Abbott Laboratories
ABT NYSE Health Care Equipment Financials FY2016–FY2025
Abbott Laboratories' revenue rose 5.7% to $44.3 billion in fiscal 2025. Its operating margin was 18.2%, up from 16.3% a year earlier. Free cash flow was $7.4 billion, up 16.4%. It paid out $5.0 billion in dividends and buybacks, 68% of free cash flow.
What Abbott Laboratories does
Abbott Laboratories discovers, develops, makes and sells a wide range of healthcare products. It has four reportable segments. Medical Devices covers heart devices such as pacemakers, defibrillators and heart-failure and vascular devices, plus continuous glucose monitors for people with diabetes and devices that treat chronic pain and movement disorders. Diagnostic Products sells lab instruments and tests, rapid tests, and point-of-care systems to hospitals, labs, blood banks and clinics. Nutritional Products sells infant formula (Similac), adult nutrition drinks (Ensure, Glucerna, Pedialyte) and tube-feeding products.
The fourth segment, Established Pharmaceutical Products, sells branded generic medicines, made worldwide and sold outside the United States in emerging markets. They treat stomach and liver conditions, women's health, heart and metabolic disease, pain and respiratory illness. Abbott sells to hospitals, doctors, wholesalers, pharmacies, retailers and government agencies, as well as directly to consumers. It names other healthcare and pharmaceutical companies, generic drug makers, consumer product makers and private label brands among its competitors, depending on the segment.
In November 2025 Abbott agreed to buy Exact Sciences, a deal that would take it into cancer diagnostics. It plans to fund the deal with approximately $20 billion of borrowings. The deal still needs Exact Sciences shareholder and regulatory approval.
- Legal name
- ABBOTT LABORATORIES
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001628280-26-010185
0000001800
Revenue and margins
Abbott Laboratories had $44.3B of revenue in fiscal 2025, up 5.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 16.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $7.4B in fiscal 2025, 16.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Abbott Laboratories returned $5.0B to shareholders in fiscal 2025, 68% of free cash flow. The diluted share count rose 0.0%.
Value Abbott Laboratories yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$4.0B and divides by 1,748.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 29.0x · peers 27.6x · sector 27.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Abbott Laboratories can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $10.2B | $10.2B | $7.3B | $8.0B | $8.9B |
| Debt incl. finance leases | $18.1B | $16.8B | $14.7B | $14.1B | $12.9B |
| Net debt / EBITDA | 0.7x | 0.6x | 0.8x | 0.6x | 0.4x |
| Debt / equity | 0.5x | 0.5x | 0.4x | 0.3x | 0.3x |
| Interest coverage | 15.8x | 15.0x | 10.2x | 12.2x | 16.3x |
| Current ratio | 1.9x | 1.6x | 1.6x | 1.7x | 1.6x |
| Quick ratio | 1.5x | 1.2x | 1.2x | 1.2x | 1.2x |
| Total assets | $75.2B | $74.4B | $73.2B | $81.4B | $86.7B |
| Total liabilities | $39.2B | $37.5B | $34.4B | $33.5B | $33.9B |
| Shareholders' equity | $35.8B | $36.7B | $38.6B | $47.7B | $52.1B |
| Net debt (− = net cash) | $7.8B | $6.6B | $7.4B | $6.2B | $4.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.3M
3 insiders
Sold, 12 months
$47.3M
7 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 2, 2026 | John A. McCoy Jr.Vice President and Controller | Sold | 27 | $109.54 | $0.0M | Form 4 |
| Aug 25, 2026 | Robert B FordChairman and CEO, Director | Sold | 398,832 | $115.85 | $46.2M | Form 4 |
| Aug 11, 2026 | Louis H. MorroneExecutive Vice President | Sold | 5,850 | $109.83 | $0.6M | Form 4 |
| May 7, 2026 | John G StrattonDirector | Bought | 2,000 | $86.82 | $0.2M | Form 4 |
| Apr 27, 2026 | Daniel J StarksDirector | Bought | 10,000 | $92.65 | $0.9M | Form 4 |
| Apr 23, 2026 | Philip P BoudreauEVP and CFO | Bought | 2,200 | $91.50 | $0.2M | Form 4 |
| Mar 2, 2026 | Daniel Gesua Sive SalvadoriEVP and Group President | Sold | 885 | $115.58 | $0.1M | Form 4 |
| Mar 2, 2026 | Elizabeth C. CushmanEVP, GC and Secretary | Sold | 263 | $115.58 | $0.0M | Form 4 |
| Mar 2, 2026 | Eric ShroffSenior Vice President | Sold | 709 | $115.58 | $0.1M | Form 4 |
| Mar 2, 2026 | John A. McCoy Jr.Vice President and Controller | Sold | 585 | $115.58 | $0.1M | Form 4 |
| Mar 2, 2026 | Louis H. MorroneExecutive Vice President | Sold | 1,144 | $115.58 | $0.1M | Form 4 |
| Mar 2, 2026 | Mary K MorelandExecutive Vice President | Sold | 613 | $115.58 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 6 / 9 | 8 / 9 | 6 / 9 |
| Accruals ratio | −2.1% | 6.3% | −3.6% |
| Altman Z'' | 4.24 | 4.72 | 4.85 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Abbott Laboratories ABT | $181.2B | 5.7% | 18.2% | 16.7% | 11.2% | 29.0x | 6 | |
| Medtronic MDT | $122.6B | 8.4% | 17.8% | 14.9% | 7.7% | 23.4x | 7 | Compare → |
| Stryker SYK | $118.6B | 11.2% | 19.5% | 17.1% | 11.3% | 31.8x | 6 | Compare → |
| Becton Dickinson BDX | $54.7B | 8.2% | 11.8% | 12.2% | 5.5% | 59.9x | 6 | Compare → |
| GE HealthCare GEHC | $32.7B | 4.8% | 13.4% | 7.3% | 13.3% | 17.1x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $20.9B | $27.4B | $30.6B | $31.9B | $34.6B | $43.1B | $43.7B | $40.1B | $42.0B | $44.3B |
| Gross profit | $11.8B | $15.0B | $17.9B | $18.7B | $19.6B | $24.5B | $24.5B | $22.1B | $23.2B | $25.0B |
| Research and development | $1.4B | $2.3B | $2.3B | $2.4B | $2.4B | $2.7B | $2.9B | $2.7B | $2.8B | $2.9B |
| Operating income | $3.0B | $1.6B | $3.7B | $4.5B | $5.4B | $8.4B | $8.4B | $6.5B | $6.8B | $8.1B |
| Interest expense | $431M | $904M | $826M | $670M | $546M | $533M | $558M | $637M | $559M | $493M |
| Pretax income | $1.4B | $2.2B | $2.9B | $4.1B | $5.0B | $8.2B | $8.3B | $6.7B | $7.0B | $8.5B |
| Income tax | $350M | $1.9B | $539M | $390M | $497M | $1.1B | $1.4B | $941M | −$6.4B | $1.9B |
| Net income | $1.4B | $477M | $2.4B | $3.7B | $4.5B | $7.1B | $6.9B | $5.7B | $13.4B | $6.5B |
| Diluted EPS | $0.94 | $0.27 | $1.33 | $2.06 | $2.50 | $3.94 | $3.91 | $3.26 | $7.64 | $3.72 |
| Diluted shares | 1.48B | 1.75B | 1.77B | 1.78B | 1.79B | 1.79B | 1.76B | 1.75B | 1.75B | 1.75B |
| Cash flow | ||||||||||
| Cash from operations | $3.2B | $5.6B | $6.3B | $6.1B | $7.9B | $10.5B | $9.6B | $7.3B | $8.6B | $9.6B |
| Capital expenditure | $1.1B | $1.1B | $1.4B | $1.6B | $2.2B | $1.9B | $1.8B | $2.2B | $2.2B | $2.2B |
| Free cash flow | $2.1B | $4.4B | $4.9B | $4.5B | $5.7B | $8.6B | $7.8B | $5.1B | $6.4B | $7.4B |
| Depreciation and amortization | $1.4B | $3.0B | $3.3B | $3.0B | $3.3B | $3.5B | $3.3B | $3.2B | $3.2B | $3.1B |
| Stock-based compensation | $310M | $406M | $477M | $519M | $546M | $640M | $685M | $644M | $673M | $664M |
| Acquisitions | $80.0M | $17.2B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $522M | $117M | $238M | $718M | $403M | $2.3B | $3.8B | $1.2B | $1.3B | $893M |
| Dividends paid | $1.5B | $1.8B | $2.0B | $2.3B | $2.6B | $3.2B | $3.3B | $3.6B | $3.8B | $4.1B |
| Dividends and buybacks | $2.1B | $2.0B | $2.2B | $3.0B | $3.0B | $5.5B | $7.1B | $4.8B | $5.1B | $5.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $18.8B | $9.6B | $4.1B | $4.1B | $7.1B | $10.2B | $10.2B | $7.3B | $8.0B | $8.9B |
| Total debt | $22.0B | $27.9B | $19.6B | $18.1B | $18.7B | $18.1B | $16.8B | $14.7B | $14.1B | $12.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $26.8B | $20.1B | $14.6B | $15.7B | $20.4B | $24.2B | $25.2B | $22.7B | $23.7B | $26.0B |
| Current liabilities | $6.7B | $8.9B | $9.0B | $10.9B | $11.9B | $13.1B | $15.5B | $13.8B | $14.2B | $16.5B |
| Inventory | $2.4B | $3.6B | $3.8B | $4.3B | $5.0B | $5.2B | $6.2B | $6.6B | $6.2B | $6.5B |
| Property and equipment, net | $5.7B | $7.6B | $7.6B | $8.0B | $9.0B | $9.0B | $9.2B | $10.2B | $10.7B | $11.8B |
| Total assets | $52.7B | $76.3B | $67.2B | $67.9B | $72.5B | $75.2B | $74.4B | $73.2B | $81.4B | $86.7B |
| Total liabilities | $31.9B | $45.2B | $36.5B | $36.6B | $39.5B | $39.2B | $37.5B | $34.4B | $33.5B | $33.9B |
| Shareholders' equity | $20.5B | $30.9B | $30.5B | $31.1B | $32.8B | $35.8B | $36.7B | $38.6B | $47.7B | $52.1B |
| Margins | ||||||||||
| Gross margin | 56.4% | 54.7% | 58.5% | 58.5% | 56.7% | 57.0% | 56.2% | 55.2% | 55.4% | 56.4% |
| Operating margin | 14.5% | 5.7% | 11.9% | 14.2% | 15.5% | 19.6% | 19.2% | 16.2% | 16.3% | 18.2% |
| EBITDA margin | 21.0% | 16.7% | 22.7% | 23.7% | 25.1% | 27.8% | 26.6% | 24.2% | 23.9% | 25.2% |
| Net margin | 6.7% | 1.7% | 7.7% | 11.6% | 13.0% | 16.4% | 15.9% | 14.3% | 32.0% | 14.7% |
| FCF margin | 10.0% | 16.2% | 16.0% | 14.1% | 16.5% | 20.1% | 17.9% | 12.6% | 15.1% | 16.7% |
| Returns | ||||||||||
| Return on capital | 9.5% | 2.1% | 6.2% | 9.0% | 10.7% | 16.4% | 16.0% | 12.4% | 13.6% | 11.2% |
| Return on capital employed | 7.8% | 2.8% | 5.8% | 7.9% | 9.1% | 13.7% | 13.8% | 11.0% | 10.8% | 11.7% |
| Return on equity | 6.7% | 1.9% | 7.7% | 12.0% | 14.1% | 20.6% | 19.1% | 15.2% | 31.1% | 13.1% |
| Return on assets | 3.0% | 0.7% | 3.3% | 5.5% | 6.4% | 9.6% | 9.3% | 7.8% | 17.3% | 7.8% |
| Growth | ||||||||||
| Revenue growth | 2.2% | 31.4% | 11.6% | 4.3% | 8.5% | 24.5% | 1.3% | −8.1% | 4.6% | 5.7% |
| Net income growth | −68.4% | −65.9% | 396.4% | 55.7% | 21.9% | 57.3% | −2.0% | −17.5% | 134.2% | −51.3% |
| EPS growth | −67.8% | −71.3% | 392.6% | 54.9% | 21.4% | 57.6% | −0.8% | −16.6% | 134.4% | −51.3% |
| FCF growth | 12.2% | 113.0% | 10.6% | −8.3% | 27.3% | 51.1% | −9.8% | −35.2% | 25.5% | 16.4% |
| Share count change | −1.5% | 17.9% | 1.2% | 0.6% | 0.3% | 0.2% | −1.4% | −0.9% | −0.1% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.7x | 4.0x | 2.2x | 1.9x | 1.3x | 0.7x | 0.6x | 0.8x | 0.6x | 0.4x |
| Debt / equity | 1.1x | 0.9x | 0.6x | 0.6x | 0.6x | 0.5x | 0.5x | 0.4x | 0.3x | 0.3x |
| Interest coverage | 7.0x | 1.7x | 4.4x | 6.8x | 9.8x | 15.8x | 15.0x | 10.2x | 12.2x | 16.3x |
| Current ratio | 4.0x | 2.3x | 1.6x | 1.4x | 1.7x | 1.9x | 1.6x | 1.6x | 1.7x | 1.6x |
| Quick ratio | 3.7x | 1.9x | 1.2x | 1.0x | 1.3x | 1.5x | 1.2x | 1.2x | 1.2x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.4% | 4.1% | 4.6% | 5.1% | 6.3% | 4.4% | 4.1% | 5.5% | 5.3% | 4.9% |
| Stock comp / revenue | 1.5% | 1.5% | 1.6% | 1.6% | 1.6% | 1.5% | 1.6% | 1.6% | 1.6% | 1.5% |
| Payouts / FCF | 99.0% | 44.3% | 45.1% | 66.4% | 51.8% | 63.6% | 91.0% | 94.5% | 80.8% | 67.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 5.0 | 6.0 | 7.0 | 7.0 | 8.0 | 5.0 | 6.0 | 8.0 | 6.0 |
| Altman Z'' | 5.2 | 2.9 | 3.0 | 3.1 | 3.4 | 4.1 | 4.2 | 4.2 | 4.7 | 4.9 |
| Accruals ratio | −3.8% | −7.9% | −5.5% | −3.6% | −4.9% | −4.7% | −3.5% | −2.1% | 6.3% | −3.6% |
Source: SEC EDGAR XBRL filings (CIK 0000001800). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.