Pfizer (PFE) 10-K Summaries & Annual Filing History
Review Pfizer Inc. (PFE) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Pfizer Inc. reported a slight decline in annual revenue, while net income and operating cash flow remained positive. The company continues to face pricing pressures and regulatory constraints globally.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$62.6B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$7.8B
Net income reported for the year.
Operating cash flow
$11.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $101.2B | +37.4% |
| Dec 31, 2023 | $59.6B | -41.1% |
| Dec 31, 2024 | $63.6B | +6.8% |
| Dec 31, 2025 | $62.6B | -1.6% |
Business overview
Pfizer operates as a global biopharmaceutical company, engaged in the discovery, development, manufacturing, and sale of medicines and vaccines. Its commercial operations are organized across multiple therapeutic areas, supported by research and development, collaboration agreements, and international sales and marketing. The company holds patents and intellectual property rights that are critical to its competitive position.
Financial performance
Revenue for the period was reported at the supplied figure, reflecting a slight decrease compared to the prior year. Net income and operating cash flow were both positive, indicating continued profitability and cash generation despite the revenue decline.
Material risks
The filing identifies pricing pressures from managed care organizations and government price constraints as material risks. Regulatory changes and environmental matters are also noted as factors that could affect operations. Competition and reliance on intellectual property protection further contribute to the risk profile.
Liquidity and capital
The company reported operating cash flow at the supplied level, which supports its liquidity position. No specific capital allocation plans or changes in strategy were detailed in the supplied context.
What to watch
Monitor whether revenue trends stabilize or continue to decline in the next filing, given the recent slight decrease.