Zoetis Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,673	2,486	2,344	2,114	2,037
Depreciation & Amortization	441	436	416	396	396
Other Amortization	46	61	75	69	52
Loss (Gain) From Sale of Assets	3	23	-118	-	-
Asset Writedown & Restructuring Costs	47	31	46	53	47
Stock-Based Compensation	83	74	60	62	58
Other Operating Activities	19	-237	42	-83	-34
Change in Accounts Receivable	-236	-61	-102	-137	-155
Change in Inventory	-199	-40	-361	-486	-366
Change in Accounts Payable	46	31	13	-29	-17
Change in Other Net Operating Assets	-19	149	-62	-47	195
Operating Cash Flow	2,904	2,953	2,353	1,912	2,213
Operating Cash Flow Growth	-1.66%	25.50%	23.06%	-13.60%	4.09%
Capital Expenditures	-621	-655	-732	-586	-477
Sale of Property, Plant & Equipment	-	-	-	1	2
Cash Acquisitions	-24	-8	-155	-312	-14
Divestitures	-4	293	96	-	-
Investment in Securities	-7	-5	-4	-9	-12
Other Investing Activities	-92	60	18	23	43
Investing Cash Flow	-748	-315	-777	-883	-458
Short-Term Debt Issued	-	-	1	2	-
Long-Term Debt Issued	3,848	-	-	1,348	-
Total Debt Issued	3,848	-	1	1,350	-
Short-Term Debt Repaid	-	-3	-	-	-4
Long-Term Debt Repaid	-1,537	-	-1,350	-	-600
Total Debt Repaid	-1,537	-3	-1,350	-	-604
Net Debt Issued (Repaid)	2,311	-3	-1,349	1,350	-604
Issuance of Common Stock	-	-	27	-	-
Repurchase of Common Stock	-3,246	-1,866	-1,092	-1,632	-778
Common Dividends Paid	-889	-786	-692	-611	-474
Other Financing Activities	-46	-5	-3	-11	-6
Financing Cash Flow	-1,870	-2,660	-3,109	-904	-1,862
Foreign Exchange Rate Adjustments	39	-32	-7	-29	-12
Net Cash Flow	325	-54	-1,540	96	-119
Free Cash Flow	2,283	2,298	1,621	1,326	1,736
Free Cash Flow Growth	-0.65%	41.76%	22.25%	-23.62%	3.77%
Free Cash Flow Margin	24.12%	24.83%	18.97%	16.41%	22.32%
Free Cash Flow Per Share	5.14	5.05	3.51	2.82	3.64
Cash Interest Paid	261	274	295	242	253
Cash Income Tax Paid	715	892	754	638	548
Levered Free Cash Flow	1,791	2,376	1,276	1,174	1,457
Unlevered Free Cash Flow	1,930	2,516	1,426	1,312	1,597
Change in Working Capital	-408	79	-512	-699	-343

Source: S&P Global Market Intelligence. Standard template. Financial Sources.