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.
How much does Pfizer pay per share?
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 1.36 | 1.41 | 0.37 | 5.47 | 3.93 |
| Free cash flow per share | 1.59 | 1.73 | 0.84 | 4.54 | 5.29 |
| − Dividends paid, per share | 1.71 | 1.67 | 1.62 | 1.57 | 1.53 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.35 | 0.00 |
| = FCF not paid out, per share | 0.06 | 2.62 | 3.76 |
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.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 9,075 | 9,835 | 4,793 | 26,031 | 30,211 |
| − Dividends paid | 9,771 | 9,512 | 9,247 | 8,983 | 8,729 |
| − Share buybacks | 0 | 0 | 0 | 2,000 | 0 |
| = Free cash flow not paid out | 316 | 15,035 | 21,474 | ||
| = Paid out more than the free cash flow | 726 | 4,462 | |||
| Paid out, % of free cash flow | 107.7% | 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.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 16,120 (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 share | 1.72 (1.72 / 1.76) | 1.76 (1.72 / 1.84) | 1.80 (1.55 / 1.92) |
| Price to earnings | 9.50 (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.