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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 $2.6B with a 27.79% net margin. Diluted EPS is $6.03, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$9.5BGross Profit (TTM)$6.8BNet Income (TTM)$2.6BEps Diluted (TTM)$6.03
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$34.1B
P/E Ratio12.91
ROE67.01%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits—$17M$22M$22M—$25M
Depreciation and amortization$123M$119M$123M$124M$121M$119M
Impairment charges—$2M$31M$6M—$0
Other operating expenses—-$8M$42M$6M—$4M
Research and development$186M$162M$172M$170M$199M$180M
Restructuring charges———$4M—$20M
Selling, general and administrative$625M$574M$617M$579M$619M$588M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.29$1.34$1.61$1.63$1.38$1.42
Diluted earnings per share$1.29$1.34$1.61$1.63$1.37$1.42
Weighted-average shares, basic454.2M447.6M445.1M442.9M443.4M422.1M
Weighted-average shares, diluted454.8M448M445.5M443.2M443.8M422.4M

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$732M$773M$902M$887M$761M$758M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$151M$171M$184M$166M$158M$157M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$51M$54M$53M$58M$57M$62M
Interest Income (Expense), Nonoperating—$22M$19M$26M—$21M
Other income (expense), net$20M$15M-$4M$13M$9M$20M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests—$0$0$0—$0
Net income$581M$602M$718M$721M$603M$601M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Share-based compensation expense related to employee stock plans—$2M$26M$22M—$13M
Pre-tax stock-based compensation cost—$17M$22M$22M—$25M
Amortization of capitalized software and acquired intangible assets—$40M$41M$39M—$39M
Amortization of intangible assets$34M$32M$33M$32M$31M$31M
Capital investments accrued but not yet paid—$3M——$1M$3M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—-$332M-$220M$649M—-$509M
Cash received from / (payments to) settle derivative instruments—$0———$3M
Cash dividend per common share (in dollars per share)$0.45$0.51$0.51$0.51$0.51—
Dividends declared (in dollars per share)—$0.50$0.50$0.00—$0.53
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$690M$858M$780M—$633M
Less: comprehensive income attributable to noncontrolling interest—$0$0$0—$0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$690M$858M$780M—$633M
Revenue recognized that was included in deferred income at the beginning of the period—$3M$2M$7M—$10M
Deferred taxes-$152M$14M-$2M-$16M-$48M$34M
Derivative Cash Received On Hedge—$114M—$11M——
Dividends, Common Stock—$224M$221M——$216M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$33M$5M$5M—$17M
Effective tax rates—$0.2$0.2$0.2—$0.2
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount—$1M$1M$1M—$1M
Excise tax accrued on net share repurchases, not paid—$4M$3M$4M—$6M
Finance Lease Principal Payments—$2M———$0
Gain (Loss), Foreign Currency Transaction, before Tax—-$10M-$14M-$13M—-$6M
Gain (Loss) on Sale of Assets and Asset Impairment Charges—$0———$6M
Currency exchange and other—-$8M$42M$6M—$4M
Income Taxes Paid, Net$235M$60M$415M$107M$133M$50M
Accounts payable$26M$22M$2M-$54M$76M$62M
Increase (Decrease) in Accounts Receivable—$46M$148M$0$52M$106M
Income and other taxes—$104M-$132M$54M—$73M
Increase (Decrease) in Inventories—$85M$83M$44M$0$114M
Increase (Decrease) in Other Operating Assets-$66M$46M$116M$13M$0$66M
Other liabilities$78M-$206M——$88M-$234M
Interest capitalized—$11M$11M$12M—$10M
Interest Paid, Excluding Capitalized Interest, Operating Activity$69M$68M$69M$88M$36M$109M
Inventory Write Down—$19M$13M$20M—$13M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$745M-$677M-$564M-$134M-$495M-$840M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation—-$203M-$219M-$160M-$166M-$87M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$905M$515M$558M$938M$893M$401M
Net Income Loss Attributable To Noncontrolling Interest—$0$0$0—$0
Number of operating segments—2.00———2.00
Number of reportable segments—————2.00
Operating Lease Payments—$16M$18M$22M—$17M
Foreign currency translation gains (losses)—$132M$218M$53M—$20M
Other comprehensive income (loss)—$88M$140M$59M—$32M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—-$2M———$0
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax—$0———$0
Other Noncash Income (Expense)$17M$1M$4M$4M—-$3M
Other income, net (Note 6)—$3M-$1M$0—-$1M
Payments For Hedge Financing Activities$0———$187M—
Payments for (Proceeds from) Hedge, Investing Activities—$24M$52M$29M—-$16M
Payment for (Proceeds from) Other Investing Activity—-$1M$3M-$4M—$1M
Payments for Repurchase of Common Stock$553M$443M$338M$394M$248M$606M
Payments Of Ordinary Dividends—$224M$223M$222M—$224M
Payments to Acquire Investments$1M$2M$1M$3M$1M$2M
Payments to Acquire Property, Plant, and Equipment$216M$178M$149M$133M$161M$110M
Financing — other$0-$1M—-$2M—-$3M
Dispositions of property, plant, and equipment—$0$0$1M—$10M
Research and development expense$186M$162M$172M$170M$199M$180M
Restructuring Charges And Acquisition And Divestiture Related Costs$2M$0$30M$4M$17M$22M
Restructuring Reserve, Utilization And Other—$8M$7M$6M—$12M
Right Of Use Asset Obtained In Exchange For Finance Lease Liability—$1M———$0
Stock-based compensation$19M$17M$22M$22M$22M$25M
Expected volatility—26.4%———28.8%
Weighted-average grant date fair value of stock options (in dollars per share)—$40.21———$32.64
Granted (in shares)—313.9K———437.9K
Risk-free rate—4.4%———3.6%
Weighted-average dividend yield—1.3%———1.6%
Granted (in shares)—$156.64———$129.13
Share-based compensation-related proceeds, net of taxes paid on withholding shares—-$9M-$3M——-$7M
Number of shares purchased (in shares)————2.1M—
Treasury stock, value, acquired—$447M$341M$381M—$612M
Add: dilutive effect of potential common shares (in shares)—$400K$400K$300K—$300K

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$707M$618M$649M$683M$712M$641M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$2.3B$2.2B$2.5B$2.4B$2.4B$2.3B