Amgen Inc.

AMGNNASDAQHealthcare● Active

$349.58

+$3.98(+1.15%)

Market Cap$188.7B

P/E Ratio—

52W High$391.29

52W Low$267.83

Avg Volume2.6M

Open$348.68

Beta0.42

Overview

Amgen Inc. (AMGN) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

AMGN · free cash flow · updated Jun 8, 2026

Core FCF metrics

AMGN · FCF · TTM · margin & CAGR

Free cash flow was $8.10B for FY2025 (fiscal year ending 2025-12-31), down 22.1% year-over-year The FCF margin was 22.1%. Five-year CAGR stands at -3.9%.

FY2025 Free Cash Flow$8.10B▼ -22.1% YoY

Trailing 12M (TTM)$8.60Btrailing 4 quarters sum

FCF Margin22.1%$8.10B ÷ revenue

3-Year CAGR-2.7%FY2022 → FY2025

5-Year CAGR-3.9%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

AMGN · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$9.96B(1.86B)$8.10B▼ 22.1%22.1%

FY2024$11.49B(1.10B)$10.39B▲ +41.2%31.1%

FY2023$8.47B(1.11B)$7.36B▼ 16.2%26.1%

FY2022$9.72B(936M)$8.79B▲ +4.8%33.4%

FY2021$9.26B(880M)$8.38B▼ 15.2%32.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

AMGN · P/FCF · FCF yield · FCF per share

Amgen Inc. (AMGN) trades at a FCF yield of 4.56% and a price-to-free-cash-flow ratio of 21.9x. FCF per share stands at $15.98, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.56%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$15.98

TTM FCF ÷ Shares Outstanding

Price / FCF

x21.9

Share Price ÷ FCF per Share

EV / FCF (TTM)

x27.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

AMGN · cash flow statement · operating / investing / financing

For FY2025, Amgen Inc. generated $9.96B in operating cash flow and spent 1.86B in capital expenditures, yielding $8.10B in free cash flow.

Operating Activities

+$9.96B

Cash from core business operations

2025-12-31

Investing Activities

−$1.94B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$10.86B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($9.96B) − |CapEx| (1.86B) = FCF ($8.10B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

AMGN vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Amgen Inc.YOU

AMGN

$8.10B-22.1%22.0%

41%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Amgen Inc. (AMGN) reported free cash flow of $8.10B for FY2025 (fiscal year ending 2025-12-31), down 22.1% year-over-year. The FCF margin was 22.1%.

Based on available data, Amgen Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $10.56B in FY2018. The 5-year CAGR stands at -3.9%.

Amgen Inc.'s FCF yield is 4.56% and price-to-FCF ratio is 21.9x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

AMGN free cash flow · 8 questions

Amgen Inc. free cash flow was $8.10B for FY2025, down 22.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $8.60B.

AMGN free cash flowAMGN FCFAMGN FCF 2025AMGN free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Amgen Inc. · Amgen Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026