Filing Flows › Zoetis (ZTS) › Q3 2026 › vs Q3 2025
Zoetis (ZTS) Q3 2026 vs Q3 2025 (year over year)
Zoetis's revenue fell $31.0M (-1%) from $2.4B in Q3 2025 to $2.4B in Q3 2026. The biggest changes: Dermatology −$74.0M (-16%); Companion Animal +$55.0M (+4%); Swine +$4.0M (+3%). Operating margin 30.5% against 36.6% (-6.1 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 30.5% | 36.6% | -6.1 pts |
| Net margin | 24.7% | 29.8% | -5.1 pts |
| Free cash flow margin | 30.0% | 32.9% | -3.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Vaccines | $540M | $512M | $28.0M | +5% |
| Cattle | $439M | $415M | $24.0M | +6% |
| Anti-infectives | $282M | $287M | −$5.0M | -2% |
| Other pharmaceutical | $170M | $178M | −$8.0M | -4% |
| Animal health diagnostics | $128M | $112M | $16.0M | +14% |
| Companion Animal | $1.6B | $1.5B | $55.0M | +4% |
| Dermatology | $398M | $472M | −$74.0M | -16% |
| Pain and sedation | $200M | $200M | $0 | 0% |
| Swine | $120M | $116M | $4.0M | +3% |
| Poultry | $108M | $106M | $2.0M | +2% |
| Revenue | $2.4B | $2.4B | −$31.0M | -1% |
| Operating profit | $729M | $886M | −$157M | -18% |
| Costs & expenses | $1.7B | $1.5B | $126M | +8% |
| Pre-tax earnings | $729M | $886M | −$157M | -18% |
| Cost of revenue | $698M | $697M | $1.0M | +0.1% |
| Research & development | $174M | $175M | −$1.0M | -0.6% |
| SG&A | $582M | $582M | $0 | 0% |
| Other operating costs | $208M | $82.0M | $126M | +154% |
| Net earnings | $591M | $721M | −$130M | -18% |
| Income tax | $138M | $165M | −$27.0M | -16% |
| Depreciation & amortization | $119M | $122M | −$3.0M | -2% |
| Share-based compensation | $27.0M | $22.0M | $5.0M | +23% |
| Working capital & other | $87.0M | $71.0M | $16.0M | +23% |
| Operating cash flow | $824M | $936M | −$112M | -12% |
| Free cash flow (OCF − capex) | $717M | $798M | −$81.0M | -10% |
| Capital expenditures | $107M | $138M | −$31.0M | -22% |
Questions
How much did Zoetis's revenue grow year over year in Q3 2026?
Zoetis's revenue fell $31.0M (-1%) from $2.4B in Q3 2025 to $2.4B in Q3 2026.
What drove Zoetis's revenue change in Q3 2026?
Dermatology −$74.0M (-16%); Companion Animal +$55.0M (+4%); Swine +$4.0M (+3%).