Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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AbbVie Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2012
- Analysis of Revenues
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AbbVie Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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 capital structure exhibits a progressive shift toward an increasing reliance on liabilities, culminating in a negative equity position by the second quarter of 2025. Total liabilities grew from 90.88% of total liabilities and equity in March 2021 to 104.85% by March 2026, indicating a systemic erosion of the company's equity base relative to its obligations.
- Equity Erosion and Deficit Trends
- A significant decline in total equity is observed, transitioning from a peak of 12.45% in December 2022 to a deficit of -4.85% by March 2026. This deterioration is primarily driven by a sharp reversal in retained earnings, which moved from a positive 1.52% in March 2021 to a substantial accumulated deficit of -13.10% by March 2026. Additionally, the magnitude of common stock held in treasury increased from -2.00% to -7.78%, suggesting an aggressive share repurchase strategy that further reduced stockholders' equity.
- Liability Composition and Growth
- Current liabilities demonstrated a steady upward trajectory, increasing from 21.23% in March 2021 to 30.85% in March 2026. This growth was largely fueled by accounts payable and accrued liabilities, which nearly doubled from 13.69% to 24.75% over the period. Long-term debt, excluding the current portion, remained a dominant component of the balance sheet, fluctuating between 38% and 49% and ending the period at 47.29%.
- Short-Term Obligations and Liquidity Indicators
- The current portion of long-term debt showed volatility, peaking at 8.87% in June 2024 before declining and then rising again to 6.10% by March 2026. Short-term borrowings remained negligible for most of the period but saw a notable spike between March 2025 and December 2025, reaching as high as 4.05% before receding to 1.87%.
- Long-Term Liability Stability
- Other long-term liabilities increased gradually from 17.85% to 25.00%, contributing to the overall rise in the total liabilities ratio. Deferred income taxes remained relatively stable and low, trending slightly downward from 2.50% to 1.71% over the observed timeframe.
The overall trend indicates a transition to a highly leveraged financial position. The convergence of increasing operational liabilities, sustained long-term debt, and a widening deficit in retained earnings has resulted in total liabilities exceeding total assets, as evidenced by the negative total equity reported from June 2025 onward.