Company financialsHealth careFrom SEC filings

AbbVie financials, fiscal 2016 to 2025

AbbVie Inc. · NYSE: ABBV Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001551152-26-000008 Updated October 5, 2026

AbbVie's revenue rose 8.6% to $61.2B in fiscal 2025. Its operating margin was 24.6%, up from 16.2% a year earlier. Free cash flow was $17.8B, down 0.1%. It paid out $12.6B in dividends and buybacks, 71% of free cash flow.

Revenue

$61.2B

▲ 8.6%

Operating margin

24.6%

▲ 8.4 pts

Free cash flow

$17.8B

▼ 0.1%

Return on invested capital

15.7%

▲ 0.7 pts

Piotroski F-score

7 of 9

6 a year earlier

About these figures. AbbVie's shareholders' equity fell close to zero and then below it in 2025, so return on equity and debt to equity are left blank for those years.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Returns on capital

Return on invested capital and on equity

Percent. Both use the average of opening and closing balances.

Return on invested capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Try a discounted cash flow model

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures below come from AbbVie's 10-K. The four assumptions start at the same example values on every company page, so they are not The Filing Desk's view of AbbVie. Change them to see what different assumptions imply.

From the 10-K

Starting free cash flow, US$ millions

Net cash, US$ millionsCash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millionsWeighted-average diluted shares in fiscal 2025.

Your assumptions

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation, and this site does not show share prices.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	9.8	9.2	12.8	5.6	5.3
Debt incl. finance leases	76.0	63.2	59.3	66.9	67.0
Net debt (negative means net cash)	66.2	53.9	46.5	61.3	61.8
Net debt to EBITDA	2.5x	2.0x	2.2x	3.5x	2.7x
Debt to equity	4.9x	3.7x	5.7x	—	—
Interest coverage	7.4x	8.1x	5.7x	3.2x	5.2x
Current ratio	0.8x	1.0x	0.9x	0.7x	0.7x
Quick ratio	0.7x	0.8x	0.8x	0.6x	0.6x

US$ billions unless stated, at each fiscal year end.

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	5 of 9	6 of 9	7 of 9
Accruals ratio	−13.1%	−10.8%	−11.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compared with peers

Company	Year	Revenue growth	Operating margin	FCF margin	ROIC	Net debt / EBITDA	F-score
AbbVie	FY25	8.6%	24.6%	29.1%	15.7%	2.7x	7
Johnson & Johnson	FY25	6.0%	—	20.9%	28.1%	0.7x	4
Pfizer	FY25	−1.6%	—	14.5%	7.2%	3.2x	6
Moderna	FY25	−39.9%	−158.1%	−106.2%	−65.4%	—	2

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	25.6	28.2	32.8	33.3	45.8	56.2	58.1	54.3	56.3	61.2
Revenue growth	12.2%	10.1%	16.1%	1.6%	37.7%	22.7%	3.3%	−6.4%	3.7%	8.6%
Gross profit	19.8	21.2	25.0	25.8	30.4	38.8	40.6	33.9	39.4	43.0
Research and development	4.4	5.0	10.3	6.4	6.4	6.9	6.5	7.7	12.8	9.1
Operating income	9.3	9.5	6.4	13.0	11.4	17.9	18.1	12.8	9.1	15.1
Net income	6.0	5.3	5.7	7.9	4.6	11.5	11.8	4.9	4.3	4.2
Diluted EPS (US$)	3.63	3.30	3.66	5.28	2.72	6.45	6.63	2.72	2.39	2.36
Diluted shares (millions)	1,631	1,603	1,546	1,484	1,673	1,777	1,778	1,773	1,773	1,773
Cash flow
Cash from operations	7.0	10.0	13.4	13.3	17.6	22.8	24.9	22.8	18.8	19.0
Capital expenditure	0.5	0.5	0.6	0.6	0.8	0.8	0.7	0.8	1.0	1.2
Free cash flow	6.6	9.4	12.8	12.8	16.8	22.0	24.2	22.1	17.8	17.8
Dividends paid	3.7	4.1	5.6	6.4	7.7	9.3	10.0	10.5	11.0	11.7
Share buybacks	6.0	1.4	12.0	0.6	1.0	0.9	1.5	2.0	1.7	1.0
Acquisitions	2.5	0.0	0.0	0.0	38.3	0.5	0.3	0.0	17.5	0.2
Stock-based compensation	0.4	0.4	0.4	0.4	0.8	0.7	0.7	0.7	0.9	1.0
Balance sheet at fiscal year end
Cash and short-term investments	6.4	9.8	8.1	39.9	8.5	9.8	9.2	12.8	5.6	5.3
Debt incl. finance leases	36.8	37.4	40.3	67.3	85.0	76.0	63.2	59.3	66.9	67.0
Total assets	66.1	70.8	59.4	89.1	150.6	146.5	138.8	134.7	135.2	134.0
Total liabilities	61.5	65.7	67.8	97.3	137.5	131.1	121.5	124.3	131.8	137.2
Shareholders' equity	4.6	5.1	−8.4	−8.2	13.1	15.4	17.3	10.4	3.3	−3.3
Margins and ratios
Gross margin	77.2%	75.0%	76.4%	77.6%	66.4%	69.0%	70.0%	62.4%	70.0%	70.2%
Operating margin	36.4%	33.8%	19.5%	39.0%	24.8%	31.9%	31.2%	23.5%	16.2%	24.6%
Net margin	23.2%	18.8%	17.4%	23.7%	10.1%	20.5%	20.4%	8.9%	7.6%	6.9%
Free cash flow margin	25.6%	33.4%	39.0%	38.4%	36.7%	39.1%	41.8%	40.6%	31.6%	29.1%
Return on invested capital	22.6%	19.4%	22.6%	56.5%	20.9%	18.6%	20.8%	15.5%	15.0%	15.7%
Return on equity	138.8%	109.1%	—	—	—	81.0%	72.5%	35.2%	62.5%	—
Return on assets	10.0%	7.8%	8.7%	10.6%	3.9%	7.8%	8.3%	3.6%	3.2%	3.1%
Net debt to EBITDA	2.9x	2.5x	4.0x	1.8x	4.3x	2.5x	2.0x	2.2x	3.5x	2.7x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AbbVie's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AbbVie.