Pfizer Inc. (PFE) Income Statement

30Y historyFree accessUpdated daily

Revenue growth turned positive at 2.6% YoY in Q2 2026, with gross margin expanding to 72.8% from 64.3% a year earlier, though net income swung to a -$246M loss due to below-the-line items.

Annual statement

PFE Income Statement

Pfizer Inc. (PFE) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	63.7B	62.58B	63.63B	59.55B	100.33B	81.29B	41.65B	41.17B	53.65B	52.55B	52.82B	48.85B	49.6B	51.58B	54.66B	61.03B	67.06B	50.01B	48.3B	48.43B	48.37B	47.41B	52.52B	45.19B	32.37B	32.26B	29.57B	16.2B	13.54B	12.5B	11.31B
Revenue Growth %	-0.21%	-1.65%	6.84%	-40.64%	23.43%	95.16%	1.16%	-23.25%	2.1%	-0.53%	8.13%	-1.52%	-3.84%	-5.62%	-10.45%	-8.98%	34.09%	3.55%	-0.27%	0.12%	2.04%	-9.73%	16.22%	39.59%	0.35%	9.08%	82.51%	19.64%	8.32%	10.6%	12.82%
Cost of Goods Sold	18.27B	18.57B	21.78B	29.21B	38.24B	34.41B	11.77B	12.62B	16.01B	15.78B	15.95B	13.16B	13.31B	13.95B	14.64B	17.16B	20.71B	11.59B	10.04B	11.72B	10.51B	10.51B	10.9B	9.83B	4.04B	5.03B	4.06B	1.99B	1.6B	1.77B	1.75B
COGS % of Revenue	-	29.67%	34.23%	49.05%	38.11%	42.33%	28.26%	30.66%	29.84%	30.03%	30.2%	26.93%	26.83%	27.05%	26.79%	28.12%	30.89%	23.18%	20.78%	24.21%	21.73%	22.16%	20.77%	21.76%	12.5%	15.6%	13.72%	12.26%	11.85%	14.17%	15.44%
Gross Profit	45.43B	44.01B	41.85B	30.34B	62.09B	46.88B	29.88B	28.55B	37.64B	36.77B	36.87B	35.69B	36.3B	37.63B	40.02B	43.87B	46.34B	38.42B	38.26B	36.7B	37.86B	36.9B	41.61B	35.36B	28.33B	27.23B	25.52B	14.22B	11.94B	10.73B	9.56B
Gross Margin %	71.32%	70.33%	65.77%	50.95%	61.89%	57.67%	71.74%	69.34%	70.16%	69.97%	69.8%	73.07%	73.17%	72.95%	73.21%	71.88%	69.11%	76.82%	79.22%	75.79%	78.27%	77.84%	79.23%	78.24%	87.5%	84.4%	86.28%	87.74%	88.15%	85.83%	84.56%
Gross Profit Growth %	-	5.18%	37.92%	-51.14%	32.46%	56.88%	4.66%	-24.15%	2.37%	-0.27%	3.29%	-1.66%	-3.55%	-5.96%	-8.79%	-5.34%	20.63%	0.41%	4.24%	-3.06%	2.61%	-11.33%	17.69%	24.81%	4.05%	6.7%	79.46%	19.09%	11.25%	12.26%	16.14%
Operating Expenses	29.45B	28.58B	25.36B	25.05B	24.54B	26.08B	20.8B	21.04B	22.35B	22.38B	22.6B	22.4B	22.27B	20.74B	21.98B	25.49B	28.61B	22.41B	21.64B	22.78B	22.77B	22.37B	24.52B	24.56B	16.05B	16.25B	16.84B	9.67B	8.34B	7.39B	6.48B
OpEx % of Revenue	-	45.67%	39.86%	42.06%	24.46%	32.09%	49.93%	51.1%	41.66%	42.59%	42.78%	45.85%	44.89%	40.21%	40.21%	41.76%	42.67%	44.81%	44.8%	47.04%	47.07%	47.18%	46.7%	54.34%	49.58%	50.37%	56.96%	59.67%	61.55%	59.07%	57.31%
Selling, General & Admin	13.29B	13.35B	14.73B	14.47B	13.12B	12.25B	11.4B	12.67B	14.38B	14.73B	14.76B	14.73B	13.96B	14.19B	15.02B	17.48B	19.25B	14.66B	14.12B	15.21B	15.35B	15.16B	16.9B	15.24B	10.85B	11.3B	11.44B	6.35B	5.57B	4.96B	6.05B
SG&A % of Revenue	-	21.33%	23.15%	24.3%	13.07%	15.07%	27.37%	30.78%	26.81%	28.04%	27.93%	30.15%	28.13%	27.51%	27.48%	28.65%	28.71%	29.31%	29.24%	31.4%	31.73%	31.98%	32.19%	33.73%	33.5%	35.03%	38.69%	39.19%	41.11%	39.64%	53.51%
Research & Development	12.79B	11.98B	10.74B	10.58B	11.43B	13.83B	9.39B	8.36B	7.97B	7.64B	7.84B	7.67B	8.31B	6.55B	6.96B	8B	9.36B	7.75B	7.51B	7.57B	7.42B	7.21B	7.62B	7.13B	5.18B	4.85B	4.43B	2.78B	2.28B	1.93B	0
R&D % of Revenue	-	19.14%	16.88%	17.76%	11.39%	17.01%	22.56%	20.31%	14.85%	14.55%	14.84%	15.7%	16.75%	12.7%	12.72%	13.11%	13.96%	15.51%	15.55%	15.64%	15.35%	15.2%	14.51%	15.78%	15.99%	15.03%	15%	17.13%	16.83%	15.42%	-
Other Operating Expenses	4M	3.25B	-105M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2.18B	28M	103M	968M	542M	489M	502M	430M
Operating Income	15.98B	15.44B	16.48B	5.29B	37.55B	20.79B	9.09B	7.51B	15.29B	14.39B	14.27B	13.3B	14.03B	16.89B	18.04B	18.38B	17.73B	16.01B	16.63B	13.92B	15.09B	14.53B	17.09B	10.8B	12.28B	10.98B	8.67B	4.55B	3.6B	3.35B	3.08B
Operating Margin %	25.08%	24.67%	25.91%	8.89%	37.43%	25.58%	21.81%	18.24%	28.5%	27.39%	27.02%	27.22%	28.28%	32.74%	33%	30.12%	26.44%	32.01%	34.42%	28.75%	31.2%	30.65%	32.54%	23.9%	37.93%	34.02%	29.32%	28.07%	26.6%	26.76%	27.24%
Operating Income Growth %	-	-6.35%	211.47%	-85.91%	80.58%	128.87%	20.96%	-50.87%	6.24%	0.82%	7.36%	-5.22%	-16.93%	-6.38%	-1.87%	3.67%	10.76%	-3.71%	19.41%	-7.75%	3.87%	-14.97%	58.22%	-12.04%	11.86%	26.6%	90.59%	26.26%	7.68%	8.64%	20.3%
EBITDA	21.69B	20.34B	23.5B	11.58B	42.61B	25.98B	13.77B	13.31B	21.67B	20.66B	20.03B	18.45B	19.57B	23.3B	25.69B	27.41B	26.22B	20.77B	21.71B	19.12B	20.39B	20.11B	22.18B	14.88B	13.31B	12.04B	9.64B	5.09B	4.09B	3.85B	3.51B
EBITDA Margin %	34.06%	32.51%	36.93%	19.45%	42.47%	31.97%	33.05%	32.32%	40.4%	39.32%	37.92%	37.77%	39.44%	45.17%	47.01%	44.91%	39.1%	41.52%	44.96%	39.49%	42.15%	42.41%	42.24%	32.92%	41.13%	37.34%	32.59%	31.42%	30.21%	30.77%	31.05%
EBITDA Growth %	-15.53%	-13.42%	102.87%	-72.82%	64%	88.75%	3.46%	-38.61%	4.9%	3.14%	8.55%	-5.69%	-16.02%	-9.33%	-6.25%	4.53%	26.26%	-4.37%	13.55%	-6.2%	1.39%	-9.35%	49.09%	11.75%	10.54%	24.96%	89.31%	24.41%	6.34%	9.63%	19.62%
D&A (Non-Cash Add-back)	5.72B	4.91B	7.01B	6.29B	5.06B	5.19B	4.68B	5.79B	6.38B	6.27B	5.76B	5.16B	5.54B	6.41B	7.66B	9.03B	8.49B	4.76B	5.09B	5.2B	5.29B	5.58B	5.09B	4.08B	1.04B	1.07B	968M	542M	489M	502M	430M
EBIT	6.91B	10.19B	11.11B	3.27B	35.97B	25.6B	8.49B	13.06B	13.2B	13.57B	9.54B	10.16B	13.6B	17.13B	12.76B	13.16B	11.08B	12.06B	10.21B	9.68B	13.52B	11.27B	14.35B	10.37B	12.22B	10.61B	8.57B	6.96B	5.35B	3.07B	2.74B
Net Interest Income	-2.17B	-2.07B	-2.55B	-585M	-987M	-1.25B	-1.38B	-1.35B	-983M	-879M	-716M	-728M	-935M	-1.01B	-1.14B	-1.23B	-1.4B	-487M	772M	1.1B	437M	269M	-1M	0	0	0	0	0	0	0	0
Interest Income	532M	603M	545M	1.62B	251M	36M	73M	225M	333M	391M	470M	471M	425M	403M	382M	456M	402M	746M	1.29B	1.5B	925M	740M	346M	0	0	0	0	0	0	0	0
Interest Expense	2.7B	2.67B	3.09B	2.21B	1.24B	1.29B	1.45B	1.57B	1.32B	1.27B	1.19B	1.2B	1.36B	1.41B	1.52B	1.68B	1.8B	1.23B	516M	397M	488M	471M	347M	0	0	0	0	0	0	0	0
Other Income/Expense	-11.77B	-7.92B	-8.46B	-4.23B	-2.82B	3.52B	-2.05B	3.97B	-3.4B	-2.09B	-5.92B	-4.33B	-1.79B	-1.17B	-6.8B	-6.9B	-8.45B	-5.18B	-6.93B	-4.64B	-2.06B	-3.73B	-3.08B	-7.1B	-425M	-992M	-2.9B	-17M	-956M	-216M	-221M
Pretax Income	4.21B	7.52B	8.02B	1.06B	34.73B	24.31B	7.04B	11.48B	11.88B	12.3B	8.35B	8.96B	12.24B	15.72B	11.24B	11.48B	9.28B	10.83B	9.69B	9.28B	13.03B	10.8B	14.01B	3.26B	11.8B	10.33B	5.77B	4.44B	2.59B	3.08B	2.8B
Pretax Margin %	6.61%	12.02%	12.61%	1.78%	34.61%	29.91%	16.89%	27.9%	22.15%	23.42%	15.81%	18.35%	24.67%	30.47%	20.57%	18.81%	13.84%	21.65%	20.07%	19.16%	26.93%	22.78%	26.67%	7.22%	36.44%	32.02%	19.5%	27.42%	19.14%	24.62%	24.75%
Income Tax	-164M	-266M	-28M	-1.11B	3.33B	1.85B	370M	618M	706M	-9.05B	1.12B	1.99B	3.12B	4.31B	2.22B	3.62B	1.07B	2.2B	1.65B	1.02B	1.99B	3.18B	2.67B	1.62B	2.61B	2.56B	2.05B	1.24B	-642M	865M	869M
Effective Tax Rate %	-3.9%	-3.54%	-0.35%	-105.29%	9.58%	7.62%	5.26%	5.38%	5.94%	-73.53%	13.44%	22.2%	25.5%	27.4%	19.76%	31.54%	11.54%	20.29%	16.97%	11.03%	15.29%	29.43%	19.03%	49.68%	22.12%	24.79%	35.53%	28%	-24.77%	28.1%	31.06%
Net Income	4.33B	7.77B	8.02B	2.13B	31.36B	22.15B	9.16B	16.27B	11.15B	21.3B	7.21B	6.97B	9.08B	11.65B	9.79B	8.71B	8.27B	8.63B	8.02B	8.21B	11.02B	7.61B	11.33B	3.91B	9.13B	7.79B	3.73B	3.18B	3.35B	2.21B	1.93B
Net Margin %	6.81%	12.42%	12.6%	3.58%	31.26%	27.25%	21.99%	39.52%	20.79%	40.55%	13.66%	14.26%	18.3%	22.58%	17.91%	14.26%	12.33%	17.27%	16.61%	16.95%	22.79%	16.05%	21.58%	8.65%	28.19%	24.14%	12.6%	19.62%	24.74%	17.7%	17.06%
Net Income Growth %	-59.69%	-3.12%	276%	-93.2%	41.62%	141.81%	-43.72%	45.91%	-47.65%	195.29%	3.57%	-23.28%	-22.05%	19.03%	12.43%	5.29%	-4.25%	7.61%	-2.27%	-25.53%	44.86%	-32.84%	189.82%	-57.16%	17.18%	109.02%	17.21%	-5.13%	51.42%	14.72%	22.64%
Net Income (Continuing)	4.37B	7.79B	8.05B	2.17B	31.4B	22.46B	6.67B	10.87B	11.18B	21.35B	7.23B	6.97B	9.12B	11.41B	9.02B	7.86B	8.21B	8.63B	8.05B	8.26B	11.04B	7.62B	11.34B	1.63B	9.16B	7.54B	3.72B	4.97B	3.23B	2.08B	1.76B
Discontinued Operations	-1000K	25M	11M	0	-1M	-268M	2.53B	5.43B	10M	-1M	17M	17M	-7M	269M	794M	885M	88M	14M	-2M	-3M	433M	-31M	0	0	0	0	0	0	0	0	0
Minority Interest	302M	299M	294M	274M	256M	262M	235M	303M	351M	348M	296M	278M	321M	313M	418M	431M	452M	432M	184M	114M	0	0	0	0	0	0	0	0	0	0	50M
EPS (Diluted)	0.76	1.36	1.41	0.37	5.47	3.88	1.63	2.87	1.87	3.52	1.17	1.11	1.41	1.69	1.30	1.11	1.02	1.23	1.19	1.18	1.52	1.02	1.49	0.54	1.46	1.22	0.59	0.78	0.85	0.56	0.50
EPS Growth %	-59.86%	-3.55%	279.85%	-93.22%	41.01%	138.58%	-43.29%	53.67%	-46.94%	200.58%	5.09%	-21.24%	-16.32%	29.59%	17.85%	8.44%	-17.07%	3.47%	0.46%	-22.16%	49.02%	-31.54%	175.93%	-63.01%	19.67%	106.78%	-24.36%	-8.24%	51.79%	12%	19.05%
EPS (Basic)	-	1.36	1.42	0.38	5.59	3.95	1.65	2.92	1.90	3.57	1.18	1.13	1.43	1.71	1.32	1.11	1.03	1.23	1.19	1.19	1.52	1.03	1.51	0.54	1.48	1.25	0.60	0.81	0.89	0.58	0.52
Diluted Shares Outstanding	5.7B	5.69B	5.7B	5.71B	5.73B	5.71B	5.63B	5.67B	5.98B	6.06B	6.16B	6.26B	6.42B	6.89B	7.51B	7.87B	8.07B	7.04B	6.75B	6.94B	7.27B	7.41B	7.61B	7.29B	6.24B	6.36B	6.37B	6.32B	3.94B	3.95B	3.86B
Basic Shares Outstanding	5.7B	5.68B	5.66B	5.64B	5.61B	5.6B	5.55B	5.57B	5.87B	5.97B	6.09B	6.18B	6.35B	6.81B	7.44B	7.82B	8.04B	7.01B	6.73B	6.92B	7.24B	7.36B	7.53B	7.21B	6.16B	6.24B	6.21B	6.13B	3.79B	3.82B	3.71B
Dividend Payout Ratio	-	125.75%	118.6%	433.52%	28.64%	39.41%	92.15%	49.43%	71.53%	35.95%	101.41%	99.63%	72.79%	56.49%	66.76%	71.61%	73.63%	64.25%	106.44%	97.14%	62.76%	73%	44.85%	111.33%	34.71%	34.86%	58.96%	57.25%	29.13%	39.81%	39.97%

Key Metrics

Growth RegimeMixed

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Patent cliff and IRA pricing

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Stabilizing Revenue Amid COVID Cliff

Pfizer's revenue growth has turned positive, with Q2 2026 up 2.6% year-over-year, following a period of contraction, suggesting the COVID-related decline may be bottoming out, as per recent quarterly filings.

The sequential improvement from negative growth in 2025 to modest positive growth in 2026 indicates that the non-COVID portfolio is beginning to offset the loss of Comirnaty and Paxlovid sales. However, the growth rate remains well below the double-digit expansion seen in 2024, and the looming patent cliff on Eliquis and Ibrance suggests this recovery may be fragile. Investors should monitor whether new launches like Abrysvo and oncology drugs can sustain this trajectory.

Gross Margin Resilience Amid Mix Shifts

Gross margin expanded to 72.8% in Q2 2026 from 64.3% a year earlier, reflecting a favorable product mix as lower-margin COVID products fade, according to income statement data.

The gross margin recovery is a positive sign, indicating that the core portfolio is returning to a more profitable mix. However, the volatility in gross margin across quarters (ranging from 60.8% to 74.9%) highlights sensitivity to product mix and one-time items. The structural gross margin of ~70% is in line with peers like JNJ and MRK, but the company faces pressure from IRA price negotiations and potential biosimilar competition.

Operating Leverage Recovering but Uneven

Operating margin improved to 31.3% in Q2 2026 from 24.4% in Q2 2025, as revenue growth outpaced expense growth, but the trend is inconsistent across quarters, per reported figures.

The operating margin expansion in Q2 2026 suggests that Pfizer is gaining some operating leverage as it integrates recent acquisitions and manages costs. However, the wide fluctuation in operating margin (from 14.1% in Q2 2024 to 33.7% in Q1 2025) indicates that the cost structure is not yet stable. The company's R&D and SG&A expenses have remained relatively flat, but the high fixed-cost base means that revenue declines can quickly compress margins, as seen in 2025.

Net Income Volatility Masks Core Earnings

Pfizer reported a net loss of $246 million in Q2 2026, swinging from a profit a year earlier, despite positive operating income, suggesting significant below-the-line items, as per financial statements.

The disconnect between operating income of $4.7 billion and a net loss indicates that non-operating charges, possibly related to acquisition accounting or impairments, are distorting reported earnings. The EPS miss in Q2 2026, despite a guidance raise, further supports the view that one-time items are clouding the underlying performance. Investors should focus on operating income and cash flow to gauge the health of the core business, while monitoring the sustainability of these charges.

R&D and SG&A Discipline Under Pressure

R&D and SG&A expenses combined totaled $6.2 billion in Q2 2026, up from $5.8 billion in Q2 2025, reflecting continued investment in pipeline and commercialization, based on reported data.

The increase in operating expenses, particularly R&D, aligns with management's focus on obesity and oncology programs, but it also pressures near-term margins. SG&A has remained relatively stable, suggesting cost discipline, but the overall expense base is high relative to peers. As revenue growth is modest, any further cost inflation could compress operating margins, making expense management a key swing factor.

2024 Q3: A Turning Point in Revenue Mix

Revenue surged 31.2% year-over-year in Q3 2024, driven by COVID product sales, but this proved to be a peak as subsequent quarters saw declines, according to quarterly data.

The Q3 2024 spike was a temporary boost from COVID-related products, and the subsequent decline in 2025 illustrates the difficulty of lapping such volatile revenue. This inflection highlights the company's transition from a pandemic-driven revenue base to a more diversified portfolio. The lasting impact is a reset in investor expectations, with the market now focusing on the core growth drivers and the patent cliff.

Patent Cliff and IRA Overhang

With $17-18 billion in revenue at risk from loss of exclusivity and Eliquis facing IRA price cuts, Pfizer's growth prospects appear challenged, as per recent disclosures.

The magnitude of the patent cliff is substantial relative to Pfizer's current revenue base, and the IRA negotiations could accelerate the decline. While the company is investing in new launches, the near-term revenue trajectory may remain pressured. Short-sellers could argue that the market is too optimistic about the pipeline's ability to offset these losses, especially given the mixed track record of M&A-driven growth.

PFE — Frequently Asked Questions

Quick answers to the most common questions about buying PFE stock.

What was Pfizer Inc.'s (PFE) revenue in 2025?

For fiscal year 2025, Pfizer Inc. (PFE) reported total revenue of $62.58B. This represents a 453.5% increase compared to $11.31B in 1996.

Is Pfizer Inc. (PFE) profitable?

Pfizer Inc. (PFE) is profitable, generating $7.77B in net income for the fiscal year ending 2025 with a net profit margin of 12.4%.

What is Pfizer Inc.'s operating profit margin?

Pfizer Inc. (PFE) reported an operating income of $15.44B, resulting in an operating profit margin of 24.7%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Pfizer Inc.'s gross profit and gross margin?

Pfizer Inc. (PFE) generated $44.01B in gross profit for the year, representing a gross profit margin of 70.3%. This demonstrates the company's core pricing power and production efficiency.