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Zoetis (ZTS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Zoetis (ZTS) Q3 2026 earnings results →

Q3 2026 Revenue down 1% year over year to $2.4B · 25¢ of every $1 of revenue kept as net profit · operating margin 30.5%

Zoetis made $2.4B in Q3 2026 (-1% Y/Y): Companion Animal $1.6B, Dermatology $398M, Pain and sedation $200M. Operating margin 30.5%, net earnings $591M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$2.4B
Year over year-1%
Operating margin30.5%
Net earnings$591M
Operating cash flow$824M

Drawing the Sankey…

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Zoetis Q3 2026 revenue breakdown: Sankey diagram of revenue (Companion Animal, Dermatology, Pain and sedation, Swine), costs, profit and cash flow
Zoetis Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.4B in Q3 2026, down 1% year over year and down 3% from the previous quarter. Vaccines was the largest line at 23% of revenue. Dermatology lost $0.07B year over year (down 16%), 239% of the total change.

Operating profit was $0.73B, a 30.5% margin (down 6.1 points year over year). Total costs grew 8% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+154%). Net earnings were $0.59B, down 18% year over year. The effective tax rate was 18.9%.

Operating cash flow was $0.82B (down 12% year over year), 139% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $0.11B left free cash flow of $0.72B.

Quarterly history

Zoetis revenue by quarterZoetis revenue by quarter$2.2BQ1 2025$2.5BQ2 2025$2.4BQ3 2025$2.4BQ4 2025$2.3BQ1 2026$2.5BQ2 2026$2.4BQ3 2026
Zoetis net earnings by quarterZoetis net earnings by quarter$602MQ1 2025$726MQ2 2025$721MQ3 2025$624MQ4 2025$601MQ1 2026$691MQ2 2026$591MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$2.4B-1%30.5%$591M$824M
Q2 202610-QAug 6, 2026$2.5B-0.2%35.1%$691M$655M
Q1 202610-QMay 7, 2026$2.3B+3%33.5%$601M$401M
Q4 202510-KFeb 12, 2026$2.4B+2%33.2%$624M$848M
Q3 202510-QNov 4, 2025$2.4B+1%36.6%$721M$936M
Q2 202510-QAug 5, 2025$2.5B+5%36.9%$726M$533M
Q1 202510-QMay 6, 2025$2.2B+0.4%35.2%$602M$587M

Charts

Zoetis: revenue growth, year over year and quarter over quarterZoetis: revenue growth, year over year and quarter over quarterY/YQ/Q+0%Q1 2025+5%+13%Q2 2025+1%-2%Q3 2025+2%-2%Q4 2025+3%-5%Q1 20260%+9%Q2 2026-1%-3%Q3 2026
Latest (Q3 2026): Y/Y -1%, Q/Q -3%.
Zoetis: where the cash came from (+) and went (−), TTM to Q3 2026Zoetis: where the cash came from (+) and went (−), TTM to Q3 2026Buybacks−$3.8BOperating cash flow$2.7BOther financing$1.8BCash drawn (+) / kept (−)$948MDividends−$886MCapital spending−$493MOther investing−$321MExchange rates$4.0MNet borrowing (+) / repaid (−)−$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Zoetis: profit against cash, quarter by quarterZoetis: profit against cash, quarter by quarterNet incomeOperating cash flow$581M$905MQ4 2024$602M$515MQ1 2025$726M$605MQ2 2025$721M$936MQ3 2025$624M$848MQ4 2025$601M$401MQ1 2026$691M$655MQ2 2026$591M$824MQ3 2026
Latest (Q3 2026): Net income $591M, Operating cash flow $824M.
Zoetis: diluted shares by fiscal yearZoetis: diluted shares by fiscal year479MFY2020477MFY2021470MFY2022462MFY2023455MFY2024444MFY2025
-7.3% since FY2020: buybacks shrank the count.
Zoetis: long-term debt falling due (FY2025)Zoetis: long-term debt falling due (FY2025)$750M2027$1.4B2028$2.0B2029$750M2030
Cash $2.5B, short-term investments $0, long-term debt — at 2025-12-31.
Zoetis in its industry: growth against margin (225 companies, SIC 2834)Zoetis in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMZTS (-1%, 30%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Zoetis

Zoetis Inc. is a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health. We have a diversified business, commercializing products across eight core species: dogs, cats and horses (collectively, companion animals) and cattle, swine, poultry, fish and sheep (collectively, livestock); and within seven major product categories: parasiticides, vaccines, dermatology, anti-infectives, pain and sedation, other pharmaceutical and animal health diagnostics. With a legacy of nearly 75 years, we continue to pioneer ways to predict, prevent, detect, and treat animal illness, supporting those raising and caring for animals worldwide - from veterinarians and pet owners to livestock producers.

In its own words, from its 10-K, filed Feb 12, 2026.

Zoetis against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -1% against the peers' median +7%. Operating margin: 30.5% against the peers' median 30.5%.

CompanyQuarterRevenueY/YOp. margin
ZTS ZoetisQ3 2026$2.4B-1%30.5%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Zoetis 10-Q on SEC EDGAR · CIK 1555280 · Pharmaceutical Preparations

Guidance and outlook

Zoetis Revenue: guidance against what was reportedZoetis Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$9.3BFY2025$9.5BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Zoetis: what its forward-looking statements are about (10-Q filed 2026-11-05)Zoetis: what its forward-looking statements are about (10-Q filed 2026-11-05)Other8Costs4Demand2The economy1
15 statements; tone -0.20 (−1 all cautious, +1 all confident); 6 hedged.
Zoetis: outlook statements against the filing beforeZoetis: outlook statements against the filing beforeConfident2Cautious5

13F: who owns ZTS and who is buying

Largest holders of ZTS (13F)Largest holders of ZTS (13F)Vanguard Group$6.0BBlackRock$2.8BVanguard Capital Management LLC$1.9BVanguard Portfolio Management LLC$1.7BState Street$1.4BState Farm Mutual Automobile Insu…$1.1BGeode Capital Management, LLC$952MWellington Management Group LLP$677MMorgan Stanley$638MNordea Investment Management AB$472M
Funds' net buying of ZTS by quarter (13F)Funds' net buying of ZTS by quarter (13F)−$724M2024-09−$445M2024-12$196M2025-03$1.1B2025-06−$1.3B2025-09$2.5B2025-12−$3.4B2026-03−$999M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ZTS

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Zoetis（ZTS）财报

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