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Abbott

Abbott's sales grew in 2025, led by medical devices; net income fell from a 2024 boosted by a tax benefit

Net sales rose 5.7% to $44.3B, and Medical Devices grew 12.6%. Net income fell 51.3% to $6.5B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 20, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026) · Data pulled Oct 25, 2026

Key facts

Abbott (NYSE: ABT) closed fiscal 2025 on Dec 31, 2025 with net sales of $44.3B, up 5.7% from a year before; net income came to $6.5B, down 51.3%. Its newest quarterly report covers the three months to Jun 30, 2026: net sales of $12.6B, up 13.0% on the same stretch of the prior year, and net income of $928M. Broken down by segment, Medical Devices led with 48% of fiscal 2025 net sales. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026).

Net sales$44.3BFY2025 · +5.7% vs FY2024
Net income$6.5BFY2025 · −51.3% vs FY2024
Operating cash flow$9.6BFY2025 · +11.8% vs FY2024
Cash & equivalents$5.1Bat Jun 30, 2026 · −40.1% vs FY2025 end
Total debt$32.6Bat Jun 30, 2026 · +152.2% vs FY2025 end
Diluted shares1.75BFY2025 avg · +0.0% vs FY2024
Net sales and net income, three fiscal yearsBy fiscal year, $bn
Net salesNet income
Net sales and net income by fiscal yearNet sales FY2023: $40.1B40.1Net income FY2023: $5.7B5.7FY2023Net sales FY2024: $42.0B42.0Net income FY2024: $13.4B13.4FY2024Net sales FY2025: $44.3B44.3Net income FY2025: $6.5B6.5FY2025

Source: 10-K FY2025, filed Feb 20, 2026

Quarterly net sales: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net sales, fiscal 2026 vs 2025FY2025 Q1: $10.4B10.4FY2026 Q1: $11.2B11.2Q1FY2025 Q2: $11.1B11.1FY2026 Q2: $12.6B12.6Q2

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 28, 2026

How it makes money

FY2025 total by categoryMedical Devices: $21.4B (48%)Diagnostics: $8.9B (20%)Nutrition: $8.5B (19%)Established Pharmaceuticals: $5.5B (12%)$44.3BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Medical Devices$21.4B48%+12.6%
  • Diagnostics$8.9B20%−4.3%
  • Nutrition$8.5B19%+0.5%
  • Established Pharmaceuticals$5.5B12%+6.6%

Source: 10-K FY2025, XBRL breakdown

Medical Devices was 48% of 2025 sales, up from 42% in 2023. Diagnostics was 20%, Nutrition 19% and Established Pharmaceuticals 12%.

By segment: three-year mixShare of the total each fiscal year
Medical DevicesDiagnosticsNutritionEstablished Pharmaceuticals

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Net sales
$12.6B Q2 2026
$11.1B Q2 2025
13.0% increase
Net income
$928M Q2 2026
$1.8B Q2 2025
47.8% decrease

Source: Abbott 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

By segment

Medical Devices
$5.9B Q2 2026
$5.4B Q2 2025
9.0% increase
Diagnostics
$3.1B Q2 2026
$2.2B Q2 2025
42.3% increase
Nutrition
$2.1B Q2 2026
$2.2B Q2 2025
3.1% decrease
Established Pharmaceuticals
$1.5B Q2 2026
$1.4B Q2 2025
8.4% increase

Source: Abbott 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

  • Cash & equivalents $5.1B at Jun 30, 2026, vs $8.5B at FY2025 end.
  • Total debt $32.6B at Jun 30, 2026, vs $12.9B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $3.8B vs $3.5B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income fell 51.3% in 2025 to $6.5B; 2024 net income included a large one-time tax benefit. 10-K, FY2025
  • Diagnostics sales fell 4.3% in 2025. 10-K, FY2025
  • Total debt was $12.9B at the end of 2025 and $32.6B at Jun 30, 2026. 10-Q, quarter ended Jun 30, 2026
  • The 10-K lists competition, pricing pressure, product quality and regulation among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Abbott makes medical devices, diagnostic tests, nutrition products such as Similac and Ensure, and branded generic medicines sold outside the US.

Medical Devices, its largest segment, includes FreeStyle Libre glucose monitors, heart devices and neuromodulation products. Diagnostics sells lab, point-of-care and rapid tests. Nutrition sells infant and adult nutrition products. Established Pharmaceuticals sells branded generic medicines in emerging markets.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Abbott's latest 10-K. Read the original for the full list.

  1. CompetitionEach business faces strong competitors and new technology.
  2. PricingGovernments and insurers push down prices for devices, tests and medicines.
  3. Quality and recallsProduct problems can lead to recalls, lawsuits and lost sales.
  4. RegulationProducts need approvals from the FDA and regulators abroad.
  5. InternationalMuch of its sales are outside the US, so currencies and local conditions matter.
  6. LegalIt faces product liability and other lawsuits.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net sales$40.1B$42.0B$44.3B
Net income$5.7B$13.4B$6.5B
Operating cash flow$7.3B$8.6B$9.6B
Cash & equivalents (year end)$6.9B$7.6B$8.5B
Total debt (year end)$14.7B$14.1B$12.9B
Diluted shares1.75B1.75B1.75B
  • Net sales: Sales of medical devices, diagnostic tests, nutrition products and branded generic medicines.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current portion of long-term debt plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment figures are net sales as reported for each segment. A very small corporate amount sits outside them.

Recent filings

FormFiledPeriod
10-QJul 28, 2026Jun 30, 2026
10-QApr 29, 2026Mar 31, 2026
DEF 14AMar 13, 2026Apr 24, 2026
10-KFeb 20, 2026Dec 31, 2025

Latest filings

  1. Oct 219:19 AM ET

    8-K

    Abbott files an 8-K on other events

    Abbott filed a Form 8-K on Oct 21, 2026 at 9:19 AM ET under Item 8.01 (Other Events).

  2. Oct 217:36 AM ET

    8-K

    Abbott files an 8-K on quarterly results

    Abbott filed a Form 8-K on Oct 21, 2026 at 7:36 AM ET under Item 2.02 (Results of Operations and Financial Condition).

  3. Oct 24:11 PM ET

    Form 4

    Abbott director John G. Stratton reports an award of 397 stock Equivalent units

    The filing reports 397 stock Equivalent units in a grant or award (code A).

  4. Oct 24:11 PM ET

    Form 4

    Abbott director Patricia Paola Gonzalez reports an award of 333 stock Equivalent units

    The filing reports 333 stock Equivalent units in a grant or award (code A).

  5. Oct 24:10 PM ET

    Form 4

    Abbott director Kevin T. Conroy reports an award of 318 stock Equivalent units

    The filing reports 318 stock Equivalent units in a grant or award (code A).

All Abbott filings notes →

Common questions about Abbott

How does Abbott make money?

Fiscal 2025 net sales: $44.3B. Medical Devices was 48% of 2025 sales, up from 42% in 2023. Diagnostics was 20%, Nutrition 19% and Established Pharmaceuticals 12%. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What was Abbott's revenue in fiscal 2025?

$44.3B, up 5.7% from fiscal 2024 ($42.0B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $40.1B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

Is Abbott profitable?

Net income was $6.5B in fiscal 2025 (down 51.3%; fiscal 2024 was $13.4B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $928M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What did Abbott report in its latest quarterly filing?

For the three months to Jun 30, 2026: net sales $12.6B (up 13.0% from $11.1B) and net income $928M (down 47.8% from $1.8B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026.

How much cash and debt does Abbott have?

As of Jun 30, 2026: $5.1B of cash and cash equivalents, $32.6B of total debt. Total debt here is current portion of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Jul 28, 2026.

What are the main risks Abbott lists?

The risk factors are in Item 1A of the 10-K filed Feb 20, 2026. This page sorts them into 6 groups (Competition; pricing; quality and recalls; regulation; international; legal). The first group in plain English: Each business faces strong competitors and new technology. Source: 10-K, Item 1A Risk Factors.

Where do these Abbott numbers come from?

The 10-K filed Feb 20, 2026 (fiscal 2025) and the 10-Q filed Jul 28, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ABT
The editor holds no position in Abbott (ABT). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell ABT from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ABT, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
AbbottABTFY2025$44.3B+5.7%$6.5B
Intuitive SurgicalISRGFY2025$10.1B+20.5%$2.9B
MedtronicMDTFY2026$36.4B+8.4%$4.8B
DanaherDHRFY2025$24.6B+2.9%$3.6B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.