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.

ZOETIS (ZTS) Financials

ZTS NYSE

Trailing 12 months to June 30, 2026

Revenue $9.5B +1.6% YoY

Net Income $2.6B +1.8% YoY

EPS (Diluted) $6.07 +5.4% YoY

Free Cash Flow $2.3B +2.1% YoY

Market Cap $33.5B as of Oct 23, 2026

Price / Sales 3.5x on $9.5B revenue, trailing 12 months to June 30, 2026

Price / Earnings 12.7x on $2.6B net income, trailing 12 months to June 30, 2026

Price / Book 10.6x on $3.1B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ZTS SEC filings page.

ZOETIS INC. (ZTS) reported $9.5B in revenue over the twelve months to Jun 30, 2026, up 1.6% from the prior twelve months. This page shows its 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).

Rhea AI ZTS FY2025 2026-10-24

Zoetis converts earnings into cash efficiently, while FY2025 buybacks coincided with a markedly more debt-dependent balance sheet.

The business’s cash conversion is stronger than its earnings trend alone suggests: FY2025 operating cash flow exceeded net income at 108.6%, even as free-cash-flow margin slipped 0.7 pp from FY2024; cash still exceeded accounting earnings, but its momentum weakened.

Gross margin reached 71.8% while revenue growth slowed to 2.3%; that combination points to margin expansion doing more work than volume growth alone in supporting profitability.

From FY2023 to FY2025, free cash flow increased 40.8% while capital expenditures decreased 15.2%, indicating recent cash gains did not require heavier reinvestment. Long-term debt rose 73.2% as equity fell 28.4%, making the capital structure more reliant on creditors.

Financial Health Signals

Financial Health Score 72/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of ZOETIS INC.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

ZOETIS INC.'s revenue grew a modest 2.3% year-over-year to $9.5B. This slow but positive growth earns a score of 51/100.

Leverage

ZOETIS INC. has elevated debt relative to equity (D/E of 2.65), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 24/100, reflecting increased financial risk.

Liquidity

With a current ratio of 3.12, ZOETIS INC. holds $3.12 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 79/100.

Cash Flow

ZOETIS INC. converts 24.1% of revenue into free cash flow ($2.3B). This strong cash generation earns a score of 89/100.

Returns

ZOETIS INC. earns a strong 78.3% return on equity (ROE), meaning it generates $78 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 94/100. This is up from 52.1% the prior year.

Piotroski F-Score Neutral

6/9

ZOETIS INC. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.

Earnings Quality Cash-Backed

1.09x

For every $1 of reported earnings, ZOETIS INC. generates $1.09 in operating cash flow ($2.9B OCF vs $2.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.5B

YoY-0.2%

QoQ+9.1%

5Y CAGR+4.8%

10Y CAGR+7.4%

ZOETIS INC. generated $2.5B in revenue in Q2 2026. This represents a decrease of 0.2% from the same quarter a year earlier. Against the prior quarter it is up 9.1%.

Net Income

$691.0M

YoY-4.8%

QoQ+15.0%

5Y CAGR+6.2%

10Y CAGR+11.9%

ZOETIS INC. reported $691.0M in net income in Q2 2026. This represents a decrease of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 15.0%.

EPS (Diluted)

$1.65

YoY+1.2%

QoQ+16.2%

5Y CAGR+9.0%

10Y CAGR+13.9%

ZOETIS INC. earned $1.65 per diluted share (EPS) in Q2 2026. This represents an increase of 1.2% from the same quarter a year earlier. Against the prior quarter it is up 16.2%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$538.0M

YoY+17.2%

QoQ+84.9%

5Y CAGR+7.9%

10Y CAGR+20.6%

ZOETIS INC. generated $538.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 17.2% from the same quarter a year earlier. Against the prior quarter it is up 84.9%.

Cash & Debt

$1.5B

YoY+2.9%

QoQ-24.0%

5Y CAGR-16.6%

10Y CAGR+8.4%

ZOETIS INC. held $1.5B in cash against $9.0B in long-term debt as of Q2 2026.

Dividends Per Share

$0.53

YoY+6.0%

QoQ0.0%

ZOETIS INC. paid $0.53 per share in dividends in Q2 2026. This represents an increase of 6.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

413M

YoY-6.8%

QoQ-1.4%

5Y CAGR-2.7%

10Y CAGR-1.8%

ZOETIS INC. had 413M shares outstanding in Q2 2026. This represents a decrease of 6.8% from the same quarter a year earlier. Against the prior quarter it is down 1.4%.

Margins & Returns

Gross Margin

72.7%

YoY-0.4pp

QoQ+1.1pp

5Y change+1.9pp

ZOETIS INC.'s gross margin was 72.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.

Net Margin

28.0%

YoY-1.3pp

QoQ+1.4pp

5Y change+1.7pp

10Y change+9.5pp

ZOETIS INC.'s net profit margin was 28.0% in Q2 2026, showing the share of revenue converted to profit. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.4 percentage points.

Return on Equity

21.9%

YoY+7.4pp

QoQ+3.4pp

5Y change+10.2pp

10Y change+5.4pp

ZOETIS INC.'s quarterly ROE was 21.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 7.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.4 percentage points.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$173.0M

YoY+4.2%

QoQ-3.9%

5Y CAGR+7.6%

ZOETIS INC. invested $173.0M in research and development in Q2 2026. This represents an increase of 4.2% from the same quarter a year earlier. Against the prior quarter it is down 3.9%.

Share Buybacks

$584.0M

YoY+72.8%

QoQ-3.6%

5Y CAGR+28.6%

10Y CAGR+22.8%

ZOETIS INC. spent $584.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 72.8% from the same quarter a year earlier. Against the prior quarter it is down 3.6%.

Capital Expenditures

$117.0M

YoY-19.9%

QoQ+6.4%

5Y CAGR+0.7%

10Y CAGR+8.0%

ZOETIS INC. invested $117.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 19.9% from the same quarter a year earlier. Against the prior quarter it is up 6.4%.

ZTS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ZTS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$9.5B	$9.5B+2.3%	$9.3B+8.3%	$8.5B+5.7%	$8.1B+3.9%	$7.8B+16.5%	$6.7B+6.6%	$6.3B+7.5%	$5.8B+9.8%	$5.3B+8.6%	$4.9B+2.6%	$4.8B-0.4%	$4.8B+4.9%	$4.6B+5.2%	$4.3B+2.4%	$4.2B
Cost of Revenue	$2.7B	$2.7B-1.9%	$2.7B+6.2%	$2.6B+4.4%	$2.5B+6.6%	$2.3B+12.0%	$2.1B+3.3%	$2.0B+4.2%	$1.9B+7.7%	$1.8B+6.5%	$1.7B-4.1%	$1.7B+1.2%	$1.7B+2.9%	$1.7B+6.8%	$1.6B-5.4%	$1.7B
Gross Profit	$6.8B	$6.8B+4.0%	$6.5B+9.3%	$6.0B+6.3%	$5.6B+2.8%	$5.5B+18.5%	$4.6B+8.2%	$4.3B+9.0%	$3.9B+10.8%	$3.5B+9.6%	$3.2B+6.4%	$3.0B-1.3%	$3.1B+6.1%	$2.9B+4.3%	$2.8B+7.4%	$2.6B
R&D Expenses	$723.0M	$698.0M+1.7%	$686.0M+11.7%	$614.0M+13.9%	$539.0M+6.1%	$508.0M+9.7%	$463.0M+1.3%	$457.0M+5.8%	$432.0M+13.1%	$382.0M+1.6%	$376.0M+3.3%	$364.0M-8.1%	$396.0M-0.8%	$399.0M-2.4%	$409.0M-4.2%	$427.0M
SG&A Expenses	$2.4B	$2.4B+2.6%	$2.3B+7.8%	$2.2B+7.1%	$2.0B+0.4%	$2.0B+15.9%	$1.7B+5.4%	$1.6B+10.4%	$1.5B+11.2%	$1.3B-2.2%	$1.4B-11.0%	$1.5B-6.8%	$1.6B+1.9%	$1.6B+9.7%	$1.5B+1.2%	$1.5B
Interest Expense	$238.0M	$222.0M-1.3%	$225.0M-5.9%	$239.0M+8.1%	$221.0M-1.3%	$224.0M-3.0%	$231.0M+3.6%	$223.0M+8.3%	$206.0M+17.7%	$175.0M+5.4%	$166.0M+33.9%	$124.0M+6.0%	$117.0M+3.5%	$113.0M+264.5%	$31.0M-13.9%	$36.0M
Income Tax	$662.0M	$687.0M+7.8%	$637.0M+6.9%	$596.0M+9.4%	$545.0M+20.0%	$454.0M+26.1%	$360.0M+19.6%	$301.0M+13.2%	$266.0M-59.9%	$663.0M+62.1%	$409.0M+98.5%	$206.0M-11.6%	$233.0M+24.6%	$187.0M-31.8%	$274.0M+87.7%	$146.0M
Net Income	$2.6B	$2.7B+7.5%	$2.5B+6.1%	$2.3B+10.9%	$2.1B+3.8%	$2.0B+24.4%	$1.6B+9.2%	$1.5B+5.0%	$1.4B+65.3%	$864.0M+5.2%	$821.0M+142.2%	$339.0M-41.9%	$583.0M+15.7%	$504.0M+15.6%	$436.0M+78.0%	$245.0M
EPS (Basic)	N/A	$6.03+10.2%	$5.47+7.7%	$5.08+12.6%	$4.51+5.1%	$4.29+24.7%	$3.44+9.6%	$3.14+6.1%	$2.96+68.2%	$1.76+6.0%	$1.66+144.1%	$0.68-41.4%	$1.16+14.9%	$1.01+16.1%	$0.87+77.6%	$0.49
EPS (Diluted)	$6.07	$6.02+10.1%	$5.47+7.9%	$5.07+12.9%	$4.49+5.2%	$4.27+24.9%	$3.42+10.0%	$3.11+6.1%	$2.93+67.4%	$1.75+6.1%	$1.65+142.6%	$0.68-41.4%	$1.16+14.9%	$1.01+16.1%	$0.87+77.6%	$0.49
Diluted Shares (Avg)	N/A	444M-2.4%	455M-1.6%	462M-1.7%	470M-1.3%	477M-0.4%	479M-0.7%	482M-1.0%	487M-1.3%	493M-1.0%	498M-0.8%	502M0.0%	502M+0.3%	500M+0.1%	500M0.0%	500M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$2.5B-0.2%	$2.3B+2.9%	$2.4B+3.4%	$2.4B+0.5%	$2.5B+4.8%	$2.2B+0.4%	$2.3B+4.7%	$2.4B+11.0%
Cost of Revenue	$673.0M+1.4%	$641.0M+3.7%	$701.0M-0.8%	$683.0M-2.6%	$664.0M-0.6%	$618.0M-3.9%	$707.0M-2.9%	$701.0M+9.9%
Gross Profit	$1.8B-0.8%	$1.6B+2.6%	$1.7B+5.2%	$1.7B+1.8%	$1.8B+6.9%	$1.6B+2.1%	$1.6B+8.4%	$1.7B+11.5%
R&D Expenses	$173.0M+4.2%	$180.0M+11.1%	$200.0M+7.5%	$170.0M+1.8%	$166.0M-2.9%	$162.0M0.0%	$186.0M+6.9%	$167.0M+9.9%
SG&A Expenses	$592.0M-3.6%	$588.0M+2.4%	$611.0M-2.2%	$579.0M+2.5%	$614.0M+5.7%	$574.0M+4.9%	$625.0M+10.6%	$565.0M+7.6%
Interest Expense	$61.0M+15.1%	$62.0M+14.8%	$57.0M+11.8%	$58.0M+1.8%	$53.0M-10.2%	$54.0M-6.9%	$51.0M-13.6%	$57.0M-3.4%
Income Tax	$175.0M-5.9%	$157.0M-8.2%	$164.0M+8.6%	$166.0M-8.8%	$186.0M+19.2%	$171.0M+15.5%	$151.0M+18.9%	$182.0M+50.4%
Net Income	$691.0M-4.8%	$601.0M-0.2%	$624.0M+7.4%	$721.0M+5.7%	$726.0M+16.3%	$602.0M+0.5%	$581.0M+10.7%	$682.0M+14.4%
EPS (Basic)	$1.65+1.2%	$1.42+6.0%	$1.38+7.0%	$1.63+7.9%	$1.63+19.0%	$1.34+2.3%	$1.29+13.2%	$1.51+17.1%
EPS (Diluted)	$1.65+1.2%	$1.42+6.0%	$1.37+6.2%	$1.63+8.7%	$1.63+19.0%	$1.34+2.3%	$1.29+13.2%	$1.50+16.3%
Diluted Shares (Avg)	418M-6.2%	422M-5.7%	N/A	443M-2.3%	446M-2.3%	448M-2.4%	N/A	454M-1.7%

Not reported in any period shown, so not listed: Operating Income, EBITDA.

ZTS Balance Sheet

ZTS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$15.5B+8.8%	$14.2B-0.3%	$14.3B-4.3%	$14.9B+7.4%	$13.9B+2.1%	$13.6B+17.9%	$11.5B+7.1%	$10.8B+25.5%	$8.6B+12.2%	$7.6B-3.3%	$7.9B+20.1%	$6.6B+0.5%	$6.6B+4.7%	$6.3B	N/A
Current Assets	$6.8B+13.1%	$6.0B-5.6%	$6.3B-15.5%	$7.5B+8.3%	$6.9B+4.8%	$6.6B+39.2%	$4.7B+7.9%	$4.4B+4.3%	$4.2B+24.4%	$3.4B-11.5%	$3.8B+10.5%	$3.5B+3.2%	$3.4B+17.2%	$2.9B	N/A
Cash & Equivalents	$2.5B+23.3%	$2.0B-2.6%	$2.0B-43.0%	$3.6B+2.8%	$3.5B-3.3%	$3.6B+86.3%	$1.9B+20.7%	$1.6B+2.4%	$1.6B+115.1%	$727.0M-37.0%	$1.2B+30.8%	$882.0M+44.6%	$610.0M+92.4%	$317.0M+301.3%	$79.0M
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0-100.0%	$99.0Mn/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Inventory	$2.5B+6.9%	$2.3B-10.1%	$2.6B+9.3%	$2.3B+21.9%	$1.9B+18.1%	$1.6B+15.5%	$1.4B+1.4%	$1.4B-2.5%	$1.4B-5.0%	$1.5B+2.4%	$1.5B+13.8%	$1.3B-0.3%	$1.3B-3.9%	$1.3B	N/A
Accounts Receivable	$1.4B+7.1%	$1.3B+0.9%	$1.3B+7.3%	$1.2B+7.2%	$1.1B+11.8%	$1.0B-6.7%	$1.1B+4.8%	$1.0B+3.8%	$998.0M+9.3%	$913.0M-2.6%	$937.0M-4.4%	$980.0M-13.9%	$1.1B+26.4%	$900.0M	N/A
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Goodwill	$2.8B+1.8%	$2.7B-1.3%	$2.8B+0.5%	$2.7B+2.4%	$2.7B-0.4%	$2.7B+3.9%	$2.6B+2.9%	$2.5B+66.8%	$1.5B+2.0%	$1.5B+1.8%	$1.5B+49.1%	$976.0M-0.6%	$982.0M-0.3%	$985.0M-0.4%	$989.0M
Total Liabilities	$12.1B+27.5%	$9.5B+1.9%	$9.3B-11.7%	$10.5B+12.5%	$9.4B-4.9%	$9.8B+11.3%	$8.8B+2.9%	$8.6B+26.4%	$6.8B+10.6%	$6.2B-9.9%	$6.8B+29.9%	$5.3B-6.2%	$5.6B+152.0%	$2.2B	N/A
Current Liabilities	$2.2B-36.3%	$3.4B+80.6%	$1.9B-40.4%	$3.2B+76.2%	$1.8B-17.2%	$2.2B+20.2%	$1.8B+47.7%	$1.2B+11.8%	$1.1B-2.1%	$1.1B-37.3%	$1.8B+64.0%	$1.1B-23.3%	$1.4B+26.0%	$1.1B	N/A
Non-Current Liabilities	$9.9B+63.5%	$6.1B-18.2%	$7.4B+0.7%	$7.4B-2.7%	$7.6B-1.4%	$7.7B+9.0%	$7.0B-4.6%	$7.4B+29.1%	$5.7B+13.4%	$5.0B-0.2%	$5.0B+21.0%	$4.2B-0.4%	$4.2B+280.8%	$1.1B	N/A
Long-Term Debt	$9.0B+73.2%	$5.2B-20.5%	$6.6B+0.2%	$6.6B-0.6%	$6.6B0.0%	$6.6B+10.9%	$5.9B-7.7%	$6.4B+30.1%	$5.0B+10.9%	$4.5B+0.1%	$4.5B+23.2%	$3.6B-0.5%	$3.6Bn/m	$0	N/A
Total Equity	$3.4B-28.4%	$4.8B-4.5%	$5.0B+13.4%	$4.4B-3.0%	$4.5B+20.5%	$3.8B+39.2%	$2.7B+23.9%	$2.2B+23.4%	$1.8B+19.0%	$1.5B+39.2%	$1.1B-18.5%	$1.3B+39.5%	$940.0M-76.7%	$4.0B	N/A
Retained Earnings	$13.8B+15.3%	$12.0B+16.3%	$10.3B+18.8%	$8.7B+20.6%	$7.2B+27.0%	$5.7B+27.8%	$4.4B+35.4%	$3.3B+55.0%	$2.1B+42.8%	$1.5B+68.6%	$876.0M+23.6%	$709.0M+156.9%	$276.0Mn/m	$0	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$15.1B+4.1%	$15.2B+7.5%	$15.5B+8.8%	$15.2B+5.6%	$14.5B+2.2%	$14.1B-1.7%	$14.2B-0.3%	$14.4B+1.8%
Current Assets	$6.4B+7.3%	$6.5B+10.2%	$6.8B+13.1%	$6.6B+4.8%	$5.9B-4.5%	$5.9B-7.6%	$6.0B-5.6%	$6.3B+1.0%
Cash & Equivalents	$1.5B+2.9%	$1.9B+12.8%	$2.5B+23.3%	$2.1B+21.6%	$1.4B-8.8%	$1.7B-12.9%	$2.0B-2.6%	$1.7B-2.3%
Short-Term Investments	$200.0Mn/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Inventory	$2.6B+5.5%	$2.5B+7.8%	$2.5B+6.9%	$2.5B+2.0%	$2.4B-0.5%	$2.4B-10.8%	$2.3B-10.1%	$2.4B-12.0%
Accounts Receivable	$1.6B+2.0%	$1.5B+10.7%	$1.4B+7.1%	$1.5B+9.2%	$1.5B+11.4%	$1.4B+5.3%	$1.3B+0.9%	$1.4B+12.3%
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Goodwill	$2.8B+0.5%	$2.8B+2.3%	$2.8B+1.8%	$2.8B+0.7%	$2.8B+0.7%	$2.7B-1.6%	$2.7B-1.3%	$2.7B-0.7%
Total Liabilities	$11.9B+25.5%	$11.9B+26.2%	$12.1B+27.5%	$9.8B+7.0%	$9.5B+3.2%	$9.4B+1.6%	$9.5B+1.9%	$9.1B+1.0%
Current Liabilities	$2.1B-38.8%	$2.1B-39.4%	$2.2B-36.3%	$1.8B+6.2%	$3.4B+87.3%	$3.4B+77.3%	$3.4B+80.6%	$1.7B+5.8%
Non-Current Liabilities	$9.9B+60.8%	$9.9B+62.9%	$9.9B+63.5%	$8.0B+7.2%	$6.1B-17.2%	$6.1B-18.0%	$6.1B-18.2%	$7.4B0.0%
Long-Term Debt	$9.0B+73.0%	$9.0B+73.0%	$9.0B+73.2%	$7.1B+7.5%	$5.2B-20.3%	$5.2B-20.3%	$5.2B-20.5%	$6.6B+0.3%
Total Equity	$3.1B-36.7%	$3.2B-30.5%	$3.4B-28.4%	$5.4B+3.1%	$5.0B+0.2%	$4.7B-8.0%	$4.8B-4.5%	$5.2B+3.1%
Retained Earnings	$14.7B+13.8%	$14.2B+14.6%	$13.8B+15.3%	$13.6B+15.1%	$12.9B+15.7%	$12.4B+15.7%	$12.0B+16.3%	$11.8B+16.4%

ZTS Cash Flow Statement

ZTS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.8B	$2.9B-1.7%	$3.0B+25.5%	$2.4B+23.1%	$1.9B-13.6%	$2.2B+4.1%	$2.1B+18.4%	$1.8B+0.3%	$1.8B+33.0%	$1.3B+88.8%	$713.0M+7.4%	$664.0M+6.1%	$626.0M-8.1%	$681.0M+50.0%	$454.0M-8.7%	$497.0M
Depreciation & Amortization	N/A	$487.0M-2.0%	$497.0M+1.2%	$491.0M+5.6%	$465.0M+3.8%	$448.0M+1.6%	$441.0M+7.0%	$412.0M+33.8%	$308.0M+27.3%	$242.0M+0.8%	$240.0M+20.6%	$199.0M-2.5%	$204.0M-2.4%	$209.0M+4.5%	$200.0M-2.4%	$205.0M
Stock-Based Compensation	N/A	$83.0M+12.2%	$74.0M+23.3%	$60.0M-3.2%	$62.0M+6.9%	$58.0M-1.7%	$59.0M-11.9%	$67.0M+26.4%	$53.0M+20.5%	$44.0M+18.9%	$37.0M-14.0%	$43.0M+34.4%	$32.0M-25.6%	$43.0M+53.6%	$28.0M+47.4%	$19.0M
Capital Expenditures	$524.0M	$621.0M-5.2%	$655.0M-10.5%	$732.0M+24.9%	$586.0M+22.9%	$477.0M+5.3%	$453.0M-1.5%	$460.0M+36.1%	$338.0M+50.9%	$224.0M+3.7%	$216.0M-3.6%	$224.0M+24.4%	$180.0M-2.2%	$184.0M+46.0%	$126.0M-6.7%	$135.0M
Free Cash Flow	$2.3B	$2.3B-0.7%	$2.3B+41.8%	$1.6B+22.2%	$1.3B-23.6%	$1.7B+3.8%	$1.7B+25.3%	$1.3B-8.1%	$1.5B+29.4%	$1.1B+125.8%	$497.0M+13.0%	$440.0M-1.3%	$446.0M-10.3%	$497.0M+51.5%	$328.0M-9.4%	$362.0M
Investing Cash Flow	-$720.0M	-$748.0Mn/m	-$315.0Mn/m	-$777.0Mn/m	-$883.0Mn/m	-$458.0Mn/m	-$572.0Mn/m	-$504.0Mn/m	-$2.3Bn/m	-$270.0Mn/m	-$214.0Mn/m	-$1.1Bn/m	-$187.0Mn/m	-$179.0Mn/m	-$135.0Mn/m	-$449.0M
Financing Cash Flow	-$2.3B	-$1.9Bn/m	-$2.7Bn/m	-$3.1Bn/m	-$904.0Mn/m	-$1.9B-1613.8%	$123.0Mn/m	-$951.0M-278.4%	$533.0Mn/m	-$251.0Mn/m	-$903.0M-219.6%	$755.0Mn/m	-$154.0Mn/m	-$200.0Mn/m	-$78.0Mn/m	-$30.0M
Dividends Paid	$889.0M	$889.0M+13.1%	$786.0M+13.6%	$692.0M+13.3%	$611.0M+28.9%	$474.0M+24.7%	$380.0M+21.0%	$314.0M+29.2%	$243.0M+18.0%	$206.0M+9.6%	$188.0M+11.9%	$168.0M+15.1%	$146.0M+49.0%	$98.0M+55.6%	$63.0M-84.9%	$416.0M
Share Buybacks	$3.6B	$3.2B+74.1%	$1.9B+70.1%	$1.1B-31.5%	$1.6B+114.5%	$743.0M+197.2%	$250.0M-60.1%	$626.0M-10.3%	$698.0M+39.6%	$500.0M+66.7%	$300.0M+47.8%	$203.0Mn/m	$0n/m	$0	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$655.0M+8.3%	$401.0M-22.1%	$893.0M-1.3%	$891.0M-6.3%	$605.0M+20.5%	$515.0M-13.4%	$905.0M+0.9%	$951.0M+31.4%
Depreciation & Amortization	$119.0M-4.0%	$119.0M0.0%	$121.0M-1.6%	$124.0M+2.5%	$124.0M-2.4%	$119.0M-5.6%	$123.0M-2.4%	$121.0M-2.4%
Stock-Based Compensation	$26.0M+18.2%	$25.0M+47.1%	N/A	$22.0M+22.2%	$22.0M+15.8%	$17.0M-5.6%	N/A	$18.0M+5.9%
Capital Expenditures	$117.0M-19.9%	$110.0M-38.2%	$161.0M-25.5%	$136.0M-18.6%	$146.0M+10.6%	$178.0M+27.1%	$216.0M+9.1%	$167.0M+15.2%
Free Cash Flow	$538.0M+17.2%	$291.0M-13.6%	$732.0M+6.2%	$755.0M-3.7%	$459.0M+24.1%	$337.0M-25.9%	$689.0M-1.4%	$784.0M+35.4%
Investing Cash Flow	-$300.0Mn/m	-$87.0Mn/m	-$166.0M-231.7%	-$167.0Mn/m	-$212.0Mn/m	-$203.0Mn/m	$126.0Mn/m	-$178.0Mn/m
Financing Cash Flow	-$813.0Mn/m	-$840.0Mn/m	-$495.0Mn/m	-$134.0Mn/m	-$564.0Mn/m	-$677.0Mn/m	-$745.0Mn/m	-$628.0Mn/m
Dividends Paid	$223.0M0.0%	$224.0M0.0%	$220.0M+13.4%	$222.0M+12.7%	$223.0M+13.2%	$224.0M+13.1%	$194.0M+12.8%	$197.0M+13.9%
Share Buybacks	$584.0M+72.8%	$606.0M+36.8%	$2.1B+272.5%	$394.0M-9.0%	$338.0M-36.6%	$443.0M+30.7%	$553.0M+135.3%	$433.0M+73.2%

ZTS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ZTS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	71.8%+1.2pp	70.6%+0.6pp	70.0%+0.4pp	69.6%-0.7pp	70.4%+1.2pp	69.2%+1.0pp	68.2%+1.0pp	67.2%+0.6pp	66.5%+0.6pp	65.9%+2.4pp	63.5%-0.6pp	64.1%+0.7pp	63.4%-0.5pp	63.9%+3.0pp	61.0%
Net Margin	28.2%+1.4pp	26.9%-0.6pp	27.4%+1.3pp	26.2%0.0pp	26.2%+1.7pp	24.5%+0.6pp	24.0%-0.6pp	24.5%+8.2pp	16.3%-0.5pp	16.8%+9.7pp	7.1%-5.1pp	12.2%+1.1pp	11.1%+1.0pp	10.1%+4.3pp	5.8%
Return on Equity	78.3%+26.1pp	52.1%+5.2pp	46.9%-1.1pp	48.0%+3.1pp	44.8%+1.4pp	43.5%-11.9pp	55.4%-10.0pp	65.3%+16.5pp	48.8%-6.4pp	55.2%+23.5pp	31.7%-12.7pp	44.5%-9.2pp	53.6%+42.8pp	10.8%	N/A
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%-0.9pp	13.0%-0.3pp	13.3%+3.2pp	10.1%-0.7pp	10.7%+6.5pp	4.3%-4.6pp	8.8%+1.2pp	7.7%+0.7pp	7.0%	N/A
Current Ratio	3.12+1.4x	1.75-1.6x	3.36+1.0x	2.37-1.5x	3.86+0.8x	3.05+0.4x	2.63-1.0x	3.60-0.3x	3.85+0.8x	3.03+0.9x	2.15-1.0x	3.19+0.8x	2.37-0.2x	2.55	N/A
Debt-to-Equity	2.65+1.6x	1.09-0.2x	1.31-0.2x	1.490.0x	1.45-0.3x	1.75-0.4x	2.20-0.8x	2.95+0.2x	2.80-0.2x	3.00-1.2x	4.18+1.4x	2.76-1.1x	3.87+3.9x	0.00	N/A
Liabilities-to-Equity	3.54+1.6x	1.98+0.1x	1.86-0.5x	2.39+0.3x	2.06-0.6x	2.61-0.7x	3.26-0.7x	3.93+0.1x	3.84-0.3x	4.14-2.3x	6.39+2.4x	4.01-1.9x	5.95+5.4x	0.55	N/A
Asset Turnover	0.610.0x	0.65+0.1x	0.60+0.1x	0.540.0x	0.56+0.1x	0.49-0.1x	0.540.0x	0.54-0.1x	0.620.0x	0.640.0x	0.60-0.1x	0.730.0x	0.700.0x	0.69	N/A
FCF Margin	24.1%-0.7pp	24.8%+5.9pp	19.0%+2.6pp	16.4%-5.9pp	22.3%-2.7pp	25.1%+3.7pp	21.3%-3.6pp	24.9%+3.8pp	21.1%+11.0pp	10.2%+0.9pp	9.2%-0.1pp	9.3%-1.6pp	10.9%+3.3pp	7.6%-1.0pp	8.6%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	72.7%-0.4pp	71.7%-0.2pp	70.7%+1.2pp	71.5%+0.9pp	73.2%+1.5pp	71.9%+1.2pp	69.5%+2.4pp	70.6%+0.3pp
Net Margin	28.0%-1.3pp	26.6%-0.8pp	26.1%+1.0pp	30.0%+1.5pp	29.3%+2.9pp	27.4%0.0pp	25.1%+1.4pp	28.6%+0.9pp
Return on Equity	21.9%+7.4pp	18.6%+5.7pp	18.3%+6.1pp	13.4%+0.3pp	14.6%+2.0pp	12.9%+1.1pp	12.2%+1.7pp	13.0%+1.3pp
Return on Assets	4.6%-0.4pp	4.0%-0.3pp	4.0%-0.1pp	4.8%0.0pp	5.0%+0.6pp	4.3%+0.1pp	4.1%+0.4pp	4.8%+0.5pp
Current Ratio	3.08+1.3x	3.15+1.4x	3.12+1.4x	3.640.0x	1.76-1.7x	1.74-1.6x	1.75-1.6x	3.69-0.2x
Debt-to-Equity	2.87+1.8x	2.80+1.7x	2.65+1.6x	1.31+0.1x	1.05-0.3x	1.12-0.2x	1.09-0.2x	1.260.0x
Liabilities-to-Equity	3.79+1.9x	3.69+1.7x	3.54+1.6x	1.81+0.1x	1.91+0.1x	2.03+0.2x	1.98+0.1x	1.740.0x
Asset Turnover	0.160.0x	0.150.0x	0.150.0x	0.160.0x	0.170.0x	0.160.0x	0.160.0x	0.170.0x
FCF Margin	21.8%+3.3pp	12.9%-2.5pp	30.6%+0.8pp	31.5%-1.4pp	18.6%+2.9pp	15.3%-5.5pp	29.7%-1.9pp	32.8%+5.9pp

Not reported in any period shown, so not listed: Operating Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
ZOETIS INC. ZTS	FY2025	$9.5B	$2.7B	28.2%	$33.5B	72/100
Takeda Pharmaceutical Company Limited TAK	FY2025	$30.6B	$720.0M	2.4%	$64.7B	41/100
Haleon plc HLN	FY2025	$14.8B	$2.2B	15.1%	$45.2B	59/100
Teva Pharmaceutical Industries Limited TEVA	FY2025	$17.3B	$1.4B	8.2%	$46.0B	34/100
United Therapeutics Corp UTHR	FY2025	$3.2B	$1.3B	41.9%	$25.2B	88/100
Viatris Inc. VTRS	FY2025	$14.3B	-$3.5B	-24.6%	$20.7B	28/100

Where ZOETIS INC. Ranks

Frequently Asked Questions

What is ZOETIS INC.'s annual revenue?

ZOETIS INC. (ZTS) reported $9.5B in total revenue for fiscal year 2025. This represents a 2.3% 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 grew by 2.3% year-over-year, from $9.3B to $9.5B in fiscal year 2025.

Is ZOETIS INC. profitable?

Yes, ZOETIS INC. (ZTS) reported a net income of $2.6B over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $2.7B, with a net profit margin of 28.2%.

How much debt does ZOETIS INC. have?

As of fiscal year 2025, ZOETIS INC. (ZTS) had $2.5B in cash and equivalents against $9.0B in long-term debt.

What is ZOETIS INC.'s gross margin?

ZOETIS INC. (ZTS) had a gross margin of 71.8% 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 78.3% 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 $2.3B in free cash flow during fiscal year 2025. This represents a -0.7% 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 $2.9B 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 $15.5B 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 $621.0M 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 $698.0M in research and development during fiscal year 2025.

Does ZOETIS INC. buy back shares?

Yes, ZOETIS INC. (ZTS) spent $3.2B 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 3.12 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 2.65 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is ZOETIS INC.'s liabilities-to-equity ratio?

ZOETIS INC. (ZTS) had a liabilities-to-equity ratio of 3.54 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-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 P/E ratio?

ZOETIS INC. (ZTS) trades at 12.7x earnings, its market capitalization divided by $2.6B net income, trailing 12 months to June 30, 2026. The market capitalization is $33.5B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is ZOETIS INC.'s price-to-sales ratio?

ZOETIS INC. (ZTS) trades at 3.5x sales, its market capitalization divided by $9.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $33.5B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is ZOETIS INC.'s Piotroski F-Score?

ZOETIS INC. (ZTS) has a Piotroski F-Score of 6 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 to 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 72 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.