ZTS · Zoetis Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.26B | - | $2.40B | $2.46B | $2.22B | - | $2.39B | $2.36B | $2.19B | - |
| Cost of Revenue | $641.00M | - | $683.00M | $649.00M | $622.00M | - | $701.00M | $668.00M | $643.00M | - |
| Gross Profit | $1.62B | - | $1.72B | $1.81B | $1.60B | - | $1.69B | $1.69B | $1.55B | - |
| R&D | $180.00M | - | $170.00M | $172.00M | $157.00M | - | $167.00M | $171.00M | $162.00M | - |
| SG&A | $588.00M | - | $579.00M | $617.00M | $563.00M | - | $565.00M | $581.00M | $547.00M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $119.00M | - | $124.00M | $123.00M | $119.00M | - | $121.00M | $127.00M | $126.00M | - |
| Operating Income | $758.00M | - | $887.00M | $902.00M | $810.00M | - | $874.00M | $780.00M | $747.00M | - |
| Interest Expense | $62.00M | - | $58.00M | $53.00M | $54.00M | - | $57.00M | $59.00M | $58.00M | - |
| Income Tax | $157.00M | - | $166.00M | $184.00M | $179.00M | - | $182.00M | $156.00M | $148.00M | - |
| Net Income | $601.00M | - | $721.00M | $718.00M | $631.00M | - | $682.00M | $624.00M | $599.00M | - |
| EPS - Basic | $1.42 | - | $1.63 | $1.61 | $1.41 | - | $1.51 | $1.37 | $1.31 | - |
| EPS - Diluted | $1.42 | - | $1.63 | $1.61 | $1.41 | - | $1.50 | $1.37 | $1.31 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.94B | $2.31B | $2.08B | $1.44B | $1.72B | $1.99B | $1.71B | $1.57B | $1.98B | $2.04B |
| Accounts Receivable | $1.51B | $1.59B | $1.54B | $1.54B | $1.36B | $1.32B | $1.41B | $1.38B | $1.29B | $1.30B |
| Inventory | $2.55B | $2.43B | $2.46B | $2.44B | $2.37B | $2.31B | $2.42B | $2.45B | $2.65B | $2.56B |
| Accounts Payable | $507.00M | $487.00M | $410.00M | $508.00M | $420.00M | $433.00M | $404.00M | $420.00M | $405.00M | $411.00M |
| Current Assets | $6.47B | $6.77B | $6.58B | $5.92B | $5.88B | $5.99B | $6.28B | $6.20B | $6.36B | $6.34B |
| Total Assets | $15.15B | $15.47B | $15.16B | $14.48B | $14.10B | $14.24B | $14.36B | $14.16B | $14.35B | $14.29B |
| Current Liabilities | $2.05B | $2.23B | $1.81B | $3.37B | $3.38B | $3.41B | $1.70B | $1.80B | $1.91B | $1.89B |
| Long-term Debt | $9.04B | $9.04B | $7.07B | $5.23B | $5.23B | $5.22B | $6.57B | $6.56B | $6.56B | $6.56B |
| Total Liabilities | $11.92B | $12.14B | $9.76B | $9.50B | $9.44B | $9.47B | $9.12B | $9.21B | $9.30B | $9.29B |
| Stockholders' Equity | $3.23B | $3.33B | $5.40B | $4.98B | $4.66B | $4.77B | $5.23B | $4.97B | $5.06B | $5.00B |
| Retained Earnings | $14.18B | $13.74B | $13.59B | $12.87B | $12.38B | $11.97B | $11.81B | $11.12B | $10.70B | $10.29B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $401.00M | - | - | - | $587.00M | - | - | - | $595.00M | - |
| Investing Cash Flow | ($87.00M) | - | - | - | ($175.00M) | - | - | - | ($131.00M) | - |
| Financing Cash Flow | ($840.00M) | - | - | - | ($677.00M) | - | - | - | ($524.00M) | - |
| CapEx | $110.00M | - | - | - | $149.00M | - | - | - | $140.00M | - |
| Free Cash Flow | $291.00M | - | - | - | $438.00M | - | - | - | $455.00M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 71.7% | - | 71.5% | 73.6% | 72.0% | - | 70.6% | 71.7% | 70.6% | - |
| Operating margin | 33.5% | - | 37.0% | 36.7% | 36.5% | - | 36.6% | 33.0% | 34.1% | - |
| EBITDA margin | 38.8% | - | 42.1% | 41.7% | 41.8% | - | 41.7% | 38.4% | 39.9% | - |
| Net margin | 26.6% | - | 30.0% | 29.2% | 28.4% | - | 28.6% | 26.4% | 27.4% | - |
| Free cash flow margin | 12.9% | - | - | - | 19.7% | - | - | - | 20.8% | - |
| FCF / Net income | 0.48 | - | - | - | 0.69 | - | - | - | 0.76 | - |
| R&D / Revenue | 8.0% | - | 7.1% | 7.0% | 7.1% | - | 7.0% | 7.2% | 7.4% | - |
| SG&A / Revenue | 26.0% | - | 24.1% | 25.1% | 25.4% | - | 23.7% | 24.6% | 25.0% | - |
| Effective tax rate | 20.7% | - | 18.7% | 20.4% | 22.1% | - | 21.1% | 20.0% | 19.8% | - |
| Return on assets | 4.0% | - | 4.8% | 5.0% | 4.5% | - | 4.8% | 4.4% | 4.2% | - |
| Return on equity | 18.6% | - | 13.4% | 14.4% | 13.6% | - | 13.0% | 12.6% | 11.8% | - |
| Return on invested capital | 4.9% | - | 5.8% | 7.0% | 6.4% | - | 5.8% | 5.4% | 5.2% | - |
| Liquidity | ||||||||||
| Current ratio | 3.15 | 3.03 | 3.64 | 1.76 | 1.74 | 1.75 | 3.69 | 3.45 | 3.33 | 3.36 |
| Quick ratio | 1.91 | 1.94 | 2.28 | 1.04 | 1.04 | 1.08 | 2.27 | 2.09 | 1.94 | 2.00 |
| Cash ratio | 0.95 | 1.03 | 1.15 | 0.43 | 0.51 | 0.58 | 1.01 | 0.88 | 1.03 | 1.08 |
| Leverage | ||||||||||
| Debt / Equity | 2.80 | 2.71 | 1.31 | 1.05 | 1.12 | 1.09 | 1.26 | 1.32 | 1.30 | 1.31 |
| Debt / Assets | 0.60 | 0.58 | 0.47 | 0.36 | 0.37 | 0.37 | 0.46 | 0.46 | 0.46 | 0.46 |
| Debt / EBITDA | 10.31 | - | 6.99 | 5.10 | 5.63 | - | 6.61 | 7.24 | 7.52 | - |
| Interest coverage | 12.2x | - | 15.3x | 17.0x | 15.0x | - | 15.3x | 13.2x | 12.9x | - |
| Equity multiplier | 4.69 | 4.64 | 2.81 | 2.91 | 3.03 | 2.98 | 2.74 | 2.85 | 2.84 | 2.86 |
| Liabilities / Assets | 0.79 | 0.78 | 0.64 | 0.66 | 0.67 | 0.66 | 0.64 | 0.65 | 0.65 | 0.65 |
| Efficiency | ||||||||||
| Asset turnover | 0.15 | - | 0.16 | 0.17 | 0.16 | - | 0.17 | 0.17 | 0.15 | - |
| Inventory turnover | 0.25 | - | 0.28 | 0.27 | 0.26 | - | 0.29 | 0.27 | 0.24 | - |
| Days sales outstanding | 243d | - | 234d | 228d | 224d | - | 216d | 214d | 216d | - |
| Days inventory outstanding | 1452d | - | 1317d | 1372d | 1388d | - | 1258d | 1340d | 1505d | - |
| Days payable outstanding | 289d | - | 219d | 286d | 246d | - | 210d | 229d | 230d | - |
| Cash conversion cycle | 1406d | - | 1333d | 1314d | 1365d | - | 1263d | 1324d | 1490d | - |
| Valuation | ||||||||||
| P / E | 83.2x | - | 89.8x | 96.9x | 116.8x | - | 130.3x | 126.5x | 129.2x | - |
| P / B | 15.4x | - | 12.0x | 14.0x | 15.8x | - | 16.9x | 15.9x | 15.3x | - |
| P / S | 22.1x | - | 27.0x | 28.2x | 33.2x | - | 37.1x | 33.5x | 35.4x | - |
| EV / EBITDA | 65.0x | - | 69.1x | 71.5x | 83.2x | - | 93.9x | 92.7x | 94.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 1.9% | - | 0.5% | 4.2% | 1.4% | - | 11.0% | 8.3% | 9.5% | - |
| Revenue CAGR (3y) | 4.2% | - | 6.2% | 6.2% | 3.8% | - | 6.3% | 6.6% | 5.4% | - |
| Revenue CAGR (5y) | 3.9% | - | 6.1% | 9.7% | 7.7% | - | 8.6% | 8.8% | 8.5% | - |
| Gross profit growth (YoY) | 1.4% | - | 1.8% | 7.0% | 3.3% | - | 11.5% | 7.6% | 9.6% | - |
| Operating income growth (YoY) | -6.4% | - | 1.5% | 15.6% | 8.4% | - | 21.9% | -10.6% | 7.2% | - |
| Net income growth (YoY) | -4.8% | - | 5.7% | 15.1% | 5.3% | - | 14.4% | -7.0% | 8.5% | - |
| EPS growth (YoY) | 0.7% | - | 8.7% | 17.5% | 7.6% | - | 16.3% | -5.5% | 10.1% | - |
| EPS CAGR (3y) | 6.1% | - | 13.0% | 12.9% | 3.8% | - | 8.9% | 8.6% | 3.8% | - |
| EPS CAGR (5y) | 3.9% | - | 10.3% | 15.3% | 9.9% | - | 10.8% | 12.2% | 15.0% | - |
| FCF growth (YoY) | -33.6% | - | - | - | -3.7% | - | - | - | 39.6% | - |
| FCF CAGR (5y) | -2.1% | - | - | - | 6.9% | - | - | - | 6.9% | - |
| Book value growth (YoY) | -30.5% | -30.2% | 3.1% | 0.2% | -8.0% | -4.5% | 3.1% | 7.4% | 12.6% | 13.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$9.35B totalUnited States Segment$5.10B · 54.5%
International Segment$4.25B · 45.5%
Product / service
$33.27B totalTotal Productsand Services$9.35B · 28.1%
Horses$6.28B · 18.9%
Companion Animal$4.22B · 12.7%
Parasiticides$2.34B · 7.0%
Vaccines$1.96B · 5.9%
Dermatology$1.75B · 5.3%
Cattle$1.49B · 4.5%
Anti Infective Products$1.04B · 3.1%
Livestock$877.00M · 2.6%
Pain Sedation$840.00M · 2.5%
Other Pharmaceuticals$697.00M · 2.1%
Swine$466.00M · 1.4%
Animal Health Diagnostics$434.00M · 1.3%
Poultry$432.00M · 1.3%
Dogs And Cats$304.00M · 0.9%
Fish$286.00M · 0.9%
Other Non Pharmaceuticals$263.00M · 0.8%
Contract Manufacturingand Human Health Diagnostics$116.00M · 0.3%
Manufactured Product Other$88.00M · 0.3%
Medicated Feed Additives$27.00M · 0.1%
Geographic
$18.70B totalTotal Geographical Area$9.35B · 50.0%
US$5.10B · 27.3%
Other Emerging Markets$913.00M · 4.9%
Other Developed Markets$641.00M · 3.4%
BR$393.00M · 2.1%
AU$329.00M · 1.8%
GB$325.00M · 1.7%
CA$290.00M · 1.6%
DE$236.00M · 1.3%
CN$227.00M · 1.2%
FR$165.00M · 0.9%
MX$160.00M · 0.9%
JP$154.00M · 0.8%
ES$145.00M · 0.8%
CL$139.00M · 0.7%
IT$137.00M · 0.7%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Zoetis Inc. against the 5 most active filers in the same SIC group.
Dividends
$2.06/share trailing 12 months · +10.5% YoY
| Ex-date | Per share |
|---|---|
| Apr 20, 2026 | $0.5300 |
| Jan 20, 2026 | $0.5300 |
| Oct 31, 2025 | $0.5000 |
| Jul 18, 2025 | $0.5000 |
| Apr 21, 2025 | $0.5000 |
| Jan 21, 2025 | $0.5000 |
| Oct 31, 2024 | $0.4320 |
| Jul 18, 2024 | $0.4320 |
| Apr 18, 2024 | $0.4320 |
| Jan 18, 2024 | $0.4320 |
| Oct 31, 2023 | $0.3750 |
| Jul 20, 2023 | $0.3750 |
| Apr 20, 2023 | $0.3750 |
| Jan 19, 2023 | $0.3750 |
| Oct 31, 2022 | $0.3250 |
| Jul 20, 2022 | $0.3250 |
| Apr 20, 2022 | $0.3250 |
| Jan 19, 2022 | $0.3250 |
| Oct 28, 2021 | $0.2500 |
| Jul 20, 2021 | $0.2500 |
| Apr 20, 2021 | $0.2500 |
| Jan 19, 2021 | $0.2500 |
| Oct 20, 2020 | $0.2000 |
| Jul 16, 2020 | $0.2000 |