← Who reports today · Health Care
How Pfizer (PFE) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/04/2026
Pfizer Inc. is an American multinational pharmaceutical and biotechnology corporation headquartered at The Spiral in Manhattan, New York City. · Wikipedia
More about the company
Founded in 1849 in New York by German entrepreneurs Charles Pfizer and Charles F. Erhart, Pfizer is one of the oldest pharmaceutical companies in North America. Market share (US pharma & biotech): ≈9% by TTM revenue.
Key growth driver: Alliance Revenues — the fastest-growing revenue line: $2,697, +19% y/y. · by the Q2 2026 report
How does Pfizer make money?
Pfizer brought in $15.0 billion of revenue in Q2 2026, up 3% year over year. The largest source was Product Revenues: $11.9 billion, or 79% of the total, followed by Alliance Revenues ($2.70B, 18%) and Royalty Revenues ($474M, 3%).
Revenue by source, Q2 2026
- Product Revenues$11.9B · 79% · −1%
- Alliance Revenues$2.70B · 18% · +19%
- Royalty Revenues$474M · 3% · +11%
Shares of $15.0B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is PFE’s next earnings date?
Tuesday, November 3, 2026confirmed · before market open
Pfizer (PFE) is scheduled to report results for the quarter ending Sep 2026 on Nov 3, 2026. Consensus EPS forecast: $0.77 (5 analysts), vs $0.87 in the same quarter last year.
What time does PFE report? Usually before market open: the last 4 results releases reached the SEC at 7:02 am, 7:01 am, 7:01 am, 7:00 am ET.
Last report: Aug 4, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Verdict: a paper loss over a healthy core — the $248M GAAP loss is entirely non-cash impairments ($3.8B for a failed lung-cancer Phase 3 plus $525M for Oxbryta), while underlying revenue grew 5% operationally ex-COVID, adjusted EPS held at $0.77, and full-year revenue guidance was raised by $500M.
Loss quarter (mirror layout): left side shows where the money came from — revenue, tax benefit and the net loss itself; right side shows what it covered. Adjusted diluted EPS $0.77 (vs $0.78) · FY26 guidance: revenue raised $500M at midpoint, adj. EPS $2.80–3.00 reaffirmed.
Source and notation
* marks non-cash / ≈ estimated. Source: Pfizer press release, 8-K EX-99 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- a net loss in Q2 2026 ($248 · vs +$2,910)
Most likely because the GAAP loss is manufactured by one line: Other deductions of $3.7B (vs $0.7B a year ago); the tax line is a $407M BENEFIT (effective rate 62.4% on the pretax loss) because the impairments fell in high-tax jurisdictions; costs grew faster than revenue (r&d +13% y/y). Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗PFE earnings history: past report dates
| Aug 4, 2026 Tue | 7:02 ambefore market open | Jun 28, 2026 | $15.0B+3% y/y | −$0.04 |
| May 5, 2026 Tue | 7:01 ambefore market open | Mar 29, 2026 | $14.5B+5% y/y | $0.47−10% y/y |
| Feb 3, 2026 Tue | 7:01 ambefore market open | Dec 31, 2025 | ≈$17.6B−1% y/y | ≈−$0.29 |
| Nov 4, 2025 Tue | 7:00 ambefore market open | Sep 28, 2025 | $16.7B−6% y/y | $0.62−21% y/y |
| Aug 5, 2025 Tue | 7:08 ambefore market open | Jun 29, 2025 | $14.7B+10% y/y | $0.51 |
| Apr 29, 2025 Tue | 8:02 ambefore market open | Mar 30, 2025 | $13.7B−8% y/y | $0.52−5% y/y |
| Feb 4, 2025 Tue | 8:11 ambefore market open | Dec 31, 2024 | ≈$17.8B+31% y/y | ≈$0.07 |
| Oct 29, 2024 Tue | 8:06 ambefore market open | Sep 29, 2024 | $17.7B+31% y/y | $0.78 |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Pfizer: 5-year financials
| 2025 | 62,579 | 7,771 | 9,075 |
| 2024 | 63,627 | 8,031 | 9,835 |
| 2023 | 50,914 | 2,119 | 4,793 |
| 2022 | 91,793 | 31,372 | 26,031 |
| 2021 | 73,636 | 21,979 | 29,869 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Jul 2016Pfizer agreed to pay $486M to settle a shareholder class action over concealed Celebrex and Bextra risks (court-approved in December 2016); in 2014 it paid $400M in another shareholder suit in New York. sec.gov ↗
- Feb 202610-K 2025: all common stock is of one class; the legal cases include no shareholder disclosure suits. sec.gov ↗
- Dec 2025Dividend per share rose from $1.53 (2020) to $1.72 (2025); diluted shares +1.4% over 5 years (XBRL). data.sec.gov ↗
Scoring: 2.0 −0.5 (criterion 9: $486M shareholder settlement over Celebrex/Bextra, approved by the court in Dec 2016) −0.25 (criterion 9: $400M shareholder settlement, 2014 — older than 10 years, half weight) = 1.25 → 1.5
- Share classes
- Single class of common stock ("all of one class", 10-K 2025 cover).
- Dilution
- Diluted shares 2020→2025 +1.4%; SBC 1.3% of revenue.
- Disclosure
- Full reporting, filed on time.
- Dividends
- Dividend raised every year: $1.53 (2020) → $1.72 (2025).
- Lawsuits & regulators
- Two shareholder settlements above $50M: $486M (court approval Dec 2016) — full deduction, $400M (2014) — older than 10 years, half weight. No shareholder suits or SEC disclosure cases in the current 10-K.
- Related parties
- No material related-party transactions disclosed.
How the score works · checked as of Sep 2026
Pfizer (PFE) earnings: FAQ
How does Pfizer make money?
Pfizer brought in $15.0 billion of revenue in Q2 2026, up 3% year over year. The largest source was Product Revenues: $11.9 billion, or 79% of the total, followed by Alliance Revenues ($2.70B, 18%) and Royalty Revenues ($474M, 3%).
When is PFE's next earnings date?
Pfizer (PFE) is scheduled to report on Nov 3, 2026, before market open.
What time does PFE report earnings?
Pfizer is scheduled to report before market open on Nov 3, 2026. Its last results releases were filed before market open, most recently at 7:02 am ET on Aug 4, 2026.
When did PFE last report earnings?
Pfizer reported Q2 2026 results on Aug 4, 2026.
What is the EPS estimate for PFE's next earnings?
The consensus EPS forecast is $0.77 (5 analysts), vs $0.87 in the same quarter last year.
Where can I find Pfizer's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to PFE's filings; this page breaks the latest report down in a Sankey chart.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
More reports: REGN · Q2 2026 · SYK · Q2 2026 · TMO · Q2 2026 · UNH · Q2 2026 · VRTX · Q2 2026 · ABBV · Q2 2026 · ABT · Q2 2026 · AMGN · Q2 2026 · BMY · Q2 2026 · CI · Q2 2026 · all reports