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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Amgen Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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, primarily driven by strategic acquisitions and substantial debt financing. While operating activities generally provide a consistent source of liquidity, the overall cash position is heavily influenced by large-scale investment outflows and corresponding financing inflows.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities demonstrates a cyclical pattern with substantial fluctuations. A notable period of compression occurred between December 31, 2023, and March 31, 2024, with cash flows dropping to 538 million and 689 million, respectively. This was followed by a strong recovery, peaking at 4,684 million by September 30, 2025. Non-cash adjustments, particularly depreciation and amortization, remained relatively stable between 800 million and 1.4 billion, providing a consistent buffer to net income volatility. Working capital changes have been erratic, with inventory levels showing a marked increase starting in late 2023, which acted as a drag on cash flow during that period.
- Investing Activities and Capital Expenditure
- Investing activities are dominated by a massive strategic acquisition in the fourth quarter of 2023, resulting in a cash outflow of 26,989 million. Aside from this event, there is a clear upward trend in capital expenditures. Purchases of property, plant, and equipment have increased steadily from approximately 166 million in early 2021 to 712 million by March 31, 2026, indicating a sustained investment in physical infrastructure and production capacity. Marketable securities activities have transitioned from aggressive purchasing in 2021 to a more passive management style in recent years.
- Financing Strategies and Capital Structure
- The financing section reveals a strategy of leveraging debt to fund expansion. A significant spike in net proceeds from the issuance of debt occurred on March 31, 2023, totaling 23,798 million, which appears to have anticipated the major acquisition costs seen later that year. Debt repayment has become more consistent in recent quarters, with outflows ranging between 800 million and 2,500 million. Shareholder returns are characterized by a steady and increasing dividend payout, which grew from approximately 1 billion per quarter in 2021 to 1,358 million by March 31, 2026. Stock repurchases were prominent in early 2022 but have since diminished in frequency and scale.
- Net Cash Position and Liquidity Trends
- The net change in cash and cash equivalents reflects the timing differences between debt issuance and capital deployment. The most extreme volatility is observed in the transition between March 31, 2023, and December 31, 2023, where a cash increase of 23,931 million was followed by a decrease of 23,797 million. Despite these swings, the company maintains the ability to generate strong operating cash flow to service its growing dividend obligations and capital expenditure requirements.