Selected Financial Data
since 2012
Income Statement
AbbVie Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenues | Operating earnings | Net earnings attributable to AbbVie Inc. |
|---|---|---|---|
| Dec 31, 2025 | 61,160) | 15,075) | 4,226) |
| Dec 31, 2024 | 56,334) | 9,137) | 4,278) |
| Dec 31, 2023 | 54,318) | 12,757) | 4,863) |
| Dec 31, 2022 | 58,054) | 18,117) | 11,836) |
| Dec 31, 2021 | 56,197) | 17,924) | 11,542) |
| Dec 31, 2020 | 45,804) | 11,363) | 4,616) |
| Dec 31, 2019 | 33,266) | 12,983) | 7,882) |
| Dec 31, 2018 | 32,753) | 6,383) | 5,687) |
| Dec 31, 2017 | 28,216) | 9,592) | 5,309) |
| Dec 31, 2016 | 25,638) | 9,384) | 5,953) |
| Dec 31, 2015 | 22,859) | 7,537) | 5,144) |
| Dec 31, 2014 | 19,960) | 3,411) | 1,774) |
| Dec 31, 2013 | 18,790) | 5,664) | 4,128) |
| Dec 31, 2012 | 18,380) | 5,817) | 5,275) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Net revenues demonstrate a generally positive trajectory over the observed period, though with some fluctuations. From 2012 to 2019, revenue increased steadily, albeit with a slight deceleration in growth between 2018 and 2019. A significant surge in net revenues occurred in 2020, continuing into 2021, before experiencing a modest decline in 2022. Revenue recovered somewhat in 2023 and continued to grow in 2024 and 2025, reaching the highest level in the period.
Operating earnings exhibited more volatility than net revenues. A decline was noted between 2012 and 2014, followed by a substantial increase through 2016. Operating earnings remained relatively stable between 2016 and 2018, then increased significantly in 2019. A decrease was observed in 2020, followed by a strong recovery in 2021. Operating earnings then decreased in 2022 and 2023, before increasing again in 2024 and 2025.
Net earnings attributable to AbbVie Inc. mirrored the trends observed in operating earnings, though with differing magnitudes. A decline occurred between 2012 and 2014, followed by an increase through 2015. Net earnings remained relatively stable between 2015 and 2019, then decreased in 2020. A substantial increase was seen in 2021, followed by a significant decrease in 2022 and 2023. Net earnings showed a slight decline in 2024 and remained relatively stable in 2025.
- Revenue Growth
- The period between 2012 and 2019 showed consistent, though moderating, revenue growth. The substantial increase in 2020 and 2021 suggests a potential impact from new products, acquisitions, or favorable market conditions. The subsequent dip in 2022 warrants further investigation, but was followed by renewed growth in 2024 and 2025.
- Profitability Trends
- Operating and net earnings did not consistently track revenue growth. Periods of strong revenue growth were not always accompanied by proportional increases in profitability, indicating potential pressures on cost of goods sold or operating expenses. The significant divergence between revenue and earnings in 2020, 2022, and 2023 suggests a need to examine underlying cost structures and expense management.
- Earnings Volatility
- The fluctuations in operating and net earnings suggest the company’s profitability is sensitive to various factors. The substantial swings observed throughout the period indicate potential exposure to market dynamics, competitive pressures, or internal operational changes. The decline in earnings in 2022 and 2023, despite relatively stable revenue, is a key area for further analysis.
- Long-Term Earnings
- While net earnings increased from 2012 to 2021, the period from 2021 to 2025 shows a flattening of earnings, with 2024 and 2025 earnings being similar to those of 2015. This suggests a potential shift in the company’s growth trajectory and profitability.
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Balance Sheet: Assets
AbbVie Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 29,062) | 133,960) |
| Dec 31, 2024 | 25,582) | 135,161) |
| Dec 31, 2023 | 33,002) | 134,711) |
| Dec 31, 2022 | 28,463) | 138,805) |
| Dec 31, 2021 | 27,928) | 146,529) |
| Dec 31, 2020 | 24,173) | 150,565) |
| Dec 31, 2019 | 49,519) | 89,115) |
| Dec 31, 2018 | 16,945) | 59,352) |
| Dec 31, 2017 | 21,223) | 70,786) |
| Dec 31, 2016 | 16,187) | 66,099) |
| Dec 31, 2015 | 16,314) | 53,050) |
| Dec 31, 2014 | 16,088) | 27,547) |
| Dec 31, 2013 | 17,848) | 29,198) |
| Dec 31, 2012 | 15,354) | 27,008) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The company’s total assets exhibited significant fluctuations over the observed period. From 2012 to 2015, total assets increased moderately, followed by a substantial surge in 2015, more than doubling the previous year’s value. This growth continued into 2016 and 2017, reaching a peak in 2017 before declining in 2018. A considerable increase occurred again in 2019, followed by a dramatic rise in 2020, reaching its highest point in the period. Subsequently, total assets experienced a slight decrease in 2021 and 2022, and continued to decline modestly through 2025.
- Current Assets Trend
- Current assets demonstrated variability throughout the period. Initial growth from 2012 to 2013 was followed by a decrease in 2014. A period of relative stability followed through 2016. A substantial increase was observed in 2017, but current assets decreased significantly in 2018. A dramatic increase occurred in 2019, followed by a substantial decrease in 2020. Current assets remained relatively stable from 2020 to 2022, then increased in 2023 before decreasing again in 2024 and showing a slight increase in 2025.
The relationship between current and total assets appears to have shifted over time. Prior to 2015, current assets represented a substantial portion of total assets. However, the large increases in total assets in 2015 and 2020 were not matched by similar increases in current assets, suggesting a growing proportion of non-current assets. The significant increase in total assets in 2019 and 2020 was largely driven by changes not reflected in current assets.
- Asset Composition
- The substantial growth in total assets in 2015, 2020, and 2019 suggests potential acquisitions, significant investments, or accounting adjustments. The subsequent declines in total assets in 2021, 2022, 2023, 2024 and 2025 could indicate asset sales, depreciation, or write-downs. The fluctuations in current assets, while substantial, were less pronounced relative to the overall changes in total assets, indicating that the primary drivers of change were likely within the non-current asset categories.
The observed patterns suggest a dynamic asset structure, potentially reflecting strategic shifts in the company’s operations and investment profile. Further investigation into the composition of both current and non-current assets is warranted to fully understand the underlying drivers of these trends.
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Balance Sheet: Liabilities and Stockholders’ Equity
AbbVie Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt and finance lease obligations | Stockholders’ equity (deficit) | |
|---|---|---|---|
| Dec 31, 2025 | 43,289) | 67,496) | (3,270) |
| Dec 31, 2024 | 38,749) | 67,144) | 3,325) |
| Dec 31, 2023 | 37,841) | 59,385) | 10,360) |
| Dec 31, 2022 | 29,538) | 63,271) | 17,254) |
| Dec 31, 2021 | 35,194) | 76,684) | 15,408) |
| Dec 31, 2020 | 28,661) | 86,056) | 13,076) |
| Dec 31, 2019 | 15,585) | 66,728) | (8,172) |
| Dec 31, 2018 | 17,239) | 40,310) | (8,446) |
| Dec 31, 2017 | 16,641) | 37,368) | 5,097) |
| Dec 31, 2016 | 9,781) | 36,842) | 4,636) |
| Dec 31, 2015 | 10,894) | 31,671) | 3,945) |
| Dec 31, 2014 | 11,400) | 15,011) | 1,742) |
| Dec 31, 2013 | 6,879) | 14,723) | 4,492) |
| Dec 31, 2012 | 6,776) | 15,672) | 3,363) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
An examination of the provided financial information reveals notable shifts in the company’s liabilities and stockholders’ equity over the period from 2012 to 2025. Current liabilities demonstrate a generally increasing trend, punctuated by periods of fluctuation. Total debt and finance lease obligations experienced significant volatility, while stockholders’ equity exhibited a complex pattern, including periods of deficit.
- Current Liabilities
- Current liabilities began at US$6,776 million in 2012 and generally increased, reaching US$43,289 million in 2025. A substantial increase occurred between 2019 and 2020, rising from US$15,585 million to US$28,661 million, and continued to climb to US$35,194 million in 2021. While decreasing in 2022 to US$29,538 million, current liabilities rose again in 2023 and 2024 before reaching US$43,289 million in 2025. This suggests a growing reliance on short-term financing or an increase in operational obligations.
- Total Debt and Finance Lease Obligations
- Total debt and finance lease obligations showed considerable variation. After a period of relative stability between 2012 and 2014, a significant increase occurred in 2015, jumping from US$15,011 million to US$31,671 million. Debt levels continued to rise, peaking at US$86,056 million in 2020. Subsequently, a decrease was observed, falling to US$59,385 million by 2023. A slight increase occurred in 2024 and 2025, reaching US$67,496 million. This pattern indicates periods of aggressive debt financing followed by efforts to reduce debt, potentially related to acquisitions or significant investment cycles.
- Stockholders’ Equity (Deficit)
- Stockholders’ equity experienced the most dramatic fluctuations. Beginning at US$3,363 million in 2012, it increased to US$4,492 million in 2013, but then declined sharply to US$1,742 million in 2014. After a modest recovery, equity transitioned into a deficit in 2018, reaching a low of -US$8,446 million. The equity position improved significantly in 2020 and 2021, becoming positive again and reaching US$17,254 million. However, it decreased substantially in 2023 and entered a deficit again in 2025, ending at -US$3,270 million. This volatility suggests significant impacts from profitability, share repurchases, dividend payments, or other equity-related transactions. The repeated shifts into and out of deficit warrant further investigation.
Overall, the company’s financial structure has undergone substantial changes during the analyzed period. The increasing trend in current liabilities, coupled with the fluctuating debt levels and volatile stockholders’ equity, suggests a dynamic financial strategy and potential sensitivity to external economic factors or internal business decisions.
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Cash Flow Statement
AbbVie Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities |
|---|---|---|---|
| Dec 31, 2025 | 19,030) | (6,643) | (12,724) |
| Dec 31, 2024 | 18,806) | (20,820) | (5,211) |
| Dec 31, 2023 | 22,839) | (2,009) | (17,222) |
| Dec 31, 2022 | 24,943) | (623) | (24,803) |
| Dec 31, 2021 | 22,777) | (2,344) | (19,039) |
| Dec 31, 2020 | 17,588) | (37,557) | (11,501) |
| Dec 31, 2019 | 13,324) | 596) | 18,708) |
| Dec 31, 2018 | 13,427) | (1,006) | (14,396) |
| Dec 31, 2017 | 9,960) | (274) | (5,512) |
| Dec 31, 2016 | 7,041) | (6,074) | (3,928) |
| Dec 31, 2015 | 7,535) | (12,936) | 5,752) |
| Dec 31, 2014 | 3,549) | (926) | (3,293) |
| Dec 31, 2013 | 6,267) | 879) | (3,442) |
| Dec 31, 2012 | 6,345) | (2,418) | 1,931) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Over the period examined, cash flows from operating activities demonstrate a generally positive trend, albeit with fluctuations. Initial values around US$6.3 billion in 2012 decreased significantly to US$3.5 billion in 2014 before recovering and exhibiting substantial growth, peaking at US$24.9 billion in 2021. A slight decrease is observed in 2022 and 2023, followed by a modest increase in 2024 and 2025.
Cash flows from investing activities are characterized by considerable volatility. Positive flows were recorded in 2013, but the subsequent years show predominantly negative values, with a particularly large outflow of US$37.6 billion in 2020. While outflows remain negative throughout the period, their magnitude varies, with smaller negative flows in 2017, 2018, 2021, 2022, 2023 and 2024, and a substantial outflow in 2025.
Cash flows from financing activities display a complex pattern. Positive flows are seen in 2012 and 2015, but are largely negative for the remainder of the period. The largest negative flows occur in 2018, 2021, 2022, and 2025, reaching US$24.8 billion in 2021. A significant positive flow of US$18.7 billion is recorded in 2019, followed by substantial negative flows in subsequent years.
- Operating Cash Flow Trend
- The operating cash flow demonstrates a long-term upward trajectory, despite intermediate declines. The substantial increase between 2017 and 2021 suggests improved operational efficiency or increased profitability during those years. The recent stabilization around US$19 billion indicates a mature operating cash flow profile.
- Investing Activity Volatility
- The significant fluctuations in investing cash flows suggest substantial capital expenditure, acquisitions, or divestitures. The large outflow in 2020 warrants further investigation to understand the underlying transactions. The consistent negative values indicate a pattern of investment exceeding returns from asset sales.
- Financing Activity and Capital Structure
- The predominantly negative financing cash flows suggest a reliance on external funding sources, such as debt or equity, to support operations and investments. The large negative flows in recent years, particularly 2021, 2022 and 2025, could indicate significant debt repayment or shareholder returns. The positive flow in 2019 may represent a period of capital raising.
- Overall Cash Flow Dynamics
- The combined effect of these cash flow streams indicates a company actively managing its capital structure and investing in its future. The strong operating cash flow provides a foundation for funding investments and financing activities. The interplay between these three categories is crucial for assessing the company’s financial health and sustainability.
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Per Share Data
AbbVie Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 2.37 | 2.36 | 6.65 |
| Dec 31, 2024 | 2.40 | 2.39 | 6.29 |
| Dec 31, 2023 | 2.73 | 2.72 | 5.99 |
| Dec 31, 2022 | 6.65 | 6.63 | 5.71 |
| Dec 31, 2021 | 6.48 | 6.45 | 5.31 |
| Dec 31, 2020 | 2.73 | 2.72 | 4.84 |
| Dec 31, 2019 | 5.30 | 5.28 | 4.39 |
| Dec 31, 2018 | 3.67 | 3.66 | 3.95 |
| Dec 31, 2017 | 3.31 | 3.30 | 2.63 |
| Dec 31, 2016 | 3.65 | 3.63 | 2.35 |
| Dec 31, 2015 | 3.15 | 3.13 | 2.10 |
| Dec 31, 2014 | 1.11 | 1.10 | 1.75 |
| Dec 31, 2013 | 2.58 | 2.56 | 2.00 |
| Dec 31, 2012 | 3.35 | 3.35 | 0.00 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial metrics demonstrate fluctuating performance over the observed period. Basic and diluted earnings per share exhibited considerable volatility, while dividend per share consistently increased.
- Earnings Per Share (Basic & Diluted)
- Both basic and diluted earnings per share followed a similar trajectory. A decline is evident from 2012 to 2014, reaching a low in 2014. A subsequent recovery occurred through 2016, followed by relative stability until 2019. A significant increase was observed in 2019, peaking in 2021, before experiencing a substantial decrease in 2022 and 2023. A slight decline continues into 2025. The difference between basic and diluted earnings per share remained consistently minimal throughout the period.
- Dividend Per Share
- Dividend per share showed a consistent upward trend throughout the period, beginning in 2013. The increases were gradual initially, accelerating from 2018 onwards. The dividend increased from US$2.00 in 2013 to US$6.65 in 2025, indicating a commitment to returning value to shareholders. The rate of increase appears to have stabilized in recent years.
The divergence between earnings per share and dividend per share is notable. While earnings per share experienced significant fluctuations, the dividend per share continued to rise steadily. This suggests a policy of maintaining or increasing dividends even during periods of lower profitability, potentially funded by cash reserves or other financial strategies.
- Overall Trend
- The period can be broadly categorized into three phases: 2012-2014 (decline in earnings), 2015-2019 (recovery and stability in earnings, increasing dividends), and 2020-2025 (volatility in earnings with continued dividend growth). The recent decline in earnings per share, coupled with continued dividend increases, warrants further investigation into the underlying factors driving these trends.
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