Pfizer (PFE) Q2 FY2026 earnings: revenue $15.0 billion, up 2.6% on the year

Pfizer Inc. (PFE) reported revenue of $15.0 billion for Q2 FY2026, the quarter ended 28 June 2026, up 2.6% on the same quarter a year earlier. Net income was -$248 million, and diluted earnings per share $-0.04. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$15.0 billion

+2.6% on the year · +4.0% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

-$248 million

Q3 FY2024Q2 FY2026

Diluted EPS

-$0.04

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 2 lowered, 1 narrowed, 1 new, 5 kept.

Revenue up 3%, operational 1%: Second-quarter revenues were $15,034 million, up 3% reported and 1% operationally. Foreign exchange added $217 million. Revenues of launched and acquired products grew 18% operationally.
Reported loss driven by impairments: The company reported a loss of $0.04 per diluted share, against EPS of $0.51 a year earlier. The result reflects $4.3 billion of non-cash intangible asset impairments.
Adjusted EPS flat, half-year down: Adjusted diluted EPS was $0.77 against $0.78, and adjusted income was $4,440 million against $4,434 million. Six-month adjusted diluted EPS was $1.52, down 10% from $1.69.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	15,034	14,451	14,653	+4.0%	+2.6%
Cost of revenue	4,092	3,548	3,778	+15.3%	+8.3%
Gross profit	10,942	10,903	10,875	+0.4%	+0.6%
Gross margin	72.8%	75.4%	74.2%
Research and development	2,809	2,490	2,482	+12.8%	+13.2%
Selling, general and administrative	3,411	2,961	3,415	+15.2%	-0.1%
Interest expense	667	668	654	-0.1%	+2.0%
Pre-tax income	-653	3,170	3,044
Income tax	-407	461	141
Effective tax rate	n/a	14.5%	4.6%
Net income	-248	2,687	2,910
Net margin	-1.6%	18.6%	19.9%
Diluted EPS	-$0.04	$0.47	$0.51

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	835	2,615	-582	-68.1%
Capital expenditure	533	436	618	+22.2%	-13.8%
Free cash flow	302	2,179	-1,200	-86.1%
Free cash flow margin	2.0%	15.1%	-8.2%
Cash from investing	2,106	785	3,951	+168.3%	-46.7%
Cash from financing	-3,663	-2,856	-3,196
Depreciation and amortisation	1,622	1,613	1,625	+0.6%	-0.2%
Share-based compensation	249	272	203	-8.5%	+22.7%
Dividends paid	2,451	2,445	2,445	+0.2%	+0.2%
Dividend per share	$0.86	$0.00	$0.86		0.0%
Diluted shares, weighted	5,699m	5,731m	5,706m	-0.6%	-0.1%
Shares outstanding at period end	5,700m	5,699m	5,686m	+0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	85,190	90,101	88,695	-5.5%	-4.0%
Non-controlling interest	302	303	317	-0.3%	-4.7%
Debt	63,100	64,426	61,748	-2.1%	+2.2%
Other liabilities	52,539	52,788	55,335	-0.5%	-5.1%
Total liabilities and equity	201,131	207,618	206,095	-3.1%	-2.4%
Fixed assets	19,029	19,402	18,776	-1.9%	+1.3%
Goodwill	71,419	71,409	68,997	+0.0%	+3.5%
Intangible assets	47,053	52,559	52,702	-10.5%	-10.7%
Investments	7,281	8,189	11,645	-11.1%	-37.5%
Cash and equivalents	976	1,703	1,638	-42.7%	-40.4%
Receivables	12,490	12,585	12,078	-0.8%	+3.4%
Inventory	9,945	10,667	11,669	-6.8%	-14.8%
Other assets	32,938	31,104	28,590	+5.9%	+15.2%
Total assets	201,131	207,618	206,095	-3.1%	-2.4%

Questions

What was Pfizer's revenue in Q2 FY2026?

Pfizer (PFE) reported revenue of $15.0 billion for Q2 FY2026, the quarter ended 28 June 2026, up 2.6% on the same quarter a year earlier.

How much did Pfizer earn in Q2 FY2026?

Net loss for Q2 FY2026 was $248 million, and the diluted loss per share $0.04.

When did Pfizer report Q2 FY2026 results?

Pfizer filed its 10-Q for the quarter ended 28 June 2026 with the SEC on 4 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	23,635	25,661	27,742	22,638	24,289	18,486	13,007	13,491	14,248	14,879	13,283	17,702	17,763	13,715	14,653	16,654	17,557	14,451	15,034	16,583
Cost of revenue	9,736	9,984	8,648	6,063	9,649	4,886	3,237	9,269	7,562	3,379	3,300	5,263	5,909	2,845	3,778	4,172	5,272	3,548	4,092	4,028
Gross profit	13,899	15,677	19,094	16,575	14,640	13,600	9,770	4,222	6,686	11,500	9,983	12,439	11,854	10,870	10,875	12,482	12,285	10,903	10,942	12,555
Gross margin	59%	61%	69%	73%	60%	74%	75%	31%	47%	77%	75%	70%	67%	79%	74%	75%	70%	75%	73%	76%
R&D	5,909	2,301	2,815	2,696	3,616	2,505	2,648	2,711	2,815	2,493	2,696	2,598	3,035	2,203	2,482	2,546	3,206	2,490	2,809	3,016
SG&A	4,099	2,593	3,048	3,391	4,645	3,418	3,497	3,281	4,575	3,495	3,717	3,244	4,274	3,031	3,415	3,186	4,162	2,961	3,411	3,279
Interest expense	314	322	293	311	312	318	508	695	688	790	778	783	740	654	654	652	711	668	667	662
Pre-tax income	3,843	9,050	11,447	9,001	5,231	6,270	2,269	-3,352	-4,129	3,421	-103	4,715	-10.0	2,785	3,044	3,334	-1,643	3,170	-653	3,385
Tax rate	6%	13%	14%	4%	4%	11%	-3%	n/a	n/a	9%	n/a	5%	n/a	-7%	5%	-6%	n/a	15%	n/a	4%
Net income	3,393	7,864	9,906	8,608	4,994	5,543	2,327	-2,382	-3,369	3,115	41.0	4,465	410	2,967	2,910	3,541	-1,647	2,687	-248	3,242
Net margin	14%	31%	36%	38%	21%	30%	18%	-18%	-24%	21%	0%	25%	2%	22%	20%	21%	-9%	19%	-2%	20%
Diluted EPS	$0.59	$1.37	$1.73	$1.51	$0.87	$0.97	$0.41	-$0.42	-$0.60	$0.55	$0.01	$0.78	$0.07	$0.52	$0.51	$0.62	-$0.29	$0.47	-$0.04	$0.56
Operating cash flow	5,914	6,541	8,170	5,974	8,582	1,212	-1,208	3,456	5,240	1,090	-1,781	6,714	6,721	2,335	-582	4,603	5,348	2,615	835	5,375
Capital expenditure	993	643	751	841	1,001	1,139	914	810	1,044	704	637	651	917	564	618	602	845	436	533	573
Free cash flow	4,921	5,898	7,419	5,133	7,581	73.0	-2,122	2,646	4,196	386	-2,418	6,063	5,804	1,771	-1,200	4,001	4,503	2,179	302	4,802
Buybacks	0.0	2,000	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	2,189	2,249	2,244	2,245	2,245	2,303	2,315	2,314	2,315	2,372	2,380	2,380	2,380	2,437	2,445	2,444	2,445	2,445	2,451	2,451
Shares outstanding	5,619m	5,645m	5,646m	5,646m	5,619m	5,645m	5,646m	5,646m	5,647m	5,667m	5,667m	5,667m	5,667m	5,685m	5,686m	5,686m	5,686m	5,699m	5,700m	5,700m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 28 June 2026, filed 4 August 2026: the filing.