Name: Zoetis Inc. (NYSE:ZTS) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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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Zoetis Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue	2,190)	2,213)	2,151)	2,180)	2,000)	2,040)	2,002)	2,052)	1,986)	1,967)	1,990)	1,948)	1,871)	1,807)	1,786)	1,548)	1,534)	1,674)	1,584)	1,547)	1,455)
Cost of sales	(643)	(728)	(638)	(607)	(588)	(653)	(607)	(625)	(569)	(600)	(586)	(568)	(549)	(601)	(546)	(451)	(459)	(530)	(479)	(465)	(518)
Gross profit	1,547)	1,485)	1,513)	1,573)	1,412)	1,387)	1,395)	1,427)	1,417)	1,367)	1,404)	1,380)	1,322)	1,206)	1,240)	1,097)	1,075)	1,144)	1,105)	1,082)	937)
Selling, general and administrative expenses	(547)	(565)	(525)	(556)	(505)	(514)	(501)	(529)	(465)	(593)	(504)	(495)	(409)	(520)	(424)	(393)	(389)	(472)	(391)	(406)	(369)
Research and development expenses	(162)	(174)	(152)	(146)	(142)	(148)	(134)	(135)	(122)	(138)	(132)	(120)	(118)	(133)	(112)	(111)	(107)	(132)	(112)	(111)	(102)
Amortization of intangible assets	(37)	(37)	(38)	(37)	(37)	(35)	(37)	(37)	(41)	(40)	(40)	(41)	(40)	(40)	(40)	(40)	(40)	(40)	(38)	(39)	(38)
Restructuring charges and certain acquisition-related costs	(4)	(8)	(16)	(8)	(21)	(2)	(6)	(1)	(2)	(4)	(9)	(21)	(9)	(3)	(5)	(8)	(9)	(18)	(6)	(22)	(5)
Operating income	797)	701)	782)	826)	707)	688)	717)	725)	787)	592)	719)	703)	746)	510)	659)	545)	530)	482)	558)	504)	423)
Interest expense, net of capitalized interest	(58)	(59)	(59)	(58)	(63)	(62)	(53)	(53)	(53)	(54)	(56)	(57)	(57)	(58)	(62)	(58)	(53)	(56)	(56)	(55)	(56)
Other income (deductions), net	8)	8)	(6)	104)	53)	(34)	3)	(2)	(7)	(32)	(4)	(10)	(2)	(32)	—)	(5)	20)	11)	26)	6)	14)
Income before provision for taxes on income	747)	650)	717)	872)	697)	592)	667)	670)	727)	506)	659)	636)	687)	420)	597)	482)	497)	437)	528)	455)	381)
Provision for taxes on income	(148)	(127)	(121)	(202)	(146)	(132)	(139)	(141)	(133)	(93)	(107)	(125)	(129)	(62)	(118)	(106)	(74)	(53)	(95)	(84)	(69)
Net income before allocation to noncontrolling interests	599)	523)	596)	670)	551)	460)	528)	529)	594)	413)	552)	511)	558)	358)	479)	376)	423)	384)	433)	371)	312)
Net loss attributable to noncontrolling interests	—)	2)	—)	1)	1)	1)	1)	—)	1)	1)	—)	1)	1)	1)	—)	1)	—)	—)	—)	—)	—)
Net income attributable to Zoetis Inc.	599)	525)	596)	671)	552)	461)	529)	529)	595)	414)	552)	512)	559)	359)	479)	377)	423)	384)	433)	371)	312)

Financial performance across the analyzed period demonstrates a consistent upward trajectory in both top-line revenue and bottom-line profitability. There is a clear trend of scaling operations accompanied by an expansion in profit margins, indicating strong operational leverage and pricing stability.

Revenue and Gross Profitability: Quarterly revenue increased from 1,455 million USD in March 2019 to 2,190 million USD by March 2024. Gross profit followed a similar growth pattern, rising from 937 million USD to 1,547 million USD. The gross margin has expanded over time, moving from approximately 64.4% in the first quarter of 2019 to 70.6% by the first quarter of 2024, suggesting improved cost efficiencies in the cost of sales.
Operational Efficiency: Operating income grew significantly from 423 million USD to 797 million USD. The operating margin improved from roughly 29.1% to 36.4% over the five-year span. This indicates that revenue growth has outpaced the growth of operating expenses, allowing a larger portion of each dollar of revenue to reach the operating profit line.
Expense Analysis: Research and development expenditures showed a steady and disciplined increase, rising from 102 million USD to 162 million USD, reflecting a consistent investment in the product pipeline. Selling, general, and administrative expenses also increased from 369 million USD to 547 million USD, though these costs fluctuated more significantly across quarters compared to R&D spending.
Net Income and Bottom-Line Performance: Net income attributable to the company increased from 312 million USD in March 2019 to 599 million USD in March 2024. Despite this long-term growth, quarterly net income experienced volatility, particularly in 2021 and 2023. These fluctuations are primarily attributable to variations in the provision for income taxes and non-operating items, such as "Other income (deductions), net," which saw a notable peak of 104 million USD in June 2023.

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Zoetis Inc. (NYSE:ZTS)

Income StatementQuarterly Data

Income Statement
Quarterly Data