Pfizer Inc. (NYSE:PFE)

The analysis of the quarterly financial metrics indicates discernible fluctuations in the composition of liabilities and equity over the observed periods.

Short-term borrowings, including current portion of long-term debt

This category demonstrated variability with an initial decline from 9.62% to 1.75% in 2020, followed by moderate oscillations around 2%, and a notable surge to 4.57% by the end of 2023, before retreating to approximately 2% by mid-2025. This suggests periodic adjustments in short-term financing strategies.

Trade accounts payable

Trade accounts payable remained relatively stable within a narrow range of approximately 2.3% to 3.4%, peaking towards the end of 2021 at 3.45% and gradually declining thereafter, indicating consistent management of payables relative to total liabilities and equity.

Dividends payable

The dividends payable fluctuated slightly, with some missing data points, generally hovering around 1% of total liabilities and equity. This stability points to relatively steady dividend obligations.

Income taxes payable

Income taxes payable exhibited notable volatility, increasing from 0.69% in early 2020 to a peak of 2.51% at the end of 2021, followed by variability but remaining elevated compared to the initial period. The peak may reflect specific tax assessments or timing differences in tax payments.

Accrued compensation and related items

This category saw fluctuations mostly between 0.9% and 1.8%, with a peak at 1.98% at the end of 2020 and a trough around mid-2023. The variability may be linked to periodic payroll accruals or bonuses, reflecting workforce-related obligations.

Deferred revenues

Deferred revenues were initially absent but appeared in late 2020, rising to a peak of 3.17% by the third quarter of 2022, then subsequently declining to below 1% by mid-2025. This pattern suggests timing differences in revenue recognition and possibly the impact of contract-related liabilities.

Other current liabilities

There was a general upward trend in other current liabilities from 6.32% in early 2020 to a peak of 13.74% at the end of 2021, followed by a decline and stabilization around 9% toward 2025, indicating episodic increases likely tied to operational or accrued expenses.

Current liabilities (aggregate)

The proportion of current liabilities relative to total liabilities and equity fluctuated between roughly 14% and 24%, peaking in mid-2022 and early 2024. These movements reflect shifts in the short-term obligations structure.

Long-term debt, excluding current portion

This liability component initially decreased from 28.4% to around 16.7% by late 2022, but then sharply increased again to near 28% by mid-2023, maintaining levels close to this thereafter. This indicates strategic refinancing or long-term borrowing activities during the periods.

Pension and postretirement benefit obligations

There was a noticeable decline from approximately 3.9% early in the dataset down to about 1% by 2023, holding steady near this level afterwards. This trend may reflect changes in actuarial assumptions, funding status, or benefit obligations.

Noncurrent deferred tax liabilities

This category showed a decline from over 3% in early 2020 to below 1% in late 2021, before a mild increase to about 1.2% by mid-2025, indicating evolving tax recognition timing and deferred tax positions over time.

Other taxes payable

Other taxes payable consistently decreased from a high of 7.34% in early 2020 to approximately 1.61% by mid-2025, depicting a steady reduction in related tax liabilities.

Other noncurrent liabilities

These liabilities gradually increased from about 4.1% to around 7.3%-7.4% by 2024, suggesting accumulation of long-term obligations beyond pension and debt.

Noncurrent liabilities (aggregate)

A declining pattern from roughly 45% in mid-2020 to about 29% by late 2022 was observed, followed by a rebound to near 39-40% in subsequent years. This reflects fluctuations primarily driven by long-term debt and deferred tax liabilities.

Total liabilities

Total liabilities as a percentage of liabilities and equity declined from over 63% in 2020 to around 48% by late 2022, then increased back to approximately 60% by the end of 2023, stabilizing near 56-58% afterwards. This suggests cyclical changes in company financing and obligations management.

Common stock and Additional paid-in capital

Common stock percentages remained fairly constant near 0.2-0.3%. Additional paid-in capital declined from about 52.7% in early 2020 to near 40% in 2023 but recovered slightly towards 45.6% by mid-2025, indicating fluctuations in equity financing or capital transactions.

Treasury stock

Treasury stock showed decreasing negative values from a peak negative of -71.96% in late 2020 to nearly -50.55% in late 2023, then deepening again to around -55.8% by mid-2025. This pattern points to active share repurchase or retirement programs over the years.

Retained earnings

Retained earnings generally increased from 56% early in 2020 to a peak above 67% by early 2023, then declined to near 52% by late 2023, with a moderate recovery subsequently. This variability may be associated with earnings retention and dividend policies.

Accumulated other comprehensive loss

This item remained negative throughout, fluctuating slightly between about -7.9% and -2.8% early on, then stabilizing around -3.5% to -4.1% later, illustrating ongoing comprehensive loss impacts on equity.

Total shareholders' equity

Total equity progressed from about 36% in early 2020 to peaks above 51% by 2023, with some retracement thereafter settling near 43% by 2025. These changes reflect the overall variations in equity components including retained earnings and paid-in capital.