Pfizer Inc. (PFE) Income Statement
PFE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPFE revenue and net income
Where PFE's revenue goes
2025Each bar shows an amount and its share of revenue. PFE kept 12.4% of revenue as net income.
PFE profit margins
PFE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.6% | −14.6% | +8.5% | +2.5% |
| Gross profit | +5.2% | −10.8% | +8.1% | +2.1% |
| Operating income | −6.3% | −25.6% | +11.2% | +1.5% |
| Net income | −3.1% | −37.2% | −3.2% | +1.1% |
| EPS (diluted) | +3.9% | −21.1% | +3.5% | +3.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PFE quarterly EPS vs estimates
Pfizer beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.72).
PFE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.58B | $63.63B | $59.55B | $100.33B | $81.29B | $41.65B | $41.17B | $53.65B | $52.55B | $52.82B |
| Cost of revenue | $18.57B | $21.78B | $29.21B | $38.24B | $34.41B | $11.77B | $12.62B | $16.01B | $15.78B | $15.95B |
| Gross profit | $44.01B | $41.85B | $30.34B | $62.09B | $46.88B | $29.88B | $28.55B | $37.64B | $36.77B | $36.87B |
| Research & development | $11.98B | $10.74B | $10.58B | $11.43B | $13.83B | $9.39B | $8.36B | $7.97B | $7.64B | $7.84B |
| Sales, general & admin | $13.64B | $14.73B | $14.77B | $10.88B | $12.70B | $11.62B | $12.05B | $14.46B | $14.78B | $14.84B |
| Total operating expenses | $28.58B | $25.36B | $25.05B | $24.54B | $26.08B | $20.80B | $21.04B | $22.35B | $22.38B | $22.60B |
| Operating income | $15.44B | $16.48B | $5.29B | $37.55B | $20.79B | $9.09B | $7.51B | $15.29B | $14.39B | $14.27B |
| Interest income | $2.13B | $545.0M | $1.62B | $1.82B | $560.0M | $538.0M | $226.0M | $333.0M | $391.0M | $470.0M |
| Interest expense | $2.67B | $3.09B | $2.21B | $1.24B | $1.29B | $1.45B | $1.57B | $1.32B | $1.27B | $1.19B |
| Income before taxes | $7.52B | $8.02B | $1.06B | $34.73B | $24.31B | $7.04B | $11.48B | $11.88B | $12.30B | $8.35B |
| Income taxes | −$266.0M | −$28.0M | −$1.11B | $3.33B | $1.85B | $370.0M | $618.0M | $706.0M | −$9.05B | $1.12B |
| Net income | $7.77B | $8.02B | $2.13B | $31.36B | $22.15B | $9.16B | $16.27B | $11.15B | $21.30B | $7.21B |
| EBITDA | $16.78B | $18.13B | $9.56B | $41.03B | $30.79B | $13.26B | $18.81B | $19.59B | $19.84B | $15.29B |
| EPS (diluted) | $3.23 | $3.11 | $1.83 | $6.58 | $4.42 | $2.72 | $2.95 | $3.00 | $2.65 | $2.39 |
| Gross margin | 70.3% | 65.8% | 50.9% | 61.9% | 57.7% | 71.7% | 69.3% | 70.2% | 70.0% | 69.8% |
| Operating margin | 24.7% | 25.9% | 8.9% | 37.4% | 25.6% | 21.8% | 18.2% | 28.5% | 27.4% | 27.0% |
| Net margin | 12.4% | 12.6% | 3.6% | 31.3% | 27.2% | 22.0% | 39.5% | 20.8% | 40.5% | 13.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.03B | $14.45B | $17.56B | $16.65B | $14.65B | $13.71B | $17.76B | $17.70B | $13.28B | $14.88B | $14.57B | $13.49B |
| Cost of revenue | $4.09B | $4.73B | $5.27B | $4.17B | $5.23B | $3.89B | $4.79B | $6.93B | $5.04B | $4.38B | $8.59B | $10.60B |
| Gross profit | $10.94B | $9.72B | $12.29B | $12.48B | $9.42B | $9.83B | $12.97B | $10.77B | $8.24B | $10.50B | $5.98B | $2.89B |
| Research & development | $2.81B | $2.63B | $3.42B | $3.94B | $2.44B | $2.18B | $3.02B | $2.56B | $2.68B | $2.48B | $2.77B | $2.68B |
| Sales, general & admin | $3.41B | $2.96B | $4.08B | $3.19B | $3.42B | $3.03B | $1.44B | $3.24B | $3.72B | $3.50B | $4.48B | $3.36B |
| Total operating expenses | $6.24B | $5.69B | $8.60B | $8.93B | $5.84B | $5.20B | $7.24B | $5.80B | $6.36B | $5.94B | $7.24B | $5.89B |
| Operating income | $4.71B | $4.03B | $3.69B | $3.55B | $3.58B | $4.62B | $5.72B | $4.97B | $1.88B | $4.56B | −$1.26B | −$3.01B |
| Interest income | $113.0M | $115.0M | $517.0M | $138.0M | $156.0M | $143.0M | $171.0M | $116.0M | $130.0M | $129.0M | $609.0M | $424.0M |
| Interest expense | $667.0M | $668.0M | $711.0M | $652.0M | $654.0M | $654.0M | $739.0M | $783.0M | $778.0M | $790.0M | $689.0M | $695.0M |
| Income before taxes | −$653.0M | $3.17B | −$1.64B | $3.33B | $3.04B | $2.78B | −$10.0M | $4.71B | −$103.0M | $3.42B | −$4.13B | −$3.35B |
| Income taxes | −$407.0M | $461.0M | −$2.0M | −$216.0M | $141.0M | −$189.0M | −$421.0M | $234.0M | −$134.0M | $293.0M | −$794.0M | −$964.0M |
| Net income | −$246.0M | $2.69B | −$1.65B | $3.54B | $2.91B | $2.97B | $403.0M | $4.47B | $24.0M | $3.12B | −$3.34B | −$2.39B |
| EBITDA | $1.64B | $5.45B | $756.0M | $5.65B | $5.32B | $5.06B | $5.14B | $7.25B | $2.40B | $5.95B | −$1.77B | −$1.10B |
| EPS (diluted) | $0.77 | $0.75 | $0.66 | $0.87 | $0.78 | $0.92 | $0.63 | $1.06 | $0.60 | $0.82 | $0.10 | −$0.17 |
| Gross margin | 72.8% | 67.3% | 70.0% | 74.9% | 64.3% | 71.7% | 73.0% | 60.8% | 62.1% | 70.6% | 41.0% | 21.4% |
| Operating margin | 31.3% | 27.9% | 21.0% | 21.3% | 24.4% | 33.7% | 32.2% | 28.1% | 14.1% | 30.6% | −8.7% | −22.3% |
| Net margin | −1.6% | 18.6% | −9.4% | 21.3% | 19.9% | 21.6% | 2.3% | 25.3% | 0.2% | 21.0% | −22.9% | −17.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PFE's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PFE financial results
In fiscal year 2025 (ended December 31, 2025), Pfizer reported revenue of $62.6 billion, down 1.6% from the year before. It had net income of $7.8 billion (down 3.1%), a net profit margin of 12.4%. Diluted earnings per share came to $3.23. Over five years revenue grew at an average rate of 8.5% a year.
See the PFE stock overview for the latest quote and news, or the PFE chart for price history and technical indicators.
PFE income statement FAQ
What is Pfizer's annual revenue?
Pfizer reported total revenue of $62.6 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.6% from $63.6 billion the previous year.
Is Pfizer profitable?
Yes. Pfizer reported net income of $7.8 billion in fiscal 2025, a net profit margin of 12.4%; its operating margin was 24.7%.
What is Pfizer's gross margin?
Pfizer's gross margin was 70.3% in fiscal 2025: for every $100 of revenue, Pfizer kept $70 after the direct cost of its products and services.
How much does Pfizer spend on research and development?
Pfizer spent $12.0 billion on research and development in fiscal 2025, 19.1% of revenue.
How fast is Pfizer growing?
Revenue grew 8.5% a year on average over the last five fiscal years, from $41.7 billion to $62.6 billion.
What are Pfizer's earnings per share?
Pfizer earned $3.23 per diluted share in fiscal 2025, compared with $3.11 a year earlier.
When will Pfizer report its next earnings?
Pfizer is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Pfizer's fiscal year end?
Pfizer's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.