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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.

Revenue
$44.3 billion
+5.7% on the year
FY2018FY2025
Operating margin
18.2%
16.3% a year earlier
FY2018FY2025
Net income
$6.5 billion
-51.3% on the year
FY2018FY2025
Diluted EPS
$3.72
-51.3% on the year
FY2018FY2025

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.
Read the Q4 FY2025 earnings call summary

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.

Abbott Laboratories, the 10-K for 2025

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.

Established Pharmaceutical Products

Branded generic pharmaceuticals, made worldwide but marketed and sold outside the United States, in emerging markets. They go directly to wholesalers, distributors, government agencies, healthcare facilities, pharmacies and independent retailers from Abbott-owned distribution centres or public warehouses, and some products are co-marketed, co-promoted with, or licensed from other companies. The therapeutic portfolios include gastroenterology, with Creon for pancreatic exocrine insufficiency, Duspatal and Dicetel for irritable bowel syndrome or biliary spasm, Heptral, Transmetil and Samyr for intrahepatic cholestasis or depressive symptoms and Duphalac for regulating the rhythm of the colon, and women's health, with Duphaston for gynecological disorders and Femoston, a hormone replacement therapy for postmenopausal women.

Diagnostic Products

Diagnostic systems and tests sold worldwide to blood banks, hospitals, commercial laboratories, clinics, physicians' offices, retailers, government agencies, alternate care testing sites and plasma protein therapeutic companies. Core laboratory and transfusion medicine covers immunoassay, clinical chemistry, hematology and transfusion serology, on the Alinity family of instruments and the ARCHITECT and Cell-Dyn systems, used to screen for or diagnose cancer, cardiac and metabolic disorders, drugs of abuse, thyroid function, fertility, neurologic and general chemistries, infectious disease and therapeutic drug monitoring. Molecular diagnostics runs polymerase chain reaction systems, Alinity m and m2000, which automate extraction, purification and preparation of DNA and RNA from patient samples, plus the Vysis genomic test line for oncology. Point-of-care testing is the i-STAT and i-STAT Alinity systems and their cartridges. Rapid diagnostics covers lateral flow tests including BinaxNOW and Panbio, molecular point-of-care systems including ID NOW and m-PIMA, cardiometabolic tests on Afinion and Cholestech LDX, and a toxicology business for drug and alcohol testing. Around all of it sit informatics and automation products: the GLP systems Track laboratory automation, the AlinIQ informatics suite, the Indexor system for pre-analytics sample traceability and the RALS point-of-care solution.

Nutritional Products

Pediatric and adult nutrition made, marketed and sold worldwide, direct to consumers and to institutions, wholesalers, retailers, healthcare facilities, government agencies and third-party distributors. Infant and follow-on formula runs under the Similac name in many variants, plus EleCare, Gain and Grow. Adult and other pediatric nutrition includes Ensure and its variants, Glucerna, ProSure, PediaSure, Juven, Abound and Pedialyte. A third group is used for enteral feeding in healthcare institutions: Jevity, Osmolite, Oxepa, Nepro, Vital and the Freego enteral pump and sets. Marketing is aimed at consumers and at physicians and other healthcare professionals, with direct consumer marketing where it is permitted.

Medical Devices

Cardiovascular devices, diabetes care and neuromodulation, made, marketed and sold worldwide, in the United States generally direct to wholesalers, hospitals, ambulatory surgery centres, physicians' offices, consumers and distributors, and elsewhere either directly or through distributors.

Rhythm management covers the Assurity MRI and Endurity MRI pacemakers, the Aveir single-chamber and dual-chamber leadless pacemakers, implantable cardioverter defibrillators including Gallant and Fortify Assura, and implantable cardiac monitors including Confirm Rx and Jot Dx. Electrophysiology covers the Volt pulsed field ablation system, the TactiFlex and TactiCath ablation catheter families, the EnSite cardiac mapping systems and the ViewFlex intracardiac echocardiography catheters. Heart failure covers the HeartMate left ventricular assist device family, the CardioMEMS pulmonary artery sensor and the CentriMag acute mechanical circulatory support system.

Vascular covers the XIENCE drug-eluting coronary stents, the Perclose and StarClose vessel closure devices, TREK coronary balloon dilatation, the Supera peripheral stent, carotid stent systems, the OPTIS imaging systems with their Dragonfly catheters and PressureWire fractional flow reserve measurement, the Diamondback 360 orbital atherectomy systems and the Esprit resorbable scaffold. Structural heart covers MitraClip and TriClip, the transcatheter edge-to-edge repair systems for the mitral and tricuspid valves, the Epic surgical valve family, Navitor transcatheter aortic valves, mechanical heart valves and the Amplatzer occluders. Diabetes care is the FreeStyle and Libre continuous and blood glucose monitoring systems, including the FreeStyle Libre system with its sensors, software, test strips and accessories, and the Lingo system aimed at health and wellness rather than diabetes.

From Abbott's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue44,32841,95040,109+5.7%
Cost of revenue19,31918,70617,975+3.3%
Gross profit25,00923,24422,134+7.6%
Gross margin56.4%55.4%55.2%
Research and development2,9422,8442,741+3.4%
Selling, general and administrative12,33211,69710,949+5.4%
Operating income8,0536,8256,478+18.0%
Operating margin18.2%16.3%16.2%
Interest expense493559637-11.8%
Pre-tax income8,4667,0136,664+20.7%
Income tax1,942-6,389941
Effective tax rate22.9%-91.1%14.1%
Net income6,52413,4025,723-51.3%
Net margin14.7%31.9%14.3%
Diluted EPS$3.72$7.64$3.26-51.3%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9,5668,5587,261+11.8%
Capital expenditure2,1712,2072,202-1.6%
Free cash flow7,3956,3515,059+16.4%
Free cash flow margin16.7%15.1%12.6%
Cash from investing-2,422-2,338-3,133
Cash from financing-6,309-5,404-7,091
Depreciation and amortisation3,1163,2183,243-3.2%
Share-based compensation664673644-1.3%
Buybacks8931,2951,227-31.0%
Dividends paid4,1163,8363,556+7.3%
Dividend per share$2.40$2.24$2.08+7.1%
Diluted shares, weighted1,748m1,748m1,749m0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity52,13047,66438,603+9.4%
Non-controlling interest641237224+170.5%
Debt12,92914,12514,679-8.5%
Operating lease liabilities931896949+3.9%
Other liabilities20,08218,49218,759+8.6%
Total liabilities and equity86,71381,41473,214+6.5%
Fixed assets11,81610,65810,154+10.9%
Goodwill24,03523,10823,679+4.0%
Intangible assets5,5266,6478,815-16.9%
Investments1,3351,2371,182+7.9%
Cash and equivalents8,5227,6166,896+11.9%
Receivables7,9296,9256,565+14.5%
Inventory6,4886,1946,570+4.7%
Other assets21,06219,0299,353+10.7%
Total assets86,71381,41473,214+6.5%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.