Filing Flows › Zoetis (ZTS) › Q1 2026
Zoetis (ZTS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Zoetis (ZTS) reported revenue of $2.3B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -5% from the quarter before. Operating margin was 33.5%, net earnings $601M (26.6% of revenue).
Zoetis, Q1 2026: revenue $2.3B (+3% year over year), operating margin 33.5%, net earnings $601M, operating cash flow $401M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | -5% | +3% |
| Operating profit | $758M | -4% | -2% |
| Net earnings | $601M | -4% | -0.2% |
| Operating cash flow | $401M | -53% | -22% |
| Free cash flow | $291M | -58% | -14% |
What changed
Revenue was $2.3B in Q1 2026, up 3% year over year and down 5% from the previous quarter. Parasiticides was the largest line at 26% of revenue. Vaccines added $0.08B year over year (up 18%), 125% of the total change. Dermatology declined 8%.
Operating profit was $0.76B, a 33.5% margin (down 1.7 points year over year). Operating profit fell $0.01B even though revenue rose $0.06B versus Q1 2025, so costs grew faster than sales. Total costs grew 6% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+34%). Net earnings were $0.60B, roughly flat year over year. The effective tax rate was 20.7%.
Operating cash flow was $0.40B (down 22% year over year), 67% 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 used $0.34B. Capital expenditures of $0.11B left free cash flow of $0.29B.
Questions
What was Zoetis' revenue in the first quarter 2026?
Zoetis (ZTS) reported revenue of $2.3B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -5% from the quarter before.
Was Zoetis profitable in the first quarter 2026?
Operating profit was $758M (33.5% of revenue) and net earnings $601M.
Source: Zoetis 10-Q on SEC EDGAR.