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

Pfizer (PFE) reported diluted earnings per share of $1.36 for fiscal year 2025. This represents a -3.5% 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.

Pfizer Financials

PFE

Source SEC Filings (10-K/10-Q) Updated Mar 29, 2026 Currency USD FYE December

This page shows Pfizer (PFE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).

Rhea AI PFE FY2025 2026-05-05

A sharper gross margin profile has rebuilt profitability, but cash conversion still reflects a more leveraged operating setup.

Gross margin rebounded from 58.1% in FY2023 to 74.3% in FY2025. Yet free cash flow reached only $9.1B, which says the earnings recovery is real but not back to the old cash engine; a balance sheet still carrying heavy debt and acquisition assets keeps more of the improvement from flowing through.

FY2025 looks more like a margin-led repair than a sales comeback: revenue stayed close to FY2024 while gross profit margin widened to 74.3%. Because selling and research spending remained large, the rebound appears to come from a better margin mix or lower product cost, not from a broad retreat in operating commitments. That matters because the business did not need a full top-line recovery to rebuild profitability.

The company is liquid enough but not cash-rich, with $1.1B of cash against $37.0B of current liabilities. Add goodwill of $71.3B, and the business looks financed more by working capital turnover and recurring cash generation than by a large on-hand cash buffer. A current ratio above 1.0x suggests near-term obligations are coverable, but that coverage is operational rather than purely cash-backed.

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Pfizer's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Pfizer's revenue declined 1.6% year-over-year, from $63.6B to $62.6B. This contraction results in a growth score of 38/100.

Leverage

Pfizer carries a low D/E ratio of 0.71, meaning only $0.71 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 1.16 is below the typical benchmark, resulting in a score of 18/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Pfizer has a free cash flow margin of 14.5%, earning a moderate score of 59/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Pfizer generates a 9.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is down from 9.1% the prior year.

Piotroski F-Score Neutral

5/9

Pfizer passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.51x

For every $1 of reported earnings, Pfizer generates $1.51 in operating cash flow ($11.7B OCF vs $7.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$62.6B

YoY-1.6%

5Y CAGR+8.5%

10Y CAGR+2.5%

Pfizer generated $62.6B in revenue in fiscal year 2025. This represents a decrease of 1.6% from the prior year.

EBITDA

N/A

Net Income

$7.8B

YoY-3.2%

5Y CAGR-3.2%

10Y CAGR+1.1%

Pfizer reported $7.8B in net income in fiscal year 2025. This represents a decrease of 3.2% from the prior year.

EPS (Diluted)

$1.36

YoY-3.5%

5Y CAGR-3.6%

10Y CAGR+2.1%

Pfizer earned $1.36 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$9.1B

YoY-7.7%

5Y CAGR-5.7%

10Y CAGR-3.7%

Pfizer generated $9.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.7% from the prior year.

Cash & Debt

$1.1B

YoY+9.5%

5Y CAGR-8.6%

10Y CAGR-10.9%

Pfizer held $1.1B in cash against $61.6B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.72

YoY+1.8%

5Y CAGR+2.4%

10Y CAGR+4.4%

Pfizer paid $1.72 per share in dividends in fiscal year 2025. This represents an increase of 1.8% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

74.3%

YoY+2.4pp

5Y CAGR-5.3pp

10Y CAGR-5.9pp

Pfizer's gross margin was 74.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.4 percentage points from the prior year.

Operating Margin

N/A

Net Margin

12.4%

YoY-0.2pp

5Y CAGR-9.6pp

10Y CAGR-1.8pp

Pfizer's net profit margin was 12.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.2 percentage points from the prior year.

Return on Equity

9.0%

YoY-0.1pp

5Y CAGR-5.5pp

10Y CAGR-1.8pp

Pfizer's ROE was 9.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$10.4B

YoY-3.6%

5Y CAGR+3.7%

10Y CAGR+3.1%

Pfizer invested $10.4B in research and development in fiscal year 2025. This represents a decrease of 3.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$2.6B

YoY-9.6%

5Y CAGR+3.4%

10Y CAGR+6.5%

Pfizer invested $2.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 9.6% from the prior year.

PFE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$62.6B-1.6%	$63.6B+6.8%	$59.6B-41.1%	$101.2B+24.5%	$81.3B+95.2%	$41.7B
Cost of Revenue	$16.1B-10.0%	$17.9B-28.5%	$25.0B-27.3%	$34.3B+11.4%	$30.8B+263.3%	$8.5B
Gross Profit	$46.5B+1.6%	$45.8B+32.3%	$34.6B-48.2%	$66.8B+32.4%	$50.5B+52.2%	$33.2B
R&D Expenses	$10.4B-3.6%	$10.8B+1.3%	$10.7B-6.6%	$11.4B+10.3%	$10.4B+19.0%	$8.7B
SG&A Expenses	$13.8B-6.4%	$14.7B-0.3%	$14.8B+8.0%	$13.7B+7.7%	$12.7B+9.5%	$11.6B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$2.7B-13.6%	$3.1B+39.9%	$2.2B+78.4%	$1.2B-4.1%	$1.3B-10.9%	$1.4B
Income Tax	-$266.0M-850.0%	-$28.0M+97.5%	-$1.1B-133.5%	$3.3B+79.7%	$1.9B+400.5%	$370.0M
Net Income	$7.8B-3.2%	$8.0B+279.0%	$2.1B-93.2%	$31.4B+42.7%	$22.0B+140.0%	$9.2B
EPS (Diluted)	$1.36-3.5%	$1.41+281.1%	$0.37-93.2%	$5.47+42.1%	$3.85+136.2%	$1.63

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$14.5B-17.7%	$17.6B+5.4%	$16.7B+13.7%	$14.7B+6.8%	$13.7B-22.8%	$17.8B+0.3%	$17.7B+33.3%	$13.3B
Cost of Revenue	$3.5B-32.7%	$5.3B+26.4%	$4.2B+10.4%	$3.8B+32.8%	$2.8B-51.9%	$5.9B+12.3%	$5.3B+59.5%	$3.3B
Gross Profit	$10.9B-11.2%	$12.3B-1.6%	$12.5B+14.8%	$10.9B0.0%	$10.9B-8.3%	$11.9B-4.7%	$12.4B+24.6%	$10.0B
R&D Expenses	$2.5B-22.3%	$3.2B+25.9%	$2.5B+2.6%	$2.5B+12.7%	$2.2B-27.4%	$3.0B+16.8%	$2.6B-3.6%	$2.7B
SG&A Expenses	$3.0B-28.9%	$4.2B+30.6%	$3.2B-6.7%	$3.4B+12.7%	$3.0B-29.1%	$4.3B+31.8%	$3.2B-12.7%	$3.7B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$668.0M-6.0%	$711.0M+9.0%	$652.0M-0.3%	$654.0M0.0%	$654.0M-11.6%	$740.0M-5.5%	$783.0M+0.6%	$778.0M
Income Tax	$461.0M+23150.0%	-$2.0M+99.1%	-$216.0M-253.2%	$141.0M+174.6%	-$189.0M+55.1%	-$421.0M-279.9%	$234.0M+274.6%	-$134.0M
Net Income	$2.7B+263.1%	-$1.6B-146.5%	$3.5B+21.7%	$2.9B-1.9%	$3.0B+623.7%	$410.0M-90.8%	$4.5B+10790.2%	$41.0M
EPS (Diluted)	$0.47	N/A	$0.62+21.6%	$0.51-1.9%	$0.52	N/A	$0.78+7700.0%	$0.01

PFE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$208.2B-2.5%	$213.4B-5.8%	$226.5B+14.9%	$197.2B+8.7%	$181.5B+17.7%	$154.2B
Current Assets	$42.9B-14.8%	$50.4B+16.2%	$43.3B-15.5%	$51.3B-14.1%	$59.7B+70.2%	$35.1B
Cash & Equivalents	$1.1B+9.5%	$1.0B-63.4%	$2.9B+585.8%	$416.0M-78.6%	$1.9B+8.8%	$1.8B
Inventory	$10.7B-1.8%	$10.9B+6.5%	$10.2B+13.5%	$9.0B-0.9%	$9.1B+13.0%	$8.0B
Accounts Receivable	$11.9B+3.6%	$11.5B-0.9%	$11.6B+5.6%	$11.0B-4.6%	$11.5B+45.1%	$7.9B
Goodwill	$71.3B+4.0%	$68.5B+1.1%	$67.8B+31.9%	$51.4B+4.4%	$49.2B-0.7%	$49.6B
Total Liabilities	$121.4B-2.8%	$124.9B-9.0%	$137.2B+35.5%	$101.3B-2.6%	$104.0B+14.6%	$90.8B
Current Liabilities	$37.0B-14.0%	$43.0B-10.0%	$47.8B+13.4%	$42.1B-1.2%	$42.7B+64.6%	$25.9B
Long-Term Debt	$61.6B+7.4%	$57.4B-6.7%	$61.5B+87.1%	$32.9B-9.1%	$36.2B-2.5%	$37.1B
Total Equity	$86.5B-2.0%	$88.2B-0.9%	$89.0B-6.9%	$95.7B+23.9%	$77.2B+22.1%	$63.2B
Retained Earnings	$114.6B-1.8%	$116.7B-1.4%	$118.4B-5.8%	$125.7B+21.5%	$103.4B+14.4%	$90.4B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$207.6B-0.3%	$208.2B-0.3%	$208.7B+1.3%	$206.1B-0.9%	$208.0B-2.5%	$213.4B-2.8%	$219.5B+1.5%	$216.2B
Current Assets	$42.8B-0.2%	$42.9B-8.6%	$46.9B+7.4%	$43.7B-4.7%	$45.9B-8.9%	$50.4B+16.5%	$43.2B+14.3%	$37.8B
Cash & Equivalents	$1.7B+49.1%	$1.1B-15.0%	$1.3B-18.0%	$1.6B+14.5%	$1.4B+37.1%	$1.0B-4.5%	$1.1B+3.8%	$1.1B
Inventory	$10.7B+0.1%	$10.7B-7.1%	$11.5B-1.7%	$11.7B+7.5%	$10.9B0.0%	$10.9B-7.4%	$11.7B+2.4%	$11.4B
Accounts Receivable	$12.6B+6.0%	$11.9B-16.7%	$14.3B+18.1%	$12.1B+2.0%	$11.8B+3.3%	$11.5B-20.7%	$14.5B+26.8%	$11.4B
Goodwill	$71.4B+0.2%	$71.3B+3.1%	$69.1B+0.2%	$69.0B+0.8%	$68.4B-0.1%	$68.5B-0.1%	$68.6B+0.2%	$68.4B
Total Liabilities	$117.2B-3.4%	$121.4B+5.0%	$115.6B-1.2%	$117.1B-0.3%	$117.4B-6.0%	$124.9B-1.6%	$126.9B-1.0%	$128.2B
Current Liabilities	$34.3B-7.1%	$37.0B+1.1%	$36.6B-3.0%	$37.7B+3.5%	$36.5B-15.2%	$43.0B-0.5%	$43.2B-1.4%	$43.8B
Long-Term Debt	$60.6B-1.7%	$61.6B+7.4%	$57.4B-0.2%	$57.5B-0.2%	$57.6B+0.4%	$57.4B-1.0%	$58.0B+0.9%	$57.5B
Total Equity	$90.1B+4.2%	$86.5B-6.8%	$92.8B+4.6%	$88.7B-1.8%	$90.3B+2.4%	$88.2B-4.4%	$92.3B+5.2%	$87.7B
Retained Earnings	$117.2B+2.3%	$114.6B-5.4%	$121.2B+3.0%	$117.6B-1.7%	$119.6B+2.5%	$116.7B-3.6%	$121.1B+3.8%	$116.6B

PFE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$11.7B-8.2%	$12.7B+46.5%	$8.7B-70.3%	$29.3B-10.2%	$32.6B+126.2%	$14.4B
Capital Expenditures	$2.6B-9.6%	$2.9B-25.5%	$3.9B+20.7%	$3.2B+19.4%	$2.7B+21.8%	$2.2B
Free Cash Flow	$9.1B-7.7%	$9.8B+105.2%	$4.8B-81.6%	$26.0B-12.8%	$29.9B+145.3%	$12.2B
Investing Cash Flow	-$1.4B-150.9%	$2.7B+108.2%	-$32.3B-104.5%	-$15.8B+30.0%	-$22.5B-427.9%	-$4.3B
Financing Cash Flow	-$10.3B+39.9%	-$17.1B-165.8%	$26.1B+275.7%	-$14.8B-51.1%	-$9.8B-1.7%	-$9.6B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$0	$0-100.0%	$2.0B	$0	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$2.6B-51.1%	$5.3B+16.2%	$4.6B+890.9%	-$582.0M-124.9%	$2.3B-65.3%	$6.7B+0.1%	$6.7B+477.0%	-$1.8B
Capital Expenditures	$436.0M-48.4%	$845.0M+40.4%	$602.0M-2.6%	$618.0M+9.6%	$564.0M-38.5%	$917.0M+40.9%	$651.0M+2.2%	$637.0M
Free Cash Flow	$2.2B-51.6%	$4.5B+12.5%	$4.0B+433.4%	-$1.2B-167.8%	$1.8B-69.5%	$5.8B-4.3%	$6.1B+350.7%	-$2.4B
Investing Cash Flow	$785.0M+112.8%	-$6.1B-152.9%	-$2.4B-161.5%	$4.0B+20.7%	$3.3B+301.7%	-$1.6B+21.1%	-$2.1B-144.7%	$4.6B
Financing Cash Flow	-$2.9B-579.2%	$596.0M+124.1%	-$2.5B+22.5%	-$3.2B+38.9%	-$5.2B-2.2%	-$5.1B-10.3%	-$4.6B-88.5%	-$2.5B
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	N/A	N/A

PFE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	74.3%+2.4pp	71.9%+13.8pp	58.1%-8.0pp	66.0%+4.0pp	62.1%-17.5pp	79.6%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.4%-0.2pp	12.6%+9.1pp	3.6%-27.4pp	31.0%+4.0pp	27.0%+5.0pp	22.0%
Return on Equity	9.0%-0.1pp	9.1%+6.7pp	2.4%-30.4pp	32.8%+4.3pp	28.5%+14.0pp	14.5%
Return on Assets	3.7%-0.0pp	3.8%+2.8pp	0.9%-15.0pp	15.9%+3.8pp	12.1%+6.2pp	5.9%
Current Ratio	1.16-0.0	1.17+0.3	0.91-0.3	1.22-0.2	1.40+0.0	1.35
Debt-to-Equity	0.71+0.1	0.65-0.0	0.69+0.3	0.34-0.1	0.47-0.1	0.59
FCF Margin	14.5%-1.0pp	15.5%+7.4pp	8.1%-17.7pp	25.7%-11.0pp	36.7%+7.5pp	29.2%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	75.4%+5.5pp	70.0%-5.0pp	75.0%+0.7pp	74.2%-5.0pp	79.3%+12.5pp	66.7%-3.5pp	70.3%-4.9pp	75.2%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	18.6%+28.0pp	-9.4%-30.6pp	21.3%+1.4pp	19.9%-1.8pp	21.6%+19.3pp	2.3%-22.9pp	25.2%+24.9pp	0.3%
Return on Equity	3.0%+4.9pp	-1.9%-5.7pp	3.8%+0.5pp	3.3%0.0pp	3.3%+2.8pp	0.5%-4.4pp	4.8%+4.8pp	0.1%
Return on Assets	1.3%+2.1pp	-0.8%-2.5pp	1.7%+0.3pp	1.4%-0.0pp	1.4%+1.2pp	0.2%-1.8pp	2.0%+2.0pp	0.0%
Current Ratio	1.25+0.1	1.16-0.1	1.28+0.1	1.16-0.1	1.26+0.1	1.17+0.2	1.00+0.1	0.86
Debt-to-Equity	0.67-0.0	0.71+0.1	0.62-0.0	0.65+0.0	0.64-0.0	0.65+0.0	0.63-0.0	0.66
FCF Margin	15.1%-10.6pp	25.7%+1.6pp	24.0%+32.2pp	-8.2%-21.1pp	12.9%-19.8pp	32.7%-1.6pp	34.3%+52.4pp	-18.2%

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Frequently Asked Questions

What is Pfizer's annual revenue?

Pfizer (PFE) reported $62.6B in total revenue for fiscal year 2025. This represents a -1.6% 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 declined by 1.6% year-over-year, from $63.6B to $62.6B in fiscal year 2025.

Is Pfizer profitable?

Yes, Pfizer (PFE) reported a net income of $7.8B in fiscal year 2025, with a net profit margin of 12.4%.

How much debt does Pfizer have?

As of fiscal year 2025, Pfizer (PFE) had $1.1B in cash and equivalents against $61.6B in long-term debt.

What is Pfizer's gross margin?

Pfizer (PFE) had a gross margin of 74.3% in fiscal year 2025, 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 12.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Pfizer pay dividends?

Yes, Pfizer (PFE) paid $1.72 per share in dividends during fiscal year 2025.

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

Pfizer (PFE) has a return on equity of 9.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pfizer's free cash flow?

Pfizer (PFE) generated $9.1B in free cash flow during fiscal year 2025. This represents a -7.7% 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 $11.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pfizer's total assets?

Pfizer (PFE) had $208.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Pfizer's capital expenditures?

Pfizer (PFE) invested $2.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Pfizer spend on research and development?

Pfizer (PFE) invested $10.4B in research and development during fiscal year 2025.

What is Pfizer's current ratio?

Pfizer (PFE) had a current ratio of 1.16 as of fiscal year 2025, which is considered adequate.

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

Pfizer (PFE) had a debt-to-equity ratio of 0.71 as of fiscal year 2025, 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 3.7% for fiscal year 2025, 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 5 out of 9, indicating neutral 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 to 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 1.51x, 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 38 out of 100 on our Financial Profile, indicating weak 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.