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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- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
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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.