Filing Flows › Pfizer (PFE) › Q4 2025
Pfizer (PFE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Pfizer (PFE) reported revenue of $17.6B for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and +5% from the quarter before. Operating margin was -9.4%, net loss $1.6B (9.3% of revenue).
Pfizer, Q4 2025: revenue $17.6B (-1% year over year), operating margin -9.4%, net loss $1.6B, operating cash flow $5.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.6B | +5% | -1% |
| Operating profit | −$1.6B | -149% | — |
| Net earnings | −$1.6B | -146% | — |
| Operating cash flow | $5.3B | +16% | -20% |
| Free cash flow | $4.5B | +13% | -22% |
What changed
Revenue was $17.6B in Q4 2025, down 1% year over year and up 5% from the previous quarter.
Operating costs exceeded revenue by $1.6B, an operating margin of -9.4%. Total costs grew 8% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+44%). The quarter ended with a net loss of $1.6B, after a profit of $3.5B the previous quarter.
Operating cash flow was $5.3B (down 20% year over year). Non-cash charges added back $1.7B of depreciation and amortization and $0.23B of share-based compensation. Working capital and other items added $5.1B. Capital expenditures of $0.84B left free cash flow of $4.5B.
Questions
What was Pfizer's revenue in the fourth quarter 2025?
Pfizer (PFE) reported revenue of $17.6B for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and +5% from the quarter before.
Was Pfizer profitable in the fourth quarter 2025?
Operating loss was $1.6B (-9.4% of revenue) and net loss $1.6B.
Source: Pfizer 10-K on SEC EDGAR.