For the quarter ending 2026-03-31, ZTS had -$509M decrease in cash & cash equivalents over the period. $291M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income before allocation to noncontrolling interests | 601 | 603 | 721 | 718 |
| Depreciation and amortization expense | 119 | 121 | 124 | 123 |
| Share-based compensation expense | 25 | 22 | 22 | 22 |
| Asset write-offs and asset impairments | 0 | 8 | 6 | 31 |
| Net loss on sale of business, excluding transaction costs | - | - | 0 | -3 |
| Net gain on sale of assets | 6 | -3 | - | - |
| Provision for losses on inventory | 13 | 16 | 20 | 14 |
| Deferred taxes | 34 | -48 | -16 | -7 |
| Settlement of derivative contracts | 3 | 0 | -11 | - |
| Other non-cash adjustments | -3 | -1 | 4 | 3 |
| Accounts receivable | 106 | 52 | -10 | 141 |
| Inventories | 114 | -13 | 44 | 83 |
| Other assets | 66 | -10 | 13 | 112 |
| Accounts payable | 62 | 76 | -54 | 36 |
| Other liabilities | -234 | 88 | 101 | 36 |
| Other tax accounts, net | 73 | 35 | 54 | -151 |
| Net cash provided by operating activities | 401 | 893 | 938 | 486 |
| Capital expenditures | 110 | 161 | 133 | 178 |
| Acquisitions, net of cash acquired | - | 14 | 0 | 10 |
| Purchase of investments | 2 | 1 | 3 | 0 |
| Proceeds from/(payments of) derivative instrument activity, net | -16 | -12 | 29 | 52 |
| (payment of)/proceeds from sale of businesses, net of cash sold and working capital adjustments | - | 0 | 0 | -4 |
| Net proceeds from sale of assets | 9 | - | 1 | 0 |
| Other investing activities | 1 | 1 | -4 | 3 |
| Net cash used in investing activities | -87 | -166 | -160 | -247 |
| (decrease)/increase in short-term borrowings, net | - | 0 | 0 | 0 |
| Proceeds from issuance of long-term debtsenior notes, net of discount | - | - | 1,848 | - |
| Principal payments on long-term debt | - | 0 | 1,350 | - |
| Proceeds from issuance of long-term debtsenior notes, net of discount | - | 1,848 | - | - |
| Proceeds from issuance of convertible debt | - | 2,000 | - | - |
| Payment of debt issuance costs | - | 29 | 14 | - |
| Payment of premium on capped calls related to convertible debt | - | 187 | - | - |
| Payment of consideration related to previous acquisitions | - | 0 | 0 | 0 |
| Share-based compensation-related proceeds, net of taxes paid on withholding shares | -7 | 1 | 0 | -3 |
| Purchases of treasury stock, including excise taxes paid | 606 | 2,060 | 394 | 338 |
| Cash dividends paid | 224 | 220 | 222 | 223 |
| Other financing activities | -3 | 0 | -2 | 0 |
| Net cash used in financing activities | -840 | -495 | -134 | -564 |
| Effect of exchange-rate changes on cash and cash equivalents | 17 | -4 | 5 | 39 |
| Net decrease in cash and cash equivalents | -509 | 228 | 649 | -286 |
| Cash and cash equivalents at beginning of period | 2,450 | 2,084 | 1,435 | 1,721 |
| Cash and cash equivalents at end of period | 1,941 | 2,312 | 2,084 | 1,435 |
Zoetis Inc. (ZTS)
Zoetis Inc. (ZTS)