Amgen (AMGN) Q3 FY2026 earnings: revenue $10.4 billion, up 8.5% on the year

Amgen Inc. (AMGN) reported revenue of $10.4 billion for Q3 FY2026, the quarter ended 30 September 2026, up 8.5% on the same quarter a year earlier. Net income was $3.9 billion, up 20.1% on the year, and diluted earnings per share $7.08. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$10.4 billion

+8.5% on the year · +3.1% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

35.8%

26.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$3.9 billion

+20.1% on the year · +62.7% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$7.08

+19.4% on the year · +62.0% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 3 raised, 4 kept.

Revenue rose 8% to $10.4 billion: Total revenues were $10.4 billion, with product sales up 8% on volume growth. Seventeen products grew at least double digits in the quarter.
Full-year guidance raised: Management raised full-year 2026 revenue, GAAP EPS and non-GAAP EPS ranges. Capital expenditure, share repurchase and tax rate guidance were kept.
Non-GAAP EPS rose 14%: Non-GAAP EPS was $6.45 against $5.64. Higher revenues were partly offset by higher operating expenses, and non-GAAP operating margin was 47.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	10,365	10,054	9,557	+3.1%	+8.5%
Cost of revenue	2,788	2,811	3,082	-0.8%	-9.5%
Gross profit	7,577	7,243	6,475	+4.6%	+17.0%
Gross margin	73.1%	72.0%	67.8%
Research and development	2,111	1,868	1,900	+13.0%	+11.1%
Selling, general and administrative	1,680	1,745	1,720	-3.7%	-2.3%
Operating income	3,710	3,514	2,526	+5.6%	+46.9%
Operating margin	35.8%	35.0%	26.4%
Interest expense	653	673	685	-3.0%	-4.7%
Pre-tax income	4,686	2,768	3,921	+69.3%	+19.5%
Income tax	822	393	705	+109.2%	+16.6%
Effective tax rate	17.5%	14.2%	18.0%
Net income	3,864	2,375	3,216	+62.7%	+20.1%
Net margin	37.3%	23.6%	33.7%
Diluted EPS	$7.08	$4.37	$5.93	+62.0%	+19.4%

$ million except per share.

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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	4,241	4,002	4,684	+6.0%	-9.5%
Capital expenditure	587	513	436	+14.4%	+34.6%
Free cash flow	3,654	3,489	4,248	+4.7%	-14.0%
Free cash flow margin	35.3%	34.7%	44.4%
Cash from investing	-649	-569	-414
Cash from financing	-4,391	-1,482	-2,853
Depreciation and amortisation	233	222	232	+5.0%	+0.4%
Share-based compensation	128	165	127	-22.4%	+0.8%
Dividends paid	1,363	1,362	1,282	+0.1%	+6.3%
Dividend per share	$2.52	$2.52	$2.38	0.0%	+5.9%
Diluted shares, weighted	546m	544m	542m	+0.4%	+0.7%
Shares outstanding at period end	541m	541m	538m	+0.1%	+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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	14,352	11,688	9,619	+22.8%	+49.2%
Debt	54,007	57,304	54,587	-5.8%	-1.1%
Other liabilities	27,689	26,647	25,935	+3.9%	+6.8%
Total liabilities and equity	96,048	95,639	90,141	+0.4%	+6.6%
Fixed assets	8,884	8,547	7,220	+3.9%	+23.0%
Goodwill	18,664	18,668	18,676	-0.0%	-0.1%
Intangible assets	19,536	20,487	23,139	-4.6%	-15.6%
Securities held for sale or to maturity	12,621	13,415	8,708	-5.9%	+44.9%
Cash and equivalents	13,190	13,989	9,445	-5.7%	+39.7%
Receivables	10,353	10,227	8,490	+1.2%	+21.9%
Inventory	6,389	6,220	6,346	+2.7%	+0.7%
Other assets	6,411	4,086	8,117	+56.9%	-21.0%
Total assets	96,048	95,639	90,141	+0.4%	+6.6%

Questions

What was Amgen's revenue in Q3 FY2026?

Amgen (AMGN) reported revenue of $10.4 billion for Q3 FY2026, the quarter ended 30 September 2026, up 8.5% on the same quarter a year earlier.

How much did Amgen earn in Q3 FY2026?

Net income for Q3 FY2026 was $3.9 billion, up 20.1% on the year, and diluted earnings per share $7.08.

When did Amgen report Q3 FY2026 results?

Amgen filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 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 30 September 2026, filed 4 November 2026: the filing.