Zoetis Inc. (ZTS) financial statements: income statement, balance sheet and cash flow

Zoetis Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Zoetis Inc. reported revenue of $9.5B (+2.3% year on year) and net income of $2.7B (+7.5% year on year).

Income statement

Zoetis Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenues	$9.5B	$9.3B	$8.5B	$8.1B
Cost of Sales	$2.7B	$2.7B	$2.6B	$2.5B
Selling, general and administrative expenses	$2.4B	$2.3B	$2.2B	$2.0B
Research and development expenses	$698.0M	$686.0M	$614.0M	$539.0M
Amortization of intangible assets	$128.0M	$141.0M	$149.0M	$150.0M
Restructuring charges and certain acquisition and divestiture-related costs	$51.0M	$53.0M	—	—
Interest expense, net of capitalized interest	$222.0M	$225.0M	$239.0M	$221.0M
Other (income)/deductions––net	($36.0M)	($19.0M)	($159.0M)	$40.0M
Income before provision for taxes on income	$3.4B	$3.1B	$2.9B	$2.7B
Provision for taxes on income	$687.0M	$637.0M	$596.0M	$545.0M
Net income before allocation to noncontrolling interests	$2.7B	$2.5B	$2.3B	$2.1B
Less: Net income/(loss) attributable to noncontrolling interests	$0	$10.0M	($4.0M)	($3.0M)
Net income attributable to Zoetis Inc.	$2.7B	$2.5B	$2.3B	$2.1B
Basic (in dollars per share)	$6.03	$5.47	$5.08	$4.51
Diluted (in dollars per share)	$6.02	$5.47	$5.07	$4.49
Basic (in shares)	443.4M	454.2M	461.2M	468.9M
Diluted (in shares)	443.8M	454.8M	462.3M	470.4M
Dividends declared per common share	$2.03	$1.80	$1.56	$1.35

Zoetis Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenue	$2.5B	$2.3B	$2.4B	$2.5B
Cost of sales	$673.0M	$641.0M	$683.0M	$649.0M
Selling, general and administrative expenses	$592.0M	$588.0M	$579.0M	$617.0M
Research and development expenses	$173.0M	$180.0M	$170.0M	$172.0M
Amortization of intangible assets	$31.0M	$31.0M	$32.0M	$33.0M
Restructuring charges and certain acquisition and divestiture-related costs	$77.0M	$22.0M	$4.0M	$30.0M
Interest expense, net of capitalized interest	$61.0M	$62.0M	$58.0M	$53.0M
Other (income)/deductions—net	($5.0M)	($20.0M)	($13.0M)	$4.0M
Income before provision for taxes on income	$866.0M	$758.0M	$887.0M	$902.0M
Provision for taxes on income	$175.0M	$157.0M	$166.0M	$184.0M
Net income before allocation to noncontrolling interests	$691.0M	$601.0M	$721.0M	$718.0M
Less: Net income/(loss) attributable to noncontrolling interests	$0	$0	$0	$0
Net income attributable to Zoetis Inc.	$691.0M	$601.0M	$721.0M	$718.0M
Basic (in dollars per share)	$1.65	$1.42	$1.63	$1.61
Diluted (in dollars per share)	$1.65	$1.42	$1.63	$1.61
Basic (in shares)	417.6M	422.1M	442.9M	445.1M
Diluted (in shares)	417.7M	422.4M	443.2M	445.5M
Dividends paid per common share (in dollars per share)	$0.53	$0.53	$0.00	$0.50

Balance sheet

Zoetis Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$2.3B	$2.0B	$2.0B	$3.6B
Accounts receivable, less allowance for doubtful accounts of $16 in 2025 and $18 in 2024	$1.6B	$1.3B	$1.3B	$1.2B
Inventories	$2.4B	$2.3B	$2.6B	$2.3B
Other current assets	$436.0M	$377.0M	$434.0M	$365.0M
Total current assets	$6.8B	$6.0B	$6.3B	$7.5B
Property, plant and equipment, less accumulated depreciation of $2,925 in 2025 and $2,635 in 2024	$3.7B	$3.4B	$3.2B	$2.8B
Operating lease right-of-use assets	$288.0M	$219.0M	$230.0M	$220.0M
Goodwill	$2.8B	$2.7B	$2.8B	$2.7B
Identifiable intangible assets, less accumulated amortization	$998.0M	$1.1B	$1.3B	$1.4B
Noncurrent deferred tax assets	$637.0M	$540.0M	$206.0M	$173.0M
Other noncurrent assets	$328.0M	$250.0M	$206.0M	$147.0M
Total assets	$15.5B	$14.2B	$14.3B	$14.9B
Current portion of long-term debt	$0	$1.4B	$0	$1.4B
Accounts payable	$487.0M	$433.0M	$411.0M	$405.0M
Dividends payable	$232.0M	$224.0M	$198.0M	$174.0M
Accrued expenses	$852.0M	$746.0M	$683.0M	$682.0M
Accrued compensation and related items	$410.0M	$441.0M	$382.0M	$300.0M
Income taxes payable	$147.0M	$93.0M	$110.0M	$157.0M
Other current liabilities	$107.0M	$125.0M	$102.0M	$97.0M
Total current liabilities	$2.2B	$3.4B	$1.9B	$3.2B
Long-term debt, net of discount and issuance costs	$9.0B	$5.2B	$6.6B	$6.6B
Noncurrent deferred tax liabilities	$139.0M	$167.0M	$146.0M	$142.0M
Operating lease liabilities	$196.0M	$174.0M	$188.0M	$186.0M
Other taxes payable	$276.0M	$272.0M	$271.0M	$258.0M
Other noncurrent liabilities	$248.0M	$222.0M	$237.0M	$217.0M
Total liabilities	$12.1B	$9.5B	$9.3B	$10.5B
Common stock, $0.01 par value: 6,000,000,000 authorized, 501,891,243 and 501,891,243 shares issued; 424,927,535 and 448,473,073 shares outstanding at December 31, 2025 and 2024, respectively	5.0M	5.0M	5.0M	5.0M
Treasury stock, at cost, 76,963,708 and 53,418,170 shares of common stock at December 31, 2025 and 2024, respectively	-10.7B	-7.4B	-5.6B	-4.5B
Additional paid-in capital	$1.1B	$1.2B	$1.1B	$1.1B
Retained earnings	$13.7B	$12.0B	$10.3B	$8.7B
Accumulated other comprehensive loss	($834.0M)	($940.0M)	($839.0M)	($817.0M)
Total Zoetis Inc. equity	$3.3B	$4.8B	$5.0B	$4.4B
Equity attributable to noncontrolling interests	$0	$0	($6.0M)	($2.0M)
Total equity	$3.3B	$4.8B	$5.0B	$4.4B
Total liabilities and equity	$15.5B	$14.2B	$14.3B	$14.9B

Zoetis Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$1.5B	$1.9B	$2.1B	$1.4B
Short-term investments	$200.0M	—	—	—
Accounts receivable, less allowance for doubtful accounts of $14 in 2026 and $17 in 2025	$1.6B	$1.5B	$1.5B	$1.5B
Inventories	$2.6B	$2.5B	$2.5B	$2.4B
Other current assets	$535.0M	$477.0M	$493.0M	$509.0M
Total current assets	$6.4B	$6.5B	$6.6B	$5.9B
Property, plant and equipment, less accumulated depreciation of $3,066 in 2026 and $2,935 in 2025	$3.8B	$3.7B	$3.6B	$3.5B
Operating lease right-of-use assets	$275.0M	$282.0M	$292.0M	$302.0M
Goodwill	$2.8B	$2.8B	$2.8B	$2.8B
Identifiable intangible assets, less accumulated amortization	$918.0M	$959.0M	$1.0B	$1.1B
Noncurrent deferred tax assets	$617.0M	$591.0M	$587.0M	$617.0M
Other noncurrent assets	$384.0M	$351.0M	$293.0M	$267.0M
Total assets	$15.1B	$15.2B	$15.2B	$14.5B
Accounts payable	$452.0M	$507.0M	$410.0M	$508.0M
Dividends payable	$221.0M	$224.0M	$0	$222.0M
Accrued expenses	$856.0M	$751.0M	$809.0M	$770.0M
Accrued compensation and related items	$269.0M	$239.0M	$337.0M	$293.0M
Income taxes payable	$138.0M	$211.0M	$152.0M	$93.0M
Other current liabilities	$125.0M	$121.0M	$99.0M	$130.0M
Total current liabilities	$2.1B	$2.1B	$1.8B	$3.4B
Long-term debt, net of discount and issuance costs	$9.0B	$9.0B	$7.1B	$5.2B
Noncurrent deferred tax liabilities	$122.0M	$130.0M	$147.0M	$156.0M
Operating lease liabilities	$190.0M	$193.0M	$204.0M	$210.0M
Other taxes payable	$288.0M	$281.0M	$270.0M	$265.0M
Other noncurrent liabilities	$220.0M	$219.0M	$264.0M	$274.0M
Total liabilities	$11.9B	$11.9B	$9.8B	$9.5B
Common stock, $0.01 par value: 6,000,000,000 authorized; 501,891,243 and 501,891,243 shares issued; 414,154,046 and 424,927,535 shares outstanding at June 30, 2026, and December 31, 2025, respectively	5.0M	5.0M	5.0M	5.0M
Treasury stock, at cost, 87,737,197 and 76,963,708 shares of common stock at June 30, 2026 and December 31, 2025, respectively	-11.8B	-11.3B	-8.6B	-8.2B
Additional paid-in capital	$1.1B	$1.1B	$1.2B	$1.2B
Retained earnings	$14.7B	$14.2B	$13.6B	$12.9B
Accumulated other comprehensive loss	($796.0M)	($772.0M)	($818.0M)	($877.0M)
Total Zoetis Inc. equity	$3.1B	$3.2B	$5.4B	$5.0B
Equity attributable to noncontrolling interests	$0	$0	$0	$0
Total equity	$3.1B	$3.2B	$5.4B	$5.0B
Total liabilities and equity	$15.1B	$15.2B	$15.2B	$14.5B

Cash flow statement

Zoetis Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income before allocation to noncontrolling interests	$2.7B	$2.5B	$2.3B	$2.1B
Depreciation and amortization expense	$487.0M	$497.0M	$491.0M	$465.0M
Share-based compensation expense	$83.0M	$74.0M	$60.0M	$62.0M
Asset write-offs and asset impairments	$47.0M	$31.0M	$46.0M	$53.0M
Net loss/(gain) on sale of businesses, excluding transaction costs	$3.0M	$23.0M	($118.0M)	$0
Provision for losses on inventory	$68.0M	$97.0M	$115.0M	$76.0M
Deferred taxes	($52.0M)	($338.0M)	($61.0M)	($286.0M)
Settlement of derivative contracts	$11.0M	$0	$0	—
Other non-cash adjustments	($8.0M)	($6.0M)	($8.0M)	$13.0M
Accounts receivable	($236.0M)	($61.0M)	($102.0M)	($137.0M)
Inventories	($199.0M)	($40.0M)	($361.0M)	($486.0M)
Other assets	($165.0M)	$52.0M	($95.0M)	$35.0M
Accounts payable	$46.0M	$31.0M	$13.0M	($29.0M)
Other liabilities	$85.0M	$114.0M	$67.0M	($180.0M)
Other tax accounts, net	$61.0M	($17.0M)	($34.0M)	$98.0M
Net cash provided by operating activities	$2.9B	$3.0B	$2.4B	$1.9B
Capital expenditures	($621.0M)	($655.0M)	($732.0M)	($586.0M)
Acquisitions, net of cash acquired	($24.0M)	($8.0M)	($155.0M)	($312.0M)
Purchase of investments	($7.0M)	($5.0M)	($4.0M)	($9.0M)
(Payments of)/proceeds from derivative instrument activity, net	($93.0M)	$62.0M	$12.0M	$23.0M
(Payment of)/proceeds from sale of businesses, net of cash sold and working capital adjustments	($4.0M)	$293.0M	$96.0M	—
Other investing activities	$1.0M	($3.0M)	$2.0M	$0
Net cash used in investing activities	($748.0M)	($315.0M)	($777.0M)	($883.0M)
(Decrease)/increase in short-term borrowings, net	$0	($3.0M)	$1.0M	$2.0M
Principal payments on long-term debt	($1.4B)	$0	($1.4B)	$0
Proceeds from issuance of long-term debt—senior notes, net of discount	$1.8B	$0	$0	$1.3B
Proceeds from issuance of convertible debt	$2.0B	—	—	—
Payment of debt issuance costs	($43.0M)	$0	$0	($10.0M)
Payment of premium on capped calls related to convertible debt	($187.0M)	—	—	—
Payment of consideration related to previous acquisitions	$0	($5.0M)	($3.0M)	($1.0M)
Share-based compensation-related proceeds, net of taxes paid on withholding shares	-11.0M	-8.0M	27.0M	-38.0M
Purchases of treasury stock, including excise taxes paid	($3.2B)	($1.9B)	($1.1B)	($1.6B)
Cash dividends paid	($889.0M)	($786.0M)	($692.0M)	($611.0M)
Other financing activities	($3.0M)	—	—	—
Net cash used in financing activities	($1.9B)	($2.7B)	($3.1B)	($904.0M)
Effect of exchange-rate changes on cash and cash equivalents	$39.0M	($32.0M)	($7.0M)	($29.0M)
Net increase/(decrease) in cash and cash equivalents	$325.0M	($54.0M)	($1.5B)	$96.0M
Cash and cash equivalents at beginning of period	$2.3B	$2.0B	$2.0B	$3.6B
Income Taxes Paid, Net	$715.0M	$892.0M	$754.0M	$638.0M
Interest, net of capitalized interest	$261.0M	$274.0M	$295.0M	$242.0M
Capital expenditures	$4.0M	$3.0M	$2.0M	$3.0M
Dividends payable	$232.0M	$224.0M	$198.0M	$174.0M
Excise tax accrued on net share repurchases, not paid	$31.0M	$17.0M	$10.0M	—

Zoetis Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income before allocation to noncontrolling interests	$1.3B	$601.0M	$2.1B	$1.3B
Depreciation and amortization expense	$238.0M	$119.0M	$366.0M	$242.0M
Share-based compensation expense	$51.0M	$25.0M	$61.0M	$39.0M
Asset write-offs and asset impairments	$0	$0	$39.0M	$33.0M
Net loss on sale of business, excluding transaction costs	$0	—	$3.0M	$3.0M
Net gain on sale of assets	($7.0M)	($6.0M)	—	—
Provision for losses on inventory	$26.0M	$13.0M	$52.0M	$32.0M
Deferred taxes	$1.0M	$34.0M	($4.0M)	$12.0M
Other non-cash adjustments	($2.0M)	$3.0M	($9.0M)	($5.0M)
Accounts receivable	($172.0M)	($106.0M)	($184.0M)	($194.0M)
Inventories	($137.0M)	($114.0M)	($212.0M)	($168.0M)
Other assets	($158.0M)	($66.0M)	($175.0M)	($162.0M)
Accounts payable	$9.0M	$62.0M	($30.0M)	$24.0M
Other liabilities	($92.0M)	($234.0M)	($3.0M)	($104.0M)
Other tax accounts, net	$7.0M	$73.0M	$26.0M	($28.0M)
Net cash provided by operating activities	$1.1B	$401.0M	$2.0B	$1.1B
Capital expenditures	($227.0M)	($110.0M)	($460.0M)	($327.0M)
Acquisitions, net of cash acquired	$0	—	($10.0M)	($10.0M)
Purchase of investments	($208.0M)	($2.0M)	($6.0M)	($3.0M)
Proceeds from/(payments of) derivative instrument activity, net	$36.0M	$16.0M	($105.0M)	($76.0M)
Proceeds from sale of business, net of cash sold and working capital adjustments	$0	—	($4.0M)	($4.0M)
Net proceeds from sale of assets	$11.0M	$10.0M	$1.0M	$0
Other investing activities	$1.0M	($1.0M)	$2.0M	($2.0M)
Net cash used in investing activities	($387.0M)	($87.0M)	($582.0M)	($422.0M)
Share-based compensation-related proceeds, net of taxes paid on withholding shares	-12.0M	-7.0M	-12.0M	-12.0M
Purchases of treasury stock, including excise taxes paid	($1.2B)	($606.0M)	($1.2B)	($781.0M)
Cash dividends paid	($447.0M)	($224.0M)	($669.0M)	($447.0M)
Other financing activities	($4.0M)	($3.0M)	($3.0M)	($1.0M)
Net cash used in financing activities	($1.7B)	($840.0M)	($1.4B)	($1.2B)
Effect of exchange-rate changes on cash and cash equivalents	$10.0M	$17.0M	$43.0M	$38.0M
Net decrease in cash and cash equivalents	($974.0M)	($509.0M)	$97.0M	($552.0M)
Cash and cash equivalents at beginning of period	$2.5B	$2.5B	$2.0B	$2.0B
Cash and cash equivalents at end of period	$1.5B	$1.9B	$2.1B	$1.4B
Income taxes(b)	$430.0M	$50.0M	$582.0M	$475.0M
Interest, net of capitalized interest	$148.0M	$109.0M	$225.0M	$137.0M
Operating cash flows - operating leases	$36.0M	$17.0M	$56.0M	$34.0M
Financing cash flows - finance leases	$0	$0	$2.0M	$2.0M
Capital expenditures	$2.0M	$3.0M	$3.0M	$3.0M
Excise tax accrued on net share repurchases, not paid	$11.0M	$6.0M	$11.0M	$7.0M
Lease obligations obtained in exchange for right-of-use assets - operating	$17.0M	$10.0M	$61.0M	$58.0M
Lease obligations obtained in exchange for right-of-use assets - finance	$0	$0	$1.0M	$1.0M
Dividends declared, not paid	$221.0M	$224.0M	—	$222.0M

Zoetis Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.