# Abbott Laboratories (ABT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ABT/thesis · /stocks/ABT/memo

## Financial Snapshot

---
ticker: ABT
step: 04
generated: 2026-05-12
source: quick-research
---

### Abbott Laboratories (ABT) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $40.1B | $42.0B | $44.5B | +6% |
| Organic Sales Growth | flat | +7.1% | +8% | |
| Gross Margin | 55.5% | 56.0% | 56.5% | +50bps |
| Adj. Operating Margin | 20.2% | 22.6% | 23.5% | +90bps |
| Adj. Net Income | $7.6B | $8.1B | $9.0B | +11% |
| Adj. EPS | $4.44 | $4.67 | $5.18 | +11% |
| Free Cash Flow | $6.4B | $6.5B | $7.2B | +11% |

#### Segment Revenue (FY2025)

| Segment | Revenue | YoY Growth |
|---------|---------|-----------|
| Medical Devices | $20.2B | +9% (Diabetes +18%, CV +11%) |
| Diagnostics | $9.0B | flat (COVID drag) |
| Nutrition | $8.5B | -2% (volume weakness) |
| Established Pharmaceuticals | $5.7B | +9% |

#### Q1 2026 Highlights

| Metric | Q1 2026 |
|--------|---------|
| Medical Devices Growth | +8.5% |
| Diabetes Care (Libre) | $2.08B (annualizes to $8.3B) |
| Continuous Glucose Monitoring | $2B+ (+7.5%) — affected by recall |
| Rhythm Management | +17% (AVEIR) |
| Diagnostics | +3% Core Lab |
| Nutrition | Recovering from -8.9% in Q4 2025 |

#### Key Product Metrics

| Metric | Value |
|--------|-------|
| FreeStyle Libre 2025 revenue | ~$7B |
| 2028 Libre target | $10B (~10% annual growth required) |
| Lingo consumer biosensor | Launched 2024 |
| Volt PFA approval | December 22, 2025 (FDA) |
| Exact Sciences incremental revenue 2026 | ~$3B |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$8.5B |
| Capital Expenditures | ~$1.5B |
| Free Cash Flow | ~$7.2B |
| Cash & Equivalents | ~$8B |
| Total Debt | ~$15B pre-Exact Sciences; ~$35B post-Exact Sciences (+$20B for acquisition) |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~24x | EV/EBITDA: ~17x | Dividend Yield: ~2.0%
- ROIC: ~14% (will dip on Exact Sciences integration before accretion)
- FCF Margin: ~16%
- Net Debt/EBITDA: ~3x post-Exact Sciences (elevated near-term)

#### Growth Profile
FY26 sales outlook: 6.5-7.5% comparable growth. Medical Devices is the primary growth engine (especially Libre + Volt PFA + AVEIR). Q1 2026 saw Libre annualizing to $8.3B run rate. Exact Sciences ($3B incremental revenue 2026, growing high-teens) adds to Diagnostics. Bear-case overhang: FreeStyle Libre 3/3 Plus recall (3M units, FDA Class I, 860 serious injuries + 7 deaths) plus nutrition softness.

#### Forward Estimates
- **FY2026E Revenue:** ~$50B (incl. Exact Sciences full year)
- **FY2026E Adj EPS:** $5.05-5.25 (mgmt guide; +6-8%)
- **FY2027E EPS:** ~$5.85 (+12-15%)
- **FY2028E Libre revenue target:** $10B+ (vs $7B in 2025)

#### Capital Return
- Dividend $2.36 annual (~$4B paid)
- 52 consecutive years of dividend growth (Dividend King)
- Buybacks: ~$2-3B annual run rate, moderated post-Exact Sciences debt paydown priority
- Total return: ~3-4% combined yield + 10%+ EPS growth

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ABT/fundamental

## Navigation

- Overview: /stocks/ABT
- Financials (this page): /stocks/ABT/financials
- Thesis: /stocks/ABT/thesis
- Investment Memo: /stocks/ABT/memo
- Coverage universe: /stocks