Capital Expenditures for Pfizer (PFE)
According to Pfizer's latest reported financial statements, the company's current capital expenditures (TTM) is $2.63B USD. Capital expenditures (CapEx) are cash outlays for property, plant, and equipment and other long-lived productive assets — reported on the cash flow statement under investing activities. CapEx funds future capacity (factories, data centers, software, machinery), so rising spend can signal investment in growth, while heavy CapEx reduces free cash flow available to shareholders. We display CapEx as a positive amount (the absolute cash outflow); compare with revenue to gauge capital intensity and with total assets for the asset-base context.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
PFE
Currently viewingCapital ExpendituresSwitch metric
Latest period
$2.63B
YoY change
-9.6%
5Y CAGR
-1.2%
Peak year (2023)
$3.91B
Cumulative capital expenditures
$65.32B
CapEx history chart for Pfizer (PFE) from 1989 to 2025
CapEx history table for Pfizer (PFE) from 1989 to 2025
| Fiscal year | Period ended | Reported | Capital Expenditures | YoY |
|---|---|---|---|---|
| 2025 | $2.63B | -9.6% | ||
| 2024 | $2.91B | -25.5% | ||
| 2023 | $3.91B | +20.7% | ||
| 2022 | $3.24B | +19.4% | ||
| 2021 | $2.71B | -2.9% | ||
| 2020 | $2.79B | +7.6% | ||
| 2019 | $2.59B | +18.1% | ||
| 2018 | $2.20B | -0.9% | ||
| 2017 | $2.22B | +10.9% | ||
| 2016 | $2.00B | +33.6% | ||
| 2015 | $1.50B | -5.5% | ||
| 2014 | $1.58B | +8.1% | ||
| 2013 | $1.47B | +10.4% | ||
| 2012 | $1.33B | -20.1% | ||
| 2011 | $1.66B | +9.7% | ||
| 2010 | $1.51B | +25.6% | ||
| 2009 | $1.21B | -29.2% | ||
| 2008 | $1.70B | -9.5% | ||
| 2007 | $1.88B | -8.3% | ||
| 2006 | $2.05B | -2.7% | ||
| 2005 | $2.11B | -19.0% | ||
| 2004 | $2.60B | -1.5% | ||
| 2003 | $2.64B | +50.2% | ||
| 2002 | $1.76B | -20.2% | ||
| 2001 | $2.20B | +0.5% | ||
| 2000 | $2.19B | +40.4% | ||
| 1999 | $1.56B | +30.3% | ||
| 1998 | $1.20B | +27.0% | ||
| 1997 | $943.00M | +21.8% | ||
| 1996 | $774.00M | +11.2% | ||
| 1995 | $696.30M | +3.7% | ||
| 1994 | $671.50M | +5.9% | ||
| 1993 | $634.20M | -5.9% | ||
| 1992 | $674.20M | +13.5% | ||
| 1991 | $593.80M | +8.5% | ||
| 1990 | $547.50M | +19.9% | ||
| 1989 | $456.50M | — |
CapEx values are taken from Pfizer's reported cash flow statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
In 2025, Pfizer (PFE) capital expenditures totalled $2.63B – declined 9.6% year-over-year.
Over 2020–2025 (5 years), Pfizer capital expenditures expanded at a -1.2% compound annual rate, with a net decline across the window.
Between 2023 and 2025, Pfizer capital expenditures plunged 32.7%, falling from $3.91B to $2.63B.
Across the available history, capital expenditures reached its high of $3.91B in 2023 and its low of $456.50M in 1989.
Within Healthcare, Pfizer (PFE) ranks 7th among 8 peers we track. The peer median for capital expenditures is $3.87B.
Pfizer Capital Expenditures by Year
Pfizer Capital Expenditures 2025: $2.63B
Pfizer capital expenditures in 2025 was $2.63B, declined 9.6% below 2024.
Pfizer Capital Expenditures 2024: $2.91B
Pfizer capital expenditures in 2024 was $2.91B, declined 25.5% below 2023.
Pfizer Capital Expenditures 2023: $3.91B
Pfizer capital expenditures in 2023 was $3.91B, grew 20.7% from 2022. This figure represents the highest annual value in the available history.
Pfizer Capital Expenditures 2022: $3.24B
Pfizer capital expenditures in 2022 was $3.24B, grew 19.4% from 2021.
Pfizer Capital Expenditures 2021: $2.71B
Pfizer capital expenditures in 2021 was $2.71B.
See more financial history for Pfizer (PFE).
Sector peers — CapEx
Companies in the same sector as Pfizer, ranked by their latest capital expenditures.
| Company | Capital Expenditures | Sector |
|---|---|---|
| Novo Nordisk A/S (NVO) | $90.11B | Healthcare |
| Eli Lilly and Company (LLY) | $7.84B | Healthcare |
| Johnson & Johnson (JNJ) | $4.83B | Healthcare |
| Merck & Co., Inc. (MRK) | $4.11B | Healthcare |
| UnitedHealth Group Incorporated (UNH) | $3.62B | Healthcare |
| AstraZeneca PLC (AZN) | $2.81B | Healthcare |
| Amgen Inc. (AMGN) | $1.86B | Healthcare |
| AbbVie Inc. (ABBV) | $1.21B | Healthcare |
Frequently asked questions
What is Pfizer's capital expenditures?
- Latest reported capital expenditures for Pfizer (PFE) is $2.63B (period ending December 31, 2025).
How has Pfizer capital expenditures changed year-over-year?
- Pfizer (PFE) capital expenditures changed -9.6% year-over-year on the latest annual filing.
What is the long-term growth rate of Pfizer capital expenditures?
- Pfizer (PFE) capital expenditures compound annual growth rate is -1.2% over the most recent 5 years available.
When did Pfizer capital expenditures hit its highest annual value?
- Pfizer capital expenditures reached its highest annual value of $3.91B in 2023.
What was Pfizer capital expenditures in 2024?
- Pfizer (PFE) capital expenditures in 2024 was $2.91B.
What was Pfizer capital expenditures in 2025?
- Pfizer (PFE) capital expenditures in 2025 was $2.63B.
Metrics overview
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