Name: Pfizer Inc. (NYSE:PFE) | Common-Size Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Pfizer Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-term borrowings, including current portion of long-term debt	1.52%	3.25%	4.57%	1.49%	1.23%
Trade accounts payable	2.52%	2.64%	2.96%	3.45%	3.07%
Dividends payable	1.17%	1.14%	1.05%	1.17%	1.24%
Income taxes payable	1.49%	1.36%	1.04%	0.80%	0.70%
Accrued compensation and related items	1.73%	1.80%	1.23%	1.73%	1.84%
Deferred revenues	0.38%	0.71%	1.19%	1.28%	1.69%
Other current liabilities	8.96%	9.24%	9.07%	11.44%	13.74%
Current liabilities	17.77%	20.15%	21.10%	21.37%	23.51%
Long-term debt, excluding current portion	29.61%	26.90%	27.17%	16.68%	19.94%
Pension and postretirement benefit obligations	0.98%	0.99%	0.96%	1.14%	2.05%
Noncurrent deferred tax liabilities	1.15%	0.99%	0.28%	0.52%	0.19%
Other taxes payable	1.73%	2.86%	3.77%	4.98%	6.24%
Other noncurrent liabilities	7.07%	6.63%	7.30%	6.68%	5.37%
Noncurrent liabilities	40.55%	38.38%	39.48%	29.99%	33.80%
Total liabilities	58.31%	58.53%	60.58%	51.36%	57.32%
Common stock, $0.05 par value	0.23%	0.22%	0.21%	0.24%	0.26%
Additional paid-in capital	45.38%	43.86%	40.90%	46.55%	49.92%
Treasury stock, shares at cost	-55.25%	-53.78%	-50.55%	-57.79%	-61.36%
Retained earnings	55.06%	54.70%	52.25%	63.72%	56.97%
Accumulated other comprehensive loss	-3.88%	-3.67%	-3.51%	-4.21%	-3.25%
Total Pfizer Inc. shareholders’ equity	41.54%	41.33%	39.30%	48.51%	42.54%
Equity attributable to noncontrolling interests	0.14%	0.14%	0.12%	0.13%	0.14%
Total equity	41.69%	41.47%	39.42%	48.64%	42.68%
Total liabilities and equity	100.00%	100.00%	100.00%	100.00%	100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of liabilities and stockholders’ equity at Pfizer Inc. underwent notable shifts between 2021 and 2025. Overall, the proportion of total liabilities fluctuated, while stockholders’ equity demonstrated a more consistent, albeit evolving, presence. A detailed examination reveals specific trends within each category.

Current Liabilities: Current liabilities, as a percentage of total liabilities and equity, generally decreased over the period, moving from 23.51% in 2021 to 17.77% in 2025. This decline was not linear, with a slight increase observed between 2022 and 2023. Within current liabilities, deferred revenues experienced the most significant reduction, falling from 1.69% to 0.38%. Trade accounts payable also decreased, though less dramatically, from 3.07% to 2.52%. Conversely, income taxes payable increased from 0.70% to 1.49% over the five-year period.
Noncurrent Liabilities: Noncurrent liabilities exhibited a more volatile pattern. Initially decreasing from 33.80% in 2021 to 29.99% in 2022, they rose to 39.48% in 2023 before settling at 40.55% in 2025. Long-term debt, excluding the current portion, was the primary driver of this increase, growing from 19.94% to 29.61%. Other noncurrent liabilities also contributed to the overall rise, increasing from 5.37% to 7.07%. Pension and postretirement benefit obligations decreased consistently throughout the period, from 2.05% to 0.98%.
Total Liabilities: Total liabilities as a percentage of the total decreased from 57.32% in 2021 to a low of 51.36% in 2022, then increased to 60.58% in 2023, before decreasing to 58.31% in 2025. This suggests a period of increased reliance on debt financing, particularly in 2023, followed by a slight moderation.
Stockholders’ Equity: Total stockholders’ equity remained relatively stable, fluctuating between 41.33% and 48.64% of the total. Retained earnings constituted the largest component of equity, decreasing from 56.97% in 2021 to 52.25% in 2023, then increasing to 55.06% in 2025. Treasury stock represented a significant deduction from equity, increasing in absolute percentage terms from -61.36% to -55.25%. Additional paid-in capital decreased from 49.92% to 40.90% in 2023, then increased to 45.38% in 2025. Accumulated other comprehensive loss remained consistently negative, with a slight increase in magnitude over the period.

In summary, the liability structure of Pfizer Inc. experienced more pronounced changes than the equity structure. The increase in long-term debt and income taxes payable, coupled with the decrease in deferred revenues, are key observations. While stockholders’ equity remained a substantial portion of the capital structure, shifts within its components, particularly the increasing treasury stock and fluctuating retained earnings, warrant further investigation.

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