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Amgen cash flow, quarter by quarter

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

Free cash flow$3.7B in Q3 2026 · $9.6B over twelve months

Operating cash flow$4.2B
Capital spending−$587M
Free cash flow+$3.7B
Cash / net income1.1×
Cash conversion cycle203 days

Analysis

In Q3 2026, Amgen generated $4.2B of operating cash flow and spent $587M on capital projects, leaving free cash flow of $3.7B. That is $594M less than in Q3 2025 ($4.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $12.0B; the largest uses were dividends ($5.4B), capital spending ($2.5B), other financing ($378M); besides operations, cash came from net borrowing (+) / repaid (−) ($81.0M); the cash balance rose by $3.7B.

Operating cash flow was $4.2B against net income of $3.9B — 1.1× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$1.1B, other non-cash +$347M, income taxes payable +$133M.

Its cash conversion cycle was 203 days (receivables 91 + inventory 208 − payables 96).

Free cash flow

Amgen: free cash flow by quarterAmgen: free cash flow by quarter$4.4BQ4 2024$980MQ1 2025$1.9BQ2 2025$4.2BQ3 2025$961MQ4 2025$1.5BQ1 2026$3.5BQ2 2026$3.7BQ3 2026
Operating cash flow less capital spending.
Amgen: operating cash flow against capital spendingAmgen: operating cash flow against capital spendingOperating cash flowCapital spending$4.8B$371MQ4 2024$1.4B$411MQ1 2025$2.3B$369MQ2 2025$4.7B$436MQ3 2025$1.6B$642MQ4 2025$2.2B$712MQ1 2026$4.0B$513MQ2 2026$4.2B$587MQ3 2026
Latest (Q3 2026): Operating cash flow $4.2B, Capital spending $587M.

Capital allocation, year by year

Amgen: where the cash came from (up) and went (down), by fiscal yearAmgen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $9.3BFY2021: Net borrowing $795MFY2021: Capital spending −$880MFY2021: Acquisitions −$2.5BFY2021: Buybacks −$5.0BFY2021: Dividends −$4.0B$10.1BFY2021FY2022: Operating cash flow $9.7BFY2022: Net borrowing $6.9BFY2022: Asset sales $130MFY2022: Capital spending −$936MFY2022: Acquisitions −$3.8BFY2022: Buybacks −$6.4BFY2022: Dividends −$4.2B$16.8BFY2022FY2023: Operating cash flow $8.5BFY2023: Net borrowing $26.3BFY2023: Capital spending −$1.1BFY2023: Acquisitions −$27.0BFY2023: Dividends −$4.6B$34.8BFY2023FY2024: Operating cash flow $11.5BFY2024: Net borrowing −$3.6BFY2024: Capital spending −$1.1BFY2024: Buybacks −$200MFY2024: Dividends −$4.8B$11.5BFY2024FY2025: Operating cash flow $10.0BFY2025: Net borrowing −$5.0BFY2025: Capital spending −$1.9BFY2025: Acquisitions −$53.0MFY2025: Dividends −$5.1B$10.0BFY2025
Over these 5 years operating cash flow totalled $48.9B; the largest uses were acquisitions ($33.4B) and dividends ($22.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.2B
Debt$54.0B
Net debt$40.8B
Due within a year$4.6B

Amgen funds itself: free cash flow was $9.6B over the last twelve months, and $13.2B of cash and investments stands against $54.0B of debt ($4.6B due within a year, 2.9× covered by cash).

Amgen: debt maturities by year (FY2025)Amgen: debt maturities by year (FY2025)$4.6BYear 1$2.7BYear 2$5.0BYear 3$2.9BYear 4$4.0BYear 5$36.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $13.2B of cash and investments now.

Where the cash came from and went

Amgen: sources (+) and uses (−) of cash, Q3 2026Amgen: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.2BNet borrowing (+) / repaid (−)−$3.0BDividends−$1.4BCash drawn (+) / kept (−)$799MCapital spending−$587MOther investing−$62.0MOther financing$22.0M
Amgen: sources (+) and uses (−) of cash, TTM to Q3 2026Amgen: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$12.0BDividends−$5.4BCash drawn (+) / kept (−)−$3.7BCapital spending−$2.5BOther financing−$378MOther investing−$173MNet borrowing (+) / repaid (−)$81.0M

From profit to cash

Amgen: net income to operating cash flow, Q3 2026Amgen: net income to operating cash flow, Q3 2026Net income$3.9BDepreciation & amortization$1.1BStock-based pay$128MDeferred taxes−$120MImpairments$63.0MOther non-cash$347MReceivables−$108MInventory−$105MPayables$83.0MAccrued liabilities−$87.0MPrepaid and other assets−$32.0MOther liabilities−$34.0MIncome taxes payable$133MOperating cash flow$4.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20269120896203
Q2 20268820194195
Q1 20269820487214
Q4 20258419480198
Q3 20258319387188
Q2 20258320182203
Q1 20258220865225
Q4 20247121260224

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$4.2B−$587M−$1.4B−$3.0B$799M$3.7B
Q2 2026$4.0B−$513M−$1.4B—−$2.0B$3.5B
Q1 2026$2.2B−$712M−$1.4B$3.1B−$2.9B$1.5B
Q4 2025$1.6B−$642M−$1.3B—$316M$961M
Q3 2025$4.7B−$436M−$1.3B−$1.5B−$1.4B$4.2B
Q2 2025$2.3B−$369M−$1.3B−$1.0B$782M$1.9B
Q1 2025$1.4B−$411M−$1.3B−$2.5B$3.2B$980M
Q4 2024$4.8B−$371M−$1.2B—−$3.0B$4.4B

Amgen: income statement and cash flow

Amgen, Q3 2026: revenue $10.4B (+8% year over year), operating margin 35.8%. The chart follows the revenue to costs, profit and cash.

Amgen: 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.