Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Pfizer Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income before allocation to noncontrolling interests	8,062)	2,158)	31,407)	22,025)	9,652)
Discontinued operations, net of tax	(11)	14)	(6)	434)	(2,631)
Net income from continuing operations before allocation to noncontrolling interests	8,051)	2,172)	31,401)	22,459)	7,021)
Depreciation and amortization	7,013)	6,290)	5,064)	5,191)	4,777)
Asset write-offs and impairments	4,242)	3,408)	550)	276)	2,049)
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed	—)	—)	—)	—)	(6)
Deferred taxes	(2,102)	(3,442)	(3,764)	(4,293)	(1,468)
Share-based compensation expense	877)	525)	872)	1,182)	756)
Benefit plan contributions in excess of income/expense	(12)	(787)	(1,158)	(3,123)	(1,790)
Inventory write-offs and related charges associated with COVID-19 products	—)	6,199)	1,183)	—)	—)
Other adjustments, net	(2,259)	(3,493)	758)	(1,574)	(478)
Trade accounts receivable	(109)	347)	261)	(3,811)	(1,249)
Inventories	(854)	(1,169)	(591)	(1,125)	(736)
Other assets	3,380)	(663)	(4,506)	(1,057)	(146)
Trade accounts payable	(1,023)	(300)	1,191)	1,242)	353)
Other liabilities	(3,115)	595)	(1,449)	18,721)	2,741)
Other tax accounts, net	(1,345)	(982)	(545)	(1,166)	(1,238)
Other changes in assets and liabilities, net of acquisitions and divestitures	(3,066)	(2,172)	(5,639)	12,804)	(275)
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by operating activities	4,693)	6,528)	(2,134)	10,463)	3,565)
Net cash provided by operating activities	12,744)	8,700)	29,267)	32,922)	10,586)
Purchases of property, plant and equipment	(2,909)	(3,907)	(3,236)	(2,711)	(2,252)
Purchases of short-term investments	(10,133)	(30,974)	(36,384)	(38,457)	(13,805)
Proceeds from redemptions/sales of short-term investments	4,128)	39,264)	44,821)	27,447)	11,087)
Net (purchases of) proceeds from redemptions/sales of short-term investments with original maturities of three months or less	3,136)	5,174)	(483)	(8,088)	920)
Purchases of long-term investments	(180)	(204)	(1,913)	(1,068)	(597)
Proceeds from redemptions/sales of long-term investments	1,570)	1,979)	641)	649)	723)
Proceeds from partial sales of investment in Haleon	7,040)	—)	—)	—)	—)
Acquisitions of businesses, net of cash acquired	—)	(43,430)	(22,997)	—)	—)
Dividend received from the Consumer Healthcare JV	—)	—)	3,960)	—)	—)
Other investing activities, net	—)	(180)	(192)	(306)	(264)
Net cash (used in) provided by investing activities	2,652)	(32,278)	(15,783)	(22,534)	(4,188)
Proceeds from short-term borrowings	8,907)	4,525)	3,891)	—)	12,352)
Payments on short-term borrowings	(11,226)	(3)	(3,887)	—)	(22,197)
Net proceeds from (payments on) short-term borrowings with original maturities of three months or less	(2,590)	3,161)	(222)	(96)	(4,129)
Proceeds from issuances of long-term debt	—)	30,831)	—)	997)	5,222)
Payments on long-term debt	(2,250)	(2,569)	(3,298)	(2,004)	(4,003)
Purchases of common stock	—)	—)	(2,000)	—)	—)
Cash dividends paid	(9,512)	(9,247)	(8,983)	(8,729)	(8,440)
Other financing activities, net	(469)	(632)	(335)	16)	(445)
Net cash provided by (used in) financing activities	(17,140)	26,066)	(14,834)	(9,816)	(21,640)
Net cash provided by (used in) operating activities from discontinued operations	—)	—)	—)	(342)	3,817)
Net cash used in investing activities from discontinued operations	—)	—)	—)	(12)	(83)
Net cash provided by financing activities from discontinued operations	—)	—)	—)	—)	11,991)
Net cash provided by (used in) discontinued operations	—)	—)	—)	(354)	15,725)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents	(66)	(40)	(165)	(59)	(8)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	(1,810)	2,448)	(1,515)	159)	475)
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period	2,917)	469)	1,983)	1,824)	1,350)
Cash and cash equivalents and restricted cash and cash equivalents, at end of period	1,107)	2,917)	468)	1,983)	1,825)

Based on: 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), 10-K (reporting date: 2020-12-31).

The financial data shows notable fluctuations and trends in profitability, cash flow, investing, and financing activities over the analyzed periods.

Profitability and Operating Performance: Net income before allocation to noncontrolling interests exhibited a strong upward trend from 2020 to 2022, peaking at 31,407 million US$. However, a sharp decline occurred in 2023, dropping to 2,158 million US$, followed by a partial recovery to 8,062 million US$ in 2024. Discontinued operations made relatively minor negative or positive contributions in most years, except for a significant negative impact in 2020 (-2,631 million US$). Net income from continuing operations mirrored this trend closely.; Depreciation and amortization expenses consistently increased from 4,777 million US$ in 2020 to 7,013 million US$ in 2024, indicating higher capital expenditures or asset base growth. Asset write-offs and impairments surged notably in 2023 and 2024, reaching 3,408 million US$ and 4,242 million US$ respectively, suggesting potential asset quality or valuation issues during these years.; Deferred taxes reflected substantial negative values throughout, though with reduced magnitude over time (from -1,468 million US$ in 2020 to -2,102 million US$ in 2024), which may indicate tax planning effects or changes in tax assets/liabilities. Share-based compensation experienced a peak in 2021 (1,182 million US$), then decreased significantly before rising again in 2024 (877 million US$).; Benefits plan contributions in excess of income/expense were negative but showed a declining absolute amount, suggesting improving pension or benefit plan funding status. Inventory write-offs and related COVID-19 product charges appeared only in 2022 and 2023, with a substantial number in 2023 (6,199 million US$), but no related charges were recorded before or after these years.
Working Capital and Adjustments: Various working capital components, such as trade accounts receivable, inventories, trade accounts payable, and other liabilities, displayed mixed trends. Trade accounts receivable improved notably from heavy negative changes in 2020-2021 to small fluctuations thereafter. Inventories consistently declined year-over-year, indicating possible inventory optimization.; Other liabilities and other changes in assets and liabilities showed significant volatility, particularly in 2021 with a large positive swing in other liabilities and miscellaneous adjustments, followed by reversals or negative contributions in subsequent years, suggesting one-off or irregular items affecting operating cash flow reconciliation.
Cash Flow from Operating Activities: Net cash provided by operating activities rose sharply from 10,586 million US$ in 2020 to peak at 32,922 million US$ in 2021 and remained strong in 2022 (29,267 million US$). However, a considerable decline occurred in 2023 (8,700 million US$), with partial recovery in 2024 (12,744 million US$). The adjustment figure to reconcile net income to operating cash flows was erratic, contributing to these fluctuations.
Investing Activities: Investing activities consistently used cash except in 2024, when net cash provided by investing activities was positive at 2,652 million US$. Purchases of property, plant, and equipment generally increased until 2023 before dropping in 2024. Significant acquisitions occurred in 2022 and 2023, with net cash outflows of 22,997 million US$ and 43,430 million US$ respectively, indicating a period of aggressive expansion or restructuring.; Purchases and redemptions of short-term investments showed large volumes, with purchases falling sharply in 2024. Proceeds from partial sales of investments appeared only in 2024 with a large inflow of 7,040 million US$, helping the investment cash flow balance.
Financing Activities: Financing activities were variable, with net cash used ranging from -21,640 million US$ in 2020 to positive inflows in 2023 (26,066 million US$), followed by strong outflows in 2024 (-17,140 million US$). Borrowing activities fluctuated, with short-term borrowings both increases and decreases, and a notable issuance of long-term debt in 2023 (30,831 million US$), indicating strategic financing moves.; Cash dividends paid showed a steady increase over time from 8,440 million US$ in 2020 to 9,512 million US$ in 2024, indicating consistent shareholder returns despite profitability swings. Share repurchases were recorded only in 2022. Other financing activities remained small and changing in sign.
Cash and Cash Equivalents: The cash balance fluctuated considerably over the years, increasing from 1,350 million US$ at the start of 2020 to a peak of 2,917 million US$ at the end of 2023, then falling back to 1,107 million US$ at the end of 2024. Net changes in cash and equivalents reflect the combined impact of operating, investing, and financing activities as well as exchange rate effects, which were relatively minor but negative each year.

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Pfizer Inc. (NYSE:PFE)

Cash Flow Statement