How do Amgen and Zimmer Biomet compare by revenue?

Amgen reported revenue of $9.9B in Q4 2025, while Zimmer Biomet reported $2.2B in Q4 2025. Amgen is 4.4× larger by last-quarter revenue.

Which is growing revenue faster, Amgen or Zimmer Biomet?

Amgen's latest revenue grew 8.6% year-over-year, versus 10.9% for Zimmer Biomet. Zimmer Biomet is growing faster on a YoY basis.

Which has a higher gross margin, Amgen or Zimmer Biomet?

Amgen's gross margin is 69.8% vs Zimmer Biomet's 64.7%. Amgen converts more of each revenue dollar into gross profit.

Which has a higher net margin, Amgen or Zimmer Biomet?

Amgen's net margin is 13.5% vs Zimmer Biomet's 6.2%. Amgen has the higher bottom-line margin.

Which generates more free cash flow, Amgen or Zimmer Biomet?

Amgen generated $961.0M of free cash flow last quarter, versus $442.6M for Zimmer Biomet. Free cash flow is operating cash flow minus capital expenditure — what's actually left for dividends, buybacks and debt repayment.

What is the 2-year revenue CAGR for Amgen vs Zimmer Biomet?

Over the trailing 8 quarters, Amgen compounded revenue at roughly 15.1% per year, versus 9.0% for Zimmer Biomet. Amgen has the faster medium-term growth trajectory.

Where does this AMGN vs ZBH data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

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Side-by-side financial comparison of Amgen (AMGN) and Zimmer Biomet (ZBH), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.

Amgen is the larger business by last-quarter revenue ($9.9B vs $2.2B, roughly 4.4× Zimmer Biomet). Amgen runs the higher net margin — 13.5% vs 6.2%, a 7.3% gap on every dollar of revenue. On growth, Zimmer Biomet posted the faster year-over-year revenue change (10.9% vs 8.6%). Amgen produced more free cash flow last quarter ($961.0M vs $442.6M). Over the past eight quarters, Amgen's revenue compounded faster (15.1% CAGR vs 9.0%).

AmgenAMGNEarnings & Financial Report

Nasdaq · Health Care · pharmaceutical industry

Amgen Inc. is an American multinational biopharmaceutical company headquartered in Thousand Oaks, California. The company is ranked 18th on the list of largest biomedical companies by revenue. The name "AMGen" is a portmanteau of the company's original name, Applied Molecular Genetics.

Zimmer BiometZBHEarnings & Financial Report

NYSE · Health Care · biomedical engineering

Zimmer Biomet Holdings, Inc. is a publicly traded American medical device company. It was founded in 1927 to produce aluminum splints. The firm is headquartered in Warsaw, Indiana, where it is part of the medical devices business cluster.

AMGN vs ZBH — Head-to-Head

Bigger by revenue

AMGN

4.4× larger

$9.9B

$2.2B

Growing faster (revenue YoY)

ZBH

+2.3% gap

10.9%

8.6%

Higher net margin

AMGN

7.3% more per $

13.5%

6.2%

More free cash flow

AMGN

$518.4M more FCF

$961.0M

$442.6M

Faster 2-yr revenue CAGR

AMGN

Annualised

15.1%

9.0%

Income Statement — Q4 2025 vs Q4 2025

Metric	AMGN	ZBH
Revenue	$9.9B	$2.2B
Net Profit	$1.3B	$139.4M
Gross Margin	69.8%	64.7%
Operating Margin	27.6%	6.9%
Net Margin	13.5%	6.2%
Revenue YoY	8.6%	10.9%
Net Profit YoY	112.6%	-41.8%
EPS (diluted)	$2.45	$0.71

Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.

Revenue

AMGN

ZBH

Q4 25	$9.9B	$2.2B
Q3 25	$9.6B	$2.0B
Q2 25	$9.2B	$2.1B
Q1 25	$8.1B	$1.9B
Q4 24	$9.1B	$2.0B
Q3 24	$8.5B	$1.8B
Q2 24	$8.4B	$1.9B
Q1 24	$7.4B	$1.9B

Net Profit

AMGN

ZBH

Q4 25	$1.3B	$139.4M
Q3 25	$3.2B	$230.9M
Q2 25	$1.4B	$152.8M
Q1 25	$1.7B	$182.0M
Q4 24	$627.0M	$239.5M
Q3 24	$2.8B	$249.1M
Q2 24	$746.0M	$242.8M
Q1 24	$-113.0M	$172.4M

Gross Margin

AMGN

ZBH

Q4 25	69.8%	64.7%
Q3 25	67.8%	72.1%
Q2 25	67.2%	71.5%
Q1 25	63.6%	71.2%
Q4 24	65.7%	71.0%
Q3 24	61.1%	70.5%
Q2 24	61.4%	71.5%
Q1 24	57.0%	72.9%

Operating Margin

AMGN

ZBH

Q4 25	27.6%	6.9%
Q3 25	26.4%	17.6%
Q2 25	28.9%	14.4%
Q1 25	14.5%	15.3%
Q4 24	25.4%	19.2%
Q3 24	24.1%	15.3%
Q2 24	22.8%	18.1%
Q1 24	13.3%	14.1%

Net Margin

AMGN

ZBH

Q4 25	13.5%	6.2%
Q3 25	33.7%	11.5%
Q2 25	15.6%	7.4%
Q1 25	21.2%	9.5%
Q4 24	6.9%	11.8%
Q3 24	33.3%	13.7%
Q2 24	8.9%	12.5%
Q1 24	-1.5%	9.1%

EPS (diluted)

AMGN

ZBH

Q4 25	$2.45	$0.71
Q3 25	$5.93	$1.16
Q2 25	$2.65	$0.77
Q1 25	$3.20	$0.91
Q4 24	$1.17	$1.18
Q3 24	$5.22	$1.23
Q2 24	$1.38	$1.18
Q1 24	$-0.21	$0.84

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.

Metric	AMGN	ZBH
Cash + ST InvestmentsLiquidity on hand	$9.1B	$591.9M
Total DebtLower is stronger	$54.6B	—
Stockholders' EquityBook value	$8.7B	$12.7B
Total Assets	$90.6B	$23.1B
Debt / EquityLower = less leverage	6.31×	—

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Cash + ST Investments

AMGN

ZBH

Q4 25	$9.1B	$591.9M
Q3 25	$9.4B	$1.3B
Q2 25	$8.0B	$556.9M
Q1 25	$8.8B	$1.4B
Q4 24	$12.0B	$525.5M
Q3 24	$9.0B	$569.0M
Q2 24	$9.3B	$420.1M
Q1 24	$9.7B	$393.0M

Total Debt

AMGN

ZBH

Q4 25	$54.6B	—
Q3 25	$54.6B	—
Q2 25	$56.2B	—
Q1 25	$57.4B	—
Q4 24	$60.1B	—
Q3 24	$60.4B	—
Q2 24	$62.6B	—
Q1 24	$64.0B	—

Stockholders' Equity

AMGN

ZBH

Q4 25	$8.7B	$12.7B
Q3 25	$9.6B	$12.8B
Q2 25	$7.4B	$12.5B
Q1 25	$6.2B	$12.4B
Q4 24	$5.9B	$12.5B
Q3 24	$7.5B	$12.4B
Q2 24	$5.9B	$12.7B
Q1 24	$5.0B	$12.6B

Total Assets

AMGN

ZBH

Q4 25	$90.6B	$23.1B
Q3 25	$90.1B	$23.5B
Q2 25	$87.9B	$22.9B
Q1 25	$89.4B	$22.2B
Q4 24	$91.8B	$21.4B
Q3 24	$90.9B	$21.7B
Q2 24	$90.9B	$21.5B
Q1 24	$93.0B	$21.5B

Debt / Equity

AMGN

ZBH

Q4 25	6.31×	—
Q3 25	5.67×	—
Q2 25	7.57×	—
Q1 25	9.24×	—
Q4 24	10.23×	—
Q3 24	8.02×	—
Q2 24	10.57×	—
Q1 24	12.75×	—

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.

Metric	AMGN	ZBH
Operating Cash FlowLast quarter	$1.6B	$517.4M
Free Cash FlowOCF − Capex	$961.0M	$442.6M
FCF MarginFCF / Revenue	9.7%	19.7%
Capex IntensityCapex / Revenue; lower = less reinvestment burden	6.5%	3.3%
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	1.20×	3.71×
TTM Free Cash FlowTrailing 4 quarters	$8.1B	$1.5B

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Operating Cash Flow

AMGN

ZBH

Q4 25	$1.6B	$517.4M
Q3 25	$4.7B	$418.7M
Q2 25	$2.3B	$378.2M
Q1 25	$1.4B	$382.8M
Q4 24	$4.8B	$506.3M
Q3 24	$3.6B	$395.7M
Q2 24	$2.5B	$369.4M
Q1 24	$689.0M	$228.0M

Free Cash Flow

AMGN

ZBH

Q4 25	$961.0M	$442.6M
Q3 25	$4.2B	$363.7M
Q2 25	$1.9B	$328.1M
Q1 25	$980.0M	$338.2M
Q4 24	$4.4B	$454.8M
Q3 24	$3.3B	$351.2M
Q2 24	$2.2B	$316.7M
Q1 24	$459.0M	$172.9M

FCF Margin

AMGN

ZBH

Q4 25	9.7%	19.7%
Q3 25	44.4%	18.2%
Q2 25	20.8%	15.8%
Q1 25	12.0%	17.7%
Q4 24	48.4%	22.5%
Q3 24	39.0%	19.3%
Q2 24	26.5%	16.3%
Q1 24	6.2%	9.2%

Capex Intensity

AMGN

ZBH

Q4 25	6.5%	3.3%
Q3 25	4.6%	2.7%
Q2 25	4.0%	2.4%
Q1 25	5.0%	2.3%
Q4 24	4.1%	2.5%
Q3 24	3.0%	2.4%
Q2 24	2.8%	2.7%
Q1 24	3.1%	2.9%

Cash Conversion

AMGN

ZBH

Q4 25	1.20×	3.71×
Q3 25	1.46×	1.81×
Q2 25	1.59×	2.48×
Q1 25	0.80×	2.10×
Q4 24	7.61×	2.11×
Q3 24	1.26×	1.59×
Q2 24	3.30×	1.52×
Q1 24	—	1.32×

Financial Flow Comparison

Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.