Filing Flows › Amgen (AMGN) › Q4 2025
Amgen (AMGN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Amgen (AMGN) reported revenue of $9.9B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +3% from the quarter before. Operating margin was 27.6%, net earnings $1.3B (13.5% of revenue).
Amgen, Q4 2025: revenue $9.9B (+9% year over year), operating margin 27.6%, net earnings $1.3B, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.9B | +3% | +9% |
| Operating profit | $2.7B | +8% | +18% |
| Net earnings | $1.3B | -59% | +113% |
| Operating cash flow | $1.6B | -66% | -66% |
| Free cash flow | $1.0B | — | -77% |
What changed
Revenue was $9.9B in Q4 2025, up 9% year over year and up 3% from the previous quarter. Product sales was the largest line at 95% of revenue.
Operating profit was $2.7B, a 27.6% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 52% reached operating profit, above the 25% margin then. Total costs grew 5% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were $1.3B, up 113% year over year. The effective tax rate was 12.0%.
Operating cash flow was $1.6B (down 66% year over year), 120% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items used $1.0B. After capital Expenditures ($0.60B), free cash flow as the company reports it was $1.0B.
Questions
What was Amgen's revenue in the fourth quarter 2025?
Amgen (AMGN) reported revenue of $9.9B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +3% from the quarter before.
Was Amgen profitable in the fourth quarter 2025?
Operating profit was $2.7B (27.6% of revenue) and net earnings $1.3B.
Source: Amgen 10-K on SEC EDGAR.