Filing Flows › Zoetis (ZTS) › How it makes money
How Zoetis (ZTS) makes money
Zoetis (ZTS) made $2.4B of revenue in the third quarter 2026 (Q3 2026), -0.5% from a year earlier. Companion Animal brought in $1.6B (65%); Dermatology brought in $398M (17%); Pain and sedation brought in $200M (8%). Of every dollar of revenue, 31¢ was left as operating profit, 25¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Companion Animal | $1.6B | 65.4% | +8% | +4% |
| ↳ Vaccines | $540M | 22.6% | +4% | +5% |
| ↳ Cattle | $439M | 18.4% | +13% | +6% |
| ↳ Anti-infectives | $282M | 11.8% | +16% | -2% |
| ↳ Other pharmaceutical | $170M | 7.1% | +1% | -4% |
| ↳ Animal health diagnostics | $128M | 5.4% | +4% | +14% |
| Dermatology | $398M | 16.7% | 0% | -16% |
| Pain and sedation | $200M | 8.4% | -8% | 0% |
| Swine | $120M | 5.0% | +3% | +3% |
| Poultry | $108M | 4.5% | -6% | +2% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.4B | 100.0% |
| Operating profit | $729M | 30.6% |
| Income tax | $138M | 5.8% |
| Net earnings | $591M | 24.8% |
| Operating cash flow | $824M | 34.5% |
| Free cash flow | $717M | 30.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.4B | -1% |
| Q2 2026 | $2.5B | -0.2% |
| Q1 2026 | $2.3B | +3% |
| Q4 2025 | $2.4B | +2% |
| Q3 2025 | $2.4B | +1% |
| Q2 2025 | $2.5B | +5% |
| Q1 2025 | $2.2B | +0.4% |
From Zoetis' 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Zoetis make money?
Zoetis (ZTS) made $2.4B of revenue in the third quarter 2026 (Q3 2026), -0.5% from a year earlier. Companion Animal brought in $1.6B (65%); Dermatology brought in $398M (17%); Pain and sedation brought in $200M (8%). Of every dollar of revenue, 31¢ was left as operating profit, 25¢ was left as net earnings.
What is Zoetis' biggest business?
Companion Animal: $1.6B in the third quarter 2026, 65% of revenue, +4% from a year earlier.
What is Zoetis' profit margin?
Net earnings were $591M, 24.8% of revenue, in the third quarter 2026; the operating margin was 30.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.