Income StatementBalance SheetCash FlowSegments
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Zoetis Cash Flow Statement

Operating, investing, and financing cash movements

Zoetis generated $2.8B in operating cash flow over the trailing twelve months. After $553.0M in capital expenditures, free cash flow was $2.2B. Free cash flow increased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.8BNet Cash From Investing (TTM)-$632.0MNet Cash From Financing (TTM)-$2.0BCapital Expenditures (TTM)$553.0MDepreciation And Amortization Cf (TTM)$487.0MNet Change In Cash (TTM)$148.0M
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$31.6B
P/E Ratio11.84
ROE67.75%

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from convertible debt$0.0$500.0M$500.0M$500.0M$500.0M—
Dividends paid$194.0M$224.0M$223.0M$222.0M$220.0M$224.0M
Proceeds From Issuance Of Senior Long Term Debt$0.0$462.0M$462.0M$462.0M$462.0M—
Share-based compensation-related proceeds, net of taxes paid on withholding shares—-$9.0M-$3.0M$0.0$0.0-$7.0M
Net cash from financing activities-$745.0M-$677.0M-$564.0M-$134.0M-$495.0M-$840.0M
Other financing activities$0.0-$1.0M$1.0M$0.0$0.0-$3.0M
Payments for finance leases—$2.0M$0.0$0.0—$0.0
Repurchases of common stock$553.0M$443.0M$338.0M$394.0M$248.0M$606.0M
Payments for Hedge Financing Activities$0.0———$187.0M—

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating lease payments—$16.0M$18.0M$22.0M—$17.0M
ROU assets obtained - finance leases—$1.0M$0.0$0.0—$0.0
ROU assets obtained - operating leases—$7.0M$51.0M$3.0M—$10.0M
Income taxes paid$235.0M$47.0M$428.0M$107.0M$133.0M$50.0M
Interest paid$69.0M$68.0M$69.0M$88.0M$36.0M$109.0M
Excise tax accrued on net share repurchases, not paid$4.3M$7.8M$7.8M$7.8M$7.8M—

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$216.0M$178.0M$149.0M$133.0M$161.0M$110.0M
Net cash from investing activities—-$203.0M-$219.0M-$160.0M-$166.0M-$87.0M
Other investing activities$1.0M-$1.0M$3.0M-$4.0M—$1.0M
Proceeds from sale of property, plant and equipment$0.0$0.0$0.0$1.0M—$10.0M
Purchases of investments$1.0M$2.0M$1.0M$3.0M$1.0M$2.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$26.0M$22.0M$2.0M-$54.0M$76.0M$62.0M
Change in accounts receivable—$46.0M$148.0M-$10.0M$52.0M$106.0M
Change in income taxes payable/receivable-$7.0M$123.0M-$151.0M$54.0M$35.0M$73.0M
Change in inventories—$85.0M$83.0M$44.0M$0.0$114.0M
Change in other assets-$66.0M$50.0M$112.0M$13.0M$0.0$66.0M
Change in other liabilities$78.0M-$206.0M$102.0M$101.0M$88.0M-$234.0M
Other working capital changes$17.0M$2.0M$3.0M$4.0M—-$3.0M
Deferred income taxes-$152.0M$14.0M-$2.0M-$16.0M-$48.0M$34.0M
Depreciation and amortization$123.0M$119.0M$123.0M$124.0M$121.0M$119.0M
Change in Derivative Assets and Liabilities$0.0-$2.8M-$2.8M-$2.8M-$2.8M—
Impairment charges$15.0M$2.0M$31.0M$6.0M$8.0M$0.0
Gain (Loss) on Sale of Assets and Asset Impairment Charges-$5.8M$0.0———$6.0M
Net cash from operating activities$905.0M$515.0M$558.0M$938.0M$893.0M$401.0M
Net income$581.0M$602.0M$718.0M$721.0M$632.0M$601.0M
Cash received from / (payments to) settle derivative instruments$0.0$0.0———$3.0M
Stock-based compensation$19.0M$17.0M$22.0M$22.0M$22.0M$25.0M
Inventory and Purchase Commitments Write-downs$26.0M$18.0M$14.0M$20.0M$16.0M$13.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$689.0M$337.0M$409.0M$805.0M$732.0M$291.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$13.0M$33.0M$5.0M$5.0M—$17.0M
Net increase (decrease) in cash—-$332.0M-$220.0M$649.0M$228.0M-$509.0M