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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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 1.52 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 2.52 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 1.17 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 1.49 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 1.73 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
Deferred revenues 0.38 0.44 0.54 0.49 0.71 0.92 1.17 1.13 1.19 1.03 0.58 0.89 1.28 3.17 1.95 1.69 1.69 1.97 2.53 1.29
Other current liabilities 8.96 9.35 9.01 9.62 9.24 9.08 7.59 8.50 9.07 7.80 7.30 10.35 11.44 10.06 12.20 13.37 13.74 11.55 10.13 8.06
Current liabilities 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 29.61 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 0.98 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 1.15 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 1.73 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 7.07 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 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 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 0.22 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 45.38 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 -55.25 -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 55.06 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 -3.88 -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 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 0.14 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 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%

Based on: 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 composition of liabilities and stockholders’ equity exhibited several notable shifts over the observed period, spanning from April 2021 to December 2025. Overall, the balance between liabilities and equity fluctuated, with a general trend towards increased equity percentages in the later periods. Current liabilities initially represented a significant portion of the total, but their relative weight decreased over time, while noncurrent liabilities demonstrated more stability.

Current Liabilities
Current liabilities, as a percentage of total liabilities and equity, peaked at 24.28% in July 2022 before generally declining to 17.77% by December 2025. This decrease suggests improved short-term liquidity management or a shift in financing strategies. Within current liabilities, trade accounts payable remained relatively stable, fluctuating between approximately 2.48% and 3.45%. Accrued compensation and related items showed more variability, peaking at 1.84% in December 2021 and decreasing to 1.73% in December 2025. Deferred revenues experienced a significant decrease from 3.17% in October 2022 to 0.38% in December 2025. Other current liabilities demonstrated a consistent decline from 13.74% in December 2021 to 8.96% in December 2025.
Noncurrent Liabilities
Noncurrent liabilities remained a substantial component of the capital structure, consistently representing between 29.76% and 40.31% of the total. Long-term debt, excluding the current portion, was the largest contributor, generally ranging between 16.68% and 28.39%. Pension and postretirement benefit obligations showed a gradual decline, decreasing from 3.25% in April 2021 to 0.98% in December 2025. Other taxes payable decreased from 7.40% in April 2021 to 1.73% in December 2025. Other noncurrent liabilities exhibited a slight increase over the period, moving from 4.21% to 7.07%.
Stockholders’ Equity
Total stockholders’ equity increased as a percentage of total liabilities and equity from 41.22% in April 2022 to 41.69% in December 2025. A significant feature of the equity section is the substantial negative balance of treasury stock, which consistently reduced the overall equity position. Retained earnings constituted the largest portion of equity, fluctuating between approximately 40.90% and 60.48%. Additional paid-in capital remained relatively stable, generally between 40.90% and 56.04%. Accumulated other comprehensive loss remained consistently negative, though its impact lessened over time.
Short-term Borrowings
Short-term borrowings demonstrated considerable volatility, decreasing from 2.74% in April 2021 to 1.23% in December 2021, then increasing to 5.52% in June 2024 before decreasing again to 1.52% in December 2025. This suggests active management of short-term financing needs.
Total Liabilities and Equity
The proportion of total liabilities decreased from 58.62% in July 2021 to 51.36% in December 2022, then increased to 58.31% in December 2023, and finally decreased to 58.31% in December 2025. This indicates a dynamic shift in the company’s capital structure, with a tendency towards a greater reliance on equity financing in the later periods.

In summary, the observed trends suggest a company actively managing its liabilities, particularly short-term borrowings and deferred revenues. The increasing proportion of equity in the capital structure, coupled with the decreasing proportion of current liabilities, may indicate strengthening financial health and a strategic shift towards long-term financial stability.