ZTS

MKT CAP:$49B

Zoetis Inc.

Market Cap

$49B

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NYSE

Healthcare·Drug·🇺🇸·NYSE

Stock Price

$116.78-$9.14 (-7.26%)

Apr 24, 2026

Company Details

Zoetis Inc. discovers, develops, manufactures, and commercializes animal health medicines, vaccines, and diagnostic products in the United States and internationally. It commercializes products primarily across species, including livestock,...

CEO

Kristin C. Peck

IPO Date

Feb 1, 2013

Website

www.zoetis.com

Key Metrics TTM

Revenue

$9.5B

+4.3% YoY

Net Income

$2.7B

EPS (Diluted)

$6.02

Free Cash Flow

$2.3B

Revenue / Share

$21.58

Gross Margin

70.5%

Operating Margin

38.0%

Net Margin

28.2%

FCF Margin

24.1%

P/S

5.2x

P/E

18.4x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 12, 2026

$9.5B+2.3%EPS $6.02

Q4 2025

Feb 12, 2026

$2.4B+3.0%EPS $1.37

Q3 2025

Nov 4, 2025

$2.4BEPS $1.63

Q2 2025

Aug 5, 2025

$2.5B+4.2%EPS $1.61

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2.0B	$1.3B	$596M
Q1 22	$2.0B	$1.4B	$789M
Q2 22	$2.1B	$1.4B	$726M
Q3 22	$2.0B	$1.4B	$723M
Q4 22	$2.0B	$1.4B	$690M
Q1 23	$2.0B	$1.4B	$728M
Q2 23	$2.2B	$1.5B	$834M
Q3 23	$2.2B	$1.5B	$798M
Q4 23	$2.2B	$1.4B	$709M
Q1 24	$2.2B	$1.5B	$801M
Q2 24	$2.4B	$1.7B	$906M
Q4 24	$2.3B	$1.6B	$765M
Q1 25	$2.2B	$1.6B	$846M
Q2 25	$2.5B	$1.8B	$989M
Q3 25	$2.4B	$1.7B	$936M
Q4 25	$2.4B	$1.6B	$826M

Valuation

Quarter	P/S	P/E
Q4 21	14.2x	54.3x
Q1 22	11.3x	43.1x
Q2 22	10.2x	39.0x
Q3 22	8.8x	34.1x
Q4 22	8.4x	32.2x
Q1 23	9.6x	37.4x
Q2 23	9.5x	35.4x
Q3 23	9.5x	34.8x
Q4 23	10.5x	38.3x
Q1 24	8.7x	31.8x
Q2 24	8.8x	33.3x
Q4 24	8.0x	31.4x
Q1 25	8.1x	30.3x
Q2 25	7.5x	27.3x
Q3 25	6.8x	24.0x
Q4 25	5.9x	20.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$679M	$511M
Q1 22	$309M	$194M
Q2 22	$336M	$190M
Q3 22	$526M	$372M
Q4 22	$741M	$570M
Q1 23	$549M	$326M
Q2 23	$183M	$17M
Q3 23	$724M	$579M
Q4 23	$897M	$699M
Q1 24	$595M	$455M
Q2 24	$502M	$370M
Q4 24	$905M	$689M
Q1 25	$587M	$438M
Q2 25	$486M	$308M
Q3 25	$938M	$805M
Q4 25	$893M	$732M

Capital Expenditures

Quarter	CapEx
Q4 21	$168M
Q1 22	$115M
Q2 22	$146M
Q3 22	$154M
Q4 22	$171M
Q1 23	$223M
Q2 23	$166M
Q3 23	$145M
Q4 23	$198M
Q1 24	$140M
Q2 24	$132M
Q4 24	$216M
Q1 25	$149M
Q2 25	$178M
Q3 25	$133M
Q4 25	$161M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+8.9%	+6.0%
Q1 22	+6.1%	+7.3%
Q2 22	+5.3%	+8.3%
Q3 22	+0.6%	+1.3%
Q4 22	+3.7%	-1.5%
Q1 23	+0.7%	+6.3%
Q2 23	+6.2%	+1.5%
Q3 23	+7.4%	+5.8%
Q4 23	+8.5%	+11.4%
Q1 24	+9.5%	+9.2%
Q2 24	+8.3%	+8.1%
Q4 24	+7.7%	+14.7%
Q1 25	+0.3%	-8.6%
Q2 25	+12.3%	+5.9%
Q3 25	+1.7%	+0.6%
Q4 25	+3.0%	+0.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$14M	0.7%
Q1 22	$16M	0.8%
Q2 22	$15M	0.7%
Q3 22	$15M	0.7%
Q4 22	$16M	0.8%
Q1 23	$9M	0.4%
Q2 23	$17M	0.8%
Q3 23	$17M	0.8%
Q4 23	$17M	0.8%
Q1 24	$18M	0.8%
Q2 24	$19M	0.8%
Q4 24	$19M	0.8%
Q1 25	$17M	0.8%
Q2 25	$22M	0.9%
Q3 25	$22M	0.9%
Q4 25	$22M	0.9%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$138M	$593M
Q1 22	$122M	$465M
Q2 22	$135M	$529M
Q3 22	$134M	$501M
Q4 22	$148M	$514M
Q1 23	$142M	$505M
Q2 23	$146M	$556M
Q3 23	$152M	$525M
Q4 23	$174M	$565M
Q1 24	$162M	$547M
Q2 24	$171M	$581M
Q4 24	$186M	$625M
Q1 25	$157M	$563M
Q2 25	$172M	$617M
Q3 25	$170M	$579M
Q4 25	$199M	$619M

Revenue Segments

Quarter	Cattle	Dogs and Cats	Fish	Horses	Poultry	Swine
Q4 21	$413M	-$3.1B	$55M	$4.2B	$118M	$155M
Q1 22	$364M	$1.2B	$44M	$64M	$124M	$154M
Q2 22	$328M	$1.3B	$47M	$63M	$121M	$144M
Q3 22	$371M	$1.2B	$60M	$58M	$116M	$129M
Q4 22	$377M	-$3.5B	$61M	$4.8B	$115M	$138M
Q1 23	$399M	$1.2B	$49M	$72M	$139M	$142M
Q2 23	$329M	$1.4B	$52M	$65M	$131M	$133M
Q3 23	$374M	$1.4B	$57M	$60M	$127M	$129M
Q4 23	$401M	-$3.6B	$62M	$5.1B	$127M	$139M
Q1 24	$391M	$1.4B	$45M	$66M	$139M	$127M
Q2 24	$350M	$1.6B	$62M	$68M	$132M	$130M
Q4 24	$399M	-$4.2B	$65M	$5.8B	$117M	$128M
Q1 25	$358M	$1.5B	$53M	$65M	$106M	$111M
Q2 25	$320M	$1.7B	$74M	$72M	$103M	$119M
Q3 25	$399M	$1.6B	$78M	$66M	$106M	$111M

Revenue by Geography

Quarter	International Segment	United States Segment
Q4 21	$902M	$1.0B
Q1 22	$948M	$1.0B
Q2 22	$943M	$1.1B
Q3 22	$889M	$1.1B
Q4 22	$901M	$1.1B
Q1 23	$978M	$1.0B
Q2 23	$995M	$1.2B
Q3 23	$956M	$1.2B
Q4 23	$982M	$1.2B
Q1 24	$1.0B	$1.2B
Q2 24	$1.0B	$1.3B
Q4 24	$1.0B	$1.3B
Q1 25	$1.0B	$1.2B
Q2 25	$1.1B	$1.4B
Q3 25	$1.1B	$1.3B
Q4 25	$1.1B	$1.2B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3.1B	$0	$3.1B
Q2 22	$2.6B	$0	$2.6B
Q3 22	$2.5B	$0	$2.5B
Q4 22	$3.6B	$0	$3.6B
Q1 23	$2.1B	$0	$2.1B
Q2 23	$1.7B	$0	$1.7B
Q3 23	$1.8B	$0	$1.8B
Q4 23	$2.0B	$0	$2.0B
Q1 24	$2.0B	$0	$2.0B
Q2 24	$1.6B	$0	$1.6B
Q3 24	$1.7B	$0	$1.7B
Q4 24	$2.0B	$0	$2.0B
Q1 25	$1.7B	$0	$1.7B
Q2 25	$1.4B	$0	$1.4B
Q3 25	$2.1B	$0	$2.1B
Q4 25	$2.3B	$0	$2.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	476M	-0.1%	-0.5%
Q1 22	474M	-0.3%	-0.8%
Q2 22	472M	-0.5%	-1.2%
Q3 22	469M	-0.5%	-1.5%
Q4 22	467M	-0.5%	-1.9%
Q1 23	465M	-0.5%	-2.0%
Q2 23	463M	-0.4%	-1.8%
Q3 23	461M	-0.3%	-1.6%
Q4 23	460M	-0.3%	-1.4%
Q1 24	459M	-0.3%	-1.2%
Q2 24	456M	-0.6%	-1.5%
Q4 24	451M	-1.1%	-2.2%
Q1 25	448M	-0.7%	-2.6%
Q2 25	446M	-0.6%	-2.9%
Q3 25	443M	-0.5%	-2.8%
Q4 25	439M	-1.0%	-2.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$162.6K	12K
Q1 22	$164.1K	12K
Q2 22	$169.6K	12K
Q3 22	$165.5K	12K
Q4 22	$147.8K	14K
Q1 23	$144.9K	14K
Q2 23	$158.0K	14K
Q3 23	$155.9K	14K
Q4 23	$157.0K	14K
Q1 24	$155.3K	14K
Q2 24	$167.4K	14K
Q4 24	$167.9K	14K
Q1 25	$160.9K	14K
Q2 25	$178.3K	14K
Q3 25	$173.9K	14K
Q4 25	$164.6K	15K

Revenue / Employee