Filing Flows › Zoetis (ZTS) › Q2 2026 › vs Q2 2025
Zoetis (ZTS) Q2 2026 vs Q2 2025 (year over year)
Zoetis's revenue fell $6.0M (-0.2%) from $2.5B in Q2 2025 to $2.5B in Q2 2026. The biggest changes: Companion Animal +$24.0M (+1%); Anti-infectives +$22.0M (+10%); Vaccines +$16.0M (+3%). Operating margin 35.1% against 36.9% (-1.8 pts).
Zoetis, Q2 2026: revenue $2.5B (-0.2% year over year), operating margin 35.1%, net earnings $691M, operating cash flow $655M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 35.1% | 36.9% | -1.8 pts |
| Net margin | 28.0% | 29.3% | -1.3 pts |
| Free cash flow margin | 21.8% | 18.6% | +3.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Parasiticides | $698M | $660M | $38.0M | +6% |
| Dermatology | $398M | $473M | −$75.0M | -16% |
| Cattle | $390M | $323M | $67.0M | +21% |
| Pain and sedation | $217M | $223M | −$6.0M | -3% |
| Other pharmaceutical | $168M | $175M | −$7.0M | -4% |
| Animal health diagnostics | $123M | $110M | $13.0M | +12% |
| Swine | $117M | $118M | −$1.0M | -0.8% |
| Poultry | $115M | $104M | $11.0M | +11% |
| Companion Animal | $1.7B | $1.7B | $24.0M | +1% |
| Vaccines | $523M | $507M | $16.0M | +3% |
| Anti-infectives | $244M | $222M | $22.0M | +10% |
| Revenue | $2.5B | $2.5B | −$6.0M | -0.2% |
| Operating profit | $866M | $912M | −$46.0M | -5% |
| Costs & expenses | $1.6B | $1.6B | $40.0M | +3% |
| Pre-tax earnings | $866M | $912M | −$46.0M | -5% |
| Cost of revenue | $673M | $664M | $9.0M | +1% |
| Research & development | $173M | $166M | $7.0M | +4% |
| SG&A | $592M | $614M | −$22.0M | -4% |
| Other operating costs | $164M | $118M | $46.0M | +39% |
| Net earnings | $691M | $726M | −$35.0M | -5% |
| Income tax | $175M | $186M | −$11.0M | -6% |
| Depreciation & amortization | $119M | $124M | −$5.0M | -4% |
| Share-based compensation | $26.0M | $22.0M | $4.0M | +18% |
| Working capital & other | $181M | $267M | −$86.0M | -32% |
| Operating cash flow | $655M | $605M | $50.0M | +8% |
| Free cash flow (OCF − capex) | $538M | $459M | $79.0M | +17% |
| Capital expenditures | $117M | $146M | −$29.0M | -20% |
Questions
How much did Zoetis's revenue grow year over year in Q2 2026?
Zoetis's revenue fell $6.0M (-0.2%) from $2.5B in Q2 2025 to $2.5B in Q2 2026.
What drove Zoetis's revenue change in Q2 2026?
Companion Animal +$24.0M (+1%); Anti-infectives +$22.0M (+10%); Vaccines +$16.0M (+3%).