Zoetis (ZTS) Financials

$75.57 +1.23 (+1.66%)

Closing price 05/14/2026 03:59 PM Eastern

Extended Trading

$75.12 -0.45 (-0.59%)

As of 06:00 AM Eastern

Annual Income Statements for Zoetis

This table shows Zoetis' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	339	821	864	1,428	1,500	1,638	2,037	2,114	2,344	2,486	2,673
Consolidated Net Income / (Loss)	339	819	862	1,424	1,500	1,636	2,034	2,111	2,340	2,496	2,673
Net Income / (Loss) Continuing Operations	339	819	862	1,424	1,500	1,636	2,034	2,111	2,340	2,496	2,673
Total Pre-Tax Income	545	1,228	1,525	1,690	1,801	1,996	2,488	2,656	2,936	3,133	3,360
Total Operating Income	750	1,392	1,706	1,813	1,967	2,244	2,760	2,917	3,016	3,339	3,546
Total Gross Profit	3,027	3,222	3,532	3,914	4,268	4,618	5,473	5,626	5,983	6,537	6,801
Total Revenue	4,765	4,888	5,307	5,825	6,260	6,675	7,776	8,080	8,544	9,256	9,467
Operating Revenue	4,765	4,888	5,307	5,825	6,260	6,675	7,776	8,080	8,544	9,256	9,467
Total Cost of Revenue	1,738	1,666	1,775	1,911	1,992	2,057	2,303	2,454	2,561	2,719	2,666
Operating Cost of Revenue	1,738	1,666	1,775	1,911	1,992	2,057	2,303	2,454	2,561	2,719	2,666
Total Operating Expenses	2,277	1,830	1,826	2,101	2,301	2,374	2,713	2,709	2,967	3,198	3,255
Selling, General & Admin Expense	1,532	1,364	1,334	1,484	1,638	1,726	2,001	2,009	2,151	2,318	2,378
Research & Development Expense	364	376	382	432	457	463	508	539	614	686	698
Amortization Expense	61	85	91	117	155	160	161	150	149	141	128
Restructuring Charge	320	5.00	19	68	51	25	43	11	53	53	51
Total Other Income / (Expense), net	-205	-164	-181	-123	-166	-248	-272	-261	-80	-206	-186
Interest Expense	124	166	175	206	223	231	224	221	239	225	222
Other Income / (Expense), net	-81	2.00	-6.00	83	57	-17	-48	-40	159	19	36
Income Tax Expense	206	409	663	266	301	360	454	545	596	637	687
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-2.00	-2.00	-4.00	0.00	-2.00	-3.00	-3.00	-4.00	10	0.00
Basic Earnings per Share	$0.68	$1.66	$1.76	$2.96	$3.14	$3.44	$4.29	$4.51	$5.08	$5.47	$6.03
Weighted Average Basic Shares Outstanding	499.71M	495.72M	489.92M	483.06M	478.13M	475.50M	474.35M	468.89M	461.17M	454.20M	443.44M
Diluted Earnings per Share	$0.68	$1.65	$1.75	$2.93	$3.11	$3.42	$4.27	$4.49	$5.07	$5.47	$6.02
Weighted Average Diluted Shares Outstanding	502.02M	498.23M	493.16M	486.90M	481.79M	478.57M	476.72M	470.39M	462.27M	454.85M	443.84M
Weighted Average Basic & Diluted Shares Outstanding	498.50M	494.60M	490.90M	482.40M	474.93M	475.17M	471.97M	463.39M	457.87M	447.79M	422.13M
Cash Dividends to Common per Share	$0.34	$0.39	$0.44	$0.54	$0.69	$0.85	$1.08	$1.35	$1.56	$1.80	$2.03

This table shows Zoetis' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	596	525	599	624	682	581	602	718	721	603	601
Consolidated Net Income / (Loss)	596	523	599	624	692	581	602	718	721	603	601
Net Income / (Loss) Continuing Operations	596	523	599	624	692	581	602	718	721	603	601
Total Pre-Tax Income	717	650	747	780	874	732	773	902	887	761	758
Total Operating Income	782	701	797	864	915	763	812	959	932	809	800
Total Gross Profit	1,513	1,485	1,547	1,693	1,687	1,610	1,580	1,811	1,717	1,675	1,621
Total Revenue	2,151	2,213	2,190	2,361	2,388	2,317	2,198	2,460	2,400	2,387	2,262
Operating Revenue	2,151	2,213	2,190	2,361	2,388	2,317	2,198	2,460	2,400	2,387	2,262
Total Cost of Revenue	638	728	643	668	701	707	618	649	683	712	641
Operating Cost of Revenue	638	728	643	668	701	707	618	649	683	712	641
Total Operating Expenses	731	784	750	829	772	847	768	852	785	866	821
Selling, General & Admin Expense	525	565	547	581	565	625	574	617	579	619	588
Research & Development Expense	152	174	162	171	167	186	162	172	170	199	180
Amortization Expense	38	37	37	35	35	34	32	33	32	31	31
Restructuring Charge	16	8.00	4.00	42	5.00	2.00	0.00	30	4.00	17	22
Total Other Income / (Expense), net	-65	-51	-50	-84	-41	-31	-39	-57	-45	-48	-42
Interest Expense	59	59	58	59	57	51	54	53	58	57	62
Other Income / (Expense), net	-6.00	8.00	8.00	-25	16	20	15	-4.00	13	9.00	20
Income Tax Expense	121	127	148	156	182	151	171	184	166	158	157
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-2.00	0.00	0.00	10	-	0.00	0.00	0.00	-	0.00
Basic Earnings per Share	$1.29	$1.15	$1.31	$1.37	$1.51	$1.28	$1.34	$1.61	$1.63	$1.38	$1.42
Weighted Average Basic Shares Outstanding	460.30M	461.17M	458M	455.50M	452.90M	454.20M	447.60M	445.10M	442.90M	443.44M	422.10M
Diluted Earnings per Share	$1.29	$1.14	$1.31	$1.37	$1.50	$1.29	$1.34	$1.61	$1.63	$1.37	$1.42
Weighted Average Diluted Shares Outstanding	461.40M	462.27M	458.80M	456M	453.50M	454.85M	448M	445.50M	443.20M	443.84M	422.40M
Weighted Average Basic & Diluted Shares Outstanding	459.11M	457.87M	456.30M	453.05M	451.17M	447.79M	445.21M	443.18M	440.69M	422.13M	419.23M
Cash Dividends to Common per Share	$0.00	$0.81	$0.43	$0.43	$0.00	$0.93	$0.50	$0.50	$0.00	$1.03	$0.53

This table details how cash moves in and out of Zoetis' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	272	-427	837	64	332	1,670	-119	96	-1,540	-54	325
Net Cash From Operating Activities	664	713	1,346	1,790	1,795	2,126	2,213	1,912	2,353	2,953	2,904
Net Cash From Continuing Operating Activities	664	713	1,346	1,790	1,795	2,126	2,213	1,912	2,353	2,953	2,904
Net Income / (Loss) Continuing Operations	339	819	862	1,424	1,500	1,636	2,034	2,111	2,340	2,496	2,673
Consolidated Net Income / (Loss)	339	819	862	1,424	1,500	1,636	2,034	2,111	2,340	2,496	2,673
Depreciation Expense	199	240	242	308	412	441	448	465	491	497	487
Non-Cash Adjustments To Reconcile Net Income	419	143	125	58	113	196	154	321	95	219	193
Changes in Operating Assets and Liabilities, net	-293	-489	117	0.00	-230	-147	-423	-985	-573	-259	-449
Net Cash From Investing Activities	-1,115	-214	-270	-2,259	-504	-572	-458	-883	-777	-315	-748
Net Cash From Continuing Investing Activities	-1,115	-214	-270	-2,259	-504	-572	-458	-883	-777	-315	-748
Purchase of Property, Plant & Equipment	-224	-216	-224	-338	-460	-453	-477	-586	-732	-655	-621
Acquisitions	-883	-88	-82	-1,998	-195	-113	-14	-312	-155	-8.00	-24
Purchase of Investments	-	-	-	0.00	37	0.00	-12	-9.00	-4.00	-5.00	-7.00
Divestitures	-	-	-	-	-	-	0.00	0.00	96	293	-4.00
Sale and/or Maturity of Investments	-	0.00	0.00	28	101	-27	44	23	12	62	-93
Other Investing Activities, net	-10	0.00	-1.00	-7.00	-8.00	0.00	-1.00	0.00	6.00	-2.00	1.00
Net Cash From Financing Activities	755	-903	-251	533	-951	123	-1,862	-904	-3,109	-2,660	-1,870
Net Cash From Continuing Financing Activities	755	-903	-251	533	-951	123	-1,862	-904	-3,109	-2,660	-1,870
Repayment of Debt	-121	-408	-750	-11	0.00	-508	-604	-10	-1,350	0.00	-1,396
Repurchase of Common Equity	-203	-300	-500	-698	-626	-250	-743	-1,594	-1,092	-1,858	-3,235
Payment of Dividends	-168	-188	-249	-269	-314	-377	-474	-611	-692	-786	-889
Issuance of Debt	1,236	0.00	1,231	1,504	-9.00	1,240	0.00	1,350	1.00	-3.00	3,848
Other Financing Activities, net	11	-7.00	17	7.00	-2.00	18	-41	-39	24	-13	-198
Effect of Exchange Rate Changes	-32	-23	12	-	-8.00	-7.00	-12	-29	-7.00	-32	39
Cash Interest Paid	117	165	167	190	247	257	253	242	295	274	261
Cash Income Taxes Paid	224	408	455	336	418	418	548	638	754	892	715

This table details how cash moves in and out of Zoetis' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	37	287	-66	-401	140	273	-332	-286	649	228	-509
Net Cash From Operating Activities	724	897	595	502	951	905	515	486	938	893	401
Net Cash From Continuing Operating Activities	724	897	595	502	951	922	513	483	939	895	401
Net Income / (Loss) Continuing Operations	596	523	599	624	692	581	602	718	721	603	601
Consolidated Net Income / (Loss)	596	523	599	624	692	581	602	718	721	603	601
Depreciation Expense	124	126	126	127	121	123	119	123	124	121	119
Non-Cash Adjustments To Reconcile Net Income	66	67	34	91	50	-294	35	64	56	38	32
Changes in Operating Assets and Liabilities, net	-62	181	-164	-340	88	512	-243	-422	38	133	-351
Net Cash From Investing Activities	-271	-210	-131	-132	-178	126	-203	-247	-160	-166	-87
Net Cash From Continuing Investing Activities	-271	-210	-131	-132	-178	126	-203	-247	-160	-166	-87
Purchase of Property, Plant & Equipment	-145	-198	-140	-132	-167	-216	-178	-178	-133	-161	-110
Purchase of Investments	-1.00	-1.00	-1.00	-2.00	-1.00	-1.00	-2.00	-	-3.00	-1.00	-2.00
Sale of Property, Plant & Equipment	1.00	-	1.00	-	-	-	0.00	-	1.00	-	10
Sale and/or Maturity of Investments	20	-11	10	11	-10	51	-24	-52	-29	12	16
Other Investing Activities, net	-1.00	-	-1.00	-1.00	-	-1.00	1.00	-3.00	4.00	-1.00	-1.00
Net Cash From Financing Activities	-416	-397	-524	-763	-628	-745	-677	-564	-134	-495	-840
Net Cash From Continuing Financing Activities	-416	-397	-524	-764	-628	-736	-677	-566	-132	-495	-840
Repayment of Debt	-	-	0.00	-	-	-3.00	-1.00	-	-1,366	-29	-3.00
Repurchase of Common Equity	-250	-235	-339	-533	-433	-553	-443	-338	-394	-2,060	-606
Payment of Dividends	-173	-172	-198	-197	-197	-194	-224	-223	-222	-220	-224
Other Financing Activities, net	7.00	9.00	-8.00	-10	2.00	11	-9.00	-5.00	2.00	-186	-7.00
Effect of Exchange Rate Changes	-	-3.00	-6.00	-8.00	-5.00	-13	33	39	5.00	-4.00	17
Cash Interest Paid	67	70	68	70	67	69	68	69	88	36	109
Cash Income Taxes Paid	128	168	59	422	176	235	60	428	107	133	50

This table presents Zoetis' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7,913	7,649	8,586	10,777	11,545	13,609	13,900	14,925	14,286	14,237	15,490
Total Current Assets	3,830	3,390	4,217	4,399	4,748	6,611	6,930	7,506	6,343	5,986	6,773
Cash & Equivalents	1,154	727	-	-	1,934	3,604	3,485	3,581	2,041	1,987	2,450
Accounts Receivable	937	913	998	1,036	1,086	1,013	1,133	1,215	1,304	1,316	1,409
Inventories, net	1,467	1,502	1,427	1,391	1,410	1,628	1,923	2,345	2,564	2,306	2,464
Other Current Assets	272	248	228	271	318	366	389	365	434	377	450
Plant, Property, & Equipment, net	1,307	1,381	1,435	1,658	1,940	2,202	2,422	2,753	3,204	3,391	3,693
Total Noncurrent Assets	2,776	2,878	2,934	4,720	4,857	4,796	4,548	4,666	4,739	4,860	5,024
Goodwill	1,455	1,481	1,510	2,519	2,592	2,694	2,682	2,746	2,759	2,724	2,774
Intangible Assets	1,190	1,228	1,269	2,046	1,890	1,710	1,474	1,380	1,338	1,127	998
Noncurrent Deferred & Refundable Income Taxes	82	96	80	61	88	94	100	173	206	540	636
Other Noncurrent Operating Assets	49	73	75	94	287	298	292	367	436	469	616
Total Liabilities & Shareholders' Equity	7,913	7,649	8,586	10,777	11,545	13,609	13,900	14,925	14,286	14,237	15,490
Total Liabilities	6,822	6,150	6,800	8,592	8,837	9,836	9,356	10,522	9,295	9,467	12,075
Total Current Liabilities	1,781	1,117	1,094	1,223	1,806	2,170	1,797	3,167	1,889	3,412	2,173
Accounts Payable	293	265	261	313	301	457	436	405	411	433	445
Accrued Expenses	676	464	432	487	543	556	710	682	683	746	841
Dividends Payable	47	52	61	79	95	119	154	174	198	224	232
Current Deferred & Payable Income Tax Liabilities	63	71	60	35	36	46	38	157	110	93	145
Current Employee Benefit Liabilities	234	224	236	266	276	295	392	300	382	441	401
Other Current Liabilities	59	41	44	34	55	93	67	97	102	125	109
Total Noncurrent Liabilities	5,041	5,033	5,706	7,369	7,031	7,666	7,559	7,355	7,406	6,055	9,902
Long-Term Debt	4,463	4,468	4,953	6,443	5,947	6,595	6,592	6,552	6,564	5,220	9,042
Noncurrent Deferred Revenue	63	73	172	265	257	260	257	258	271	272	276
Noncurrent Deferred & Payable Income Tax Liabilities	264	244	380	474	434	378	320	142	146	167	137
Other Noncurrent Operating Liabilities	251	248	201	187	393	433	390	403	425	396	447
Commitments & Contingencies	-	-	-	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	1,091	1,499	1,786	2,185	2,708	3,773	4,544	4,403	4,991	4,770	3,415
Total Preferred & Common Equity	1,068	1,487	1,770	2,185	2,708	3,769	4,543	4,405	4,997	4,770	3,415
Total Common Equity	1,068	1,487	1,770	2,185	2,708	3,769	4,543	4,405	4,997	4,770	3,415
Common Stock	1,017	1,029	1,018	1,031	1,049	1,070	1,073	1,093	1,138	1,187	1,106
Retained Earnings	876	1,477	2,109	3,270	4,427	5,659	7,186	8,668	10,295	11,968	13,798
Treasury Stock	-203	-421	-852	-1,487	-2,042	-2,230	-2,952	-4,539	-5,597	-7,445	-10,685
Accumulated Other Comprehensive Income / (Loss)	-622	-598	-505	-629	-726	-730	-764	-817	-839	-940	-804
Noncontrolling Interest	23	12	16	-	0.00	4.00	1.00	-2.00	-6.00	0.00	0.00

This table presents Zoetis' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	13,749	14,106	14,286	14,348	14,165	14,357	14,237	14,098	14,479	15,159	15,154
Total Current Assets	6,183	6,222	6,343	6,359	6,202	6,282	5,986	5,877	5,923	6,583	6,474
Cash & Equivalents	1,717	1,754	2,041	1,975	1,574	1,714	1,987	1,721	1,435	2,084	1,941
Accounts Receivable	1,322	1,257	1,304	1,293	1,383	1,411	1,316	1,361	1,540	1,541	1,506
Inventories, net	2,701	2,744	2,564	2,651	2,452	2,416	2,306	2,365	2,439	2,465	2,550
Other Current Assets	443	467	434	440	467	427	377	430	509	493	477
Plant, Property, & Equipment, net	3,011	3,092	3,204	3,251	3,200	3,298	3,391	3,441	3,537	3,600	3,719
Total Noncurrent Assets	4,555	4,792	4,739	4,738	4,763	4,777	4,860	4,780	5,019	4,976	4,961
Goodwill	2,714	2,762	2,759	2,759	2,739	2,744	2,724	2,716	2,758	2,764	2,778
Intangible Assets	1,252	1,398	1,338	1,295	1,226	1,186	1,127	1,082	1,075	1,040	959
Noncurrent Deferred & Refundable Income Taxes	192	190	206	232	366	409	540	530	617	587	591
Other Noncurrent Operating Assets	397	442	436	452	432	438	469	452	569	585	633
Total Liabilities & Shareholders' Equity	13,749	14,106	14,286	14,348	14,165	14,357	14,237	14,098	14,479	15,159	15,154
Total Liabilities	9,128	9,032	9,295	9,296	9,205	9,123	9,467	9,443	9,502	9,761	11,921
Total Current Liabilities	1,769	1,608	1,889	1,909	1,797	1,702	3,412	3,385	3,366	1,807	2,053
Accounts Payable	464	388	411	405	420	404	433	420	508	410	507
Accrued Expenses	689	693	683	691	704	725	746	772	770	809	751
Dividends Payable	173	0.00	198	198	197	0.00	224	224	222	0.00	224
Current Deferred & Payable Income Tax Liabilities	87	144	110	230	82	97	93	211	93	152	211
Current Employee Benefit Liabilities	247	284	382	272	276	335	441	291	293	337	239
Other Current Liabilities	107	97	102	89	93	115	125	117	130	99	121
Total Noncurrent Liabilities	7,359	7,424	7,406	7,387	7,408	7,421	6,055	6,058	6,136	7,954	9,868
Long-Term Debt	6,555	6,552	6,564	6,562	6,563	6,574	5,220	5,227	5,231	7,069	9,045
Noncurrent Deferred Revenue	278	262	271	277	267	274	272	277	265	270	281
Noncurrent Deferred & Payable Income Tax Liabilities	121	160	146	136	175	172	167	161	156	147	130
Other Noncurrent Operating Liabilities	405	450	425	412	403	401	396	393	484	468	412
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,621	5,074	4,991	5,052	4,960	5,234	4,770	4,655	4,977	5,398	3,233
Total Preferred & Common Equity	4,625	5,078	4,997	5,058	4,966	5,234	4,770	4,655	4,977	5,398	3,233
Total Common Equity	4,625	5,078	4,997	5,058	4,966	5,234	4,770	4,655	4,977	5,398	3,233
Common Stock	1,103	1,121	1,138	1,131	1,151	1,168	1,187	1,185	1,208	1,229	1,110
Retained Earnings	9,543	10,140	10,295	10,696	11,124	11,806	11,968	12,375	12,872	13,593	14,183
Treasury Stock	-5,126	-5,369	-5,597	-5,928	-6,464	-6,889	-7,445	-7,888	-8,226	-8,606	-11,288
Accumulated Other Comprehensive Income / (Loss)	-895	-814	-839	-841	-845	-851	-940	-1,017	-877	-818	-772
Noncontrolling Interest	-4.00	-4.00	-6.00	-6.00	-6.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Zoetis' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.42%	2.58%	8.57%	9.76%	7.47%	6.63%	16.49%	3.91%	5.74%	8.33%	2.28%
EBITDA Growth	-23.93%	88.25%	18.85%	13.49%	10.53%	9.52%	18.44%	5.76%	9.69%	5.16%	5.55%
EBIT Growth	-28.60%	108.37%	21.95%	11.53%	6.75%	10.03%	21.78%	6.08%	10.36%	5.76%	6.67%
NOPAT Growth	-30.97%	99.00%	3.87%	58.42%	7.24%	12.27%	22.68%	2.75%	3.68%	10.66%	6.05%
Net Income Growth	-42.25%	141.59%	5.25%	65.20%	5.34%	9.07%	24.33%	3.79%	10.85%	6.67%	7.09%
EPS Growth	-41.38%	142.65%	6.06%	67.43%	6.14%	9.97%	24.85%	5.15%	12.92%	7.89%	10.05%
Operating Cash Flow Growth	6.07%	7.38%	88.78%	32.99%	0.28%	18.44%	4.09%	-13.60%	23.06%	25.50%	-1.66%
Free Cash Flow Firm Growth	-144.11%	288.30%	107.22%	-124.64%	632.01%	24.75%	16.19%	-36.88%	29.86%	76.12%	-24.77%
Invested Capital Growth	17.64%	8.98%	-1.06%	33.98%	4.29%	2.34%	4.25%	14.03%	9.16%	-1.42%	7.48%
Revenue Q/Q Growth	-0.96%	0.06%	3.57%	1.82%	1.79%	2.03%	2.10%	0.91%	2.07%	1.14%	0.74%
EBITDA Q/Q Growth	-8.05%	11.84%	12.00%	1.61%	1.00%	-0.56%	2.93%	2.96%	1.72%	1.88%	0.82%
EBIT Q/Q Growth	-10.44%	13.43%	13.94%	-0.16%	0.80%	-0.67%	3.12%	3.38%	1.76%	2.25%	0.99%
NOPAT Q/Q Growth	-10.73%	12.78%	-9.41%	18.82%	4.78%	0.53%	2.26%	2.33%	1.17%	1.59%	1.27%
Net Income Q/Q Growth	-23.82%	19.56%	-7.91%	22.86%	2.67%	-1.56%	2.78%	2.28%	2.77%	2.38%	0.83%
EPS Q/Q Growth	-23.60%	19.57%	-7.89%	23.11%	2.64%	-1.16%	2.89%	2.51%	3.26%	2.82%	1.35%
Operating Cash Flow Q/Q Growth	-14.10%	1.13%	31.45%	-1.32%	-0.11%	6.83%	-1.73%	3.35%	7.10%	0.27%	-0.41%
Free Cash Flow Firm Q/Q Growth	-139.05%	267.00%	40.64%	-87.11%	-6.78%	12.52%	4.42%	-20.89%	30.24%	4.15%	-4.69%
Invested Capital Q/Q Growth	13.04%	-2.25%	-8.99%	-2.20%	0.19%	-2.12%	-2.43%	2.09%	-1.61%	-2.34%	-0.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.53%	65.92%	66.55%	67.19%	68.18%	69.18%	70.38%	69.63%	70.03%	70.62%	71.84%
EBITDA Margin	18.22%	33.43%	36.59%	37.84%	38.91%	39.97%	40.64%	41.36%	42.91%	41.65%	42.98%
Operating Margin	15.74%	28.48%	32.15%	31.12%	31.42%	33.62%	35.49%	36.10%	35.30%	36.07%	37.46%
EBIT Margin	14.04%	28.52%	32.03%	32.55%	32.33%	33.36%	34.88%	35.61%	37.16%	36.28%	37.84%
Profit (Net Income) Margin	7.11%	16.76%	16.24%	24.45%	23.96%	24.51%	26.16%	26.13%	27.39%	26.97%	28.23%
Tax Burden Percent	62.20%	66.69%	56.52%	84.26%	83.29%	81.96%	81.75%	79.48%	79.70%	79.67%	79.55%
Interest Burden Percent	81.46%	88.09%	89.71%	89.14%	88.98%	89.63%	91.74%	92.32%	92.47%	93.30%	93.80%
Effective Tax Rate	37.80%	33.31%	43.48%	15.74%	16.71%	18.04%	18.25%	20.52%	20.30%	20.33%	20.45%
Return on Invested Capital (ROIC)	10.39%	18.30%	18.32%	24.94%	22.86%	24.85%	29.51%	27.76%	25.83%	27.58%	28.39%
ROIC Less NNEP Spread (ROIC-NNEP)	6.50%	15.40%	15.49%	22.44%	19.93%	19.96%	23.13%	22.41%	24.44%	24.13%	25.88%
Return on Net Nonoperating Assets (RNNOA)	17.54%	44.95%	34.16%	46.78%	38.45%	25.64%	19.40%	19.43%	23.99%	23.56%	37.60%
Return on Equity (ROE)	27.92%	63.24%	52.48%	71.72%	61.31%	50.49%	48.91%	47.19%	49.82%	51.14%	65.99%
Cash Return on Invested Capital (CROIC)	-5.82%	9.70%	19.38%	-4.10%	18.66%	22.54%	25.35%	14.65%	17.07%	29.01%	21.19%
Operating Return on Assets (OROA)	9.23%	17.92%	20.94%	19.58%	18.13%	17.71%	19.72%	19.96%	21.74%	23.55%	24.12%
Return on Assets (ROA)	4.68%	10.53%	10.62%	14.71%	13.44%	13.01%	14.79%	14.65%	16.02%	17.50%	18.00%
Return on Common Equity (ROCE)	27.36%	62.39%	52.03%	71.43%	61.31%	50.45%	48.88%	47.19%	49.86%	51.17%	65.99%
Return on Equity Simple (ROE_SIMPLE)	31.74%	55.08%	48.70%	65.17%	55.39%	43.41%	44.77%	47.92%	46.83%	52.33%	0.00%
Net Operating Profit after Tax (NOPAT)	467	928	964	1,528	1,638	1,839	2,256	2,318	2,404	2,660	2,821
NOPAT Margin	9.79%	18.99%	18.17%	26.23%	26.17%	27.55%	29.02%	28.69%	28.13%	28.74%	29.80%
Net Nonoperating Expense Percent (NNEP)	3.89%	2.89%	2.83%	2.50%	2.93%	4.89%	6.38%	5.35%	1.38%	3.44%	2.51%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.84%	20.80%	23.46%	22.80%
Cost of Revenue to Revenue	36.47%	34.08%	33.45%	32.81%	31.82%	30.82%	29.62%	30.37%	29.97%	29.38%	28.16%
SG&A Expenses to Revenue	32.15%	27.91%	25.14%	25.48%	26.17%	25.86%	25.73%	24.86%	25.18%	25.04%	25.12%
R&D to Revenue	7.64%	7.69%	7.20%	7.42%	7.30%	6.94%	6.53%	6.67%	7.19%	7.41%	7.37%
Operating Expenses to Revenue	47.79%	37.44%	34.41%	36.07%	36.76%	35.57%	34.89%	33.53%	34.73%	34.55%	34.38%
Earnings before Interest and Taxes (EBIT)	669	1,394	1,700	1,896	2,024	2,227	2,712	2,877	3,175	3,358	3,582
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	868	1,634	1,942	2,204	2,436	2,668	3,160	3,342	3,666	3,855	4,069
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	20.98	16.83	18.92	18.05	22.48	20.27	24.81	15.17	17.90	15.36	16.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	291.30	239.50	99.40	79.75	0.00
Price to Revenue (P/Rev)	4.70	5.12	6.31	6.77	9.72	11.44	14.50	8.27	10.47	7.92	5.83
Price to Earnings (P/E)	66.09	30.49	38.75	27.61	40.58	46.63	55.34	31.61	38.16	29.48	20.66
Dividend Yield	0.74%	0.75%	0.61%	0.61%	0.61%	0.50%	0.42%	0.91%	0.77%	1.06%	1.60%
Earnings Yield	1.51%	3.28%	2.58%	3.62%	2.46%	2.14%	1.81%	3.16%	2.62%	3.39%	4.84%
Enterprise Value to Invested Capital (EV/IC)	5.38	5.44	7.34	6.30	8.94	10.68	14.84	7.99	9.67	8.13	6.02
Enterprise Value to Revenue (EV/Rev)	5.49	5.89	7.24	7.58	10.44	11.98	14.90	8.80	11.00	8.41	6.54
Enterprise Value to EBITDA (EV/EBITDA)	30.12	17.62	19.80	20.05	26.84	29.98	36.66	21.29	25.63	20.20	15.22
Enterprise Value to EBIT (EV/EBIT)	39.08	20.65	22.61	23.30	32.30	35.91	42.71	24.73	29.60	23.19	17.29
Enterprise Value to NOPAT (EV/NOPAT)	56.04	31.00	39.87	28.92	39.91	43.48	51.34	30.68	39.10	29.27	21.96
Enterprise Value to Operating Cash Flow (EV/OCF)	39.37	40.37	28.56	24.68	36.42	37.62	52.35	37.21	39.94	26.37	21.33
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	58.46	37.68	0.00	48.89	47.94	59.76	58.15	59.15	27.83	29.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.46	2.98	2.77	2.95	2.38	1.91	1.45	1.80	1.32	1.38	2.71
Long-Term Debt to Equity	4.09	2.98	2.77	2.95	2.20	1.75	1.45	1.49	1.32	1.09	2.71
Financial Leverage	2.70	2.92	2.20	2.09	1.93	1.28	0.84	0.87	0.98	0.98	1.45
Leverage Ratio	5.97	6.01	4.94	4.88	4.56	3.88	3.31	3.22	3.11	2.92	3.67
Compound Leverage Factor	4.87	5.29	4.43	4.35	4.06	3.48	3.03	2.97	2.88	2.73	3.44
Debt to Total Capital	81.69%	74.88%	73.50%	74.70%	70.42%	65.61%	59.20%	64.22%	56.82%	57.94%	73.08%
Short-Term Debt to Total Capital	6.80%	0.00%	0.00%	0.10%	5.46%	5.50%	0.00%	10.99%	0.03%	11.90%	0.00%
Long-Term Debt to Total Capital	74.90%	74.88%	73.50%	74.60%	64.96%	60.11%	59.20%	53.24%	56.79%	46.03%	73.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.39%	0.20%	0.24%	0.00%	0.00%	0.04%	0.01%	-0.02%	-0.05%	0.00%	0.00%
Common Equity to Total Capital	17.92%	24.92%	26.27%	25.30%	29.58%	34.35%	40.80%	35.79%	43.23%	42.06%	26.92%
Debt to EBITDA	5.61	2.73	2.55	2.93	2.65	2.70	2.09	2.37	1.79	1.70	2.22
Net Debt to EBITDA	4.28	2.29	2.55	2.16	1.85	1.35	0.98	1.29	1.23	1.19	1.65
Long-Term Debt to EBITDA	5.14	2.73	2.55	2.92	2.44	2.47	2.09	1.96	1.79	1.35	2.22
Debt to NOPAT	10.43	4.81	5.14	4.22	3.94	3.91	2.92	3.41	2.73	2.47	3.21
Net Debt to NOPAT	7.96	4.03	5.13	3.11	2.75	1.95	1.38	1.86	1.88	1.72	2.39
Long-Term Debt to NOPAT	9.57	4.81	5.14	4.22	3.63	3.59	2.92	2.83	2.73	1.96	3.21
Altman Z-Score	3.32	4.31	5.01	4.65	6.10	6.66	9.60	6.15	8.49	7.47	5.70
Noncontrolling Interest Sharing Ratio	2.02%	1.35%	0.85%	0.40%	0.00%	0.06%	0.06%	-0.01%	-0.09%	-0.06%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.15	3.03	3.85	3.60	2.63	3.05	3.86	2.37	3.36	1.75	3.03
Quick Ratio	1.17	1.47	0.91	0.93	1.67	2.13	2.57	1.51	1.77	0.97	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-261	492	1,020	-251	1,337	1,668	1,938	1,223	1,589	2,798	2,105
Operating Cash Flow to CapEx	299.10%	565.87%	719.79%	634.75%	408.88%	492.13%	465.89%	326.84%	323.21%	451.53%	467.63%
Free Cash Flow to Firm to Interest Expense	-2.11	2.97	5.83	-1.22	6.00	7.22	8.65	5.54	6.65	12.44	9.48
Operating Cash Flow to Interest Expense	5.35	4.30	7.69	8.69	8.05	9.20	9.88	8.65	9.85	13.12	13.08
Operating Cash Flow Less CapEx to Interest Expense	3.56	3.54	6.62	7.32	6.08	7.33	7.76	6.00	6.80	10.22	10.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.63	0.65	0.60	0.56	0.53	0.57	0.56	0.59	0.65	0.64
Accounts Receivable Turnover	4.97	5.28	5.55	5.73	5.90	6.36	7.25	6.88	6.78	7.07	6.52
Inventory Turnover	1.26	1.12	1.21	1.36	1.42	1.35	1.30	1.15	1.04	1.12	1.13
Fixed Asset Turnover	3.63	3.64	3.77	3.77	3.48	3.22	3.36	3.12	2.87	2.81	2.68
Accounts Payable Turnover	5.96	5.97	6.75	6.66	6.49	5.43	5.16	5.84	6.28	6.44	5.80
Days Sales Outstanding (DSO)	73.42	69.07	65.72	63.73	61.86	57.39	50.37	53.03	53.81	51.66	56.02
Days Inventory Outstanding (DIO)	289.40	325.24	301.15	269.12	256.62	269.54	281.40	317.40	349.82	326.88	324.20
Days Payable Outstanding (DPO)	61.22	61.13	54.08	54.82	56.25	67.25	70.77	62.54	58.15	56.65	62.98
Cash Conversion Cycle (CCC)	301.60	333.18	312.79	278.03	262.23	259.67	261.00	307.89	345.48	321.88	317.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,856	5,292	5,236	7,015	7,316	7,487	7,805	8,900	9,715	9,577	10,293
Invested Capital Turnover	1.06	0.96	1.01	0.95	0.87	0.90	1.02	0.97	0.92	0.96	0.95
Increase / (Decrease) in Invested Capital	728	436	-56	1,779	301	171	318	1,095	815	-138	716
Enterprise Value (EV)	26,142	28,784	38,443	44,181	65,376	79,979	115,841	71,141	93,976	77,870	61,942
Market Capitalization	22,405	25,031	33,480	39,430	60,865	76,380	112,733	66,820	89,456	73,287	55,212
Book Value per Share	$2.14	$3.01	$3.63	$4.55	$5.69	$7.93	$9.60	$9.45	$10.88	$10.57	$7.56
Tangible Book Value per Share	($3.17)	($2.47)	($2.07)	($4.95)	($3.72)	($1.34)	$0.82	$0.60	$1.96	$2.04	($0.98)
Total Capital	5,959	5,967	6,739	8,637	9,155	10,972	11,136	12,307	11,558	11,340	12,373
Total Debt	4,868	4,468	4,953	6,452	6,447	7,199	6,592	7,904	6,567	6,570	9,042
Total Long-Term Debt	4,463	4,468	4,953	6,443	5,947	6,595	6,592	6,552	6,564	5,220	9,042
Net Debt	3,714	3,741	4,947	4,751	4,511	3,595	3,107	4,323	4,526	4,583	6,730
Capital Expenditures (CapEx)	222	126	187	282	439	432	475	585	728	654	621
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,300	1,546	3,117	1,484	1,506	1,441	1,648	2,110	2,416	1,937	2,221
Debt-free Net Working Capital (DFNWC)	2,454	2,273	3,123	3,185	3,442	5,045	5,133	5,691	4,457	3,924	4,533
Net Working Capital (NWC)	2,049	2,273	3,123	3,176	2,942	4,441	5,133	4,339	4,454	2,574	4,533
Net Nonoperating Expense (NNE)	128	109	102	104	138	203	222	207	64	164	148
Net Nonoperating Obligations (NNO)	3,765	3,793	3,450	4,830	4,608	3,714	3,261	4,497	4,724	4,807	6,962
Total Depreciation and Amortization (D&A)	199	240	242	308	412	441	448	465	491	497	487
Debt-free, Cash-free Net Working Capital to Revenue	27.28%	31.63%	58.73%	25.48%	24.06%	21.59%	21.19%	26.11%	28.28%	20.93%	23.46%
Debt-free Net Working Capital to Revenue	51.50%	46.50%	58.85%	54.68%	54.98%	75.58%	66.01%	70.43%	52.17%	42.39%	47.88%
Net Working Capital to Revenue	43.00%	46.50%	58.85%	54.52%	47.00%	66.53%	66.01%	53.70%	52.13%	27.81%	47.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.14	$3.44	$4.29	$4.51	$5.08	$5.47	$6.03
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	478.13M	475.50M	474.35M	468.89M	461.17M	454.20M	443.44M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.11	$3.42	$4.27	$4.49	$5.07	$5.47	$6.02
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	481.79M	478.57M	476.72M	470.39M	462.27M	454.85M	443.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	474.93M	475.17M	471.97M	463.39M	457.87M	447.79M	422.13M
Normalized Net Operating Profit after Tax (NOPAT)	666	932	975	1,585	1,681	1,860	2,292	2,327	2,446	2,702	2,862
Normalized NOPAT Margin	13.97%	19.06%	18.37%	27.21%	26.85%	27.86%	29.47%	28.80%	28.63%	29.20%	30.23%
Pre Tax Income Margin	11.44%	25.12%	28.74%	29.01%	28.77%	29.90%	32.00%	32.87%	34.36%	33.85%	35.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.40	8.40	9.71	9.20	9.08	9.64	12.11	13.02	13.28	14.92	16.14
NOPAT to Interest Expense	3.76	5.59	5.51	7.42	7.35	7.96	10.07	10.49	10.06	11.82	12.71
EBIT Less CapEx to Interest Expense	3.60	7.64	8.65	7.84	7.11	7.77	9.99	10.37	10.24	12.02	13.34
NOPAT Less CapEx to Interest Expense	1.97	4.83	4.44	6.05	5.38	6.09	7.95	7.84	7.01	8.92	9.91
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	49.56%	22.95%	28.89%	18.89%	20.93%	23.04%	23.30%	28.94%	29.57%	31.49%	33.26%
Augmented Payout Ratio	109.44%	59.58%	86.89%	67.91%	62.67%	38.33%	59.83%	104.45%	76.24%	105.93%	154.28%

This table displays calculated financial ratios and metrics derived from Zoetis' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	422,127,709.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	422,127,709.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.42
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.44%	8.48%	9.50%	8.30%	11.02%	4.70%	1.37%	4.19%	0.50%	3.02%	2.91%
EBITDA Growth	7.78%	8.02%	5.80%	-8.09%	16.89%	8.50%	5.59%	11.59%	1.62%	3.64%	-0.74%
EBIT Growth	7.78%	8.41%	5.92%	-9.78%	19.97%	10.44%	7.33%	13.83%	1.50%	4.47%	-0.85%
NOPAT Growth	14.53%	5.51%	14.35%	8.91%	11.45%	7.37%	3.12%	10.44%	4.57%	5.85%	0.30%
Net Income Growth	12.88%	13.70%	8.71%	-6.87%	16.11%	11.09%	5.34%	15.06%	4.19%	3.79%	-0.17%
EPS Growth	14.16%	16.33%	10.08%	-5.52%	16.28%	13.16%	7.63%	17.52%	8.67%	6.20%	5.97%
Operating Cash Flow Growth	37.64%	21.05%	8.38%	174.32%	31.35%	0.89%	-1.34%	-3.19%	-1.37%	-1.33%	-22.14%
Free Cash Flow Firm Growth	-234.15%	55.22%	65.94%	239.05%	256.62%	396.30%	855.53%	-45.15%	-77.21%	-110.08%	-125.28%
Invested Capital Growth	13.26%	9.16%	8.15%	2.19%	-0.69%	-1.42%	-1.28%	5.08%	5.88%	7.48%	8.48%
Revenue Q/Q Growth	-1.33%	2.88%	-1.04%	7.81%	1.14%	-2.97%	-4.19%	10.81%	-2.44%	-0.54%	-5.24%
EBITDA Q/Q Growth	-14.37%	-7.22%	11.50%	3.76%	8.90%	-13.88%	8.50%	9.66%	-0.83%	-12.16%	0.00%
EBIT Q/Q Growth	-16.56%	-8.63%	13.54%	4.22%	10.97%	-15.90%	10.34%	10.53%	-1.05%	-13.44%	0.24%
NOPAT Q/Q Growth	2.42%	-13.23%	13.31%	8.15%	4.81%	-16.41%	8.82%	15.83%	-0.76%	-15.38%	-1.05%
Net Income Q/Q Growth	-11.04%	-12.25%	14.53%	4.17%	10.90%	-16.04%	8.61%	13.79%	0.42%	-16.37%	-0.33%
EPS Q/Q Growth	-11.03%	-11.63%	14.91%	4.58%	9.49%	-14.00%	9.30%	14.18%	1.24%	-15.95%	3.65%
Operating Cash Flow Q/Q Growth	295.63%	23.90%	-33.67%	-15.63%	89.44%	-4.84%	-35.14%	-17.21%	93.00%	-4.80%	-55.10%
Free Cash Flow Firm Q/Q Growth	-46.51%	50.40%	58.60%	562.15%	65.03%	-6.17%	5.57%	-66.45%	-31.44%	-141.51%	-155.72%
Invested Capital Q/Q Growth	2.49%	-1.61%	1.50%	-0.16%	-0.40%	-2.34%	1.65%	6.27%	0.37%	-0.87%	2.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.34%	67.10%	70.64%	71.71%	70.64%	69.49%	71.98%	73.62%	71.54%	70.17%	71.66%
EBITDA Margin	41.84%	37.73%	42.51%	40.91%	44.05%	39.10%	44.28%	43.82%	44.54%	39.34%	41.51%
Operating Margin	36.36%	31.68%	36.39%	36.59%	38.32%	32.93%	38.11%	38.98%	38.83%	33.89%	35.37%
EBIT Margin	36.08%	32.04%	36.76%	35.54%	38.99%	33.79%	38.92%	38.82%	39.38%	34.27%	36.25%
Profit (Net Income) Margin	27.71%	23.63%	27.35%	26.43%	28.98%	25.08%	28.42%	29.19%	30.04%	25.26%	26.57%
Tax Burden Percent	83.12%	80.46%	80.19%	80.00%	79.18%	79.37%	77.90%	79.60%	81.29%	79.24%	79.29%
Interest Burden Percent	92.40%	91.68%	92.80%	92.97%	93.88%	93.49%	93.75%	94.45%	93.86%	93.03%	92.44%
Effective Tax Rate	16.88%	19.54%	19.81%	20.00%	20.82%	20.63%	22.10%	20.40%	18.71%	20.76%	20.71%
Return on Invested Capital (ROIC)	27.21%	23.40%	26.86%	26.80%	28.22%	25.08%	28.14%	28.85%	29.38%	25.59%	26.34%
ROIC Less NNEP Spread (ROIC-NNEP)	25.99%	22.51%	26.01%	25.44%	27.52%	24.56%	27.57%	27.96%	28.62%	24.94%	25.80%
Return on Net Nonoperating Assets (RNNOA)	23.64%	22.09%	25.72%	26.28%	25.02%	23.99%	28.09%	28.85%	25.73%	36.24%	40.58%
Return on Equity (ROE)	50.86%	45.49%	52.58%	53.08%	53.24%	49.07%	56.22%	57.70%	55.11%	61.83%	66.92%
Cash Return on Invested Capital (CROIC)	13.12%	17.07%	18.35%	23.96%	27.30%	29.01%	28.64%	22.31%	21.88%	21.19%	19.68%
Operating Return on Assets (OROA)	21.74%	18.74%	22.85%	22.70%	25.07%	21.93%	25.41%	25.44%	25.07%	21.84%	23.62%
Return on Assets (ROA)	16.70%	13.83%	17.00%	16.88%	18.64%	16.27%	18.56%	19.13%	19.13%	16.10%	17.31%
Return on Common Equity (ROCE)	50.88%	45.53%	52.63%	53.13%	53.26%	49.10%	56.26%	57.74%	55.11%	61.83%	66.92%
Return on Equity Simple (ROE_SIMPLE)	44.84%	0.00%	47.21%	47.16%	46.58%	0.00%	54.31%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	650	564	639	691	724	606	659	763	758	641	634
NOPAT Margin	30.22%	25.49%	29.18%	29.28%	30.34%	26.14%	29.69%	31.03%	31.57%	26.86%	28.04%
Net Nonoperating Expense Percent (NNEP)	1.22%	0.89%	0.85%	1.36%	0.69%	0.52%	0.57%	0.89%	0.77%	0.65%	0.54%
Return On Investment Capital (ROIC_SIMPLE)	-	4.88%	-	-	-	5.34%	5.87%	6.60%	6.08%	5.18%	5.17%
Cost of Revenue to Revenue	29.66%	32.90%	29.36%	28.29%	29.36%	30.51%	28.02%	26.38%	28.46%	29.83%	28.34%
SG&A Expenses to Revenue	24.41%	25.53%	24.98%	24.61%	23.66%	26.97%	25.36%	25.08%	24.13%	25.93%	25.99%
R&D to Revenue	7.07%	7.86%	7.40%	7.24%	6.99%	8.03%	7.07%	6.99%	7.08%	8.34%	7.96%
Operating Expenses to Revenue	33.98%	35.43%	34.25%	35.11%	32.33%	36.56%	33.87%	34.63%	32.71%	36.28%	36.30%
Earnings before Interest and Taxes (EBIT)	776	709	805	839	931	783	864	955	945	818	820
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	900	835	931	966	1,052	906	983	1,078	1,069	939	939
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.58	17.90	15.28	15.89	16.87	15.36	15.79	13.90	11.97	16.58	15.37
Price to Tangible Book Value (P/TBV)	86.18	99.40	76.97	78.84	67.72	79.75	85.74	60.49	40.54	0.00	0.00
Price to Revenue (P/Rev)	9.45	10.47	8.85	8.85	9.65	7.92	7.91	7.37	6.88	5.83	5.21
Price to Earnings (P/E)	34.70	38.16	32.32	33.67	36.34	29.48	29.18	26.49	24.38	20.66	18.59
Dividend Yield	0.84%	0.77%	0.93%	0.93%	0.86%	1.06%	1.09%	1.20%	1.33%	1.60%	1.72%
Earnings Yield	2.88%	2.62%	3.09%	2.97%	2.75%	3.39%	3.43%	3.77%	4.10%	4.84%	5.38%
Enterprise Value to Invested Capital (EV/IC)	8.50	9.67	8.30	8.52	9.50	8.13	8.05	7.19	6.70	6.02	5.38
Enterprise Value to Revenue (EV/Rev)	10.02	11.00	9.38	9.41	10.18	8.41	8.44	7.92	7.41	6.54	5.96
Enterprise Value to EBITDA (EV/EBITDA)	23.28	25.63	22.03	23.10	24.62	20.20	20.05	18.50	17.25	15.22	13.98
Enterprise Value to EBIT (EV/EBIT)	26.89	29.60	25.43	26.81	28.37	23.19	22.93	21.04	19.62	17.29	15.88
Enterprise Value to NOPAT (EV/NOPAT)	35.32	39.10	32.97	32.97	35.58	29.27	29.23	27.01	24.99	21.96	20.12
Enterprise Value to Operating Cash Flow (EV/OCF)	38.19	39.94	34.13	30.87	31.64	26.37	26.60	25.38	23.87	21.33	20.35
Enterprise Value to Free Cash Flow (EV/FCFF)	68.78	59.15	47.04	35.96	34.68	27.83	27.92	33.01	31.52	29.43	28.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.29	1.32	1.30	1.32	1.26	1.38	1.41	1.32	1.31	2.71	2.80
Long-Term Debt to Equity	1.29	1.32	1.30	1.32	1.26	1.09	1.12	1.05	1.31	2.71	2.80
Financial Leverage	0.91	0.98	0.99	1.03	0.91	0.98	1.02	1.03	0.90	1.45	1.57
Leverage Ratio	2.85	3.11	2.94	2.91	2.76	2.92	2.93	2.88	2.78	3.67	3.71
Compound Leverage Factor	2.64	2.85	2.73	2.71	2.59	2.73	2.75	2.72	2.61	3.41	3.43
Debt to Total Capital	56.36%	56.82%	56.59%	56.96%	55.67%	57.94%	58.56%	56.94%	56.70%	73.08%	73.67%
Short-Term Debt to Total Capital	0.02%	0.03%	0.21%	0.00%	0.00%	11.90%	12.02%	11.68%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	56.35%	56.79%	56.38%	56.96%	55.67%	46.03%	46.54%	45.26%	56.70%	73.08%	73.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.03%	-0.05%	-0.05%	-0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.67%	43.23%	43.46%	43.10%	44.33%	42.06%	41.44%	43.06%	43.30%	26.92%	26.33%
Debt to EBITDA	1.82	1.79	1.77	1.81	1.74	1.70	1.68	1.64	1.75	2.22	2.23
Net Debt to EBITDA	1.33	1.23	1.24	1.37	1.28	1.19	1.24	1.28	1.24	1.65	1.75
Long-Term Debt to EBITDA	1.82	1.79	1.77	1.81	1.74	1.35	1.34	1.30	1.75	2.22	2.23
Debt to NOPAT	2.76	2.73	2.65	2.58	2.51	2.47	2.45	2.39	2.54	3.21	3.20
Net Debt to NOPAT	2.02	1.88	1.86	1.96	1.86	1.72	1.81	1.87	1.79	2.39	2.52
Long-Term Debt to NOPAT	2.76	2.73	2.64	2.58	2.51	1.96	1.95	1.90	2.54	3.21	3.20
Altman Z-Score	7.43	7.92	7.20	7.44	8.19	6.87	6.97	6.69	6.43	5.11	4.97
Noncontrolling Interest Sharing Ratio	-0.05%	-0.09%	-0.09%	-0.10%	-0.04%	-0.06%	-0.06%	-0.06%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.87	3.36	3.33	3.45	3.69	1.75	1.74	1.76	3.64	3.03	3.15
Quick Ratio	1.87	1.77	1.71	1.65	1.84	0.97	0.91	0.88	2.01	1.75	1.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-506	-251	-104	480	792	744	785	263	181	-75	-192
Operating Cash Flow to CapEx	502.78%	453.03%	428.06%	380.30%	569.46%	418.98%	393.96%	273.03%	710.61%	554.66%	401.00%
Free Cash Flow to Firm to Interest Expense	-8.58	-4.25	-1.79	8.14	13.90	14.58	14.54	4.97	3.11	-1.32	-3.09
Operating Cash Flow to Interest Expense	12.27	15.20	10.26	8.51	16.68	17.75	10.87	9.17	16.17	15.67	6.47
Operating Cash Flow Less CapEx to Interest Expense	9.83	11.85	7.86	6.27	13.75	13.51	8.11	5.81	13.90	12.84	4.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.59	0.62	0.64	0.64	0.65	0.65	0.66	0.64	0.64	0.65
Accounts Receivable Turnover	6.84	6.78	7.05	6.59	6.86	7.07	7.00	6.42	6.37	6.52	6.65
Inventory Turnover	0.99	1.04	1.00	1.04	1.06	1.12	1.08	1.10	1.09	1.13	1.09
Fixed Asset Turnover	2.93	2.87	2.83	2.87	2.86	2.81	2.78	2.79	2.72	2.68	2.66
Accounts Payable Turnover	6.53	6.28	6.31	6.06	6.92	6.44	6.54	5.77	6.54	5.80	5.80
Days Sales Outstanding (DSO)	53.33	53.81	51.80	55.37	53.20	51.66	52.16	56.84	57.33	56.02	54.90
Days Inventory Outstanding (DIO)	370.51	349.82	363.74	351.30	343.69	326.88	339.30	333.19	334.75	324.20	333.58
Days Payable Outstanding (DPO)	55.87	58.15	57.83	60.27	52.75	56.65	55.81	63.22	55.83	62.98	62.91
Cash Conversion Cycle (CCC)	367.97	345.48	357.71	346.41	344.14	321.88	335.65	326.81	336.26	317.24	325.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,874	9,715	9,861	9,845	9,806	9,577	9,735	10,345	10,383	10,293	10,561
Invested Capital Turnover	0.90	0.92	0.92	0.92	0.93	0.96	0.95	0.93	0.93	0.95	0.94
Increase / (Decrease) in Invested Capital	1,156	815	743	211	-68	-138	-126	500	577	716	826
Enterprise Value (EV)	83,907	93,976	81,887	83,899	93,168	77,870	78,337	74,345	69,607	61,942	56,788
Market Capitalization	79,111	89,456	77,282	78,916	88,308	73,287	73,481	69,199	64,622	55,212	49,684
Book Value per Share	$11.03	$10.88	$11.04	$10.88	$11.55	$10.57	$10.40	$11.18	$12.18	$7.56	$7.66
Tangible Book Value per Share	$1.99	$1.96	$2.19	$2.19	$2.88	$2.04	$1.91	$2.57	$3.60	($0.98)	($1.19)
Total Capital	11,628	11,558	11,638	11,523	11,808	11,340	11,232	11,558	12,467	12,373	12,278
Total Debt	6,554	6,567	6,586	6,563	6,574	6,570	6,577	6,581	7,069	9,042	9,045
Total Long-Term Debt	6,552	6,564	6,562	6,563	6,574	5,220	5,227	5,231	7,069	9,042	9,045
Net Debt	4,800	4,526	4,611	4,989	4,860	4,583	4,856	5,146	4,985	6,730	7,104
Capital Expenditures (CapEx)	144	198	139	132	167	216	149	178	132	161	100
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,862	2,416	2,499	2,831	2,866	1,937	2,121	2,472	2,692	2,221	2,480
Debt-free Net Working Capital (DFNWC)	4,616	4,457	4,474	4,405	4,580	3,924	3,842	3,907	4,776	4,533	4,421
Net Working Capital (NWC)	4,614	4,454	4,450	4,405	4,580	2,574	2,492	2,557	4,776	4,533	4,421
Net Nonoperating Expense (NNE)	54	41	40	67	32	25	28	45	37	38	33
Net Nonoperating Obligations (NNO)	4,800	4,724	4,809	4,885	4,572	4,807	5,080	5,368	4,985	6,962	7,328
Total Depreciation and Amortization (D&A)	124	126	126	127	121	123	119	123	124	121	119
Debt-free, Cash-free Net Working Capital to Revenue	34.19%	28.28%	28.61%	31.76%	31.32%	20.93%	22.84%	26.34%	28.65%	23.46%	26.02%
Debt-free Net Working Capital to Revenue	55.14%	52.17%	51.23%	49.41%	50.04%	42.39%	41.37%	41.63%	50.82%	47.88%	46.39%
Net Working Capital to Revenue	55.12%	52.13%	50.95%	49.41%	50.04%	27.81%	26.84%	27.25%	50.82%	47.88%	46.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.29	$1.15	$1.31	$1.37	$1.51	$1.28	$1.41	$1.61	$1.63	$1.38	$1.42
Adjusted Weighted Average Basic Shares Outstanding	460.30M	461.17M	458M	455.50M	452.90M	454.20M	447.60M	445.10M	442.90M	443.44M	422.10M
Adjusted Diluted Earnings per Share	$1.29	$1.14	$1.31	$1.37	$1.50	$1.29	$1.41	$1.61	$1.63	$1.37	$1.42
Adjusted Weighted Average Diluted Shares Outstanding	461.40M	462.27M	458.80M	456M	453.50M	454.85M	448M	445.50M	443.20M	443.84M	422.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	459.11M	457.87M	456.30M	453.05M	451.17M	447.79M	445.21M	443.18M	440.69M	422.13M	419.23M
Normalized Net Operating Profit after Tax (NOPAT)	663	570	642	725	728	607	659	787	761	655	652
Normalized NOPAT Margin	30.84%	25.78%	29.33%	30.70%	30.50%	26.21%	29.69%	32.00%	31.70%	27.42%	28.81%
Pre Tax Income Margin	33.33%	29.37%	34.11%	33.04%	36.60%	31.59%	36.49%	36.67%	36.96%	31.88%	33.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.15	12.02	13.88	14.22	16.33	15.35	16.00	18.02	16.29	14.35	13.23
NOPAT to Interest Expense	11.02	9.56	11.02	11.72	12.71	11.87	12.20	14.40	13.06	11.25	10.23
EBIT Less CapEx to Interest Expense	10.71	8.66	11.48	11.98	13.40	11.12	13.24	14.66	14.02	11.53	11.61
NOPAT Less CapEx to Interest Expense	8.58	6.20	8.62	9.48	9.78	7.64	9.45	11.04	10.79	8.42	8.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.47%	29.57%	29.98%	31.60%	31.34%	31.49%	32.12%	31.96%	32.55%	33.26%	33.27%
Augmented Payout Ratio	84.89%	76.24%	78.06%	89.54%	94.50%	105.93%	109.73%	99.35%	97.74%	154.28%	160.44%

Financials Breakdown Chart

Key Financial Trends

Zoetis (NYSE: ZTS) has shown steady revenue growth, strong profitability, and continued cash generation across the last four years, with meaningful capital returns to shareholders in 2025. Below are the 10 most important takeaways, sorted by potential positive impact, then neutral, then negative.

Revenue and earnings have scaled higher over the period: quarterly operating revenue rose from about $2.04B in 2022 to $2.39B in Q4 2025, while net income advanced from roughly $460M in Q4 2022 to $603M in Q4 2025.
Gross margins remain healthy and largely stable around 70% across recent quarters (e.g., Q4 2025 gross profit of $1.675B on $2.387B revenue ≈ 70%), reflecting strong product economics.
Operating profitability remains solid, with operating income margins around the mid-30s as a percentage of revenue (Q4 2025: $809M on $2.387B ≈ 34%).
Cash flow from operations is robust and largely predictable, with quarterly continuing operating cash flow near $0.90B (e.g., Q4 2025 CFO of $895M vs. Q4 2024 CFO of $922M).
Capital returns to shareholders are meaningful, highlighted by an increased quarterly dividend ($1.03 per share in Q4 2025 vs. $0.93 in Q4 2024) and active use of share buybacks (Q4 2025 repurchase of common equity around $2.06B).
R&D intensity remains steady at roughly 8%–9% of revenue, supporting ongoing product development while preserving profitability (Q4 2025 R&D expense ≈ $199M on $2.387B revenue).

Debt issuance in 2025 to support capital returns: Zoetis issued significant new debt in 2025 (e.g., $2.0B in Q2, about $1.85B in Q3, and $2.0B in Q4), contributing to a rise in long-term debt from about $5.23B (2024) to around $7.07B by 2025 Q3.
Balance sheet liquidity remains solid, with cash and equivalents typically around $2.0B and total current assets around $6.1–6.6B in recent periods, but increasing leverage could add interest-cost sensitivity if cash flows slow.

Rising debt and interest costs: higher debt levels in 2025 have nudged interest expense higher (e.g., Q4 2025 interest expense around $57M), which could pressure margins if financing costs move higher.
Financing-outflow risk to liquidity: large share repurchases and debt issuance contributed to sizable negative net cash from financing activities in some quarters (e.g., Q4 2025 net cash from financing activities around −$495M), which could stress liquidity if operating cash flow deteriorates.

05/15/26 06:11 AM ETAI Generated. May Contain Errors.

Zoetis Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Zoetis' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Zoetis' net income appears to be on an upward trend, with a most recent value of $2.67 billion in 2025, rising from $339 million in 2015. The previous period was $2.50 billion in 2024. Check out Zoetis' forecast to explore projected trends and price targets.

Zoetis' total operating income in 2025 was $3.55 billion, based on the following breakdown:

Total Gross Profit: $6.80 billion
Total Operating Expenses: $3.26 billion

Over the last 10 years, Zoetis' total revenue changed from $4.77 billion in 2015 to $9.47 billion in 2025, a change of 98.7%.

Zoetis' total liabilities were at $12.08 billion at the end of 2025, a 27.5% increase from 2024, and a 77.0% increase since 2015.

In the past 10 years, Zoetis' cash and equivalents has ranged from $0.00 in 2017 to $3.60 billion in 2020, and is currently $2.45 billion as of their latest financial filing in 2025.

Over the last 10 years, Zoetis' book value per share changed from 2.14 in 2015 to 7.56 in 2025, a change of 252.4%.

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Financial statements for NYSE:ZTS last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Zoetis (ZTS) Financials

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Zoetis (ZTS) Financials

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Quarterly Metrics And Ratios for Zoetis

Financials Breakdown Chart

Key Financial Trends

Zoetis Financials - Frequently Asked Questions

When does Zoetis' financial year end?

How has Zoetis' net income changed over the last 10 years?

What is Zoetis' operating income?

How has Zoetis' revenue changed over the last 10 years?

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How has Zoetis' book value per share changed over the last 10 years?

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