Company file · ZTS
Zoetis
Zoetis' revenue rose 2.3% in FY2025, to $9.5B, and net income rose 7.5% to $2.7B
Revenue rose 2.3% to $9.5B in FY2025, from $9.3B in FY2024. Net income rose 7.5% to $2.7B. United States was the largest segment, at 54% of revenue.
Key facts
Zoetis (NYSE: ZTS) closed fiscal 2025 on Dec 31, 2025 with revenue of $9.5B, up 2.3% from a year before; net income came to $2.7B, up 7.5%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $2.4B, down 1.3% on the same stretch of the prior year, and net income of $591M. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Nov 5, 2026
How it makes money
By segment in FY2025: United States (54%) and International (45%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $9.5B.
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Zoetis 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
The bull case and the bear case
The bull case
- Revenue rose 2.3% in FY2025 to $9.5B, from $9.3B a year earlier. 10-K, FY2025
- Net income rose 7.5% in FY2025 to $2.7B, from $2.5B. 10-K, FY2025
- Diluted shares fell 2.4% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
The bear case
- Operating cash flow fell 1.7% in FY2025 to $2.9B. 10-K, FY2025
- Total debt rose 37.6% in FY2025 to $9.0B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $2.4B, down 1.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $591M, down 18.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Zoetis is in the pharmaceuticals industry, part of the health care sector. The SEC files it under Pharmaceutical Preparations.
Zoetis reports 2 segments: United States and International.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the pharmaceuticals industry. They are not a summary of Zoetis’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $8.5B | $9.3B | $9.5B |
| Net income | $2.3B | $2.5B | $2.7B |
| Operating cash flow | $2.4B | $3.0B | $2.9B |
| Cash & equivalents (year end) | $2.0B | $2.0B | $2.5B |
| Total debt (year end) | $6.6B | $6.6B | $9.0B |
| Diluted shares | 462M | 455M | 444M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Commercial paper and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Subsequent events
- How ETF shares are created
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 5, 2026 | Sep 30, 2026 |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 |
| 10-Q | May 7, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 8, 2026 | Dec 31, 2025 |
| 10-K | Feb 12, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Zoetis
How does Zoetis make money?
Fiscal 2025 revenue: $9.5B. By segment in FY2025: United States (54%) and International (45%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $9.5B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was Zoetis's revenue in fiscal 2025?
$9.5B, up 2.3% from fiscal 2024 ($9.3B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $8.5B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is Zoetis profitable?
Net income was $2.7B in fiscal 2025 (up 7.5%; fiscal 2024 was $2.5B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $591M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did Zoetis report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $2.4B (down 1.3% from $2.4B) and net income $591M (down 18.0% from $721M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.
How much cash and debt does Zoetis have?
As of Sep 30, 2026: $1.3B of cash and cash equivalents, $9.0B of total debt. Total debt here is commercial paper and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 5, 2026.
What are the main risks Zoetis faces?
Zoetis's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the pharmaceuticals industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these Zoetis numbers come from?
The 10-K filed Feb 12, 2026 (fiscal 2025) and the 10-Q filed Nov 5, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Zoetis
- Citadel Advisors: 3,188,263 shares, reported value $229.1M at Jun 30, 2026 (+536.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Ruane Cunniff & Goldfarb: 2,353,300 shares, reported value $169.1M at Jun 30, 2026 (−3.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 1,813,759 shares, reported value $130.3M at Jun 30, 2026 (+9.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 1,403,300 shares, reported value $100.8M at Jun 30, 2026 (+456.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Markel Group: 425,296 shares, reported value $29.7M at Sep 30, 2026 (+542.5% in shares since the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
- Two Sigma Investments: 386,428 shares, reported value $27.8M at Jun 30, 2026 (+171.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Polen Capital Management: 320,420 shares, reported value $23.0M at Jun 30, 2026 (−92.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 4, 2026.
- Bridgewater Associates: 134,203 shares, reported value $9.6M at Jun 30, 2026 (+164.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Soros Fund Management: 27,808 shares, reported value $2.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in ZTS
- The editor holds no position in Zoetis (ZTS). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell ZTS from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold ZTS, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| ZoetisZTS | FY2025 | $9.5B | +2.3% | $2.7B |
| Eli LillyLLY | FY2025 | $65.2B | +44.7% | $20.6B |
| Johnson & JohnsonJNJ | FY2025 | $94.2B | +6.0% | $26.8B |
| MerckMRK | FY2025 | $65.0B | +1.3% | $18.3B |
| PfizerPFE | FY2025 | $62.6B | −1.6% | $7.8B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.