Zoetis Inc Financials

ZTS

Source SEC Filings (10-K/10-Q) Updated Feb 12, 2026 Currency USD FYE February

This page shows Zoetis Inc (ZTS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 62/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Zoetis Inc's revenue declined 100% year-over-year, from $9.3B to $9K. This contraction results in a growth score of 0/100.

Leverage

Zoetis Inc has elevated debt relative to equity (D/E of 2.71), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 11/100, reflecting increased financial risk.

Liquidity

100

With a current ratio of 3.03, Zoetis Inc holds $3.03 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

100

Zoetis Inc converts 24.1% of revenue into free cash flow ($2K). This strong cash generation earns a score of 100/100.

Returns

100

Zoetis Inc earns a strong 80.3% return on equity (ROE), meaning it generates $80 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 52.1% the prior year.

Piotroski F-Score Neutral

5/9

Zoetis Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.09x

For every $1 of reported earnings, Zoetis Inc generates $1.09 in operating cash flow ($3K OCF vs $3K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$9K

YoY-100.0%

5Y CAGR-93.2%

10Y CAGR-73.1%

Zoetis Inc generated $9K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EBITDA

N/A

Free Cash Flow

$2K

YoY-100.0%

5Y CAGR-93.3%

10Y CAGR-70.4%

Zoetis Inc generated $2K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 100.0% from the prior year.

Net Income

$3K

YoY-100.0%

5Y CAGR-93.0%

10Y CAGR-69.1%

Zoetis Inc reported $3K in net income in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EPS (Diluted)

$6.02

YoY+10.1%

5Y CAGR+12.0%

10Y CAGR+24.4%

Zoetis Inc earned $6.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 10.1% from the prior year.

Cash & Debt

$2.3B

YoY+16.4%

5Y CAGR-8.5%

10Y CAGR+7.2%

Zoetis Inc held $2.3B in cash against $9K in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.03

YoY+13.0%

5Y CAGR+19.0%

10Y CAGR+19.4%

Zoetis Inc paid $2.03 per share in dividends in fiscal year 2025. This represents an increase of 13.0% from the prior year.

Shares Outstanding

422M

YoY-5.7%

5Y CAGR-2.3%

10Y CAGR-1.6%

Zoetis Inc had 422M shares outstanding in fiscal year 2025. This represents a decrease of 5.7% from the prior year.

Gross Margin

45.0%

YoY-25.7pp

5Y CAGR-24.2pp

10Y CAGR-18.6pp

Zoetis Inc's gross margin was 45.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 25.7 percentage points from the prior year.

Operating Margin

N/A

Net Margin

28.2%

YoY+1.4pp

5Y CAGR+3.7pp

10Y CAGR+21.1pp

Zoetis Inc's net profit margin was 28.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.4 percentage points from the prior year.

Return on Equity

80.3%

YoY+28.1pp

5Y CAGR+36.8pp

10Y CAGR+48.5pp

Zoetis Inc's ROE was 80.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 28.1 percentage points from the prior year.

R&D Spending

$698

YoY-100.0%

5Y CAGR-93.2%

10Y CAGR-73.2%

Zoetis Inc invested $698 in research and development in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

Share Buybacks

$3K

YoY-100.0%

5Y CAGR-89.5%

10Y CAGR-66.9%

Zoetis Inc spent $3K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$621

YoY-100.0%

5Y CAGR-93.3%

10Y CAGR-72.2%

Zoetis Inc invested $621 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

ZTS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9K-100.0%	$9.3B+8.3%	$8.5B+5.7%	$8.1B+3.9%	$7.8B+16.5%	$6.7B
Cost of Revenue	$3K-100.0%	$2.7B+6.2%	$2.6B+4.4%	$2.5B+6.6%	$2.3B+12.0%	$2.1B
Gross Profit	$4K-100.0%	$6.5B+9.3%	$6.0B+6.3%	$5.6B+2.8%	$5.5B+18.5%	$4.6B
R&D Expenses	$698-100.0%	$686.0M+11.7%	$614.0M+13.9%	$539.0M+6.1%	$508.0M+9.7%	$463.0M
SG&A Expenses	$2K-100.0%	$2.3B+7.8%	$2.2B+7.1%	$2.0B+0.4%	$2.0B+15.9%	$1.7B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$222-100.0%	$225.0M-5.9%	$239.0M+8.1%	$221.0M-1.3%	$224.0M-3.0%	$231.0M
Income Tax	$687-100.0%	$637.0M+6.9%	$596.0M+9.4%	$545.0M+20.0%	$454.0M+26.1%	$360.0M
Net Income	$3K-100.0%	$2.5B+6.1%	$2.3B+10.9%	$2.1B+3.8%	$2.0B+24.4%	$1.6B
EPS (Diluted)	$6.02+10.1%	$5.47+7.9%	$5.07+12.9%	$4.49+5.2%	$4.27+24.9%	$3.42

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.4B-0.5%	$2.4B-2.4%	$2.5B+10.8%	$2.2B-4.2%	$2.3B-3.0%	$2.4B+1.1%	$2.4B+7.8%	$2.2B
Cost of Revenue	$712.0M+4.2%	$683.0M+5.2%	$649.0M+4.3%	$622.0M-12.0%	$707.0M+0.9%	$701.0M+4.9%	$668.0M+3.9%	$643.0M
Gross Profit	$1.7B-2.4%	$1.7B-5.2%	$1.8B+13.3%	$1.6B-0.7%	$1.6B-4.6%	$1.7B-0.4%	$1.7B+9.4%	$1.5B
R&D Expenses	$199.0M+17.1%	$170.0M-1.2%	$172.0M+9.6%	$157.0M-15.6%	$186.0M+11.4%	$167.0M-2.3%	$171.0M+5.6%	$162.0M
SG&A Expenses	$619.0M+6.9%	$579.0M-6.2%	$617.0M+9.6%	$563.0M-9.9%	$625.0M+10.6%	$565.0M-2.8%	$581.0M+6.2%	$547.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$57.0M-1.7%	$58.0M+9.4%	$53.0M-1.9%	$54.0M+5.9%	$51.0M-10.5%	$57.0M-3.4%	$59.0M+1.7%	$58.0M
Income Tax	$158.0M-4.8%	$166.0M-9.8%	$184.0M+2.8%	$179.0M+18.5%	$151.0M-17.0%	$182.0M+16.7%	$156.0M+5.4%	$148.0M
Net Income	$603.0M-16.4%	$721.0M+0.4%	$718.0M+13.8%	$631.0M+8.6%	$581.0M-14.8%	$682.0M+9.3%	$624.0M+4.2%	$599.0M
EPS (Diluted)	$1.37-16.0%	$1.63+1.2%	$1.61+14.2%	$1.41+9.3%	$1.29-14.0%	$1.50+9.5%	$1.37+4.6%	$1.31

ZTS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$15K-100.0%	$14.2B-0.3%	$14.3B-4.3%	$14.9B+7.4%	$13.9B+2.1%	$13.6B
Current Assets	$7K-100.0%	$6.0B-5.6%	$6.3B-15.5%	$7.5B+8.3%	$6.9B+4.8%	$6.6B
Cash & Equivalents	$2.3B+16.4%	$2.0B-2.6%	$2.0B-43.0%	$3.6B+2.8%	$3.5B-3.3%	$3.6B
Inventory	$2K-100.0%	$2.3B-10.1%	$2.6B+9.3%	$2.3B+21.9%	$1.9B+18.1%	$1.6B
Accounts Receivable	$2K-100.0%	$1.3B+0.9%	$1.3B+7.3%	$1.2B+7.2%	$1.1B+11.8%	$1.0B
Goodwill	$3K-100.0%	$2.7B-1.3%	$2.8B+0.5%	$2.7B+2.4%	$2.7B-0.4%	$2.7B
Total Liabilities	$12K-100.0%	$9.5B+1.9%	$9.3B-11.7%	$10.5B+12.5%	$9.4B-4.9%	$9.8B
Current Liabilities	$2K-100.0%	$3.4B+80.6%	$1.9B-40.4%	$3.2B+76.2%	$1.8B-17.2%	$2.2B
Long-Term Debt	$9K-100.0%	$5.2B-20.5%	$6.6B+0.2%	$6.6B-0.6%	$6.6B0.0%	$6.6B
Total Equity	$3K-100.0%	$4.8B-4.5%	$5.0B+13.4%	$4.4B-3.0%	$4.5B+20.5%	$3.8B
Retained Earnings	$14K-100.0%	$12.0B+16.3%	$10.3B+18.8%	$8.7B+20.6%	$7.2B+27.0%	$5.7B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$15.5B+2.0%	$15.2B+4.7%	$14.5B+2.7%	$14.1B-1.0%	$14.2B-0.8%	$14.4B+1.4%	$14.2B-1.3%	$14.3B
Current Assets	$6.8B+2.8%	$6.6B+11.1%	$5.9B+0.8%	$5.9B-1.8%	$6.0B-4.7%	$6.3B+1.3%	$6.2B-2.5%	$6.4B
Cash & Equivalents	$2.3B+10.9%	$2.1B+45.2%	$1.4B-16.6%	$1.7B-13.4%	$2.0B+15.9%	$1.7B+8.9%	$1.6B-20.3%	$2.0B
Inventory	$2.4B-1.4%	$2.5B+1.1%	$2.4B+3.1%	$2.4B+2.6%	$2.3B-4.6%	$2.4B-1.5%	$2.5B-7.5%	$2.7B
Accounts Receivable	$1.6B+3.2%	$1.5B+0.1%	$1.5B+13.2%	$1.4B+3.4%	$1.3B-6.7%	$1.4B+2.0%	$1.4B+7.0%	$1.3B
Goodwill	$2.8B+0.1%	$2.8B+0.2%	$2.8B+1.5%	$2.7B-0.3%	$2.7B-0.7%	$2.7B+0.2%	$2.7B-0.7%	$2.8B
Total Liabilities	$12.1B+24.3%	$9.8B+2.7%	$9.5B+0.6%	$9.4B-0.3%	$9.5B+3.8%	$9.1B-0.9%	$9.2B-1.0%	$9.3B
Current Liabilities	$2.2B+23.7%	$1.8B-46.3%	$3.4B-0.6%	$3.4B-0.8%	$3.4B+100.5%	$1.7B-5.3%	$1.8B-5.9%	$1.9B
Long-Term Debt	$9.0B+27.9%	$7.1B+35.1%	$5.2B+0.1%	$5.2B+0.1%	$5.2B-20.6%	$6.6B+0.2%	$6.6B0.0%	$6.6B
Total Equity	$3.3B-38.3%	$5.4B+8.5%	$5.0B+6.9%	$4.7B-2.4%	$4.8B-8.9%	$5.2B+5.4%	$5.0B-1.8%	$5.1B
Retained Earnings	$13.7B+1.1%	$13.6B+5.6%	$12.9B+4.0%	$12.4B+3.4%	$12.0B+1.4%	$11.8B+6.1%	$11.1B+4.0%	$10.7B

ZTS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3K-100.0%	$3.0B+25.5%	$2.4B+23.1%	$1.9B-13.6%	$2.2B+4.1%	$2.1B
Capital Expenditures	$621-100.0%	$655.0M-10.5%	$732.0M+24.9%	$586.0M+22.9%	$477.0M+5.3%	$453.0M
Free Cash Flow	$2K-100.0%	$2.3B+41.8%	$1.6B+22.2%	$1.3B-23.6%	$1.7B+3.8%	$1.7B
Investing Cash Flow	$748+100.0%	-$315.0M+59.5%	-$777.0M+12.0%	-$883.0M-92.8%	-$458.0M+19.9%	-$572.0M
Financing Cash Flow	$2K+100.0%	-$2.7B+14.4%	-$3.1B-243.9%	-$904.0M+51.5%	-$1.9B-1613.8%	$123.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$3K-100.0%	$1.9B+70.1%	$1.1B-31.5%	$1.6B+114.5%	$743.0M+197.2%	$250.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$893.0M-4.8%	$938.0M+93.0%	$486.0M-17.2%	$587.0M-35.1%	$905.0M-4.8%	$951.0M+89.4%	$502.0M-15.6%	$595.0M
Capital Expenditures	$161.0M+21.1%	$133.0M-25.3%	$178.0M+19.5%	$149.0M-31.0%	$216.0M+29.3%	$167.0M+26.5%	$132.0M-5.7%	$140.0M
Free Cash Flow	$732.0M-9.1%	$805.0M+161.4%	$308.0M-29.7%	$438.0M-36.4%	$689.0M-12.1%	$784.0M+111.9%	$370.0M-18.7%	$455.0M
Investing Cash Flow	-$166.0M-3.8%	-$160.0M+35.2%	-$247.0M-41.1%	-$175.0M-238.9%	$126.0M+170.8%	-$178.0M-34.8%	-$132.0M-0.8%	-$131.0M
Financing Cash Flow	-$495.0M-269.4%	-$134.0M+76.2%	-$564.0M+16.7%	-$677.0M+9.1%	-$745.0M-18.6%	-$628.0M+17.7%	-$763.0M-45.6%	-$524.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$2.1B+422.8%	$394.0M+16.6%	$338.0M-23.7%	$443.0M-19.9%	$553.0M+27.7%	$433.0M-18.8%	$533.0M+57.2%	$339.0M

ZTS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	45.0%-25.7pp	70.6%+0.6pp	70.0%+0.4pp	69.6%-0.7pp	70.4%+1.2pp	69.2%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	28.2%+1.4pp	26.9%-0.6pp	27.4%+1.3pp	26.2%-0.0pp	26.2%+1.7pp	24.5%
Return on Equity	80.3%+28.1pp	52.1%+5.2pp	46.9%-1.1pp	48.0%+3.1pp	44.8%+1.4pp	43.5%
Return on Assets	17.3%-0.2pp	17.5%+1.1pp	16.4%+2.2pp	14.2%-0.5pp	14.6%+2.6pp	12.0%
Current Ratio	3.03+1.3	1.75-1.6	3.36+1.0	2.37-1.5	3.86+0.8	3.05
Debt-to-Equity	2.71+1.6	1.09-0.2	1.31-0.2	1.49+0.0	1.45-0.3	1.75
FCF Margin	24.1%-0.7pp	24.8%+5.9pp	19.0%+2.6pp	16.4%-5.9pp	22.3%-2.7pp	25.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	70.2%-1.4pp	71.5%-2.1pp	73.6%+1.6pp	72.0%+2.5pp	69.5%-1.2pp	70.6%-1.1pp	71.7%+1.1pp	70.6%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	25.3%-4.8pp	30.0%+0.9pp	29.2%+0.8pp	28.4%+3.3pp	25.1%-3.5pp	28.6%+2.1pp	26.4%-0.9pp	27.4%
Return on Equity	18.1%+4.7pp	13.4%-1.1pp	14.4%+0.9pp	13.6%+1.4pp	12.2%-0.8pp	13.0%+0.5pp	12.6%+0.7pp	11.8%
Return on Assets	3.9%-0.9pp	4.8%-0.2pp	5.0%+0.5pp	4.5%+0.4pp	4.1%-0.7pp	4.8%+0.3pp	4.4%+0.2pp	4.2%
Current Ratio	3.03-0.6	3.64+1.9	1.76+0.0	1.74-0.0	1.75-1.9	3.69+0.2	3.45+0.1	3.33
Debt-to-Equity	2.71+1.4	1.31+0.3	1.05-0.1	1.12+0.0	1.09-0.2	1.26-0.1	1.32+0.0	1.30
FCF Margin	30.7%-2.9pp	33.5%+21.0pp	12.5%-7.2pp	19.7%-10.0pp	29.7%-3.1pp	32.8%+17.2pp	15.7%-5.1pp	20.8%

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Frequently Asked Questions

What is Zoetis Inc's annual revenue?

Zoetis Inc (ZTS) reported $9K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Zoetis Inc's revenue growing?

Zoetis Inc (ZTS) revenue declined by 100% year-over-year, from $9.3B to $9K in fiscal year 2025.

Is Zoetis Inc profitable?

Yes, Zoetis Inc (ZTS) reported a net income of $3K in fiscal year 2025, with a net profit margin of 28.2%.

What is Zoetis Inc's earnings per share (EPS)?

Zoetis Inc (ZTS) reported diluted earnings per share of $6.02 for fiscal year 2025. This represents a 10.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Zoetis Inc have?

As of fiscal year 2025, Zoetis Inc (ZTS) had $2.3B in cash and equivalents against $9K in long-term debt.

What is Zoetis Inc's gross margin?

Zoetis Inc (ZTS) had a gross margin of 45.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Zoetis Inc's net profit margin?

Zoetis Inc (ZTS) had a net profit margin of 28.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Zoetis Inc pay dividends?

Yes, Zoetis Inc (ZTS) paid $2.03 per share in dividends during fiscal year 2025.

What is Zoetis Inc's return on equity (ROE)?

Zoetis Inc (ZTS) has a return on equity of 80.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Zoetis Inc's free cash flow?

Zoetis Inc (ZTS) generated $2K in free cash flow during fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Zoetis Inc's operating cash flow?

Zoetis Inc (ZTS) generated $3K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Zoetis Inc's total assets?

Zoetis Inc (ZTS) had $15K in total assets as of fiscal year 2025, including both current and long-term assets.

What are Zoetis Inc's capital expenditures?

Zoetis Inc (ZTS) invested $621 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Zoetis Inc spend on research and development?

Zoetis Inc (ZTS) invested $698 in research and development during fiscal year 2025.

Does Zoetis Inc buy back shares?

Yes, Zoetis Inc (ZTS) spent $3K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Zoetis Inc have outstanding?

Zoetis Inc (ZTS) had 422M shares outstanding as of fiscal year 2025.

What is Zoetis Inc's current ratio?

Zoetis Inc (ZTS) had a current ratio of 3.03 as of fiscal year 2025, which is generally considered healthy.

What is Zoetis Inc's debt-to-equity ratio?

Zoetis Inc (ZTS) had a debt-to-equity ratio of 2.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Zoetis Inc's return on assets (ROA)?

Zoetis Inc (ZTS) had a return on assets of 17.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Zoetis Inc's Piotroski F-Score?

Zoetis Inc (ZTS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Zoetis Inc's earnings high quality?

Zoetis Inc (ZTS) has an earnings quality ratio of 1.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Zoetis Inc?

Zoetis Inc (ZTS) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.