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Fundamentals · EDGAR XBRL · Health Care

ZTS

Latest: Q2 FY26 · Thesis page →
Revenue$2.5B-0.2% YoY
Net income$691.0M-4.8% YoY
Free cash flow$538.0M+17.2% YoY
Gross margin—

Revenue vs Net income

Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.

■ Revenue   ■ Net income
$0$890.6M$1.8B$2.7BQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
24%26%29%31%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Revenue YoY growth

Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).

+1%+3%+3%-0%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue$2.4B$2.3B$2.2B$2.5B$2.4B$2.4B$2.3B$2.5B
YoY————+0.5%+3.0%+2.9%-0.2%
Cost of goods sold$701.0M$707.0M$618.0M$664.0M$683.0M$712.0M$641.0M$673.0M
YoY————-2.6%+0.7%+3.7%+1.4%
Gross profit————————
YoY————————
Research & development————————
YoY————————
Selling, general & administrative$565.0M$625.0M$574.0M$614.0M$579.0M$619.0M$588.0M$592.0M
YoY————+2.5%-1.0%+2.4%-3.6%
Operating income————————
YoY————————
Pretax income$874.0M$732.0M$773.0M$912.0M$887.0M$761.0M$758.0M$866.0M
YoY————+1.5%+4.0%-1.9%-5.0%
Income tax$182.0M$151.0M$171.0M$186.0M$166.0M$158.0M$157.0M$175.0M
YoY————-8.8%+4.6%-8.2%-5.9%
Net income$682.0M$581.0M$602.0M$726.0M$721.0M$603.0M$601.0M$691.0M
YoY————+5.7%+3.8%-0.2%-4.8%
EPS — basic$1.51—$1.34$1.63$1.63—$1.42$1.65
YoY————+7.9%—+6.0%+1.2%
EPS — diluted$1.50—$1.34$1.63$1.63—$1.42$1.65
YoY————+8.7%—+6.0%+1.2%
Weighted shares — basic452.9M—447.6M445.1M442.9M—422.1M417.6M
Weighted shares — diluted453.5M—448.0M445.5M443.2M—422.4M417.7M

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Cash & equivalents$1.7B$2.0B$1.7B$1.4B$2.1B$2.5B$1.9B$1.5B
YoY————+21.6%+23.3%+12.8%+2.9%
Marketable securities (current)————————
YoY————————
Accounts receivable$1.4B$1.3B$1.4B$1.5B$1.5B$1.4B$1.5B$1.6B
YoY————+9.2%+7.1%+10.7%+2.0%
Inventory$2.4B$2.3B$2.4B$2.4B$2.5B$2.5B$2.5B$2.6B
YoY————+2.0%+6.9%+7.8%+5.5%
Total current assets$6.3B$6.0B$5.9B$5.9B$6.6B$6.8B$6.5B$6.4B
YoY————+4.8%+13.1%+10.2%+7.3%
Total assets$14.4B$14.2B$14.1B$14.5B$15.2B$15.5B$15.2B$15.1B
YoY————+5.6%+8.8%+7.5%+4.1%
Total current liabilities$1.7B$3.4B$3.4B$3.4B$1.8B$2.2B$2.1B$2.1B
YoY————+6.2%-36.3%-39.4%-38.8%
Total liabilities$9.1B$9.5B$9.4B$9.5B$9.8B$12.1B$11.9B$11.9B
YoY————+7.0%+27.5%+26.2%+25.5%
Total equity$5.2B$4.8B$4.7B$5.0B$5.4B$3.4B$3.2B$3.1B
YoY————+3.1%-28.4%-30.5%-36.7%
Shares outstanding451.5M448.5M446.0M443.9M441.5M424.9M420.3M414.2M
YoY————-2.2%-5.3%-5.8%-6.7%

Cash flow

Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Operating cash flow$951.0M$905.0M$515.0M$605.0M$891.0M$893.0M$401.0M$655.0M
YoY————-6.3%-1.3%-22.1%+8.3%
Capital expenditures$167.0M$216.0M$178.0M$146.0M$136.0M$161.0M$110.0M$117.0M
YoY————-18.6%-25.5%-38.2%-19.9%
Free cash flow$784.0M$689.0M$337.0M$459.0M$755.0M$732.0M$291.0M$538.0M
YoY————-3.7%+6.2%-13.6%+17.2%
Dividends paid————————
YoY————————
Share repurchases$433.0M$553.0M$443.0M$338.0M$394.0M—$606.0M$584.0M
YoY————-9.0%—+36.8%+72.8%

Margins & ratios

Derived from the reported dollars above — no separate source.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Gross margin————————
Operating margin————————
Net margin28.6%25.1%27.4%29.3%30.0%25.3%26.6%28.0%
Free cash flow margin32.8%29.7%15.3%18.6%31.5%30.7%12.9%21.8%
Effective tax rate20.8%20.6%22.1%20.4%18.7%20.8%20.7%20.2%
Current ratio3.69x1.75x1.74x1.76x3.64x3.12x3.15x3.08x
Total liabilities / equity1.74x1.98x2.03x1.91x1.81x3.54x3.69x3.79x

Peer comparison — latest full year

Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF margin
ZTS FY25 · this stock$9.5B+2.3%——28.2%24.1%
UNH FY25$447.6B+11.8%—4.2%2.7%3.6%
CVS FY25$402.1B+7.8%—1.2%0.4%1.9%
CI FY25$274.9B+11.2%—3.3%——
ELV FY25$199.1B+12.5%—3.6%2.8%1.6%
JNJ FY25$94.2B+6.0%67.9%—28.5%20.9%
LLY FY25$65.2B+44.7%——31.7%—
MRK FY25$65.0B+1.3%——28.1%19.0%
ABBV FY25$61.2B+8.6%—24.6%6.9%29.1%
BMY FY25$48.2B-0.2%——14.6%26.7%
TMO FY25$44.6B+3.9%—17.4%15.0%14.1%

Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.