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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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Pfizer Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 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 company’s net income before allocation to noncontrolling interests exhibited substantial volatility over the reported periods. After a peak in early 2021, earnings witnessed a notable decline starting late 2023 with negative results reported in consecutive quarters, followed by recovery in 2024. Net income from continuing operations followed a similar pattern, underscoring the company's fluctuating profitability amidst potential operational challenges or market conditions.
- Depreciation, Amortization, and Asset Impairments
- Depreciation and amortization expenses remained relatively stable with a gradual upward trend over time, suggesting ongoing investment in capital assets or acquisitions. Conversely, asset write-offs and impairments experienced significant spikes, particularly during certain quarters such as the end of 2023 and early 2025, which may indicate non-recurring charges or adjustments impacting profitability.
- Tax and Compensation Adjustments
- Deferred taxes showed substantial fluctuations including multiple quarters with very large negative charges, implying significant tax adjustments or timing differences. Share-based compensation expenses varied widely, peaking in some quarters and regressing in others, reflecting potential changes in equity compensation plans or stock price volatility.
- Benefit Plan Contributions and Other Adjustments
- Benefit plan contributions in excess of income or expense displayed volatile negative cash flows, with occasional positive reversals likely linked to pension funding or cost management initiatives. Other adjustments and changes in assets and liabilities reflected considerable variability, including extreme positive and negative values that indicate significant one-time adjustments or working capital movements, influencing cash flow consistency.
- Cash Flow from Operating Activities
- Operating cash flows experienced large swings, with some periods of strong inflows, notably in mid-2021 and early 2022, followed by quarters of negative operating cash flow, especially during late 2023. These fluctuations suggest changing operational efficiency or timing of cash receipts and payments. The adjustments to reconcile net income to operating cash flow corroborate the volatility seen in this segment.
- Investing Activities
- Investing cash flows were generally negative, consistent with ongoing capital expenditures as evidenced by stable purchases of property, plant, and equipment. The company engaged in significant acquisitions, notably a major transaction in late 2022 reflecting a large outflow, impacting investing cash flow heavily. Sales and redemptions of investments also contributed to volatility, including cash proceeds from the sale of investment in the Consumer Healthcare JV in 2023 and 2024.
- Financing Activities
- Financing activities showed highly variable net cash flows, including large negative outflows associated with debt repayments and common stock repurchases in some periods. However, certain quarters, particularly in early 2023, registered substantial positive financing cash flows which likely stem from new debt issuance or other capital raising activities. Dividends paid remained consistently on an upward trend, indicating steady return of capital to shareholders.
- Discontinued Operations
- Cash flows from discontinued operations experienced sharp fluctuations, including a large positive inflow linked to transactions or divestitures in early 2021, followed by relatively minor inflows and outflows in subsequent periods. These movements appear to have a material net effect on cash balances during those quarters.
- Cash Position and Exchange Effects
- The net change in cash and cash equivalents fluctuated modestly with some quarters showing increases, particularly in the early 2023 period, while other periods registered declines. Exchange-rate effects on cash were generally small with minor negative impacts in several quarters, suggesting limited foreign currency translation exposure on cash holdings.
- Summary and Insights
- The financial data reveals a company navigating through periods of earnings volatility, significant investing and financing activities, and large one-time adjustments impacting cash and earnings. Operational cash flows are inconsistent, reflecting possible timing issues or changing working capital dynamics. The company is actively investing and divesting, reflected by large acquisition outflows and investment sales proceeds, which appear to be strategic in nature. Despite fluctuations, dividend payments remain stable, indicating a commitment to shareholder returns. The data suggests ongoing transformation and adjustments to the company’s business portfolio and capital structure over the analyzed timeframe.