Pfizer (PFE) financial statements
Pfizer reported revenue of $62.6B in fiscal 2025, up 1.9% a year over 9 years.
Net income was $7.8B.
Free cash flow was $9.1B.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Pfizer's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.8B | $52.5B | $40.8B | $40.9B | $41.7B | $73.6B | $91.8B | $50.9B | $63.6B | $62.6B |
| Cost of revenue | $12.3B | $11.2B | $9.0B | $8.1B | $8.5B | $30.8B | $34.3B | $25.0B | $17.9B | $16.1B |
| Gross profit | $40.5B | $41.3B | $31.8B | $32.9B | $33.2B | $42.8B | $57.4B | $26.0B | $45.8B | $46.5B |
| Research and development | $7.9B | $7.7B | $7.8B | $8.4B | $8.7B | $10.4B | $11.4B | $10.7B | $10.8B | $10.4B |
| Selling, general and admin | $14.8B | $14.8B | $12.6B | $12.7B | $11.6B | $12.7B | $13.7B | $14.8B | $14.7B | $13.8B |
| Interest expense | $1.2B | $1.3B | $1.3B | $1.6B | $1.4B | $1.3B | $1.2B | $2.2B | $3.1B | $2.7B |
| Pre-tax income | $8.4B | $12.3B | $3.6B | $11.3B | $7.0B | $24.3B | $34.7B | $1.1B | $8.0B | $7.5B |
| Income tax | $1.1B | -$9.0B | -$266M | $583M | $370M | $1.9B | $3.3B | -$1.1B | -$28M | -$266M |
| Net income | $7.2B | $21.3B | $11.2B | $16.0B | $9.2B | $22.0B | $31.4B | $2.1B | $8.0B | $7.8B |
| EPS (diluted) | $1.17 | $3.52 | $1.87 | $2.82 | $1.63 | $3.85 | $5.47 | $0.37 | $1.41 | $1.36 |
| Diluted shares | 6.16B | 6.06B | 5.98B | 5.67B | 5.63B | 5.71B | 5.73B | 5.71B | 5.70B | 5.71B |
| Gross margin | 76.7% | 78.6% | 78.0% | 80.3% | 79.6% | 58.1% | 62.6% | 51.0% | 71.9% | 74.3% |
| Net margin | 13.7% | 40.6% | 27.3% | 39.2% | 22.0% | 29.8% | 34.2% | 4.2% | 12.6% | 12.4% |
Balance sheet
Fiscal years, from Pfizer's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $17.9B | $20.0B | $18.8B | $9.6B | $12.2B | $24.0B | $19.2B | $7.3B | $11.9B | $10.3B |
| Receivables | $8.2B | $8.2B | $8.0B | $6.8B | $7.9B | $11.5B | $11.0B | $11.6B | $11.5B | $11.9B |
| Inventory | $6.8B | $7.6B | $7.5B | $7.1B | $8.0B | $9.1B | $9.0B | $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 and equipment | $13.3B | $13.9B | $13.4B | $13.0B | $13.7B | $14.9B | $16.3B | $18.9B | $18.4B | $19.3B |
| Goodwill | $54.4B | $56.0B | $42.9B | $48.2B | $49.6B | $49.2B | $51.4B | $67.8B | $68.5B | $71.3B |
| Total assets | $171.6B | $171.8B | $159.4B | $167.6B | $154.2B | $181.5B | $197.2B | $226.5B | $213.4B | $208.2B |
| Total current liabilities | $31.1B | $30.4B | $31.9B | $37.3B | $25.9B | $42.7B | $42.1B | $47.8B | $43.0B | $37.0B |
| Long-term debt | $31.4B | $33.5B | $32.9B | $36.0B | $37.1B | $36.2B | $32.9B | $61.5B | $57.4B | $61.6B |
| Total liabilities | $111.8B | $100.1B | $95.7B | $104.1B | $90.8B | $104.0B | $101.3B | $137.2B | $124.9B | $121.4B |
| Shareholders' equity | $59.5B | $71.3B | $63.4B | $63.1B | $63.2B | $77.2B | $95.7B | $89.0B | $88.2B | $86.5B |
| Net debt | $39.5B | $42.1B | $40.6B | $51.0B | $38.0B | $36.5B | $35.4B | $69.0B | $63.3B | $63.7B |
Cash flow
Fiscal years, from Pfizer's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $16.2B | $16.8B | $15.8B | $12.6B | $14.4B | $32.6B | $29.3B | $8.7B | $12.7B | $11.7B |
| Capital spending | $1.8B | $2.0B | $2.0B | $2.0B | $2.2B | $2.7B | $3.2B | $3.9B | $2.9B | $2.6B |
| Free cash flow | $14.4B | $14.8B | $13.8B | $10.5B | $12.2B | $29.9B | $26.0B | $4.8B | $9.8B | $9.1B |
| Stock-based compensation | $691M | $840M | $923M | $687M | $755M | $1.2B | $872M | $525M | $877M | $799M |
| Share buybacks (net) | -$5.0B | -$5.0B | -$12.2B | -$8.9B | $0 | $0 | -$2.0B | $0 | $0 | — |
| Net borrowing | $3.3B | -$880M | $1.4B | -$1.9B | $1.2B | -$1.0B | -$3.3B | $28.3B | -$2.2B | $2.9B |
| Free cash flow margin | 27.2% | 28.3% | 33.9% | 25.8% | 29.2% | 40.6% | 28.4% | 9.4% | 15.5% | 14.5% |
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Open PFE in InvestinglyQuestions
What was Pfizer's revenue in 2025?
$62.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Pfizer generate?
$9.1B in fiscal 2025 (operating cash flow minus capital spending).
From Pfizer's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.