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Zoetis ZTS U.S. — Operating Expenses

Other segment segments

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$175M+7.4%

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Other financials

Income statement

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Revenue$2.3B+2.9%
Gross profit$1.6B+2.6%
Net income$601.0M-0.2%
EPS (diluted)$1.42+6.0%

Balance sheet

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Cash & equivalents$1.9B+8.9%
Total debt$10.0B+48.0%
Total equity$3.2B-30.5%
Total assets$15.2B+7.5%

Cash flow

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Operating cash flow$401.0M-22.1%
CapEx$110.0M-38.2%
Free cash flow$291.0M-13.6%

Valuation

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Market cap$31.9B-54.6%
Enterprise value$39.95B-47.2%
P/E12.1×-15.1×
P/S3.4×-4.1×

Profitability

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Gross margin71.8%+0.8pp
Net margin27.8%+0.9pp
FCF margin23.5%0.0pp

Returns & leverage

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Return on equity67%+15.8pp
Debt / equity3.1×+1.6×
Current ratio3.2×+1.4×

Where this comes from

Reported directly by Zoetis in its filing.

Tagged under the XBRL concept us-gaap:OperatingExpenses.

The official record: Zoetis’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Zoetis's U.S. — operating expenses?
Zoetis (ZTS) reported U.S. — operating expenses of $199M in Q1 2026.
How has Zoetis's U.S. — operating expenses changed year-over-year?
Zoetis's U.S. — operating expenses decreased by 2.9% year-over-year, from $205M to $199M.
What is the long-term trend for Zoetis's U.S. — operating expenses?
Over 4 years (2021 to 2025), Zoetis's U.S. — operating expenses has grown at a 4.7% compound annual growth rate (CAGR), from $681M to $817M.
What does U.S. — operating expenses mean?
This metric encompasses all costs associated with running the U.S. business segment, excluding direct production costs, such as research and development, selling, general, and administrative expenses. It reflects the overhead required to support domestic sales, marketing, and innovation.