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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Pfizer Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
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Pfizer Inc., consolidated cash flow statement (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).
The financial information reveals fluctuating cash flows over the analyzed period, spanning from April 2021 to December 2025. Operating activities demonstrate considerable variability, while investing and financing activities exhibit distinct patterns influenced by significant events such as acquisitions and debt management.
- Operating Activities
- Net cash provided by operating activities initially increased substantially, peaking in July 2021 at US$11,282 million, before declining to US$5,929 million by December 2021. A subsequent rise occurred in 2022, reaching US$8,582 million, followed by a sharp decrease to a net cash outflow of US$1,208 million in July 2023. This decline was partially recovered in later periods, with a return to positive cash flow, though generally lower than earlier levels. The final period shows a positive cash flow of US$5,348 million. Adjustments to reconcile net income to operating cash flow show significant swings, particularly in asset write-offs and deferred taxes, impacting overall operating cash flow.
- Investing Activities
- Investing activities consistently represent a net cash outflow throughout the period. Significant outflows are observed in purchases of short-term investments, which are partially offset by proceeds from sales of these investments. However, the net effect remains negative. A substantial outflow of US$16,772 million is noted in December 2022 related to acquisitions of businesses. The period ending December 2023 shows a particularly large outflow of US$10,996 million, largely driven by acquisitions. Proceeds from sales of investment in Haleon contribute positive cash flow in periods after March 2024.
- Financing Activities
- Financing activities demonstrate substantial fluctuations. A significant inflow of US$27,174 million is observed in July 2023, primarily driven by proceeds from the issuance of long-term debt. This is contrasted by consistent cash outflows for cash dividends paid and, at times, purchases of common stock. Net cash flows from short-term borrowings also contribute to variability. Overall, financing activities show a pattern of raising capital through debt issuance, while consistently returning capital to shareholders through dividends. The period ending December 2025 shows a positive cash flow of US$596 million.
- Net Income
- Net income from continuing operations exhibits a peak in October 2021 at US$8,171 million, followed by a decline to US$5,001 million by December 2021. 2022 shows generally strong net income, but a significant downturn begins in April 2023, culminating in net losses in October and December 2023. A recovery is observed in 2024 and 2025, but net income remains volatile. Discontinued operations contribute relatively small amounts, with some periods showing net losses.
- Non-Cash Items
- Depreciation and amortization remain relatively stable, ranging between US$1,175 million and US$1,791 million. Share-based compensation expense also shows consistency, though with some fluctuations. Asset write-offs and impairments are particularly significant in December 2022 and December 2023, contributing to substantial non-cash charges. Deferred taxes demonstrate considerable volatility, with large negative adjustments in several periods.
In summary, the cash flow statement reflects a period of dynamic financial activity. While operating activities generate cash, significant investments and financing activities, including acquisitions and debt management, heavily influence the overall cash position. The volatility in net income and the impact of non-cash items further contribute to the complexity of the cash flow patterns observed.