Zoetis Inc. (ZTS) Income Statement
ZTS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsZTS revenue and net income
Where ZTS's revenue goes
2025Each bar shows an amount and its share of revenue. ZTS kept 28.2% of revenue as net income.
ZTS profit margins
ZTS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.3% | +5.4% | +7.2% | +7.1% |
| Gross profit | +4.3% | +6.8% | +8.4% | +8.4% |
| Operating income | +6.0% | +7.1% | +9.7% | +12.8% |
| Net income | +7.5% | +8.1% | +10.3% | +22.9% |
| EPS (diluted) | +8.4% | +9.6% | +10.8% | +13.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ZTS quarterly EPS vs estimates
Zoetis beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.51).
ZTS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.47B | $9.26B | $8.54B | $8.08B | $7.78B | $6.67B | $6.26B | $5.83B | $5.31B | $4.89B |
| Cost of revenue | $2.79B | $2.86B | $2.71B | $2.60B | $2.46B | $2.22B | $2.15B | $2.03B | $1.86B | $1.75B |
| Gross profit | $6.67B | $6.40B | $5.83B | $5.48B | $5.31B | $4.46B | $4.11B | $3.80B | $3.44B | $3.14B |
| Research & development | $698.0M | $686.0M | $614.0M | $539.0M | $508.0M | $463.0M | $457.0M | $432.0M | $382.0M | $376.0M |
| Sales, general & admin | $2.38B | $2.32B | $2.15B | $2.01B | $2.00B | $1.73B | $1.64B | $1.48B | $1.32B | $1.32B |
| Total operating expenses | $3.08B | $3.00B | $2.77B | $2.55B | $2.51B | $2.19B | $2.10B | $1.92B | $1.72B | $1.74B |
| Operating income | $3.60B | $3.39B | $3.07B | $2.93B | $2.80B | $2.27B | $2.02B | $1.88B | $1.73B | $1.40B |
| Interest income | $93.0M | $106.0M | $105.0M | $50.0M | $6.0M | $12.0M | $37.0M | $31.0M | — | — |
| Interest expense | $243.0M | $242.0M | $258.0M | $237.0M | $236.0M | $249.0M | $242.0M | $212.0M | $175.0M | $166.0M |
| Income before taxes | $3.36B | $3.13B | $2.94B | $2.66B | $2.49B | $2.00B | $1.80B | $1.69B | $1.52B | $1.23B |
| Income taxes | $687.0M | $637.0M | $596.0M | $545.0M | $454.0M | $360.0M | $301.0M | $266.0M | $663.0M | $409.0M |
| Net income | $2.67B | $2.49B | $2.34B | $2.11B | $2.04B | $1.64B | $1.50B | $1.43B | $864.0M | $821.0M |
| EBITDA | $4.07B | $3.87B | $3.69B | $3.36B | $3.17B | $2.69B | $2.46B | $2.21B | $1.94B | $1.63B |
| EPS (diluted) | $6.42 | $5.92 | $5.32 | $4.88 | $4.70 | $3.85 | $3.64 | $3.14 | $2.40 | $1.96 |
| Gross margin | 70.5% | 69.1% | 68.3% | 67.8% | 68.3% | 66.8% | 65.7% | 65.2% | 64.9% | 64.3% |
| Operating margin | 38.0% | 36.6% | 35.9% | 36.2% | 36.0% | 34.0% | 32.2% | 32.3% | 32.5% | 28.7% |
| Net margin | 28.2% | 26.9% | 27.4% | 26.2% | 26.2% | 24.5% | 24.0% | 24.5% | 16.3% | 16.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.47B | $2.26B | $2.39B | $2.40B | $2.46B | $2.22B | $2.32B | $2.39B | $2.36B | $2.19B | $2.21B | $2.15B |
| Cost of revenue | $673.0M | $641.0M | $743.0M | $715.0M | $682.0M | $654.0M | $741.0M | $736.0M | $703.0M | $680.0M | $765.0M | $676.0M |
| Gross profit | $1.79B | $1.62B | $1.64B | $1.69B | $1.78B | $1.57B | $1.58B | $1.65B | $1.66B | $1.51B | $1.45B | $1.48B |
| Research & development | $173.0M | $180.0M | $199.0M | $170.0M | $172.0M | $157.0M | $186.0M | $167.0M | $171.0M | $162.0M | $174.0M | $152.0M |
| Sales, general & admin | $592.0M | $588.0M | $619.0M | $579.0M | $617.0M | $563.0M | $625.0M | $565.0M | $581.0M | $547.0M | $565.0M | $525.0M |
| Total operating expenses | $858.0M | $799.0M | $818.0M | $749.0M | $789.0M | $720.0M | $811.0M | $732.0M | $752.0M | $709.0M | $739.0M | $677.0M |
| Operating income | $937.0M | $822.0M | $826.0M | $936.0M | $989.0M | $846.0M | $765.0M | $920.0M | $906.0M | $801.0M | $709.0M | $798.0M |
| Interest income | $16.0M | $21.0M | $25.0M | $26.0M | $19.0M | $23.0M | $27.0M | $23.0M | $24.0M | $32.0M | $26.0M | $23.0M |
| Interest expense | $61.0M | $62.0M | $57.0M | $64.0M | $58.0M | $59.0M | $56.0M | $61.0M | $63.0M | $62.0M | $59.0M | $63.0M |
| Income before taxes | $866.0M | $758.0M | $761.0M | $887.0M | $902.0M | $810.0M | $732.0M | $874.0M | $780.0M | $747.0M | $650.0M | $717.0M |
| Income taxes | $175.0M | $157.0M | $158.0M | $166.0M | $184.0M | $179.0M | $151.0M | $182.0M | $156.0M | $148.0M | $127.0M | $121.0M |
| Net income | $691.0M | $601.0M | $603.0M | $721.0M | $718.0M | $631.0M | $581.0M | $682.0M | $624.0M | $599.0M | $525.0M | $596.0M |
| EBITDA | $1.05B | $939.0M | $939.0M | $1.07B | $1.08B | $988.0M | $911.0M | $1.06B | $970.0M | $935.0M | $835.0M | $904.0M |
| EPS (diluted) | $1.87 | $1.53 | $1.48 | $1.70 | $1.76 | $1.48 | $1.40 | $1.58 | $1.56 | $1.38 | $1.24 | $1.36 |
| Gross margin | 72.7% | 71.7% | 68.9% | 70.2% | 72.3% | 70.5% | 68.0% | 69.2% | 70.2% | 68.9% | 65.4% | 68.6% |
| Operating margin | 38.0% | 36.3% | 34.6% | 39.0% | 40.2% | 38.1% | 33.0% | 38.5% | 38.4% | 36.6% | 32.0% | 37.1% |
| Net margin | 28.0% | 26.6% | 25.3% | 30.0% | 29.2% | 28.4% | 25.1% | 28.6% | 26.4% | 27.4% | 23.7% | 27.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ZTS's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ZTS financial results
In fiscal year 2025 (ended December 31, 2025), Zoetis reported revenue of $9.5 billion, up 2.3% from the year before. It had net income of $2.7 billion (up 7.5%), a net profit margin of 28.2%. Diluted earnings per share came to $6.42. Over five years revenue grew at an average rate of 7.2% a year.
See the ZTS stock overview for the latest quote and news, or the ZTS chart for price history and technical indicators.
ZTS income statement FAQ
What is Zoetis's annual revenue?
Zoetis reported total revenue of $9.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.3% from $9.3 billion the previous year.
Is Zoetis profitable?
Yes. Zoetis reported net income of $2.7 billion in fiscal 2025, a net profit margin of 28.2%; its operating margin was 38.0%.
What is Zoetis's gross margin?
Zoetis's gross margin was 70.5% in fiscal 2025: for every $100 of revenue, Zoetis kept $70 after the direct cost of its products and services.
How much does Zoetis spend on research and development?
Zoetis spent $698.0 million on research and development in fiscal 2025, 7.4% of revenue.
How fast is Zoetis growing?
Revenue grew 7.2% a year on average over the last five fiscal years, from $6.7 billion to $9.5 billion.
What are Zoetis's earnings per share?
Zoetis earned $6.42 per diluted share in fiscal 2025, compared with $5.92 a year earlier.
When will Zoetis report its next earnings?
Zoetis is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Zoetis's fiscal year end?
Zoetis's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.