Zoetis Inc. (ZTS) financials
NYSE · Healthcare · Drug Manufacturers - Specialty & Generic · 14,500 employees · CEO Kristin C. Peck
- Price
- $82.11 -7.95%
- Market cap
- $33.9B
- Enterprise value
- $32.8B
- Last report
- Q3 '26 filed 2026-11-05
- Next report
- 2027-02-11 EPS est. $1.29
Revenue (TTM)$9.51B+1.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)37.0%-0.6 pp vs a year agoOperating income $3.52B
Net income (TTM)$2.49B-6.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.28B+1.7% vs a year agoCapex $495M
Diluted EPS (TTM)$5.88-1.0% vs a year agoSum of the last 4 quarters
Net cash$1.35B+125.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $33.9B EV $32.8B
- Revenue
- $9.51B Trailing 12 months
- Revenue growth
- -2% FY2026 consensus
- Profit margin
- 26.1% Net income / revenue, TTM
- P/E
- 13.9× Forward 13.2× (FY2026)
- P/S
- 3.6× Price / sales, TTM
- EV / EBITDA
- 8.5× TTM
- Free cash flow
- $2.28B Trailing 12 months
- Net income
- $2.49B Trailing 12 months
- Revenue estimate
- $9.27B FY2026 consensus
- Earnings
- 2027-02-11 Revenue est. $2.23B
- Dividend
- $2.12 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-11-05): revenue beat by 3.8%, EPS beat by 15.9%Revenue $2.39B vs $2.3B expected (+3.8%); EPS $1.75 vs $1.51 (+15.9%).
- Revenue growth slowing: -0.4% year on yearQ3 '26 revenue $2.39B, against an average of 1.4% over the four quarters before.
- Operating margin 37.0% (TTM), -0.6 pp on a year agoOperating income grew -0.4% while revenue grew 1.2%.
- 13.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $3.11B vs operating income $3.52B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.2% of revenue (a year ago 7.2%)$495M invested in the last 4 quarters (-26.8% on a year earlier). Free cash flow $2.28B = 91.6% of net income.
- Returned $4.42B to shareholders = 193.9% of free cash flowBuybacks $3.75B (a year earlier $1.73B), dividends $667M, stock-based pay $100M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 7.1% in a year412M diluted shares in Q3 '26, 443M a year earlier.
- Net cash $1.35BCash + short-term investments $1.53B, debt incl. leases $188M; a year ago net debt $5.19B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.39B | $2.4B | -0.4% |
| Gross margin | 70.8% | 70.2% | +0.6 pp |
| Operating income | $937M | $936M | +0.1% |
| Operating margin | 39.2% | 39.0% | +0.2 pp |
| Net income | $591M | $721M | -18.0% |
| Diluted EPS | $1.44 | $1.63 | -11.7% |
| Operating cash flow | $824M | $938M | -12.2% |
| Capex | $107M | $133M | -19.5% |
| Free cash flow | $717M | $805M | -10.9% |
| R&D | $174M | $170M | +2.4% |
| Stock-based compensation | $27M | $22M | +22.7% |
Reported vs consensus
2026-11-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.39B | $2.3B | +3.8% |
| EPS (as estimated) | $1.75 | $1.51 | +15.9% |
From the report of 2026-11-05 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Horses | $73M | +10.6% | 3.1% | $6.3B | +5.0% | |
| Dogs and Cats | $1.49B | -5.9% | 64.0% | $4.57B | +727.7% | |
| Cattle | $439M | +10.0% | 18.8% | $1.64B | +10.8% | |
| Swine | $120M | +8.1% | 5.2% | $485M | +3.4% | |
| Poultry | $108M | +1.9% | 4.6% | $458M | +6.0% | |
| Fish | $98M | +25.6% | 4.2% | $328M | +21.5% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States Segment | $1.25B | -5.7% | 52.8% | $4.84B | -5.5% | |
| International Segment | $1.12B | +5.8% | 47.2% | $4.56B | +9.3% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.77B
- Capex
- -$495M
- Buybacks
- -$3.75B
- Dividends
- -$667M
- Acquisitions
- -$169M
- Net debt issued
- $1.78B
- Stock-based compensation
- $100M
- Free cash flow
- $2.28B
- Returned to shareholders / FCF
- 193.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 13.9× | 35.8× | 20.9× – 56.9× |
| EV / EBITDA | 8.5× | 24.2× | 15.5× – 37.5× |
| EV / Sales | 3.4× | 10.1× | 6.7× – 15.3× |
| Price / FCF | 14.9× | 46.3× | 24.4× – 66.7× |
| Price / Book | 10.2× | 18.3× | 15.5× – 25.5× |
| FCF yield | 6.7% | 2.5% | 1.5% – 4.1% |
| Return on invested capital | 22.7% | 20.0% | 17.8% – 22.2% |
| Return on equity | 76.4% | 54.4% | 44.8% – 80.2% |
Analysts
Consensus target $84.75 (+3.2%)
range $74.00 – $95.00 · rating Hold
Strong buy1
Buy13
Hold18
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $9.27B | -2.1% | $6.21 | +3.2% | 13.2× | 10 |
| FY2027 | $9.34B | +0.8% | $6.34 | +2.0% | 13.0× | 10 |
| FY2028 | $9.67B | +3.6% | $6.76 | +6.8% | 12.1× | 7 |
| FY2029 | $10.2B | +5.0% | $7.93 | +17.3% | 10.4× | 2 |
| FY2030 | $10.6B | +4.7% | $8.75 | +10.3% | 9.4× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 347 figures Zoetis Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $419M | $410M | +2.2% | $487M | $433M | +12.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.69B | $1.54B | +9.8% | $1.59B | $1.32B | +20.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $14M | $18M | -22.2% | $16M | $18M | -11.1% |
| Accrued Income Taxes, Noncurrent | $295M | $270M | +9.3% | $276M | $272M | +1.5% |
| Accrued Liabilities, Current | $852M2025-12-31 | $746M | +14.2% | $852M | $746M | +14.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $3.14B | $2.87B | +9.2% | $2.93B | $2.64B | +11.0% |
| Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $4M2025-12-31 | $2M | +100.0% | $4M | $2M | +100.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$755M | -$818M | +7.7% | -$834M | -$940M | +11.3% |
| Additional Paid in Capital | $1.16B | $1.22B | -5.6% | $1.1B | $1.18B | -6.9% |
| AdjustmentToAdditionalPaidInCapitalConvertibleDebtInstrumentIssuedAtSubstantialPremium | – | – | – | -$145M | – | – |
| Advertising Expense | – | – | – | $308M | $302M | +2.0% |
| Amortization of Intangible Assets | $39M | $39M | 0.0% | $157M | $170M | -7.6% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $26M | $22M | +18.2% | $73M | $65M | +12.3% |
| Asset Impairment Charges | $93M | $9M | +933.3% | $47M | $31M | +51.6% |
| Asset Retirement Obligations, Noncurrent | $25M2025-12-31 | $23M | +8.7% | $25M | $23M | +8.7% |
| Assets | $15.1B | $15.2B | -0.5% | $15.5B | $14.2B | +8.6% |
| Assets, Current | $6.29B | $6.58B | -4.4% | $6.77B | $5.99B | +13.1% |
| Buildings and Improvements, Gross | $1.55B2025-12-31 | $1.29B | +19.9% | $1.55B | $1.29B | +19.9% |
| Business Exit Costs | $1M | $5M | -80.0% | $7M | $0 | – |
| Capital Expenditures Incurred but Not yet Paid | $0 | $0 | – | $4M | $3M | +33.3% |
| Capitalized Computer Software, Amortization | – | – | – | $46M | $61M | -24.6% |
| Capitalized Computer Software, Net | $18M2025-12-31 | $18M | 0.0% | $18M | $18M | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $1.33B | $2.08B | -36.0% | $1.56B2017-12-31 | $727M | +115.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.33B | $2.27B | -41.3% | $2.31B | $1.99B | +16.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$143M | $638M | -122.4% | $325M | -$54M | +701.9% |
| Commercial Paper | $0 | $0 | – | $0 | $0 | – |
| Common Stock, Dividends, Per Share, Cash Paid | – | – | – | $2.03 | $1.80 | +13.0% |
| Common Stock, Dividends, Per Share, Declared | $0.00 | $0.00 | – | – | – | – |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 6B | 6B | 0.0% | 6B | 6B | 0.0% |
| Common Stock, Shares, Issued | 502M | 502M | 0.0% | 502M | 502M | 0.0% |
| Common Stock, Shares, Outstanding | 407M | 441M | -7.7% | 425M | 448M | -5.3% |
| Common Stock, Value, Issued | $5M | $5M | 0.0% | $5M | $5M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $0 | $0 | – | $0 | $10M | -100.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $632M | $743M | -14.9% | $2.78B | $2.39B | +16.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $632M | $743M | -14.9% | $2.78B | $2.4B | +16.0% |
| Construction in Progress, Gross | $1.3B2025-12-31 | $1.35B | -4.3% | $1.3B | $1.35B | -4.3% |
| Contract with Customer, Liability | $18M | $18M | 0.0% | $17M | $18M | -5.6% |
| Contract with Customer, Liability, Revenue Recognized | $1M | $6M | -83.3% | $11M | $4M | +175.0% |
| Cost of Goods and Services Sold | $698M | $697M | +0.1% | $2.67B | $2.72B | -1.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $223M | $645M | -65.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $327M | $265M | +23.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $56M | $65M | -13.8% |
| Debt Instrument, Unamortized Discount (Premium), Net | -$81M | -$64M | -26.6% | $93M | $54M | +72.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $116M | -$297M | +139.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$49M | $1M | -5,000.0% |
| Deferred Income Tax Assets, Net | $608M | $587M | +3.6% | $637M | $540M | +18.0% |
| Deferred Income Tax Expense (Benefit) | -$12M | -$16M | +25.0% | -$52M | -$338M | +84.6% |
| Deferred Income Tax Liabilities, Net | $104M | $147M | -29.3% | $139M | $167M | -16.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $14M | -$42M | +133.3% |
| Deferred Tax Asset, Interest Carryforward | $12M2025-12-31 | $3M | +300.0% | $12M | $3M | +300.0% |
| Deferred Tax Assets, Derivative Instruments | $56M2025-12-31 | $0 | – | $56M | $0 | – |
| Deferred Tax Assets, Hedging Transactions | $42M2025-12-31 | $0 | – | $42M | $0 | – |
| Deferred Tax Assets, in Process Research and Development | $410M2025-12-31 | $301M | +36.2% | $410M | $301M | +36.2% |
| Deferred Tax Assets, Inventory | $24M2025-12-31 | $21M | +14.3% | $24M | $21M | +14.3% |
| Deferred Tax Assets, Net | $498M2025-12-31 | $373M | +33.5% | $498M | $373M | +33.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $608M | $587M | +3.6% | – | – | – |
| Deferred Tax Assets, Operating Loss Carryforwards | $165M2025-12-31 | $139M | +18.7% | $165M | $139M | +18.7% |
| Deferred Tax Assets, Other | $7M2025-12-31 | $0 | – | $7M | $0 | – |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $73M2025-12-31 | $74M | -1.4% | $73M | $74M | -1.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-06