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Zoetis cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$717M in Q3 2026 · $2.2B over twelve months

Operating cash flow$824M
Capital spending−$107M
Free cash flow+$717M
Cash / net income1.4×
Cash conversion cycle342 days

Analysis

In Q3 2026, Zoetis generated $824M of operating cash flow and spent $107M on capital projects, leaving free cash flow of $717M. That is $81.0M less than in Q3 2025 ($798M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.7B; the largest uses were buybacks ($3.8B), dividends ($886M), capital spending ($493M); besides operations, cash came from other financing ($1.8B); the cash balance fell by $948M.

Operating cash flow was $824M against net income of $591M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$119M, receivables −$119M, impairments +$93.0M.

Its cash conversion cycle was 342 days (receivables 63 + inventory 337 − payables 57).

Free cash flow

Zoetis: free cash flow by quarterZoetis: free cash flow by quarter$689MQ4 2024$337MQ1 2025$459MQ2 2025$798MQ3 2025$689MQ4 2025$291MQ1 2026$538MQ2 2026$717MQ3 2026
Operating cash flow less capital spending.
Zoetis: operating cash flow against capital spendingZoetis: operating cash flow against capital spendingOperating cash flowCapital spending$905M$216MQ4 2024$515M$178MQ1 2025$605M$146MQ2 2025$936M$138MQ3 2025$848M$159MQ4 2025$401M$110MQ1 2026$655M$117MQ2 2026$824M$107MQ3 2026
Latest (Q3 2026): Operating cash flow $824M, Capital spending $107M.

Capital allocation, year by year

Zoetis: where the cash came from (up) and went (down), by fiscal yearZoetis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing −$604MFY2021: Shares issued $36.0MFY2021: Asset sales $2.0MFY2021: Capital spending −$477MFY2021: Buybacks −$743MFY2021: Dividends −$474M$2.3BFY2021FY2022: Operating cash flow $1.9BFY2022: Net borrowing $1.4BFY2022: Shares issued $15.0MFY2022: Asset sales $1.0MFY2022: Capital spending −$586MFY2022: Buybacks −$1.6BFY2022: Dividends −$611M$3.3BFY2022FY2023: Operating cash flow $2.4BFY2023: Net borrowing −$1.3BFY2023: Shares issued $42.0MFY2023: Asset sales $100MFY2023: Capital spending −$732MFY2023: Buybacks −$1.1BFY2023: Dividends −$692M$2.5BFY2023FY2024: Operating cash flow $3.0BFY2024: Net borrowing −$4.0MFY2024: Shares issued $20.0MFY2024: Asset sales $294MFY2024: Capital spending −$655MFY2024: Buybacks −$1.9BFY2024: Dividends −$786M$3.3BFY2024FY2025: Operating cash flow $2.9BFY2025: Net borrowing $496MFY2025: Shares issued $9.0MFY2025: Asset sales −$4.0MFY2025: Capital spending −$621MFY2025: Buybacks −$3.2BFY2025: Dividends −$889M$3.4BFY2025
Over these 5 years operating cash flow totalled $12.3B; the largest uses were buybacks ($8.5B) and dividends ($3.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$9.0B
Net debt$7.5B
Due within a year$750M

Zoetis funds itself: free cash flow was $2.2B over the last twelve months, and $1.5B of cash and investments stands against $9.0B of debt ($750M due within a year, 2.0× covered by cash).

Zoetis: debt maturities by year (FY2025)Zoetis: debt maturities by year (FY2025)$750MYear 2$1.4BYear 3$2.0BYear 4$750MYear 5
Principal due in each year as disclosed in the annual report, against $1.5B of cash and investments now.

Where the cash came from and went

Zoetis: sources (+) and uses (−) of cash, Q3 2026Zoetis: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$824MBuybacks−$500MDividends−$219MOther investing−$155MCash drawn (+) / kept (−)$143MCapital spending−$107MExchange rates$13.0MOther financing$2.0MNet borrowing (+) / repaid (−)−$1.0M
Zoetis: sources (+) and uses (−) of cash, TTM to Q3 2026Zoetis: sources (+) and uses (−) of cash, 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 profit to cash

Zoetis: net income to operating cash flow, Q3 2026Zoetis: net income to operating cash flow, Q3 2026Net income$591MDepreciation & amortization$119MStock-based pay$27.0MDeferred taxes−$12.0MImpairments$93.0MOther non-cash$2.0MReceivables−$119MInventory−$6.0MPayables−$37.0MPrepaid and other assets−$16.0MOther liabilities$69.0MIncome taxes payable$69.0MOperating cash flow$824M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266333757342
Q2 20265734665338
Q1 20265835267343
Q4 20255733057330
Q3 20255932461322
Q2 20255332964319
Q1 20255534062333
Q4 20245430754307

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$824M−$107M−$500M−$219M−$1.0M$143M$717M
Q2 2026$655M−$117M−$584M−$223M—$465M$538M
Q1 2026$401M−$110M−$606M−$224M—$509M$291M
Q4 2025$848M−$159M—−$220M—−$169M$689M
Q3 2025$936M−$138M−$394M−$222M—−$638M$798M
Q2 2025$605M−$146M−$338M−$223M—$150M$459M
Q1 2025$515M−$178M−$443M−$224M−$2.0M$332M$337M
Q4 2024$905M−$216M−$553M−$194M—−$273M$689M

Zoetis: income statement and cash flow

Zoetis, Q3 2026: revenue $2.4B (-1% year over year), operating margin 30.5%. The chart follows the revenue to costs, profit and cash.

Zoetis: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.