PFE

PFIZER INCHealthcare

10-K for period ending 2025-12-31filed 2026-02-26accession 0000078003-26-000026filing on sec.gov ↗

answer key

field	SEC value	XBRL concept	printed on
Total revenue	$62.6B	Revenues	Total revenues
Operating income	-	not reported	not in this filing's XBRL
Net income attributable to the company	$7.8B	NetIncomeLoss	Net income attributable to Pfizer Inc. common shareholders
Diluted EPS	$1.36	EarningsPerShareDiluted	Income from continuing operations attributable to Pfizer Inc. common shareholders · Net income attributable to Pfizer Inc. common shareholders
Cash and cash equivalents	$1.1B	CashAndCashEquivalentsAtCarryingValue	Cash and cash equivalents
Total assets	$208.2B	Assets	Total assets · Total liabilities and equity
Total liabilities	$121.4B	Liabilities	Total liabilities
Total shareholders' equity attributable to the company	$86.5B	StockholdersEquity	Total Pfizer Inc. shareholders’ equity
Net cash from operating activities	$11.7B	NetCashProvidedByUsedInOperatingActivities	Net cash provided by/(used in) operating activities
Net cash from investing activities	-$1.4B	NetCashProvidedByUsedInInvestingActivities	Net cash provided by/(used in) investing activities
Net cash from financing activities	-$10.3B	NetCashProvidedByUsedInFinancingActivities	Net cash provided by/(used in) financing activities

Income statement

table #111 · score 51.3 vs 25.3 runner-up · in millions

Year Ended December 31,
(MILLIONS, EXCEPT PER SHARE DATA)	2025	2024	2023
Revenues:
Product revenues	51,663	53,816	50,914
Alliance revenues	9,266	8,388	7,582
Royalty revenues	1,650	1,423	1,058
Total revenues	62,579	63,627	59,553
Costs and expenses:
Cost of sales(a), (b)	16,067	17,851	24,954
Selling, informational and administrative expenses(a)	13,794	14,730	14,771
Research and development expenses(a)	10,437	10,822	10,679
Acquired in-process research and development expenses	1,613	108	194
Amortization of intangible assets	4,874	5,286	4,733
Restructuring charges and certain acquisition-related costs	1,550	2,419	2,943
Other (income)/deductions--net	6,724	4,388	222
Income from continuing operations before provision/(benefit) for taxes on income	7,520	8,023	1,058
Provision/(benefit) for taxes on income	(266)	(28)	(1,115)
Income from continuing operations	7,787	8,051	2,172
Discontinued operations--net of tax	25	11	(15)
Net income before allocation to noncontrolling interests	7,812	8,062	2,158
Less: Net income attributable to noncontrolling interests	41	31	39
Net income attributable to Pfizer Inc. common shareholders	7,771	8,031	2,119
Earnings per common share--basic:
Income from continuing operations attributable to Pfizer Inc. common shareholders	1.37	1.42	0.38
Discontinued operations--net of tax	-	-	-
Net income attributable to Pfizer Inc. common shareholders	1.37	1.42	0.38
Earnings per common share--diluted:
Income from continuing operations attributable to Pfizer Inc. common shareholders	1.36	1.41	0.37
Discontinued operations--net of tax	-	-	-
Net income attributable to Pfizer Inc. common shareholders	1.36	1.41	0.37
Weighted-average shares--basic	5,683	5,664	5,643
Weighted-average shares--diluted	5,713	5,700	5,709

Balance sheet

table #115 · score 54.5 vs 26.8 runner-up · in millions

As of December 31,
(MILLIONS, EXCEPT PER SHARE DATA)	2025	2024
Assets
Cash and cash equivalents	1,142	1,043
Short-term investments	12,454	19,434
Trade accounts receivable, net of allowance for doubtful accounts: 2025-$427; 2024-$438	11,874	11,463
Inventories	10,654	10,851
Current tax assets	3,967	3,314
Other current assets	2,808	4,253
Total current assets	42,898	50,358
Long-term investments	1,621	2,228
Property, plant and equipment, net	19,317	18,393
Identifiable intangible assets, net	53,731	55,411
Goodwill	71,264	68,527
Noncurrent deferred tax assets and other noncurrent tax assets	9,699	8,662
Other noncurrent assets	9,631	9,817
Total assets	208,160	213,396
Liabilities and Equity
Short-term borrowings, including current portion of long-term debt: 2025-$2,997; 2024-$3,747	3,154	6,946
Trade accounts payable	5,240	5,633
Dividends payable	2,445	2,437
Income taxes payable	3,103	2,910
Accrued compensation and related items	3,610	3,838
Deferred revenues	784	1,511
Other current liabilities	18,648	19,720
Total current liabilities	36,984	42,995
Long-term debt	61,641	57,405
Pension and postretirement benefit obligations	2,041	2,115
Noncurrent deferred tax liabilities	2,401	2,122
Other taxes payable	3,591	6,112
Other noncurrent liabilities	14,725	14,150
Total liabilities	121,385	124,899
Commitments and Contingencies
Common stock, $0.05 par value; 12,000 shares authorized; issued: 2025-9,621; 2024-9,593	481	480
Additional paid-in capital	94,469	93,603
Treasury stock, shares at cost: 2025-3,935; 2024-3,926	(115,015)	(114,763)
Retained earnings	114,610	116,725
Accumulated other comprehensive loss	(8,069)	(7,842)
Total Pfizer Inc. shareholders’ equity	86,476	88,203
Equity attributable to noncontrolling interests	299	294
Total equity	86,775	88,497
Total liabilities and equity	208,160	213,396

Cash flow statement

table #119 · score 55 vs 16 runner-up · in millions

Year Ended December 31,
(MILLIONS)	2025	2024	2023
Operating Activities
Net income before allocation to noncontrolling interests	7,812	8,062	2,158
Discontinued operations-net of tax	25	11	(15)
Net income from continuing operations before allocation to noncontrolling interests	7,787	8,051	2,172
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:
Depreciation and amortization	6,592	7,013	6,290
Asset write-offs and impairments	5,270	4,242	3,408
Deferred taxes	(2,133)	(2,102)	(3,442)
Share-based compensation expense	799	877	525
Benefit plan contributions in excess of expense/income	(786)	(12)	(787)
Inventory write-offs and related charges associated with COVID-19 products(a)	-	-	6,199
Other adjustments, net	(470)	(2,260)	(3,492)
Other changes in assets and liabilities, net of acquisitions and divestitures:
Trade accounts receivable	(263)	(109)	347
Inventories(a)	561	(854)	(1,169)
Other assets	1,289	3,380	(663)
Trade accounts payable	(469)	(1,023)	(300)
Other liabilities(b)	(3,667)	(3,115)	595
Other tax accounts, net	(2,805)	(1,345)	(982)
Net cash provided by/(used in) operating activities	11,704	12,744	8,700
Investing Activities
Purchases of property, plant and equipment	(2,629)	(2,909)	(3,907)
Purchases of short-term investments	(14,356)	(10,133)	(30,974)
Proceeds from redemptions/sales of short-term investments	17,959	4,128	39,264
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less	(2,675)	3,136	5,174
Purchases of long-term investments	(294)	(180)	(204)
Proceeds from redemptions/sales of long-term investments	1,095	1,570	1,979
Proceeds from partial sales of investment in Haleon(c)	6,311	7,040	-
Acquisitions of businesses, net of cash acquired	(6,927)	-	(43,430)
Other investing activities, net	165	2	(179)
Net cash provided by/(used in) investing activities	(1,351)	2,652	(32,278)
Financing Activities
Proceeds from short-term borrowings	-	8,907	4,525
Payments on short-term borrowings	(2,199)	(11,226)	(3)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less	(796)	(2,590)	3,161
Proceeds from issuance of long-term debt	9,678	-	30,831
Payments on long-term debt	(6,757)	(2,250)	(2,569)
Cash dividends paid	(9,771)	(9,512)	(9,247)
Other financing activities, net	(458)	(469)	(631)
Net cash provided by/(used in) financing activities	(10,304)	(17,140)	26,066
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents	41	(66)	(40)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents	91	(1,810)	2,448
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period	1,107	2,917	468
Cash and cash equivalents and restricted cash and cash equivalents, at end of period	1,197	1,107	2,917
- Continued -
Pfizer Inc.	2025 Form 10-K	56