Stock Analysis on Net
Stock Analysis on Net

AbbVie Inc. (NYSE:ABBV)

$24.99

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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AbbVie Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Net earnings
Depreciation
Amortization of intangible assets
Deferred income taxes
Change in fair value of contingent consideration liabilities
Payments of contingent consideration liabilities
Stock-based compensation
Acquired IPR&D and milestones
Other charges related to collaborations
Gain on divestitures
Non-cash litigation reserve adjustments, net of cash payments
Impairment of intangible assets
Other, net
Accounts receivable
Inventories
Prepaid expenses and other assets
Accounts payable and other liabilities
Income tax assets and liabilities, net
Changes in operating assets and liabilities, net of acquisitions
Adjustments to reconcile net earnings to net cash from operating activities
Cash flows from operating activities
Acquisitions of businesses, net of cash acquired
Other acquisitions and investments, net of cash acquired
Acquisitions of property and equipment
Purchases of investment securities
Sales and maturities of investment securities
Other, net
Cash flows from investing activities
Net change in commercial paper borrowings with original maturities of three months or less
Proceeds from issuance of other short-term borrowings
Repayments of other short-term borrowings
Proceeds from issuance of long-term debt
Repayments of long-term debt
Debt issuance costs
Dividends paid
Purchases of treasury stock
Proceeds from the exercise of stock options
Payments of contingent consideration liabilities
Other, net
Cash flows from financing activities
Effect of exchange rate changes on cash and equivalents
Net change in cash and equivalents

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 financial trajectory of the organization is characterized by strong operating cash generation that is periodically offset by aggressive strategic acquisitions and consistent shareholder returns. While net earnings exhibit significant quarterly volatility, cash flow from operating activities remains more resilient, providing a stable foundation for capital deployment.

Operating Cash Flow Dynamics
Cash flows from operating activities generally fluctuate between 4 billion and 8 billion US dollars per quarter, with a notable dip to 1.6 billion US dollars in March 2025. The discrepancy between net earnings and operating cash flow is primarily driven by substantial non-cash add-backs, most notably the amortization of intangible assets, which consistently remains between 1.7 billion and 2.0 billion US dollars per quarter. Additionally, volatile swings in the fair value of contingent consideration liabilities frequently impact net earnings without affecting immediate cash positions.
Investing Activities and Capital Deployment
A pattern of aggressive inorganic growth is evident, specifically during 2024, where acquisitions of businesses resulted in cash outflows of 9.2 billion US dollars in March and 8.3 billion US dollars in September. Capital expenditures for property and equipment have shown a gradual upward trend, increasing from approximately 180 million US dollars per quarter in 2021 to over 300 million US dollars in recent periods, indicating a steady investment in physical infrastructure.
Financing Strategies and Shareholder Returns
The organization maintains a rigorous dividend policy, with quarterly payments increasing steadily from 2.3 billion US dollars in early 2021 to over 3.0 billion US dollars by March 2026. To fund large-scale acquisitions and maintain liquidity, the organization utilizes the debt market strategically, exemplified by a 14.9 billion US dollar issuance of long-term debt in March 2024. Treasury stock purchases are sporadic and opportunistic, contrasting with the linear and predictable growth of dividend distributions.
Liquidity and Net Cash Position
The net change in cash and equivalents is highly sensitive to the timing of M&A activity and debt refinancing. Large negative swings in net cash are typically countered by corresponding increases in long-term borrowings, suggesting a leveraged approach to expansion. The reliance on commercial paper and short-term borrowings fluctuates, serving as a tactical tool for short-term liquidity management.