Selected Financial Data
since 2012
Income Statement
Zoetis Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Net income attributable to Zoetis |
|---|---|---|
| Dec 31, 2023 | 8,544) | 2,344) |
| Dec 31, 2022 | 8,080) | 2,114) |
| Dec 31, 2021 | 7,776) | 2,037) |
| Dec 31, 2020 | 6,675) | 1,638) |
| Dec 31, 2019 | 6,260) | 1,500) |
| Dec 31, 2018 | 5,825) | 1,428) |
| Dec 31, 2017 | 5,307) | 864) |
| Dec 31, 2016 | 4,888) | 821) |
| Dec 31, 2015 | 4,765) | 339) |
| Dec 31, 2014 | 4,785) | 583) |
| Dec 31, 2013 | 4,561) | 504) |
| Dec 31, 2012 | 4,336) | 436) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The financial data displays a consistent upward trend in both revenue and net income attributable to Zoetis over the twelve-year period ending in 2023. Revenue increased steadily from $4,336 million in 2012 to $8,544 million in 2023, reflecting an overall growth trajectory with no significant declines.
Net income shows a more variable pattern but with a strong positive trend overall. Starting at $436 million in 2012, net income rose substantially to $2,344 million by 2023. Despite a dip in 2015 to $339 million, the subsequent years reveal a sharp recovery and continuous growth, including a noteworthy surge between 2017 and 2018 where net income increased from $864 million to $1,428 million.
- Revenue Trend
- Revenue incrementally increased each year with a compound growth pattern, expanding by nearly 97% from 2012 through 2023.
- Net Income Trend
- Net income demonstrated higher volatility but a robust growth profile, more than quintupling over the analyzed period.
- Notable Variations
- An important deviation occurred in 2015 when net income dropped significantly despite relatively stable revenue, suggesting unusual costs or events affecting profitability in that year.
- Overall Performance Assessment
- The company exhibited sustained revenue growth accompanied by increasing profitability, indicating effective management of operations and cost structures alongside sales growth.
Balance Sheet: Assets
Zoetis Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 6,343) | 14,286) |
| Dec 31, 2022 | 7,506) | 14,925) |
| Dec 31, 2021 | 6,930) | 13,900) |
| Dec 31, 2020 | 6,611) | 13,609) |
| Dec 31, 2019 | 4,748) | 11,545) |
| Dec 31, 2018 | 4,399) | 10,777) |
| Dec 31, 2017 | 4,217) | 8,586) |
| Dec 31, 2016 | 3,390) | 7,649) |
| Dec 31, 2015 | 3,830) | 7,913) |
| Dec 31, 2014 | 3,465) | 6,607) |
| Dec 31, 2013 | 3,357) | 6,558) |
| Dec 31, 2012 | 2,864) | 6,262) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The financial data over the observed period reveals several notable trends in both current assets and total assets. Current assets display a general upward trajectory from 2012 through 2021, increasing from $2,864 million to a peak of $7,506 million. This progression indicates a strengthening liquidity position over these years. However, in 2023, there is a noticeable decline to $6,343 million, suggesting a reduction in short-term assets after the peak in 2021.
Total assets also present a consistent growth pattern across the years, rising from $6,262 million in 2012 to a maximum of $14,925 million in 2022. This growth reflects an expansion in the overall asset base, potentially indicating investments in long-term resources or acquisitions. In 2023, total assets slightly decrease to $14,286 million, which, while still significantly higher than earlier years, may signal a repositioning or disposal of certain assets.
- Current Assets Analysis
-
From 2012 to 2015, current assets grow steadily, showing increased liquidity from $2,864 million to $3,830 million. A slight drop occurs in 2016 to $3,390 million, followed by a rebound in the succeeding years up to 2021.
The rapid rise from 2018 to 2021—from $4,399 million to $7,506 million—could reflect strategic accumulation of liquid assets or inventory. The subsequent decline in 2023 to $6,343 million may point toward asset reallocation or changes in working capital management.
- Total Assets Analysis
-
Total assets demonstrate growth with some fluctuations. After a moderate increase through 2015, the asset base expands more significantly from 2016 onward.
Noteworthy is the sharp increase between 2017 and 2018, from $8,586 million to $10,777 million, continuing upward to $14,925 million in 2022. This sustained growth suggests increased investment in fixed assets, acquisitions, or capital expenditure.
The minor reduction in 2023, down to $14,286 million, may indicate asset sales, depreciation impacts, or other strategic financial decisions to optimize the asset structure.
Balance Sheet: Liabilities and Stockholders’ Equity
Zoetis Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Short-term borrowings and long-term debt | Total Zoetis Inc. equity | |
|---|---|---|---|---|
| Dec 31, 2023 | 1,889) | 9,295) | 6,567) | 4,997) |
| Dec 31, 2022 | 3,167) | 10,522) | 7,904) | 4,405) |
| Dec 31, 2021 | 1,797) | 9,356) | 6,592) | 4,543) |
| Dec 31, 2020 | 2,170) | 9,836) | 7,199) | 3,769) |
| Dec 31, 2019 | 1,806) | 8,837) | 6,447) | 2,708) |
| Dec 31, 2018 | 1,223) | 8,592) | 6,452) | 2,185) |
| Dec 31, 2017 | 1,094) | 6,800) | 4,953) | 1,770) |
| Dec 31, 2016 | 1,117) | 6,150) | 4,468) | 1,487) |
| Dec 31, 2015 | 1,781) | 6,822) | 4,868) | 1,068) |
| Dec 31, 2014 | 1,086) | 5,270) | 3,650) | 1,311) |
| Dec 31, 2013 | 1,415) | 5,596) | 3,657) | 940) |
| Dec 31, 2012 | 1,123) | 2,221) | 582) | 4,026) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The analysis of the annual financial data reveals several noteworthy trends concerning liabilities and equity over the period from 2012 to 2023.
- Current Liabilities
- Current liabilities exhibited fluctuations over the observed years, beginning at 1,123 million US dollars in 2012 and rising to 1,415 million in 2013. This was followed by a decline to 1,086 million in 2014 and a significant spike to 1,781 million in 2015. Subsequent years showed variability, with values around 1,100 to 1,200 million, before sharply increasing to 3,167 million in 2022. The year 2023 showed a reduction to 1,889 million. Overall, current liabilities have a volatile pattern with notable peaks in certain years.
- Total Liabilities
- Total liabilities more than quadrupled from 2,221 million US dollars in 2012 to 5,596 million in 2013, marking a substantial increase. There were some oscillations thereafter, with a minor decline and rise in subsequent years. The peak value was observed in 2022 at 10,522 million US dollars, followed by a decrease to 9,295 million in 2023. This indicates an expanding liabilities base over the long term, with some moderation in the final year of review.
- Short-Term Borrowings and Long-Term Debt
- Debt levels displayed a similar pattern to total liabilities, with a substantial increase between 2012 (582 million) and 2013 (3,657 million). This elevated debt level persisted with gradual growth, reaching a maximum of 7,904 million in 2022 before decreasing to 6,567 million in 2023. The data suggests an increased reliance on both short-term borrowings and long-term debt financing over the period, peaking just before the final year.
- Total Equity
- Equity displayed a contrasting trend compared to liabilities. In 2012, equity was 4,026 million US dollars but dropped significantly in 2013 to 940 million. After this decrease, equity steadily increased, reaching 4,543 million in 2021. A slight decline to 4,405 million occurred in 2022, followed by an increase to 4,997 million in 2023. This reflects a recovery phase and stabilizing growth in equity after the sharp initial drop.
In summary, the financial profile indicates a notable increase in both total and current liabilities over the period, with particular growth in debt levels. Equity experienced an initial sharp decline but subsequently returned to a growth trajectory, suggesting changes in capital structure and funding strategies throughout the years analyzed. The peaks in liabilities and debt in 2022, followed by reductions in 2023, may signify strategic adjustments or operational changes impacting the company’s financial leverage.
Cash Flow Statement
Zoetis Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 2,353) | (777) | (3,109) |
| Dec 31, 2022 | 1,912) | (883) | (904) |
| Dec 31, 2021 | 2,213) | (458) | (1,862) |
| Dec 31, 2020 | 2,126) | (572) | 123) |
| Dec 31, 2019 | 1,795) | (504) | (951) |
| Dec 31, 2018 | 1,790) | (2,259) | 533) |
| Dec 31, 2017 | 1,346) | (270) | (251) |
| Dec 31, 2016 | 713) | (214) | (903) |
| Dec 31, 2015 | 664) | (1,115) | 755) |
| Dec 31, 2014 | 626) | (187) | (154) |
| Dec 31, 2013 | 681) | (179) | (200) |
| Dec 31, 2012 | 454) | (135) | (78) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The annual financial data reveals several notable trends across operating, investing, and financing cash flows over the period analyzed.
- Operating Activities
-
Net cash provided by operating activities demonstrates an overall increasing trend, starting from US$454 million in 2012 and reaching up to US$2,353 million in 2023. Despite some fluctuations, notably between 2016 and 2017 where there is a significant jump from US$713 million to US$1,346 million, the general pattern indicates strengthening operational cash flow generation over time, suggesting improved core business performance and cash efficiency.
- Investing Activities
-
Net cash used in investing activities shows considerable variability with predominantly negative values throughout the period, signifying continual investment outflows. The figures range from relatively moderate outflows, such as -US$135 million in 2012, to large spikes in outflows, particularly -US$2,259 million in 2018. The data indicates periods of intensified capital expenditures or acquisitions notably in 2015 and 2018, reflecting strategic investment activities. The outflow appears to moderate somewhat in the most recent years, but remains significant.
- Financing Activities
-
Net cash from financing activities fluctuates between both positive and negative values, demonstrating varied financing approaches over time. Early years show modest cash outflows, transitioning to a substantial inflow of US$755 million in 2015, followed by a shift back to notable outflows such as -US$903 million in 2016 and a steep outflow of -US$3,109 million in 2023. This inconsistency points to active management of debt and equity financing, including debt repayments, share repurchases, or issuance activities responding to capital needs and strategic objectives.
In summary, operating cash flows exhibit steady growth indicating operational robustness, investing cash flows reflect ongoing and sometimes aggressive investment strategies, and financing cash flows reveal a dynamic capital structure management approach with considerable variability.
Per Share Data
Zoetis Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 5.08 | 5.07 | 1.56 |
| Dec 31, 2022 | 4.51 | 4.49 | 1.35 |
| Dec 31, 2021 | 4.29 | 4.27 | 1.08 |
| Dec 31, 2020 | 3.44 | 3.42 | 0.85 |
| Dec 31, 2019 | 3.14 | 3.11 | 0.69 |
| Dec 31, 2018 | 2.96 | 2.93 | 0.54 |
| Dec 31, 2017 | 1.76 | 1.75 | 0.44 |
| Dec 31, 2016 | 1.66 | 1.65 | 0.39 |
| Dec 31, 2015 | 0.68 | 0.68 | 0.34 |
| Dec 31, 2014 | 1.16 | 1.16 | 0.30 |
| Dec 31, 2013 | 1.01 | 1.01 | 0.27 |
| Dec 31, 2012 | 0.87 | 0.87 | 0.00 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The analyzed data shows a general upward trend in earnings per share over the period from 2012 to 2023. Basic earnings per share (EPS) increased from $0.87 in 2012 to $5.08 in 2023, indicating a significant enhancement in profitability per share. Diluted EPS follows a similar pattern, rising from $0.87 in 2012 to $5.07 in 2023, which confirms consistency in earnings quality when accounting for potential share dilution.
Despite a notable dip in both basic and diluted EPS in 2015, where values decreased to $0.68 and $0.68 respectively, growth resumed in the subsequent years. From 2016 onwards, EPS figures accelerated steadily, with particularly strong rises observed from 2017 through 2023.
Dividend per share data, available from 2013 onwards, also reflects upward momentum. Starting at $0.27 in 2013, dividends increased each year, reaching $1.56 in 2023. The dividend growth rate appears robust and consistent, demonstrating a progressive return of value to shareholders aligned with earnings improvements.
- Basic Earnings Per Share
- Exhibits growth from $0.87 in 2012 to $5.08 in 2023, with a dip in 2015 followed by sustained increases.
- Diluted Earnings Per Share
- Mirrors the trend in basic EPS, rising from $0.87 in 2012 to $5.07 in 2023, maintaining close proximity to basic EPS values.
- Dividend Per Share
- Commences reports in 2013 at $0.27 and increases steadily to $1.56 by 2023, signifying consistent dividend policy growth.
Overall, the financial data suggests improved earnings performance and increased shareholder distributions over the analysis period, with earnings stability reflected in the convergence of basic and diluted EPS figures. The steady rise in dividends also indicates a sustained confidence in future earnings capacity and cash flow availability.