Debt to Equity
since 2005
Calculation
Abbott Laboratories, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Abbott shareholders’ investment1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 0.25 | = | 12,929) | ÷ | 52,130) |
| Dec 31, 2024 | 0.30 | = | 14,125) | ÷ | 47,664) |
| Dec 31, 2023 | 0.38 | = | 14,679) | ÷ | 38,603) |
| Dec 31, 2022 | 0.46 | = | 16,773) | ÷ | 36,686) |
| Dec 31, 2021 | 0.50 | = | 18,050) | ÷ | 35,802) |
| Dec 31, 2020 | 0.57 | = | 18,747) | ÷ | 32,784) |
| Dec 31, 2019 | 0.58 | = | 18,139) | ÷ | 31,088) |
| Dec 31, 2018 | 0.64 | = | 19,566) | ÷ | 30,524) |
| Dec 31, 2017 | 0.90 | = | 27,924) | ÷ | 30,897) |
| Dec 31, 2016 | 1.07 | = | 22,006) | ÷ | 20,538) |
| Dec 31, 2015 | 0.42 | = | 9,001) | ÷ | 21,211) |
| Dec 31, 2014 | 0.36 | = | 7,845) | ÷ | 21,526) |
| Dec 31, 2013 | 0.26 | = | 6,561) | ÷ | 25,171) |
| Dec 31, 2012 | 0.77 | = | 20,476) | ÷ | 26,721) |
| Dec 31, 2011 | 0.63 | = | 15,415) | ÷ | 24,440) |
| Dec 31, 2010 | 0.85 | = | 18,918) | ÷ | 22,388) |
| Dec 31, 2009 | 0.72 | = | 16,456) | ÷ | 22,856) |
| Dec 31, 2008 | 0.65 | = | 11,445) | ÷ | 17,480) |
| Dec 31, 2007 | 0.69 | = | 12,214) | ÷ | 17,779) |
| Dec 31, 2006 | 0.88 | = | 12,411) | ÷ | 14,054) |
| Dec 31, 2005 | 0.46 | = | 6,634) | ÷ | 14,415) |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The debt-to-equity ratio for the period between 2005 and 2025 demonstrates considerable fluctuation. Initially, the ratio increased significantly before stabilizing and then declining. A review of the underlying components, total debt and total shareholders’ investment, reveals the drivers behind these changes.
- Initial Increase (2005-2010)
- From 2005 to 2010, the debt-to-equity ratio rose from 0.46 to 0.85. This increase was primarily driven by a substantial rise in total debt, which nearly tripled from US$6,634 million to US$18,918 million. While total shareholders’ investment also increased during this period, it did not keep pace with the growth in debt. The largest single-year increase in debt occurred between 2005 and 2006.
- Stabilization and Decline (2010-2015)
- Following 2010, the debt-to-equity ratio experienced a period of volatility, peaking at 1.07 in 2016, but generally trending downward. Total debt continued to increase through 2016, reaching US$27,924 million, while shareholders’ investment also saw growth, reaching US$30,897 million in 2017. However, a significant decrease in total debt occurred between 2017 and 2018, falling to US$19,566 million, contributing to a decline in the ratio. Shareholders’ investment remained relatively stable during this period.
- Continued Decline (2015-2025)
- From 2015 to 2025, the debt-to-equity ratio exhibited a consistent downward trend, decreasing from 1.07 to 0.25. This decline was attributable to a combination of factors. Total debt decreased steadily, falling to US$12,929 million by 2025. Simultaneously, total shareholders’ investment experienced substantial growth, increasing from US$20,538 million to US$52,130 million. The most significant increase in shareholders’ investment occurred between 2022 and 2025.
Overall, the company demonstrated a shift from a more leveraged financial position in the earlier part of the analyzed period to a more conservatively financed position by 2025. The reduction in the debt-to-equity ratio suggests a decreased reliance on debt financing and a strengthening of the equity base.
AI Ask an analyst for more
Comparison to Competitors
Abbott Laboratories, debt to equity, long-term trends, comparison to competitors
| Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 0.25 | 0.73 | 0.00 | 0.59 | 0.83 |
| Dec 31, 2024 | 0.30 | 0.76 | 0.00 | 0.50 | 0.83 |
| Dec 31, 2023 | 0.38 | 0.64 | 0.00 | 0.47 | 0.70 |
| Dec 31, 2022 | 0.46 | 0.66 | 0.00 | 0.46 | 0.74 |
| Dec 31, 2021 | 0.50 | 0.64 | 0.00 | 0.51 | 0.64 |
| Dec 31, 2020 | 0.57 | 0.60 | 0.00 | 0.49 | 0.66 |
| Dec 31, 2019 | 0.58 | 0.63 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2018 | 0.64 | 0.67 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2017 | 0.90 | 0.75 | 0.00 | 0.66 | 0.66 |
| Dec 31, 2016 | 1.07 | 0.63 | 0.00 | 0.60 | 0.86 |
| Dec 31, 2015 | 0.42 | 0.69 | 0.00 | 0.68 | 0.95 |
| Dec 31, 2014 | 0.36 | 0.62 | 0.00 | 0.61 | 0.54 |
| Dec 31, 2013 | 0.26 | 0.59 | 0.00 | 0.57 | 0.52 |
| Dec 31, 2012 | 0.77 | 0.63 | 0.00 | 0.62 | 0.54 |
| Dec 31, 2011 | 0.63 | 0.42 | 0.00 | 0.62 | 0.41 |
| Dec 31, 2010 | 0.85 | 0.38 | 0.00 | 0.65 | 0.43 |
| Dec 31, 2009 | 0.72 | 0.34 | 0.00 | 0.57 | 0.47 |
| Dec 31, 2008 | 0.65 | 0.41 | 0.00 | 0.60 | 0.62 |
| Dec 31, 2007 | 0.69 | 0.39 | 0.00 | 0.55 | 0.55 |
| Dec 31, 2006 | 0.88 | 0.29 | 0.00 | 0.84 | 0.36 |
| Dec 31, 2005 | 0.46 | 0.27 | 0.00 | 0.23 | 0.40 |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
Abbott Laboratories, debt to equity, long-term trends, comparison to sector (health care equipment & services)
| Abbott Laboratories | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2025 | 0.25 | 0.59 |
| Dec 31, 2024 | 0.30 | 0.59 |
| Dec 31, 2023 | 0.38 | 0.55 |
| Dec 31, 2022 | 0.46 | 0.57 |
| Dec 31, 2021 | 0.50 | 0.55 |
| Dec 31, 2020 | 0.57 | 0.56 |
| Dec 31, 2019 | 0.58 | 0.58 |
| Dec 31, 2018 | 0.64 | 0.60 |
| Dec 31, 2017 | 0.90 | 0.71 |
| Dec 31, 2016 | 1.07 | 0.72 |
| Dec 31, 2015 | 0.42 | 0.69 |
| Dec 31, 2014 | 0.36 | 0.52 |
| Dec 31, 2013 | 0.26 | 0.47 |
| Dec 31, 2012 | 0.77 | 0.61 |
| Dec 31, 2011 | 0.63 | 0.49 |
| Dec 31, 2010 | 0.85 | 0.55 |
| Dec 31, 2009 | 0.72 | 0.51 |
| Dec 31, 2008 | 0.65 | 0.55 |
| Dec 31, 2007 | 0.69 | 0.53 |
| Dec 31, 2006 | 0.88 | 0.50 |
| Dec 31, 2005 | 0.46 | 0.34 |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Abbott Laboratories, debt to equity, long-term trends, comparison to industry (health care)
| Abbott Laboratories | Health Care | |
|---|---|---|
| Dec 31, 2025 | 0.25 | 0.86 |
| Dec 31, 2024 | 0.30 | 0.87 |
| Dec 31, 2023 | 0.38 | 0.82 |
| Dec 31, 2022 | 0.46 | 0.72 |
| Dec 31, 2021 | 0.50 | 0.80 |
| Dec 31, 2020 | 0.57 | 0.92 |
| Dec 31, 2019 | 0.58 | 0.90 |
| Dec 31, 2018 | 0.64 | 0.80 |
| Dec 31, 2017 | 0.90 | 0.82 |
| Dec 31, 2016 | 1.07 | 0.77 |
| Dec 31, 2015 | 0.42 | 0.69 |
| Dec 31, 2014 | 0.36 | 0.54 |
| Dec 31, 2013 | 0.26 | 0.50 |
| Dec 31, 2012 | 0.77 | 0.54 |
| Dec 31, 2011 | 0.63 | 0.47 |
| Dec 31, 2010 | 0.85 | 0.43 |
| Dec 31, 2009 | 0.72 | 0.42 |
| Dec 31, 2008 | 0.65 | 0.42 |
| Dec 31, 2007 | 0.69 | 0.36 |
| Dec 31, 2006 | 0.88 | 0.32 |
| Dec 31, 2005 | 0.46 | 0.30 |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).