Abbott Laboratories (ABT) FY2025 results: revenue $44.3 billion, up 5.7% on the year
Abbott Laboratories (ABT) reported revenue of $44.3 billion for fiscal 2025, the year ended 31 December 2025, up 5.7% on the year before. Net income was $6.5 billion, down 51.3%, and diluted earnings per share $3.72. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
- Fourth-quarter sales grew 4.4 percent: Sales were $11.459 billion, up 4.4 percent reported and 3.0 percent organic. Excluding COVID-19 testing-related sales, organic growth was 3.8 percent.
- Quarterly adjusted EPS grew 12 percent: GAAP diluted EPS was $1.01 and adjusted diluted EPS was $1.50. Specified items reduced GAAP diluted EPS by $0.49 in the quarter.
- Full-year sales reached $44.3 billion: Full-year 2025 sales rose 5.7 percent reported and 5.5 percent organic. Excluding COVID-19 testing-related sales, organic growth was 6.7 percent.
- Medical Devices led growth: Medical Devices sales rose 12.3 percent reported and 10.4 percent organic, to $5.675 billion. U.S. sales rose 10.7 percent and international sales rose 13.7 percent reported.
- Nutrition sales fell nearly nine percent: Nutrition sales were $1.940 billion, down 8.9 percent reported and 9.1 percent organic. Pediatric U.S. sales fell 17.7 percent.
From this 10-K
Abbott Laboratories is an Illinois corporation, incorporated in 1900, whose principal business is the discovery, development, manufacture and sale of a broad and diversified line of healthcare products. It reports four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Medical Devices. On 19 November 2025 it entered into a definitive agreement to acquire Exact Sciences Corporation, which the filing says is expected to let Abbott enter the cancer diagnostics market; the acquisition is subject to customary closing conditions including approval by Exact Sciences shareholders and regulatory clearances.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 44,328 | 41,950 | 40,109 | +5.7% | |
| Cost of revenue | 19,319 | 18,706 | 17,975 | +3.3% | |
| Gross profit | 25,009 | 23,244 | 22,134 | +7.6% | |
| Gross margin | 56.4% | 55.4% | 55.2% | ||
| Research and development | 2,942 | 2,844 | 2,741 | +3.4% | |
| Selling, general and administrative | 12,332 | 11,697 | 10,949 | +5.4% | |
| Operating income | 8,053 | 6,825 | 6,478 | +18.0% | |
| Operating margin | 18.2% | 16.3% | 16.2% | ||
| Interest expense | 493 | 559 | 637 | -11.8% | |
| Pre-tax income | 8,466 | 7,013 | 6,664 | +20.7% | |
| Income tax | 1,942 | -6,389 | 941 | ||
| Effective tax rate | 22.9% | -91.1% | 14.1% | ||
| Net income | 6,524 | 13,402 | 5,723 | -51.3% | |
| Net margin | 14.7% | 31.9% | 14.3% | ||
| Diluted EPS | $3.72 | $7.64 | $3.26 | -51.3% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 9,566 | 8,558 | 7,261 | +11.8% | |
| Capital expenditure | 2,171 | 2,207 | 2,202 | -1.6% | |
| Free cash flow | 7,395 | 6,351 | 5,059 | +16.4% | |
| Free cash flow margin | 16.7% | 15.1% | 12.6% | ||
| Cash from investing | -2,422 | -2,338 | -3,133 | ||
| Cash from financing | -6,309 | -5,404 | -7,091 | ||
| Depreciation and amortisation | 3,116 | 3,218 | 3,243 | -3.2% | |
| Share-based compensation | 664 | 673 | 644 | -1.3% | |
| Buybacks | 893 | 1,295 | 1,227 | -31.0% | |
| Dividends paid | 4,116 | 3,836 | 3,556 | +7.3% | |
| Dividend per share | $2.40 | $2.24 | $2.08 | +7.1% | |
| Diluted shares, weighted | 1,748m | 1,748m | 1,749m | 0.0% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 52,130 | 47,664 | 38,603 | +9.4% | |
| Non-controlling interest | 641 | 237 | 224 | +170.5% | |
| Debt | 12,929 | 14,125 | 14,679 | -8.5% | |
| Operating lease liabilities | 931 | 896 | 949 | +3.9% | |
| Other liabilities | 20,082 | 18,492 | 18,759 | +8.6% | |
| Total liabilities and equity | 86,713 | 81,414 | 73,214 | +6.5% | |
| Fixed assets | 11,816 | 10,658 | 10,154 | +10.9% | |
| Goodwill | 24,035 | 23,108 | 23,679 | +4.0% | |
| Intangible assets | 5,526 | 6,647 | 8,815 | -16.9% | |
| Investments | 1,335 | 1,237 | 1,182 | +7.9% | |
| Cash and equivalents | 8,522 | 7,616 | 6,896 | +11.9% | |
| Receivables | 7,929 | 6,925 | 6,565 | +14.5% | |
| Inventory | 6,488 | 6,194 | 6,570 | +4.7% | |
| Other assets | 21,062 | 19,029 | 9,353 | +10.7% | |
| Total assets | 86,713 | 81,414 | 73,214 | +6.5% |
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.