Zoetis Inc. (ZTS) quarterly cash flow statement — complete operating, investing & financing history
Zoetis Inc. (ZTS) cash flow statement — 16-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Cash from Operations | 824M | 655M | 401M | 893M | 938M | 486M | 587M | 905M | 951M | 502M | 595M | 897M | 724M | 183M | 549M | 741M | 526M | 336M | 309M | 679M |
| Operating CF Margin % | 34.46% | 26.54% | 17.73% | 37.41% | 39.08% | 19.76% | 26.44% | 39.06% | 39.82% | 21.26% | 27.17% | 40.53% | 33.66% | 8.39% | 27.45% | 36.32% | 26.27% | 16.37% | 15.56% | 34.52% |
| Operating CF Growth % | -12.15% | 34.77% | -31.69% | -1.33% | -1.37% | -3.19% | -1.34% | 0.89% | 31.35% | 174.32% | 8.38% | 21.05% | 37.64% | -45.54% | 77.67% | 9.13% | -19.45% | -30.15% | -22.75% | -5.43% |
| Net Income | 591M | 691M | 601M | 603M | 721M | 718M | 631M | 581M | 692M | 624M | 599M | 525M | 596M | 670M | 551M | 460M | 528M | 529M | 594M | 413M |
| Depreciation & Amortization | 119M | 119M | 119M | 121M | 124M | 123M | 119M | 123M | 121M | 127M | 126M | 126M | 124M | 121M | 120M | 119M | 115M | 117M | 114M | 117M |
| Stock-Based Compensation | 27M | 26M | 25M | 22M | 22M | 22M | 17M | 19M | 18M | 19M | 18M | 17M | 17M | 17M | 9M | 16M | 15M | 15M | 16M | 14M |
| Deferred Taxes | -12M | -33M | 34M | -48M | -16M | -7M | 19M | -152M | -42M | -101M | -43M | -21M | -14M | -34M | 8M | -176M | -34M | -31M | -45M | 41M |
| Other Non-Cash Items | 139M | -290M | 7M | 25M | 33M | 45M | 18M | 25M | -198M | 72M | 16M | 48M | 49M | -80M | 16M | 198M | 14M | 32M | 15M | 32M |
| Working Capital Changes | -40M | 142M | -385M | 170M | 54M | -415M | -217M | 309M | 360M | -239M | -121M | 202M | -48M | -511M | -155M | 124M | -112M | -326M | -385M | 62M |
| Change in Receivables | -119M | -66M | -106M | -52M | 10M | -141M | -53M | 73M | -22M | -100M | -12M | -48M | 62M | -143M | 27M | -17M | 62M | -80M | -102M | -12M |
| Change in Inventory | -6M | -23M | -114M | 13M | -44M | -83M | -85M | 73M | 2M | -17M | -98M | 136M | -73M | -189M | -235M | -48M | -126M | -166M | -146M | -67M |
| Change in Payables | -37M | -53M | 62M | 76M | -54M | 36M | -12M | 26M | -15M | 23M | -3M | 22M | -74M | 43M | 22M | 30M | -53M | 25M | -31M | 54M |
| Cash from Investing | -262M | -300M | -87M | -166M | -160M | -247M | -175M | 126M | -178M | -132M | -131M | -210M | -271M | -80M | -216M | -438M | -124M | -203M | -118M | -142M |
| Capital Expenditures | -107M | -117M | -110M | -161M | -133M | -178M | -149M | -216M | -167M | -132M | -140M | -198M | -145M | -166M | -223M | 0 | -154M | -146M | -115M | -168M |
| CapEx % of Revenue | 4.48% | 4.74% | 4.86% | 6.74% | 5.54% | 7.24% | 6.71% | 9.32% | 6.99% | 5.59% | 6.39% | 8.95% | 6.74% | 7.61% | 11.15% | 8.38% | 7.69% | 7.12% | 5.79% | 8.54% |
| Acquisitions | -155M | 0 | 0 | -14M | -10M | 0 | 0 | 293M | -1M | -8M | 1M | -96M | -145M | 93M | -7M | -216M | -3M | -89M | -4M | 1M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2M | 28M | 9M | -2M | -90M | -17M | 1M | -1M | 1M | -1M | -1M | 96M | 0 | 4M | 2M | -170M | 0 | 0 | 0 | 0 |
| Cash from Financing | -718M | -813M | -840M | -495M | -134M | -564M | -677M | -745M | -628M | -763M | -524M | -397M | -416M | -494M | -1.8B | 780M | -529M | -610M | -545M | -314M |
| Debt Issued (Net) | 0 | 0 | 0 | 1.78B | 484M | 0 | 0 | 0 | 0 | -24M | 21M | 1M | 0 | -1M | -1.35B | 1.35B | 1M | 2M | 0 | 0 |
| Equity Issued (Net) | -500M | -584M | -606M | -2.06B | -394M | -338M | -443M | -553M | -433M | -537M | -339M | -235M | -250M | -324M | -283M | -405M | -377M | -451M | -361M | -198M |
| Dividends Paid | -219M | -223M | -224M | -220M | -222M | -223M | -224M | -194M | -197M | -197M | -198M | -172M | -173M | -173M | -174M | -151M | -153M | -153M | -154M | -117M |
| Share Repurchases | -500M | -584M | -606M | -2.06B | -394M | -338M | -443M | -553M | -433M | -533M | -339M | -235M | -250M | -324M | -283M | -405M | -377M | -451M | -361M | -198M |
| Other Financing | 1M | -6M | -10M | 1M | -2M | -3M | -10M | 2M | 2M | -5M | -8M | 9M | 7M | 4M | 4M | -11M | 0 | -8M | -30M | 1M |
| Net Change in Cash | -143M | -465M | -509M | 228M | 649M | -286M | -266M | 273M | 140M | -401M | -66M | 287M | 37M | -392M | -1.47B | 1.07B | -145M | -483M | -350M | 211M |
| Free Cash Flow | 717M | 538M | 291M | 732M | 805M | 308M | 438M | 689M | 784M | 370M | 455M | 699M | 579M | 17M | 326M | 570M | 372M | 190M | 194M | 511M |
| FCF Margin % | 29.99% | 21.8% | 12.86% | 30.67% | 33.54% | 12.52% | 19.73% | 29.74% | 32.83% | 15.67% | 20.78% | 31.59% | 26.92% | 0.78% | 16.3% | 27.94% | 18.58% | 9.26% | 9.77% | 25.98% |
| FCF Growth % | -10.93% | 74.68% | -33.56% | 6.24% | 2.68% | -16.76% | -3.74% | -1.43% | 35.41% | 2076.47% | 39.57% | 22.63% | 55.65% | -91.05% | 68.04% | 11.55% | -30.34% | -48.37% | -39.94% | -10.98% |
| FCF per Share | 1.74 | 1.29 | 0.69 | 1.67 | 1.82 | 0.69 | 0.98 | 1.53 | 1.73 | 0.81 | 0.99 | 1.52 | 1.25 | 0.04 | 0.70 | 1.22 | 0.79 | 0.40 | 0.41 | 1.07 |
| FCF Conversion (FCF/Net Income) | 1.39x | 0.95x | 0.67x | 1.48x | 1.30x | 0.68x | 0.93x | 1.56x | 1.39x | 0.80x | 0.99x | 1.71x | 1.21x | 0.27x | 0.99x | 1.61x | 0.99x | 0.64x | 0.52x | 1.64x |
| Interest Paid | 110M | 39M | 109M | 36M | 88M | 69M | 68M | 69M | 67M | 70M | 68M | 70M | 67M | 69M | 89M | 33M | 88M | 32M | 89M | 32M |
| Taxes Paid | 72M | 380M | 50M | 133M | 107M | 428M | 47M | 235M | 176M | 422M | 59M | 168M | 128M | 438M | 20M | 167M | 155M | 290M | 26M | 136M |