Pfizer Inc. (PFE) financials
NYSE · Healthcare · Drug Manufacturers - General · 75,000 employees · CEO Albert Bourla
- Price
- $30.52 +1.90%
- Market cap
- $174B
- Enterprise value
- $236B
- Last report
- Q2 '26 filed 2026-08-04
- Next report
- 2026-11-03 EPS est. $0.73
Revenue (TTM)$63.7B-0.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)26.7%+0.6 pp vs a year agoOperating income $17B
Net income (TTM)$4.33B-59.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$11B-11.7% vs a year agoCapex $2.42B
Diluted EPS (TTM)$0.76-59.9% vs a year agoSum of the last 4 quarters
Net cash-$51.5B-6.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $174B EV $236B
- Revenue
- $63.7B Trailing 12 months
- Revenue growth
- -1% FY2026 consensus
- Profit margin
- 6.8% Net income / revenue, TTM
- P/E
- 40.3× Forward 10.3× (FY2026)
- P/S
- 2.7× Price / sales, TTM
- EV / EBITDA
- 17.5× TTM
- Free cash flow
- $11B Trailing 12 months
- Net income
- $4.33B Trailing 12 months
- Revenue estimate
- $62.2B FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $15.9B
- Dividend
- $1.72 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue beat by 4.4%, EPS beat by 12.9%Revenue $15B vs $14.4B expected (+4.4%); EPS $0.77 vs $0.68 (+12.9%).
- Revenue growth steady: 2.6% year on yearQ2 '26 revenue $15B, against an average of 2.1% over the four quarters before.
- Operating margin 26.7% (TTM), +0.6 pp on a year agoOperating income grew 2.2% while revenue grew -0.2%.
- 304.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $4.21B vs operating income $17B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 3.8% of revenue (a year ago 4.3%)$2.42B invested in the last 4 quarters (-12.1% on a year earlier). Free cash flow $11B = 253.6% of net income.
- Returned $9.79B to shareholders = 89.1% of free cash flowBuybacks $0 (a year earlier $0), dividends $9.79B, stock-based pay $947M (TTM).
- Diluted share count down 0.1% in a year5.7B diluted shares in Q2 '26, 5.71B a year earlier.
- Net debt $51.5BCash + short-term investments $11.7B, debt incl. leases $63.2B; a year ago net debt $48.5B.
Last quarter: Q2 '26
Quarter ended 2026-06-28. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $15B | $14.7B | +2.6% |
| Gross margin | 72.8% | 74.2% | -1.4 pp |
| Operating income | $3.54B | $3.77B | -6.1% |
| Operating margin | 23.5% | 25.7% | -2.2 pp |
| Net income | -$248M | $2.91B | -108.5% |
| Diluted EPS | -$0.04 | $0.51 | -108.5% |
| Operating cash flow | $835M | -$582M | +243.5% |
| Capex | $533M | $618M | -13.8% |
| Free cash flow | $302M | -$1.2B | +125.2% |
| R&D | $2.81B | $2.48B | +13.2% |
| Stock-based compensation | $249M | $203M | +22.7% |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $15B | $14.4B | +4.4% |
| EPS (as estimated) | $0.77 | $0.68 | +12.9% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Biopharma Segment | $14.7B | +2.5% | 97.5% | $75.7B | – | |
| Segment Reporting, Reconciling Item, Corporate Nonsegment | $373M | +7.2% | 2.5% | $1.69B | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $8.86B | -0.4% | 58.9% | $45.8B | – | |
| Developed Rest Of World | $3.74B | +10.3% | 24.9% | $20B | – | |
| Emerging Markets | $2.43B | +2.9% | 16.2% | $11.7B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $13.4B
- Capex
- -$2.42B
- Buybacks
- $0
- Dividends
- -$9.79B
- Acquisitions
- -$6.93B
- Net debt issued
- $1.78B
- Stock-based compensation
- $947M
- Free cash flow
- $11B
- Returned to shareholders / FCF
- 89.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 40.3× | 27.6× | 9.2× – 76.7× |
| EV / EBITDA | 17.5× | 13.6× | 7.8× – 24.1× |
| EV / Sales | 3.7× | 3.7× | 3.2× – 4.5× |
| Price / FCF | 15.8× | 17.4× | 11.0× – 33.9× |
| Price / Book | 2.0× | 2.5× | 1.6× – 4.3× |
| FCF yield | 6.3% | 6.8% | 3.0% – 9.1% |
| Return on invested capital | 9.9% | 11.2% | 2.3% – 21.8% |
| Return on equity | 4.9% | 16.3% | 2.4% – 32.8% |
Analysts
Consensus target $29.17 (-4.4%)
range $26.00 – $33.00 · rating Hold
Strong buy0
Buy16
Hold23
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $62.2B | -0.5% | $2.96 | +117.3% | 10.3× | 13 |
| FY2027 | $59.8B | -3.9% | $2.90 | -2.0% | 10.5× | 13 |
| FY2028 | $54.8B | -8.5% | $2.48 | -14.3% | 12.3× | 7 |
| FY2029 | $53B | -3.3% | $2.36 | -4.8% | 12.9× | 2 |
| FY2030 | $53.3B | +0.7% | $2.46 | +3.9% | 12.4× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 337 figures Pfizer Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $4.58B | $5.17B | -11.3% | $5.24B | $5.63B | -7.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $12.5B | $12.1B | +3.4% | $11.9B | $11.5B | +3.6% |
| Accounts Receivable, Allowance for Credit Loss, Current | $423M | $439M | -3.6% | $427M | $438M | -2.5% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $18.1B | $17.3B | +4.8% | $17.4B | $16.5B | +5.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.22B | -$8.44B | +14.5% | -$8.07B | -$7.84B | -2.9% |
| Additional Paid in Capital | $95B | $94.1B | +1.0% | $94.5B | $93.6B | +0.9% |
| Advertising Expense | – | – | – | $2.7B | $3.3B | -18.2% |
| Amortization of Intangible Assets | $1.2B2025-09-28 | $1.3B | -7.7% | $5.3B2024-12-31 | $4.7B | +12.8% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 45M | 8M | +462.5% | 11M | 24M | -54.2% |
| Asset Impairment Charges | $4.33B | $93M | +4,550.5% | $4.94B | $3.3B | +49.9% |
| Assets | $201B | $206B | -2.4% | $208B | $213B | -2.5% |
| Assets, Current | $41.4B | $43.7B | -5.4% | $42.9B | $50.4B | -14.8% |
| Assets, Fair Value Disclosure | $11.2B | – | – | $14B | $22.4B | -37.6% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $255M | $34M | +650.0% | $207M2018-12-31 | – | – |
| Business Combination, Contingent Consideration, Liability | $1.8B2025-12-31 | $517M | +248.2% | $1.8B | $517M | +248.2% |
| Business Combination, Contingent Consideration, Liability, Current | $96M | – | – | $95M | $39M | +143.6% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $2.16B | – | – | $1.7B | $477M | +255.3% |
| Business Combination, Integration Related Costs | $38M | $56M | -32.1% | $340M | $427M | -20.4% |
| Business Exit Costs | $10M | $30M | -66.7% | $59M | $403M | -85.4% |
| Cash and Cash Equivalents, at Carrying Value | $976M | $1.64B | -40.4% | $1.14B | $1.04B | +9.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.03B | $1.69B | -39.0% | $1.2B | $1.11B | +8.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$727M | $213M | -441.3% | $91M | -$1.81B | +105.0% |
| Collateral Already Posted, Aggregate Fair Value | $935M | $1.1B | -15.0% | $944M | $720M | +31.1% |
| Commercial Paper | $02025-12-31 | $2.45B | -100.0% | $0 | $2.45B | -100.0% |
| Common Stock, Dividends, Per Share, Declared | $0.86 | $0.86 | 0.0% | $1.72 | $1.69 | +1.8% |
| Common Stock, Par or Stated Value Per Share | $0.052025-12-31 | $0.05 | 0.0% | $0.05 | $0.05 | 0.0% |
| Common Stock, Shares Authorized | 12B2025-12-31 | 12B | 0.0% | 12B | 12B | 0.0% |
| Common Stock, Shares, Issued | 9.62B2025-12-31 | 9.59B | +0.3% | 9.62B | 9.59B | +0.3% |
| Common Stock, Value, Issued | $482M | $481M | +0.2% | $481M | $480M | +0.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$1M | $18M | -105.6% | $29M | $28M | +3.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$263M | $3.05B | -108.6% | $7.54B | $8.15B | -7.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$264M | $3.07B | -108.6% | $7.57B | $8.18B | -7.4% |
| Contract with Customer, Liability, Current | $784M2025-12-31 | $1.51B | -48.1% | $784M | $1.51B | -48.1% |
| Cost of Goods and Services Sold | $4.09B | $3.78B | +8.3% | $16.1B | $17.9B | -10.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $384M | $453M | -15.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.31B | $1.59B | -17.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.87B | $2.07B | -10.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $172M | $32M | +437.5% |
| Debt Instrument, Interest Rate, Effective Percentage | – | – | – | 4.9%2023-05-31 | – | – |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $2M | $4M | -50.0% | $3M | $12M | -75.0% |
| Debt Securities, Available-for-sale and Held-to-maturity | $9.14B | $10.4B | -11.8% | $9.91B | $11.8B | -16.2% |
| Debt Securities, Available-for-sale, Current | $7.28B | $9.53B | -23.6% | $9.18B | $10.9B | -15.6% |
| Debt Securities, Available-for-sale, Noncurrent | $0 | $1M | -100.0% | $1M | $0 | – |
| Debt Securities, Held-to-maturity, Current | $1.81B | $399M | +353.9% | $675M | $705M | -4.3% |
| Debt Securities, Held-to-maturity, Noncurrent | $49M | $48M | +2.1% | $48M | $45M | +6.7% |
| Debt, Current | $2.7B | $4.3B | -37.2% | $3.15B | $6.95B | -54.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.83B | -$1.91B | +4.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$246M | $100M | -346.0% |
| Deferred Income Tax Expense (Benefit) | -$1.32B | -$272M | -385.3% | -$2.13B | -$2.1B | -1.5% |
| Deferred Income Tax Liabilities, Net | $1.96B | $2.48B | -20.8% | $2.4B | $2.12B | +13.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$61M | -$293M | +79.2% |
| Deferred Tax Assets, Equity Method Investments | $234M2025-12-31 | $73M | +220.5% | $234M | $73M | +220.5% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $1.82B2025-12-31 | $1.44B | +26.9% | $1.82B | $1.44B | +26.9% |
| Deferred Tax Assets, Gross | $18.5B2025-12-31 | $19.1B | -3.0% | $18.5B | $19.1B | -3.0% |
| Deferred Tax Assets, in Process Research and Development | $7.24B2025-12-31 | $7.64B | -5.2% | $7.24B | $7.64B | -5.2% |
| Deferred Tax Assets, Inventory | $864M2025-12-31 | $992M | -12.9% | $864M | $992M | -12.9% |
| Deferred Tax Assets, Net | $5.03B2025-12-31 | $4.45B | +13.1% | $5.03B | $4.45B | +13.1% |
| Deferred Tax Assets, Net of Valuation Allowance | $17B2025-12-31 | $17.5B | -2.7% | $17B | $17.5B | -2.7% |
| Deferred Tax Assets, Other | $23M2025-12-31 | $87M | -73.6% | $23M | $87M | -73.6% |
| Deferred Tax Assets, Property, Plant and Equipment | $249M2025-12-31 | $265M | -6.0% | $249M | $265M | -6.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-28, 10-Q 2026-03-29, 10-K 2025-12-31, 10-Q 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-K 2024-12-31, 10-Q 2024-09-29, 10-Q 2024-06-30
Data as of 2026-11-01