating Cash Flow and Profitability
- Net income demonstrates high variance, ranging from a low of negative 113 million dollars in March 2024 to a peak of 3.2 billion dollars in September 2025. Despite this volatility, net cash from operating activities generally exceeds net income due to significant non-cash adjustments. Depreciation and amortization expenses shifted upward from a baseline of approximately 850 million dollars per quarter between 2021 and 2022 to approximately 1.4 billion dollars throughout 2023 and 2024, before stabilizing around 1.1 billion dollars in 2025 and 2026.
- Investment Trends and Capital Expenditure
- A defining event occurred in December 2023, where 26.9 billion dollars were utilized for acquisitions, representing the largest single cash outflow in the analyzed period. Capital expenditures for property, plant, and equipment show a steady long-term increase, rising from quarterly spends of approximately 160 million to 280 million dollars in 2021 to a range of 500 million to 700 million dollars by 2025 and 2026. This suggests an acceleration in infrastructure investment.
- Financing and Debt Management
- To support strategic expansions, a massive issuance of debt totaling 23.8 billion dollars was executed in March 2023. Subsequent quarters show a systematic deleveraging process, with debt repayments ranging between 800 million and 2.5 billion dollars per quarter starting in 2024. Shareholder returns are managed through a steadily increasing dividend program, which grew from approximately 1 billion dollars per quarter in 2021 to over 1.3 billion dollars by 2026. Stock repurchases were concentrated heavily in early 2022, with a peak outflow of 6.3 billion dollars in March 2022, followed by a sharp decline in buyback activity.
- Working Capital and Non-Cash Adjustments
- Deferred income taxes consistently act as a cash outflow across most quarters, with significant impacts observed throughout 2022 and 2023. Changes in operating assets and liabilities exhibit high instability, particularly in accrued income taxes and sales incentives, which frequently swing between large inflows and outflows. Trade receivables and inventories have shown periodic volatility, with a marked increase in inventory-related cash outflows during 2024.
Overall, the financial trajectory indicates a transition from aggressive share buybacks and moderate capital spending to a period of massive inorganic growth funded by debt, followed by a phase of disciplined debt repayment and increased investment in physical assets.