Zoetis (ZTS) FY2018 results: revenue $5.8 billion, up 9.8% on the year
Zoetis Inc. (ZTS) reported revenue of $5.8 billion for fiscal 2018, the year ended 31 December 2018, up 9.8% on the year before. Net income was $1.4 billion, up 65.3%, and diluted earnings per share $2.93. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2019.
Revenue
$5.8 billion
+9.8% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$1.4 billion
+65.3% on the year
FY2011FY2018
Diluted EPS
$2.93
+67.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
5,825
5,307
4,888
+9.8%
Cost of revenue
1,911
1,775
1,666
+7.7%
Gross profit
3,914
3,532
3,222
+10.8%
Gross margin
67.2%
66.6%
65.9%
Research and development
432
382
376
+13.1%
Selling, general and administrative
1,484
1,334
1,364
+11.2%
Interest expense
206
175
166
+17.7%
Pre-tax income
1,690
1,525
1,228
+10.8%
Income tax
266
663
409
-59.9%
Effective tax rate
15.7%
43.5%
33.3%
Net income
1,428
864
821
+65.3%
Net margin
24.5%
16.3%
16.8%
Diluted EPS
$2.93
$1.75
$1.65
+67.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,790
1,346
713
+33.0%
Capital expenditure
338
224
216
+50.9%
Free cash flow
1,452
1,122
497
+29.4%
Free cash flow margin
24.9%
21.1%
10.2%
Cash from investing
-2,259
-270
-214
Cash from financing
533
-251
-903
Depreciation and amortisation
308
242
240
+27.3%
Share-based compensation
53.0
44.0
37.0
+20.5%
Buybacks
698
500
300
+39.6%
Dividends paid
243
206
188
+18.0%
Dividend per share
$0.54
$0.44
$0.39
+22.9%
Diluted shares, weighted
487m
493m
498m
-1.3%
Shares outstanding at period end
480m
486m
493m
-1.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,185
1,770
1,487
+23.4%
Non-controlling interest
0.0
16.0
12.0
Short-term borrowings
9.0
n/a
n/a
Debt
6,443
4,953
4,468
+30.1%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,140
1,847
1,682
+15.9%
Total liabilities and equity
10,777
8,586
7,649
+25.5%
Fixed assets
1,658
1,435
1,381
+15.5%
Goodwill
2,519
1,510
1,481
+66.8%
Intangible assets
2,046
1,269
1,228
+61.2%
Investments
99.0
0.0
n/a
Cash and equivalents
1,602
1,564
727
+2.4%
Receivables
1,036
998
913
+3.8%
Inventory
1,391
1,427
1,502
-2.5%
Other assets
426
383
417
+11.2%
Total assets
10,777
8,586
7,649
+25.5%
10-K for the year ended 31 December 2018, filed 14 February 2019: the filing.