Zoetis Inc. develops, manufactures and sells animal medicines, vaccines, diagnostics and related services in more than 100 countries. Its U.S. and International geographic segments serve both companion animals and livestock.
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A snapshot of what Zoetis Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001555280-24-000143 | Feb 13, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001555280-25-000102 | Feb 13, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001555280-26-000011 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Zoetis entered 2026 with stronger annual earnings but a more demanding operating and capital-allocation picture. In its originally filed 2025 accounts, revenue reached $9.467 billion and GAAP attributable profit reached $2.673 billion; pricing, portfolio mix and the feed-additive disposal supported margins. Operating cash flow nevertheless declined, while substantial buybacks accompanied higher debt. Subsequent results show a reversal in U.S. companion-animal momentum: affordability pressure and competition outweighed livestock strength, and currency and international order timing supported reported growth. First-half 2026 profit fell even as fewer shares lifted EPS. August guidance anticipated an organic operational revenue decline for the year. New products and diagnostics expansion offer opportunities, but their eventual contribution remains uncertain. Reporting-calendar changes, pending acquisition economics, litigation and the contested IRS assessment materially qualify the current picture.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
Zoetis combines approximately 300 product lines with veterinary distribution, manufacturing and research capabilities. Companion animals supplied approximately 70% of 2025 revenue and livestock 29%; these are customer categories, not operating segments. Medicines are primarily prescription-based, making veterinarians and distributors important intermediaries. The largest distributor accounted for 16% of revenue, while the ten largest product lines accounted for 57%. Innovation and lifecycle extensions can sustain established franchises, but concentration exposes earnings to individual products, generic substitution and buyer bargaining power.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
On the original annual reporting basis, 2025 revenue increased 2% to $9.467 billion. Management attributed currency-neutral growth to pricing and selected volume gains, offset by the 2024 medicated-feed-additive disposal. Parasiticides, vaccines, dermatology and diagnostics grew, while pain and sedation declined. Cost of sales fell to 28.2% of revenue from 29.4%, reflecting favorable disposal mix, pricing, currency and lower inventory charges, partly offset by manufacturing costs. GAAP attributable income rose 8% to $2.673 billion; diluted EPS rose faster, to $6.02, helped by fewer shares. Adjusted income of $2.847 billion excludes selected real expenses and is not cash flow.
Sources: 10-K · 2025-12-31
The June 30, 2026 quarterly report, filed August 6, shows first-half revenue of $4.730 billion, up 1% reported but down 1% excluding currency. U.S. companion-animal sales fell 11%; management cited softer demand, price sensitivity, stronger competition and generic pressure. Livestock and International growth provided offsets, although outbreak demand, supply recovery and order timing complicate their durability. GAAP attributable income fell to $1.292 billion from recast $1.328 billion. Diluted EPS nevertheless rose to $3.08 from $2.97 because the share denominator contracted.
August 6 guidance reduced expected 2026 revenue to $9.120–$9.320 billion from May's $9.680–$9.960 billion, with organic operational revenue expected to decline 1%–3%. Adjusted EPS guidance fell to $6.15–$6.25. These are conditional forecasts, not annual results. International reporting was calendar-aligned from January 2026; the interim comparisons are recast, whereas the annual summaries below retain their original filing basis.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
2025 operating cash flow slipped to $2.904 billion despite higher profit as receivables and inventory absorbed more cash. Cash capital expenditure was $621 million, while repurchases including excise taxes paid were $3.235 billion and dividends paid were $889 million. In first-half 2026, operating cash flow was $1.056 billion and capex $227 million, against $1.190 billion of cash repurchases and $447 million of dividends. Cash consequently fell from recast year-end $2.450 billion to $1.476 billion; a separate $200 million of short-term investments was not included in cash. This was substantial cash consumption through allocation decisions, not an operating cash loss.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Note principal rose from $6.650 billion at year-end 2024 to $9.150 billion at year-end 2025 and remained there at June 2026. December's completed $2 billion convertible issue financed capped calls and repurchases; those uses overlap reported buybacks and must not be added again. Conversion requires cash settlement of principal, and capped-call protection is limited. The $1.250 billion revolver was undrawn at June 30 and compliance was reported, but neither undrawn capacity nor undisclosed covenant headroom is cash. Higher average debt increased first-half interest expense.
Sources: 8-K · 2025-12-15 · 10-K · 2025-12-31 · 10-Q · 2026-06-30
Competitive erosion, product-safety perceptions, manufacturing execution and veterinary affordability can constrain the franchise. New securities and derivative lawsuits contain allegations, not established misconduct. The approximately $450 million IRS proposal, excluding interest and penalties, remained under appeal; its specific reserve is undisclosed. Neogen's animal-genomics acquisition remained conditional in the latest supplied quarterly disclosure, with consideration and financing unestablished here. VitalRADS was separately reported acquired in July. Neither acquisition's undisclosed economics supports a quantified earnings or post-acquisition liquidity conclusion.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
USD 8.544 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · vintage: original_pre_alignment · non us subsidiaries period start: 2022-12-01 · non us subsidiaries period end: 2023-11-30
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 8.544 bn | — |
Consolidated revenue, net of estimated rebates, returns, allowances and discounts; foreign subsidiaries are consolidated with a one-month reporting lag.
Sources: 10-K · 2025-12-31
USD 9.256 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · vintage: original_pre_alignment · non us subsidiaries period start: 2023-12-01 · non us subsidiaries period end: 2024-11-30
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 9.256 bn | — |
Consolidated revenue, net of estimated rebates, returns, allowances and discounts; foreign subsidiaries are consolidated with a one-month reporting lag.
Sources: 10-K · 2025-12-31
USD 9.467 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · vintage: original_pre_alignment · non us subsidiaries period start: 2024-12-01 · non us subsidiaries period end: 2025-11-30
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 9.467 bn | — |
Consolidated revenue, net of estimated rebates, returns, allowances and discounts; foreign subsidiaries are consolidated with a one-month reporting lag.
Sources: 10-K · 2025-12-31
USD 2.344 bn
FY2023 · GAAP · consolidated · Attribution: parent · Reported currency · vintage: original_pre_alignment · non us reporting lag months: 1
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 2.344 bn | — |
GAAP net income attributable to the parent after allocation to noncontrolling interests; consolidated income before allocation was $2,340 million.
Sources: 10-K · 2025-12-31
USD 2.486 bn
FY2024 · GAAP · consolidated · Attribution: parent · Reported currency · vintage: original_pre_alignment · non us reporting lag months: 1
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 2.486 bn | — |
GAAP net income attributable to the parent after allocation to noncontrolling interests; consolidated income before allocation was $2,496 million.
Sources: 10-K · 2025-12-31
USD 2.673 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency · vintage: original_pre_alignment · non us reporting lag months: 1
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.673 bn | — |
GAAP net income attributable to the parent after allocation to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 2.904 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · vintage: original_pre_alignment · non us reporting lag months: 1
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.904 bn | -1.7% |
| 2024 | USD 2.953 bn | 25.5% |
| 2023 | USD 2.353 bn | — |
GAAP consolidated operating cash flow, including working-capital movements and cash taxes; not net income.
Sources: 10-K · 2025-12-31
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