Pfizer Inc. (PFE) financial statements: income statement, balance sheet and cash flow
Pfizer Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Pfizer Inc. reported revenue of $62.6B (-1.6% year on year) and net income of $7.8B (-3.2% year on year).
Income statement
Pfizer Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$53.3B
$55.2B
$50.9B
—
Alliance revenues
$9.3B
$8.4B
$7.6B
—
Total revenues
$62.6B
$63.6B
$58.5B
$100.3B
Cost of sales
$16.1B
$17.9B
$25.0B
$34.3B
Selling, informational and administrative expenses
$13.8B
$14.7B
$14.8B
$13.7B
Research and development expenses
$10.4B
$10.8B
$10.7B
$11.4B
Acquired in-process research and development expenses
$1.6B
$108.0M
$194.0M
$953.0M
Amortization of intangible assets
$4.9B
$5.3B
$4.7B
$3.6B
Restructuring charges and certain acquisition-related costs
$1.6B
$2.4B
$2.9B
$1.4B
Other (income)/deductions––net
$6.7B
$4.4B
($835.0M)
$217.0M
Income from continuing operations before provision/(benefit) for taxes on income
$7.5B
$8.0B
$1.1B
$34.7B
Provision/(benefit) for taxes on income
($266.0M)
($28.0M)
($1.1B)
$3.3B
Income from continuing operations
$7.8B
$8.1B
$2.2B
$31.4B
Discontinued operations––net of tax
$25.0M
$11.0M
($15.0M)
$6.0M
Net income before allocation to noncontrolling interests
$7.8B
$8.1B
$2.2B
$31.4B
Less: Net income attributable to noncontrolling interests
$41.0M
$31.0M
$39.0M
$35.0M
Net income attributable to Pfizer Inc. common shareholders
$7.8B
$8.0B
$2.1B
$31.4B
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)
$1.37
$1.42
$0.38
$5.59
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)
$1.37
$1.42
$0.38
$5.59
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)
$1.36
$1.41
$0.37
$5.47
Discontinued operations––net of tax (in dollars per share)
$0.00
$0.00
$0.00
$0.00
Net income attributable to Pfizer Inc. common shareholders (in dollars per share)
$1.36
$1.41
$0.37
$5.47
Weighted-average shares––basic (in shares)
5.7B
5.7B
5.6B
5.6B
Weighted-average shares––diluted (in shares)
5.7B
5.7B
5.7B
5.7B
Pfizer Inc. income statement, quarters
Line item
Jun 28, 2026 · Q2
Mar 29, 2026 · Q1
Sep 28, 2025 · Q3
Jun 29, 2025 · Q2
Revenues
$12.3B
$12.1B
$14.4B
$12.4B
Alliance revenues
$2.7B
$2.3B
$2.3B
$2.3B
Total revenues
$15.0B
$14.5B
$16.7B
$14.7B
Cost of sales
$4.1B
$3.5B
$4.2B
$3.8B
Selling, informational and administrative expenses
$3.4B
$3.0B
$3.2B
$3.4B
Research and development expenses
$2.8B
$2.5B
$2.5B
$2.5B
Acquired in-process research and development expenses
$16.0M
$137.0M
$1.4B
$2.0M
Amortization of intangible assets
$1.2B
$1.2B
$1.2B
$1.2B
Restructuring charges and certain acquisition-related costs
$457.0M
$100.0M
$286.0M
($18.0M)
Other (income)/deductions––net
$3.7B
$861.0M
$517.0M
$739.0M
Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)
($653.0M)
$3.2B
$3.3B
$3.0B
Provision/(benefit) for taxes on income/(loss)
($407.0M)
$461.0M
($216.0M)
$141.0M
Income/(loss) from continuing operations
($246.0M)
$2.7B
$3.5B
$2.9B
Discontinued operations––net of tax
$8.0M
($13.0M)
$0
$25.0M
Net income/(loss) before allocation to noncontrolling interests
($237.0M)
$2.7B
$3.5B
$2.9B
Less: Net income attributable to noncontrolling interests
$10.0M
$8.0M
$9.0M
$18.0M
Net income/(loss) attributable to Pfizer Inc. common shareholders
($248.0M)
$2.7B
$3.5B
$2.9B
Income/(loss) from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share)
-$0.04
$0.48
$0.62
$0.51
Discontinued operations––net of tax (in dollars per share)
$0.00
$0.00
$0.00
$0.00
Net income/(loss) attributable to Pfizer Inc. common shareholders (in dollars per share)
-$0.04
$0.47
$0.62
$0.51
Weighted-average shares--basic (in shares)
5.7B
5.7B
5.7B
5.7B
Weighted-average shares--diluted (in shares)
5.7B
5.7B
5.7B
5.7B
Balance sheet
Pfizer Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$1.1B
$1.0B
$2.9B
$416.0M
Short-term investments
$12.5B
$19.4B
$9.8B
$22.3B
Trade accounts receivable, net of allowance for doubtful accounts: 2025—$427; 2024—$438
$11.9B
$11.5B
$11.2B
$11.0B
Inventories
$10.7B
$10.9B
$10.2B
$9.0B
Current tax assets
$4.0B
$3.3B
$4.0B
$3.6B
Other current assets
$2.8B
$4.3B
$5.3B
$5.0B
Total current assets
$42.9B
$50.4B
$43.3B
$51.3B
Long-term investments
$1.6B
$2.0B
$3.7B
$4.0B
Property, plant and equipment, net
$19.3B
$18.4B
$18.9B
$16.3B
Identifiable intangible assets, net
$53.7B
$55.4B
$64.9B
$43.4B
Goodwill
$71.3B
$68.5B
$67.8B
$51.4B
Noncurrent deferred tax assets and other noncurrent tax assets
$9.7B
$8.7B
$3.7B
$6.7B
Other noncurrent assets
$9.6B
$9.8B
$12.5B
$13.2B
Total assets
$208.2B
$213.4B
$226.5B
$197.2B
Short-term borrowings, including current portion of long-term debt: 2025—$2,997; 2024—$3,747
$3.2B
$6.9B
$10.3B
$2.9B
Trade accounts payable
$5.2B
$5.6B
$6.7B
$6.8B
Dividends payable
$2.4B
$2.4B
$2.4B
$2.3B
Income taxes payable
$3.1B
$2.9B
$2.3B
$1.6B
Accrued compensation and related items
$3.6B
$3.8B
$2.8B
$3.4B
Deferred revenues
$784.0M
$1.5B
$2.7B
$2.5B
Other current liabilities
$18.6B
$19.7B
$20.5B
$22.6B
Total current liabilities
$37.0B
$43.0B
$47.8B
$42.1B
Long-term debt
$61.6B
$57.4B
$61.5B
$32.9B
Pension and postretirement benefit obligations
$2.0B
$2.1B
$2.2B
$2.3B
Noncurrent deferred tax liabilities
$2.4B
$2.1B
$640.0M
$1.0B
Other taxes payable
$3.6B
$6.1B
$8.5B
$9.8B
Other noncurrent liabilities
$14.7B
$14.2B
$16.5B
$13.2B
Total liabilities
$121.4B
$124.9B
$137.2B
$101.3B
Common stock, $0.05 par value; 12,000 shares authorized; issued: 2025—9,621; 2024—9,593
481.0M
480.0M
478.0M
476.0M
Additional paid-in capital
$94.5B
$93.6B
$92.6B
$91.8B
Treasury stock, shares at cost: 2025—3,935; 2024—3,926
-115.0B
-114.8B
—
—
Retained earnings
$114.6B
$116.7B
$118.4B
$125.7B
Accumulated other comprehensive loss
($8.1B)
($7.8B)
($8.0B)
($8.3B)
Total Pfizer Inc. shareholders’ equity
$86.5B
$88.2B
$89.0B
$95.7B
Equity attributable to noncontrolling interests
$299.0M
$294.0M
$274.0M
$256.0M
Total equity
$86.8B
$88.5B
$89.3B
$95.9B
Total liabilities and equity
$208.2B
$213.4B
$226.5B
$197.2B
Pfizer Inc. balance sheet, quarters
Line item
Jun 28, 2026
Mar 29, 2026
Sep 28, 2025
Jun 29, 2025
Cash and cash equivalents
$976.0M
$1.7B
$1.3B
$1.6B
Short-term investments
$10.7B
$11.4B
$13.6B
$11.6B
Trade accounts receivable, net of allowance for doubtful accounts: 2026—$423; 2025—$427
$12.5B
$12.6B
$14.3B
$12.1B
Inventories
$9.9B
$10.7B
$11.5B
$11.7B
Current tax assets
$3.7B
$3.6B
$3.9B
$4.0B
Other current assets
$3.5B
$2.9B
$2.4B
$2.7B
Total current assets
$41.4B
$42.8B
$46.9B
$43.7B
Long-term investments
$1.6B
$1.6B
$2.1B
$1.9B
Property, plant and equipment, net of accumulated depreciation: 2026—$18,104; 2025—$17,386
$19.0B
$19.4B
$18.9B
$18.8B
Identifiable intangible assets, net
$47.1B
$52.6B
$51.3B
$52.7B
Goodwill
$71.4B
$71.4B
$69.1B
$69.0B
Noncurrent deferred tax assets and other noncurrent tax assets
$10.8B
$10.0B
$11.0B
$10.3B
Other noncurrent assets
$9.9B
$9.8B
$9.3B
$9.5B
Total assets
$201.1B
$207.6B
$208.7B
$206.1B
Short-term borrowings, including current portion of long-term debt: 2026—$2,605; 2025—$2,997
$2.7B
$3.9B
$4.3B
$4.3B
Trade accounts payable
$4.6B
$4.5B
$5.0B
$5.2B
Dividends payable
$2.5B
$0
$0
$2.4B
Income taxes payable
$653.0M
$3.1B
$3.8B
$3.7B
Accrued compensation and related items
$2.6B
$2.7B
$3.0B
$2.4B
Other current liabilities
$19.7B
$20.1B
$19.5B
$18.6B
Total current liabilities
$32.6B
$34.3B
$36.6B
$37.7B
Long-term debt
$60.5B
$60.6B
$57.4B
$57.5B
Pension and postretirement benefit obligations
$1.9B
$2.0B
$2.2B
$2.1B
Noncurrent deferred tax liabilities
$2.0B
$2.4B
$2.5B
$2.5B
Other taxes payable
$3.8B
$3.7B
$3.4B
$3.3B
Other noncurrent liabilities
$14.8B
$14.2B
$13.6B
$13.9B
Total liabilities
$115.6B
$117.2B
$115.6B
$117.1B
Common stock
$482.0M
$482.0M
$481.0M
$481.0M
Additional paid-in capital
$95.0B
$94.8B
$94.2B
$94.1B
Treasury stock
($115.2B)
($115.2B)
($115.0B)
($115.0B)
Retained earnings
$112.1B
$117.2B
$121.2B
$117.6B
Accumulated other comprehensive loss
($7.2B)
($7.2B)
($8.1B)
($8.4B)
Total Pfizer Inc. shareholders’ equity
$85.2B
$90.1B
$92.8B
$88.7B
Equity attributable to noncontrolling interests
$302.0M
$303.0M
$295.0M
$317.0M
Total equity
$85.5B
$90.4B
$93.1B
$89.0B
Total liabilities and equity
$201.1B
$207.6B
$208.7B
$206.1B
Cash flow statement
Pfizer Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income before allocation to noncontrolling interests
$7.8B
$8.1B
$2.2B
$31.4B
Discontinued operations––net of tax
$25.0M
$11.0M
($15.0M)
$6.0M
Net income from continuing operations before allocation to noncontrolling interests
$7.8B
$8.1B
$2.2B
$31.4B
Depreciation and amortization
$6.6B
$7.0B
$6.3B
$5.1B
Asset write-offs and impairments
$5.3B
$4.2B
$3.4B
$550.0M
Deferred taxes
($2.1B)
($2.1B)
($3.4B)
($3.8B)
Share-based compensation expense
$799.0M
$877.0M
$525.0M
$872.0M
Benefit plan contributions in excess of expense/income
($786.0M)
($12.0M)
($787.0M)
($1.2B)
Inventory write-offs and related charges associated with COVID-19 products
$0
$0
$6.2B
—
Other adjustments, net
($470.0M)
($2.3B)
($3.5B)
$758.0M
Trade accounts receivable
($263.0M)
($109.0M)
$347.0M
$261.0M
Inventories
$561.0M
($854.0M)
($1.2B)
$592.0M
Other assets
$1.3B
$3.4B
($663.0M)
($4.5B)
Trade accounts payable
($469.0M)
($1.0B)
($300.0M)
$1.2B
Other liabilities
($3.7B)
($3.1B)
$595.0M
($1.4B)
Other tax accounts, net
($2.8B)
($1.3B)
($982.0M)
($545.0M)
Net cash provided by/(used in) operating activities
$11.7B
$12.7B
$8.7B
$29.3B
Purchases of property, plant and equipment
($2.6B)
($2.9B)
($3.9B)
($3.2B)
Purchases of short-term investments
($14.4B)
($10.1B)
($31.0B)
($36.4B)
Proceeds from redemptions/sales of short-term investments
$18.0B
$4.1B
$39.3B
$44.8B
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less
($2.7B)
$3.1B
$5.2B
($483.0M)
Purchases of long-term investments
($294.0M)
($180.0M)
($204.0M)
($1.9B)
Proceeds from redemptions/sales of long-term investments
$1.1B
$1.6B
$2.0B
$641.0M
Proceeds from partial sales of investment in Haleon
$6.3B
$7.0B
—
—
Acquisitions of businesses, net of cash acquired
($6.9B)
$0
($43.4B)
($23.0B)
Other investing activities, net
$165.0M
$2.0M
($179.0M)
($192.0M)
Net cash provided by/(used in) investing activities
($1.4B)
$2.7B
($32.3B)
($15.8B)
Proceeds from short-term borrowings
$0
$8.9B
$4.5B
$3.9B
Payments on short-term borrowings
($2.2B)
($11.2B)
($3.0M)
($3.9B)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
($796.0M)
($2.6B)
$3.2B
($222.0M)
Proceeds from issuance of long-term debt
$9.7B
$0
$30.8B
$0
Payments on long-term debt
($6.8B)
($2.3B)
($2.6B)
($3.3B)
Cash dividends paid
($9.8B)
($9.5B)
($9.2B)
($9.0B)
Other financing activities, net
($458.0M)
($469.0M)
($631.0M)
($335.0M)
Net cash provided by/(used in) financing activities
($10.3B)
($17.1B)
$26.1B
($14.8B)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
$41.0M
($66.0M)
($40.0M)
($165.0M)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents
$91.0M
($1.8B)
$2.4B
($1.5B)
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period
$1.1B
$2.9B
$468.0M
$2.0B
Cash and cash equivalents and restricted cash and cash equivalents, at end of period
$1.2B
$1.1B
$2.9B
$468.0M
Income taxes
$4.7B
$3.6B
$3.1B
$7.9B
Interest paid
$2.7B
$3.2B
$2.2B
$1.4B
Interest rate hedges
$140.0M
$178.0M
$134.0M
$54.0M
Right-of-use assets obtained in exchange for lease liabilities
$288.0M
$283.0M
$614.0M
$752.0M
Pfizer Inc. cash flow statement, quarters
Line item
Jun 28, 2026 · YTD
Mar 29, 2026 · Q1
Sep 28, 2025 · YTD
Jun 29, 2025 · YTD
Net income/(loss) before allocation to noncontrolling interests
$2.5B
$2.7B
$9.5B
$5.9B
Discontinued operations––net of tax
($5.0M)
($13.0M)
$25.0M
$25.0M
Net income from continuing operations before allocation to noncontrolling interests
$2.5B
$2.7B
$9.4B
$5.9B
Depreciation and amortization
$3.2B
$1.6B
$4.9B
$3.2B
Asset write-offs and impairments
$4.4B
$32.0M
$864.0M
$498.0M
Deferred taxes
($1.3B)
($12.0M)
($1.7B)
($935.0M)
Share-based compensation expense
$521.0M
$272.0M
$574.0M
$373.0M
Benefit plan contributions in excess of expense/income
($285.0M)
($173.0M)
($418.0M)
($334.0M)
Net gain from the sale of investment in ViiV
($1.9B)
—
—
—
Other adjustments, net
($159.0M)
($93.0M)
($353.0M)
($61.0M)
Other changes in assets and liabilities, net of acquisitions and divestitures
($3.5B)
($1.7B)
($6.9B)
($6.9B)
Net cash provided by/(used in) operating activities
$3.5B
$2.6B
$6.4B
$1.8B
Purchases of property, plant and equipment
($969.0M)
($436.0M)
($1.8B)
($1.2B)
Purchases of short-term investments
($5.1B)
($2.6B)
($10.3B)
($6.1B)
Proceeds from redemptions/sales of short-term investments
$6.6B
$4.6B
$13.2B
$10.5B
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less
$386.0M
($792.0M)
($3.3B)
($2.7B)
Purchases of long-term investments
($95.0M)
($104.0M)
($215.0M)
($86.0M)
Proceeds from redemptions/sales of long-term investments
$172.0M
$88.0M
$504.0M
$145.0M
Proceeds from sale of investment
$1.9B
$0
$6.3B
$6.3B
Other investing activities, net
$21.0M
$22.0M
$302.0M
$288.0M
Net cash provided by/(used in) investing activities
$2.9B
$785.0M
$4.8B
$7.2B
Payments on short-term borrowings
$0
$0
($2.2B)
($2.2B)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less
($63.0M)
($127.0M)
($897.0M)
($903.0M)
Proceeds from issuance of long-term debt
$0
—
$3.7B
$3.7B
Payments on long-term debt
($1.3B)
—
($3.8B)
($3.8B)
Cash dividends paid
($4.9B)
($2.4B)
($7.3B)
($4.9B)
Other financing activities, net
($311.0M)
($284.0M)
($415.0M)
($377.0M)
Net cash provided by/(used in) financing activities
($6.5B)
($2.9B)
($10.9B)
($8.4B)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
$15.0M
$19.0M
$36.0M
$34.0M
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents
($164.0M)
$563.0M
$287.0M
$588.0M
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period
$1.2B
$1.2B
$1.1B
$1.1B
Cash and cash equivalents and restricted cash and cash equivalents, at end of period