Stock Analysis on Net
Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

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

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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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