Zoetis Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Zoetis Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,888	5,307	5,825	6,260	6,675	7,776	8,080	8,544	9,256	9,467
Cost of revenue	1,666	1,775	1,911	1,992	2,057	2,303	2,454	2,561	2,719	2,666
Gross profit	3,222	3,532	3,914	4,268	4,618	5,473	5,626	5,983	6,537	6,801
Research and development	376	382	432	457	463	508	539	614	686	698
Selling, general and administrative	1,364	1,334	1,484	1,638	1,726	2,001	2,009	2,151	2,318	2,378
Interest expense	166	175	206	223	231	224	221	239	225	222
Other non-operating income	2	-6	83	57	-17	-48	-40	159	19	36
Pre-tax income	1,228	1,525	1,690	1,801	1,996	2,488	2,656	2,936	3,133	3,360
Income tax	409	663	266	301	360	454	545	596	637	687
Net income to minority interests	-2	-2	-4	0	-2	-3	-3	-4	10	0
Net income	821	864	1,428	1,500	1,638	2,037	2,114	2,344	2,486	2,673
EPS, basic	1.66	1.76	2.96	3.14	3.44	4.29	4.51	5.08	5.47	6.03
EPS, diluted	1.65	1.75	2.93	3.11	3.42	4.27	4.49	5.07	5.47	6.02
Shares, basic (weighted)	496	490	483	478	476	474	469	461	454	443
Shares, diluted (weighted)	498	493	487	482	479	477	470	462	455	444
Dividend per share	0.39	0.44	0.54	0.69	0.85	1.08	1.35	1.56	1.80	2.03

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	727	1,564	1,602	1,934	3,604	3,485	3,581	2,041	1,987	2,450
Short-term investments		0	99	0						0
Receivables	913	998	1,036	1,086	1,013	1,133	1,215	1,304	1,316	1,409
Inventory	1,502	1,427	1,391	1,410	1,628	1,923	2,345	2,564	2,306	2,464
Other current assets	248	228	271	318	366	389	365	434	377	450
Total current assets	3,390	4,217	4,399	4,748	6,611	6,930	7,506	6,343	5,986	6,773
Property, plant and equipment	1,381	1,435	1,658	1,940	2,202	2,422	2,753	3,204	3,391	3,693
Lease right-of-use assets			0	189	192	181	220	230	219	289
Goodwill	1,481	1,510	2,519	2,592	2,694	2,682	2,746	2,759	2,724	2,774
Intangible assets	1,228	1,269	2,046	1,890	1,710	1,474	1,380	1,338	1,127	998
Other non-current assets	73	75	94	98	106	111	147	206	250	327
Total assets	7,649	8,586	10,777	11,545	13,609	13,900	14,925	14,286	14,237	15,490
Accounts payable	265	261	313	301	457	436	405	411	433	445
Accrued liabilities	464	432	487	543	556	710	682	683	746	852
Deferred revenue			2	11	4
Short-term debt	0	0	0	500	600	0	1,350	0	1,350	0
Total current liabilities	1,117	1,094	1,223	1,806	2,170	1,797	3,167	1,889	3,412	2,173
Long-term debt	4,468	4,953	6,443	5,947	6,595	6,592	6,552	6,564	5,220	9,042
Lease liabilities			0	164	163	151	186	188	174	197
Other non-current liabilities	248	201	187	229	270	239	217	237	222	250
Total liabilities	6,150	6,800	8,592	8,837	9,836	9,356	10,522	9,295	9,467	12,075
Total debt	4,468	4,953	6,443	6,447	7,195	6,592	7,902	6,564	6,570	9,042
Paid-in capital	1,024	1,013	1,026	1,044	1,065	1,068	1,088	1,133	1,182	1,101
Retained earnings	1,477	2,109	3,270	4,427	5,659	7,186	8,668	10,295	11,968	13,798
Treasury stock	-421	-852	-1,487	-2,042	-2,230	-2,952	-4,539	-5,597	-7,445	-10,685
Other comprehensive income	-598	-505	-629	-726	-730	-764	-817	-839	-940	-804
Shareholders' equity	1,487	1,770	2,185	2,708	3,769	4,543	4,405	4,997	4,770	3,415
Minority interests	12	16	0	0	4	1	-2	-6	0	0
Total equity	1,499	1,786	2,185	2,708	3,773	4,544	4,403	4,991	4,844	3,415
Total liabilities and equity	7,649	8,586	10,777	11,545	13,609	13,900	14,925	14,286	14,237	15,490
Shares outstanding	493	486	480	476	475	473	464	458	448	425

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	819	862	1,424	1,500	1,636	2,034	2,111	2,340	2,496	2,673
Depreciation and amortization	240	242	308	412	441	448	465	491	497	487
Stock-based compensation	37	44	53	67	59	58	62	60	74	83
Deferred income tax	-55	127	-112	-79	-62	-80	-286	-61	-338	-52
Change in receivables	15	-50	-67	-69	74	-155	-137	-102	-61	-236
Change in inventory	-101	19	61	-104	-346	-366	-486	-361	-40	-199
Change in payables	-28	-10	37	-10	147	-17	-29	13	31	46
Cash from operations	713	1,346	1,790	1,795	2,126	2,213	1,912	2,353	2,953	2,904
Capital expenditures	-216	-224	-338	-460	-453	-477	-586	-732	-655	-621
Acquisitions	-88	0	-1,884	0	0
Purchases of investments				0	0	-12	-9	-4	-5	-7
Sales and maturities of investments		0	28	101	0	0
Cash from investing	-214	-270	-2,259	-504	-572	-458	-883	-777	-315	-748
Debt issued	0	1,231	1,496	0	1,240	0	1,348	0	0	1,848
Debt repaid	-400	-750	0	0	-500	-600	0	-1,350	0	-1,350
Stock issued	36	35	36	39	57	36	15	42	20	9
Share buybacks	-300	-500	-698	-626	-250	-743	-1,594	-1,092	-1,858	-3,235
Dividends paid	-188	-206	-243	-314	-380	-474	-611	-692	-786	-889
Cash from financing	-903	-251	533	-951	123	-1,862	-904	-3,109	-2,660	-1,870
Exchange rate effect	-23	12	-26	-8	-7	-12	-29	-7	-32	39
Net change in cash	-427	837	38	332	1,670	-119	96	-1,540	-54	325
Free cash flow	497	1,122	1,452	1,335	1,673	1,736	1,326	1,621	2,298	2,283
Interest paid	165	167	190	247	257	253	242	295	274	261
Income taxes paid	408	455	336	418	418	548	638	754	892	715

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $71.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.6%	Gross profit / revenue.
Pre-tax margin	34.4%	Pre-tax income / revenue.
Net margin	27.7%	Net income / revenue.
FCF margin	24.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.8%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	83.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.5%	Net income / average total assets.
R&D / revenue	7.6%	Research and development expense / revenue.
SG&A / revenue	25.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.5%	Capital expenditures / revenue.
D&A / revenue	5.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	19.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	19.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-28.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.08x	Current assets / current liabilities.
Quick ratio	1.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.81x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.87x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	60.0%	Total debt / total assets.
Liabilities / assets	79.1%	Total liabilities / total assets.
Net debt	$7.37B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$4.30B	Current assets - current liabilities.
Goodwill and intangibles / assets	24.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$541.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
Fixed asset turnover	2.54x	Revenue / average property, plant and equipment.
Inventory turnover	1.05x	Cost of revenue / average inventory.
Days inventory	347 days	365 x average inventory / cost of revenue.
Receivables turnover	6.06x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	346 days	Days inventory + days sales outstanding - days payables.
FCF conversion	87.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.80	Revenue / diluted weighted shares.
FCF per share	$5.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.80	Cash from operations / diluted weighted shares.
Book value per share	$7.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.31	Tangible book value / shares outstanding.
Cash per share	$4.05	(Cash + short-term investments) / shares outstanding.
Payout ratio	33.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	38.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	157.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$29.36B	Share price x shares outstanding.
Enterprise value	$36.73B	Market cap + total debt - cash - short-term investments.
P/E	11.1x	Market cap / net income. Only when net income is positive.
P/S	3.08x	Market cap / revenue.
P/B	9.33x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	12.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.3x	Market cap / cash from operations, when positive.
EV/Sales	3.86x	Enterprise value / revenue.
EV/FCF	15.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.9%	Free cash flow / market cap.
Earnings yield	9.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	15.4%	(Dividends paid + share buybacks) / market cap.
PEG	1.08x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Zoetis Inc.'s revenue in fiscal 2025?

Zoetis Inc. reported revenue of $9.47B for fiscal 2025, 2.3% higher than the year before.

Was Zoetis Inc. profitable in fiscal 2025?

Yes. Net income was $2.67B, a net margin of 28.2%.

How much free cash flow did Zoetis Inc. generate in fiscal 2025?

Cash from operations of $2.90B minus capital expenditures of $621.0M left free cash flow of $2.28B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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