Balance Sheet: Assets
Quarterly Data
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.
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Pfizer Inc. pages available for free this week:
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Pfizer Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
An examination of the asset composition reveals several noteworthy trends between April 2021 and December 2025. Overall, total assets experienced considerable fluctuation throughout the period, peaking in July 2022 and again in December 2023, before declining towards the end of the observed timeframe. The composition of assets shifted notably, with significant changes observed in both current and noncurrent asset categories.
- Current Assets
- Current assets demonstrated a substantial increase from April 2021 to July 2022, rising from US$39.533 billion to US$67.466 billion. This growth was largely driven by increases in short-term investments and trade accounts receivable. However, a significant decrease occurred in the latter half of 2022, falling to US$51.259 billion by December. This trend continued into 2023, with a peak in July at US$73.347 billion, followed by a decline to US$42.898 billion by December 2025. Within current assets, cash and cash equivalents exhibited volatility, with a notable decrease from US$2.853 billion in December 2021 to US$1.142 billion in December 2023, followed by a slight recovery to US$1.142 billion in December 2025. Inventories remained relatively stable, fluctuating between US$8.493 billion and US$11.721 billion throughout the period.
- Noncurrent Assets
- Noncurrent assets generally remained above US$119 billion throughout the period. Goodwill consistently represented a substantial portion of noncurrent assets, ranging from approximately US$48.441 billion to US$71.264 billion. Identifiable intangible assets also constituted a significant component, increasing substantially to US$64.900 billion in December 2023 before decreasing to US$53.731 billion by December 2025. Long-term investments experienced a considerable decline from US$20.228 billion in April 2021 to US$2.228 billion in December 2024, before a slight increase to US$1.621 billion in December 2025. Property, plant, and equipment exhibited a gradual increase over the period, rising from US$14.011 billion to US$19.317 billion.
The substantial fluctuations in short-term investments suggest active liquidity management or strategic investment decisions. The increase in intangible assets, particularly leading up to December 2023, warrants further investigation to understand the underlying drivers. The decline in long-term investments may indicate a shift in investment strategy or the liquidation of certain holdings. The overall trend in total assets suggests a period of growth followed by a stabilization and slight contraction towards the end of the observed period.
- Key Observations
- A significant increase in current assets occurred between 2021 and 2022, followed by a period of decline. Noncurrent assets remained relatively stable, with goodwill and intangible assets representing a large proportion of the total. The company demonstrated a dynamic approach to managing its asset portfolio, as evidenced by the fluctuations in short-term investments and long-term investments.