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AbbVie cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$7.3B in Q3 2026 · $18.9B over twelve months

Operating cash flow$7.6B
Capital spending−$301M
Free cash flow+$7.3B
Cash / net income1.8×
Cash conversion cycle-543 days

Analysis

In Q3 2026, AbbVie generated $7.6B of operating cash flow and spent $301M on capital projects, leaving free cash flow of $7.3B. That is $662M more than in Q3 2025 ($6.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was $20.1B; the largest uses were dividends ($12.1B), acquisitions ($10.6B), other investing ($1.6B); besides operations, cash came from net borrowing (+) / repaid (−) ($12.2B); the cash balance rose by $5.1B.

Operating cash flow was $7.6B against net income of $4.2B — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.9B, payables +$983M, receivables +$312M.

Its cash conversion cycle was -543 days (receivables 72 + inventory 112 − payables 727): suppliers fund its working capital.

Free cash flow

AbbVie: free cash flow by quarterAbbVie: free cash flow by quarter$6.8BQ4 2024$1.4BQ1 2025$4.9BQ2 2025$6.6BQ3 2025$4.9BQ4 2025$3.6BQ1 2026$3.1BQ2 2026$7.3BQ3 2026
Operating cash flow less capital spending.
AbbVie: operating cash flow against capital spendingAbbVie: operating cash flow against capital spendingOperating cash flowCapital spending$7.0B$291MQ4 2024$1.6B$235MQ1 2025$5.2B$269MQ2 2025$7.0B$381MQ3 2025$5.2B$329MQ4 2025$3.8B$265MQ1 2026$3.4B$322MQ2 2026$7.6B$301MQ3 2026
Latest (Q3 2026): Operating cash flow $7.6B, Capital spending $301M.

Capital allocation, year by year

AbbVie: where the cash came from (up) and went (down), by fiscal yearAbbVie: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $22.8BFY2021: Net borrowing −$8.4BFY2021: Shares issued $244MFY2021: Capital spending −$787MFY2021: Acquisitions −$525MFY2021: Buybacks −$934MFY2021: Dividends −$9.3B$23.0BFY2021FY2022: Operating cash flow $24.9BFY2022: Net borrowing −$12.4BFY2022: Shares issued $262MFY2022: Capital spending −$695MFY2022: Acquisitions −$255MFY2022: Buybacks −$1.5BFY2022: Dividends −$10.0B$25.2BFY2022FY2023: Operating cash flow $22.8BFY2023: Net borrowing −$4.1BFY2023: Shares issued $180MFY2023: Capital spending −$777MFY2023: Buybacks −$2.0BFY2023: Dividends −$10.5B$23.0BFY2023FY2024: Operating cash flow $18.8BFY2024: Net borrowing $7.3BFY2024: Shares issued $214MFY2024: Capital spending −$974MFY2024: Acquisitions −$17.5BFY2024: Buybacks −$1.7BFY2024: Dividends −$11.0B$26.4BFY2024FY2025: Operating cash flow $19.0BFY2025: Net borrowing −$304MFY2025: Shares issued $172MFY2025: Capital spending −$1.2BFY2025: Acquisitions −$204MFY2025: Buybacks −$980MFY2025: Dividends −$11.7B$19.2BFY2025
Over these 5 years operating cash flow totalled $108.4B; the largest uses were dividends ($52.5B) and net borrowing ($25.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.8B
Debt$64.5B
Net debt$53.7B
Due within a year$6.0B

AbbVie funds itself: free cash flow was $18.9B over the last twelve months, and $10.8B of cash and investments stands against $64.5B of debt ($6.0B due within a year, 1.8× covered by cash).

AbbVie: debt maturities by year (FY2025)AbbVie: debt maturities by year (FY2025)$6.0BYear 1$5.1BYear 2$4.5BYear 3$8.6BYear 4$1.0BYear 5$39.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $10.8B of cash and investments now.

Where the cash came from and went

AbbVie: sources (+) and uses (−) of cash, Q3 2026AbbVie: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$10.6BNet borrowing (+) / repaid (−)$10.0BOperating cash flow$7.6BCash drawn (+) / kept (−)−$4.2BDividends−$3.1BOther investing$680MCapital spending−$301MOther financing−$87.0MExchange rates−$6.0MBuybacks−$5.0M
AbbVie: sources (+) and uses (−) of cash, TTM to Q3 2026AbbVie: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$20.1BNet borrowing (+) / repaid (−)$12.2BDividends−$12.1BAcquisitions−$10.6BCash drawn (+) / kept (−)−$5.1BOther investing−$1.6BBuybacks−$1.5BCapital spending−$1.2BExchange rates−$14.0MOther financing−$13.0M

From profit to cash

AbbVie: net income to operating cash flow, Q3 2026AbbVie: net income to operating cash flow, Q3 2026Net income$4.2BDepreciation & amortization$1.9BStock-based pay$160MDeferred taxes−$56.0MOther non-cash−$17.0MReceivables$312MInventory−$148MPayables$983MPrepaid and other assets$251MIncome taxes payable$301MOperating cash flow$7.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202672112727-543
Q2 202670108711-533
Q1 202675107731-549
Q3 20257486571-411
Q2 20257499663-489
Q1 20257998708-531

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$7.6B−$301M−$10.6B−$5.0M−$3.1B$10.0B—−$4.2B$7.3B
Q2 2026$3.4B−$322M—−$9.0M−$3.1B−$2.0B—$2.8B$3.1B
Q1 2026$3.8B−$265M—−$1.5B−$3.1B$5.5B—−$4.2B$3.6B
Q4 2025$5.2B−$329M—−$3.0M−$2.9B−$1.3B$48.0M$400M$4.9B
Q3 2025$7.0B−$381M—−$4.0M−$2.9B−$1.8B$63.0M$838M$6.6B
Q2 2025$5.2B−$269M—−$12.0M−$2.9B$209M$5.0M−$1.3B$4.9B
Q1 2025$1.6B−$235M−$204M−$961M−$2.9B$2.6B$56.0M$349M$1.4B
Q4 2024$7.0B−$291M—−$358M−$2.8B−$3.8B$10.0M$1.7B$6.8B

AbbVie: income statement and cash flow

AbbVie, Q3 2026: revenue $17.4B (+10% year over year), operating margin 36.0%. The chart follows the revenue to costs, profit and cash.

AbbVie: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.