Pfizer
PFE · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
Pfizer reported revenue of $62.6B in the fiscal year ended Dec 2025, down 1.6% from the year before. Net income was $7.8B. Operating cash flow of $11.7B less capital expenditure of $2.6B left free cash flow of $9.1B. Net debt was $63.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $73.6B | $91.8B | $50.9B | $63.6B | $62.6B |
| Cost of revenue | $30.8B | $34.3B | $25B | $17.9B | $16.1B |
| Gross profit | $42.8B | $57.4B | $26B | $45.8B | $46.5B |
| Selling, general & admin | $12.7B | $13.7B | $14.8B | $14.7B | $13.8B |
| Interest expense | $1.3B | $1.2B | $2.2B | $3.1B | $2.7B |
| Pre-tax income | $24.3B | $34.7B | $1.1B | $8B | $7.5B |
| Income tax | $1.9B | $3.3B | −$1.1B | −$28M | −$266M |
| Net income | $22B | $31.4B | $2.1B | $8B | $7.8B |
| Diluted EPS | 3.85 | 5.47 | 0.37 | 1.41 | 1.36 |
| Diluted shares | 5,708M | 5,733M | 5,709M | 5,700M | 5,713M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.9B | $416M | $2.9B | $1B | $1.1B |
| Receivables | $11.5B | $11B | $11.6B | $11.5B | $11.9B |
| Inventory | $9.1B | $9B | $10.2B | $10.9B | $10.7B |
| Current assets | $59.7B | $51.3B | $43.3B | $50.4B | $42.9B |
| Net PP&E | $14.9B | $16.3B | $18.9B | $18.4B | $19.3B |
| Goodwill | $49.2B | $51.4B | $67.8B | $68.5B | $71.3B |
| Total assets | $181B | $197B | $227B | $213B | $208B |
| Payables | $5.6B | $6.8B | $6.7B | $5.6B | $5.2B |
| Deferred revenue | $3.1B | $2.5B | $2.7B | $1.5B | $784M |
| Current liabilities | $42.7B | $42.1B | $47.8B | $43B | $37B |
| Short-term debt | $1.6B | $2.6B | $2.3B | $3.7B | $3B |
| Long-term debt | $36.2B | $32.9B | $61.5B | $57.4B | $61.6B |
| Total liabilities | $104B | $101B | $137B | $125B | $121B |
| Shareholders' equity | $77.2B | $95.7B | $89B | $88.2B | $86.5B |
| Backlog (remaining obligations) | $34.4B | $15B | – | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $32.6B | $29.3B | $8.7B | $12.7B | $11.7B |
| Capital expenditure | $2.7B | $3.2B | $3.9B | $2.9B | $2.6B |
| Free cash flow | $29.9B | $26B | $4.8B | $9.8B | $9.1B |
| Depreciation & amortisation | $5.2B | $5.1B | $6.3B | $7B | $6.6B |
| Stock-based compensation | $1.2B | $872M | $525M | $877M | $799M |
| Acquisitions | $0 | $23B | $43.4B | $0 | $6.9B |
| Share buybacks | $0 | $2B | $0 | $0 | – |
| Dividend per share | 1.57 | 1.61 | 1.65 | 1.69 | 1.72 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.7% | −44.5% | 25.0% | −1.6% |
| EPS growth (YoY) | – | 42.1% | −93.2% | 281.1% | −3.5% |
| Gross margin | 58.1% | 62.6% | 51.0% | 71.9% | 74.3% |
| Net margin | 29.8% | 34.2% | 4.2% | 12.6% | 12.4% |
| Return on equityBlank when equity is negative | 28.5% | 32.8% | 2.4% | 9.1% | 9.0% |
| Free cash flow margin | 40.6% | 28.4% | 9.4% | 15.5% | 14.5% |
| Cash conversion (CFO ÷ net income) | 1.48x | 0.93x | 4.11x | 1.59x | 1.51x |
| Receivable days | 57 | 44 | 83 | 66 | 69 |
| Inventory days | 107 | 95 | 149 | 222 | 242 |
| Payable days | 66 | 72 | 98 | 115 | 119 |
| Debt ÷ equity | 0.49x | 0.37x | 0.72x | 0.69x | 0.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $35.9B | $35B | $60.9B | $60.1B | $63.5B |
| Current ratio | 1.40x | 1.22x | 0.91x | 1.17x | 1.16x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.