ZTS financial statements

The full income statement, balance sheet, and cash-flow statement for Zoetis Inc. (ZTS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.47B YoY+2.3%	9.26B YoY+8.3%	8.54B YoY+5.7%	8.08B YoY+3.9%	7.78B YoY+16.5%
Cost of revenue	2.67B YoY-1.9%	2.72B YoY+6.2%	2.56B YoY+4.4%	2.45B YoY+6.6%	2.30B YoY+12.0%
Research & development	698M YoY+1.7%	686M YoY+11.7%	614M YoY+13.9%	539M YoY+6.1%	508M YoY+9.7%
Selling, general & administrative	2.38B YoY+2.6%	2.32B YoY+7.8%	2.15B YoY+7.1%	2.01B YoY+0.4%	2.00B YoY+15.9%
Restructuring	49.0M YoY+14.0%	43.0M YoY-6.5%	46.0M YoY+666.7%	6.00M YoY-81.8%	33.0M YoY+312.5%
Amortization of intangibles	157M YoY-7.6%	170M YoY-8.1%	185M YoY-4.1%	193M YoY-5.4%	204M YoY-11.3%
Interest expense	222M YoY-1.3%	225M YoY-5.9%	239M YoY+8.1%	221M YoY-1.3%	224M YoY-3.0%
Other non-operating income	-6.00M YoY-50.0%	-4.00M YoY-100.0%	-2.00M YoY-114.3%	14.0M YoY+450.0%	-4.00M YoY+20.0%
Pre-tax income	3.36B YoY+7.2%	3.13B YoY+6.7%	2.94B YoY+10.5%	2.66B YoY+6.8%	2.49B YoY+24.6%
Income tax	687M YoY+7.8%	637M YoY+6.9%	596M YoY+9.4%	545M YoY+20.0%	454M YoY+26.1%
	2.67B YoY+7.5%	2.49B YoY+6.1%	2.34B YoY+10.9%	2.11B YoY+3.8%	2.04B YoY+24.4%
Net income to non-controlling interest	0.00 YoY-100.0%	10.0M YoY+350.0%	-4.00M YoY-33.3%	-3.00M YoY+0.0%	-3.00M YoY-50.0%
	$6.02 YoY+10.1%	$5.47 YoY+7.9%	$5.07 YoY+12.9%	$4.49 YoY+5.2%	$4.27 YoY+24.9%
EPS (basic)	$6.03 YoY+10.2%	$5.47 YoY+7.7%	$5.08 YoY+12.6%	$4.51 YoY+5.1%	$4.29 YoY+24.7%
	443M YoY-2.4%	454M YoY-1.5%	461M YoY-1.6%	469M YoY-1.2%	474M YoY-0.2%
	444M YoY-2.4%	455M YoY-1.6%	462M YoY-1.7%	470M YoY-1.3%	477M YoY-0.4%
Dividends per share	$2.03 YoY+13.0%	$1.80 YoY+15.4%	$1.56 YoY+15.3%	$1.35 YoY+25.6%	$1.07 YoY+26.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.77B YoY+13.1%	5.99B YoY-5.6%	6.34B YoY-15.5%	7.51B YoY+8.3%	6.93B YoY+4.8%
Cash & equivalents	2.45B YoY+23.3%	1.99B YoY-2.6%	2.04B YoY-43.0%	3.58B YoY+2.8%	3.48B YoY-3.3%
Accounts receivable	1.41B YoY+7.1%	1.32B YoY+0.9%	1.30B YoY+7.3%	1.22B YoY+7.2%	1.13B YoY+11.8%
Inventory	2.46B YoY+6.9%	2.31B YoY-10.1%	2.56B YoY+9.3%	2.35B YoY+21.9%	1.92B YoY+18.1%
Other current assets	450M YoY+19.4%	377M YoY-13.1%	434M YoY+18.9%	365M YoY-6.2%	389M YoY+6.3%
	15.5B YoY+8.8%	14.2B YoY-0.3%	14.3B YoY-4.3%	14.9B YoY+7.4%	13.9B YoY+2.1%
Property, plant & equipment	3.69B YoY+8.9%	3.39B YoY+5.8%	3.20B YoY+16.4%	2.75B YoY+13.7%	2.42B YoY+10.0%
Operating lease right-of-use	289M YoY+32.0%	219M YoY-4.8%	230M YoY+4.5%	220M YoY+21.5%	181M YoY-5.7%
Goodwill	2.77B YoY+1.8%	2.72B YoY-1.3%	2.76B YoY+0.5%	2.75B YoY+2.4%	2.68B YoY-0.4%
Intangible assets	998M YoY-11.4%	1.13B YoY-15.8%	1.34B YoY-3.0%	1.38B YoY-6.4%	1.47B YoY-13.8%
Deferred tax assets	636M YoY+17.8%	540M YoY+162.1%	206M YoY+19.1%	173M YoY+73.0%	100M YoY+6.4%
Other non-current assets	327M YoY+30.8%	250M YoY+21.4%	206M YoY+40.1%	147M YoY+32.4%	111M YoY+4.7%
	2.17B YoY-36.3%	3.41B YoY+80.6%	1.89B YoY-40.4%	3.17B YoY+76.2%	1.80B YoY-17.2%
Accounts payable	445M YoY+2.8%	433M YoY+5.4%	411M YoY+1.5%	405M YoY-7.1%	436M YoY-4.6%
Accrued liabilities	852M YoY+14.2%	746M YoY+9.2%	683M YoY+0.1%	682M YoY-3.9%	710M YoY+27.7%
Short-term & current debt	0.00 YoY-100.0%	1.35B	0.00 YoY-100.0%	1.35B	0.00 YoY-100.0%
Current lease liability	52.0M YoY+2.0%	51.0M YoY+6.3%	48.0M YoY+11.6%	43.0M YoY+4.9%	41.0M YoY+2.5%
Other current liabilities	109M YoY-12.8%	125M YoY+22.5%	102M YoY+5.2%	97.0M YoY+44.8%	67.0M YoY-28.0%
	12.1B YoY+27.5%	9.47B YoY+1.9%	9.29B YoY-11.7%	10.5B YoY+12.5%	9.36B YoY-4.9%
Long-term debt	9.04B YoY+73.2%	5.22B YoY-20.5%	6.56B YoY+0.2%	6.55B YoY-0.6%	6.59B YoY-0.0%
Non-current lease liability	197M YoY+13.2%	174M YoY-7.4%	188M YoY+1.1%	186M YoY+23.2%	151M YoY-7.4%
Deferred tax liabilities	137M YoY-18.0%	167M YoY+14.4%	146M YoY+2.8%	142M YoY-55.6%	320M YoY-15.3%
Other non-current liabilities	250M YoY+12.6%	222M YoY-6.3%	237M YoY+9.2%	217M YoY-9.2%	239M YoY-11.5%
	3.42B YoY-28.4%	4.77B YoY-4.5%	5.00B YoY+13.4%	4.41B YoY-3.0%	4.54B YoY+20.5%
Common stock	5.00M YoY+0.0%	5.00M YoY+0.0%	5.00M YoY+0.0%	5.00M YoY+0.0%	5.00M YoY+0.0%
Additional paid-in capital	1.10B YoY-6.9%	1.18B YoY+4.3%	1.13B YoY+4.1%	1.09B YoY+1.9%	1.07B YoY+0.3%
Retained earnings	13.8B YoY+15.3%	12.0B YoY+16.3%	10.3B YoY+18.8%	8.67B YoY+20.6%	7.19B YoY+27.0%
Treasury stock	10.7B YoY+43.5%	7.45B YoY+33.0%	5.60B YoY+23.3%	4.54B YoY+53.8%	2.95B YoY+32.4%
Accumulated other comprehensive income	-804M YoY+14.5%	-940M YoY-12.0%	-839M YoY-2.7%	-817M YoY-6.9%	-764M YoY-4.7%
Non-controlling interest	0.00	0.00 YoY+100.0%	-6.00M YoY-200.0%	-2.00M YoY-300.0%	1.00M YoY-75.0%
Total equity incl. non-controlling	3.42B YoY-29.5%	4.84B YoY-2.9%	4.99B YoY+13.4%	4.40B YoY-3.1%	4.54B YoY+20.4%
Total liabilities & equity	15.5B YoY+8.8%	14.2B YoY-0.3%	14.3B YoY-4.3%	14.9B YoY+7.4%	13.9B YoY+2.1%
	502M YoY+0.0%	502M YoY-0.0%	502M YoY+0.0%	502M YoY+0.0%	502M YoY+0.0%
	425M YoY-5.3%	448M YoY-2.2%	458M YoY-1.2%	464M YoY-1.9%	473M YoY-0.6%
	422M YoY-5.7%	448M YoY-2.2%	458M YoY-1.2%	463M YoY-1.8%	472M YoY-0.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.90B YoY-1.7%	2.95B YoY+25.5%	2.35B YoY+23.1%	1.91B YoY-13.6%	2.21B YoY+4.1%
Depreciation & amortization	487M YoY-2.0%	497M YoY+1.2%	491M YoY+5.6%	465M YoY+3.8%	448M YoY+1.6%
Share-based compensation	83.0M YoY+12.2%	74.0M YoY+23.3%	60.0M YoY-3.2%	62.0M YoY+6.9%	58.0M YoY-1.7%
Deferred income taxes	-52.0M YoY+84.6%	-338M YoY-454.1%	-61.0M YoY+78.7%	-286M YoY-257.5%	-80.0M YoY-29.0%
Change in receivables	236M YoY+286.9%	61.0M YoY-40.2%	102M YoY-25.5%	137M YoY-11.6%	155M YoY+309.5%
Change in inventory	199M YoY+397.5%	40.0M YoY-88.9%	361M YoY-25.7%	486M YoY+32.8%	366M YoY+5.8%
Change in payables	46.0M YoY+48.4%	31.0M YoY+138.5%	13.0M YoY+144.8%	-29.0M YoY-70.6%	-17.0M YoY-111.6%
	-748M YoY-137.5%	-315M YoY+59.5%	-777M YoY+12.0%	-883M YoY-92.8%	-458M YoY+19.9%
Capital expenditure	621M YoY-5.2%	655M YoY-10.5%	732M YoY+24.9%	586M YoY+22.9%	477M YoY+5.3%
Free cash flow	2.28B YoY-0.7%	2.30B YoY+41.8%	1.62B YoY+22.2%	1.33B YoY-23.6%	1.74B YoY+3.8%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Purchases of investments	7.00M YoY+40.0%	5.00M YoY+25.0%	4.00M YoY-55.6%	9.00M YoY-25.0%	12.0M
Sales/maturities of investments	—	—	—	—	0.00
Proceeds from sale of PP&E	—	1.00M YoY-75.0%	4.00M YoY+300.0%	1.00M YoY-50.0%	2.00M YoY-90.5%
Other investing activities	-1.00M YoY-150.0%	2.00M YoY+133.3%	-6.00M	0.00 YoY-100.0%	1.00M
	-1.87B YoY+29.7%	-2.66B YoY+14.4%	-3.11B YoY-243.9%	-904M YoY+51.5%	-1.86B YoY-1613.8%
Long-term debt issued	1.85B	0.00	0.00 YoY-100.0%	1.35B	0.00 YoY-100.0%
Long-term debt repaid	1.35B	0.00 YoY-100.0%	1.35B	0.00 YoY-100.0%	600M YoY+20.0%
Net short-term debt	0.00 YoY+100.0%	-3.00M YoY-400.0%	1.00M YoY-50.0%	2.00M YoY+150.0%	-4.00M YoY-200.0%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	3.23B YoY+74.1%	1.86B YoY+70.1%	1.09B YoY-31.5%	1.59B YoY+114.5%	743M YoY+197.2%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	-3.00M	0.00	0.00	—	—
FX effect on cash	39.0M YoY+221.9%	-32.0M YoY-357.1%	-7.00M YoY+75.9%	-29.0M YoY-141.7%	-12.0M YoY-71.4%
Net change in cash	325M YoY+701.9%	-54.0M YoY+96.5%	-1.54B YoY-1704.2%	96.0M YoY+180.7%	-119M YoY-107.1%
Interest paid	261M YoY-4.7%	274M YoY-7.1%	295M YoY+21.9%	242M YoY-4.3%	253M YoY-1.6%
Income taxes paid	715M YoY-19.8%	892M YoY+18.3%	754M YoY+18.2%	638M YoY+16.4%	548M YoY+31.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	53.1B YoY-27.2%	73.0B YoY-19.5%	90.6B YoY+32.7%	68.3B YoY-40.7%	115B YoY+46.5%
P/E	19.9× YoY-32.3%	29.3× YoY-26.2%	39.7× YoY+20.3%	33.0× YoY-41.6%	56.5× YoY+17.8%
P/S	5.6× YoY-28.8%	7.9× YoY-27.2%	10.8× YoY+26.9%	8.5× YoY-42.4%	14.8× YoY+25.7%
P/B	15.6× YoY+1.7%	15.3× YoY-14.3%	17.8× YoY+21.8%	14.6× YoY-42.2%	25.4× YoY+21.5%
P/FCF	23.3× YoY-26.7%	31.7× YoY-47.7%	60.7× YoY+12.7%	53.9× YoY-18.7%	66.3× YoY+41.1%
	5.0% YoY+47.7%	3.4% YoY+35.4%	2.5% YoY-16.9%	3.0% YoY+71.1%	1.8% YoY-15.1%
	4.3% YoY+36.5%	3.1% YoY+91.3%	1.6% YoY-11.2%	1.9% YoY+23.1%	1.5% YoY-29.2%
	1.6% YoY+46.4%	1.1% YoY+39.7%	0.79% YoY-14.4%	0.92% YoY+109.1%	0.44% YoY-14.2%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ZTS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ZTS filings on SEC EDGAR → Not investment advice.