FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8P

Three-Statement Breakdown

ZTS
2026-06-30 · figures in $M

FCF UP

Free cash flow rose 3.5% to $2.3B — the highest of its last 8 readings, and covered net income 0.88×.

CASH FROM OPS +1.8%
2,840 29.8% MGN
CAPITAL EXPENDITURE -5.2%
524
FREE CASH FLOW +3.5%
2,316
FCF / NET INCOME +4.9%
0.88× TARGET >1.0×
Cash flow TTM 24-09 TTM 24-12 TTM 25-03 TTM 25-06 TTM 25-09 TTM 25-12 TTM 26-03 vs prior TTM YoY TTM 8Q
Net income
RESTATED · WAS 2,664 10-Q
2,430 2,486 2,489 2,591 2,630 2,673 2,672 2,637 -1.3% +1.8% 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 486 10-Q
500 497 490 487 490 487 487 482 -1.0% -1.0% 482
Stock-based comp
72 74 73 76 80 83 91 95 +4.4% +25.0% 95
Cash from operations
RESTATED · WAS 2,976
2,945 2,953 2,873 2,976 2,916 2,904 2,790 2,840 +1.8% -4.6% 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
1.21× 1.19× 1.15× 1.15× 1.11× 1.09× 1.04× 1.08× +3.1% -6.2% 1.08×
Capital expenditures
RESTATED · WAS (592)
(637) (655) (693) (707) (676) (621) (553) (524) -5.2% -25.9% (524)
Free cash flow
2,308 2,298 2,180 2,269 2,240 2,283 2,237 2,316 +3.5% +2.1% 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
25.2% 24.8% 23.5% 24.2% 23.9% 24.1% 23.5% 24.3% +3.6% +0.5% 24.3%
Cash from investing
RESTATED · WAS -720
-651 -315 -387 -467 -456 -748 -632 -720 — — -720
Dividends paid
764 786 812 838 863 889 889 889 +0.0% +6.1% 889
Share repurchases
1,540 1,858 1,962 1,767 1,728 2,710 2,873 3,119 +8.6% +76.5% 3,119
Debt repayment
NOT DISCLOSED
0 0 — — — — — — — — —
Cash from financing
-2,312 -2,660 -2,813 -2,614 -2,120 -1,870 -2,033 -2,282 — — -2,282
Net change in cash
RESTATED · WAS 391
-40 -54 -320 -69 370 325 148 -167 — — -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
FROM2,237 CASH FROM OPERATIONS+50 CAPITAL EXPENDITURES+29 TO2,316
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-08-06 ↗