AMGEN INC (AMGN) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Health care · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 67.9% | The figure most screeners publish. |
| Operating cash flow | 51.5% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 63.3% | What is left after maintaining the business. |
Spread between highest and lowest: 16 percentage points. Same filings, different denominators.
Coverage rating 30 / 100 — Strained. ? Peer standing 10/50Direction 4/30Stability 15/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 63.3% |
| 2024-12-31 | 46.5% |
| 2023-12-31 | 61.9% |
| 2022-12-31 | 47.8% |
| 2021-12-31 | 47.9% |
| 2020-12-31 | 38.0% |
Coverage worsened sharply this year, 46.5% to 63.3%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
Among the 38 health care companies here, only 21% pay out a larger share on this basis — this is at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $9.66 ÷ diluted EPS $14.23
- Operating cash flow — dividends paid $5,124.0m ÷ operating cash flow $9,958.0m
- Free cash flow — dividends paid $5,124.0m ÷ (operating cash flow $9,958.0m − capex $1,858.0m)
Where the figures came from
- 10-K filed 2026-02-13 · accession
0000318154-26-000010
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.