Pfizer Inc. (PFE) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 2.62B | 5.35B | 4.6B | -582M | 2.33B | 6.72B | 6.71B | -1.78B | 1.09B | 5.24B | 3.46B | -1.21B | 1.21B | 8.58B | 5.97B | 8.17B | 6.54B | 5.91B | 10.83B | 11.3B |
| Operating CF Margin % | 18.1% | 30.47% | 27.64% | -3.97% | 17.03% | 37.84% | 37.93% | -13.41% | 7.33% | 35.96% | 25.62% | -9.29% | 6.56% | 35.33% | 26.39% | 29.45% | 25.49% | 24.81% | 45.06% | 59.79% |
| Operating CF Growth % | 11.99% | -20.41% | -31.44% | 67.32% | 114.22% | 28.26% | 94.27% | -47.31% | -10.14% | -38.94% | -42.15% | -114.8% | -81.46% | 45.11% | -44.83% | -27.7% | 44.14% | 5.14% | 418.13% | 217.83% |
| Net Income | 2.7B | -1.65B | 3.55B | 2.93B | 2.97B | 411M | 4.48B | 31M | 3.13B | -3.34B | -2.39B | 2.33B | 5.54B | 5B | 8.64B | 9.87B | 7.88B | 3.85B | 8.17B | 5.57B |
| Depreciation & Amortization | 1.61B | 1.69B | 1.66B | 1.63B | 1.62B | 1.79B | 1.75B | 1.73B | 1.74B | 1.67B | 1.56B | 1.57B | 1.49B | 1.52B | 1.18B | 1.18B | 1.19B | 1.28B | 1.36B | 1.33B |
| Stock-Based Compensation | 272M | 0 | 201M | 203M | 170M | 177M | 274M | 206M | 220M | 121M | 151M | 148M | 105M | 364M | 135M | 287M | 86M | 495M | 293M | 221M |
| Deferred Taxes | -12M | -433M | -765M | -272M | -663M | -396M | -482M | -783M | -441M | -1.86B | -113M | -873M | -598M | -365M | 62M | -1.14B | -2.32B | -591M | -3.75B | -152M |
| Other Non-Cash Items | -222M | 4.15B | -10M | -6.99B | 156M | 1.81B | -193M | 569M | -217M | 201M | 5.45B | -470M | 184M | -1.09B | 59M | 742M | 440M | -1.1B | -2.01B | -1.05B |
| Working Capital Changes | -1.73B | 1.59B | -36M | 1.92B | -1.92B | 2.93B | 879M | -3.54B | -3.34B | 8.45B | -1.2B | -3.92B | -5.51B | 3.15B | -4.11B | -2.77B | -730M | 1.99B | 6.76B | 5.38B |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 347M | 0 | 0 | 0 | 261M | 0 | 0 | 0 | -3.81B | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.17B | 0 | 0 | 0 | 592M | 0 | 0 | 0 | -1.13B | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 822M | 0 | 0 | 0 | 1.19B | 0 | 0 | 0 | 1.24B | 0 | 0 |
| Cash from Investing | 785M | -6.15B | -2.43B | 3.95B | 3.27B | -1.62B | -2.06B | 4.6B | 1.73B | -11B | 888M | -25.48B | 3.31B | -4.41B | -627M | -11.31B | 567M | -2.59B | -10.08B | -8.14B |
| Capital Expenditures | -436M | -845M | -602M | -618M | -564M | -917M | -651M | -637M | -704M | -1.04B | -810M | -914M | -1.14B | -1B | -841M | -751M | -643M | -993M | -624M | -540M |
| CapEx % of Revenue | 3.02% | 4.81% | 3.61% | 4.22% | 4.11% | 5.16% | 3.68% | 4.8% | 4.73% | 7.17% | 6% | 7.03% | 6.16% | 4.12% | 3.72% | 2.71% | 2.51% | 4.17% | 2.6% | 2.86% |
| Acquisitions | 0 | -6.93B | 0 | -6.31B | 6.31B | 3.55B | 0 | 0 | 3.49B | -43.41B | -2M | -25M | -1M | -16.77B | 0 | 0 | -6.22B | -12M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -770M | -137M | 12M | -9M | 299M | 12M | 6M | -19M | 1M | 15M | 350M | -524M | -18M | 9M | 3.85B | -77M | -13M | 64M | -298M | -235M |
| Cash from Financing | -2.86B | 596M | -2.48B | -3.2B | -5.23B | -5.11B | -4.64B | -2.46B | -4.93B | 5.44B | -3.78B | 27.17B | -2.77B | -5.01B | -5.76B | 2.52B | -6.58B | -3.35B | -1.1B | -2.56B |
| Debt Issued (Net) | -127M | 3.08B | 6M | -731M | -2.43B | -2.72B | -2.25B | -16M | -2.17B | 7.78B | -1.43B | 29.63B | -32M | -2.78B | -3.52B | 4.61B | -1.83B | -1.36B | 759M | -474M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2B | 0 | 0 | 0 |
| Dividends Paid | -2.44B | -2.44B | -2.44B | -2.44B | -2.44B | -2.38B | -2.38B | -2.38B | -2.37B | -2.31B | -2.31B | -2.31B | -2.3B | -2.25B | -2.25B | -2.24B | -2.25B | -2.19B | -2.19B | -2.18B |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2B | 0 | 0 | 0 |
| Other Financing | -284M | -44M | -38M | -20M | -356M | -14M | -6M | -63M | -386M | -18M | -37M | -141M | -436M | 7M | 5M | 153M | -500M | 201M | 325M | 100M |
| Net Change in Cash | 563M | -201M | -300M | 213M | 374M | -45M | 40M | 343M | -2.14B | -295M | 535M | 476M | 1.75B | -870M | -486M | -690M | 530M | -22M | -384M | 609M |
| Free Cash Flow | 2.18B | 4.5B | 4B | -1.2B | 1.77B | 5.8B | 6.06B | -2.42B | 386M | 4.2B | 2.65B | -2.12B | 74M | 7.58B | 5.13B | 7.42B | 5.9B | 4.92B | 10.21B | 10.76B |
| FCF Margin % | 15.08% | 25.65% | 24.02% | -8.19% | 12.91% | 32.67% | 34.25% | -18.2% | 2.59% | 28.8% | 19.61% | -16.32% | 0.4% | 31.21% | 22.67% | 26.74% | 22.98% | 20.64% | 42.46% | 56.93% |
| FCF Growth % | 23.04% | -22.4% | -34.01% | 50.37% | 358.81% | 38.32% | 129.14% | -13.9% | 421.62% | -44.65% | -48.45% | -128.62% | -98.75% | 54.05% | -49.7% | -31.05% | 48.04% | 13.41% | 554.17% | 249.89% |
| FCF per Share | 0.38 | 0.79 | 0.70 | -0.21 | 0.31 | 1.02 | 1.06 | -0.42 | 0.07 | 0.74 | 0.47 | -0.37 | 0.01 | 1.32 | 0.90 | 1.30 | 1.02 | 0.85 | 1.78 | 1.89 |
| FCF Conversion (FCF/Net Income) | 0.97x | -3.25x | 1.30x | -0.20x | 0.79x | 16.68x | 1.50x | -74.21x | 0.35x | -1.57x | -1.44x | -0.52x | 0.22x | 1.72x | 0.69x | 0.83x | 0.83x | 1.74x | 1.33x | 1.95x |
| Interest Paid | 293M | 0 | 275M | 1.13B | 353M | 1.39B | 280M | 1.14B | 415M | 1.06B | 332M | 402M | 419M | 321M | 350M | 318M | 453M | 262M | 407M | 353M |
| Taxes Paid | 72M | 0 | 178M | 3.34B | 152M | -3.17B | 486M | 2.5B | 184M | 240M | 882M | 1.7B | 329M | 2.95B | 1.82B | 2.74B | 354M | 4.48B | 755M | 1.79B |