Pfizer Inc. stock research
FY2026 Q1
Pfizer (PFE) Gross Margin & Quarterly History
Explore Pfizer Inc. (PFE) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 29, 2026 · FY2026 Q1
Revenue and gross profit both decreased from the immediately preceding quarter, while cost of revenue also decreased. Compared to the same quarter one year earlier, revenue and cost of revenue increased, gross profit was essentially stable, and gross margin weakened.
- The gross margin improved sequentially as cost of revenue declined at a proportionally faster rate than revenue. The year-over-year decline in gross margin reflects revenue growth that was outpaced by an increase in cost of revenue.
- Compared to the prior quarter, gross margin was higher despite lower revenue and gross profit. Compared to the same quarter a year ago, gross margin was lower even though revenue was higher and gross profit was essentially unchanged.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
75.4%
Gross profit
$10.9B
Revenue
$14.5B
Cost of revenue
$3.5B
Quarter-over-quarter change
+5.5 pts
Year-over-year change
-3.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 29, 2025 | $14.7B | $10.9B | $3.8B | 74.2% |
| Sep 28, 2025 | $16.7B | $12.5B | $4.2B | 74.9% |
| Dec 31, 2025 | $17.6B | $12.3B | $5.3B | 70.0% |
| Mar 29, 2026 | $14.5B | $10.9B | $3.5B | 75.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+5.5 pts
Year-over-year change
Mar 30, 2025
-3.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved sequentially as cost of revenue declined at a proportionally faster rate than revenue. The year-over-year decline in gross margin reflects revenue growth that was outpaced by an increase in cost of revenue.
Compared to the prior quarter, gross margin was higher despite lower revenue and gross profit. Compared to the same quarter a year ago, gross margin was lower even though revenue was higher and gross profit was essentially unchanged.
Monitor cost of revenue trend relative to revenue, as its proportion increased year-over-year and drove the gross margin compression.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Pfizer Inc. (PFE) | 75.4% |