FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8Q

Three-Statement Breakdown

ZTS
2026-06-30 · figures in $M

FCF UP

Free cash flow rose 85% to $538.0M, and covered net income 0.78×.

CASH FROM OPS +63.3%
655 26.5% MGN
CAPITAL EXPENDITURE +6.4%
117
FREE CASH FLOW +84.9%
538
FCF / NET INCOME +60.8%
0.78× TARGET >1.0×
Cash flow 24-09 24-12 25-03 25-06 25-09 25-12 26-03 QoQ YoY TTM 8Q
Net income
RESTATED · WAS 718 10-Q
682 581 602 726 721 624 601 691 +15.0% -4.8% 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
RESTATED · WAS 123 10-Q
121 123 119 124 124 120 119 119 +0.0% -4.0% 482
Stock-based comp
18 19 17 22 22 22 25 26 +4.0% +18.2% 95
Cash from operations
RESTATED · WAS 587
951 905 515 605 891 893 401 655 +63.3% +8.3% 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
1.39× 1.56× 0.86× 0.83× 1.24× 1.43× 0.67× 0.95× +42.1% +13.7% 1.08×
Capital expenditures
RESTATED · WAS (149)
(167) (216) (178) (146) (136) (161) (110) (117) +6.4% -19.9% (524)
Free cash flow
784 689 337 459 755 732 291 538 +84.9% +17.2% 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
32.8% 29.7% 15.3% 18.6% 31.5% 30.6% 12.9% 21.8% +69.4% +17.5% 24.3%
Cash from investing
RESTATED · WAS -175
-178 126 -203 -212 -167 -166 -87 -300 — — -720
Dividends paid
197 194 224 223 222 220 224 223 -0.4% +0.0% 889
Share repurchases
433 553 443 338 394 1,535 606 584 -3.6% +72.8% 3,119
Debt repayment
NOT DISCLOSED
0 0 — — — 0 — — — — —
Cash from financing
-628 -745 -677 -564 -134 -495 -840 -813 — — -2,282
Net change in cash
RESTATED · WAS -266
140 273 -332 -150 579 228 -509 -465 — — -167
Ending cash balance
1,714 1,987 1,721 1,435 2,084 2,450 1,941 1,476 -24.0% +2.9% 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
FROM291 CASH FROM OPERATIONS+254 CAPITAL EXPENDITURES-7 TO538
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-08-06 ↗