AbbVie is a research-based biopharmaceutical company engaged in the discovery, development, manufacturing and commercialization of medicines and therapies. The company operates as a single global business segment, with products organized across immunology, neuroscience, oncology, aesthetics, eye care and other therapeutic categories including hepatitis C and gastrointestinal treatments. Customers include physicians, health care providers, managed care organizations, hospitals, government agencies and, for certain products, consumers directly, with distribution through wholesalers, distributors and specialty pharmacies.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 61,160 | 56,334 | 54,318 | 5 |
| Cost of revenue | 18,204 | 16,904 | 20,415 | |
| Selling, general and administrative | 14,010 | 14,752 | 12,872 | 1 |
| Total operating expenses | 46,085 | 47,197 | 41,561 | |
| Operating income | 15,075 | 9,137 | 12,757 | 2 |
| Interest expense | 2,893 | 2,808 | 2,224 | 1 |
| Other income (expense), net | (5,793) | (3,240) | (4,677) | |
| Income before income taxes | 6,597 | 3,716 | 6,250 | 1 |
| Income tax provision | 2,364 | (570) | 1,377 | 2 |
| — of which current | 2,856 | 879 | 4,266 | 1 |
| Net income incl. noncontrolling interests | 4,233 | 4,286 | 4,873 | |
| Less: noncontrolling interests | 7 | 8 | 10 | |
| Net income attributable to common | 4,186 | 4,238 | 4,820 | 1 |
| Diluted earnings per share | $2.36 | $2.39 | $2.72 | 1 |
| Weighted-average diluted shares | 1,773 | 1,773 | 1,773 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 4,233 | 4,286 | 4,873 | |
| Share-based compensation | 955 | 911 | 747 | |
| Deferred income taxes | (492) | (1,449) | (2,889) | |
| Change in receivables | 1,490 | (207) | (66) | |
| Change in inventories | 234 | 319 | 417 | |
| Change in payables | 951 | 177 | 3,840 | |
| Net cash provided by operating activities | 19,030 | 18,806 | 22,839 | 5 |
| Capital expenditure | 1,214 | 974 | 777 | 1 |
| Acquisitions, net of cash | 204 | 17,493 | 0 | |
| Net cash used in investing activities | (6,643) | (20,820) | (2,009) | |
| Dividends paid | 11,657 | 11,025 | 10,539 | 1 |
| Repurchases of common stock | 980 | 1,708 | 1,972 | 1 |
| Debt issued | 3,994 | 16,963 | — | |
| Net cash used in financing activities | (12,724) | (5,211) | (17,222) | |
| Cash and equivalents at end of period | 5,229 | 5,524 | 12,814 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 5,229 | 5,524 | |
| Short-term investments | 28 | 31 | |
| Receivables, net | 12,589 | 10,919 | 1 |
| Inventories | 4,951 | 4,181 | 1 |
| Total current assets | 29,062 | 25,582 | |
| Property, plant and equipment, net | 5,628 | 5,134 | |
| Goodwill | 35,640 | 34,956 | 1 |
| Intangible assets, net | 47,360 | 54,866 | |
| Total assets | 133,960 | 135,161 | 1 |
| Accounts payable | 3,592 | 2,945 | |
| Current debt | 6,056 | 6,804 | |
| Total current liabilities | 43,289 | 38,749 | |
| Long-term debt | 58,941 | 60,340 | |
| Stockholders' equity | (3,270) | 3,325 | |
| Noncontrolling interests | 42 | 39 | |
| Total equity | (3,228) | 3,364 |
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Acquisitions, net of cash · CF | 204 | 17,493 | −17,289 | -98.8% | ◐ outsized |
| Net cash used in investing activities · CF | (6,643) | (20,820) | +14,177 | +68.1% | ◐ outsized |
| Debt issued · CF | 3,994 | 16,963 | −12,969 | -76.5% | ◐ outsized |
| Net cash used in financing activities · CF | (12,724) | (5,211) | −7,513 | -144.2% | ◐ outsized |
| Intangible assets, net · BS | 47,360 | 54,866 | −7,506 | -13.7% | — |
| Stockholders' equity · BS | (3,270) | 3,325 | −6,595 | -198.3% | ◐ outsized |
| Total equity · BS | (3,228) | 3,364 | −6,592 | -196.0% | ◐ outsized |
| Operating income · IS | 15,075 | 9,137 | +5,938 | +65.0% | ◐ outsized |
| Total revenues · IS | 61,160 | 56,334 | +4,826 | +8.6% | — |
| Total current liabilities · BS | 43,289 | 38,749 | +4,540 | +11.7% | — |
| Total current assets · BS | 29,062 | 25,582 | +3,480 | +13.6% | — |
| Income tax provision · IS | 2,364 | (570) | +2,934 | +514.7% | — |
| Income before income taxes · IS | 6,597 | 3,716 | +2,881 | +77.5% | — |
| Other income (expense), net · IS | (5,793) | (3,240) | −2,553 | -78.8% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 15367.3% sector median 13.1% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +0.4% sector median -0.3% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | -21.58 sector median 0.65 | low |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 10.8% sector median 14.5% | volatile |
| Quarterly · as filed in 10-Q/10-K · $ millions | JUN 25 | SEP 25 | DEC 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 15,423 | 15,776 | 16,618 | 15,002 | 16,990 |
| Cost of revenue | 4,346 | 5,304 | — | 4,218 | 4,291 |
| Selling, general and administrative | 3,253 | 3,569 | — | 3,578 | 3,632 |
| Total operating expenses | 10,529 | 13,872 | — | 11,012 | 10,558 |
| Operating income | 4,894 | 1,904 | — | 3,990 | 6,432 |
| Interest expense | 740 | 739 | — | 717 | 746 |
| Other income (expense), net | (2,662) | (503) | — | (2,306) | (1,475) |
| Income before income taxes | 1,554 | 714 | — | 1,039 | 4,278 |
| Income tax provision | 613 | 526 | — | 342 | 662 |
| Net income incl. noncontrolling interests | 941 | 188 | — | 697 | 3,616 |
| Less: noncontrolling interests | 3 | 2 | — | 2 | 3 |
| Net income attributable to common | 928 | 176 | — | 685 | 3,601 |
| Diluted earnings per share | $0.52 | $0.10 | $1.02 | $0.39 | $2.03 |
| Weighted-average diluted shares | 1,771 | 1,772 | — | 1,774 | 1,771 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Income before income taxes | 1,039 | 4,278 | +3,239 | +311.7% |
| Net income incl. noncontrolling interests | 697 | 3,616 | +2,919 | +418.8% |
| Net income attributable to common | 685 | 3,601 | +2,916 | +425.7% |
| Operating income | 3,990 | 6,432 | +2,442 | +61.2% |
| Total revenues | 15,002 | 16,990 | +1,988 | +13.3% |
| Other income (expense), net | (2,306) | (1,475) | +831 | +36.0% |
| Total operating expenses | 11,012 | 10,558 | −454 | -4.1% |
| Income tax provision | 342 | 662 | +320 | +93.6% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $325,061M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 13 filings · 11 non-market txns | quiet — awards/exercises only |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| · The Vanguard Group | 10.02% | 5%+ holder · DEF 14A filed 2026-03-23 |
| Institutional % | 1 holder of 5%+ named | full 13F total pending — never estimated |
| · 10b5-1 adopted | Perry C. Siatis, Executive Vice President, General Counsel and Secretary | 11/18/2025 · Up to 41,049 Shares to be Sold shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from AbbVie's Form 10-K for FY2025 (accession 0001551152-26-000008), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. ABBV is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.