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Pfizer cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.8B in Q3 2026 · $11.8B over twelve months

Operating cash flow$5.4B
Capital spending−$573M
Free cash flow+$4.8B
Cash / net income1.7×
Cash conversion cycle201 days

Analysis

In Q3 2026, Pfizer generated $5.4B of operating cash flow and spent $573M on capital projects, leaving free cash flow of $4.8B.

Over the twelve months to Sep 27, 2026, operating cash flow was $14.2B; the largest uses were dividends ($9.8B), other investing ($2.9B), capital spending ($2.4B); besides operations, cash came from net borrowing (+) / repaid (−) ($1.7B); the cash balance rose by $485M.

Operating cash flow was $5.4B against net income of $3.3B — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.6B, deferred taxes −$860M, stock-based pay +$362M.

Its cash conversion cycle was 201 days (receivables 73 + inventory 226 − payables 98).

Free cash flow

Pfizer: free cash flow by quarterPfizer: free cash flow by quarter$5.8BQ4 2024$1.8BQ1 2025−$1.2BQ2 2025$4.0BQ3 2025$4.5BQ4 2025$2.2BQ1 2026$302MQ2 2026$4.8BQ3 2026
Operating cash flow less capital spending.
Pfizer: operating cash flow against capital spendingPfizer: operating cash flow against capital spendingOperating cash flowCapital spending$6.7B$917MQ4 2024$2.3B$564MQ1 2025−$582M$618MQ2 2025$4.6B$602MQ3 2025$5.3B$845MQ4 2025$2.6B$436MQ1 2026$835M$533MQ2 2026$5.4B$573MQ3 2026
Latest (Q3 2026): Operating cash flow $5.4B, Capital spending $573M.

Capital allocation, year by year

Pfizer: where the cash came from (up) and went (down), by fiscal yearPfizer: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $32.6BFY2021: Net borrowing −$1.1BFY2021: Capital spending −$2.7BFY2021: Dividends −$8.7B$32.6BFY2021FY2022: Operating cash flow $29.3BFY2022: Net borrowing −$3.5BFY2022: Capital spending −$3.2BFY2022: Acquisitions −$23.0BFY2022: Buybacks −$2.0BFY2022: Dividends −$9.0B$29.3BFY2022FY2023: Operating cash flow $8.7BFY2023: Net borrowing $35.9BFY2023: Capital spending −$3.9BFY2023: Acquisitions −$43.4BFY2023: Dividends −$9.2B$44.6BFY2023FY2024: Operating cash flow $12.7BFY2024: Net borrowing −$7.2BFY2024: Capital spending −$2.9BFY2024: Dividends −$9.5B$12.7BFY2024FY2025: Operating cash flow $11.7BFY2025: Net borrowing −$74.0MFY2025: Capital spending −$2.6BFY2025: Acquisitions −$6.9BFY2025: Dividends −$9.8B$11.7BFY2025
Over these 5 years operating cash flow totalled $95.0B; the largest uses were acquisitions ($73.4B) and dividends ($46.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.9B
Debt$62.7B
Net debt$51.7B
Due within a year$2.6B

Pfizer funds itself: free cash flow was $11.8B over the last twelve months, and $10.9B of cash and investments stands against $62.7B of debt ($2.6B due within a year, 4.2× covered by cash).

Where the cash came from and went

Pfizer: sources (+) and uses (−) of cash, Q3 2026Pfizer: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$5.4BDividends−$2.5BOther investing−$1.5BCash drawn (+) / kept (−)−$845MCapital spending−$573MOther financing−$31.0MNet borrowing (+) / repaid (−)−$24.0MExchange rates$1.0MNot reconciled$1.0M
Pfizer: sources (+) and uses (−) of cash, TTM to Q3 2026Pfizer: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$14.2BDividends−$9.8BOther investing−$2.9BCapital spending−$2.4BNet borrowing (+) / repaid (−)$1.7BCash drawn (+) / kept (−)−$485MOther financing−$385MExchange rates$21.0MNot reconciled$1.0M

From profit to cash

Pfizer: net income to operating cash flow, Q3 2026Pfizer: net income to operating cash flow, Q3 2026Net income$3.3BDepreciation & amortization$1.6BStock-based pay$362MDeferred taxes−$860MOther non-cash−$249MOperating cash flow$5.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267322698201
Q2 202676229101204
Q1 202674264121218
Q4 20257019792176
Q3 202572252111213
Q2 202574271125220
Q1 202576339170245
Q4 20246817886159

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$5.4B−$573M−$2.5B−$24.0M−$845M$4.8B
Q2 2026$835M−$533M−$2.5B$64.0M$727M$302M
Q1 2026$2.6B−$436M−$2.4B−$127M−$563M$2.2B
Q4 2025$5.3B−$845M−$2.4B$3.1B$196M$4.5B
Q3 2025$4.6B−$602M−$2.4B$6.0M$301M$4.0B
Q2 2025−$582M−$618M−$2.4B−$4.4B−$213M−$1.2B
Q1 2025$2.3B−$564M−$2.4B−$2.4B−$375M$1.8B
Q4 2024$6.7B−$917M−$2.4B−$2.7B$45.0M$5.8B

Pfizer: income statement and cash flow

Pfizer, Q3 2026: revenue $16.6B (-0.4% year over year), operating margin 20.4%. The chart follows the revenue to costs, profit and cash.

Pfizer: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.