Stock Analysis on Net
Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

$24.99

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.

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

US$ in millions

Microsoft Excel
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
Trade accounts payable
Dividends payable
Income taxes payable
Accrued compensation and related items
Deferred revenues
Other current liabilities
Current liabilities
Long-term debt, excluding current portion
Pension and postretirement benefit obligations
Noncurrent deferred tax liabilities
Other taxes payable
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock, $0.05 par value
Additional paid-in capital
Treasury stock, shares at cost
Retained earnings
Accumulated other comprehensive loss
Total Pfizer Inc. shareholders’ equity
Equity attributable to noncontrolling interests
Total equity
Total liabilities and equity

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.