For the year ending 2025-12-31, ZTS had $325M increase in cash & cash equivalents over the period. $2,283M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income before allocation to noncontrolling interests | 2,673 | 2,496 | 2,340 | 2,111 |
| Depreciation and amortization expense | 487 | 497 | 491 | 465 |
| Share-based compensation expense | 83 | 74 | 60 | 62 |
| Asset write-offs and asset impairments | 47 | 31 | 46 | 53 |
| Net loss/(gain) on sale of businesses, excluding transaction costs | -3 | -23 | 118 | 0 |
| Provision for losses on inventory | 68 | 97 | 115 | 76 |
| Deferred taxes | -52 | -338 | -61 | -286 |
| Settlement of derivative contracts | - | 0 | 0 | -114 |
| Employee benefit plan contribution from pfizer inc | - | 0 | 0 | 3 |
| Settlement of derivative contracts | -11 | - | - | - |
| Other non-cash adjustments | 8 | 6 | 8 | -13 |
| Accounts receivable | 236 | 61 | 102 | 137 |
| Inventories | 199 | 40 | 361 | 486 |
| Other assets | 165 | -52 | 95 | -35 |
| Accounts payable | 46 | 31 | 13 | -29 |
| Other liabilities | 85 | 114 | 67 | -180 |
| Other tax accounts, net | 61 | -17 | -34 | 98 |
| Net cash provided by operating activities | 2,904 | 2,953 | 2,353 | 1,912 |
| Capital expenditures | 621 | 655 | 732 | 586 |
| Acquisitions, net of cash acquired | 24 | 8 | 155 | 312 |
| Purchase of investments | 7 | 5 | 4 | 9 |
| (payments of)/proceeds from derivative instrument activity, net | 93 | -62 | -12 | -23 |
| (payment of)/proceeds from sale of businesses, net of cash sold and working capital adjustments | -4 | 293 | 96 | - |
| Net proceeds from sale of assets | - | 1 | 4 | 1 |
| Other investing activities | -1 | 3 | -2 | 0 |
| Net cash used in investing activities | -748 | -315 | -777 | -883 |
| (decrease)/increase in short-term borrowings, net | 0 | -3 | 1 | 2 |
| Principal payments on long-term debt | 1,350 | 0 | 1,350 | 0 |
| Proceeds from issuance of long-term debtsenior notes, net of discount | 1,848 | 0 | 0 | 1,348 |
| Proceeds from issuance of convertible debt | 2,000 | - | - | - |
| Payment of debt issuance costs | 43 | 0 | 0 | 10 |
| Payment of premium on capped calls related to convertible debt | 187 | - | - | - |
| Payment of consideration related to previous acquisitions | 0 | 5 | 3 | 1 |
| Share-based compensation-related proceeds, net of taxes paid on withholding shares | -11 | -8 | 27 | -38 |
| Purchases of treasury stock, including excise taxes paid | 3,235 | 1,858 | 1,092 | 1,594 |
| Cash dividends paid | 889 | 786 | 692 | 611 |
| Acquisition of a noncontrolling interest, net of cash acquired | - | - | - | 0 |
| Other financing activities | -3 | - | - | - |
| Net cash used in financing activities | -1,870 | -2,660 | -3,109 | -904 |
| Effect of exchange-rate changes on cash and cash equivalents | 39 | -32 | -7 | -29 |
| Net increase/(decrease) in cash and cash equivalents | 325 | -54 | -1,540 | 96 |
| Cash and cash equivalents at beginning of period | 1,987 | 2,041 | 3,581 | 3,485 |
| Cash and cash equivalents at end of period | 2,312 | 1,987 | 2,041 | 3,581 |
Zoetis Inc. (ZTS)
Zoetis Inc. (ZTS)