Zoetis Inc.

NYSE-ZTS

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	2,651	2,496	2,340	2,111	2,034	1,636	1,500	1,424	862	819	339
Net Income Before Allocation to Noncontrolling Interests
Depreciation & Amortization	489	497	491	465	448	441	412	308	242	240	199
Depreciation and Amortization Expense
Stock Based Compensation	80	74	60	62	58	59	67	53	44	37	43
Share-Based Compensation Expense
Other Adjustments	-50	-193	-26	19	16	75	-33	-107	208	51	291
Restructuring
Asset Write-Offs and Asset Impairments
Net Gain on Sale of Assets
Net Gain on Sale of Businesses, Excluding Transaction Costs
Provision for Losses on Inventory
Deferred Taxes
Foreign Currency Gain Related to Venezuela Revaluation, Excluding Impact on Cash
Settlement of Derivative Contracts
Employee Benefit Plan Contribution from Pfizer Inc.
Other Non-Cash Adjustments
Changes in Trade Receivables	-111	-61	-102	-137	-155	74	-69	-67	-50	15	-58
Accounts Receivable
Changes in Inventories	-139	-40	-361	-486	-366	-346	-104	61	19	-101	-262
Inventories
Changes in Accounts Payable	-4	31	13	-29	-17	147	-10	37	-10	-28	17
Accounts Payable
Changes in Income Taxes Payable	19	-17	-34	98	-25	17	-8	67	85	20	34
Other Tax Accounts, Net
Changes in Other Operating Activities	-34	166	-28	-145	220	23	40	14	-54	-340	61
Other Assets
Other Liabilities
Cash from Operating Activities	2,916	2,953	2,353	1,912	2,213	2,126	1,795	1,790	1,346	713	664
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-676	-655	-732	-586	-477	-453	-460	-338	-224	-216	-224
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	1	4	1	2	21	21	56	37	90	2
Net Proceeds from Sale of Assets
Purchases of Intangible Assets	—	—	—	—	—	—	—	—	—	—	—
Milestone Payment Related to Previously Acquired Intangibles
Purchases of Investments	-8.5	-5	-4	-9	-12	—	—	—	—	—	—
Purchase of Investments
Proceeds from Sale of Investments	—	—	—	—	—	—	101	28	—	—	—
Proceeds from Maturities and Redemptions of Investments
Payments for Business Acquisitions	—	-8	-155	-312	-14	-113	-195	-1,998	-82	-88	-883
Other Acquisitions
Acquisitions, Net of Cash Acquired
Proceeds from Business Divestments	—	293	96	—	—	—	—	—	—	—	—
Proceeds from Sale of Business, Net of Cash Sold and Working Capital Adjustments
Other Investing Activities	-53	59	14	23	43	-27	29	-7	-1	—	-10
Settlement on Swaps Designated as Net Investment Hedges
Proceeds from Derivative Instrument Activity, Net
Other Investing Activities
Cash from Investing Activities	-456	-315	-777	-883	-458	-572	-504	-2,259	-270	-214	-1,115
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Repayments of Short-Term Debt	—	-3	1	2	-4	4	-9	8	—	-5	-2
Decrease in Short-Term Borrowings, Net
Net Issuance / (Repayments) of Short-Term Debt	—	-3	1	2	-4	4	-9	8	—	-5	-2
Issuance of Long-Term Debt	—	—	—	1,348	—	1,240	—	1,496	1,231	—	1,236
Proceeds from Issuance of Long-Term Debt-Senior Notes, Net of Discount
Repayments of Long-Term Debt	—	—	-1,350	—	-600	-500	—	—	-750	-400	-119
Allocated Principal Payments on Long-Term Debt
Principal Payments on Long-Term Debt
Cash Paid to Settle Pharmaq Debt
Net Issuance / (Repayments) of Long-Term Debt	—	—	-1,350	1,348	-600	740	—	1,496	481	-400	1,117
Issuance of Common Shares	—	-8	27	-38	-35	20	7	19	24	25	11
Share-Based Compensation-Related Proceeds, Net of Taxes Paid on Withholding Shares
Repurchases of Common Shares	-1,728	-1,858	-1,092	-1,594	-743	-250	-626	-698	-500	-300	-203
Purchases of Treasury Stock, Including Excise Taxes Paid
Net Issuance / (Repurchases) of Common Shares	-1,728	-1,866	-1,065	-1,632	-778	-230	-619	-679	-476	-275	-192
Common Share Dividends Paid	-863	-786	-692	-611	-474	-380	-314	-243	-206	-188	-168
Cash Dividends Paid
Other Financing Activities	—	-8	-2	-9	-10	-7	-18	-41	-50	-40	-2
Decrease in Short-Term Borrowings, Net
Payment of Debt Issuance Costs
Other Net Financing Activities with Pfizer Inc.
Payment of Consideration Related to Previous Acquisitions
Consideration Paid to Pfizer Inc. In Connection with the Separation
Acquisition of a Noncontrolling Interest, Net of Cash Acquired
Cash from Financing Activities	-2,120	-2,660	-3,109	-904	-1,862	123	-951	533	-251	-903	755
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	2,240	2,298	1,621	1,326	1,736	1,673	1,335	1,452	1,122	497	440
NOPAT	2,785.5	2,660.1	2,403.8	2,318.4	2,256.4	1,839.3	1,638.3	1,527.6	964.3	928.4	466.5
Levered Free Cash Flow	2,306	2,465	344	2,781	1,216	2,211	1,361	3,081	1,403	-9	1,279
Unlevered Free Cash Flow	2,440.5	2,642.1	1,752.8	1,635.4	2,039.4	1,668.3	1,508.3	1,676.6	1,022.3	503.4	291.5
Net Change in Cash	340	-22	-1,533	125	-107	1,677	340	64	825	-404	304