Amgen (AMGN) Q1 FY2026 earnings: revenue $8.6 billion, up 5.8% on the year

Amgen Inc. (AMGN) reported revenue of $8.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 5.8% on the same quarter a year earlier. Net income was $1.8 billion, up 5.1% on the year, and diluted earnings per share $3.34. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2026.

Revenue

$8.6 billion

+5.8% on the year · -12.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

30.9%

14.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.8 billion

+5.1% on the year · +36.5% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$3.34

+4.4% on the year · +36.3% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 2 lowered, 2 kept.

Revenue grew 6% on product volume: Total revenues rose 6% to $8.6 billion. Product sales grew 4%, driven by 9% volume growth, partly offset by 2% lower net selling price and 2% lower inventory levels.
Sixteen products grew double digits: Sixteen products delivered at least double-digit sales growth; seventeen products are annualizing above $1 billion based on first quarter sales.
Enbrel net price hit by Medicare: Enbrel sales fell 37% to $320 million. The lower net selling price reflects Medicare Part D price setting under the Inflation Reduction Act, effective January 1, 2026, and higher 340B Program mix.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	8,618	9,866	8,149	-12.6%	+5.8%
Cost of revenue	2,744	2,976	2,968	-7.8%	-7.5%
Gross profit	5,874	6,890	5,181	-14.7%	+13.4%
Gross margin	68.2%	69.8%	63.6%
Research and development	1,719	2,142	1,486	-19.7%	+15.7%
Selling, general and administrative	1,602	1,952	1,687	-17.9%	-5.0%
Operating income	2,666	2,720	1,178	-2.0%	+126.3%
Operating margin	30.9%	27.6%	14.5%
Interest expense	657	653	723	+0.6%	-9.1%
Pre-tax income	2,084	1,514	1,973	+37.6%	+5.6%
Income tax	265	181	243	+46.4%	+9.1%
Effective tax rate	12.7%	12.0%	12.3%
Net income	1,819	1,333	1,730	+36.5%	+5.1%
Net margin	21.1%	13.5%	21.2%
Diluted EPS	$3.34	$2.45	$3.20	+36.3%	+4.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	2,189	1,603	1,391	+36.6%	+57.4%
Capital expenditure	712	642	411	+10.9%	+73.2%
Free cash flow	1,477	961	980	+53.7%	+50.7%
Free cash flow margin	17.1%	9.7%	12.0%
Cash from investing	-716	-693	-447
Cash from financing	1,436	-1,226	-4,107
Depreciation and amortisation	1,116	1,132	1,387	-1.4%	-19.5%
Share-based compensation	75.0	125	85.0	-40.0%	-11.8%
Dividends paid	1,358	1,283	1,279	+5.8%	+6.2%
Dividend per share	$2.52	$2.38	$2.38	+5.9%	+5.9%
Diluted shares, weighted	544m	543m	541m	+0.2%	+0.6%
Shares outstanding at period end	540m	539m	538m	+0.2%	+0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	9,190	8,658	6,207	+6.1%	+48.1%
Debt	57,323	54,604	57,381	+5.0%	-0.1%
Operating lease liabilities	n/a	696	n/a
Other liabilities	25,991	26,628	25,779	-2.4%	+0.8%
Total liabilities and equity	92,504	90,586	89,367	+2.1%	+3.5%
Fixed assets	8,216	7,913	6,681	+3.8%	+23.0%
Goodwill	18,674	18,680	18,645	-0.0%	+0.2%
Intangible assets	21,379	22,276	25,724	-4.0%	-16.9%
Securities held for sale or to maturity	11,479	8,525	8,302	+34.7%	+38.3%
Cash and equivalents	12,038	9,129	8,810	+31.9%	+36.6%
Receivables	9,138	9,570	8,132	-4.5%	+12.4%
Inventory	6,186	6,225	6,729	-0.6%	-8.1%
Other assets	5,394	8,268	6,344	-34.8%	-15.0%
Total assets	92,504	90,586	89,367	+2.1%	+3.5%

Questions

What was Amgen's revenue in Q1 FY2026?

Amgen (AMGN) reported revenue of $8.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 5.8% on the same quarter a year earlier.

How much did Amgen earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.8 billion, up 5.1% on the year, and diluted earnings per share $3.34.

When did Amgen report Q1 FY2026 results?

Amgen filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 1 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,846	6,238	6,594	6,652	6,839	6,105	6,986	6,903	8,196	7,447	8,388	8,503	9,086	8,149	9,179	9,557	9,866	8,618	10,054	10,365
Cost of revenue	1,718	1,561	1,510	1,588	1,747	1,720	1,813	1,806	3,112	3,200	3,236	3,310	3,112	2,968	3,011	3,082	2,976	2,744	2,811	2,788
Gross profit	5,128	4,677	5,084	5,064	5,092	4,385	5,173	5,097	5,084	4,247	5,152	5,193	5,974	5,181	6,168	6,475	6,890	5,874	7,243	7,577
Gross margin	75%	75%	77%	76%	74%	72%	74%	74%	62%	57%	61%	61%	66%	64%	67%	68%	70%	68%	72%	73%
R&D	1,348	959	1,039	1,112	1,324	1,058	1,113	1,079	1,534	1,343	1,447	1,450	1,724	1,486	1,744	1,900	2,142	1,719	1,868	2,111
SG&A	1,425	1,228	1,327	1,287	1,572	1,258	1,294	1,353	2,274	1,808	1,785	1,625	1,878	1,687	1,691	1,720	1,952	1,602	1,745	1,680
Operating income	2,304	2,500	2,176	2,660	2,230	1,921	2,684	2,021	1,271	991	1,909	2,047	2,311	1,178	2,656	2,526	2,720	2,666	3,514	3,710
Operating margin	34%	40%	33%	40%	33%	31%	38%	29%	16%	13%	23%	24%	25%	14%	29%	26%	28%	31%	35%	36%
Interest expense	335	295	328	368	415	543	752	759	821	824	808	776	747	723	694	685	653	657	673	653
Pre-tax income	2,131	1,675	1,531	2,392	1,748	3,442	1,614	1,947	852	-68.0	794	3,101	782	1,973	1,568	3,921	1,514	2,084	2,768	4,686
Tax rate	11%	12%	14%	10%	8%	17%	15%	11%	10%	n/a	6%	9%	20%	12%	9%	18%	12%	13%	14%	18%
Net income	1,899	1,476	1,317	2,143	1,616	2,841	1,379	1,730	767	-113	746	2,830	627	1,730	1,432	3,216	1,333	1,819	2,375	3,864
Net margin	28%	24%	20%	32%	24%	47%	20%	25%	9%	-2%	9%	33%	7%	21%	16%	34%	14%	21%	24%	37%
Diluted EPS	$3.33	$2.68	$2.45	$3.98	$3.00	$5.28	$2.57	$3.22	$1.42	-$0.21	$1.38	$5.22	$1.16	$3.20	$2.65	$5.93	$2.45	$3.34	$4.37	$7.08
Operating cash flow	2,808	2,164	1,930	2,978	2,649	1,064	4,109	2,760	538	689	2,459	3,571	4,771	1,391	2,280	4,684	1,603	2,189	4,002	4,241
Capital expenditure	287	190	246	160	340	344	271	248	249	230	238	257	371	411	369	436	642	712	513	587
Free cash flow	2,521	1,974	1,684	2,818	2,309	720	3,838	2,512	289	459	2,221	3,314	4,400	980	1,911	4,248	961	1,477	3,489	3,654
Buybacks	1,443	6,360	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	990	1,080	1,038	1,038	1,040	1,137	1,139	1,140	1,140	1,208	1,209	1,210	1,205	1,279	1,280	1,282	1,283	1,358	1,362	1,363
Shares outstanding	558m	534m	535m	534m	534m	534m	535m	535m	535m	536m	537m	538m	537m	538m	538m	538m	539m	540m	541m	541m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 1 May 2026: the filing.