Pfizer Inc. (PFE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.68	$0.77	+13.2%	—	—	—
Q3 26	$0.72	$0.75	+4.2%	—	—	—
Q2 26	$0.57	$0.66	+15.8%	—	—	—
Q1 26	$0.63	$0.87	+38.1%	—	—	—
Q4 25	$0.57	$0.78	+36.8%	—	—	—
Q3 25	$0.67	$0.92	+37.3%	—	—	—
Q2 25	$0.46	$0.63	+37.0%	—	—	—
Q1 25	$0.61	$1.06	+73.8%	—	—	—
Q4 24	$0.46	$0.6	+30.4%	—	—	—
Q3 24	$0.51	$0.82	+60.8%	—	—	—
Q2 24	-$0.18	$0.1	+155.6%	—	—	—
Q1 24	-$0.34	-$0.17	+50.0%	—	—	—
Q4 23	$0.58	$0.67	+15.5%	—	—	—
Q3 23	$0.99	$1.23	+24.2%	—	—	—
Q2 23	$1.04	$1.14	+9.6%	—	—	—
Q1 23	$1.4	$1.78	+27.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.37	—	—	$62.6B	—
FY24	—	$1.42	—	—	$63.6B	—
FY23	—	$0.38	—	—	$58.5B	—
FY22	—	$5.59	—	—	$100.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$52.8B	$52.5B	$40.8B	$40.9B	$41.7B	$81.3B	$100.3B	$58.5B	$63.6B	$62.6B
YoY change	+8.13%	-0.53%	-22.3%	+0.2%	+1.82%	+95.2%	+23.4%	-41.7%	+8.77%	-1.65%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	52.8B	52.5B	40.8B	40.9B	41.7B	81.3B	100.3B	58.5B	63.6B	62.6B
Cost of revenue	12.3B	11.2B	9B	8.1B	8.5B	30.8B	34.3B	25B	17.9B	16.1B
Gross profit	40.5B	41.3B	31.8B	32.9B	33.2B	50.5B	66B	33.5B	45.8B	46.5B
Gross margin	76.7%	78.6%	78%	80.3%	79.6%	62.1%	65.8%	57.3%	71.9%	74.3%
Research & development	7.9B	7.7B	7.8B	8.4B	9.4B	10.4B	11.4B	10.7B	10.9B	10.4B
Selling, general & administrative	14.8B	14.8B	12.6B	12.7B	11.6B	12.7B	13.7B	14.8B	14.7B	13.8B
Operating expenses	22.7B	22.5B	20.4B	21.1B	21B	23.1B	25.1B	25.4B	25.7B	24.2B
Operating income	13.7B	14.1B	6.7B	7.3B	8.8B	23.7B	37.3B	3.4B	14.8B	17.4B
Operating margin	26%	26.8%	16.5%	17.9%	21.2%	29.2%	37.1%	5.74%	23.3%	27.8%
Non-operating income, net	-4.6B	-889M	-2.2B	5.4B	-415M	1.8B	-1.6B	-1.7B	-4.3B	-7.8B
Pretax income	8.4B	12.3B	3.6B	11.3B	7B	24.3B	34.7B	1.1B	8B	7.5B
Income tax	1.1B	-9B	-266M	583M	370M	1.9B	3.3B	-1.1B	-28M	-266M
Net income	7.2B	21.4B	11.2B	16.1B	9.2B	22B	31.4B	2.2B	8.1B	7.8B
Net margin	13.7%	40.6%	27.4%	39.3%	22.1%	27.1%	31.3%	3.69%	12.7%	12.5%
EBITDA	20.9B	21.5B	14.4B	13.9B	14.9B	33.6B	45.1B	14.4B	22.6B	25.7B
EPS	1.18	3.57	1.9	2.92	1.73	3.92	5.59	0.38	1.42	1.37
Diluted EPS	1.17	3.52	1.87	2.87	1.71	3.85	5.47	0.37	1.41	1.36

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	13.5B	14.2B	14.9B	13.3B	17.7B	17.8B	13.7B	14.7B	16.7B	17.6B	14.4B	15B
Cost of revenue	9.3B	7.6B	3.4B	3.3B	5.3B	5.9B	2.8B	3.8B	4.2B	5.3B	3.5B	4.1B
Gross profit	4.2B	6.7B	11.5B	10B	12.4B	11.9B	10.9B	10.9B	12.5B	12.3B	10.9B	10.9B
Gross margin	31.3%	46.9%	77.3%	75.2%	70.3%	66.7%	79.3%	74.2%	74.9%	70%	75.4%	72.8%
Research & development	2.7B	2.8B	2.5B	2.7B	2.6B	3.1B	2.2B	2.5B	2.5B	3.2B	2.5B	2.8B
Selling, general & administrative	3.3B	4.6B	3.5B	3.7B	3.2B	4.3B	3B	3.4B	3.2B	4.2B	3B	3.4B
Operating expenses	6B	7.4B	6B	6.4B	5.9B	7.4B	5.2B	5.9B	5.7B	7.4B	5.5B	6.2B
Operating income	-2.9B	-2B	4.2B	2.3B	5.3B	3.1B	4.4B	3.8B	5.5B	3.7B	4.3B	3.5B
Operating margin	-21.8%	-13.8%	28.2%	17%	29.8%	17.4%	32.3%	25.7%	33.2%	21%	29.5%	23.5%
Non-operating income, net	-230M	-2.1B	-121M	-1.7B	112M	-2.5B	-1.1B	-226M	-1.7B	-4.8B	-544M	-3.6B
Pretax income	-3.4B	-4.1B	3.4B	-103M	4.7B	-10M	2.8B	3B	3.3B	-1.6B	3.2B	-653M
Income tax	-964M	-795M	293M	-134M	234M	-421M	-189M	141M	-216M	-2M	461M	-407M
Net income	-2.4B	-3.4B	3.1B	48M	4.5B	418M	3B	2.9B	3.5B	-1.6B	2.7B	-237M
Net margin	-17.6%	-23.6%	21%	0.36%	25.3%	2.35%	21.7%	20%	21.3%	-9.34%	18.7%	-1.58%
EBITDA	-422M	1.5B	6.3B	4.4B	7.6B	4.6B	6.5B	5.7B	7.6B	6.1B	6.2B	5.6B
EPS	-0.42	-0.6	0.55	0.01	0.79	0.07	0.52	0.51	0.62	-0.29	0.47	-0.04
Diluted EPS	-0.42	-0.6	0.55	0.01	0.78	0.07	0.52	0.51	0.62	-0.29	0.47	-0.04

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	187.6B	205.2B	243.2B	207B	204.5B	330.7B	287.4B	162.5B	150.3B	141.5B	163.7B
Enterprise value	210.9B	227.8B	266.1B	248.2B	230.5B	336.7B	299.5B	220.6B	193.4B	191.9B	215.5B
Shares outstanding	6.1B	6B	5.9B	5.6B	5.6B	5.6B	5.6B	5.6B	5.7B	5.7B	5.7B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	25.9	9.61	21.7	12.9	22.2	15	9.15	75.3	18.6	18.1	37.8
P/S	3.55	3.9	5.96	5.06	4.91	4.07	2.86	2.78	2.36	2.26	2.57
P/B	3.14	2.86	3.81	3.26	3.22	4.27	3	1.82	1.7	1.63	1.92
EV/EBITDA	10.1	10.6	18.5	17.9	15.4	10	6.64	15.3	8.56	7.45	8.49
EV/Sales	3.99	4.33	6.52	6.07	5.53	4.14	2.98	3.77	3.04	3.07	3.38
Earnings yield	3.86%	10.4%	4.6%	7.76%	4.5%	6.66%	10.9%	1.33%	5.37%	5.52%	2.65%
FCF yield	7.56%	7.11%	5.63%	5.09%	5.96%	9.03%	9.06%	2.95%	6.55%	6.41%	7.63%
PEG	—	—	—	—	—	—	—	—	—	—	-0.35

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	76.7%	78.6%	78%	80.3%	79.6%	62.1%	65.8%	57.3%	71.9%	74.3%	72.8%
Operating margin	26%	26.8%	16.5%	17.9%	21.2%	29.2%	37.1%	5.74%	23.3%	27.8%	27.9%
Net margin	13.7%	40.6%	27.4%	39.3%	22.1%	27.1%	31.3%	3.69%	12.7%	12.5%	6.8%
ROE	12.1%	29.8%	17.5%	25.3%	14.5%	28.4%	32.7%	2.42%	9.11%	9%	5.01%
ROA	4.22%	12.4%	7.02%	9.58%	5.96%	12.1%	15.9%	0.95%	3.78%	3.75%	5.78%
ROIC	14.3%	14.9%	7.77%	6.63%	9.34%	26.3%	31.2%	2.28%	11.3%	12.7%	12.4%
Return on tangible assets	-17%	-56.8%	-62.8%	483.9%	-590.9%	67.2%	407.2%	-5.55%	-23.4%	-18.7%	-12.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.25	1.35	1.57	0.88	1.35	1.4	1.22	0.91	1.17	1.16	1.27
Quick ratio	1.03	1.1	1.33	0.69	1.04	1.19	1	0.69	0.92	0.87	0.96
Debt / equity	0.69	0.59	0.65	0.8	0.6	0.48	0.36	0.79	0.72	0.74	0.74
Debt / assets	0.24	0.25	0.26	0.3	0.25	0.2	0.18	0.31	0.3	0.31	0.31
Net debt / EBITDA	1.11	1.05	1.59	2.97	1.75	0.18	0.27	4.03	1.91	1.96	2.02
Interest coverage	8.04	10.7	3.73	8.2	5.86	19.8	29.1	1.48	3.6	3.82	2.56
Effective tax rate	13.4%	0%	0%	5.15%	5.26%	7.62%	9.58%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.68	8.8	6.95	7.35	7.5	14.5	17.9	10.4	11.2	11	11.2
EPS (basic)	1.18	3.57	1.9	2.92	1.73	3.92	5.59	0.38	1.42	1.37	1.37
EPS (diluted)	1.17	3.52	1.87	2.87	1.71	3.85	5.47	0.37	1.41	1.36	0.76
Book value per share	9.83	12	10.9	11.4	11.4	13.8	17.1	15.8	15.6	15.3	14.9
FCF per share	2.33	2.44	2.33	1.89	2.19	5.33	4.64	0.85	1.74	1.6	1.93
Cash per share	2.93	3.35	3.21	1.73	2.2	5.55	4.05	2.25	3.62	2.39	2.05
Capex per share	0.3	0.33	0.34	0.37	0.4	0.48	0.58	0.69	0.51	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.45%	3.72%	4.86%	5%	5.34%	3.34%	3.23%	6.68%	4.57%	—	—
Capex / operating cash flow	14.2%	12.1%	36.2%	16.5%	26.1%	8.3%	11.8%	-430.8%	34.2%	—	—
Payout ratio	101%	35.9%	71.3%	50.1%	91.8%	39.6%	28.6%	428.5%	118%	125.1%	226.3%
Dividend yield	3.9%	3.73%	3.28%	3.89%	4.13%	2.64%	3.13%	5.69%	6.33%	6.9%	5.99%

Yield

5.99%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.43

ex-dividend Jul 24, 2026

Payout ratio

226%

of earnings

Dividend growth

15 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 24, 2026	$0.43
May 8, 2026	$0.43
Jan 23, 2026	$0.43

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$13.5B	$14.2B	$14.9B	$13.3B	$17.7B	$17.8B	$13.7B	$14.7B	$16.7B	$17.6B	$14.4B	$15B
YoY change	-40.4%	-41.3%	-19.5%	+2.13%	+31.2%	+24.7%	-7.82%	+10.3%	-5.91%	-1.17%	+5.36%	+2.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	17.9B	20B	18.8B	9.6B	12.2B	31.1B	22.7B	12.7B	20.5B	13.6B
Receivables	8.2B	8.2B	8B	6.8B	7.9B	11.5B	11B	11.2B	11.5B	11.9B
Inventory	6.8B	7.6B	7.5B	7.1B	8B	9.1B	9B	10.2B	10.9B	10.7B
Total current assets	38.9B	41.1B	49.9B	32.8B	35.1B	59.7B	51.3B	43.3B	50.4B	42.9B
Property, plant & equipment	3.5B	3.6B	3.5B	3.8B	4.7B	5.9B	7.4B	9.9B	9.4B	9.6B
Goodwill & intangibles	214.2B	209.4B	177.2B	164.3B	155.8B	148.7B	189.5B	265.4B	247.9B	250B
Total assets	171.6B	171.8B	159.4B	167.6B	154.2B	181.5B	197.2B	226.5B	213.4B	208.2B
Accounts payable	4.5B	4.7B	4.7B	3.9B	4.3B	5.6B	6.8B	6.7B	5.6B	5.2B
Short-term debt	10.7B	9.9B	8.8B	16.2B	2.7B	2.2B	2.9B	10.3B	6.9B	3.2B
Total current liabilities	31.1B	30.4B	31.9B	37.3B	25.9B	42.7B	42.1B	47.8B	43B	37B
Long-term debt	30.4B	32.7B	32.9B	34.6B	35.6B	34.8B	31.9B	60.5B	56.7B	60.8B
Total liabilities	111.8B	100.1B	95.7B	104.1B	90.8B	104B	101.3B	137.2B	124.9B	121.4B
Shareholders' equity	59.8B	71.7B	63.8B	63.4B	63.5B	77.5B	95.9B	89.3B	88.5B	86.8B
Total debt	41.1B	42.6B	41.7B	50.8B	38.3B	37B	34.9B	70.8B	63.6B	64B
Net debt	38.5B	41.3B	40.6B	49.7B	36.5B	35.1B	34.4B	68B	62.6B	62.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	44.2B	12.7B	11.9B	7.1B	10B	20.5B	17.3B	13.2B	15B	13.6B	13.1B	11.7B
Receivables	11.1B	11.2B	11B	11.4B	14.5B	11.5B	11.8B	12.1B	14.3B	11.9B	12.6B	12.5B
Inventory	10.2B	10.2B	10.9B	11.4B	11.7B	10.9B	10.9B	11.7B	11.5B	10.7B	10.7B	9.9B
Total current assets	74B	43.3B	42.4B	37.8B	43.2B	50.4B	45.9B	43.7B	46.9B	42.9B	42.8B	41.4B
Property, plant & equipment	-15.8B	9.9B	-16.4B	-16.6B	-16.7B	9.4B	-16.8B	-17.3B	-17.5B	9.6B	-17.8B	-18.1B
Goodwill & intangibles	183.5B	265.4B	264.3B	259.4B	257.1B	247.9B	244.8B	243.4B	240.8B	250B	247.9B	236.9B
Total assets	215B	226.5B	221.1B	216.2B	219.5B	213.4B	208B	206.1B	208.7B	208.2B	207.6B	201.1B
Accounts payable	5.3B	6.7B	5.6B	5.1B	5.3B	5.6B	5.2B	5.2B	5B	5.2B	4.5B	4.6B
Short-term debt	2.5B	10.3B	8.2B	11.9B	9.7B	6.9B	4.5B	4.3B	4.3B	3.2B	3.9B	2.7B
Total current liabilities	31.1B	47.8B	40.5B	43.8B	43.2B	43B	36.5B	37.7B	36.6B	37B	34.3B	32.6B
Long-term debt	61B	60.5B	60.5B	56.7B	56.9B	56.7B	56.8B	56.6B	56.5B	60.8B	59.8B	60.5B
Total liabilities	117.8B	137.2B	128.5B	128.2B	126.9B	124.9B	117.4B	117.1B	115.6B	121.4B	117.2B	115.6B
Shareholders' equity	97.2B	89.3B	92.6B	88B	92.6B	88.5B	90.6B	89B	93.1B	86.8B	90.4B	85.5B
Total debt	63.6B	70.8B	68.7B	68.7B	66.6B	63.6B	61.3B	60.9B	60.8B	64B	63.7B	63.2B
Net debt	60.4B	68B	68B	67.6B	65.5B	62.6B	59.9B	59.3B	59.5B	62.8B	62B	62.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	7.2B	21.4B	3.9B	10.7B	7B	22.5B	31.4B	2.2B	8.1B	7.8B
Depreciation & amortization	5.8B	6.3B	6.2B	5.8B	4.8B	5.2B	5.1B	6.3B	7B	6.6B
Stock-based compensation	691M	840M	923M	687M	756M	1.2B	872M	525M	877M	799M
Change in working capital	98M	1.3B	-334M	-3.9B	-275M	12.8B	-5.6B	-2.2B	-3.1B	-5.4B
Operating cash flow	12.9B	16.2B	5.5B	12.4B	8.5B	32.6B	27.5B	-907M	8.5B	11.7B
Capital expenditure	-1.8B	-2B	-2B	-2B	-2.2B	-2.7B	-3.2B	-3.9B	-2.9B	—
Investing cash flow	-7.6B	-4.5B	4.7B	-3.8B	-4.2B	-22.5B	-19.7B	-32.3B	2.7B	1.3B
Dividends paid	-7.3B	-7.7B	-8B	-8B	-8.4B	-8.7B	-9B	-9.2B	-9.5B	-9.8B
Share repurchases	-5B	-5B	-12.2B	-8.9B	0	0	-2B	0	0	—
Financing cash flow	-18.4B	-22.7B	-27.8B	-16.9B	-48B	-9.9B	-18.9B	26.1B	-31B	-13.3B
Net change in cash	-13.1B	-11B	-17.5B	-8.3B	-43.6B	201M	-11.2B	-7.1B	-19.8B	-317M
Free cash flow	14.2B	14.6B	13.7B	10.5B	12.2B	29.9B	26B	4.8B	9.8B	9.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-2.4B	-3.3B	3.1B	31M	4.5B	411M	3B	2.9B	3.6B	-1.6B	2.7B	-220M
Depreciation & amortization	1.6B	1.7B	1.7B	1.7B	1.8B	1.8B	1.6B	1.6B	1.7B	1.7B	1.6B	1.6B
Stock-based compensation	151M	121M	220M	206M	274M	177M	170M	203M	201M	225M	272M	249M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	-1.4B	-6.5B	4.3B	1.5B	5.2B	633M	3.9B	-582M	4.6B	5.3B	2.6B	835M
Capital expenditure	-810M	-1B	-704M	-637M	-651M	-917M	-564M	—	—	—	—	—
Investing cash flow	888M	-11B	1.7B	4.6B	-2.1B	-1.6B	3.3B	4.6B	-1.8B	-5.3B	1.2B	2.6B
Dividends paid	-2.3B	-2.3B	-2.4B	-2.4B	-2.4B	-2.4B	-2.4B	-2.4B	-2.4B	-2.4B	-2.4B	-2.5B
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-3.9B	5.5B	-7.3B	-6B	-9B	-8.6B	-7.7B	-7.6B	-2.5B	697M	-3B	-3.6B
Net change in cash	-4.4B	-11.9B	-1.3B	14M	-5.9B	-9.6B	-477M	-3.6B	304M	744M	853M	-125M
Free cash flow	2.6B	4.2B	386M	-2.4B	6.1B	5.8B	1.8B	-1.2B	4B	4.5B	2.2B	302M

Date	Ratio
Nov 17, 2020	1054:1000
Jul 1, 1999	3:1
Jul 1, 1997	2:1
Jul 3, 1995	2:1
Apr 1, 1991	2:1
Jul 1, 1983	2:1

Pfizer Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history