Filing Flows › Pfizer (PFE) › Q3 2025
Pfizer (PFE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Pfizer (PFE) reported revenue of $16.7B for the third quarter 2025 (Q3 2025), -6% from a year earlier and +14% from the quarter before. Operating margin was 20.0%, net earnings $3.5B (21.3% of revenue).
Pfizer, Q3 2025: revenue $16.7B (-6% year over year), operating margin 20.0%, net earnings $3.5B, operating cash flow $4.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.7B | +14% | -6% |
| Operating profit | $3.3B | +9% | -29% |
| Net earnings | $3.5B | +22% | -21% |
| Operating cash flow | $4.6B | — | -31% |
| Free cash flow | $4.0B | — | -34% |
What changed
Revenue was $16.7B in Q3 2025, down 6% year over year and up 14% from the previous quarter.
Operating profit was $3.3B, a 20.0% margin (down 6.6 points year over year). Total costs grew 3% against a revenue fall of 6%. The fastest-growing cost line was Other operating costs (+82%). Net earnings were $3.5B, down 21% year over year. The effective tax rate was -6.5%.
Operating cash flow was $4.6B (down 31% year over year), 130% of net earnings. Non-cash charges added back $1.7B of depreciation and amortization and $0.20B of share-based compensation. Working capital and other items used $0.81B. Capital expenditures of $0.60B left free cash flow of $4.0B.
Questions
What was Pfizer's revenue in the third quarter 2025?
Pfizer (PFE) reported revenue of $16.7B for the third quarter 2025 (Q3 2025), -6% from a year earlier and +14% from the quarter before.
Was Pfizer profitable in the third quarter 2025?
Operating profit was $3.3B (20.0% of revenue) and net earnings $3.5B.
Source: Pfizer 10-Q on SEC EDGAR.