PFE · 10-Q · 2026Q3 · Full report

Income Tax Rate Changes

PFIZER INC · 2026-11-03 · Importance 17 · Surprise 24

Pfizer’s effective tax rate on continuing operations was 3.9% in the third quarter of 2026, compared with (6.5)% in the third quarter of 2025. The nine-month effective rate was 3.2%, versus (2.9)% in the prior-year period. The filing directs readers to Note 5 for the events, discrete items, and other circumstances behind the rate changes, but does not provide their quantified tax-provision impact in this section. The U.S. OBBBA lowered the rate applicable to foreign earnings as GILTI, now NCTI, from 13.125% to 12.6% beginning in fiscal 2026.

Key facts

• For the three and nine months ended September 27, 2026, Pfizer's effective tax rates on non-GAAP adjusted income were 14.0% and 14.9%, respectively; the corresponding rates for the three and nine months ended September 28, 2025 were 7.9% and 9.5%. source
• The U.S. OBBBA reduced the rate applicable to foreign earnings as GILTI, now NCTI, from 13.125% to 12.6%, effective in fiscal years 2026 and thereafter. source
• Pfizer's effective tax rate on continuing operations was 3.9% in Q3 2026 versus (6.5)% in Q3 2025, and 3.2% for the first nine months of 2026 versus (2.9)% in the prior-year period. source
• For the three and nine months ended September 27, 2026, Pfizer's effective tax rates on GAAP reported income from continuing operations were 3.9% and 3.2%, respectively; the corresponding rates for the three and nine months ended September 28, 2025 were (6.5)% and (2.9)%. source