Research memoPfizer Inc. (PFE) · NYSEMemo of October 13, 2026

Pfizer dividend: cash coverage and yield

Pfizer paid $9,771 million in cash dividends in 2025, with a base forecast of $1.72 per share. Its $9,075 million of free cash flow did not cover the $9,771 million dividend.

1.71
Dividend paid per share, 2025
6.1%
Dividend yield
5.1%
Real free cash flow yield
5.6%
Free cash flow yield
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Every number traced to Pfizer's filings8 chapters · 17,159 words266 sources cited

How much does Pfizer pay per share?

Dividend per share against free cash flow per share (US$ per share)1.535.0920211.574.3920221.620.7520231.671.5720241.711.452025Dividends paid, per shareReal free cash flow per share
What one share getsUS$ per share
20252024202320222021
EPS, diluted1.361.410.375.473.93
Free cash flow per share1.591.730.844.545.29
− Dividends paid, per share1.711.671.621.571.53
− Share buybacks, per share0.000.000.000.350.00
= FCF not paid out, per share0.062.623.76

What this means. The company does not publish its own free cash flow number, so these free cash flow figures are our calculation rather than the company's.

Is Pfizer’s dividend covered by its cash?

Stock compensation deserves a stricter view. Pfizer recorded 799 of share-based compensation in 2025 without paying that amount immediately in cash, but issuing shares can dilute existing owners. Subtracting it gives analytical real free cash flow of 8,276. Pfizer paid 9,771 in cash dividends, so the dividend exceeded both measures.

Follow the money: where the free cash flow wentUS$ millions
20252024202320222021
Free cash flow9,0759,8354,79326,03130,211
− Dividends paid9,7719,5129,2478,9838,729
− Share buybacks0002,0000
= Free cash flow not paid out31615,03521,474
= Paid out more than the free cash flow7264,462
Paid out, % of free cash flow107.7%96.7%192.9%42.2%28.9%

What could change Pfizer’s dividend?

The base keeps dividends per share at $1.72 first. They rise to $1.76 and end at $1.80. The bear freezes $1.72 before cutting to $1.55. The bull begins at $1.76 and ends at $1.92. The base follows the long record of increases, but recent free cash flow did not cover dividends.

The view moves toward the bear case if 2027 exclusivity losses reduce Ibrance and Xtandi sales while COVID products fade. From 2028, Eliquis pricing and generic risk would add pressure. Through 2029, pipeline impairments or delayed approvals would weaken earnings, free cash flow and dividend coverage.

The forecast's tablebase case, then bear / bull in brackets; USD millions, per share in USD, unless shown
October 2027October 2028October 2029
Earnings16,120 (14,280 / 17,920)16,560 (12,650 / 19,720)17,280 (11,200 / 21,900)
Shares (millions)5,714 (5,722 / 5,705)5,728 (5,744 / 5,710)5,742 (5,766 / 5,715)
Dividends per share1.72 (1.72 / 1.76)1.76 (1.72 / 1.84)1.80 (1.55 / 1.92)
Price to earnings9.50 (8.00 / 11.00)9.50 (7.50 / 12.00)10.00 (7.00 / 13.00)

What is Pfizer’s dividend yield today?

Cash offers the harder test. In 2025, operating cash was $11.704 billion and equipment investment was $2.629 billion. That left $9.075 billion of free cash flow, below the $9.771 billion Pfizer paid in dividends. The 6.1% dividend yield therefore exceeds the 5.6% free-cash-flow yield. Pfizer can bridge that gap with cash reserves or borrowing for a time, but the historical record makes the next earnings cycle important.

From the full memo · 1. The business

Pfizer is a prescription-medicine and vaccine company: it sells treatments for people who are ill and protection for people who might become ill. Its business looks simple at the pharmacy counter, but a dollar reaches Pfizer through wholesalers, insurers, partners and public purchasers before it is reduced by science, factories and the cost of keeping medicines safe.

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Where these numbers come from

More on Pfizer

Pfizer stock forecastPfizer earnings

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