Zoetis Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $2.67B | $2.49B | $2.34B | $2.11B | $2.04B | $1.64B | $1.50B | $1.43B |
| Depreciation & Amortization | $487.0M | $497.0M | $491.0M | $465.0M | $448.0M | $441.0M | $412.0M | $308.0M |
| Depreciation | $330.0M | $327.0M | $306.0M | $272.0M | $244.0M | $211.0M | $175.0M | $152.0M |
| Amortization | $157.0M | $170.0M | $185.0M | $193.0M | $204.0M | $230.0M | $237.0M | $157.0M |
| Stock-Based Compensation | $83.0M | $74.0M | $60.0M | $62.0M | $58.0M | $59.0M | $67.0M | $53.0M |
| Net Cash from Operating Activities | $2.90B | $2.95B | $2.35B | $1.91B | $2.21B | $2.13B | $1.80B | $1.79B |
| Investing Activities | ||||||||
| Capital Expenditures | $621.0M | $655.0M | $732.0M | $586.0M | $477.0M | $453.0M | $460.0M | $338.0M |
| Business Acquisitions | — | — | — | — | — | $0 | $0 | $1.88B |
| Net Cash from Investing Activities | $-748.0M | $-315.0M | $-777.0M | $-883.0M | $-458.0M | $-572.0M | $-504.0M | $-2.26B |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $3.24B | $1.86B | $1.09B | $1.59B | $743.0M | $250.0M | $626.0M | $698.0M |
| Net Cash from Financing Activities | $-1.87B | $-2.66B | $-3.11B | $-904.0M | $-1.86B | $123.0M | $-951.0M | $533.0M |
| Net Change in Cash | $325.0M | $-54.0M | $-1.54B | $96.0M | $-119.0M | $1.67B | $332.0M | $38.0M |
| Free Cash Flow | $2.28B | $2.30B | $1.62B | $1.33B | $1.74B | $1.67B | $1.34B | $1.45B |