Zoetis (ZTS) FY2024 results: revenue $9.3 billion, up 8.3% on the year
Zoetis Inc. (ZTS) reported revenue of $9.3 billion for fiscal 2024, the year ended 31 December 2024, up 8.3% on the year before. Net income was $2.5 billion, up 6.1%, and diluted earnings per share $5.47. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2025.
Revenue
$9.3 billion
+8.3% on the year
FY2017FY2024
Operating margin
n/a
FY2017FY2024
Net income
$2.5 billion
+6.1% on the year
FY2017FY2024
Diluted EPS
$5.47
+7.9% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
2,953
2,353
1,912
+25.5%
Capital expenditure
655
732
586
-10.5%
Free cash flow
2,298
1,621
1,326
+41.8%
Free cash flow margin
24.8%
19.0%
16.4%
Cash from investing
-315
-777
-883
Cash from financing
-2,660
-3,109
-904
Depreciation and amortisation
497
491
465
+1.2%
Share-based compensation
74.0
60.0
62.0
+23.3%
Buybacks
1,858
1,092
1,594
+70.1%
Dividends paid
786
692
611
+13.6%
Dividend per share
$1.80
$1.56
$1.35
+15.4%
Diluted shares, weighted
455m
462m
470m
-1.6%
Shares outstanding at period end
448m
458m
464m
-2.2%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
4,770
4,997
4,405
-4.5%
Non-controlling interest
0.0
-6.0
-2.0
Short-term borrowings
0.0
3.0
2.0
Debt
6,570
6,564
7,902
+0.1%
Operating lease liabilities
174
188
186
-7.4%
Finance lease liabilities
7.0
8.0
0.0
-12.5%
Other liabilities
2,716
2,532
2,432
+7.3%
Total liabilities and equity
14,237
14,286
14,925
-0.3%
Fixed assets
3,391
3,204
2,753
+5.8%
Goodwill
2,724
2,759
2,746
-1.3%
Intangible assets
1,127
1,338
1,380
-15.8%
Cash and equivalents
1,987
2,041
3,581
-2.6%
Receivables
1,316
1,304
1,215
+0.9%
Inventory
2,306
2,564
2,345
-10.1%
Other assets
1,386
1,076
905
+28.8%
Total assets
14,237
14,286
14,925
-0.3%
10-K for the year ended 31 December 2024, filed 13 February 2025: the filing.