Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Pfizer Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-term borrowings, including current portion of long-term debt	3,154)	6,946)	10,350)	2,945)	2,241)
Trade accounts payable	5,240)	5,633)	6,710)	6,809)	5,578)
Dividends payable	2,445)	2,437)	2,372)	2,303)	2,249)
Income taxes payable	3,103)	2,910)	2,349)	1,587)	1,266)
Accrued compensation and related items	3,610)	3,838)	2,776)	3,407)	3,332)
Deferred revenues	784)	1,511)	2,700)	2,520)	3,067)
Other current liabilities	18,648)	19,720)	20,537)	22,567)	24,938)
Current liabilities	36,984)	42,995)	47,794)	42,138)	42,671)
Long-term debt, excluding current portion	61,641)	57,405)	61,538)	32,884)	36,195)
Pension and postretirement benefit obligations	2,041)	2,115)	2,167)	2,250)	3,724)
Noncurrent deferred tax liabilities	2,401)	2,122)	640)	1,023)	349)
Other taxes payable	3,591)	6,112)	8,534)	9,812)	11,331)
Other noncurrent liabilities	14,727)	14,150)	16,540)	13,181)	9,743)
Noncurrent liabilities	84,401)	81,904)	89,419)	59,150)	61,342)
Total liabilities	121,385)	124,899)	137,213)	101,288)	104,013)
Common stock, $0.05 par value	481)	480)	478)	476)	473)
Additional paid-in capital	94,469)	93,603)	92,631)	91,802)	90,591)
Treasury stock, shares at cost	(115,015)	(114,763)	(114,487)	(113,969)	(111,360)
Retained earnings	114,610)	116,725)	118,353)	125,656)	103,394)
Accumulated other comprehensive loss	(8,069)	(7,842)	(7,961)	(8,304)	(5,897)
Total Pfizer Inc. shareholders’ equity	86,476)	88,203)	89,014)	95,661)	77,201)
Equity attributable to noncontrolling interests	299)	294)	274)	255)	261)
Total equity	86,775)	88,497)	89,288)	95,916)	77,462)
Total liabilities and equity	208,160)	213,396)	226,501)	197,204)	181,475)

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).

Overall, the liabilities and stockholders’ equity of the company demonstrate significant fluctuations between 2021 and 2025. Total liabilities increased substantially during the period, peaking in 2023, before declining modestly in the subsequent two years. Simultaneously, total stockholders’ equity experienced growth initially, followed by a decline, indicating a shifting capital structure.

Current Liabilities: Current liabilities exhibited relative stability between 2021 and 2022, fluctuating around US$42 billion. A notable increase occurred in 2023, reaching US$47.8 billion, before decreasing to US$37.0 billion by 2025. This volatility was largely driven by changes in short-term borrowings, which increased dramatically in 2023 before being reduced significantly in 2024 and 2025. Trade accounts payable remained relatively consistent throughout the period, while income taxes payable showed a consistent upward trend. Deferred revenues experienced a substantial decline from 2022 to 2025.
Noncurrent Liabilities: Noncurrent liabilities demonstrated a more pronounced increase, rising from US$61.3 billion in 2021 to US$89.4 billion in 2023. While decreasing to US$84.4 billion by 2025, they remained considerably higher than the levels observed in the earlier years of the period. Long-term debt, excluding current portion, was the primary driver of this increase, with a significant rise in 2023. Other noncurrent liabilities also contributed to the overall growth. Pension and postretirement benefit obligations decreased steadily throughout the period.
Total Liabilities: The combined effect of current and noncurrent liabilities resulted in a substantial increase in total liabilities, peaking at US$137.2 billion in 2023. A subsequent decrease to US$121.4 billion in 2025 suggests a potential effort to reduce overall debt. The increase in total liabilities outpaced the growth in total assets during much of the period, potentially impacting financial leverage.
Stockholders’ Equity: Total stockholders’ equity increased from US$77.5 billion in 2021 to US$95.9 billion in 2022, driven primarily by an increase in retained earnings. However, equity then declined to US$86.8 billion by 2025. This decline was primarily attributable to a significant and consistently negative treasury stock balance, which offset gains in additional paid-in capital and, to a lesser extent, a decrease in retained earnings. Accumulated other comprehensive loss remained consistently negative throughout the period, contributing to the overall reduction in equity.
Capital Structure: The proportion of liabilities to total liabilities and equity increased significantly from approximately 56.7% in 2021 to 62.8% in 2023, before decreasing slightly to 55.7% in 2025. This indicates a growing reliance on debt financing. The decrease in equity, coupled with the increase in liabilities, suggests a potential shift in the company’s capital structure towards greater financial risk.

In summary, the period under review was characterized by increasing debt levels, fluctuating current liabilities, and a decline in stockholders’ equity. These trends warrant further investigation to assess the company’s long-term financial sustainability and risk profile.

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Pfizer Inc. (NYSE:PFE)

Balance Sheet: Liabilities and Stockholders’ Equity