Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Equity (ROE) since 2012
- Total Asset Turnover since 2012
- Price to Sales (P/S) since 2012
- Analysis of Revenues
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Zoetis Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Revenue Trends
- Revenue showed a generally increasing trend over the observed quarters, rising from $1,455 million in Q1 2019 to $2,190 million in Q1 2024. There were minor fluctuations, including a slight dip in early 2020, but the overall trajectory remained upward. The most notable growth periods include late 2020 and mid-2023.
- Cost of Sales
- Costs of sales varied but generally increased in magnitude in line with revenue growth, starting at $518 million in Q1 2019 and peaking at $728 million in Q4 2023. This indicates a consistent investment in inputs or production costs proportional to sales expansion, though there were some quarters with decreases, such as in Q1 2020.
- Gross Profit
- Gross profit mirrored revenue growth, increasing from $937 million in Q1 2019 to $1,547 million in Q1 2024. While mostly steady, two noticeable peaks occurred in Q3 2023 and Q1 2024, suggesting improved margins or product mix.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses fluctuated over the periods, rising from $369 million in Q1 2019 to a high of $593 million in Q4 2021, then stabilizing around the $500-565 million range. This fluctuation may reflect changes in operational scale or strategic spending shifts.
- Research and Development Expenses (R&D)
- R&D spending showed a steady increase from $102 million in Q1 2019 to $174 million in Q4 2023, indicating sustained or growing investment in innovation and product development activities. The highest spending was noted in late 2023.
- Amortization of Intangible Assets
- This expense remained relatively stable throughout the period, generally around $37-$40 million quarterly, indicating consistent amortization schedules without significant new intangibles acquired or changes in policy.
- Restructuring Charges and Acquisition-related Costs
- These costs were relatively low and sporadic, fluctuating between single-digit millions, with no clear trend. Notable spikes occurred in Q2 and Q4 2019 and Q1 2023, suggesting isolated corporate restructuring or acquisition events.
- Operating Income
- Operating income trended upward from $423 million in Q1 2019 to $797 million in Q1 2024, though with some volatility. Peaks in late 2021 and mid-2023 suggest periods of operational efficiency or favorable market conditions, while dips in certain quarters suggest cost pressures or one-time expenses.
- Interest Expense
- Interest expense was relatively consistent over time, averaging approximately $56-$63 million quarterly, reflecting stable debt levels or interest rates. No upward or downward trend is apparent.
- Other Income (Deductions), Net
- This item showed considerable volatility, with positive spikes in Q2 2023 ($104 million) and Q1 2023 ($53 million), but also significant deductions such as in Q4 2019 (-$32 million) and Q4 2021 (-$32 million). This suggests variable non-operating income/expenses or gains/losses from asset sales or foreign exchange impacts.
- Income Before Taxes
- Income before tax rose from $381 million in Q1 2019 to $747 million in Q1 2024. Despite fluctuations, the income growth aligns with operating income trends, supported occasionally by positive other income. The highest values were recorded in 2023, reflecting strong profitability.
- Provision for Taxes on Income
- The tax provision increased in absolute terms from $69 million in Q1 2019 to $148 million in Q1 2024, with notable spikes in Q2 2023 ($202 million). This increasing tax burden corresponds with growing pre-tax income, implying consistent effective tax rates or regulatory changes.
- Net Income Attributable to Zoetis Inc.
- Net income attributable to the company increased from $312 million in Q1 2019 to $599 million in Q1 2024, demonstrating overall profitability growth. While showing some quarter-to-quarter variability, the trend is positive, with peak performance observed in mid-2023 and early 2024 periods.
- Noncontrolling Interests
- Net losses attributable to noncontrolling interests were minimal and inconsistent, indicating a negligible impact on overall profitability. These losses typically fluctuated at very low levels, usually 1-2 million dollars or less in sporadic quarters.