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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Jun 28, 2026 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 1.34 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 2.28 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 1.22 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 0.32 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 1.27 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 9.80 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 16.23% 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 30.08 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 0.96 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 0.98 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 1.90 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 7.35 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 41.26% 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 57.49% 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 0.24 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 47.25 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 -57.27 -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 55.73 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 -3.59 -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 42.36% 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 0.15 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 42.51% 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% 100.00%

Based on: 10-Q (reporting date: 2026-06-28), 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 strategic shift toward increased leverage beginning in the third quarter of 2023. Total liabilities, which previously fluctuated between 48% and 58%, reached a peak of 60.58% in December 2023 before stabilizing around 57% by mid-2026. This trend is primarily driven by a substantial increase in long-term debt, which offset a corresponding compression in total equity.

Long-Term Debt Dynamics
A significant escalation in long-term debt is observed starting in July 2023, where the ratio jumped from 16.21% in April 2023 to 27.87%. This upward trajectory continued steadily, reaching 30.08% by June 2026. This represents the most substantial change in the balance sheet composition, indicating a pivot toward debt-financed capital.
Equity Composition and Shareholder Returns
Total equity peaked at 51.75% in April 2023 before declining to a low of 39.42% in December 2023. A notable feature is the persistent and high negative value of treasury stock, which ranged from -50.55% to -70.11% throughout the period. This suggests a continuous and aggressive share repurchase program. Retained earnings also showed volatility, declining from a peak of 67.02% in April 2023 to 52.25% in December 2023, before recovering to approximately 55.73% by June 2026.
Current Liability Trends
Current liabilities remained relatively stable compared to long-term obligations, generally oscillating between 14% and 24% of total liabilities and equity. Other current liabilities constituted the largest portion of this category, peaking at 15.43% in December 2021 and gradually moderating to 9.80% by June 2026. Trade accounts payable remained consistent, hovering between 2.17% and 3.45%.
Other Noncurrent Obligations
Noncurrent liabilities, excluding long-term debt, showed a gradual increase in weight. Other noncurrent liabilities rose from 4.21% in April 2021 to 7.35% by June 2026. Conversely, pension and postretirement benefit obligations exhibited a consistent downward trend, decreasing from 3.25% in early 2021 to 0.96% by mid-2026, suggesting a reduction in the relative burden of these obligations.

Overall, the financial position is characterized by a transition from a more equity-heavy balance sheet to one with higher long-term leverage. The combination of aggressive treasury stock acquisitions and increased long-term borrowing suggests a deliberate restructuring of the capital base to optimize the weighted average cost of capital or to fund strategic initiatives.

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