ZTS
Zoetis Inc.Stock · HealthcareS&P 500 Equal Weight 0.2% · MSCI ACWI 0.05% · S&P 500 0.05% · Russell 1000 0.04% · Russell 3000 0.04% · MSCI World 0.04% · US Stock Market 0.04%$72.97+0.15%
as of market close, Sep 11, 2026
☾ AH — —
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.
Shares outstanding (point-in-time)
2024-06 453.1M2024-09 451.2M2024-12 447.8M2025-03 445.2M2025-06 443.2M2025-09 440.7M2025-12 422.1M2026-03 419.2M2026-06 413.2M-8.8% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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+2.3% | 9.26B+8.3% | 8.54B+5.7% | 8.08B+3.9% | 7.78B+16.5% | |
| Cost of revenue | 2.67B-1.9% | 2.72B+6.2% | 2.56B+4.4% | 2.45B+6.6% | 2.30B+12.0% | |
| Research & development | 698M+1.7% | 686M+11.7% | 614M+13.9% | 539M+6.1% | 508M+9.7% | |
| Selling, general & administrative | 2.38B+2.6% | 2.32B+7.8% | 2.15B+7.1% | 2.01B+0.4% | 2.00B+15.9% | |
| Restructuring | 49.0M+14.0% | 43.0M-6.5% | 46.0M+666.7% | 6.00M-81.8% | 33.0M+312.5% | |
| Amortization of intangibles | 157M-7.6% | 170M-8.1% | 185M-4.1% | 193M-5.4% | 204M-11.3% | |
| Interest expense | 222M-1.3% | 225M-5.9% | 239M+8.1% | 221M-1.3% | 224M-3.0% | |
| Other non-operating income | -6.00M-50.0% | -4.00M-100.0% | -2.00M-114.3% | 14.0M+450.0% | -4.00M+20.0% | |
| Pre-tax income | 3.36B+7.2% | 3.13B+6.7% | 2.94B+10.5% | 2.66B+6.8% | 2.49B+24.6% | |
| Income tax | 687M+7.8% | 637M+6.9% | 596M+9.4% | 545M+20.0% | 454M+26.1% | |
| 2.67B+7.5% | 2.49B+6.1% | 2.34B+10.9% | 2.11B+3.8% | 2.04B+24.4% | ||
| Net income to non-controlling interest | 0.00-100.0% | 10.0M+350.0% | -4.00M-33.3% | -3.00M+0.0% | -3.00M-50.0% | |
| $6.02+10.1% | $5.47+7.9% | $5.07+12.9% | $4.49+5.2% | $4.27+24.9% | ||
| EPS (basic) | $6.03+10.2% | $5.47+7.7% | $5.08+12.6% | $4.51+5.1% | $4.29+24.7% | |
| Weighted-avg shares (basic) | 443M-2.4% | 454M-1.5% | 461M-1.6% | 469M-1.2% | 474M-0.2% | |
| Weighted-avg shares (diluted) | 444M-2.4% | 455M-1.6% | 462M-1.7% | 470M-1.3% | 477M-0.4% | |
| Dividends per share | $2.03+13.0% | $1.80+15.4% | $1.56+15.3% | $1.35+25.6% | $1.07+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+13.1% | 5.99B-5.6% | 6.34B-15.5% | 7.51B+8.3% | 6.93B+4.8% | ||
| Cash & equivalents | 2.45B+23.3% | 1.99B-2.6% | 2.04B-43.0% | 3.58B+2.8% | 3.48B-3.3% | |
| Short-term investments | 0.00 | — | — | — | — | |
| Accounts receivable | 1.41B+7.1% | 1.32B+0.9% | 1.30B+7.3% | 1.22B+7.2% | 1.13B+11.8% | |
| Inventory | 2.46B+6.9% | 2.31B-10.1% | 2.56B+9.3% | 2.35B+21.9% | 1.92B+18.1% | |
| Other current assets | 450M+19.4% | 377M-13.1% | 434M+18.9% | 365M-6.2% | 389M+6.3% | |
| 15.5B+8.8% | 14.2B-0.3% | 14.3B-4.3% | 14.9B+7.4% | 13.9B+2.1% | ||
| Property, plant & equipment | 3.69B+8.9% | 3.39B+5.8% | 3.20B+16.4% | 2.75B+13.7% | 2.42B+10.0% | |
| Operating lease right-of-use | 289M+32.0% | 219M-4.8% | 230M+4.5% | 220M+21.5% | 181M-5.7% | |
| Goodwill | 2.77B+1.8% | 2.72B-1.3% | 2.76B+0.5% | 2.75B+2.4% | 2.68B-0.4% | |
| Intangible assets | 998M-11.4% | 1.13B-15.8% | 1.34B-3.0% | 1.38B-6.4% | 1.47B-13.8% | |
| Deferred tax assets | 636M+17.8% | 540M+162.1% | 206M+19.1% | 173M+73.0% | 100M+6.4% | |
| Other non-current assets | 327M+30.8% | 250M+21.4% | 206M+40.1% | 147M+32.4% | 111M+4.7% | |
| 2.17B-36.3% | 3.41B+80.6% | 1.89B-40.4% | 3.17B+76.2% | 1.80B-17.2% | ||
| Accounts payable | 445M+2.8% | 433M+5.4% | 411M+1.5% | 405M-7.1% | 436M-4.6% | |
| Accrued liabilities | 852M+14.2% | 746M+9.2% | 683M+0.1% | 682M-3.9% | 710M+27.7% | |
| Short-term & current debt | 0.00-100.0% | 1.35B | 0.00-100.0% | 1.35B | 0.00-100.0% | |
| Current lease liability | 52.0M+2.0% | 51.0M+6.3% | 48.0M+11.6% | 43.0M+4.9% | 41.0M+2.5% | |
| Other current liabilities | 109M-12.8% | 125M+22.5% | 102M+5.2% | 97.0M+44.8% | 67.0M-28.0% | |
| Finance lease liability (current) | 1.00M+0.0% | 1.00M+0.0% | 1.00M | 0.00 | — | |
| 12.1B+27.5% | 9.47B+1.9% | 9.29B-11.7% | 10.5B+12.5% | 9.36B-4.9% | ||
| Long-term debt | 9.04B+73.2% | 5.22B-20.5% | 6.56B+0.2% | 6.55B-0.6% | 6.59B-0.0% | |
| Non-current lease liability | 197M+13.2% | 174M-7.4% | 188M+1.1% | 186M+23.2% | 151M-7.4% | |
| Operating lease liability (total) | 248M+10.2% | 225M-4.7% | 236M+3.1% | 229M+19.3% | 192M-5.4% | |
| Finance lease liability (total) | 7.00M-12.5% | 8.00M-11.1% | 9.00M | — | — | |
| Finance lease liability | 6.00M-14.3% | 7.00M-12.5% | 8.00M | 0.00 | — | |
| Deferred tax liabilities | 137M-18.0% | 167M+14.4% | 146M+2.8% | 142M-55.6% | 320M-15.3% | |
| Other non-current liabilities | 250M+12.6% | 222M-6.3% | 237M+9.2% | 217M-9.2% | 239M-11.5% | |
| 3.42B-28.4% | 4.77B-4.5% | 5.00B+13.4% | 4.41B-3.0% | 4.54B+20.5% | ||
| Common stock | 5.00M+0.0% | 5.00M+0.0% | 5.00M+0.0% | 5.00M+0.0% | 5.00M+0.0% | |
| Additional paid-in capital | 1.10B-6.9% | 1.18B+4.3% | 1.13B+4.1% | 1.09B+1.9% | 1.07B+0.3% | |
| Retained earnings | 13.8B+15.3% | 12.0B+16.3% | 10.3B+18.8% | 8.67B+20.6% | 7.19B+27.0% | |
| Treasury stock | 10.7B+43.5% | 7.45B+33.0% | 5.60B+23.3% | 4.54B+53.8% | 2.95B+32.4% | |
| Accumulated other comprehensive income | -804M+14.5% | -940M-12.0% | -839M-2.7% | -817M-6.9% | -764M-4.7% | |
| Non-controlling interest | 0.00 | 0.00+100.0% | -6.00M-200.0% | -2.00M-300.0% | 1.00M-75.0% | |
| Total equity incl. non-controlling | 3.42B-29.5% | 4.84B-2.9% | 4.99B+13.4% | 4.40B-3.1% | 4.54B+20.4% | |
| Total liabilities & equity | 15.5B+8.8% | 14.2B-0.3% | 14.3B-4.3% | 14.9B+7.4% | 13.9B+2.1% | |
| Common shares issued | 502M+0.0% | 502M-0.0% | 502M+0.0% | 502M+0.0% | 502M+0.0% | |
| Common shares outstanding | 425M-5.3% | 448M-2.2% | 458M-1.2% | 464M-1.9% | 473M-0.6% | |
| Shares outstanding (cover) | 422M-5.7% | 448M-2.2% | 458M-1.2% | 463M-1.8% | 472M-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-1.7% | 2.95B+25.5% | 2.35B+23.1% | 1.91B-13.6% | 2.21B+4.1% | ||
| Depreciation & amortization | 487M-2.0% | 497M+1.2% | 491M+5.6% | 465M+3.8% | 448M+1.6% | |
| Intangible amortization | 157M-7.6% | 170M-8.1% | 185M-4.1% | 193M-5.4% | 204M-11.3% | |
| Share-based compensation | 83.0M+12.2% | 74.0M+23.3% | 60.0M-3.2% | 62.0M+6.9% | 58.0M-1.7% | |
| Deferred income taxes | -52.0M+84.6% | -338M-454.1% | -61.0M+78.7% | -286M-257.5% | -80.0M-29.0% | |
| Change in receivables | 236M+286.9% | 61.0M-40.2% | 102M-25.5% | 137M-11.6% | 155M+309.5% | |
| Change in inventory | 199M+397.5% | 40.0M-88.9% | 361M-25.7% | 486M+32.8% | 366M+5.8% | |
| Change in payables | 46.0M+48.4% | 31.0M+138.5% | 13.0M+144.8% | -29.0M-70.6% | -17.0M-111.6% | |
| -748M-137.5% | -315M+59.5% | -777M+12.0% | -883M-92.8% | -458M+19.9% | ||
| Capital expenditure | 621M-5.2% | 655M-10.5% | 732M+24.9% | 586M+22.9% | 477M+5.3% | |
| Free cash flow | 2.28B-0.7% | 2.30B+41.8% | 1.62B+22.2% | 1.33B-23.6% | 1.74B+3.8% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Purchases of investments | 7.00M+40.0% | 5.00M+25.0% | 4.00M-55.6% | 9.00M-25.0% | 12.0M | |
| Sales/maturities of investments | — | — | — | — | 0.00 | |
| Proceeds from sale of PP&E | — | 1.00M-75.0% | 4.00M+300.0% | 1.00M-50.0% | 2.00M-90.5% | |
| Other investing activities | -1.00M-150.0% | 2.00M+133.3% | -6.00M | 0.00-100.0% | 1.00M | |
| -1.87B+29.7% | -2.66B+14.4% | -3.11B-243.9% | -904M+51.5% | -1.86B-1613.8% | ||
| Long-term debt issued | 1.85B | 0.00 | 0.00-100.0% | 1.35B | 0.00-100.0% | |
| Long-term debt repaid | 1.35B | 0.00-100.0% | 1.35B | 0.00-100.0% | 600M+20.0% | |
| Net short-term debt | 0.00+100.0% | -3.00M-400.0% | 1.00M-50.0% | 2.00M+150.0% | -4.00M-200.0% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 3.23B+74.1% | 1.86B+70.1% | 1.09B-31.5% | 1.59B+114.5% | 743M+197.2% | |
| Dividends paid | 889M+13.1% | 786M+13.6% | 692M+13.3% | 611M+28.9% | 474M+24.7% | |
| Other financing activities | -3.00M | 0.00 | 0.00 | — | — | |
| FX effect on cash | 39.0M+221.9% | -32.0M-357.1% | -7.00M+75.9% | -29.0M-141.7% | -12.0M-71.4% | |
| Net change in cash | 325M+701.9% | -54.0M+96.5% | -1.54B-1704.2% | 96.0M+180.7% | -119M-107.1% | |
| Interest paid | 261M-4.7% | 274M-7.1% | 295M+21.9% | 242M-4.3% | 253M-1.6% | |
| Income taxes paid | 715M-19.8% | 892M+18.3% | 754M+18.2% | 638M+16.4% | 548M+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-27.2% | 73.0B-19.5% | 90.6B+32.7% | 68.3B-40.7% | 115B+46.5% | |
| P/E | 19.9×-32.3% | 29.3×-26.2% | 39.7×+20.3% | 33.0×-41.6% | 56.5×+17.8% | |
| P/S | 5.6×-28.8% | 7.9×-27.2% | 10.8×+26.9% | 8.5×-42.4% | 14.8×+25.7% | |
| P/B | 15.6×+1.7% | 15.3×-14.3% | 17.8×+21.8% | 14.6×-42.2% | 25.4×+21.5% | |
| P/FCF | 23.3×-26.7% | 31.7×-47.7% | 60.7×+12.7% | 53.9×-18.7% | 66.3×+41.1% | |
| Earnings yield | 5.0%+47.7% | 3.4%+35.4% | 2.5%-16.9% | 3.0%+71.1% | 1.8%-15.1% | |
| FCF yield | 4.3%+36.5% | 3.1%+91.3% | 1.6%-11.2% | 1.9%+23.1% | 1.5%-29.2% | |
| Dividend yield | 1.6%+46.4% | 1.1%+39.7% | 0.79%-14.4% | 0.92%+109.1% | 0.44%-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.