Zoetis

Health Care Pharmaceuticals Parsippany, New Jersey Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$9.5B
                    3y CAGR +5.4%
                    
                    P49
                    
                    +2.3%
                    
                    Net income
                    FY2025
                
$2.7B
                    Net margin +28.2%
                    
                    P90
                    
                    +7.5%
                    
                    Total assets
                    FY2025
                
$15.5B
                    ROA +17.3%
                    
                    P93
                    
                    +8.6%
                    
                    Operating cash flow
                    FY2025
                
$2.9B
                    FCF margin +24.1%
                    
                    P86
                    
                    -1.7%

15 yrs · FY2011–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $15.5B

Total liabilities $12.1B

Shareholders equity $3.3B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$2.3B 16.4%	$2.0B -2.6%	$2.0B -43.0%	$3.6B 2.8%	$3.5B
Accounts Receivable	$1.6B 20.8%	$1.3B 0.9%	$1.3B 7.3%	$1.2B 7.2%	$1.1B
Inventory	$2.4B 5.4%	$2.3B -10.1%	$2.6B 9.3%	$2.3B 21.9%	$1.9B
Prepaid Expenses	$436.0M 15.6%	$377.0M -13.1%	$434.0M 18.9%	$365.0M -6.2%	$389.0M
Other Current Assets	$436.0M 15.6%	$377.0M -13.1%	$434.0M 18.9%	$365.0M -6.2%	$389.0M
Total Current Assets	$6.8B 13.1%	$6.0B -5.6%	$6.3B -15.5%	$7.5B 8.3%	$6.9B
Property,Plant and Equipment	$3.7B 8.6%	$3.4B 5.8%	$3.2B 16.4%	$2.8B 13.7%	$2.4B
Operating Lease Assets	$288.0M 31.5%	$219.0M -4.8%	$230.0M 4.5%	$220.0M 21.5%	$181.0M
Goodwill	$2.8B 1.6%	$2.7B -1.3%	$2.8B 0.5%	$2.7B 2.4%	$2.7B
Intangible Assets	$998.0M -11.4%	$1.1B -15.8%	$1.3B -3.0%	$1.4B -6.4%	$1.5B
Deferred Tax Assets	$637.0M 18.0%	$540.0M 162.1%	$206.0M 19.1%	$173.0M 73.0%	$100.0M
Other Noncurrent Assets	$328.0M 31.2%	$250.0M 21.4%	$206.0M 40.1%	$147.0M 32.4%	$111.0M
Total Assets	$15.5B 8.6%	$14.2B -0.3%	$14.3B -4.3%	$14.9B 7.4%	$13.9B
Liabilities
Accounts Payable	$487.0M 12.5%	$433.0M 5.4%	$411.0M 1.5%	$405.0M -7.1%	$436.0M
Accrued Liabilities	$642.0M -13.9%	$746.0M 9.2%	$683.0M 0.1%	$682.0M -3.9%	$710.0M
Current Portion of Long Term Debt	$0 -100.0%	$1.4B	$0 -100.0%	$1.4B	$0
Other Current Liabilities	$107.0M -14.4%	$125.0M 22.5%	$102.0M 5.2%	$97.0M 44.8%	$67.0M
Total Current Liabilities	$2.2B -34.5%	$3.4B 80.6%	$1.9B -40.4%	$3.2B 76.2%	$1.8B
Long Term Debt	$9.0B 73.2%	$5.2B -20.5%	$6.6B 0.2%	$6.6B -0.6%	$6.6B
Operating Lease Liabilities Noncurrent	$196.0M 12.6%	$174.0M -7.4%	$188.0M 1.1%	$186.0M 23.2%	$151.0M
Deferred Tax Liabilities	$139.0M -16.8%	$167.0M 14.4%	$146.0M 2.8%	$142.0M -55.6%	$320.0M
Other Noncurrent Liabilities	$248.0M 11.7%	$222.0M -6.3%	$237.0M 9.2%	$217.0M -9.2%	$239.0M
Total Liabilities	$12.1B 28.2%	$9.5B 1.9%	$9.3B -11.7%	$10.5B 12.5%	$9.4B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$5.0M 0.0%	$5.0M 0.0%	$5.0M 0.0%	$5.0M 0.0%	$5.0M
Additional Paid In Capital	$1.1B -6.9%	$1.2B 4.3%	$1.1B 4.1%	$1.1B 1.9%	$1.1B
Retained Earnings	$13.7B 14.8%	$12.0B 16.3%	$10.3B 18.8%	$8.7B 20.6%	$7.2B
Treasury Stock	$10.7B 43.5%	$7.4B 33.0%	$5.6B 23.3%	$4.5B 53.8%	$3.0B
Accumulated Other Comprehensive Income	$-834.0M 11.3%	$-940.0M -12.0%	$-839.0M -2.7%	$-817.0M -6.9%	$-764.0M
Noncontrolling Interest	$0	$0 100.0%	$-6.0M -200.0%	$-2.0M -300.0%	$1.0M
Total Stockholders Equity	$3.3B -30.2%	$4.8B -4.5%	$5.0B 13.4%	$4.4B -3.0%	$4.5B
Total Liabilitiesand Equity	$15.5B 8.6%	$14.2B -0.3%	$14.3B -4.3%	$14.9B 7.4%	$13.9B

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $9.5B

Operating income $2.7B

Net income $2.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$9.5B 2.3%	$9.3B 8.3%	$8.5B 5.7%	$8.1B 3.9%	$7.8B
Expenses Cost of Revenue	$2.7B -1.9%	$2.7B 6.2%	$2.6B 4.4%	$2.5B 6.6%	$2.3B
Expenses Research and Development	$698.0M 1.7%	$686.0M 11.7%	$614.0M 13.9%	$539.0M 6.1%	$508.0M
Expenses Selling,General and Administrative	$2.4B 2.6%	$2.3B 7.8%	$2.2B 7.1%	$2.0B 0.4%	$2.0B
Expenses Depreciation and Amortization	$487.0M -2.0%	$497.0M 1.2%	$491.0M 5.6%	$465.0M 3.8%	$448.0M
Expenses Share Based Compensation	$83.0M 12.2%	$74.0M 23.3%	$60.0M -3.2%	$62.0M 6.9%	$58.0M
Expenses Restructuring and Asset Impairment	$49.0M 14.0%	$43.0M -6.5%	$46.0M 666.7%	$6.0M -81.8%	$33.0M
Expenses Operating Expenses	$68.0M 15.3%	$59.0M 5.4%	$56.0M 9.8%	$51.0M 2.0%	$50.0M
Other Income Expense Operating Income	$2.7B 7.5%	$2.5B 6.1%	$2.3B 10.9%	$2.1B 3.8%	$2.0B
Other Income Expense Interest Expense	$222.0M -1.3%	$225.0M -5.9%	$239.0M 8.1%	$221.0M -1.3%	$224.0M
Other Income Expense Other Income/expense	$-6.0M -50.0%	$-4.0M -100.0%	$-2.0M -114.3%	$14.0M 450.0%	$-4.0M
Other Income Expense Income Before Tax	$3.4B 7.2%	$3.1B 6.7%	$2.9B 10.5%	$2.7B 6.8%	$2.5B
Income Tax Income Tax Expense	$687.0M 7.8%	$637.0M 6.9%	$596.0M 9.4%	$545.0M 20.0%	$454.0M
net Income net Income	$2.7B 7.5%	$2.5B 6.1%	$2.3B 10.9%	$2.1B 3.8%	$2.0B
net Income Comprehensive Income	$2.8B 16.5%	$2.4B 2.7%	$2.3B 12.7%	$2.1B 2.9%	$2.0B
Earnings Per Share Basic Eps	$6 10.2%	$5 7.7%	$5 12.6%	$5 5.1%	$4
Earnings Per Share Diluted Eps	$6 10.1%	$5 7.9%	$5 12.9%	$4 5.2%	$4
Earnings Per Share Weighted Average Shares Basic	$443.4M -2.4%	$454.2M -1.5%	$461.2M -1.6%	$468.9M -1.2%	$474.3M
Earnings Per Share Weighted Average Shares Diluted	$443.8M -2.4%	$454.8M -1.6%	$462.3M -1.7%	$470.4M -1.3%	$476.7M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $2.9B

Investing cash flow $-748.0M

Financing cash flow $-1.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$2.7B 7.5%	$2.5B 6.1%	$2.3B 10.9%	$2.1B 3.8%	$2.0B
Operating Activities Depreciation and Amortization	$487.0M -2.0%	$497.0M 1.2%	$491.0M 5.6%	$465.0M 3.8%	$448.0M
Operating Activities Stock Based Compensation	$83.0M 12.2%	$74.0M 23.3%	$60.0M -3.2%	$62.0M 6.9%	$58.0M
Operating Activities Deferred Income Taxes	$-52.0M 84.6%	$-338.0M -454.1%	$-61.0M 78.7%	$-286.0M -257.5%	$-80.0M
Operating Activities Changes In Operating Assets and Liabilities	$481.0M 264.4%	$132.0M -72.3%	$476.0M -19.9%	$594.0M 17.9%	$504.0M
Operating Activities Other Non Cash Items	$85.0M -25.4%	$114.0M 70.1%	$67.0M 137.2%	$-180.0M -179.3%	$227.0M
Operating Activities net Cash From Operating Activities	$2.9B -1.7%	$3.0B 25.5%	$2.4B 23.1%	$1.9B -13.6%	$2.2B
Investing Activities Capital Expenditures	$621.0M -5.2%	$655.0M -10.5%	$732.0M 24.9%	$586.0M 22.9%	$477.0M
Investing Activities Purchases of Investments	$7.0M 40.0%	$5.0M 25.0%	$4.0M -55.6%	$9.0M -25.0%	$12.0M
Investing Activities Other Investing Activities	$-1.0M -150.0%	$2.0M 133.3%	$-6.0M	$0 -100.0%	$1.0M
Investing Activities net Cash From Investing Activities	$-748.0M -137.5%	$-315.0M 59.5%	$-777.0M 12.0%	$-883.0M -92.8%	$-458.0M
Financing Activities Proceeds From Debt	$1.8B	$0	$0 -100.0%	$1.3B	$0
Financing Activities Repayment of Debt	$1.4B	$0 -100.0%	$1.4B	$0 -100.0%	$600.0M
Financing Activities Repurchase of Common Stock	$3.2B 74.1%	$1.9B 70.1%	$1.1B -31.5%	$1.6B 114.5%	$743.0M
Financing Activities Dividends Paid	$889.0M 13.1%	$786.0M 13.6%	$692.0M 13.3%	$611.0M 28.9%	$474.0M
Financing Activities Proceeds From Stock Issuance	$9.0M -55.0%	$20.0M -52.4%	$42.0M 180.0%	$15.0M -58.3%	$36.0M
Financing Activities Other Financing Activities	$-3.0M	$0	$0	—	—
Financing Activities net Cash From Financing Activities	$-1.9B 29.7%	$-2.7B 14.4%	$-3.1B -243.9%	$-904.0M 51.5%	$-1.9B
Cash Reconciliation Effect of Exchange Rate On Cash	$39.0M 221.9%	$-32.0M -357.1%	$-7.0M 75.9%	$-29.0M -141.7%	$-12.0M
Cash Reconciliation net Change In Cash	$325.0M 701.9%	$-54.0M 96.5%	$-1.5B -1704.2%	$96.0M 180.7%	$-119.0M
Cash Reconciliation Cash At Beginning of Period	$2.3B 16.4%	$2.0B -2.6%	$2.0B -43.0%	$3.6B 2.8%	$3.5B
Cash Reconciliation Cash At End of Period	$2.3B 16.4%	$2.0B -2.6%	$2.0B -43.0%	$3.6B 2.8%	$3.5B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+71.8%	+70.6%	+70.0%	+69.6%	+70.4%
Operating margin	+28.2%	+26.9%	+27.4%	+26.2%	+26.2%
Net margin	+28.2%	+26.9%	+27.4%	+26.2%	+26.2%
FCF margin	+24.1%	+24.8%	+19.0%	+16.4%	+22.3%
Growth
Revenue CAGR (3y)	+5.4%	+6.0%	+8.6%	+8.9%	+10.1%
Returns
ROE	+80.2%	+52.1%	+46.9%	+48.0%	+44.8%
ROA	+17.3%	+17.5%	+16.4%	+14.2%	+14.7%
ROIC	+21.1%	+21.2%	+19.6%	+19.3%	+21.8%
Liquidity
Current ratio	3.03x	1.75x	3.36x	2.37x	3.86x
Quick ratio	1.75x	0.97x	1.77x	1.51x	2.57x
Leverage
D/E	3.64x	1.98x	1.86x	2.39x	2.06x
Interest coverage	12.04x	11.05x	9.81x	9.57x	9.09x
Efficiency
Asset turnover	0.61x	0.65x	0.60x	0.54x	0.56x
Cash conversion cycle	+327d	+303d	+363d	+343d	+289d

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