Zoetis Inc. Class A Common Stock (ZTS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.85	$1.87	+1.1%	—	$2.5B	—
Q1 26	$1.62	$1.53	-5.6%	—	$2.3B	—
Q4 25	$1.4	$1.48	+5.7%	—	$2.4B	—
Q3 25	$1.62	$1.7	+4.9%	—	$2.4B	—
Q2 25	$1.61	$1.76	+9.3%	—	$2.5B	—
Q1 25	$1.4	$1.48	+5.7%	—	$2.2B	—
Q4 24	$1.36	$1.4	+2.9%	—	$2.3B	—
Q3 24	$1.46	$1.58	+8.2%	—	$2.4B	—
Q2 24	$1.48	$1.56	+5.4%	—	$2.4B	—
Q1 24	$1.34	$1.38	+3.0%	—	$2.2B	—
Q4 23	$1.32	$1.24	-6.1%	—	$2.2B	—
Q3 23	$1.36	$1.36	0.0%	—	$2.2B	—
Q2 23	$1.31	$1.41	+7.6%	—	$2.2B	—
Q1 23	$1.25	$1.31	+4.8%	—	$2B	—
Q4 22	$1.15	$1.15	0.0%	—	$2B	—
Q3 22	$1.24	$1.21	-2.4%	—	$2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.03	—	—	$9.5B	—
FY24	—	$5.47	—	—	$9.3B	—
FY23	—	$5.08	—	—	$8.5B	—
FY22	—	$4.51	—	—	$8.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.9B	$5.3B	$5.8B	$6.3B	$6.7B	$7.8B	$8.1B	$8.5B	$9.3B	$9.5B
YoY change	+2.58%	+8.57%	+9.76%	+7.47%	+6.63%	+16.5%	+3.91%	+5.74%	+8.33%	+2.28%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.9B	5.3B	5.8B	6.3B	6.7B	7.8B	8.1B	8.5B	9.3B	9.5B
Cost of revenue	1.7B	1.8B	1.9B	2B	2.1B	2.3B	2.5B	2.6B	2.7B	2.7B
Gross profit	3.2B	3.5B	3.9B	4.3B	4.6B	5.5B	5.6B	6B	6.5B	6.8B
Gross margin	65.9%	66.6%	67.2%	68.2%	69.2%	70.4%	69.6%	70%	70.6%	71.8%
Research & development	376M	382M	432M	457M	463M	508M	539M	614M	686M	698M
Selling, general & administrative	1.4B	1.3B	1.5B	1.6B	1.7B	2B	2B	2.2B	2.3B	2.4B
Operating expenses	1.7B	1.7B	1.9B	2.1B	2.2B	2.5B	2.5B	2.8B	3B	3.1B
Operating income	1.4B	1.7B	1.9B	2B	2.3B	2.8B	2.9B	3.1B	3.4B	3.6B
Operating margin	28.6%	32.5%	32.3%	32.2%	34%	36%	36.2%	35.9%	36.6%	38%
Non-operating income, net	-11M	-38M	-16M	-31M	-54M	-97M	-101M	1M	-140M	-108M
Pretax income	1.2B	1.5B	1.7B	1.8B	2B	2.5B	2.7B	2.9B	3.1B	3.4B
Income tax	409M	663M	266M	301M	360M	454M	545M	596M	637M	687M
Net income	819M	862M	1.4B	1.5B	1.6B	2B	2.1B	2.3B	2.5B	2.7B
Net margin	16.8%	16.2%	24.4%	24%	24.5%	26.2%	26.1%	27.4%	27%	28.2%
EBITDA	1.7B	2B	2.3B	2.5B	2.7B	3.3B	3.5B	3.7B	4B	4.2B
EPS	1.66	1.76	2.96	3.14	3.44	4.29	4.51	5.08	5.47	6.03
Diluted EPS	1.65	1.75	2.93	3.11	3.42	4.27	4.49	5.07	5.47	6.02

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.2B	2.2B	2.2B	2.4B	2.4B	2.3B	2.2B	2.5B	2.4B	2.4B	2.3B	2.5B
Cost of revenue	638M	728M	643M	668M	701M	707M	622M	649M	683M	712M	641M	673M
Gross profit	1.5B	1.5B	1.5B	1.7B	1.7B	1.6B	1.6B	1.8B	1.7B	1.7B	1.6B	1.8B
Gross margin	70.3%	67.1%	70.6%	71.7%	70.6%	69.5%	72%	73.6%	71.5%	70.2%	71.7%	72.7%
Research & development	152M	174M	162M	171M	167M	186M	157M	172M	170M	199M	180M	173M
Selling, general & administrative	525M	565M	547M	581M	565M	625M	563M	617M	579M	619M	588M	592M
Operating expenses	677M	739M	709M	752M	732M	811M	720M	789M	749M	818M	768M	765M
Operating income	798M	709M	801M	906M	920M	765M	846M	989M	936M	826M	822M	999M
Operating margin	37.1%	32%	36.6%	38.4%	38.5%	33%	38.1%	40.2%	39%	34.6%	36.3%	40.5%
Non-operating income, net	-45M	-26M	-28M	-91M	-12M	-9M	-5M	-53M	-17M	-33M	-23M	-88M
Pretax income	717M	650M	747M	780M	874M	732M	810M	902M	887M	761M	758M	866M
Income tax	121M	127M	148M	156M	182M	151M	179M	184M	166M	158M	157M	175M
Net income	596M	523M	599M	624M	692M	581M	631M	718M	721M	603M	601M	691M
Net margin	27.7%	23.6%	27.4%	26.4%	29%	25.1%	28.4%	29.2%	30%	25.3%	26.6%	28%
EBITDA	942M	867M	954M	1.1B	1.1B	921M	991M	1.1B	1.1B	966M	961M	1.1B
EPS	1.29	1.14	1.31	1.37	1.51	1.29	1.41	1.61	1.63	1.38	1.42	1.65
Diluted EPS	1.29	1.14	1.31	1.37	1.5	1.29	1.41	1.61	1.63	1.37	1.42	1.65

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	26.5B	35.3B	41.3B	63.3B	78.7B	115.7B	68.7B	91B	74B	55.8B	29.5B
Enterprise value	30.3B	38.7B	46.1B	68B	82.5B	119B	73.2B	95.7B	78.8B	62.7B	36.9B
Shares outstanding	495.7M	489.9M	483.1M	478.1M	475.5M	474.3M	468.9M	461.2M	454.2M	443.4M	443.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	32.4	40.9	29	42.2	48.1	56.9	32.6	38.9	29.6	20.9	11.6
P/S	5.43	6.65	7.09	10.1	11.8	14.9	8.5	10.7	8	5.89	3.08
P/B	17.7	19.8	18.9	23.4	20.9	25.5	15.6	18.2	15.5	16.7	9.06
EV/EBITDA	18.1	19.4	20.4	27.4	30.2	36.5	21.2	25.9	19.7	15	9.09
EV/Sales	6.19	7.29	7.91	10.9	12.4	15.3	9.06	11.2	8.51	6.62	3.88
Earnings yield	3.09%	2.44%	3.45%	2.37%	2.08%	1.76%	3.07%	2.57%	3.37%	4.79%	8.63%
FCF yield	1.87%	3.18%	3.51%	2.11%	2.13%	1.5%	1.93%	1.78%	3.11%	4.09%	6.83%
PEG	—	—	—	—	—	—	—	—	—	—	4.67

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	65.9%	66.6%	67.2%	68.2%	69.2%	70.4%	69.6%	70%	70.6%	71.8%	72.7%
Operating margin	28.6%	32.5%	32.3%	32.2%	34%	36%	36.2%	35.9%	36.6%	38%	40.7%
Net margin	16.8%	16.2%	24.4%	24%	24.5%	26.2%	26.1%	27.4%	27%	28.2%	27.7%
ROE	54.6%	48.3%	65.2%	55.4%	43.4%	44.8%	47.9%	46.9%	52.3%	80.2%	64.9%
ROA	10.7%	10%	13.2%	13%	12%	14.6%	14.1%	16.4%	17.5%	17.3%	15.4%
ROIC	17.8%	18.8%	22.8%	22.8%	24.7%	29.4%	26.1%	25.2%	28.4%	27.9%	26.7%
Return on tangible assets	36.7%	28.5%	86.5%	58.1%	34.1%	36.4%	31.6%	38.4%	38.2%	33.7%	34%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.03	3.85	3.6	2.63	3.05	3.86	2.37	3.36	1.75	3.03	3.08
Quick ratio	1.69	2.55	2.46	1.85	2.3	2.79	1.63	2	1.08	1.94	1.84
Debt / equity	2.98	2.77	2.95	2.44	1.95	1.48	1.84	1.35	1.41	2.77	2.94
Debt / assets	0.58	0.58	0.6	0.57	0.54	0.49	0.54	0.47	0.47	0.6	0.61
Net debt / EBITDA	2.23	1.7	2.1	1.88	1.38	1	1.3	1.27	1.19	1.66	1.83
Interest coverage	8.4	9.71	9.2	9.08	9.64	12.1	13	13.3	14.9	16.1	14.7
Effective tax rate	33.3%	43.5%	15.7%	16.7%	18%	18.2%	20.5%	20.3%	20.3%	20.4%	20%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.86	10.8	12.1	13.1	14	16.4	17.2	18.5	20.4	21.4	22.1
EPS (basic)	1.66	1.76	2.96	3.14	3.44	4.29	4.51	5.08	5.47	6.03	6.03
EPS (diluted)	1.65	1.75	2.93	3.11	3.42	4.27	4.49	5.07	5.47	6.02	6.13
Book value per share	3.02	3.65	4.52	5.66	7.93	9.58	9.39	10.8	10.5	7.51	7.84
FCF per share	1	2.29	3.01	2.79	3.52	3.66	2.83	3.51	5.06	5.15	5.54
Cash per share	1.47	3.19	3.51	4.04	7.58	7.34	7.63	4.42	4.37	5.21	4.06
Capex per share	0.44	—	—	—	—	—	—	—	—	1.4	1.25

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.42%	—	—	—	—	—	—	—	—	6.56%	5.51%
Capex / operating cash flow	34.3%	—	—	—	—	—	—	—	—	21.4%	18.5%
Payout ratio	23%	23.9%	17.1%	20.9%	23.2%	23.3%	28.9%	29.6%	31.5%	33.3%	33.6%
Dividend yield	0.71%	0.58%	0.59%	0.5%	0.48%	0.41%	0.89%	0.76%	1.06%	1.59%	2.99%

Yield

2.99%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.53

ex-dividend Jul 20, 2026

Payout ratio

34%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 20, 2026	$0.53
Apr 20, 2026	$0.53
Jan 20, 2026	$0.53
Oct 31, 2025	$0.50
Jul 18, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.2B	$2.2B	$2.2B	$2.4B	$2.4B	$2.3B	$2.2B	$2.5B	$2.4B	$2.4B	$2.3B	$2.5B
YoY change	+7.44%	+8.48%	+9.5%	+8.3%	+11%	+4.7%	+1.37%	+4.19%	+0.5%	+3.02%	+1.89%	+0.33%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	727M	1.6B	1.7B	1.9B	3.6B	3.5B	3.6B	2B	2B	2.3B
Receivables	913M	998M	1B	1.1B	1B	1.1B	1.2B	1.3B	1.3B	1.6B
Inventory	1.5B	1.4B	1.4B	1.4B	1.6B	1.9B	2.3B	2.6B	2.3B	2.4B
Total current assets	3.4B	4.2B	4.4B	4.7B	6.6B	6.9B	7.5B	6.3B	6B	6.8B
Property, plant & equipment	458M	501M	729M	1.1B	1.4B	1.5B	1.8B	2.1B	2.3B	2.4B
Goodwill & intangibles	5.4B	5.6B	9.1B	9B	8.8B	8.3B	8.3B	8.2B	7.7B	7.5B
Total assets	7.6B	8.6B	10.8B	11.5B	13.6B	13.9B	14.9B	14.3B	14.2B	15.5B
Accounts payable	265M	261M	313M	301M	457M	436M	405M	411M	433M	487M
Short-term debt	—	—	9M	500M	604M	—	1.4B	3M	1.4B	—
Total current liabilities	1.1B	1.1B	1.2B	1.8B	2.2B	1.8B	3.2B	1.9B	3.4B	2.2B
Long-term debt	4.5B	5B	6.4B	6.1B	6.8B	6.7B	6.7B	6.8B	5.4B	9.2B
Total liabilities	6.2B	6.8B	8.6B	8.8B	9.8B	9.4B	10.5B	9.3B	9.5B	12.1B
Shareholders' equity	1.5B	1.8B	2.2B	2.7B	3.8B	4.5B	4.4B	5B	4.8B	3.3B
Total debt	4.5B	5B	6.5B	6.6B	7.4B	6.7B	8.1B	6.8B	6.7B	9.2B
Net debt	3.7B	3.4B	4.9B	4.7B	3.8B	3.3B	4.5B	4.7B	4.8B	6.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.8B	2B	2B	1.6B	1.7B	2B	1.7B	1.4B	2.1B	2.3B	1.9B	1.7B
Receivables	1.3B	1.3B	1.3B	1.4B	1.4B	1.3B	1.4B	1.5B	1.5B	1.6B	1.5B	1.6B
Inventory	2.7B	2.6B	2.7B	2.5B	2.4B	2.3B	2.4B	2.4B	2.5B	2.4B	2.5B	2.6B
Total current assets	6.2B	6.3B	6.4B	6.2B	6.3B	6B	5.9B	5.9B	6.6B	6.8B	6.5B	6.4B
Property, plant & equipment	3.3B	2.1B	3.5B	3.4B	3.5B	2.3B	3.7B	3.8B	3.9B	2.4B	4B	4B
Goodwill & intangibles	8.3B	8.2B	8.1B	7.9B	7.9B	7.7B	7.6B	7.7B	7.6B	7.5B	7.5B	7.4B
Total assets	14.1B	14.3B	14.3B	14.2B	14.4B	14.2B	14.1B	14.5B	15.2B	15.5B	15.2B	15.1B
Accounts payable	388M	411M	405M	420M	404M	433M	420M	508M	410M	487M	507M	452M
Short-term debt	2M	3M	24M	—	—	1.4B	1.4B	1.4B	—	—	—	—
Total current liabilities	1.6B	1.9B	1.9B	1.8B	1.7B	3.4B	3.4B	3.4B	1.8B	2.2B	2.1B	2.1B
Long-term debt	6.7B	6.8B	6.7B	6.7B	6.8B	5.4B	5.4B	5.4B	7.3B	9.2B	9.2B	9.2B
Total liabilities	9B	9.3B	9.3B	9.2B	9.1B	9.5B	9.4B	9.5B	9.8B	12.1B	11.9B	11.9B
Shareholders' equity	5.1B	5B	5.1B	5B	5.2B	4.8B	4.7B	5B	5.4B	3.3B	3.2B	3.1B
Total debt	6.7B	6.8B	6.8B	6.7B	6.8B	6.7B	6.8B	6.8B	7.3B	9.2B	9.2B	9.2B
Net debt	5B	4.7B	4.8B	5.2B	5B	4.8B	5B	5.4B	5.2B	6.9B	7.3B	7.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	819M	862M	1.4B	1.5B	1.6B	2B	2.1B	2.3B	2.5B	2.7B
Depreciation & amortization	240M	242M	308M	412M	441M	448M	465M	491M	497M	487M
Stock-based compensation	37M	44M	53M	67M	59M	58M	62M	60M	74M	83M
Change in working capital	-434M	-10M	112M	-151M	-85M	-343M	-699M	-512M	79M	-408M
Operating cash flow	629M	1.3B	1.8B	1.7B	2B	2.1B	1.7B	2.3B	2.8B	2.9B
Capital expenditure	-216M	—	—	—	—	—	—	—	—	-621M
Investing cash flow	-214M	-46M	-1.9B	-44M	-119M	19M	-297M	-45M	340M	-748M
Dividends paid	-188M	-206M	-243M	-314M	-380M	-474M	-611M	-692M	-786M	-889M
Share repurchases	-300M	-500M	-698M	-626M	-250M	-743M	-1.6B	-1.1B	-1.9B	-3.2B
Financing cash flow	-903M	-251M	533M	-958M	103M	-1.8B	-866M	-3.1B	-2.7B	-1.9B
Net change in cash	-488M	981M	386M	738M	2B	310M	503M	-871M	490M	297M
Free cash flow	497M	1.1B	1.5B	1.3B	1.7B	1.7B	1.3B	1.6B	2.3B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	742M	603M	601M	691M
Depreciation & amortization	—	—	—	—	—	—	—	—	123M	121M	119M	119M
Stock-based compensation	—	—	—	—	—	—	—	—	22M	22M	25M	26M
Change in working capital	42M	-26M	126M	-156M	20M	-7M	104M	-129M	-7M	170M	-385M	-158M
Operating cash flow	42M	-26M	126M	-156M	20M	-7M	104M	-129M	891M	893M	401M	655M
Capital expenditure	—	—	—	—	—	—	—	—	-136M	-161M	-110M	-117M
Investing cash flow	—	—	—	—	—	—	—	—	-167M	-166M	-87M	-300M
Dividends paid	—	—	—	—	—	—	—	—	-222M	-220M	-224M	-223M
Share repurchases	—	—	—	—	—	—	—	—	-394M	-2.1B	-606M	-584M
Financing cash flow	—	—	—	—	—	—	—	—	-2B	-484M	-833M	-808M
Net change in cash	42M	-26M	126M	-156M	20M	-7M	104M	-129M	-1.3B	243M	-519M	-453M
Free cash flow	—	—	—	—	—	—	—	—	755M	732M	291M	538M

Zoetis Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement