Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Pfizer Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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.