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Saturday 10 October 2026 Export all ABBV data to Excel Powerpack

AbbVie Inc.

ABBV Healthcare Drug Manufacturers General

AbbVie Inc.’s revenue for fiscal 2025 (year ended December 2025) was $61.2 billion, up 8.57% from fiscal 2024. In the quarter to June 2026, revenue grew 10.2%, EPS grew 290.4%, free cash flow fell 36.2% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

276.47 4.05 +1.49%
Market cap
$481.4B
P/E
78.1×
Fwd P/E
27.8×
Dividend yield
3.10%
F-score
8/9
Altman Z
2.31
Beneish M
−2.86
Dividend safety
44/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

AbbVie Inc. (ABBV) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

AbbVie generated $61.2 billion of revenue in FY2025, with $15.1 billion of operating income in FY2025 and $4.2 billion of net income in FY2025. Diluted EPS was $2.36 in FY2025, while free cash flow was $17.8 billion in FY2025. The company had 57,000 employees in FY2025.

In Q2 FY2026, revenue was $17.0 billion, gross profit was $12.7 billion, and operating income was $6.4 billion. Net income was $3.6 billion in Q2 FY2026 and diluted EPS was $2.03 in Q2 FY2026. Revenue for the TTM to Q2 FY2026 was $64.4 billion, while net income for the TTM to Q2 FY2026 was $6.3 billion.

Growth

Revenue reached $61.2 billion in FY2025, growing 8.57% in FY2025 against FY2024. Revenue compound annual growth was 1.75% in FY2022–FY2025 and 5.95% in FY2020–FY2025. Diluted EPS was $2.36 in FY2025, a −1.26% change in FY2025 against FY2024; its compound annual growth was −29.1% in FY2022–FY2025 and −2.80% in FY2020–FY2025. Free cash flow was $17.8 billion in FY2025 and changed −0.09% in FY2025 against FY2024.

Revenue was $17.0 billion in Q2 FY2026, up 13.3% in Q2 FY2026 against Q1 FY2026 and 10.2% in Q2 FY2026 against Q2 FY2025. Diluted EPS was $2.03 in Q2 FY2026, while free cash flow was $3.1 billion in Q2 FY2026.

Profitability

Gross margin was 70.2% in FY2025, compared with 66.4% in FY2020; the change was 3.8 percentage points in FY2020–FY2025. Operating margin was 24.6% in FY2025, compared with 24.8% in FY2020, a −0.2 percentage point change in FY2020–FY2025. Pre-tax margin was 10.8% in FY2025, compared with 7.42% in FY2020, while net margin was 6.92% in FY2025 versus 10.1% in FY2020.

Return on assets was 3.11% in FY2025, and return on invested capital was 16.0% in FY2025. Return on equity was 6,155.9% in FY2025, alongside −$3.2 billion of shareholders’ equity in FY2025. Gross margin was 74.7% in Q2 FY2026 and operating margin was 37.9% in Q2 FY2026. No industry-median profitability comparisons are reported.

Balance sheet

Total debt was $67.5 billion in FY2025, compared with $67.1 billion in FY2024. Net debt was $62.2 billion in FY2025, while cash and short-term investments were $5.3 billion in FY2025. Shareholders’ equity was −$3.2 billion in FY2025, following $3.4 billion in FY2024, and book value per share was −$1.82 in FY2025.

Working capital was −$14.2 billion in FY2025. The current ratio was 0.8× in Q2 FY2026, and debt to equity was −12.0× in Q2 FY2026. Net debt was $64.3 billion in Q2 FY2026, compared with $63.5 billion in Q1 FY2026. The negative equity balance makes debt-to-equity interpretation dependent on that capital structure.

Cash flow & capital return

Operating cash flow was $19.0 billion in FY2025, a 1.19% change in FY2025 against FY2024. Capital expenditure was $1.2 billion in FY2025, and free cash flow was $17.8 billion in FY2025, unchanged at $17.8 billion in FY2024. Free cash flow represented 420.9% of net income in FY2025.

Dividends paid were $11.7 billion in FY2025, while net share repurchases were $808.0 million in FY2025. Capital returned to shareholders was $12.5 billion in FY2025 and $58.5 billion in FY2021–FY2025. Weighted average shares were 1.8 billion shares in FY2025; share count changed 6.12% in FY2020–FY2025. Operating cash flow was $19.5 billion for the TTM to Q2 FY2026, and free cash flow was $18.2 billion for the TTM to Q2 FY2026.

Valuation

Market capitalisation was $469.0 billion as of September 24, 2026. The P/E was 74.9× as of September 24, 2026, above the five-year median of 58.5× as of September 24, 2026, over the five fiscal years to FY2025, and the ten-year median of 27.8× as of September 24, 2026, over the ten fiscal years to FY2025.

The P/S was 7.3× as of September 24, 2026, above the five-year median of 5.2× as of September 24, 2026, over the five fiscal years to FY2025, and the ten-year median of 4.6× as of September 24, 2026, over the ten fiscal years to FY2025. EV/Sales was 8.3× as of September 24, 2026 and EV/Cash flow was 29.3× as of September 24, 2026; both were higher than their five- and ten-year medians. P/B was not meaningful as of September 24, 2026 because earnings or book value are negative. No industry-median valuation comparisons are reported.

What changed since last quarter

Revenue was $17.0 billion in Q2 FY2026, a 13.3% increase in Q2 FY2026 against Q1 FY2026 and a 10.2% increase in Q2 FY2026 against Q2 FY2025. Diluted EPS was $2.03 in Q2 FY2026, up 420.5% in Q2 FY2026 against Q1 FY2026 and 290.4% in Q2 FY2026 against Q2 FY2025. Operating margin was 37.9% in Q2 FY2026, increasing 11.3 percentage points in Q2 FY2026 against Q1 FY2026 and 6.1 percentage points in Q2 FY2026 against Q2 FY2025.

Free cash flow was $3.1 billion in Q2 FY2026, down −12.6% in Q2 FY2026 against Q1 FY2026 and −36.2% in Q2 FY2026 against Q2 FY2025. Net debt was $64.3 billion in Q2 FY2026, increasing by $786.0 million in Q2 FY2026 against Q1 FY2026 and by $239.0 million in Q2 FY2026 against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the movement in quarterly operating income and net income?
  • What explains the decline in free cash flow relative to the prior quarter and year-earlier quarter?
  • How does the company intend to manage debt and liquidity alongside negative shareholders’ equity?
  • What accounts for the difference between operating-income improvement and the longer-term diluted-EPS trend?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.