Here are the 10-Q quarterly reports from Zoetis Inc. (ZTS) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ZTS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ZTS filings page.
Zoetis Inc. reported third-quarter 2026 revenue of $2.391 billion, compared with $2.422 billion a year earlier, and net income attributable to Zoetis of $591 million, versus $721 million. Adjusted net income was $720 million versus $754 million. For the first nine months, revenue was $7.121 billion versus $7.094 billion, while net income was $1.883 billion versus $2.049 billion. The 2025 comparisons were recast after the company eliminated a one-month financial reporting lag for international subsidiaries effective January 1, 2026.
Nine-month operating cash flow was $1.880 billion, compared with $2.056 billion. Treasury-stock purchases, including excise taxes paid, used $1.690 billion, and cash dividends paid were $666 million. Cash and cash equivalents were $1.333 billion as of September 30, 2026. Nine-month restructuring and certain acquisition- and divestiture-related costs were $142 million; third-quarter identifiable intangible asset impairment charges were $78 million.
Zoetis completed its acquisition of VitalRADS during the third quarter; the transaction did not have a material impact on its consolidated financial statements. Its agreement to acquire Neogen’s animal genomics business is subject to customary closing conditions and regulatory requirements, and Zoetis expects the transaction to conclude in early 2027.
Zoetis Inc. delivered stable first‑quarter 2026 results with modest top-line growth and flat profit. Revenue rose to $2,262 million from $2,198 million, a 3% increase that reflects a 4% foreign-exchange tailwind and a 1% decline on an operational basis.
Net income was essentially unchanged at $601 million, but diluted earnings per share increased to $1.42 from $1.34, helped by a lower share count after substantial buybacks. The company generated $401 million in cash from operations, down from $515 million, while investing $606 million in share repurchases and paying $224 million in cash dividends.
Zoetis ended the quarter with $1,941 million in cash and cash equivalents and $9,045 million in long-term debt, including $2,000 million of 0.250% convertible senior notes due 2029. Management highlighted a lower effective tax rate of 20.7% and continued use of non-GAAP metrics such as adjusted net income of $646 million to evaluate underlying performance.
Zoetis Inc. filed its Q3 2025 report, showing steady growth. Revenue was $2.4 billion versus $2.388 billion a year ago, and diluted EPS reached $1.63 compared with $1.50. Net income attributable to Zoetis rose to $721 million from $682 million as cost of sales declined and operating expenses remained well managed. For the first nine months, revenue was $7,080 million versus $6,939 million, with diluted EPS of $4.65 versus $4.18.
Companion animal products continued to lead, with Q3 category revenue of $1,652 million, while livestock was $725 million. By product, parasiticides ($564 million), vaccines ($496 million), and dermatology ($472 million) were top contributors. Cash and cash equivalents were $2,084 million, and long-term debt (net) was $7,069 million after issuing $1.85 billion of new senior notes to redeem 2025 maturities. The company repurchased $381 million of shares in Q3 and $1,169 million year to date. The effective tax rate improved to 18.7% from 20.8%.
Zoetis (ZTS) Q2-25 10-Q highlights:
- Revenue rose 4.2% YoY to $2.46 bn; H1-25 up 2.8% to $4.68 bn.
- Net income climbed 15.1% YoY to $718 m; diluted EPS $1.61 vs $1.37. H1 EPS $3.02 (+13%).
- Gross margin improved to 73.6% (cost of sales down 2.8% despite higher volume).
- Operating expenses were mixed: SG&A +6.2%, R&D flat, amortization -6.3%. Restructuring & A&D costs fell to $30 m from $42 m.
- Effective tax rate 20.4% vs 20.0%.
- Segment trends: Companion animal +8.4% to $1.79 bn; Livestock -8.1% to $638 m. Strongest products: Parasiticides (+12%), Vaccines (+13%), Dermatology (+11%). Anti-infectives -17%.
- Cash $1.44 bn (-$552 m YTD) after $781 m buybacks and $447 m dividends. Debt unchanged at $6.65 bn; net debt up.
- Treasury shares outstanding 57.9 m; $4.9 bn remains on $6 bn repurchase authorization.
- Inventory rose 5.8% YoY to $2.44 bn; restructuring accrual $20 m.
- IRS audit could add up to $450 m tax liability; uncertain timing.
Overall, Zoetis delivered double-digit EPS growth driven by companion animal strength and margin expansion, while livestock softness, rising inventories and tax/audit uncertainties warrant monitoring.