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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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2012
- Current Ratio since 2012
- Debt to Equity since 2012
- Analysis of Revenues
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AbbVie Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Earnings (Loss)
- The net earnings exhibit significant volatility over the periods, with sharp declines such as the loss of $739 million in June 2020 and a notable loss of $23 million in March 2025. However, most quarters show positive net earnings, often exceeding $1 billion, reaching peaks like $4,493 million in March 2022 and $4,045 million in December 2021. The fluctuations suggest episodic impacts from various operational or non-operational factors.
- Depreciation and Amortization of Intangible Assets
- Depreciation remains relatively stable with minor fluctuations around $170 million to $230 million per quarter. Amortization of intangible assets shows a downward trend from a peak of over $2 billion in late 2020 and early 2021, moderating to figures around $1.8 to $2 billion in recent quarters, indicating a steady but substantial impact on expenses from intangible assets.
- Deferred Income Taxes
- Deferred income taxes show significant negative spikes in some quarters, notably a large negative adjustment of $-1,827 million in December 2020, with recurrent negative fluctuations through 2022-2024. This volatility could indicate changes in tax positions or realizations of deferred tax assets/liabilities impacting reported earnings distinctly across periods.
- Contingent Consideration Liabilities
- The fair value changes show wide oscillations, with large positive peaks such as $4,675 million in December 2020 and $2,114 million in December 2022, interspersed with negative adjustments like $-748 million in March 2022. Payments of contingent consideration liabilities appear more frequent from 2022 onward, with sizeable outflows reaching up to $859 million in June 2025, highlighting ongoing settlement of acquisition-related obligations.
- Stock-Based Compensation
- This expense varies quarterly but generally fluctuates between $100 million to $300 million, spiking occasionally to higher amounts such as $410 million in March 2025. The persistence of stock-based compensation suggests consistent employee incentive programs affecting operating expenses.
- Acquired IPR&D and Milestones
- Amounts related to acquired in-process research and development and milestone payments show high variability, with major spikes in certain quarters—e.g., $1,574 million in March 2025—indicating active investment in pipeline products and contingent milestone payments associated with acquisition agreements.
- Litigation and Impairment Charges
- Non-cash litigation adjustments demonstrate sharp swings, including a notable $2,190 million gain in March 2022 followed by both positive and negative adjustments in later quarters. Impairment of intangible assets also fluctuates significantly, especially large charges in recent periods ($4,476 million in March 2025), signaling material write-downs impacting earnings sporadically.
- Working Capital Components
- Accounts receivable and inventories exhibit alternating positive and negative adjustments, reflecting changing operational cash flows or timing of collections and stock levels. Large negative movements in accounts receivable in March 2025 ($-1,479 million) contrast with positive movements in inventories, suggesting complex operational shifts. Accounts payable and other liabilities have substantial variability, with quarters showing large inflows or outflows indicating active payables management.
- Operating Activities
- Cash flows from operating activities remain strongly positive throughout most periods, occasionally peaking above $7 billion (e.g., September 2021 and September 2022). Adjustments reconciling net earnings to cash flows also remain significant, indicating considerable non-cash items and working capital influences influencing cash generation.
- Investing Activities
- Investing cash flows show substantial outflows notably in June 2020, driven primarily by large acquisitions (over $38 billion). Subsequent quarters reflect smaller but ongoing investments in property, equipment, and acquisitions, with occasional inflows from sales of investment securities. The variability in investment activities underscores periods of aggressive acquisition and capital expenditure.
- Financing Activities
- Financing cash flows are notably negative in most quarters, reflecting sustained cash outflows for debt repayments, dividends, and treasury stock purchases. However, alternating large inflows from issuances of long-term debt and short-term borrowings occur, e.g., $15 billion issuance in March 2024. The net position indicates active management of capital structure, balancing repayments and new borrowings.
- Dividends and Treasury Stock
- Dividends show a steady upward trend in payouts from approximately $1.7 billion in early 2020 to near $2.9 billion in mid-2025, reflecting a commitment to shareholder returns. Treasury stock purchases vary but include substantial buys in some quarters like March 2023 ($1.9 billion), representing continued stock repurchase programs.
- Cash and Equivalents
- The net change in cash fluctuates widely, with sharp decreases in some quarters like June 2020 (-$35 billion), coincident with major acquisitions and investments, and substantial increases in others, such as September 2023 and March 2024. The overall pattern reflects large transactional activity influencing cash reserves.
- Summary of Trends
- The financial data reflects a company engaged in aggressive acquisition and investment activity especially mid-2020, significant fluctuations in earnings linked with non-cash charges and tax adjustments, and consistent strong operating cash flows supporting large dividends and debt servicing. The continuing volatility in contingent consideration, litigation, and impairment indicates episodic events impacting financial results. Active management of capital structure is evident through varying debt issuances and repayments, alongside steady shareholder returns via dividends and stock repurchases. Overall, the company maintains robust cash generation amidst substantial investment and financing activities, while facing earnings variability from both operational and non-operational factors.