NYSE : ZTS
Zoetis Inc. — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · United States
Last price 79.65 USD (Oct 30, 2026, 9:47 AM EDT) · Market cap 32.91B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Zoetis Inc. (ZTS) reported revenue of 9.53B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.53B | 9.47B | 9.26B | 8.54B | 8.08B | 7.78B |
| Cost of Revenue | 2.69B | 2.66B | 2.72B | 2.56B | 2.45B | 2.29B |
| Gross Profit | 6.83B | 6.81B | 6.54B | 5.98B | 5.63B | 5.48B |
| Selling, General & Admin | 2.35B | 2.35B | 2.31B | 2.15B | 2.01B | 2.00B |
| Research & Development | 723.00M | 698.00M | 686.00M | 614.00M | 539.00M | 508.00M |
| Amortization of Goodwill & Intangibles | 125.00M | 128.00M | 141.00M | 149.00M | 150.00M | 161.00M |
| Operating Expenses | 3.20B | 3.18B | 3.14B | 2.91B | 2.70B | 2.67B |
| Operating Income | 3.63B | 3.62B | 3.40B | 3.07B | 2.94B | 2.81B |
| Interest Expense | -238.00M | -222.00M | -225.00M | -239.00M | -221.00M | -224.00M |
| Interest & Investment Income | 88.00M | 93.00M | 106.00M | 105.00M | 50.00M | 6.00M |
| Currency Exchange Gain (Loss) | -38.00M | -45.00M | -50.00M | -47.00M | -62.00M | -27.00M |
| Other Non Operating Income (Expenses) | -9.00M | -4.00M | 1.00M | 35.00M | 18.00M | 6.00M |
| EBT Excluding Unusual Items | 3.43B | 3.45B | 3.23B | 2.92B | 2.72B | 2.57B |
| Merger & Restructuring Charges | -149.00M | -80.00M | -37.00M | -53.00M | -15.00M | -45.00M |
| Gain (Loss) on Sale of Assets | 7.00M | -3.00M | -39.00M | 101.00M | -3.00M | |
| Asset Writedown | -5.00M | -15.00M | -35.00M | -46.00M | -30.00M | |
| Other Unusual Items | 8.00M | 1.00M | -7.00M | -1.00M | -4.00M | -6.00M |
| Pretax Income | 3.30B | 3.36B | 3.13B | 2.94B | 2.66B | 2.49B |
| Income Tax Expense | 662.00M | 687.00M | 637.00M | 596.00M | 545.00M | 454.00M |
| Earnings From Continuing Operations | 2.64B | 2.67B | 2.50B | 2.34B | 2.11B | 2.03B |
| Minority Interest in Earnings | -10.00M | 4.00M | 3.00M | 3.00M | ||
| Net Income | 2.64B | 2.67B | 2.49B | 2.34B | 2.11B | 2.04B |
| Net Income to Common | 2.64B | 2.67B | 2.49B | 2.34B | 2.11B | 2.04B |
| Shares Outstanding (Basic) | 430.24M | 443.44M | 454.20M | 461.17M | 468.89M | 474.35M |
| Shares Outstanding (Diluted) | 430.54M | 443.83M | 454.85M | 462.27M | 470.38M | 476.72M |
| EPS (Basic) | 6.13 | 6.03 | 5.47 | 5.08 | 4.51 | 4.29 |
| EPS (Diluted) | 6.13 | 6.02 | 5.47 | 5.07 | 4.49 | 4.27 |
| Free Cash Flow | 2.32B | 2.28B | 2.30B | 1.62B | 1.33B | 1.74B |
| Free Cash Flow Per Share | 5.38 | 5.14 | 5.05 | 3.51 | 2.82 | 3.64 |
| Dividend Per Share | 2.06 | 2.00 | 1.73 | 1.50 | 1.30 | 1.00 |
| Gross Margin | 71.74% | 71.89% | 70.64% | 70.04% | 69.73% | 70.49% |
| Operating Margin | 38.11% | 38.29% | 36.72% | 35.93% | 36.34% | 36.15% |
| Profit Margin | 27.68% | 28.23% | 26.86% | 27.43% | 26.16% | 26.20% |
| Free Cash Flow Margin | 24.32% | 24.12% | 24.83% | 18.97% | 16.41% | 22.32% |
| EBITDA | 4.07B | 4.07B | 3.83B | 3.49B | 3.33B | 3.21B |
| EBITDA Margin | 42.69% | 42.95% | 41.43% | 40.80% | 41.24% | 41.24% |
| D&A For EBITDA | 436.00M | 441.00M | 436.00M | 416.00M | 396.00M | 396.00M |
| EBIT | 3.63B | 3.62B | 3.40B | 3.07B | 2.94B | 2.81B |
| EBIT Margin | 38.11% | 38.29% | 36.72% | 35.93% | 36.34% | 36.15% |
| Effective Tax Rate | 20.07% | 20.45% | 20.33% | 20.30% | 20.52% | 18.25% |
| Advertising Expenses | 308.00M | 302.00M | 281.00M | 287.00M | 292.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.48B | 2.31B | 1.99B | 2.04B | 3.58B | 3.48B |
| Short-Term Investments | 200.00M | |||||
| Cash & Short-Term Investments | 1.68B | 2.31B | 1.99B | 2.04B | 3.58B | 3.48B |
| Receivables | 1.57B | 1.59B | 1.32B | 1.30B | 1.22B | 1.13B |
| Inventory | 2.57B | 2.43B | 2.31B | 2.56B | 2.35B | 1.92B |
| Other Current Assets | 499.00M | 436.00M | 377.00M | 434.00M | 365.00M | 389.00M |
| Total Current Assets | 6.36B | 6.77B | 5.99B | 6.34B | 7.51B | 6.93B |
| Property, Plant & Equipment | 4.03B | 3.98B | 3.62B | 3.44B | 2.97B | 2.60B |
| Long-Term Investments | 26.00M | 12.00M | 10.00M | 19.00M | ||
| Goodwill | 2.77B | 2.77B | 2.72B | 2.76B | 2.75B | 2.68B |
| Other Intangible Assets | 918.00M | 998.00M | 1.13B | 1.34B | 1.38B | 1.47B |
| Long-Term Deferred Tax Assets | 617.00M | 637.00M | 540.00M | 206.00M | 173.00M | 100.00M |
| Other Long-Term Assets | 384.00M | 319.00M | 215.00M | 185.00M | 137.00M | 92.00M |
| Total Assets | 15.08B | 15.47B | 14.24B | 14.29B | 14.93B | 13.90B |
| Accounts Payable | 452.00M | 487.00M | 433.00M | 411.00M | 405.00M | 436.00M |
| Accrued Expenses | 1.03B | 1.24B | 1.16B | 1.04B | 977.00M | 1.09B |
| Short-Term Debt | 3.00M | 2.00M | ||||
| Current Portion of Long-Term Debt | 1.35B | 1.35B | ||||
| Current Portion of Leases | 53.00M | 52.00M | 49.00M | 43.00M | 41.00M | |
| Current Income Taxes Payable | 138.00M | 147.00M | 93.00M | 110.00M | 157.00M | 38.00M |
| Current Unearned Revenue | 21.00M | 11.00M | 4.00M | 5.00M | ||
| Other Current Liabilities | 418.00M | 313.00M | 312.00M | 273.00M | 228.00M | 194.00M |
| Total Current Liabilities | 2.06B | 2.23B | 3.41B | 1.89B | 3.17B | 1.80B |
| Long-Term Debt | 9.06B | 9.06B | 5.25B | 6.59B | 6.58B | 6.60B |
| Long-Term Leases | 190.00M | 202.00M | 181.00M | 196.00M | 186.00M | 151.00M |
| Pension & Post-Retirement Benefits | 42.00M | 42.00M | 43.00M | 44.00M | 67.00M | |
| Long-Term Deferred Tax Liabilities | 122.00M | 139.00M | 167.00M | 146.00M | 142.00M | 320.00M |
| Other Long-Term Liabilities | 491.00M | 460.00M | 419.00M | 431.00M | 399.00M | 424.00M |
| Total Liabilities | 11.93B | 12.14B | 9.47B | 9.29B | 10.52B | 9.36B |
| Common Stock | 5.00M | 5.00M | 5.00M | 5.00M | 5.00M | 5.00M |
| Additional Paid-In Capital | 1.13B | 1.10B | 1.18B | 1.13B | 1.09B | 1.07B |
| Retained Earnings | 14.65B | 13.74B | 11.97B | 10.29B | 8.67B | 7.19B |
| Treasury Stock | -11.85B | -10.69B | -7.45B | -5.60B | -4.54B | -2.95B |
| Comprehensive Income & Other | -796.00M | -834.00M | -940.00M | -839.00M | -817.00M | -764.00M |
| Total Common Equity | 3.15B | 3.33B | 4.77B | 5.00B | 4.41B | 4.54B |
| Minority Interest | -6.00M | -2.00M | 1.00M | |||
| Shareholders' Equity | 3.15B | 3.33B | 4.77B | 4.99B | 4.40B | 4.54B |
| Total Liabilities & Equity | 15.08B | 15.47B | 14.24B | 14.29B | 14.93B | 13.90B |
| Total Debt | 9.26B | 9.31B | 6.83B | 6.84B | 8.16B | 6.79B |
| Net Cash (Debt) | -7.58B | -7.00B | -4.84B | -4.80B | -4.58B | -3.30B |
| Net Cash Per Share | -17.60 | -15.77 | -10.65 | -10.38 | -9.75 | -6.93 |
| Filing Date Shares Outstanding | 413.22M | 422.13M | 447.79M | 457.87M | 463.39M | 471.97M |
| Total Common Shares Outstanding | 414.15M | 424.93M | 448.47M | 458.37M | 463.81M | 472.57M |
| Working Capital | 4.29B | 4.53B | 2.57B | 4.45B | 4.34B | 5.13B |
| Book Value Per Share | 7.60 | 7.84 | 10.64 | 10.90 | 9.50 | 9.61 |
| Tangible Book Value | -541.00M | -434.00M | 919.00M | 900.00M | 279.00M | 387.00M |
| Tangible Book Value Per Share | -1.31 | -1.02 | 2.05 | 1.96 | 0.60 | 0.82 |
| Land | 33.00M | 28.00M | 25.00M | 26.00M | 22.00M | |
| Buildings | 1.55B | 1.29B | 1.32B | 1.20B | 1.10B | |
| Machinery | 3.73B | 3.35B | 3.37B | 3.01B | 2.63B | |
| Construction In Progress | 1.29B | 1.35B | 1.08B | 814.00M | 742.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.64B | 2.67B | 2.49B | 2.34B | 2.11B | 2.04B |
| Depreciation & Amortization | 436.00M | 441.00M | 436.00M | 416.00M | 396.00M | 396.00M |
| Other Amortization | 46.00M | 46.00M | 61.00M | 75.00M | 69.00M | 52.00M |
| Loss (Gain) From Sale of Assets | -7.00M | 3.00M | 23.00M | -118.00M | ||
| Asset Writedown & Restructuring Costs | 14.00M | 47.00M | 31.00M | 46.00M | 53.00M | 47.00M |
| Stock-Based Compensation | 95.00M | 83.00M | 74.00M | 60.00M | 62.00M | 58.00M |
| Other Operating Activities | -1.00M | 19.00M | -237.00M | 42.00M | -83.00M | -34.00M |
| Change in Accounts Receivable | -256.00M | -236.00M | -61.00M | -102.00M | -137.00M | -155.00M |
| Change in Inventory | -169.00M | -199.00M | -40.00M | -361.00M | -486.00M | -366.00M |
| Change in Accounts Payable | 40.00M | 46.00M | 31.00M | 13.00M | -29.00M | -17.00M |
| Change in Other Net Operating Assets | 5.00M | -19.00M | 149.00M | -62.00M | -47.00M | 195.00M |
| Operating Cash Flow | 2.84B | 2.90B | 2.95B | 2.35B | 1.91B | 2.21B |
| Capital Expenditures | -524.00M | -621.00M | -655.00M | -732.00M | -586.00M | -477.00M |
| Sale of Property, Plant & Equipment | 11.00M | 1.00M | 2.00M | |||
| Cash Acquisitions | -14.00M | -24.00M | -8.00M | -155.00M | -312.00M | -14.00M |
| Divestitures | -4.00M | 293.00M | 96.00M | |||
| Investment in Securities | -212.00M | -7.00M | -5.00M | -4.00M | -9.00M | -12.00M |
| Other Investing Activities | 19.00M | -92.00M | 60.00M | 18.00M | 23.00M | 43.00M |
| Investing Cash Flow | -720.00M | -748.00M | -315.00M | -777.00M | -883.00M | -458.00M |
| Short-Term Debt Issued | 1.00M | 2.00M | ||||
| Long-Term Debt Issued | 3.85B | 1.35B | ||||
| Total Debt Issued | 3.85B | 3.85B | 1.00M | 1.35B | ||
| Short-Term Debt Repaid | -3.00M | -4.00M | ||||
| Long-Term Debt Repaid | -1.54B | -1.35B | -600.00M | |||
| Total Debt Repaid | -1.54B | -1.54B | -3.00M | -1.35B | -604.00M | |
| Net Debt Issued (Repaid) | 2.31B | 2.31B | -3.00M | -1.35B | 1.35B | -604.00M |
| Issuance of Common Stock | 27.00M | |||||
| Repurchase of Common Stock | -3.65B | -3.25B | -1.87B | -1.09B | -1.63B | -778.00M |
| Common Dividends Paid | -889.00M | -889.00M | -786.00M | -692.00M | -611.00M | -474.00M |
| Other Financing Activities | -49.00M | -46.00M | -5.00M | -3.00M | -11.00M | -6.00M |
| Financing Cash Flow | -2.28B | -1.87B | -2.66B | -3.11B | -904.00M | -1.86B |
| Foreign Exchange Rate Adjustments | -5.00M | 39.00M | -32.00M | -7.00M | -29.00M | -12.00M |
| Net Cash Flow | -167.00M | 325.00M | -54.00M | -1.54B | 96.00M | -119.00M |
| Free Cash Flow | 2.32B | 2.28B | 2.30B | 1.62B | 1.33B | 1.74B |
| Free Cash Flow Margin | 24.32% | 24.12% | 24.83% | 18.97% | 16.41% | 22.32% |
| Free Cash Flow Per Share | 5.38 | 5.14 | 5.05 | 3.51 | 2.82 | 3.64 |
| Levered Free Cash Flow | 2.02B | 1.79B | 2.38B | 1.28B | 1.17B | 1.46B |
| Unlevered Free Cash Flow | 2.17B | 1.93B | 2.52B | 1.43B | 1.31B | 1.60B |
| Cash Interest Paid | 272.00M | 261.00M | 274.00M | 295.00M | 242.00M | 253.00M |
| Cash Income Tax Paid | 673.00M | 715.00M | 892.00M | 754.00M | 638.00M | 548.00M |
| Change in Working Capital | -380.00M | -408.00M | 79.00M | -512.00M | -699.00M | -343.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 32.94B | 55.45B | 73.51B | 90.62B | 68.30B | 115.46B |
| Enterprise Value | 40.52B | 60.65B | 78.57B | 95.64B | 72.48B | 118.92B |
| Last Close Price | 79.72 | 123.05 | 157.25 | 188.62 | 138.79 | 229.42 |
| PE Ratio | 13.01 | 20.74 | 29.57 | 38.66 | 32.31 | 56.68 |
| Forward PE | 12.97 | 19.11 | 26.39 | 34.18 | 28.03 | 49.31 |
| PS Ratio | 3.46 | 5.86 | 7.94 | 10.61 | 8.45 | 14.85 |
| PB Ratio | 10.49 | 16.65 | 15.41 | 18.16 | 15.51 | 25.41 |
| P/TBV Ratio | 79.99 | 100.68 | 244.81 | 298.34 | ||
| P/FCF Ratio | 14.22 | 24.29 | 31.99 | 55.90 | 51.51 | 66.51 |
| P/OCF Ratio | 11.60 | 19.09 | 24.89 | 38.51 | 35.72 | 52.17 |
| PEG Ratio | 1.24 | 2.50 | 2.81 | 3.13 | 2.63 | 3.74 |
| EV/Sales Ratio | 4.25 | 6.41 | 8.49 | 11.19 | 8.97 | 15.29 |
| EV/EBITDA Ratio | 9.97 | 14.92 | 20.49 | 27.43 | 21.75 | 37.08 |
| EV/EBIT Ratio | 11.16 | 16.73 | 23.11 | 31.15 | 24.68 | 42.30 |
| EV/FCF Ratio | 17.50 | 26.57 | 34.19 | 59.00 | 54.66 | 68.50 |
| Debt / Equity Ratio | 2.94 | 2.80 | 1.43 | 1.37 | 1.85 | 1.49 |
| Debt / EBITDA Ratio | 2.21 | 2.23 | 1.74 | 1.91 | 2.40 | 2.07 |
| Debt / FCF Ratio | 4.00 | 4.08 | 2.97 | 4.22 | 6.16 | 3.91 |
| Net Debt / Equity Ratio | 2.41 | 2.10 | 1.01 | 0.96 | 1.04 | 0.73 |
| Net Debt / EBITDA Ratio | 1.86 | 1.72 | 1.26 | 1.38 | 1.38 | 1.03 |
| Net Debt / FCF Ratio | 3.27 | 3.07 | 2.11 | 2.96 | 3.46 | 1.90 |
| Asset Turnover | 0.65 | 0.64 | 0.65 | 0.58 | 0.56 | 0.56 |
| Inventory Turnover | 1.07 | 1.12 | 1.12 | 1.04 | 1.15 | 1.29 |
| Quick Ratio | 1.57 | 1.75 | 0.97 | 1.77 | 1.51 | 2.57 |
| Current Ratio | 3.08 | 3.03 | 1.75 | 3.36 | 2.37 | 3.86 |
| Return on Equity (ROE) | 64.91% | 65.99% | 51.14% | 49.82% | 47.19% | 48.91% |
| Return on Assets (ROA) | 15.35% | 15.25% | 14.90% | 13.14% | 12.73% | 12.77% |
| Return on Invested Capital (ROIC) | 27.28% | 28.92% | 27.92% | 26.06% | 27.72% | 29.74% |
| Return on Capital Employed (ROCE) | 27.90% | 27.40% | 31.40% | 24.80% | 25.00% | 23.20% |
| Earnings Yield | 7.69% | 4.82% | 3.38% | 2.59% | 3.09% | 1.76% |
| FCF Yield | 7.03% | 4.12% | 3.13% | 1.79% | 1.94% | 1.50% |
| Dividend Yield | 2.66% | 1.53% | 1.05% | 0.76% | 0.88% | 0.41% |
| Payout Ratio | 34.59% | 33.26% | 31.62% | 29.52% | 28.90% | 23.27% |
| Buyback Yield / Dilution | 4.22% | 2.42% | 1.60% | 1.73% | 1.33% | 0.39% |
| Total Shareholder Return | 6.88% | 3.95% | 2.66% | 2.48% | 2.21% | 0.80% |