Zoetis Inc.
HealthcareNYSE:ZTS · New York Stock Exchange
-$1.18 today
Vol 3.59M · Avg 6.03M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$9.5B of revenue converted into $2.6B of net income for the selected period. Gross margin is 70.8% and net margin is 27.8%, showing how much revenue survives after costs and taxes. EPS is $6.03, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.5B +2.3% | $9.3B +8.3% | $8.5B +5.7% | $8.1B +3.9% | $7.8B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $2.8B -2.3% | $2.9B +5.5% | $2.7B +4.1% | $2.6B +5.7% | $2.5B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $6.7B +4.3% | $6.4B +9.6% | $5.8B +6.5% | $5.5B +3.1% | $5.3B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 70.5% +1.4pp | 69.1% +0.8pp | 68.3% +0.5pp | 67.8% -0.5pp | 68.3% | 9.8% | 28.9% | 38.3% |
| Research & Development | $698.0M +1.7% | $686.0M +11.7% | $614.0M +13.9% | $539.0M +6.1% | $508.0M | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $2.4B +2.6% | $2.3B +7.8% | $2.2B +7.1% | $2.0B +0.4% | $2.0B | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $3.1B +2.4% | $3.0B +8.6% | $2.8B +8.5% | $2.5B +1.6% | $2.5B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $487.0M -2.0% | $497.0M +1.2% | $491.0M +5.6% | $465.0M +3.8% | $448.0M | $374.2M | $1.2B | $631.8M |
| EBITDA | $4.1B +5.1% | $3.9B +5.1% | $3.7B +9.7% | $3.4B +5.9% | $3.2B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 43.0% +1.1pp | 41.8% -1.3pp | 43.1% +1.6pp | 41.6% +0.8pp | 40.8% | 5.6% | 46.3% | 42.0% |
| Operating Income | $3.6B +6.0% | $3.4B +10.5% | $3.1B +4.8% | $2.9B +4.5% | $2.8B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 38.0% +1.3pp | 36.6% +0.7pp | 35.9% -0.3pp | 36.2% +0.2pp | 36.0% | 16.6% | 24.1% | 22.0% |
| Interest Income | $93.0M -12.3% | $106.0M +1.0% | $105.0M +110.0% | $50.0M +733.3% | $6.0M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $243.0M +0.4% | $242.0M -6.2% | $258.0M +8.9% | $237.0M +0.4% | $236.0M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$237.0M +8.5% | -$259.0M -94.7% | -$133.0M +51.1% | -$272.0M +13.7% | -$315.0M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $3.4B +7.2% | $3.1B +6.7% | $2.9B +10.5% | $2.7B +6.8% | $2.5B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 35.5% +1.6pp | 33.8% -0.5pp | 34.4% +1.5pp | 32.9% +0.9pp | 32.0% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $687.0M +7.8% | $637.0M +6.9% | $596.0M +9.4% | $545.0M +20.0% | $454.0M | $1.3B | -$1.6B | $745.2M |
| Net Income | $2.7B +7.5% | $2.5B +6.1% | $2.3B +10.9% | $2.1B +3.8% | $2.0B | $4.9B | $4.8B | $4.7B |
| Net Margin | 28.2% +1.4pp | 26.9% -0.6pp | 27.4% +1.3pp | 26.2% -0.0pp | 26.2% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $6 +10.2% | $5 +7.7% | $5 +12.6% | $5 +5.1% | $4 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $6 +10.1% | $5 +7.9% | $5 +12.9% | $4 +5.2% | $4 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $443.4M -2.4% | $454.2M -1.5% | $461.2M -1.6% | $468.9M -1.2% | $474.3M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $443.8M -2.4% | $454.8M -1.6% | $462.3M -1.7% | $470.4M -1.3% | $476.7M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Elevance Health Inc.
NYSE:ELV
$87.54B
Cigna Corporation
NYSE:CI
$78.83B
Regeneron Pharmaceuticals, Inc.
NASDAQ:REGN
$63.39B
argenx SE
NASDAQ:ARGX
$55.59B
Cencora, Inc.
NYSE:COR
$54.89B
Becton, Dickinson and Company
NYSE:BDX
$52.81B
Takeda Pharmaceutical Company Limited
NYSE:TAK
$50.44B
IDEXX Laboratories, Inc.
NASDAQ:IDXX
$44.14B
Haleon plc
NYSE:HLN
$40.33B
Elanco Animal Health Incorporated
NYSE:ELAN
$12.11B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does ZTS generate?
Zoetis Inc. (ZTS) reported $9.47B of revenue in fiscal 2025.
Is ZTS profitable?
Zoetis Inc. (ZTS) reported $2.67B of net income, with a net margin of 28.2%.
Explore More
Continue the stock analysis
Jump to another research area for this company.