Stock Analysis on Net
Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

$24.99

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., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 28, 2026 Mar 29, 2026 Dec 31, 2025 Sep 28, 2025 Jun 29, 2025 Mar 30, 2025 Dec 31, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Oct 1, 2023 Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021
Net income (loss) before allocation to noncontrolling interests
Discontinued operations, net of tax
Net income (loss) from continuing operations before allocation to noncontrolling interests
Depreciation and amortization
Asset write-offs and impairments
Deferred taxes
Share-based compensation expense
Benefit plan contributions in excess of income/expense
Net gain from the sale of investment in ViiV
Inventory write-offs and related charges associated with COVID-19 products
Other adjustments, net
Other changes in assets and liabilities, net of acquisitions and divestitures
Adjustments to reconcile net income (loss) from continuing operations before allocation to noncontrolling interests to net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
Purchases of property, plant and equipment
Purchases of short-term investments
Proceeds from redemptions/sales of short-term investments
Net (purchases of) proceeds from redemptions/sales of short-term investments with original maturities of three months or less
Purchases of long-term investments
Proceeds from redemptions/sales of long-term investments
Proceeds from the sale of investment in ViiV
Proceeds from sales of investment in Haleon
Acquisitions of businesses, net of cash acquired
Dividends received from Consumer Healthcare JV
Other investing activities, net
Net cash (used in) provided by investing activities
Proceeds from short-term borrowings
Payments on short-term borrowings
Net proceeds from (payments on) short-term borrowings with original maturities of three months or less
Proceeds from issuance of long-term debt
Payments on long-term debt
Purchases of common stock
Cash dividends paid
Other financing activities, net
Net cash provided by (used in) financing activities
Net cash provided by (used in) operating activities from discontinued operations
Net cash used in investing activities from discontinued operations
Net cash provided by (used in) discontinued operations
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents

Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 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 data reveals a transition from a period of exceptional liquidity and profitability during 2021 and 2022 to a more volatile phase characterized by aggressive inorganic growth and fluctuating operating results. While the organization maintained strong cash generation in the early part of the period, subsequent quarters show a marked increase in capital expenditure on acquisitions and a reliance on debt financing to support strategic expansions.

Operating Performance and Cash Generation
Net income from continuing operations peaked in mid-2022, reaching 9,877 million US dollars in July 2022. However, a significant downward trend emerged in 2023, with the organization reporting substantial losses in the second half of that year, including a deficit of 3,335 million US dollars in December 2023. This volatility is mirrored in the net cash provided by operating activities, which fluctuated from highs of over 11 billion US dollars in 2021 to negative territory in July 2023 and June 2024. Recovery is observed in late 2024 and early 2026, though the levels remain below the 2021-2022 peaks.
Investment Strategy and Capital Allocation
A strategic shift toward aggressive business acquisitions is evident. Major cash outflows for acquisitions occurred in April 2022 (6,225 million US dollars), December 2022 (16,772 million US dollars), and most notably in December 2023, where 43,405 million US dollars were deployed. These outflows were partially offset by the sale of investments, specifically proceeds from Haleon in 2024 and 2025, as well as the sale of an investment in ViiV in June 2026. Capital expenditures for property, plant, and equipment remained relatively stable, generally ranging between 400 million and 1.1 billion US dollars per quarter.
Financing and Debt Management
To fund its expansion and maintain shareholder returns, the organization utilized significant debt issuance. A notable spike occurred in July 2023, with 30,831 million US dollars in long-term debt issued. Despite the volatility in net income and operating cash flow, cash dividends remained a consistent priority, with quarterly payments gradually increasing from approximately 2.1 billion US dollars in 2021 to 2.45 billion US dollars by June 2026. This indicates a commitment to shareholder distributions regardless of short-term earnings fluctuations.
Non-Cash Adjustments and Impairments
The data shows a recurring pattern of significant non-cash charges. Asset write-offs and impairments increased substantially in later periods, peaking at 4,406 million US dollars in December 2025 and 4,393 million US dollars in June 2026. Additionally, the organization recognized heavy inventory write-offs associated with COVID-19 products, most notably a charge of 5,847 million US dollars in December 2023. These impairments have contributed significantly to the divergence between reported net income and actual cash flows from operations.