Pfizer Financials

PFE

Source SEC Filings (10-K/10-Q) Updated Sep 28, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 55/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Pfizer's revenue grew 6.8% year-over-year to $63.6B, a solid pace of expansion. This earns a growth score of 48/100.

Leverage

Pfizer carries a low D/E ratio of 0.65, meaning only $0.65 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Pfizer's current ratio of 1.17 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 27/100, which could limit financial flexibility.

Cash Flow

Pfizer converts 15.5% of revenue into free cash flow ($9.8B). This strong cash generation earns a score of 77/100.

Returns

Pfizer's ROE of 9.1% shows moderate profitability relative to equity, earning a score of 36/100. This is up from 2.4% the prior year.

Piotroski F-Score Strong

8/9

Pfizer passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.59x

For every $1 of reported earnings, Pfizer generates $1.59 in operating cash flow ($12.7B OCF vs $8.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Pfizer (PFE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$63.6B

YoY+6.8%

5Y CAGR+9.2%

10Y CAGR+2.5%

Pfizer generated $63.6B in revenue in fiscal year 2024. This represents an increase of 6.8% from the prior year.

EBITDA

N/A

Free Cash Flow

$9.8B

YoY+105.2%

5Y CAGR-1.4%

10Y CAGR-4.7%

Pfizer generated $9.8B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 105.2% from the prior year.

Net Income

$8.0B

YoY+279.0%

5Y CAGR-12.9%

10Y CAGR-1.3%

Pfizer reported $8.0B in net income in fiscal year 2024. This represents an increase of 279.0% from the prior year.

EPS (Diluted)

$1.41

YoY+281.1%

5Y CAGR-12.9%

10Y CAGR-0.1%

Pfizer earned $1.41 per diluted share (EPS) in fiscal year 2024. This represents an increase of 281.1% from the prior year.

Cash & Debt

$1.0B

YoY-63.4%

5Y CAGR-1.4%

10Y CAGR-11.0%

Pfizer held $1.0B in cash against $57.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.69

YoY+2.4%

5Y CAGR+3.0%

10Y CAGR+5.0%

Pfizer paid $1.69 per share in dividends in fiscal year 2024. This represents an increase of 2.4% from the prior year.

Shares Outstanding

N/A

Gross Margin

71.9%

YoY+13.8pp

5Y CAGR-8.4pp

10Y CAGR-8.7pp

Pfizer's gross margin was 71.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 13.8 percentage points from the prior year.

Operating Margin

N/A

Net Margin

12.6%

YoY+9.1pp

5Y CAGR-26.6pp

10Y CAGR-5.8pp

Pfizer's net profit margin was 12.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 9.1 percentage points from the prior year.

Return on Equity

9.1%

YoY+6.7pp

5Y CAGR-16.3pp

10Y CAGR-3.7pp

Pfizer's ROE was 9.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 6.7 percentage points from the prior year.

R&D Spending

$10.8B

YoY+1.3%

5Y CAGR+5.2%

10Y CAGR+2.6%

Pfizer invested $10.8B in research and development in fiscal year 2024. This represents an increase of 1.3% from the prior year.

Share Buybacks

Pfizer spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$2.9B

YoY-25.5%

5Y CAGR+7.3%

10Y CAGR+9.3%

Pfizer invested $2.9B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 25.5% from the prior year.

PFE Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$63.6B+6.8%	$59.6B-41.1%	$101.2B+24.5%	$81.3B+95.2%	$41.7B+1.8%	$40.9B
Cost of Revenue	$17.9B-28.5%	$25.0B-27.3%	$34.3B+11.4%	$30.8B+263.3%	$8.5B+5.3%	$8.1B
Gross Profit	$45.8B+32.3%	$34.6B-48.2%	$66.8B+32.4%	$50.5B+52.2%	$33.2B+1.0%	$32.9B
R&D Expenses	$10.8B+1.3%	$10.7B-6.6%	$11.4B+10.3%	$10.4B+19.0%	$8.7B+3.9%	$8.4B
SG&A Expenses	$14.7B-0.3%	$14.8B+8.0%	$13.7B+7.7%	$12.7B+9.5%	$11.6B-8.9%	$12.7B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$3.1B+39.9%	$2.2B+78.4%	$1.2B-4.1%	$1.3B-10.9%	$1.4B-7.9%	$1.6B
Income Tax	-$28.0M+97.5%	-$1.1B-133.5%	$3.3B+79.7%	$1.9B+400.5%	$370.0M-36.5%	$583.0M
Net Income	$8.0B+279.0%	$2.1B-93.2%	$31.4B+42.7%	$22.0B+140.0%	$9.2B-42.8%	$16.0B
EPS (Diluted)	$1.41+281.1%	$0.37-93.2%	$5.47+42.1%	$3.85+136.2%	$1.63-42.2%	$2.82

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$16.7B+13.7%	$14.7B+6.8%	$13.7B-22.8%	$17.8B+33.7%	$13.3B-10.7%	$14.9B+2.1%	$14.6B+8.0%	$13.5B
Cost of Revenue	$4.2B+10.4%	$3.8B+32.8%	$2.8B-51.9%	$5.9B+79.1%	$3.3B-2.3%	$3.4B-55.3%	$7.6B-18.4%	$9.3B
Gross Profit	$12.5B+14.8%	$10.9B0.0%	$10.9B-8.3%	$11.9B+18.7%	$10.0B-13.2%	$11.5B+64.1%	$7.0B+66.0%	$4.2B
R&D Expenses	$2.5B+2.6%	$2.5B+12.7%	$2.2B-27.4%	$3.0B+12.6%	$2.7B+8.1%	$2.5B-11.4%	$2.8B+3.8%	$2.7B
SG&A Expenses	$3.2B-6.7%	$3.4B+12.7%	$3.0B-29.1%	$4.3B+15.0%	$3.7B+6.4%	$3.5B-23.6%	$4.6B+39.4%	$3.3B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$652.0M-0.3%	$654.0M0.0%	$654.0M-11.6%	$740.0M-4.9%	$778.0M-1.5%	$790.0M+14.8%	$688.0M-1.0%	$695.0M
Income Tax	-$216.0M-253.2%	$141.0M+174.6%	-$189.0M+55.1%	-$421.0M-214.2%	-$134.0M-145.7%	$293.0M+136.9%	-$795.0M+17.5%	-$964.0M
Net Income	$3.5B+21.7%	$2.9B-1.9%	$3.0B+623.7%	$410.0M+900.0%	$41.0M-98.7%	$3.1B+192.5%	-$3.4B-41.4%	-$2.4B
EPS (Diluted)	$0.62+21.6%	$0.51-1.9%	$0.52+642.9%	$0.07+600.0%	$0.01-98.2%	$0.55+193.2%	$-0.59-40.5%	$-0.42

PFE Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$213.4B-5.8%	$226.5B+14.9%	$197.2B+8.7%	$181.5B+17.7%	$154.2B-8.0%	$167.6B
Current Assets	$50.4B+16.2%	$43.3B-15.5%	$51.3B-14.1%	$59.7B+70.2%	$35.1B+6.9%	$32.8B
Cash & Equivalents	$1.0B-63.4%	$2.9B+585.8%	$416.0M-78.6%	$1.9B+8.8%	$1.8B+59.3%	$1.1B
Inventory	$10.9B+6.5%	$10.2B+13.5%	$9.0B-0.9%	$9.1B+13.0%	$8.0B+13.5%	$7.1B
Accounts Receivable	$11.5B-0.9%	$11.6B+5.6%	$11.0B-4.6%	$11.5B+45.1%	$7.9B+16.8%	$6.8B
Goodwill	$68.5B+1.1%	$67.8B+31.9%	$51.4B+4.4%	$49.2B-0.7%	$49.6B+2.9%	$48.2B
Total Liabilities	$124.9B-9.0%	$137.2B+35.5%	$101.3B-2.6%	$104.0B+14.6%	$90.8B-12.9%	$104.1B
Current Liabilities	$43.0B-10.0%	$47.8B+13.4%	$42.1B-1.2%	$42.7B+64.6%	$25.9B-30.5%	$37.3B
Long-Term Debt	$57.4B-6.7%	$61.5B+87.1%	$32.9B-9.1%	$36.2B-2.5%	$37.1B+3.3%	$36.0B
Total Equity	$88.2B-0.9%	$89.0B-6.9%	$95.7B+23.9%	$77.2B+22.1%	$63.2B+0.2%	$63.1B
Retained Earnings	$116.7B-1.4%	$118.4B-5.8%	$125.7B+21.5%	$103.4B+14.4%	$90.4B-7.5%	$97.7B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$208.7B+1.3%	$206.1B-0.9%	$208.0B-2.5%	$213.4B-1.3%	$216.2B-2.2%	$221.1B-2.4%	$226.5B+5.3%	$215.0B
Current Assets	$46.9B+7.4%	$43.7B-4.7%	$45.9B-8.9%	$50.4B+33.1%	$37.8B-10.8%	$42.4B-2.1%	$43.3B-41.5%	$74.0B
Cash & Equivalents	$1.3B-18.0%	$1.6B+14.5%	$1.4B+37.1%	$1.0B-0.9%	$1.1B+46.3%	$719.0M-74.8%	$2.9B-9.4%	$3.1B
Inventory	$11.5B-1.7%	$11.7B+7.5%	$10.9B0.0%	$10.9B-5.2%	$11.4B+5.1%	$10.9B+6.9%	$10.2B-0.1%	$10.2B
Accounts Receivable	$14.3B+18.1%	$12.1B+2.0%	$11.8B+3.3%	$11.5B+0.6%	$11.4B+3.7%	$11.0B-5.0%	$11.6B+4.3%	$11.1B
Goodwill	$69.1B+0.2%	$69.0B+0.8%	$68.4B-0.1%	$68.5B+0.1%	$68.4B-1.2%	$69.3B+2.2%	$67.8B+31.5%	$51.5B
Total Liabilities	$115.6B-1.2%	$117.1B-0.3%	$117.4B-6.0%	$124.9B-2.6%	$128.2B-0.2%	$128.5B-6.3%	$137.2B+16.5%	$117.8B
Current Liabilities	$36.6B-3.0%	$37.7B+3.5%	$36.5B-15.2%	$43.0B-1.9%	$43.8B+8.2%	$40.5B-15.3%	$47.8B+53.5%	$31.1B
Long-Term Debt	$57.4B-0.2%	$57.5B-0.2%	$57.6B+0.4%	$57.4B-0.2%	$57.5B-6.2%	$61.3B-0.4%	$61.5B+0.8%	$61.0B
Total Equity	$92.8B+4.6%	$88.7B-1.8%	$90.3B+2.4%	$88.2B+0.6%	$87.7B-5.0%	$92.3B+3.7%	$89.0B-8.2%	$96.9B
Retained Earnings	$121.2B+3.0%	$117.6B-1.7%	$119.6B+2.5%	$116.7B+0.1%	$116.6B-3.9%	$121.3B+2.5%	$118.4B-6.4%	$126.4B

PFE Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$12.7B+46.5%	$8.7B-70.3%	$29.3B-10.2%	$32.6B+126.2%	$14.4B+14.4%	$12.6B
Capital Expenditures	$2.9B-25.5%	$3.9B+20.7%	$3.2B+19.4%	$2.7B+21.8%	$2.2B+8.8%	$2.0B
Free Cash Flow	$9.8B+105.2%	$4.8B-81.6%	$26.0B-12.8%	$29.9B+145.3%	$12.2B+15.5%	$10.5B
Investing Cash Flow	$2.7B+108.2%	-$32.3B-104.5%	-$15.8B+30.0%	-$22.5B-427.9%	-$4.3B-8.3%	-$3.9B
Financing Cash Flow	-$17.1B-165.8%	$26.1B+275.7%	-$14.8B-51.1%	-$9.8B-1.7%	-$9.6B-13.7%	-$8.5B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$2.0B	$0	$0-100.0%	$8.9B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$4.6B+890.9%	-$582.0M-124.9%	$2.3B-65.3%	$6.7B+477.4%	-$1.8B-263.4%	$1.1B-79.2%	$5.2B+51.6%	$3.5B
Capital Expenditures	$602.0M-2.6%	$618.0M+9.6%	$564.0M-38.5%	$917.0M+44.0%	$637.0M-9.5%	$704.0M-32.6%	$1.0B+28.9%	$810.0M
Free Cash Flow	$4.0B+433.4%	-$1.2B-167.8%	$1.8B-69.5%	$5.8B+340.0%	-$2.4B-726.4%	$386.0M-90.8%	$4.2B+58.6%	$2.6B
Investing Cash Flow	-$2.4B-161.5%	$4.0B+20.7%	$3.3B+301.7%	-$1.6B-135.3%	$4.6B+165.6%	$1.7B+115.8%	-$11.0B-1338.3%	$888.0M
Financing Cash Flow	-$2.5B+22.5%	-$3.2B+38.9%	-$5.2B-2.2%	-$5.1B-108.0%	-$2.5B+50.1%	-$4.9B-190.6%	$5.4B+244.0%	-$3.8B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0

PFE Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	71.9%+13.8pp	58.1%-8.0pp	66.0%+4.0pp	62.1%-17.5pp	79.6%-0.7pp	80.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.6%+9.1pp	3.6%-27.4pp	31.0%+4.0pp	27.0%+5.0pp	22.0%-17.2pp	39.2%
Return on Equity	9.1%+6.7pp	2.4%-30.4pp	32.8%+4.3pp	28.5%+14.0pp	14.5%-10.9pp	25.4%
Return on Assets	3.8%+2.8pp	0.9%-15.0pp	15.9%+3.8pp	12.1%+6.2pp	5.9%-3.6pp	9.6%
Current Ratio	1.17+0.3	0.91-0.3	1.22-0.2	1.40+0.0	1.35+0.5	0.88
Debt-to-Equity	0.65-0.0	0.69+0.3	0.34-0.1	0.47-0.1	0.59+0.0	0.57
FCF Margin	15.5%+7.4pp	8.1%-17.7pp	25.7%-11.0pp	36.7%+7.5pp	29.2%+3.5pp	25.8%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	75.0%+0.7pp	74.2%-5.0pp	79.3%+12.5pp	66.7%-8.4pp	75.2%-2.1pp	77.3%+29.2pp	48.1%+16.8pp	31.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.3%+1.4pp	19.9%-1.8pp	21.6%+19.3pp	2.3%+2.0pp	0.3%-20.6pp	20.9%+44.1pp	-23.1%-5.5pp	-17.7%
Return on Equity	3.8%+0.5pp	3.3%0.0pp	3.3%+2.8pp	0.5%+0.4pp	0.1%-3.3pp	3.4%	N/A	N/A
Return on Assets	1.7%+0.3pp	1.4%-0.0pp	1.4%+1.2pp	0.2%+0.2pp	0.0%-1.4pp	1.4%+2.9pp	-1.5%-0.4pp	-1.1%
Current Ratio	1.28+0.1	1.16-0.1	1.26+0.1	1.17+0.3	0.86-0.2	1.05+0.1	0.91-1.5	2.38
Debt-to-Equity	0.62-0.0	0.65+0.0	0.64-0.0	0.650.0	0.660.0	0.66-0.0	0.69+0.1	0.63
FCF Margin	24.0%+32.2pp	-8.2%-21.1pp	12.9%-19.8pp	32.7%+50.9pp	-18.2%-20.8pp	2.6%-26.2pp	28.8%+9.2pp	19.6%

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Frequently Asked Questions

What is Pfizer's annual revenue?

Pfizer (PFE) reported $63.6B in total revenue for fiscal year 2024. This represents a 6.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Pfizer's revenue growing?

Pfizer (PFE) revenue grew by 6.8% year-over-year, from $59.6B to $63.6B in fiscal year 2024.

Is Pfizer profitable?

Yes, Pfizer (PFE) reported a net income of $8.0B in fiscal year 2024, with a net profit margin of 12.6%.

What is Pfizer's earnings per share (EPS)?

Pfizer (PFE) reported diluted earnings per share of $1.41 for fiscal year 2024. This represents a 281.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Pfizer have?

As of fiscal year 2024, Pfizer (PFE) had $1.0B in cash and equivalents against $57.4B in long-term debt.

What is Pfizer's gross margin?

Pfizer (PFE) had a gross margin of 71.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pfizer's net profit margin?

Pfizer (PFE) had a net profit margin of 12.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Pfizer pay dividends?

Yes, Pfizer (PFE) paid $1.69 per share in dividends during fiscal year 2024.

What is Pfizer's return on equity (ROE)?

Pfizer (PFE) has a return on equity of 9.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Pfizer's free cash flow?

Pfizer (PFE) generated $9.8B in free cash flow during fiscal year 2024. This represents a 105.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Pfizer's operating cash flow?

Pfizer (PFE) generated $12.7B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Pfizer's total assets?

Pfizer (PFE) had $213.4B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Pfizer's capital expenditures?

Pfizer (PFE) invested $2.9B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Pfizer spend on research and development?

Pfizer (PFE) invested $10.8B in research and development during fiscal year 2024.

What is Pfizer's current ratio?

Pfizer (PFE) had a current ratio of 1.17 as of fiscal year 2024, which is considered adequate.

What is Pfizer's debt-to-equity ratio?

Pfizer (PFE) had a debt-to-equity ratio of 0.65 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pfizer's return on assets (ROA)?

Pfizer (PFE) had a return on assets of 3.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Pfizer's Piotroski F-Score?

Pfizer (PFE) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pfizer's earnings high quality?

Pfizer (PFE) has an earnings quality ratio of 1.59x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Pfizer?

Pfizer (PFE) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.