Cash Flow Statement

Operating Cash Flow

+52%

+37%

10Y

Currency: USD

	Dec-2011	Apr-2012	Jul-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Apr-2016	Jul-2016	Oct-2016	Dec-2016	Apr-2017	Jul-2017	Oct-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	248	283	390	456	436	464	419	389	503	518	529	565	587	597	422	445	339	378	638	685	819	854	877	936	862	973	1 108	1 159	1 424	1 386	1 375	1 461	1 500	1 611	1 616	1 662	1 636	1 771	1 906	1 979	2 034	2 070	2 088	2 064	2 111	2 068	2 209	2 277	2 340	2 388	2 342	2 438	2 496	2 528	2 622	2 651	2 673
Depreciation & Amortization	205	204	208	210	200	203	200	195	209	208	208	209	204	202	201	197	199	208	218	232	240	245	244	242	242	240	244	270	308	346	381	404	412	424	437	441	441	440	441	440	448	453	458	463	465	471	475	484	491	497	503	500	497	490	486	489	487
Change in Deffered Taxes	65	(21)	(16)	(89)	(74)	(58)	(67)	(40)	23	18	38	10	(49)	(54)	(118)	(70)	(85)	(107)	5	(56)	(55)	(6)	(59)	(6)	127	(38)	(41)	(25)	(112)	13	21	13	(79)	(72)	(95)	(89)	(62)	(66)	(48)	(143)	(80)	(112)	(132)	(69)	(286)	(233)	(236)	(216)	(61)	(112)	(179)	(207)	(338)	(276)	(182)	(156)	(52)
Stock-Based Compensation	19	19	20	22	28	33	47	47	43	37	25	28	32	37	40	41	43	42	41	40	37	39	40	42	44	44	44	47	53	60	66	68	67	65	64	62	59	56	56	57	58	61	60	60	62	55	57	59	60	69	71	72	74	73	76	80	83
Other Non-Cash Items	96	93	89	93	41	48	59	57	50	43	24	31	41	66	328	318	419	382	143	188	148	183	194	182	144	148	146	104	58	57	58	68	113	92	99	141	196	213	223	204	154	155	153	153	321	315	205	242	95	104	258	242	219	220	196	201	204
Cash Taxes Paid	142	252	277	379	276	217	155	77	134	138	195	267	278	317	312	243	224	221	318	344	408	396	449	479	455	460	420	379	336	323	327	339	418	411	297	430	418	428	642	525	548	542	549	607	638	632	780	753	754	793	777	825	892	880	886	817	715
Cash Interest Paid	37	36	33	30	31	22	8	60	60	119	117	117	118	117	120	118	117	117	142	140	165	163	163	163	167	181	181	195	190	216	217	244	247	246	247	244	257	256	261	261	253	248	247	241	242	242	279	258	295	274	275	275	274	274	273	294	261
Change in Working Capital	(117)	(129)	(306)	(412)	(149)	82	42	92	(104)	(410)	(251)	(278)	(157)	(102)	(161)	(117)	(208)	(206)	(334)	(344)	(439)	(495)	(432)	(330)	(29)	293	246	306	112	(12)	6	(149)	(151)	(241)	(123)	(165)	(85)	(240)	(361)	(228)	(343)	(444)	(590)	(761)	(699)	(469)	(654)	(590)	(512)	(478)	(206)	(28)	79	(17)	(193)	(269)	(408)
Cash from Operating Activities	497 N/A	430 -13%	365 -15%	258 -29%	454 +76%	739 +63%	653 -12%	693 +6%	681 -2%	377 -45%	548 +45%	537 -2%	626 +17%	709 +13%	672 -5%	773 +15%	664 -14%	655 -1%	670 +2%	705 +5%	713 +1%	781 +10%	824 +6%	1 024 +24%	1 346 +31%	1 616 +20%	1 703 +5%	1 814 +7%	1 790 -1%	1 790 N/A	1 841 +3%	1 797 -2%	1 795 0%	1 814 +1%	1 934 +7%	1 990 +3%	2 126 +7%	2 118 0%	2 161 +2%	2 252 +4%	2 213 -2%	2 122 -4%	1 977 -7%	1 850 -6%	1 912 +3%	2 152 +13%	1 999 -7%	2 197 +10%	2 353 +7%	2 399 +2%	2 718 +13%	2 945 +8%	2 953 +0%	2 945 0%	2 929 -1%	2 916 0%	2 904 0%
Investing Cash Flow
Capital Expenditures	(135)	(132)	(133)	(135)	(126)	(117)	(151)	(180)	(184)	(207)	(191)	(178)	(180)	(180)	(413)	(423)	(224)	(224)	(3)	(8)	(216)	(213)	(210)	(283)	(224)	(235)	(257)	(201)	(338)	(348)	(378)	(432)	(460)	(491)	(478)	(467)	(453)	(436)	(459)	(461)	(477)	(515)	(548)	(583)	(586)	(694)	(714)	(705)	(732)	(649)	(615)	(637)	(655)	(664)	(710)	(676)	(621)
Other Items	(314)	29	28	20	(9)	(7)	1	6	5	0	(9)	(10)	(7)	(236)	3	(5)	(891)	(599)	(825)	(884)	2	(67)	(61)	8	(46)	(32)	(46)	(2 038)	(1 921)	(1 889)	(1 842)	67	(44)	(47)	(165)	(141)	(119)	(142)	(94)	(32)	19	2	(29)	(4)	(297)	(287)	(144)	(300)	(45)	(43)	(129)	(14)	340	305	236	220	(127)
Cash from Investing Activities	(449) N/A	(103) +77%	(105) -2%	(115) -10%	(135) -17%	(124) +8%	(150) -21%	(174) -16%	(179) -3%	(202) -13%	(200) +1%	(188) +6%	(187) +1%	(416) -122%	(410) +1%	(428) -4%	(1 115) -161%	(823) +26%	(828) -1%	(892) -8%	(214) +76%	(280) -31%	(271) +3%	(275) -1%	(270) +2%	(267) +1%	(303) -13%	(2 239) -639%	(2 259) -1%	(2 237) +1%	(2 220) +1%	(365) +84%	(504) -38%	(538) -7%	(643) -20%	(608) +5%	(572) +6%	(578) -1%	(553) +4%	(493) +11%	(458) +7%	(513) -12%	(577) -12%	(587) -2%	(883) -50%	(981) -11%	(858) +13%	(1 005) -17%	(777) +23%	(692) +11%	(744) -8%	(651) +13%	(315) +52%	(359) -14%	(474) -32%	(456) +4%	(748) -64%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	0	0	0	0	0	0	0	1	2	2	(45)	(97)	(146)	(192)	(218)	(228)	(247)	(275)	(321)	(373)	(429)	(476)	(545)	(643)	(655)	(679)	(638)	(575)	(593)	(619)	(705)	(553)	(398)	(230)	(217)	(387)	(585)	(778)	(949)	(1 242)	(1 423)	(1 632)	(1 520)	(1 381)	(1 244)	(1 065)	(1 133)	(1 350)	(1 541)	(1 866)	(1 971)	(1 775)	(1 738)	(3 246)
Net Issuance of Debt	(143)	(105)	(105)	(105)	0	2 630	2 636	2 636	2 641	12	3	0	(8)	(14)	(8)	(1)	1 115	719	716	708	(405)	(4)	96	1 231	481	0	381	735	1 493	1 484	1 484	(1)	(9)	0	1 241	1 241	744	0	(497)	(1 101)	(604)	0	(602)	3	1 350	1	(2)	(3)	(1 349)	21	(2)	(2)	(3)	(24)	0	498	2 498
Cash Paid for Dividends	0	0	0	0	0	0	(33)	(65)	(98)	(134)	(138)	(142)	(146)	(152)	(158)	(164)	(168)	(173)	(177)	(182)	(188)	(193)	(197)	(202)	(206)	(216)	(225)	(234)	(243)	(260)	(278)	(295)	(314)	(330)	(347)	(364)	(380)	(404)	(428)	(452)	(474)	(509)	(543)	(577)	(611)	(631)	(651)	(671)	(692)	(716)	(740)	(764)	(786)	(812)	(838)	(863)	(889)
Other	113	(205)	(157)	(47)	(78)	(2 887)	(2 839)	(2 821)	(2 743)	(5)	0	0	(2)	(2)	0	0	0	(22)	(22)	(28)	(35)	(18)	(18)	(12)	(50)	(57)	(57)	(83)	(38)	(34)	(34)	(9)	(9)	(1)	(10)	(9)	(11)	0	(7)	(7)	(6)	0	(1)	(1)	(11)	0	0	(14)	(3)	0	(8)	(5)	(5)	(6)	(1)	(17)	(233)
Cash from Financing Activities	(30) N/A	(310) -933%	(262) +15%	(152) +42%	(78) +49%	(257) -229%	(236) +8%	(250) -6%	(200) +20%	(127) +37%	(134) -6%	(140) -4%	(154) -10%	(213) -38%	(265) -24%	(313) -18%	755 N/A	306 -59%	289 -6%	251 -13%	(903) N/A	(536) +41%	(492) +8%	588 N/A	(251) N/A	(337) -34%	(544) -61%	(237) +56%	533 N/A	552 +4%	597 +8%	(898) N/A	(951) -6%	(1 036) -9%	331 N/A	470 +42%	123 -74%	112 -9%	(1 319) N/A	(2 145) -63%	(1 862) +13%	(2 068) -11%	(2 388) -15%	(1 998) +16%	(904) +55%	(2 161) -139%	(2 045) +5%	(1 932) +6%	(3 109) -61%	(1 831) +41%	(2 100) -15%	(2 312) -10%	(2 660) -15%	(2 813) -6%	(2 614) +7%	(2 120) +19%	(1 870) +12%
Change in Cash
Effect of Foreign Exchange Rates	(2)	(3)	(5)	(2)	(3)	(3)	(4)	(13)	(9)	(10)	(5)	0	(13)	(27)	(31)	(38)	(32)	(22)	(17)	(5)	(23)	(11)	(14)	(7)	12	13	(3)	(33)	(26)	(31)	(21)	(5)	(8)	(17)	(24)	(13)	(7)	(1)	16	6	(12)	(8)	(18)	(32)	(29)	(36)	(31)	(13)	(7)	(10)	(17)	(22)	(32)	(27)	20	30	39
Net Change in Cash	16 N/A	14 -13%	(7) N/A	(11) -57%	238 N/A	355 +49%	263 -26%	256 -3%	293 +14%	38 -87%	209 +450%	209 N/A	272 +30%	53 -81%	(34) N/A	(6) +82%	272 N/A	116 -57%	114 -2%	59 -48%	(427) N/A	(46) +89%	47 N/A	1 330 +2 730%	837 -37%	1 025 +22%	853 -17%	(695) N/A	38 N/A	74 +95%	197 +166%	529 +169%	332 -37%	223 -33%	1 598 +617%	1 839 +15%	1 670 -9%	1 651 -1%	305 -82%	(380) N/A	(119) +69%	(467) -292%	(1 006) -115%	(767) +24%	96 N/A	(1 026) N/A	(935) +9%	(753) +19%	(1 540) -105%	(134) +91%	(143) -7%	(40) +72%	(54) -35%	(254) -370%	(139) +45%	370 N/A	325 -12%
Free Cash Flow
Free Cash Flow	362 N/A	298 -18%	232 -22%	123 -47%	328 +167%	622 +90%	502 -19%	513 +2%	497 -3%	170 -66%	357 +110%	359 +1%	446 +24%	529 +19%	259 -51%	350 +35%	440 +26%	431 -2%	667 +55%	697 +4%	497 -29%	568 +14%	614 +8%	741 +21%	1 122 +51%	1 381 +23%	1 446 +5%	1 613 +12%	1 452 -10%	1 442 -1%	1 463 +1%	1 365 -7%	1 335 -2%	1 323 -1%	1 456 +10%	1 523 +5%	1 673 +10%	1 682 +1%	1 702 +1%	1 791 +5%	1 736 -3%	1 607 -7%	1 429 -11%	1 267 -11%	1 326 +5%	1 458 +10%	1 285 -12%	1 492 +16%	1 621 +9%	1 750 +8%	2 103 +20%	2 308 +10%	2 298 0%	2 281 -1%	2 219 -3%	2 240 +1%	2 283 +2%

Income Statement Balance Sheet Cash Flow Statement

Zoetis Inc
NYSE:ZTS

Cash Flow Statement

Cash Flow Statement
Zoetis Inc

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Zoetis Inc NYSE:ZTS

Cash Flow Statement

Cash Flow Statement Zoetis Inc

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Zoetis Inc
NYSE:ZTS

Cash Flow Statement
Zoetis Inc