Income StatementBalance SheetCash FlowSegments
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Zoetis Income Statement

Revenue, expenses, and profitability over time

Zoetis generated $9.5B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $2.7B with a 28.03% net margin. Diluted EPS is $6.10, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$9.5BGross Profit (TTM)$6.8BNet Income (TTM)$2.7BEps Diluted (TTM)$6.10
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$31.6B
P/E Ratio11.84
ROE67.75%

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Derivative Gain (Loss) Excluded from Effectiveness—$22.0M$19.0M$26.0M—$21.0M
Foreign Currency Transaction Gain (Loss)—-$10.0M-$14.0M-$13.0M—-$6.0M
Interest Income (Expense), Non-operating—$22.0M$19.0M$26.0M—$21.0M
Unrealized Foreign Currency Transaction Gain (Loss)—-$10.0M-$14.0M-$13.0M—-$6.0M
Foreign Currency Transaction Gain (Loss)—-$10.0M-$14.0M-$13.0M—-$6.0M
Other Non-Cash Income (Expense)$17.0M$1.0M$4.0M$4.0M—-$3.0M
Cash Paid for Interest$69.0M$68.0M$69.0M$88.0M$36.0M$109.0M
Investment Impairment Losses$15.0M$2.0M$31.0M$6.0M$8.0M$0.0
Foreign exchange gains (losses)—-$10.0M-$14.0M-$13.0M—-$6.0M
Other non-cash income (expense)$17.0M$1.0M$4.0M$4.0M—-$3.0M
Foreign Currency Transaction Gain (Loss)—-$10.0M-$14.0M-$13.0M—-$6.0M
Foreign Currency Transaction Gain (Loss), Pre-tax—-$10.0M-$14.0M-$13.0M—-$6.0M
Other Charges—$3.0M-$1.0M$0.0—-$1.0M
Foreign Currency Transaction Gain (Loss)—-$10.0M-$14.0M-$13.0M—-$6.0M
Interest expense$51.0M$54.0M$53.0M$58.0M$57.0M$62.0M
Change in Accounts Payable$26.0M$22.0M$2.0M-$54.0M$76.0M$62.0M
OCI Defined Benefit Plans—-$2.0M———$0.0
Other Non-Cash Income (Expense)$17.0M$1.0M$4.0M$4.0M—-$3.0M
Foreign currency transaction gain (loss)—-$10.0M-$14.0M-$13.0M—-$6.0M
Foreign Currency Transaction Gain (Loss), Before Tax—-$10.0M-$14.0M-$13.0M—-$6.0M
Interest Income (Expense), Nonoperating—$22.0M$19.0M$26.0M—$21.0M
Other income (expense), net$20.0M$15.0M-$4.0M$13.0M$12.0M$20.0M
Non-operating Interest Income (Expense)—$22.0M$19.0M$26.0M—$21.0M
Gain (Loss) on Sale of Assets and Asset Impairment Charges-$5.8M$0.0———$6.0M
Other Non-cash Income (Expense)$17.0M$1.0M$4.0M$4.0M—-$3.0M
Interest Costs Capitalized—$11.0M$11.0M$12.0M—$10.0M
Other Non-Cash Income (Expense)$17.0M$1.0M$4.0M$4.0M—-$3.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common Stock Dividends Per Share (Paid)$0.4$0.5$0.5$0.5$0.5—
Capital Expenditures$216.0M$178.0M$149.0M$133.0M$161.0M$110.0M
Change in Accounts Receivable—$46.0M$148.0M-$10.0M$52.0M$106.0M
Change in Other Liabilities$78.0M-$206.0M$102.0M$101.0M$88.0M-$234.0M
Common Stock Dividends Per Share—$0.5$0.5$0.0—$0.5
Common stock dividends per share cash paid$0.4$0.5$0.5$0.5$0.5—
Comprehensive Income Including Noncontrolling Interest—$690.0M$858.0M$780.0M—$633.0M
OCI Attributable to Noncontrolling Interest—$0.0$0.0$0.0—$0.0
Dividends per share declared—$0.5$0.5$0.0—$0.5
OCI - Defined benefit plan, net of tax—-$2.0M———$0.0
Other comprehensive income (loss), net of tax—$132.0M$218.0M$53.0M—$20.0M
Common Stock Dividends Per Share (Cash Paid)$0.4$0.5$0.5$0.5$0.5—
Comprehensive Income Attributable to Parent—$690.0M$858.0M$780.0M—$633.0M
Other Comprehensive Income (Loss)—-$2.0M———$0.0
Change in Inventories—$85.0M$83.0M$44.0M—$114.0M
Finance Lease Principal Paid—$2.0M$0.0$0.0—$0.0
Effect of Exchange Rate on Cash (Continuing Operations)—-$1.0M$39.0M$5.0M—$17.0M
Net Change in Cash and Restricted Cash—-$266.0M-$286.0M$649.0M—-$509.0M
Number of Operating Segments—2.000.000.00—2.00
Operating Lease Payments—$16.0M$18.0M$22.0M—$17.0M
ROU Asset Obtained - Finance Lease—$1.0M$0.0$0.0—$0.0
ROU Asset Obtained - Operating Lease—$7.0M$51.0M$3.0M—$10.0M
Common Dividends Per Share Paid$0.4$0.5$0.5$0.5$0.5—
Cash Dividend per Common Share$0.4$0.5$0.5$0.5$0.5—
Comprehensive Income Including Noncontrolling Interest—$690.0M$858.0M$780.0M—$633.0M
OCI Defined Benefit Plan Net of Tax—-$2.0M———$0.0
Number of reportable segments—————2.00
Other comprehensive income (loss), after-tax—-$77.0M$140.0M$59.0M—$32.0M
Other investing activities, net—-$1.0M$3.0M-$4.0M—$1.0M
Dividends per share declared—$0.5$0.5$0.0—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Income Taxes Paid, Net$235.0M$60.0M$415.0M$107.0M$133.0M$50.0M
Interest Paid, Net$69.0M$68.0M$69.0M$88.0M$36.0M$109.0M
Comprehensive income (loss), including noncontrolling interest—$690.0M$858.0M$780.0M—$633.0M
Share-based compensation expense related to employee stock plans—$2.0M$26.0M$22.0M—$13.0M
Pre-tax stock-based compensation cost—$17.0M$22.0M$22.0M—$25.0M
Amortization of capitalized software and acquired intangible assets—$40.0M$41.0M$39.0M—$39.0M
Amortization of intangible assets$34.0M$32.0M$33.0M$32.0M$31.0M$31.0M
Capital investments accrued but not yet paid—$3.0M$0.0$0.0$1.0M$3.0M
Cash received from / (payments to) settle derivative instruments—$0.0———$3.0M
Cash dividend per common share (in dollars per share)$0.4$0.5$0.5$0.5$0.5—
Dividends declared (in dollars per share)—$0.5$0.5$0.0—$0.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$690.0M$858.0M$780.0M—$633.0M
Less: comprehensive income attributable to noncontrolling interest—$0.0$0.0$0.0—$0.0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$690.0M$858.0M$780.0M—$633.0M
Revenue recognized that was included in deferred income at the beginning of the period—$3.0M$2.0M$7.0M—$10.0M
Deferred taxes-$152.0M$14.0M-$2.0M-$16.0M-$48.0M$34.0M
Derivative Cash Received On Hedge—$114.0M$0.0$11.0M——
Dividends, Common Stock—$224.0M$221.0M$0.0—$216.0M
Effective tax rates—$0.2$0.2$0.2—$0.2
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount—$1.0M$1.0M$1.0M—$1.0M
Excise tax accrued on net share repurchases, not paid—$4.0M$3.0M$4.0M—$6.0M
Finance Lease Principal Payments—$2.0M$0.0$0.0—$0.0
Gain (Loss), Foreign Currency Transaction, before Tax—-$10.0M-$14.0M-$13.0M—-$6.0M
Currency exchange and other—-$8.0M$42.0M$6.0M—$4.0M
Income Taxes Paid, Net$235.0M$60.0M$415.0M$107.0M$133.0M$50.0M
Accounts payable$26.0M$22.0M$2.0M-$54.0M$76.0M$62.0M
Increase (Decrease) in Accounts Receivable—$46.0M$148.0M-$10.0M$52.0M$106.0M
Income and other taxes-$7.0M$104.0M-$132.0M$54.0M$35.0M$73.0M
Increase (Decrease) in Inventories—$85.0M$83.0M$44.0M$0.0$114.0M
Increase (Decrease) in Other Operating Assets-$66.0M$46.0M$116.0M$13.0M$0.0$66.0M
Other liabilities$78.0M-$206.0M$102.0M$101.0M$88.0M-$234.0M
Interest capitalized—$11.0M$11.0M$12.0M—$10.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$69.0M$68.0M$69.0M$88.0M$36.0M$109.0M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$745.0M-$677.0M-$564.0M-$134.0M-$495.0M-$840.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation—-$203.0M-$219.0M-$160.0M-$166.0M-$87.0M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$905.0M$515.0M$558.0M$938.0M$893.0M$401.0M
Net Income Loss Attributable To Noncontrolling Interest—$0.0$0.0$0.0—$0.0
Number of operating segments—$2.0$0.0$0.0—$2.0
Number of reportable segments—————$2.0
Operating Lease Payments—$16.0M$18.0M$22.0M—$17.0M
Foreign currency translation gains (losses)—$132.0M$218.0M$53.0M—$20.0M
Other comprehensive income (loss)—$88.0M$140.0M$59.0M—$32.0M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—-$2.0M———$0.0
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax—$0.0———$0.0
Other Noncash Income (Expense)$17.0M$1.0M$4.0M$4.0M—-$3.0M
Other income, net (Note 6)—$3.0M-$1.0M$0.0—-$1.0M
Payments For Hedge Financing Activities$0.0———$187.0M—
Payments for (Proceeds from) Hedge, Investing Activities-$51.0M$24.0M$52.0M$29.0M—-$16.0M
Payment for (Proceeds from) Other Investing Activity$0.0-$1.0M$3.0M-$4.0M—$1.0M
Payments for Repurchase of Common Stock$553.0M$443.0M$338.0M$394.0M$248.0M$606.0M
Payments to Acquire Investments$1.0M$2.0M$1.0M$3.0M$1.0M$2.0M
Payments to Acquire Property, Plant, and Equipment$216.0M$178.0M$149.0M$133.0M$161.0M$110.0M
Financing — other$0.0-$1.0M$0.0-$2.0M$0.0-$3.0M
Dispositions of property, plant, and equipment$0.0$0.0$0.0$1.0M—$10.0M
Research and development expense$186.0M$162.0M$172.0M$170.0M$194.0M$180.0M
Restructuring Charges And Acquisition And Divestiture Related Costs$2.0M$0.0$30.0M$4.0M$17.0M$22.0M
Restructuring Reserve, Utilization And Other—$8.0M$7.0M$6.0M—$12.0M
Right Of Use Asset Obtained In Exchange For Finance Lease Liability—$1.0M$0.0$0.0—$0.0
Right Of Use Asset Obtained In Exchange For Operating Lease Liability—$7.0M$51.0M$3.0M—$10.0M
Stock-based compensation$19.0M$17.0M$22.0M$22.0M$22.0M$25.0M
Expected volatility—26.4%-0.0%0.0%—28.8%
Weighted-average grant date fair value of stock options (in dollars per share)—$40.21$0.01$0.00—$32.64
Granted (in shares)—313.9K6.6K0—437.9K
Risk-free rate—4.4%-0.0%0.0%—3.6%
Weighted-average dividend yield—1.3%0.0%0.0%—1.6%
Granted (in shares)—$156.64$0.16$0.00—$129.13
Share-based compensation-related proceeds, net of taxes paid on withholding shares—-$9.0M-$3.0M$0.0—-$7.0M
Number of shares purchased (in shares)————2.1M—
Treasury stock, value, acquired—$447.0M$341.0M$381.0M—$612.0M
Add: dilutive effect of potential common shares (in shares)—$400.0K$400.0K$300.0K—$300.0K
Cash Dividends on Common Stock$194.0M$224.0M$223.0M$222.0M$220.0M$224.0M
Comprehensive Income (Loss), Total—$690.0M$858.0M$780.0M—$633.0M
Comprehensive Income Attributable to Noncontrolling Interests—$0.0$0.0$0.0—$0.0
Comprehensive Income, Including Noncontrolling Interest—$690.0M$858.0M$780.0M—$633.0M
Foreign Currency Translation Adjustment, Net of Tax—$132.0M$218.0M$53.0M—$20.0M
OCI Defined Benefit Plan, After Tax—-$2.0M———$0.0
Other Comprehensive Income (Loss)—$690.0M$858.0M$780.0M—$633.0M
OCI Pension Adjustments—-$2.0M———$0.0
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Comprehensive Income Including Noncontrolling Interest—$690.0M$858.0M$780.0M—$633.0M
Total Comprehensive Income—$690.0M$858.0M$780.0M—$633.0M
Comprehensive Income, Noncontrolling Interest—$0.0$0.0$0.0—$0.0
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
OCI Pension Reclassification Adjustment, Pre-tax—-$2.0M———$0.0
Comprehensive Income—$554.0M$858.0M$780.0M—$633.0M
OCI Defined Benefit Plan, Net of Tax—-$2.0M———$0.0
Stock Repurchased During Period, Value—$443.0M$338.0M$394.0M$248.0M$606.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Weighted Average Diluted Shares Adjustment—$400.0K$400.0K$300.0K—$300.0K
Common Stock Dividends Per Share (Declared)—$0.5$0.5$0.0—$0.5
Common stock dividends per share cash paid$0.4$0.5$0.5$0.5$0.5—
Dividends Per Share, Cash Paid$0.4$0.5$0.5$0.5$0.5—
Common Stock Dividends Per Share Cash Paid$0.4$0.5$0.5$0.5$0.5—
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Basic earnings per share$1.28$1.34$1.61$1.63$1.45$1.42
Diluted earnings per share$1.29$1.34$1.61$1.63$1.44$1.42
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common stock dividends per share declared—$0.5$0.5$0.0—$0.5
Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common Stock Dividends Per Share (Cash Paid)$0.4$0.5$0.5$0.5$0.5—
Dividends per share declared—$0.5$0.5$0.0—$0.5
Weighted Average Diluted Shares Adjustment—$400.0K$400.0K$300.0K—$300.0K
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Dividends per share declared—$0.5$0.5$0.0—$0.5
Dividends per share declared—$0.5$0.5$0.0—$0.5
Dividends per Share Declared—$0.5$0.5$0.0—$0.5
Dividends per share declared—$0.50$0.50$0.00—$0.53
Dividends per common share$0.4$0.5$0.5$0.5$0.5—
Dividends per share, cash paid$0.45$0.51$0.51$0.51$0.51—
Dividends Per Share (Paid)$0.4$0.5$0.5$0.5$0.5—
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common Stock Dividends Per Share (Cash Paid)$0.4$0.5$0.5$0.5$0.5—
Common stock dividends per share cash paid$0.4$0.5$0.5$0.5$0.5—
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common stock dividends per share cash paid$0.4$0.5$0.5$0.5$0.5—
Common stock dividends per share declared—$0.5$0.5$0.0—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.0—$0.5
Common stock dividends per share declared—$0.5$0.5$0.0—$0.5
Weighted average number diluted shares outstanding adjustment—$400.0K$400.0K$300.0K—$300.0K
Weighted-average shares, basic—447.6M445.1M442.9M—422.1M
Weighted-average shares, diluted—448M445.5M443.2M—422.4M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$19.0M$17.0M$22.0M$22.0M$22.0M$25.0M
Amortization of Finite-Lived Intangible Assets—$40.0M$41.0M$39.0M—$39.0M
Total stock-based compensation—$17.0M$22.0M$22.0M—$25.0M
Share-Based Compensation Expense$19.0M$17.0M$22.0M$22.0M$22.0M$25.0M
Amortization expense—$40.0M$41.0M$39.0M—$39.0M
Stock-Based Compensation Expense (Pre-tax)—$17.0M$22.0M$22.0M—$25.0M
Compensation and benefits—$17.0M$22.0M$22.0M—$25.0M
Depreciation and amortization$123.0M$119.0M$123.0M$124.0M$121.0M$119.0M
Amortization Expense—$40.0M$41.0M$39.0M—$39.0M
Allocated Share-Based Compensation Expense—$17.0M$22.0M$22.0M—$25.0M
Amortization of Capitalized Software and Acquired Intangibles—$40.0M$41.0M$39.0M—$39.0M
Share-Based Compensation (Operating)—$17.0M$22.0M$22.0M—$25.0M
Impairment charges—$2.0M$31.0M$6.0M—$0.0
Share-Based Compensation Expense Before Income Taxes—$17.0M$22.0M$22.0M—$25.0M
Impairment of Goodwill and Purchased Intangible Assets$15.0M$2.0M$31.0M$6.0M$8.0M$0.0
Stock-based compensation expense$19.0M$17.0M$22.0M$22.0M$22.0M$25.0M
Other operating expenses—-$8.0M$42.0M$6.0M—$4.0M
Goodwill and indefinite-lived intangible asset impairment$15.0M$2.0M$31.0M$6.0M$8.0M$0.0
Research and development$186.0M$157.0M$172.0M$170.0M$199.0M$180.0M
Restructuring charges—————$20.0M
Selling, general and administrative$625.0M$574.0M$617.0M$579.0M$608.0M$588.0M
Share-Based Compensation$19.0M$17.0M$22.0M$22.0M$22.0M$25.0M
Stock-Based Compensation (Before Tax)—$17.0M$22.0M$22.0M—$25.0M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate (Continuing Operations)—$0.2$0.2$0.2—$0.2
Effective Tax Rate—$0.2$0.2$0.2—$0.2
Cash Paid for Income Taxes$235.0M$60.0M$415.0M$107.0M$133.0M$50.0M
Effective Tax Rate, Continuing Operations—$0.2$0.2$0.2—$0.2
Effective Income Tax Rate, Continuing Operations—$0.2$0.2$0.2—$0.2
Effective Tax Rate—$0.2$0.2$0.2—$0.2
Effective Tax Rate (Continuing Operations)—$0.2$0.2$0.2—$0.2
Income Taxes Paid, Net$235.0M$60.0M$415.0M$107.0M$133.0M$50.0M
Income tax expense$151.0M$171.0M$184.0M$166.0M$166.0M$157.0M
Effective Tax Rate (Continuing Operations)—$0.2$0.2$0.2—$0.2
Deferred Income Tax Expense (Benefit)—$19.0M-$7.0M-$16.0M—$34.0M
Effective Tax Rate (Continuing Operations)—$0.2$0.2$0.2—$0.2
Income Taxes Paid, Net$235.0M$60.0M$415.0M$107.0M$133.0M$50.0M
Effective Income Tax Rate—$0.2$0.2$0.2—$0.2
Effective Tax Rate, Continuing Operations—$0.2$0.2$0.2—$0.2
Income and Other Taxes-$7.0M$104.0M-$132.0M$54.0M$35.0M$73.0M
Effective Tax Rate Continuing Operations—$0.2$0.2$0.2—$0.2

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue Recognized from Contract Liability—$3.0M$2.0M$7.0M—$10.0M
Revenue Recognized from Contract Liabilities—$3.0M$2.0M$7.0M—$10.0M
Gift Card Revenue Recognized—$3.0M$2.0M$7.0M—$10.0M
Revenue Recognized from Contract Liability—$3.0M$2.0M$7.0M—$10.0M
Total revenue$2.3B$2.2B$2.5B$2.4B$2.4B$2.3B

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Dividends Declared (Per Share)—$0.5$0.5$0.0—$0.5
Comprehensive income (loss), including noncontrolling interest—$690.0M$858.0M$780.0M—$633.0M
Net income attributable to noncontrolling interests—$0.0$0.0$0.0—$0.0
Common Stock Dividends—$224.0M$221.0M$0.0—$216.0M
Net income$581.0M$602.0M$718.0M$721.0M$632.0M$601.0M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Inventory Write-Down$26.0M$19.0M$13.0M$20.0M$16.0M$13.0M
Total cost of revenue$707.0M$618.0M$649.0M$683.0M$716.0M$641.0M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.6B$1.6B$1.8B$1.7B$1.7B$1.6B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$732.0M$773.0M$902.0M$887.0M$798.0M$758.0M