Selected Financial Data
since 2005
Income Statement
AmerisourceBergen Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Operating income (loss) | Net income (loss) attributable to AmerisourceBergen Corporation |
|---|---|---|---|
| Sep 30, 2022 | 238,587,006) | 2,366,378) | 1,698,820) |
| Sep 30, 2021 | 213,988,843) | 2,354,197) | 1,539,932) |
| Sep 30, 2020 | 189,893,926) | (5,135,354) | (3,408,716) |
| Sep 30, 2019 | 179,589,121) | 1,111,923) | 855,365) |
| Sep 30, 2018 | 167,939,635) | 1,443,685) | 1,658,405) |
| Sep 30, 2017 | 153,143,826) | 1,060,342) | 364,484) |
| Sep 30, 2016 | 146,849,686) | 1,525,774) | 1,427,929) |
| Sep 30, 2015 | 135,961,803) | 417,370) | (134,887) |
| Sep 30, 2014 | 119,569,127) | 778,884) | 276,484) |
| Sep 30, 2013 | 87,959,167) | 898,399) | 433,707) |
| Sep 30, 2012 | 79,489,596) | 1,252,728) | 718,986) |
| Sep 30, 2011 | 80,217,558) | 1,202,745) | 706,624) |
| Sep 30, 2010 | 77,953,979) | 1,103,635) | 636,748) |
| Sep 30, 2009 | 71,759,990) | 883,749) | 503,397) |
| Sep 30, 2008 | 70,189,733) | 827,861) | 250,559) |
| Sep 30, 2007 | 66,074,312) | 820,342) | 469,167) |
| Sep 30, 2006 | 61,203,145) | 748,706) | 467,714) |
| Sep 30, 2005 | 54,577,321) | 636,946) | 264,645) |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Revenue demonstrated consistent and significant upward momentum from 2005 through 2022, increasing from approximately $54.6 billion to $238.6 billion. This growth trajectory was characterized by steady annual gains, with a particularly sharp acceleration between 2013 and 2014, where revenue grew by approximately 35% in a single fiscal year, signaling a substantial expansion in scale.
- Operating Income Trends
- Operating income exhibited greater volatility than revenue. After a period of gradual growth from 2005 to 2012, a downward trend emerged, reaching a low of $417 million in 2015. This was followed by a recovery phase, interrupted by a severe contraction in 2020, which resulted in an operating loss of $5.1 billion. However, a rapid rebound occurred in 2021 and 2022, with operating income stabilizing at approximately $2.37 billion.
- Net Income Volatility
- Net income patterns mirrored the volatility of operating income but with more pronounced fluctuations. The period was marked by two significant deficit years: 2015, with a loss of $135 million, and 2020, with a substantial loss of $3.4 billion. Outside of these anomalies, net income generally trended upward, culminating in a peak of $1.7 billion in 2022.
- Profitability Analysis
- A divergence is observed between the scale of revenue growth and the growth of bottom-line profitability. While revenue increased by more than 330% over the period, net income grew at a more inconsistent pace, indicating thin profit margins. The extreme volatility in 2020 suggests the impact of significant non-recurring expenses or one-time charges that temporarily decoupled profitability from revenue performance.
The overall financial trajectory is defined by aggressive top-line expansion paired with intermittent operational shocks. Despite the severe losses recorded in 2015 and 2020, the company demonstrated strong resilience, recovering to reach record levels of both revenue and net income by the end of the analyzed period in 2022.
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Balance Sheet: Assets
AmerisourceBergen Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Sep 30, 2022 | 39,589,758) | 56,560,616) |
| Sep 30, 2021 | 38,802,609) | 57,337,805) |
| Sep 30, 2020 | 33,055,702) | 44,274,830) |
| Sep 30, 2019 | 28,132,054) | 39,171,980) |
| Sep 30, 2018 | 25,894,372) | 37,669,838) |
| Sep 30, 2017 | 24,303,299) | 35,316,470) |
| Sep 30, 2016 | 22,851,847) | 33,656,200) |
| Sep 30, 2015 | 20,334,488) | 27,736,157) |
| Sep 30, 2014 | 16,800,205) | 21,532,183) |
| Sep 30, 2013 | 14,393,651) | 18,918,638) |
| Sep 30, 2012 | 10,987,151) | 15,444,126) |
| Sep 30, 2011 | 11,217,623) | 14,982,671) |
| Sep 30, 2010 | 10,748,350) | 14,434,843) |
| Sep 30, 2009 | 9,953,753) | 13,572,740) |
| Sep 30, 2008 | 8,669,761) | 12,217,786) |
| Sep 30, 2007 | 8,714,300) | 12,310,064) |
| Sep 30, 2006 | 9,210,407) | 12,783,920) |
| Sep 30, 2005 | 7,987,692) | 11,381,174) |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Analysis of the asset base reveals a consistent and substantial expansion of both current and total assets over the seventeen-year period ending September 30, 2022.
- Total Asset Growth Trends
- Total assets increased from 11.38 billion USD in 2005 to 56.56 billion USD in 2022. The growth trajectory remained relatively stable between 2005 and 2012, followed by a period of accelerated expansion starting in 2013. A peak in total assets was reached in 2021 at 57.34 billion USD, followed by a marginal contraction in 2022.
- Current Asset Evolution
- Current assets exhibited a similar upward trend, rising from 7.99 billion USD in 2005 to 39.59 billion USD in 2022. The most significant acceleration in growth occurred between 2013 and 2021, with a particularly sharp increase observed between 2019 and 2021, where current assets grew from 28.13 billion USD to 38.80 billion USD.
- Asset Composition and Liquidity Profile
- A high proportion of total assets is consistently maintained within current assets. In 2005, current assets comprised approximately 70% of total assets. This ratio remained stable over the long term, generally fluctuating between 70% and 75%. Notably, in 2022, current assets continued to increase even as total assets declined slightly, indicating a shift toward greater liquidity within the overall asset structure.
The overall trend demonstrates a significant scaling of the balance sheet, with the most aggressive growth phase occurring between 2013 and 2021, reflecting a substantial increase in the organization's resource base and operational scale.
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Balance Sheet: Liabilities and Stockholders’ Equity
AmerisourceBergen Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total debt | Total AmerisourceBergen Corporation stockholders’ equity (deficit) | |
|---|---|---|---|
| Sep 30, 2022 | 43,477,955) | 5,702,833) | (211,559) |
| Sep 30, 2021 | 41,358,641) | 6,683,924) | 223,354) |
| Sep 30, 2020 | 33,853,077) | 4,119,520) | (1,018,924) |
| Sep 30, 2019 | 29,581,294) | 4,172,892) | 2,878,917) |
| Sep 30, 2018 | 27,869,687) | 4,310,189) | 2,932,824) |
| Sep 30, 2017 | 26,818,165) | 3,442,055) | 2,064,461) |
| Sep 30, 2016 | 25,281,308) | 4,205,402) | 2,129,404) |
| Sep 30, 2015 | 22,700,765) | 3,493,048) | 633,520) |
| Sep 30, 2014 | 17,250,160) | 1,995,632) | 1,956,899) |
| Sep 30, 2013 | 14,870,635) | 1,396,606) | 2,319,745) |
| Sep 30, 2012 | 11,214,482) | 1,446,770) | 2,456,712) |
| Sep 30, 2011 | 10,855,120) | 1,364,952) | 2,866,858) |
| Sep 30, 2010 | 9,906,344) | 1,343,580) | 2,954,297) |
| Sep 30, 2009 | 9,479,610) | 1,178,001) | 2,716,469) |
| Sep 30, 2008 | 8,167,589) | 1,189,131) | 2,710,045) |
| Sep 30, 2007 | 7,857,036) | 1,227,774) | 3,099,720) |
| Sep 30, 2006 | 7,459,188) | 1,095,491) | 4,141,157) |
| Sep 30, 2005 | 6,052,096) | 952,711) | 4,280,357) |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
An analysis of the liabilities and equity profile from 2005 to 2022 reveals a substantial expansion of short-term obligations and a progressive erosion of shareholders' equity.
- Current Liabilities Growth
- A consistent and significant upward trajectory is observed in current liabilities, which increased from $6.05 billion in 2005 to $43.48 billion by 2022. The rate of growth accelerated notably after 2013, with values nearly tripling between 2013 and 2022, indicating a marked increase in short-term operational obligations or a shift in short-term financing strategies.
- Total Debt Trajectory
- Total debt remained relatively stable for the first eight years of the period, fluctuating between $952.7 million and $1.45 billion. A structural shift occurred starting in 2014, leading to a peak of $6.68 billion in 2021. While there was a slight reduction to $5.70 billion in 2022, the overall debt level remains substantially higher than the historical baseline established prior to 2014.
- Stockholders' Equity Volatility and Deficit
- Shareholders' equity exhibited a long-term downward trend, declining from $4.28 billion in 2005 to $633.5 million in 2015. Following a period of recovery between 2016 and 2019, where equity peaked at $2.93 billion in 2018, the position shifted abruptly to a deficit of $1.02 billion in 2020. Despite a temporary return to positive equity in 2021, the period concluded with a deficit of $211.6 million in 2022.
The combination of escalating current liabilities and the transition to a stockholders' equity deficit indicates a fundamental change in the capital structure. The increasing reliance on debt and short-term liabilities, coupled with the depletion of equity, suggests a heightened financial risk profile and a reliance on external financing to sustain operations.
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Cash Flow Statement
AmerisourceBergen Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Sep 30, 2022 | 2,703,088) | (368,437) | (1,752,780) |
| Sep 30, 2021 | 2,666,586) | (6,141,577) | 1,952,849) |
| Sep 30, 2020 | 2,207,040) | (379,871) | (603,617) |
| Sep 30, 2019 | 2,344,023) | (375,832) | (1,086,513) |
| Sep 30, 2018 | 1,411,388) | (1,111,114) | (242,873) |
| Sep 30, 2017 | 1,504,138) | (498,041) | (1,312,814) |
| Sep 30, 2016 | 3,178,497) | (3,169,179) | 565,072) |
| Sep 30, 2015 | 3,920,379) | (2,931,165) | (630,285) |
| Sep 30, 2014 | 1,470,699) | (384,155) | (501,491) |
| Sep 30, 2013 | 701,988) | 128,932) | (690,449) |
| Sep 30, 2012 | 1,270,542) | (939,688) | (1,116,882) |
| Sep 30, 2011 | 1,167,948) | (212,418) | (787,722) |
| Sep 30, 2010 | 1,108,624) | (184,371) | (275,439) |
| Sep 30, 2009 | 790,996) | (147,211) | (504,160) |
| Sep 30, 2008 | 719,624) | 165,778) | (662,417) |
| Sep 30, 2007 | 1,207,904) | (674,437) | (1,154,531) |
| Sep 30, 2006 | 807,265) | (42,702) | (469,848) |
| Sep 30, 2005 | 1,526,638) | (152,305) | (929,993) |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
The cash flow profile from 2005 to 2022 exhibits a transition from a period of moderate operational generation to a high-growth phase characterized by significant capital deployment and strategic financing adjustments.
- Operating Cash Flow Trends
- Net cash provided by operating activities remained relatively stable between 2005 and 2014, generally fluctuating between 700 million and 1.5 billion US dollars. A significant inflection point occurred in 2015, when operating cash flow surged to approximately 3.9 billion US dollars. From 2016 through 2022, the company maintained a higher baseline of operational cash generation, with a steady upward trajectory observed from 2018 onwards, concluding at 2.7 billion US dollars in 2022.
- Investing Cash Flow Patterns
- Investing activities were characterized by consistent net outflows, indicating ongoing capital expenditure or acquisitions, interrupted only by brief positive inflows in 2008 and 2013. Major investment cycles are evident in 2015 and 2016, where outflows exceeded 2.9 billion US dollars annually. The most pronounced expenditure occurred in 2021, with a net cash use of over 6.1 billion US dollars, representing the largest single-year investing outflow in the analyzed period.
- Financing Cash Flow Dynamics
- For most of the observed period, financing activities resulted in net cash outflows, suggesting a consistent pattern of debt repayment or shareholder returns. However, significant deviations occurred in 2016 and 2021. In 2021, a substantial net inflow of approximately 1.95 billion US dollars was recorded. This spike in financing corresponds with the peak in investing outflows during the same year, indicating that external financing was utilized to fund large-scale capital deployment.
The correlation between the three cash flow components reveals a strategic shift over time. The company transitioned from relying primarily on operational cash to fund modest investments to a model where robust operating cash flows and strategic external financing are leveraged to support massive capital expansions.
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Per Share Data
AmerisourceBergen Corp., 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 |
|---|---|---|---|
| Sep 30, 2022 | 8.15 | 8.04 | 0.00 |
| Sep 30, 2021 | 7.48 | 7.39 | 0.00 |
| Sep 30, 2020 | -16.65 | -16.65 | 0.00 |
| Sep 30, 2019 | 4.07 | 4.04 | 0.00 |
| Sep 30, 2018 | 7.61 | 7.53 | 0.00 |
| Sep 30, 2017 | 1.67 | 1.64 | 0.00 |
| Sep 30, 2016 | 6.73 | 6.32 | 0.00 |
| Sep 30, 2015 | -0.62 | -0.62 | 0.00 |
| Sep 30, 2014 | 1.22 | 1.17 | 0.00 |
| Sep 30, 2013 | 1.88 | 1.84 | 0.00 |
| Sep 30, 2012 | 2.84 | 2.80 | 0.00 |
| Sep 30, 2011 | 2.59 | 2.54 | 0.00 |
| Sep 30, 2010 | 2.26 | 2.22 | 0.00 |
| Sep 30, 2009 | 1.67 | 1.66 | 0.00 |
| Sep 30, 2008 | 0.78 | 0.77 | 0.00 |
| Sep 30, 2007 | 1.27 | 1.25 | 0.00 |
| Sep 30, 2006 | 1.14 | 1.13 | 0.00 |
| Sep 30, 2005 | 0.63 | 0.62 | 0.00 |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share profile exhibits a long-term upward trajectory characterized by significant volatility and extreme fluctuations, particularly from 2015 through 2020. While the initial period shows steady growth, the latter years are marked by sharp swings in profitability and a substantial outlier event before returning to a growth phase.
- Basic Earnings Per Share Trends
- A period of consistent growth is observed from 2005 to 2012, with basic earnings increasing from 0.63 to 2.84. This trend reversed between 2013 and 2015, culminating in a net loss of 0.62 per share. The subsequent years show extreme instability, including significant peaks in 2016 at 6.73 and 2018 at 7.61. A severe contraction occurred in 2020, with earnings dropping to -16.65, followed by a rapid recovery to 7.48 in 2021 and a period high of 8.15 in 2022.
- Diluted Earnings Per Share Correlation
- Diluted earnings per share closely mirror the movements of basic earnings per share throughout the entire period. The narrow variance between basic and diluted figures suggests a limited impact from dilutive securities, such as stock options or convertible bonds, on the overall earnings available to common shareholders.
- Dividend Distribution Analysis
- No dividend per share data is available for the period analyzed, preventing an assessment of the dividend payout ratio or the company's historical cash return policy to shareholders.
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