Zoetis (ZTS) financial statements
Zoetis reported revenue of $9.5B in fiscal 2025, up 7.6% a year over 9 years.
Net income was $2.7B.
Free cash flow was $2.3B, and the company returned $3.2B in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Zoetis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B | $5.3B | $5.8B | $6.3B | $6.7B | $7.8B | $8.1B | $8.5B | $9.3B | $9.5B |
| Cost of revenue | $1.7B | $1.8B | $1.9B | $2.0B | $2.1B | $2.3B | $2.5B | $2.6B | $2.7B | $2.7B |
| Gross profit | $3.2B | $3.5B | $3.9B | $4.3B | $4.6B | $5.5B | $5.6B | $6.0B | $6.5B | $6.8B |
| Research and development | $376M | $382M | $432M | $457M | $463M | $508M | $539M | $614M | $686M | $698M |
| Selling, general and admin | $1.4B | $1.3B | $1.5B | $1.6B | $1.7B | $2.0B | $2.0B | $2.2B | $2.3B | $2.4B |
| Interest expense | $166M | $175M | $206M | $223M | $231M | $224M | $221M | $239M | $225M | $222M |
| Pre-tax income | $1.2B | $1.5B | $1.7B | $1.8B | $2.0B | $2.5B | $2.7B | $2.9B | $3.1B | $3.4B |
| Income tax | $409M | $663M | $266M | $301M | $360M | $454M | $545M | $596M | $637M | $687M |
| Net income | $821M | $864M | $1.4B | $1.5B | $1.6B | $2.0B | $2.1B | $2.3B | $2.5B | $2.7B |
| EPS (diluted) | $1.65 | $1.75 | $2.93 | $3.11 | $3.42 | $4.27 | $4.49 | $5.07 | $5.47 | $6.02 |
| Diluted shares | 498M | 493M | 487M | 482M | 479M | 477M | 470M | 462M | 455M | 444M |
| Gross margin | 65.9% | 66.6% | 67.2% | 68.2% | 69.2% | 70.4% | 69.6% | 70.0% | 70.6% | 71.8% |
| Net margin | 16.8% | 16.3% | 24.5% | 24.0% | 24.5% | 26.2% | 26.2% | 27.4% | 26.9% | 28.2% |
Balance sheet
Fiscal years, from Zoetis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $727M | $1.6B | $1.7B | $1.9B | $3.6B | $3.5B | $3.6B | $2.0B | $2.0B | $2.5B |
| Receivables | $913M | $998M | $1.0B | $1.1B | $1.0B | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B |
| Inventory | $1.5B | $1.4B | $1.4B | $1.4B | $1.6B | $1.9B | $2.3B | $2.6B | $2.3B | $2.5B |
| Total current assets | $3.4B | $4.2B | $4.4B | $4.7B | $6.6B | $6.9B | $7.5B | $6.3B | $6.0B | $6.8B |
| Property, plant and equipment | $1.4B | $1.4B | $1.7B | $1.9B | $2.2B | $2.4B | $2.8B | $3.2B | $3.4B | $3.7B |
| Goodwill | $1.5B | $1.5B | $2.5B | $2.6B | $2.7B | $2.7B | $2.7B | $2.8B | $2.7B | $2.8B |
| Total assets | $7.6B | $8.6B | $10.8B | $11.5B | $13.6B | $13.9B | $14.9B | $14.3B | $14.2B | $15.5B |
| Total current liabilities | $1.1B | $1.1B | $1.2B | $1.8B | $2.2B | $1.8B | $3.2B | $1.9B | $3.4B | $2.2B |
| Long-term debt | $4.5B | $5.0B | $6.4B | $5.9B | $6.6B | $6.6B | $6.6B | $6.6B | $5.2B | $9.0B |
| Total liabilities | $6.2B | $6.8B | $8.6B | $8.8B | $9.8B | $9.4B | $10.5B | $9.3B | $9.5B | $12.1B |
| Shareholders' equity | $1.5B | $1.8B | $2.2B | $2.7B | $3.8B | $4.5B | $4.4B | $5.0B | $4.8B | $3.4B |
| Net debt | $3.7B | $3.4B | $4.8B | $4.5B | $3.6B | $3.1B | $4.3B | $4.5B | $4.6B | $6.6B |
Cash flow
Fiscal years, from Zoetis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $713M | $1.3B | $1.8B | $1.8B | $2.1B | $2.2B | $1.9B | $2.4B | $3.0B | $2.9B |
| Capital spending | $216M | $224M | $338M | $460M | $453M | $477M | $586M | $732M | $655M | $621M |
| Free cash flow | $497M | $1.1B | $1.5B | $1.3B | $1.7B | $1.7B | $1.3B | $1.6B | $2.3B | $2.3B |
| Stock-based compensation | $37M | $44M | $53M | $67M | $59M | $58M | $62M | $60M | $74M | $83M |
| Share buybacks (net) | -$300M | -$500M | -$698M | -$626M | -$250M | -$743M | -$1.6B | -$1.1B | -$1.9B | -$3.2B |
| Net borrowing | -$405M | -$750M | $8M | -$9M | -$496M | -$604M | $2M | -$1.3B | -$3M | -$1.4B |
| Free cash flow margin | 10.2% | 21.1% | 24.9% | 21.3% | 25.1% | 22.3% | 16.4% | 19.0% | 24.8% | 24.1% |
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Open ZTS in InvestinglyQuestions
What was Zoetis's revenue in 2025?
$9.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Zoetis generate?
$2.3B in fiscal 2025 (operating cash flow minus capital spending).
From Zoetis's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.