Abbott Laboratories banner
Financial profile · Q3 FY2026

A cash-generative healthcare portfolio carrying a larger acquisition-funded debt burden

Abbott has generated positive free cash flow throughout the supplied annual history, with capital spending absorbing a minority of operating cash generation. Revenue growth has been uneven, and reported earnings have fluctuated more than cash generation.

What is developing

The debt-funded Exact Sciences acquisition has enlarged the revenue base and balance-sheet commitments without a corresponding increase in trailing operating profit. The latest quarter's operating-margin recovery did not prevent lower earnings and free cash flow, making the cash available for debt reduction an important distinction from sales growth.

What matters next

Whether free cash flow after dividends supports continued debt reduction without further depletion of cash balances.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
20.9B 27.4B 30.6B 31.9B 34.6B 43.1B 43.7B 40.1B 42B 44.3B
(9.1B) (12.4B) (12.7B) (13.2B) (15B) (18.5B) (19.1B) (17.9B) (18.6B) (19.2B)
11.8B 15B 17.9B 18.7B 19.6B 24.6B 24.6B 22.2B 23.3B 25.1B
(8.7B) (13.1B) (14.2B) (14B) (14.2B) (16B) (15.9B) (15.5B) (16.3B) (16.8B)
(6.7B) (9B) (9.7B) (9.7B) (9.7B) (11.2B) (11.1B) (10.9B) (11.7B) (12.2B)
R&D
(1.4B) (2.2B) (2.3B) (2.4B) (2.4B) (2.7B) (2.7B) (2.6B) (2.8B) (2.9B)
(550m) (2B) (2.2B) (1.9B) (2.1B) (2B) (2B) (2B) (1.9B) (1.7B)
3.1B 1.9B 3.7B 4.7B 5.4B 8.6B 8.7B 6.7B 7B 8.3B
(827m) (746m) (749m) (583m) (492m) (491m) (377m) (293m) (188m) (135m)
431m 904m 826m 670m 546m 533m 558m 637m 559m 493m
(32m) (307m) (247m) (201m) 42m (163m) (390m) (283m) (350m) (274m)
(786m) 1.4B 139m 191m (12m) 277m 366m 518m 558m 548m
1.4B 2.2B 2.9B 4.1B 5B 8.2B 8.3B 6.7B 7B 8.5B
(350m) (418m) (409m) (476m) (471m) (1.1B) (1.4B) (941m) 6.4B (1.9B)
1.1B 1.8B 2.5B 3.6B 4.5B 7.1B 6.9B 5.7B 13.4B 6.5B
1.4B 477m 2.4B 3.7B 4.5B 7.1B 6.9B 5.7B 13.4B 6.5B
0.94 0.27 1.33 2.07 2.52 3.95 3.93 3.27 7.67 3.73