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Zoetis cash flow statement

In fiscal 2025, Zoetis's operations generated $2.90bn of cash; it spent $621m on capital projects, leaving free cash flow of $2.28bn. It returned $889m in dividends and $3.23bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations4974546816266647131,3461,7901,7952,1262,2131,9122,3532,9532,9042,840
Depreciation and amortisation205200209204199240242308412441448465491497487483
Stock-based pay19284332433744536759586260748395
Capital spending135126184180224216224338460453477586732655621524
Free cash flow3623284974464404971,1221,4521,3351,6731,7361,3261,6212,2982,2832,316
Free cash flow after stock pay3433004544143974601,0781,3991,2681,6141,6781,2641,5612,2242,2002,221
Dividends paid4166398146168188206243314380474611692786889889
Share buybacks——002033005006986262507431,5941,0921,8583,2353,644

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Zoetis's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Zoetis.