Analysis of Debt
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
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Total Debt (Carrying Amount)
AbbVie Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The carrying amount of total debt exhibited a fluctuating pattern over the five-year period. An initial decrease was followed by a period of relative stability, then an increase, and finally a slight increase again. A more detailed examination of the components reveals the drivers of these changes.
- Overall Trend
- Total debt decreased from US$76,684 million in 2021 to US$63,271 million in 2022, representing a substantial reduction. It then decreased modestly to US$59,385 million in 2023. A subsequent increase to US$67,144 million occurred in 2024, followed by a further increase to US$67,496 million in 2025.
- Short-Term Borrowings
- Short-term borrowings were minimal in 2022 and 2023, at US$1 million and no reported value respectively. A significant increase to US$2,499 million is observed in 2025, suggesting a potential shift in short-term financing strategies or increased immediate funding needs.
- Current Portion of Long-Term Debt
- The current portion of long-term debt and finance lease obligations demonstrated a significant decrease from US$12,481 million in 2021 to US$4,135 million in 2022. This decreased further to US$7,191 million in 2023, then to US$6,804 million in 2024, and finally to US$6,056 million in 2025. This indicates a consistent, though moderating, reduction in near-term debt repayment obligations.
- Long-Term Debt
- Long-term debt and finance lease obligations, excluding the current portion, decreased from US$64,189 million in 2021 to US$52,194 million in 2023. However, it increased to US$60,340 million in 2024 and remained relatively stable at US$58,941 million in 2025. This suggests a period of debt reduction followed by renewed long-term borrowing.
The combined effect of these components resulted in the overall trend in total debt. The substantial decrease in 2022 was primarily driven by the reduction in the current portion of long-term debt and the decrease in long-term debt. The increases observed in 2024 and 2025 are attributable to increases in long-term debt, partially offset by continued reductions in the current portion of long-term debt, and a significant increase in short-term borrowings in 2025.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Current portion of long-term debt and finance lease obligations, excluding fair value hedges | |
| Long-term debt and finance lease obligations, excluding fair value hedges and financing liability | |
| Fair value hedges and financing liability | |
| Total debt and finance lease obligations (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt and finance lease obligations:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =