Cash Flow Statement
Quarterly Data
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.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Pfizer Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
- Net Income and Operating Performance
- The net income before allocation to noncontrolling interests showed significant volatility over the observed quarters. The initial quarters of 2020 demonstrated moderate profitability with values generally above 1,000 million US dollars, peaking notably in the middle of 2021 and into early 2022 with net income reaching highs around 8,000 to 9,900 million US dollars. However, a sharp decline occurred in late 2023 with net losses peaking near -3,360 million US dollars before a partial recovery by mid-2024. The discontinuation adjustments had minimal impact on the overall net income trend relative to continuing operations, which mirrored this volatility closely.
- Depreciation, Amortization, and Asset Write-offs
- Depreciation and amortization expenses displayed a generally increasing trend from approximately 1,166 million US dollars in early 2020, rising steadily to peak around 1,791 million by late 2024, indicating continued capitalization and asset base growth. Asset write-offs and impairments showed greater variability, with significant spikes notably in late 2020 and more dramatically in quarters of late 2023 and early 2025, reaching values above 3,000 million, reflecting episodic write-down events or impairments impacting the asset base.
- Deferred Taxes and Other Adjustments
- Deferred tax amounts fluctuated widely, showing substantial negative values in several quarters, implying recognition of tax liabilities or adjustments. Other adjustments and changes in net assets and liabilities were volatile with no clear directional trend, occasionally reversing sharply from large negative to positive values, signaling significant non-operational or one-time items affecting cash flow and income reconciliation.
- Cash Flows from Operating Activities
- Net cash provided by operating activities exhibited strong growth in periods of 2021, particularly mid-year, reaching over 11,000 million US dollars, consistent with peaks in net income. However, fluctuations continued with notable decreases and even negative values in some quarters of late 2023 and early 2024. Adjustments to reconcile net income to operating cash flow also showed high volatility, reflecting changes in working capital and other operational adjustments.
- Investing Activities
- Investing cash flows were predominantly negative, especially during periods involving significant acquisitions and capital expenditures. Large acquisitions occurred notably in late 2022 and early 2024, with cash outflows surging up to 43,405 million US dollars in one quarter, indicating major strategic investments. Purchases of property, plant, and equipment were fairly stable over time but increased towards recent quarters, consistent with capital expenditure growth. Proceeds from sales and redemption of investments fluctuated but showed occasional large inflows, particularly related to disposals of strategic holdings such as in Haleon.
- Financing Activities
- Cash flows from financing activities were highly variable, reflecting issuance and repayments of debt, stock repurchases, and dividend payments. Dividend payments increased gradually over time, with steady outflows around 2,100 to 2,400 million US dollars per quarter. Notably, there were quarters of significant financing inflows, particularly in mid-2023, juxtaposed with heavy outflows in adjacent periods. The issuance of long-term debt surged markedly in early 2023, supporting financing needs possibly linked to acquisitions and capital expenditures.
- Liquidity and Cash Position
- Net changes in cash and cash equivalents exhibited fluctuations reflective of the combined impacts of operating, investing, and financing activities. Increases and decreases occurred intermittently, with net increases generally modest relative to overall cash flows from operations and investing. Currency exchange effects were minor but mostly negative, slightly diminishing cash balances over the period observed.
- Key Observations
- The company experienced cyclical and substantial swings in profitability, cash flow, and investment activities, likely reflecting responses to market conditions, strategic investments, and operational adjustments. The high variability in asset impairments and deferred tax balances suggests episodic events impacting financial results. Capital expenditures and acquisitions escalated in the later periods, funded by a mix of operating cash flows and increases in debt issuance. Dividend payments maintained a consistent upward trajectory, underscoring a commitment to shareholder returns despite the fluctuations in earnings and cash flow.