FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8Y

Three-Statement Breakdown

ZTS
2026-06-30 · figures in $M

LITTLE CHANGED

Free cash flow was little changed at $2.3B, and covered net income 0.85×.

CASH FROM OPS -1.7%
2,904 30.7% MGN
CAPITAL EXPENDITURE -5.2%
621
FREE CASH FLOW -0.7%
2,283
FCF / NET INCOME -7.6%
0.85× TARGET >1.0×
Cash flow FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YoY TTM 8Q
Net income
1,428 1,500 1,638 2,037 2,114 2,344 2,486 2,673 +7.5% 2,637 2024-09-30 · $682.0M2024-12-31 · $581.0M2025-03-31 · $602.0M2025-06-30 · $726.0M2025-09-30 · $721.0M2025-12-31 · $624.0M2026-03-31 · $601.0M2026-06-30 · $691.0M
Depreciation & amortization
308 412 441 448 465 491 497 487 -2.0% 482
Stock-based comp
53 67 59 58 62 60 74 83 +12.2% 95
Cash from operations
1,790 1,795 2,126 2,213 1,912 2,353 2,953 2,904 -1.7% 2,840 2024-09-30 · $951.0M2024-12-31 · $905.0M2025-03-31 · $515.0M2025-06-30 · $605.0M2025-09-30 · $891.0M2025-12-31 · $893.0M2026-03-31 · $401.0M2026-06-30 · $655.0M
Cash conversion
1.25× 1.20× 1.30× 1.09× 0.90× 1.00× 1.19× 1.09× -8.5% 1.08×
Capital expenditures
(338) (460) (453) (477) (586) (732) (655) (621) -5.2% (524)
Free cash flow
1,452 1,335 1,673 1,736 1,326 1,621 2,298 2,283 -0.7% 2,316 2024-09-30 · $784.0M2024-12-31 · $689.0M2025-03-31 · $337.0M2025-06-30 · $459.0M2025-09-30 · $755.0M2025-12-31 · $732.0M2026-03-31 · $291.0M2026-06-30 · $538.0M
FCF margin
24.9% 21.3% 25.1% 22.3% 16.4% 19.0% 24.8% 24.1% -2.9% 24.3%
Cash from investing
-2,259 -504 -572 -458 -883 -777 -315 -748 — -720
Dividends paid
243 314 380 474 611 692 786 889 +13.1% 889
Share repurchases
10-Q
698 626 250 743 1,594 1,092 1,858 3,235 +74.1% 3,119
Debt repayment
0 0 500 600 0 1,350 0 1,350 — —
Cash from financing
533 -951 123 -1,862 -904 -3,109 -2,660 -1,870 — -2,282
Net change in cash
38 332 1,670 -119 96 -1,540 -54 325 — -167
Ending cash balance
1,602 1,934 3,604 3,485 3,581 2,041 1,987 2,450 +23.3% 1,476

Click a line to select it — Enter or the EXPAND pill folds out its quarter-by-quarter history.

SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM2,298 CASH FROM OPERATIONS-49 CAPITAL EXPENDITURES+34 TO2,283
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-08-06 ↗