PFIZER INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PFIZER INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	52,824	52,546	40,825	40,905	41,651	81,288	101,175	59,553	63,627	62,579
Cost of revenue	12,322	11,228	8,987	8,054	8,484	30,821	34,344	24,954	17,851	16,067
Gross profit	40,502	41,318	31,838	32,851	33,167	50,467	66,831	34,599	45,776	46,512
Research and development	7,892	7,683	7,760	8,385	8,709	10,360	11,428	10,679	10,822	10,437
Selling, general and administrative	14,844	14,804	12,612	12,726	11,597	12,703	13,677	14,771	14,730	13,794
Interest expense	1,186	1,270	1,316	1,573	1,449	1,291	1,238	2,209	3,091	2,671
Interest income	470	391	333	225	73	36	251	1,624	545	603
Other non-operating income	-3,794	-1,416	-2,077	-3,497	-1,213	4,878	-1,062	-222	-4,388	-6,724
Pre-tax income	8,351	12,305	3,594	11,321	7,036	24,311	34,729	1,058	8,023	7,520
Income tax	1,123	-9,049	-266	583	370	1,852	3,328	-1,115	-28	-266
Income from continuing operations	7,198	21,306	3,825	10,708	6,630	22,414
Net income to minority interests	31	47	36	29	36	45	35	39	31	41
Net income	7,215	21,308	11,153	16,026	9,159	21,979	31,372	2,119	8,031	7,771
EPS, basic	1.18	3.57	1.90	2.88	1.65	3.92	5.59	0.38	1.42	1.37
EPS, diluted	1.17	3.52	1.87	2.82	1.63	3.85	5.47	0.37	1.41	1.36
Shares, basic (weighted)	6,089	5,970	5,872	5,569	5,555	5,601	5,608	5,643	5,664	5,683
Shares, diluted (weighted)	6,159	6,058	5,977	5,675	5,632	5,708	5,733	5,709	5,700	5,713
Dividend per share	1.22	1.30	1.38	1.46	1.53	1.57	1.61	1.65	1.69	1.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,595	1,342	1,139	1,121	1,786	1,944	416	2,853	1,043	1,142
Short-term investments	15,255	18,650	17,694	8,525	10,437	22,014	18,743	4,400	10,881	9,183
Receivables	8,225	8,221	8,025	6,772	7,913	11,479	10,952	11,566	11,463	11,874
Inventory	6,783	7,578	7,508	7,068	8,020	9,059	8,981	10,189	10,851	10,654
Other current assets	2,249	2,289	2,461	2,357	3,646	3,820	5,017	4,911	4,253	2,808
Total current assets	38,949	41,141	49,926	32,803	35,067	59,693	51,259	43,333	50,358	42,898
Property, plant and equipment	13,318	13,865	13,385	12,969	13,745	14,882	16,274	18,940	18,393	19,317
Lease right-of-use assets				1,289	1,386	2,839	3,002	2,924	2,289	2,213
Goodwill	54,449	55,952	42,927	48,181	49,556	49,208	51,375	67,783	68,527	71,264
Intangible assets	52,648	48,741	35,211	33,936	28,337	25,146	43,370	64,900	55,411	53,731
Long-term investments	7,116	7,015	2,586	20,147	20,262	21,526	15,069	15,368	2,228	1
Other non-current assets	3,323	3,227	2,799	4,199	4,879	7,679	13,163	12,471	9,817	9,631
Total assets	171,615	171,797	159,422	167,594	154,229	181,476	197,205	226,501	213,396	208,160
Accounts payable	4,536	4,656	4,674	3,887	4,283	5,578	6,809	6,710	5,633	5,240
Accrued liabilities	2,487	2,196	2,397	2,390	3,049	3,332	3,407	2,776	3,838	3,610
Deferred revenue					1,113	3,067	2,520	2,700	1,511	784
Short-term debt	10,688	9,953	8,831	16,195	2,703	2,241	2,945	10,350	6,946	3,154
Total current liabilities	31,115	30,427	31,858	37,304	25,920	42,671	42,138	47,794	42,995	36,984
Long-term debt	31,398	33,538	32,909	35,955	37,133	36,195	32,884	61,538	57,405	61,641
Lease liabilities				1,030	1,108	2,510	2,597	2,626	2,286	2,291
Other non-current liabilities	6,337	6,149	5,850	6,894	6,669	9,743	13,180	16,539	14,150	14,725
Total liabilities	111,776	100,141	95,664	104,148	90,756	104,013	101,288	137,213	124,899	121,385
Total debt	31,398	37,084	37,685	37,417	4,000	37,831	35,444	63,792	61,152	64,638
Paid-in capital	82,685	84,278	86,253	87,428	88,674	90,591	91,802	92,631	93,603	94,469
Retained earnings	71,774	85,291	89,554	97,670	90,392	103,394	125,656	118,353	116,725	114,610
Treasury stock	-84,364	-89,425	-101,610	-110,801	-110,988	-111,361	-113,969	-114,487	-114,763	-115,015
Other comprehensive income	-11,036	-9,321	-11,275	-11,640	-5,310	-5,897	-8,304	-7,961	-7,842	-8,069
Shareholders' equity	59,544	71,308	63,407	63,143	63,238	77,201	95,661	89,014	88,203	86,476
Minority interests	296	348	351	303	235	262	256	274	294	299
Total equity	59,840	71,656	63,758	63,447	63,473	77,462	95,916	89,288	88,497	86,775
Total liabilities and equity	171,615	171,797	159,422	167,594	154,229	181,476	197,205	226,501	213,396	208,160

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7,246	21,355	11,188	16,056	9,195	22,025	31,407	2,158	8,062	7,812
Depreciation and amortization	5,757	6,269	6,384	5,755	4,681	5,191	5,064	6,290	7,013	6,592
Stock-based compensation	691	840	923	687	755	1,182	872	525	877	799
Deferred income tax	-700	-2,410	-2,204	561	-1,575	-4,293	-3,764	-3,442	-2,102	-2,133
Change in receivables	-134	259	-458	-1,124	-1,275	-3,811	261	347	-109	-263
Change in inventory	365	-357	-432	-1,071	-778	-1,125	-591	-1,169	-854	561
Cash from operations	16,192	16,802	15,827	12,588	14,403	32,580	29,267	8,700	12,744	11,704
Capital expenditures	-1,823	-1,956	-1,984	-2,046	-2,226	-2,711	-3,236	-3,907	-2,909	-2,629
Acquisitions	-18,368	-1,000	0	-10,861	0	0	-22,997	-43,430	0	-6,927
Purchases of investments	-8,011	-3,537	-1,797	-201	-597	-1,068	-1,913	-204	-180	-294
Sales and maturities of investments	10,200	5,100	5,700
Cash from investing	-7,791	-4,740	4,525	-3,945	-4,271	-22,546	-15,783	-32,278	2,652	-1,351
Debt issued	10,976	5,274	4,974	4,942	5,222	997	0	30,831	0	9,678
Debt repaid	-7,689	-6,154	-3,566	-6,806	-4,003	-2,004	-3,298	-2,569	-2,250	-6,757
Stock issued	1,019	862	1,259	394	425
Share buybacks	-5,000	-5,000	-12,198	-8,865	0	0	-2,000	0	0
Dividends paid	-7,317	-7,659	-7,978	-8,043	-8,440	-8,729	-8,983	-9,247	-9,512	-9,771
Cash from financing	-9,228	-13,350	-20,441	-8,485	-9,649	-9,816	-14,834	26,066	-17,140	-10,304
Exchange rate effect	-215	53	-116	-32	-8	-59	-165	-40	-66	41
Net change in cash	-1,041	-1,235	-205	125	475	159	-1,515	2,448	-1,810	91
Free cash flow	14,369	14,846	13,843	10,542	12,177	29,869	26,031	4,793	9,835	9,075
Interest paid	1,451	1,518	1,311	1,587	1,641	1,467	1,442	2,215	3,227	2,739
Income taxes paid	2,521	2,489	3,655	3,664	3,153	7,427	7,867	3,147	3,605	4,688

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $28.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	73.2%	Gross profit / revenue.
Pre-tax margin	6.6%	Pre-tax income / revenue.
Net margin	6.8%	Net income / revenue.
FCF margin	17.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.0%	Cash from operations / revenue.
Effective tax rate	-3.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.2%	Net income / average total assets.
R&D / revenue	17.3%	Research and development expense / revenue.
SG&A / revenue	21.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	10.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-37.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-3.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-37.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-3.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-26.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-29.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.27x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.4%	Total debt / total assets.
Liabilities / assets	57.5%	Total liabilities / total assets.
Net debt	$54.84B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$8.71B	Current assets - current liabilities.
Goodwill and intangibles / assets	58.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$33.28B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	3.35x	Revenue / average property, plant and equipment.
Inventory turnover	1.72x	Cost of revenue / average inventory.
Days inventory	212 days	365 x average inventory / cost of revenue.
Receivables turnover	5.10x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	98 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	186 days	Days inventory + days sales outstanding - days payables.
FCF conversion	253.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.18	Revenue / diluted weighted shares.
FCF per share	$1.93	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.35	Cash from operations / diluted weighted shares.
Book value per share	$14.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$5.84	Tangible book value / shares outstanding.
Cash per share	$1.45	(Cash + short-term investments) / shares outstanding.
Payout ratio	225.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	89.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$163.41B	Share price x shares outstanding.
Enterprise value	$218.25B	Market cap + total debt - cash - short-term investments.
P/E	37.7x	Market cap / net income. Only when net income is positive.
P/S	2.57x	Market cap / revenue.
P/B	1.92x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	14.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.2x	Market cap / cash from operations, when positive.
EV/Sales	3.43x	Enterprise value / revenue.
EV/FCF	19.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.7%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Dividend yield	6.0%	Dividends paid over the period / market cap.
Shareholder yield	6.0%	(Dividends paid + share buybacks) / market cap.

What was PFIZER INC's revenue in fiscal 2025?

PFIZER INC reported revenue of $62.58B for fiscal 2025, 1.6% lower than the year before.

Was PFIZER INC profitable in fiscal 2025?

Yes. Net income was $7.77B, a net margin of 12.4%.

How much free cash flow did PFIZER INC generate in fiscal 2025?

Cash from operations of $11.70B minus capital expenditures of $2.63B left free cash flow of $9.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to PFIZER INC