Stock Analysis on Net
Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

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

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Mar 29, 2026 Dec 31, 2025 Sep 28, 2025 Jun 29, 2025 Mar 30, 2025 Dec 31, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Oct 1, 2023 Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021
Short-term borrowings, including current portion of long-term debt 1.87 1.52 2.06 2.08 2.15 3.25 4.42 5.52 3.72 4.57 1.19 1.81 2.14 1.49 2.07 3.07 0.35 1.23 2.03 2.29 2.74
Trade accounts payable 2.17 2.52 2.41 2.51 2.52 2.64 2.42 2.36 2.53 2.96 2.48 2.76 3.13 3.45 3.21 3.18 2.99 3.07 2.62 2.55 2.56
Dividends payable 0.00 1.17 0.00 1.19 0.00 1.14 0.00 1.10 0.00 1.05 0.00 1.05 0.00 1.17 1.15 1.15 0.00 1.24 1.22 1.29 0.00
Income taxes payable 1.51 1.49 1.82 1.78 1.49 1.36 1.31 1.33 1.44 1.04 0.88 1.33 1.01 0.80 1.57 1.72 1.73 0.70 2.51 1.03 0.88
Accrued compensation and related items 1.31 1.73 1.45 1.19 1.25 1.80 1.54 1.19 0.99 1.23 1.10 0.90 1.16 1.73 1.46 1.02 1.22 1.84 1.43 1.19 1.25
Other current liabilities 9.68 9.34 9.79 9.56 10.11 9.95 10.00 8.76 9.63 10.26 8.83 7.89 11.25 12.72 13.23 14.14 15.06 15.43 13.52 12.66 9.35
Current liabilities 16.54% 17.77% 17.53% 18.31% 17.52% 20.15% 19.69% 20.27% 18.32% 21.10% 14.48% 15.74% 18.69% 21.37% 22.68% 24.28% 21.36% 23.51% 23.33% 20.99% 16.78%
Long-term debt, excluding current portion 29.17 29.61 27.50 27.90 27.71 26.90 26.43 26.60 27.73 27.17 28.39 27.87 16.21 16.68 16.70 17.56 19.40 19.94 20.23 20.81 22.26
Pension and postretirement benefit obligations 0.96 0.98 1.03 1.03 0.97 0.99 0.94 0.94 0.94 0.96 1.01 0.99 1.11 1.14 1.52 1.67 1.90 2.05 2.40 2.91 3.25
Noncurrent deferred tax liabilities 1.16 1.15 1.18 1.20 1.09 0.99 0.98 1.03 0.42 0.28 0.52 0.56 0.55 0.52 0.32 0.29 0.36 0.19 0.18 2.45 2.74
Other taxes payable 1.78 1.73 1.63 1.61 2.75 2.86 2.69 3.02 3.89 3.77 3.77 3.66 5.04 4.98 4.97 5.63 6.30 6.24 6.33 6.63 7.40
Other noncurrent liabilities 6.84 7.07 6.52 6.76 6.39 6.63 7.09 7.44 6.84 7.30 6.62 6.09 6.65 6.68 6.27 5.79 5.72 5.37 5.13 4.84 4.21
Noncurrent liabilities 39.91% 40.55% 37.87% 38.51% 38.91% 38.38% 38.14% 39.04% 39.82% 39.48% 40.31% 39.16% 29.56% 29.99% 29.76% 30.93% 33.66% 33.80% 34.28% 37.63% 39.86%
Total liabilities 56.46% 58.31% 55.40% 56.81% 56.43% 58.53% 57.83% 59.31% 58.14% 60.58% 54.79% 54.90% 48.25% 51.36% 52.45% 55.21% 55.02% 57.32% 57.60% 58.62% 56.64%
Common stock 0.23 0.23 0.23 0.23 0.23 0.22 0.22 0.22 0.22 0.21 0.22 0.22 0.24 0.24 0.24 0.24 0.26 0.26 0.26 0.28 0.30
Additional paid-in capital 45.65 45.38 45.15 45.64 45.12 43.86 42.59 43.11 42.06 40.90 43.02 41.94 47.11 46.55 46.77 46.69 49.41 49.92 50.21 52.58 56.04
Treasury stock -55.48 -55.25 -55.10 -55.80 -55.28 -53.78 -52.29 -53.08 -51.90 -50.55 -53.24 -52.00 -58.52 -57.79 -58.33 -58.34 -61.97 -61.36 -62.15 -65.53 -70.11
Retained earnings 56.47 55.06 58.04 57.07 57.49 54.70 55.16 53.93 54.87 52.25 58.79 58.50 67.02 63.72 62.95 59.71 60.48 56.97 57.06 56.70 59.92
Accumulated other comprehensive loss -3.47 -3.88 -3.86 -4.09 -4.12 -3.67 -3.63 -3.62 -3.51 -3.51 -3.70 -3.68 -4.24 -4.21 -4.21 -3.65 -3.35 -3.25 -3.15 -2.80 -2.94
Total Pfizer Inc. shareholders’ equity 43.40% 41.54% 44.46% 43.04% 43.43% 41.33% 42.05% 40.57% 41.74% 39.30% 45.08% 44.97% 51.62% 48.51% 47.42% 44.66% 44.83% 42.54% 42.24% 41.22% 43.21%
Equity attributable to noncontrolling interests 0.15 0.14 0.14 0.15 0.14 0.14 0.12 0.13 0.12 0.12 0.13 0.12 0.14 0.13 0.13 0.13 0.14 0.14 0.15 0.16 0.15
Total equity 43.54% 41.69% 44.60% 43.19% 43.57% 41.47% 42.17% 40.69% 41.86% 39.42% 45.21% 45.10% 51.75% 48.64% 47.55% 44.79% 44.98% 42.68% 42.40% 41.38% 43.36%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).

The capital structure exhibits a persistent reliance on liabilities, with total liabilities generally fluctuating between 48% and 61% of total liabilities and equity. A notable shift in the financing mix occurred in 2023, characterized by a sharp increase in long-term leverage and a corresponding compression of total equity.

Debt and Long-Term Obligations
A significant structural shift in long-term debt is observed. Between April 2021 and December 2022, long-term debt, excluding the current portion, trended downward from 22.26% to 16.68%. However, starting in July 2023, there was a sharp increase to 27.87%, with the ratio remaining elevated between 26% and 30% through March 2026. This indicates a substantial increase in long-term borrowing during mid-2023. Short-term borrowings have remained relatively low and volatile, peaking at 5.52% in March 2024 before stabilizing around 2%.
Current Liability Trends
Current liabilities experienced a peak in late 2021 and mid-2022, reaching as high as 24.28% in July 2022. Since then, they have generally stabilized between 16% and 21%. Other current liabilities constitute the largest portion of this segment, fluctuating between 7.89% and 15.43%. Trade accounts payable have remained remarkably stable, consistently hovering between 2.17% and 3.45% of the total balance sheet.
Equity Composition and Shareholder Value
Total equity has shown moderate volatility, ranging from a high of 51.75% in April 2023 to a low of 39.42% in October 2023. The equity profile is heavily influenced by a significant treasury stock contra-account, which reduced total equity by as much as 70.11% in April 2021, though this effect moderated to approximately 55% by late 2025. Retained earnings have also shown significant swings, peaking at 67.02% in early 2023 before declining and stabilizing in the 54% to 58% range.
Other Noncurrent Obligations
A gradual increase is observed in other noncurrent liabilities, which rose from 4.21% in April 2021 to 6.84% by March 2026. Conversely, pension and postretirement benefit obligations have steadily declined as a percentage of the balance sheet, dropping from 3.25% in 2021 to under 1% by 2024, suggesting either a funding increase or a decrease in the relative size of these obligations.

Overall, the data reveals a strategic transition in 2023, where the organization shifted toward higher long-term debt levels, coinciding with a reduction in the relative weight of retained earnings and total equity. The current liability profile has become more streamlined following the volatility seen in 2021 and 2022.

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