Filing Flows › Zoetis (ZTS) › Q3 2026 › vs Q2 2026
Zoetis (ZTS) Q3 2026 vs Q2 2026 (quarter over quarter)
Zoetis's revenue fell $77.0M (-3%) from $2.5B in Q2 2026 to $2.4B in Q3 2026. The biggest changes: Companion Animal +$113M (+8%); Pain and sedation −$17.0M (-8%); Poultry −$7.0M (-6%). Operating margin 30.5% against 35.1% (-4.6 pts).
Zoetis, Q3 2026: revenue $2.4B (-1% year over year), operating margin 30.5%, net earnings $591M, operating cash flow $824M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 30.5% | 35.1% | -4.6 pts |
| Net margin | 24.7% | 28.0% | -3.3 pts |
| Free cash flow margin | 30.0% | 21.8% | +8.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Vaccines | $540M | $521M | $19.0M | +4% |
| Cattle | $439M | $390M | $49.0M | +13% |
| Anti-infectives | $282M | $244M | $38.0M | +16% |
| Other pharmaceutical | $170M | $168M | $2.0M | +1% |
| Animal health diagnostics | $128M | $123M | $5.0M | +4% |
| Companion Animal | $1.6B | $1.4B | $113M | +8% |
| Dermatology | $398M | $398M | $0 | 0% |
| Pain and sedation | $200M | $217M | −$17.0M | -8% |
| Swine | $120M | $117M | $3.0M | +3% |
| Poultry | $108M | $115M | −$7.0M | -6% |
| Revenue | $2.4B | $2.5B | −$77.0M | -3% |
| Operating profit | $729M | $866M | −$137M | -16% |
| Costs & expenses | $1.7B | $1.6B | $60.0M | +4% |
| Pre-tax earnings | $729M | $866M | −$137M | -16% |
| Cost of revenue | $698M | $673M | $25.0M | +4% |
| Research & development | $174M | $173M | $1.0M | +0.6% |
| SG&A | $582M | $592M | −$10.0M | -2% |
| Other operating costs | $208M | $164M | $44.0M | +27% |
| Net earnings | $591M | $691M | −$100M | -14% |
| Income tax | $138M | $175M | −$37.0M | -21% |
| Depreciation & amortization | $119M | $119M | $0 | 0% |
| Share-based compensation | $27.0M | $26.0M | $1.0M | +4% |
| Working capital & other | $87.0M | −$181M | $268M | — |
| Operating cash flow | $824M | $655M | $169M | +26% |
| Free cash flow (OCF − capex) | $717M | $538M | $179M | +33% |
| Capital expenditures | $107M | $117M | −$10.0M | -9% |
Questions
How much did Zoetis's revenue grow quarter over quarter in Q3 2026?
Zoetis's revenue fell $77.0M (-3%) from $2.5B in Q2 2026 to $2.4B in Q3 2026.
What drove Zoetis's revenue change in Q3 2026?
Companion Animal +$113M (+8%); Pain and sedation −$17.0M (-8%); Poultry −$7.0M (-6%).