Pfizer Inc. (PFE) Cash Flow Statement
Where PFE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $11.71B −8.2% vs 2024
- Capital expenditures
- $2.63B 4.2% of revenue
- Free cash flow
- $9.08B 14.5% margin
- Returned to shareholders
- $9.77B 108% of free cash flow
- Change in cash
- $99.0M cash at year-end $1.14B
Cash from operations
$11.71B
Capital expenditures
−$2.63B
Investments (net)
+$1.73B
Acquisitions & other
−$451.0M
Dividends
−$9.77B
Net borrowing (repayment)
−$74.0M
Other financing
−$459.0M
Currency & other
+$49.0M
Change in cash
$99.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PFE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PFE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $15.90B2016 | $11.71B2025 | −3.3%/yr | |
| Capital expenditures | $2.00B2016 | $2.63B2025 | +3.1%/yr | |
| Free cash flow | $13.90B2016 | $9.08B2025 | −4.6%/yr | |
| Free cash flow margin | 26.3%2016 | 14.5%2025 | −11.8 pts | |
| Operating cash flow / net income | 2.192016 | 1.502025 | −0.69 | |
| Stock-based compensation | $691.0M2016 | $799.0M2025 | +1.6%/yr | |
| Dividends paid | $7.32B2016 | $9.77B2025 | +3.3%/yr | |
| Share buybacks (net) | $5.00B2016 | $02024 | −100.0% | |
| Capex / revenue | 3.8%2016 | 4.2%2025 | +0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PFE cash flow by activity
OperatingInvestingFinancingChange in cash
PFE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PFE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.79B | $8.05B | $2.17B | $31.40B | $22.46B | $7.02B | $16.30B | $11.19B | $21.36B | $7.25B |
| Depreciation & amortization | $6.59B | $7.01B | $6.29B | $5.06B | $5.19B | $4.78B | $6.01B | $6.38B | $6.27B | $5.76B |
| Stock-based compensation | $799.0M | $877.0M | $525.0M | $872.0M | $1.18B | $756.0M | $718.0M | $949.0M | $840.0M | $691.0M |
| Change in working capital | −$5.35B | −$3.07B | −$2.17B | −$4.46B | $12.80B | −$275.0M | −$4.03B | −$926.0M | $1.30B | $85.0M |
| Other non-cash items | $1.88B | −$131.0M | $1.88B | −$3.61B | −$9.06B | $2.12B | −$6.41B | −$1.77B | −$13.29B | $2.12B |
| Cash from operating activities | $11.71B | $12.74B | $8.70B | $29.27B | $32.58B | $14.40B | $12.59B | $15.83B | $16.47B | $15.90B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.63B | −$2.91B | −$3.91B | −$3.24B | −$2.71B | −$2.79B | −$2.59B | −$2.20B | −$2.22B | −$2.00B |
| Investments (net) | $1.73B | $2.65B | −$32.28B | $11.12B | −$19.52B | −$2.59B | $9.30B | $6.43B | −$2.17B | $12.50B |
| Acquisitions & other investing | −$451.0M | $2.91B | $3.91B | −$23.67B | −$318.0M | $1.11B | −$10.65B | $287.0M | −$350.0M | −$18.32B |
| Cash from investing activities | −$1.35B | $2.65B | −$32.28B | −$15.78B | −$22.55B | −$4.27B | −$3.94B | $4.53B | −$4.74B | −$7.81B |
| Financing activities | ||||||||||
| Dividends paid | −$9.77B | −$9.51B | −$9.25B | −$8.98B | −$8.73B | −$8.44B | −$8.04B | −$7.98B | −$7.66B | −$7.32B |
| Share repurchases & issuance (net) | — | $0 | $0 | −$2.00B | $0 | $425.0M | −$8.87B | −$12.20B | −$5.00B | −$5.00B |
| Net borrowing (repayment) | −$74.0M | −$7.16B | $35.95B | −$3.52B | −$1.10B | −$12.76B | $8.76B | −$935.0M | −$1.00B | $2.57B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$459.0M | −$469.0M | −$632.0M | −$335.0M | $16.0M | $11.12B | −$341.0M | $670.0M | $629.0M | $823.0M |
| Cash from financing activities | −$10.30B | −$17.14B | $26.07B | −$14.83B | −$9.82B | −$9.65B | −$8.48B | −$20.44B | −$13.04B | −$8.92B |
| Summary | ||||||||||
| Net change in cash | $99.0M | −$1.81B | $2.45B | −$1.51B | $158.0M | $475.0M | $125.0M | −$206.0M | −$1.25B | −$1.05B |
| Cash at end of period | $1.14B | $1.11B | $2.92B | $468.0M | $1.98B | $1.82B | $1.35B | $1.23B | $1.34B | $2.60B |
| Free cash flow | $9.08B | $9.84B | $4.79B | $26.03B | $29.87B | $11.61B | $9.99B | $13.63B | $14.25B | $13.90B |
| Free cash flow margin | 14.5% | 15.5% | 8.0% | 25.9% | 36.7% | 27.9% | 24.3% | 25.4% | 27.1% | 26.3% |
| Capex / revenue | 4.2% | 4.6% | 6.6% | 3.2% | 3.3% | 6.7% | 6.3% | 4.1% | 4.2% | 3.8% |
| Operating cash flow / net income | 1.50 | 1.58 | 4.00 | 0.93 | 1.45 | 2.05 | 0.77 | 1.41 | 0.77 | 2.19 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$220.0M | $2.68B | −$1.64B | $3.55B | $2.90B | $2.97B | $411.0M | $4.48B | $31.0M | $3.13B | −$3.33B | −$2.39B |
| Depreciation & amortization | $1.62B | $1.61B | $1.69B | $1.66B | $1.62B | $1.62B | $1.79B | $1.75B | $1.73B | $1.74B | $1.67B | $1.56B |
| Stock-based compensation | $249.0M | $272.0M | $225.0M | $201.0M | $203.0M | $170.0M | $177.0M | $274.0M | $206.0M | $220.0M | $121.0M | $151.0M |
| Change in working capital | −$1.82B | −$1.73B | $1.59B | −$36.0M | −$4.99B | −$1.92B | $2.93B | $879.0M | −$3.54B | −$3.34B | $8.45B | −$1.20B |
| Other non-cash items | $1.00B | −$221.0M | $3.49B | −$775.0M | −$324.0M | −$507.0M | $1.42B | −$675.0M | −$214.0M | −$658.0M | −$1.67B | $5.33B |
| Cash from operating activities | $835.0M | $2.62B | $5.35B | $4.60B | −$582.0M | $2.33B | $6.72B | $6.71B | −$1.78B | $1.09B | $5.24B | $3.46B |
| Investing activities | ||||||||||||
| Capital expenditures | −$533.0M | −$436.0M | −$845.0M | −$602.0M | −$618.0M | −$564.0M | −$917.0M | −$651.0M | −$637.0M | −$704.0M | −$1.04B | −$810.0M |
| Investments (net) | $2.64B | $1.20B | $1.76B | −$2.43B | $3.95B | $3.27B | −$1.62B | −$2.06B | $4.60B | $1.73B | −$11.00B | $888.0M |
| Acquisitions & other investing | −$1.0M | $22.0M | −$7.06B | $602.0M | $618.0M | $564.0M | $917.0M | $651.0M | $637.0M | $704.0M | $1.04B | $810.0M |
| Cash from investing activities | $2.11B | $785.0M | −$6.15B | −$2.43B | $3.95B | $3.27B | −$1.62B | −$2.06B | $4.60B | $1.73B | −$11.00B | $888.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$2.45B | −$2.44B | −$2.44B | −$2.44B | −$2.44B | −$2.44B | −$2.38B | −$2.38B | −$2.38B | −$2.37B | −$2.31B | −$2.31B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | $0 | — | — | — | $0 | $0 |
| Net borrowing (repayment) | −$1.19B | −$127.0M | $3.08B | $6.0M | −$731.0M | −$2.43B | −$2.72B | −$2.25B | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$26.0M | −$284.0M | −$44.0M | −$38.0M | −$20.0M | −$356.0M | −$14.0M | −$6.0M | −$79.0M | −$2.56B | $7.76B | −$1.47B |
| Cash from financing activities | −$3.66B | −$2.86B | $596.0M | −$2.48B | −$3.20B | −$5.23B | −$5.11B | −$4.64B | −$2.46B | −$4.93B | $5.44B | −$3.78B |
| Summary | ||||||||||||
| Net change in cash | −$726.0M | $563.0M | −$201.0M | −$300.0M | $213.0M | $374.0M | −$45.0M | $40.0M | $343.0M | −$2.14B | −$295.0M | $535.0M |
| Cash at end of period | $1.03B | $1.76B | $1.14B | $1.39B | $1.69B | $1.48B | $1.11B | $1.09B | $1.12B | $780.0M | $2.85B | $3.23B |
| Free cash flow | $302.0M | $2.18B | $4.50B | $4.00B | −$1.20B | $1.77B | $5.80B | $6.06B | −$2.42B | $386.0M | $4.20B | $2.65B |
| Free cash flow margin | 2.0% | 15.1% | 25.7% | 24.0% | −8.2% | 12.9% | 32.7% | 34.3% | −18.2% | 2.6% | 28.8% | 19.6% |
| Capex / revenue | 3.5% | 3.0% | 4.8% | 3.6% | 4.2% | 4.1% | 5.2% | 3.7% | 4.8% | 4.7% | 7.2% | 6.0% |
| Operating cash flow / net income | — | 0.97 | — | 1.30 | −0.20 | 0.79 | 16.35 | 1.50 | −57.45 | 0.35 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PFE cash generation
In fiscal 2025 (ended December 31, 2025), Pfizer generated $11.7 billion of cash from operations (down 8.2%) and spent $2.6 billion on capital expenditures, leaving free cash flow of $9.1 billion, 14.5% of revenue. It returned $9.8 billion to shareholders through dividends ($9.8 billion) and net share buybacks ($0). Cash and equivalents rose by $99.0 million over the year.
Related: PFE income statement, PFE balance sheet, PFE dividend history. See the PFE stock overview for the latest quote and news.
PFE cash flow FAQ
What is Pfizer's free cash flow?
Pfizer's free cash flow was $9.1 billion in fiscal 2025: $11.7 billion of operating cash flow minus $2.6 billion of capital expenditures It was $9.8 billion a year earlier..
How much cash does Pfizer generate from operations?
Pfizer generated $11.7 billion of cash from operating activities in fiscal 2025, 1.50 times its net income of $7.8 billion.
How much does Pfizer spend on capital expenditures?
Pfizer spent $2.6 billion on capital expenditures in fiscal 2025, 4.2% of revenue, compared with $2.9 billion the year before.
How much does Pfizer pay in dividends?
Pfizer paid $9.8 billion in dividends in fiscal 2025, 107.7% of free cash flow.