Zoetis (ZTS) FY2023 results: revenue $8.5 billion, up 5.7% on the year
Zoetis Inc. (ZTS) reported revenue of $8.5 billion for fiscal 2023, the year ended 31 December 2023, up 5.7% on the year before. Net income was $2.3 billion, up 10.9%, and diluted earnings per share $5.07. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2024.
Revenue
$8.5 billion
+5.7% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$2.3 billion
+10.9% on the year
FY2016FY2023
Diluted EPS
$5.07
+12.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,353
1,912
2,213
+23.1%
Capital expenditure
732
586
477
+24.9%
Free cash flow
1,621
1,326
1,736
+22.2%
Free cash flow margin
19.0%
16.4%
22.3%
Cash from investing
-777
-883
-458
Cash from financing
-3,109
-904
-1,862
Depreciation and amortisation
491
465
448
+5.6%
Share-based compensation
60.0
62.0
58.0
-3.2%
Buybacks
1,092
1,594
743
-31.5%
Dividends paid
692
611
474
+13.3%
Dividend per share
$1.56
$1.35
$1.07
+15.3%
Diluted shares, weighted
462m
470m
477m
-1.7%
Shares outstanding at period end
458m
464m
473m
-1.2%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
4,997
4,405
4,543
+13.4%
Non-controlling interest
-6.0
-2.0
1.0
Short-term borrowings
3.0
2.0
0.0
+50.0%
Debt
6,564
7,902
6,592
-16.9%
Operating lease liabilities
188
186
151
+1.1%
Finance lease liabilities
8.0
0.0
n/a
Other liabilities
2,532
2,432
2,613
+4.1%
Total liabilities and equity
14,286
14,925
13,900
-4.3%
Fixed assets
3,204
2,753
2,422
+16.4%
Goodwill
2,759
2,746
2,682
+0.5%
Intangible assets
1,338
1,380
1,474
-3.0%
Cash and equivalents
2,041
3,581
3,485
-43.0%
Receivables
1,304
1,215
1,133
+7.3%
Inventory
2,564
2,345
1,923
+9.3%
Other assets
1,076
905
781
+18.9%
Total assets
14,286
14,925
13,900
-4.3%
10-K for the year ended 31 December 2023, filed 13 February 2024: the filing.