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 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 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
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
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed
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 financing 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: 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 Continuing Operations
Net income before allocation to noncontrolling interests displayed volatility over the periods, peaking notably in Q2 2022 (US$ 9,911 million) and declining sharply in the last two quarters of 2023 with negative results observed (-US$ 2,376 million in Q3 and -US$ 3,360 million in Q4 2023). Continuing operations net income followed a similar trend, with strong performance between early 2021 and mid-2022, followed by a marked downturn and fluctuating lower values towards 2024 and 2025.
Depreciation and Amortization
Depreciation and amortization expenses steadily increased over the entire period, starting from US$ 1,166 million in Q1 2020 and rising to US$ 1,791 million by Q4 2024, indicating increased investment in fixed assets or amortizable intangible assets.
Asset Write-offs and Impairments
Significant spikes in asset impairments were observed intermittently, with notable peaks in Q4 2023 reaching US$ 2,909 million, and another large one in Q1 2025 of US$ 3,162 million, reflecting possible challenges in asset performance or strategic write-downs during these periods.
Deferred Taxes
Deferred taxes showed a predominantly negative trend with substantial fluctuations. Notable large negative values occurred in several quarters including Q3 2020 (-US$ 3,747 million), Q2 2024 (-US$ 1,858 million), and Q1 2023 (-US$ 598 million), indicating changing tax positions or accounting adjustments.
Share-based Compensation Expense
There was an overall increasing trend in share-based compensation, with significant spikes in Q4 2020 (US$ 288 million) and Q4 2021 (US$ 496 million), suggesting increased issuance or valuation of equity awards to employees.
Benefit Plan Contributions in Excess of Income/Expense
Benefit plan contributions varied widely with large negative contributions in Q4 2020 and Q4 2021 (-US$ 1,030 million and -US$ 1,190 million respectively), and positive swings in certain quarters, showing variability in managing employee benefit plan funding versus expense recognition.
Inventory Write-offs Related to COVID-19 Products
Significant inventory write-offs appeared starting Q4 2022 and peaked in Q1 2023 with US$ 5,847 million, indicating a substantial impact related to COVID-19 product inventory adjustments during these periods.
Other Adjustments and Change in Assets and Liabilities
Both "Other adjustments, net" and "Other changes in assets and liabilities" presented high volatility, with very large negative and positive swings, particularly in 2023, reflecting substantial one-time or non-recurring items affecting operational reconciliations and possibly indicating complex working capital movements and unusual adjustments.
Net Cash Provided by Operating Activities
Operating cash flow exhibited considerable variability, peaking in mid-2021 (up to US$ 11,282 million) and experiencing negative cash flow in Q3 2023 (-US$ 1,208 million). Thereafter, the cash flows showed signs of recovery and fluctuations around moderate positive levels into 2024 and 2025.
Capital Expenditures
Purchases of property, plant, and equipment remained relatively stable but increased notably in Q4 2020 (-US$ 839 million) and Q4 2021 (-US$ 1,002 million), indicating sustained or increased investment in fixed assets.
Investment Activities
Cash used in investing activities showed large outflows especially from mid-2021 through 2023, coinciding with major acquisitions such as significant payments in Q4 2022 and Q4 2023 (e.g., -US$ 25,485 million in Q2 2023, reflecting large acquisition expenditures). Proceeds from sales of investments and divestitures such as the Haleon investment generated substantial inflows in some quarters (Q1 2024 and Q2 2024), partially offsetting investing outflows.
Financing Activities
Financing cash flows were notably negative in early periods, reflecting debt repayments and cash dividends paid consistently over time, with dividends rising gradually from roughly -US$ 2,100 million per quarter in 2020 to -US$ 2,445 million in Q2 2025. The financing outflows were counterbalanced by occasional net issuances of debt, especially a large inflow of US$ 30,831 million in Q4 2023. There was also a notable repurchase of common stock in Q2 2022 (-US$ 2,000 million).
Discontinued Operations
Discontinued operations had irregular contributions to cash flow with large net cash inflows in Q4 2020 (US$ 13,388 million), reflecting proceeds from disposal or other activities related to discontinued segments. Subsequent quarters showed smaller, fluctuating impacts.
Cash and Cash Equivalents
Overall changes in cash and cash equivalents were inconsistent with several quarters in the early period showing decreases and later quarters demonstrating modest increases. The variations reflect the combined effects of operational cash generation, investing, and financing activities with some impact from foreign exchange rate changes, which generally had a small negative effect on cash levels over the period.