TTM
23.4%
YoY change
−1.24pp
Trough year (2023)
8.9%
Peak year (2002)
37.9%
Latest annual
24.7%
Operating Margin history chart for Pfizer (PFE) from 1985 to 2025
Latest: 24.7%
Operating Margin change chart for Pfizer (PFE) from 1985 to 2025
Latest: −1.24pp
Operating Margin history table for Pfizer (PFE) from 1985 to 2025
| 2025 | 24.7% | -1.24pp | ||
| 2024 | 25.9% | +17.02pp | ||
| 2023 | 8.9% | -28.54pp | ||
| 2022 | 37.4% | +11.85pp | ||
| 2021 | 25.6% | +3.77pp | ||
| 2020 | 21.8% | +3.57pp | ||
| 2019 | 18.2% | -10.26pp | ||
| 2018 | 28.5% | +1.11pp | ||
| 2017 | 27.4% | +0.37pp | ||
| 2016 | 27.0% | -0.20pp | ||
| 2015 | 27.2% | -1.06pp | ||
| 2014 | 28.3% | -4.46pp | ||
| 2013 | 32.7% | -0.27pp | ||
| 2012 | 33.0% | +2.89pp | ||
| 2011 | 30.1% | +3.67pp | ||
| 2010 | 26.4% | -5.57pp | ||
| 2009 | 32.0% | -2.41pp | ||
| 2008 | 34.4% | +5.67pp | ||
| 2007 | 28.7% | -2.45pp | ||
| 2006 | 31.2% | +0.55pp | ||
| 2005 | 30.7% | -1.89pp | ||
| 2004 | 32.5% | +8.64pp | ||
| 2003 | 23.9% | -14.03pp | ||
| 2002 | 37.9% | +3.90pp | ||
| 2001 | 34.0% | +4.71pp | ||
| 2000 | 29.3% | +1.24pp | ||
| 1999 | 28.1% | +1.47pp | ||
| 1998 | 26.6% | -0.16pp | ||
| 1997 | 26.8% | -0.48pp | ||
| 1996 | 27.2% | +1.69pp | ||
| 1995 | 25.5% | +1.73pp | ||
| 1994 | 23.8% | +11.61pp | ||
| 1993 | 12.2% | -7.75pp | ||
| 1992 | 20.0% | +1.93pp | ||
| 1991 | 18.0% | +1.59pp | ||
| 1990 | 16.5% | -0.62pp | ||
| 1989 | 17.1% | -1.72pp | ||
| 1988 | 18.8% | -0.33pp | ||
| 1987 | 19.1% | -2.32pp | ||
| 1986 | 21.4% | -0.43pp | ||
| 1985 | 21.9% | — |
- 202524.7%-1.24pp
- 202425.9%+17.02pp
- 20238.9%-28.54pp
- 202237.4%+11.85pp
- 202125.6%+3.77pp
- 202021.8%+3.57pp
- 201918.2%-10.26pp
- 201828.5%+1.11pp
- 201727.4%+0.37pp
- 201627.0%-0.20pp
- 201527.2%-1.06pp
- 201428.3%-4.46pp
- 201332.7%-0.27pp
- 201233.0%+2.89pp
- 201130.1%+3.67pp
- 201026.4%-5.57pp
- 200932.0%-2.41pp
- 200834.4%+5.67pp
- 200728.7%-2.45pp
- 200631.2%+0.55pp
- 200530.7%-1.89pp
- 200432.5%+8.64pp
- 200323.9%-14.03pp
- 200237.9%+3.90pp
- 200134.0%+4.71pp
- 200029.3%+1.24pp
- 199928.1%+1.47pp
- 199826.6%-0.16pp
- 199726.8%-0.48pp
- 199627.2%+1.69pp
- 199525.5%+1.73pp
- 199423.8%+11.61pp
- 199312.2%-7.75pp
- 199220.0%+1.93pp
- 199118.0%+1.59pp
- 199016.5%-0.62pp
- 198917.1%-1.72pp
- 198818.8%-0.33pp
- 198719.1%-2.32pp
- 198621.4%-0.43pp
- 198521.9%—
Operating Margin values are taken from Pfizer's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Pfizer (PFE)
According to Pfizer's latest reported financial statements, the company's latest reported operating margin is 23.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
2025's annual operating margin for Pfizer (PFE) came in at 24.67% – contracted 1.2 percentage points year-over-year.
Across the available history, operating margin reached its high of 37.93% in 2002 and its low of 8.89% in 2023.
Pfizer Operating Margin by Year
Pfizer Operating Margin 2025: 24.7%
2025's operating margin for Pfizer came in at 24.67%, contracted 1.2 percentage points from 2024.
Pfizer Operating Margin 2024: 25.9%
Pfizer posted operating margin of 25.91% in 2024, expanded 17.0 percentage points from 2023.
Pfizer Operating Margin 2023: 8.9%
In 2023, Pfizer reported operating margin of 8.89%, contracted 28.5 percentage points from 2022. This figure represents the lowest annual value in the available history.
Pfizer Operating Margin 2022: 37.4%
Pfizer operating margin in 2022 was 37.43%, expanded 11.8 percentage points from 2021.
Pfizer Operating Margin 2021: 25.6%
Pfizer operating margin in 2021 was 25.58%.
See more financial history for Pfizer (PFE).
Sector peers by Operating Margin
Healthcare peers of Pfizer (PFE), ranked by their latest operating margin
| 45.9% | |
| 45.3% | |
| 31.6% | |
| 27.6% | |
| 27.6% | |
| 26.4% | |
| 23.7% | |
| 4.2% |
- 45.9%
- 45.3%
- 31.6%
- 27.6%
- 27.6%
- 23.7%
Frequently asked questions
Pfizer (PFE) Key Financials
Charts, filings, and peer comparison for every metric
Explore more
Deep-dives across the income statement, cash flow, capital return, and valuation