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: 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
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 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: 2026-03-29), 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).

An analysis of the quarterly cash flow data reveals a period of significant volatility in operational performance, characterized by a transition from high pandemic-related earnings to a phase of aggressive strategic acquisition and asset restructuring. Operational cash flows show a general downward trend from the peaks of 2021 and 2022, with intermittent negative quarters occurring in 2023 and 2024.

Operating Cash Flow and Earnings Volatility
Net income exhibited extreme fluctuations, peaking in 2021 and early 2022 before experiencing sharp declines, including negative results in the second half of 2023 and the fourth quarter of 2025. This volatility is closely linked to significant non-cash adjustments. Notably, a substantial inventory write-off associated with COVID-19 products totaling 5.8 billion US dollars in October 2023 heavily impacted operational results. Net cash provided by operating activities followed a similar unstable pattern, fluctuating from highs exceeding 11 billion US dollars per quarter to deficits, such as the 1.78 billion US dollar outflow recorded in June 2024.
Strategic Investment and Acquisition Activity
Investing activities are dominated by large-scale business acquisitions and the management of short-term investments. A pattern of aggressive expansion is evident, with major cash outflows for acquisitions in December 2022 (16.77 billion US dollars) and December 2023 (43.4 billion US dollars), and again in December 2025 (6.9 billion US dollars). These outflows were partially offset by the sale of investments in Haleon, which provided significant inflows throughout 2024 and 2025. 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 Liquidity Management
To sustain high acquisition spending and consistent shareholder returns, the company utilized substantial debt issuance. A major influx of 30.8 billion US dollars from long-term debt in July 2023 provided necessary liquidity during a period of declining operational cash flow. Shareholder distributions remained a priority, with cash dividends paid showing a steady incremental increase from approximately 2.1 billion US dollars per quarter in 2021 to 2.4 billion US dollars per quarter by 2025. Short-term borrowing and the redemption of short-term investments were used frequently to manage quarterly liquidity gaps.
Asset Impairments and Write-offs
A recurring pattern of significant asset write-offs and impairments is observed, typically concentrated in the fourth quarter of the year. These impairments escalated over time, with 2.9 billion US dollars in December 2023, 3.1 billion US dollars in December 2024, and 4.4 billion US dollars in December 2025. These periodic adjustments suggest a consistent re-evaluation of asset values or goodwill following the aforementioned large-scale acquisitions.

In summary, the financial trajectory indicates a shift from organic cash generation driven by pandemic-era demand toward a capital-intensive strategy funded by debt and divestitures. While dividend payments remain stable, the reliance on external financing and the frequency of large asset impairments highlight a period of structural transition and portfolio realignment.