Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Pfizer Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	1,142)	1,043)	2,853)	416)	1,944)
Short-term investments	12,454)	19,434)	9,837)	22,316)	29,125)
Trade accounts receivable, net of allowance for doubtful accounts	11,874)	11,463)	11,177)	10,952)	11,479)
Inventories	10,654)	10,851)	10,189)	8,981)	9,059)
Current tax assets	3,967)	3,314)	3,978)	3,577)	4,266)
Other current assets	2,807)	4,253)	5,299)	5,017)	3,820)
Current assets	42,898)	50,358)	43,333)	51,259)	59,693)
Long-term investments	1,621)	2,228)	15,368)	15,069)	21,526)
Property, plant and equipment, net	19,317)	18,393)	18,940)	16,274)	14,882)
Identifiable intangible assets, net	53,731)	55,411)	64,900)	43,370)	25,146)
Goodwill	71,264)	68,527)	67,783)	51,375)	49,208)
Noncurrent deferred tax assets and other noncurrent tax assets	9,699)	8,662)	3,706)	6,693)	3,341)
Other noncurrent assets	9,630)	9,817)	12,471)	13,165)	7,680)
Noncurrent assets	165,262)	163,038)	183,168)	145,946)	121,783)
Total assets	208,160)	213,396)	226,501)	197,205)	181,476)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets experienced fluctuation over the five-year period, increasing from US$181.476 billion in 2021 to a peak of US$226.501 billion in 2023, before declining to US$208.160 billion in 2025. This overall pattern is driven by shifts in both current and noncurrent asset compositions.

Current Assets: Current assets demonstrated a considerable decrease from US$59.693 billion in 2021 to US$43.333 billion in 2023. A partial recovery was observed in 2024, rising to US$50.358 billion, but this was followed by another decline to US$42.898 billion in 2025. Within current assets, cash and cash equivalents exhibited significant volatility, decreasing sharply from 2021 to 2022, increasing in 2023, and then declining again in subsequent years. Short-term investments mirrored this volatility, with a substantial decrease between 2021 and 2023, followed by a rise in 2024 and a subsequent decrease in 2025. Trade accounts receivable remained relatively stable throughout the period, showing a gradual increase. Inventories also showed a general upward trend, though with some fluctuation. Current tax assets experienced a decrease from 2021 to 2022, followed by some recovery, but remained below the 2021 level. Other current assets showed an initial increase before declining in 2025.
Noncurrent Assets: Noncurrent assets generally increased from US$121.783 billion in 2021 to US$183.168 billion in 2023, before decreasing to US$165.262 billion in 2025. Long-term investments experienced a significant decline from 2021 to 2025. Property, plant, and equipment, net, showed a consistent upward trend, although the rate of increase slowed in later years. Identifiable intangible assets, net, increased substantially from 2021 to 2023, then decreased in 2024 and 2025, but remained significantly higher than in 2021. Goodwill exhibited a consistent upward trend throughout the period, increasing from US$49.208 billion to US$71.264 billion. Noncurrent deferred tax assets and other noncurrent tax assets increased significantly between 2021 and 2025. Other noncurrent assets also increased initially, then decreased slightly in 2025.

The most substantial changes occurred within intangible assets and goodwill, which together represent a significant portion of the company’s noncurrent assets. The volatility in short-term investments and cash and cash equivalents suggests active management of liquidity. The overall trend in total assets indicates a period of growth followed by a stabilization and slight decline, potentially reflecting strategic shifts in asset allocation or business operations.

Pfizer Inc. (NYSE:PFE)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items