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
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 reveals a company characterized by strong operating cash generation used to fund aggressive inorganic growth and consistent shareholder returns. While net earnings exhibit significant quarterly volatility, including a deficit in late 2024, cash flows from operating activities remain consistently positive, underscoring a divergence between accounting profit and cash liquidity.
- Operating Cash Flow and Net Earnings
- Cash flows from operating activities generally fluctuate between 2 billion and 7.9 billion US dollars per quarter. The volatility in net earnings is mitigated by substantial non-cash adjustments, most notably amortization of intangible assets, which remains stable between 1.6 billion and 2.1 billion US dollars. Periodic spikes in the fair value of contingent consideration liabilities and impairment charges—such as the 4.5 billion US dollar impairment in December 2024—create significant variances between reported net income and actual cash generated from operations.
- Investing Activities and Strategic Acquisitions
- Investing activities are dominated by a strategy of large-scale acquisitions. This is most evident in the first half of 2024, with significant outflows of 9.2 billion US dollars in March and 8.3 billion US dollars in September. Capital expenditures for property and equipment show a gradual upward trend, increasing from an average of approximately 200 million US dollars in 2021 to peaks of 381 million US dollars by mid-2025. Other acquisitions and investments show an accelerating trend of outflows starting in 2024 and continuing through 2026.
- Financing and Capital Allocation
- Dividend payments demonstrate a disciplined and progressive increase, rising from approximately 2.3 billion US dollars per quarter in 2021 to over 3 billion US dollars per quarter by 2026. To support the aggressive acquisition strategy and dividend obligations, the company utilizes a combination of debt issuance and operating cash. A notable surge in long-term debt issuance occurred in March 2024, totaling 14.9 billion US dollars, which coincided with the peak acquisition period. Debt repayment occurs frequently, though the scale varies, often offsetting proceeds from new borrowings.
- Working Capital and Asset Management
- Changes in operating assets and liabilities exhibit high quarterly variance. Accounts receivable and income tax assets/liabilities are primary drivers of these swings, with significant outflows often offset by inflows in subsequent periods. Inventory management remains relatively stable, though consistent outflows are observed in the most recent quarters of the analysis period.
Overall, the financial trajectory indicates a transition toward higher capital intensity and larger-scale investments. The reliance on debt markets to fund acquisitions in 2024 suggests a strategic pivot to expand the portfolio, while the steady growth in dividends indicates a commitment to shareholder yield despite the volatility in quarterly net earnings.