Zoetis Inc.

ZTS 10-K · FY 2025

ZTS FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 9,467 9,256 +2.3%
Show Product Lines breakouts
Animal health diagnostics 434 386 +12.4%
Anti-infectives 1,036 1,100 -5.8%
Cattle 1,492 1,531 -2.5%
Companion Animal 6,587 6,278 +4.9%
Companion Animal · International Segment 2,367 2,224 +6.4%
Companion Animal · United States Segment 4,220 4,054 +4.1%
Contract Manufacturing and Human Health Diagnostics [Member] 116 80 +45.0%
Dermatology [Member] 1,754 1,655 +6.0%
Dogs and Cats 304 285 +6.7%
Fish 286 242 +18.2%
Horses 6,283 5,993 +4.8%
Livestock 2,764 2,898 -4.6%
Livestock · International Segment 1,887 1,878 +0.5%
Livestock · United States Segment 877 1,020 -14.0%
Manufactured Product Other 88 82 +7.3%
Medicated feed additives 27 293 -90.8%
Other non-pharmaceuticals 263 253 +4.0%
Other pharmaceuticals 697 658 +5.9%
Pain & Sedation 840 851 -1.3%
Parasiticides 2,341 2,153 +8.7%
Poultry 432 527 -18.0%
Swine 466 516 -9.7%
Total Products and Services 9,351 9,176 +1.9%
Vaccines 1,959 1,827 +7.2%
Show Business Segments breakouts
International Segment · Operating Segments 998 937 +6.5%
International Segment · Operating Segments 4,254 4,102 +3.7%
United States Segment · Operating Segments 5,097 5,074 +0.5%
Show Geography breakouts
AU 329 319 +3.1%
BR 393 414 -5.1%
CA 290 277 +4.7%
CL 139 123 +13.0%
CN 227 270 -15.9%
DE 236 225 +4.9%
ES 145 130 +11.5%
FR 165 156 +5.8%
GB 325 314 +3.5%
IT 137 129 +6.2%
JP 154 147 +4.8%
MX 160 169 -5.3%
Other developed markets 641 564 +13.7%
Other emerging markets 913 865 +5.5%
Total Geographical Area 9,351 9,176 +1.9%
US 5,097 5,074 +0.5%
Cost of Revenue 2,666 2,719 -1.9%
Show Product Lines breakouts
Shipping And Handling 102 107 -4.7%
Show Business Segments breakouts
International Segment · Operating Segments 1,312 1,312 0.0%
United States Segment · Operating Segments 842 936 -10.0%
Selling, General & Administrative 2,378 2,318 +2.6%
Research And Development Expense Excluding Acquired In Process Cost 698 686 +1.7%
Amortization Of Intangible Assets Not Associated With Single Function 128 141 -9.2%
Restructuring Charges And Acquisition And Divestiture Related Costs 51 53 -3.8%
Interest Expense 222 225 -1.3%
Non-Operating Income (Expense) -36 -19 -89.5%
Show Business Segments breakouts
International Segment · Operating Segments -1 -1 0.0%
Income Before Taxes 3,360 3,133 +7.2%
Show Business Segments breakouts
All Other Segments -562 -562 0.0%
International Segment · Operating Segments 2,264 2,118 +6.9%
United States Segment · Operating Segments 3,438 3,336 +3.1%
Show Consolidation Items breakouts
Corporate Non Segment -1,240 -1,213 -2.2%
Operating Segments 5,702 5,454 +4.5%
Show Income Tax Authority breakouts
Non Us 1,483 1,266 +17.1%
US 1,877 1,867 +0.5%
Income Tax Expense (Benefit) 687 637 +7.8%
Net Income 2,673 2,496 +7.1%
Show Equity Components breakouts
Retained Earnings 2,673 2,486 +7.5%
Net Income 2,673 2,486 +7.5%
EPS (Basic) 6.03 5.47 +10.2%
EPS (Diluted) 6.02 5.47 +10.1%
Wtd Avg Shares (Basic) 443.44 454.2 -2.4%
Wtd Avg Shares (Diluted) 443.83 454.85 -2.4%
Common Stock Dividends Per Share Cash Paid 2.03 1.8 +13.0%
Gross Profit (FY)
Show Business Segments breakouts
International Segment · Operating Segments 2,942 2,790 +5.4%
United States Segment · Operating Segments 4,255 4,138 +2.8%
Operating Expenses (FY)
Show Business Segments breakouts
International Segment · Operating Segments 677 671 +0.9%
United States Segment · Operating Segments 817 805 +1.5%
Other Non-Operating Income (Expense) 6 4 +50.0%
Comprehensive Income 2,779 2,385 +16.5%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -19 4 -575.0%
Foreign Currency Transaction Gain Loss Before Tax 45 50 -10.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Accounts Receivable 1,590 1,316 +20.8%
Inventory 2,430 2,306 +5.4%
Other Assets Current 436 377 +15.6%
Total Current Assets 6,768 5,986 +13.1%
Non-Current Assets
Property, Plant & Equipment 3,681 3,391 +8.6%
Show Geography breakouts
Non Us 1,225 1,142 +7.3%
US 2,456 2,249 +9.2%
Operating Lease Right-of-Use Assets 288 219 +31.5%
Goodwill 2,767 2,724 +1.6%
Show Geography breakouts
Non Us 1,252 1,209 +3.6%
US 1,515 1,515 0.0%
Deferred Tax Assets 637 540 +18.0%
Other Non-Current Assets 328 250 +31.2%
Total Assets 15,467 14,237 +8.6%
Intangible Assets 784 918 -14.6%
Show Finite Lived Intangible Assets By Major Class breakouts
Brands and tradenames 112 121 -7.4%
Developed Technology Rights 590 716 -17.6%
Other Intangible Assets 82 81 +1.2%
Other Assets
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,312 1,987 +16.4%
Intangible Assets Net Excluding Goodwill 998 1,127 -11.4%
Current Liabilities
Accounts Payable 487 433 +12.5%
Dividends Payable Current 232 224 +3.6%
Accrued Liabilities 852 746 +14.2%
Employee Related Liabilities Current 410 441 -7.0%
Taxes Payable Current 147 93 +58.1%
Other Liabilities Current 107 125 -14.4%
Total Current Liabilities 2,235 3,412 -34.5%
Non-Current Liabilities
Long-Term Debt 9,042 5,220 +73.2%
Deferred Tax Liabilities 139 167 -16.8%
Operating Lease Liabilities 196 174 +12.6%
Accrued Income Taxes Noncurrent 276 272 +1.5%
Other Non-Current Liabilities 248 222 +11.7%
Total Liabilities 12,136 9,467 +28.2%
Stockholders' Equity
Common Stock 5 5 0.0%
Treasury Stock Value -10,685 -7,445 -43.5%
Additional Paid-In Capital 1,101 1,182 -6.9%
Retained Earnings 13,744 11,968 +14.8%
Accumulated Other Comprehensive Income -834 -940 +11.3%
Total Stockholders' Equity 3,331 4,770 -30.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,331 4,770 -30.2%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 2
Accumulated Gain Loss Net Cash Flow Hedge Parent 70 89 -21.3%
Accumulated Other Comprehensive Income -834 -940 +11.3%
Accumulated Other Comprehensive Income Loss Derivative Qualifying As Hedge Excluded Component Including Portion Attributable To Noncontrolling Interest -39 62 -162.9%
Accumulated Translation Adjustment -867 -1,091 +20.5%
Additional Paid In Capital 1,101 1,182 -6.9%
Common Stock 5 5 0.0%
Retained Earnings 13,744 11,968 +14.8%
Treasury Stock Common -10,685 -7,445 -43.5%
Total Liabilities & Equity 15,467 14,237 +8.6%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 487 497 -2.0%
Show Business Segments breakouts
All Other Segments 51 43 +18.6%
International Segment · Operating Segments 100 96 +4.2%
United States Segment · Operating Segments 93 85 +9.4%
Show Consolidation Items breakouts
Corporate Non Segment 110 128 -14.1%
Operating Segments 193 181 +6.6%
Stock-Based Compensation 83 74 +12.2%
Asset Impairment Charges 47 31 +51.6%
Show Restructuring Cost And Reserve breakouts
Facility Closing 22
Gain Loss On Sales Of Assets And Asset Impairment Charges 3 23 -87.0%
Inventory Write Down 68 97 -29.9%
Deferred Income Taxes -52 -338 +84.6%
Increase Decrease In Derivative Assets And Liabilities 11
Other Non-Cash Items -8 -6 -33.3%
Change in Accounts Receivable -236 -61 -286.9%
Change in Inventory -199 -40 -397.5%
Increase Decrease In Other Operating Assets -165 52 -417.3%
Change in Accounts Payable 46 31 +48.4%
Increase Decrease In Other Operating Liabilities 85 114 -25.4%
Increase Decrease In Accrued Taxes Payable 61 -17 +458.8%
Net Cash from Operations 2,904 2,953 -1.7%
Investing Activities
Capital Expenditures -621 -655 +5.2%
Payments To Acquire Business Two Net Of Cash Acquired -24 -8 -200.0%
Payments To Acquire Investments -7 -5 -40.0%
Payments For Proceeds From Hedge Investing Activities -93 62 -250.0%
Proceeds From Divestiture Of Businesses Net Of Cash Divested -4 293 -101.4%
Other Investing Activities 1 -2 +150.0%
Net Cash from Investing -748 -315 -137.5%
Financing Activities
Repayments Of Long Term Debt -1,350
Proceeds From Issuance Of Senior Long Term Debt 1,848
Proceeds From Convertible Debt 2,000
Debt Issuance Costs -43
Payments For Hedge Financing Activities -187
Share Based Compensation Related Proceeds Net Of Taxes Paid On Withholding Shares -11 -8 -37.5%
Share Repurchases -3,235 -1,858 -74.1%
Payments Of Ordinary Dividends -889 -786 -13.1%
Proceeds From Payments For Other Financing Activities -3
Net Cash from Financing -1,870 -2,660 +29.7%
Supplemental
Income Taxes Paid 715 892 -19.8%
Interest Paid 261 274 -4.7%
Unpaid Capital Expenditures 4 3 +33.3%
Excise Tax Accrued On Net Share Repurchases Not Yet Paid 31 17 +82.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 39 -32 +221.9%
Net Change in Cash 325 -54 +701.9%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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