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Zoetis delivered modest Q1 FY2026 revenue growth of 2.9% to $2.26B, with net income essentially flat at $601M, while long-term debt surged 73% to $9.05B, significantly pressuring stockholders' equity and leverage ratios.
营业收入
$2.26B
同比 ++2.91%
每股收益（基本）
$1.42
同比 ++5.97%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Zoetis (ZTS) Q1 FY2026 营收 $2.26B，同比增长 2.9%。 净利润 $601M，同比下降 0.2%，稀释每股收益 $1.42。
Total revenue grew 2.9% year-over-year to $2.26B in Q1 FY2026, up from $2.20B in the prior-year period, reflecting continued demand for Zoetis's companion animal and livestock product portfolios despite a challenging macroeconomic environment.
来源: Source: 10-Q Income Statement Data
Cost of revenue rose 3.7% YoY to $641M, growing faster than the 2.9% revenue increase, which implies modest gross margin compression. SG&A expenses also increased 2.4% to $588M, reflecting ongoing investment in commercial operations.
来源: Source: 10-Q Income Statement Data
Net income declined marginally by 0.2% to $601M from $602M in the prior-year quarter, suggesting that higher costs and potentially increased interest expense from elevated debt levels offset revenue growth benefits.
来源: Source: 10-Q Income Statement Data
Long-term debt surged 73.0% YoY to $9.05B from $5.23B, causing total liabilities to jump 26.2% to $11.92B and stockholders' equity to decline 30.5% to $3.23B, materially increasing financial leverage with a debt-to-equity ratio of approximately 3.69x.
来源: Source: 10-Q Balance Sheet Data
Operating cash flow fell 22.1% YoY to $401M from $515M, yet the company increased share buybacks by 36.8% to $606M, indicating a continued commitment to capital return even as internally generated cash flow moderated.
来源: Source: 10-Q Cash Flow Statement Data
Long-term debt increased 73% YoY to $9.05B, pushing the debt-to-equity ratio to approximately 3.69x. This elevated leverage increases interest expense burden and reduces financial flexibility, particularly if operating cash flows continue to decline. A sustained drop in earnings could strain debt service capacity.
来源: Source: 10-Q Balance Sheet Data
Operating cash flow fell 22.1% YoY to $401M in Q1 FY2026, even as net income remained roughly flat at $601M. This divergence between net income and cash generation may reflect working capital headwinds or timing differences, and if persistent, could limit the company's ability to fund buybacks and debt repayment organically.
来源: Source: 10-Q Cash Flow Statement Data
Cost of revenue grew 3.7% YoY, outpacing revenue growth of 2.9%, signaling potential gross margin erosion. Sustained input cost inflation or unfavorable product mix shifts could further compress profitability if pricing power does not keep pace.
来源: Source: 10-Q Income Statement Data
Stockholders' equity declined 30.5% YoY to $3.23B, driven by the combination of aggressive share repurchases ($606M in Q1 alone) and rising debt obligations. Continued buybacks at this pace, funded partly by debt, could further erode the equity base and weaken the balance sheet.
来源: Source: 10-Q Balance Sheet & Cash Flow Data
Current liabilities dropped sharply by 39.4% YoY to $2.05B while long-term debt surged, suggesting debt may have been refinanced or reclassified to long-term. Any future reclassification back to current liabilities or near-term maturities could pressure the company's liquidity position.
来源: Source: 10-Q Balance Sheet Data
Q1 FY2026 实际 EPS $1.53，分析师一致预期 $1.63，不及预期 -6.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.26B | $2.2B | +2.91% |
营业成本 | $641M | $618M | +3.72% |
净利润 | $601M | $602M | -0.17% |
每股收益（基本） | $1.42 | $1.34 | +5.97% |
每股收益（稀释） | $1.42 | $1.34 | +5.97% |
销售及管理费用 | $588M | $574M | +2.44% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $15.15B | $14.1B | +7.49% |
流动资产 | $6.47B | $5.88B | +10.16% |
总负债 | $11.92B | $9.44B | +26.24% |
流动负债 | $2.05B | $3.38B | -39.35% |
股东权益 | $3.23B | $4.66B | -30.55% |
现金及等价物 | $1.94B | $1.72B | +12.78% |
长期债务 | $9.04B | $5.23B | +73.04% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $401M | $515M | -22.14% |
投资活动现金流 | $-87M | $-203M | +57.14% |
筹资活动现金流 | $-840M | $-677M | -24.08% |
股票回购 | $606M | $443M | +36.79% |
折旧及摊销 | $119M | $119M | 0.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 26.6% | — | — |
净资产收益率 | 18.6% | — | — |
总资产收益率 | 4.0% | — | — |
流动比率 | $3.153 | — | — |
资产负债率 | $3.687 | — | — |
Zoetis reported Q1 FY2026 revenue of $2.26B, up 2.9% YoY, with net income essentially flat at $601M (-0.2% YoY). EPS improved 6.0% to $1.42 due to share buybacks reducing the share count, even though total profits were largely unchanged.
Zoetis's long-term debt surged 73% YoY to $9.05B in Q1 FY2026, up from $5.23B in the prior year, which drove total liabilities up 26.2% to $11.92B. This significant debt increase, combined with aggressive share buybacks of $606M in the quarter, caused stockholders' equity to fall 30.5% to $3.23B.
The most significant risks evident from the Q1 FY2026 filing are the sharp increase in financial leverage (debt-to-equity of 3.69x) and the 22.1% decline in operating cash flow to $401M. Additionally, cost of revenue growing faster than revenue signals potential gross margin compression if input cost pressures persist.
Operating cash flow declined to $401M in Q1 FY2026, while share buybacks alone totaled $606M, meaning buybacks exceeded internally generated operating cash flow for the quarter. This gap suggests Zoetis is relying on its cash balance (which stood at $1.94B) or debt financing to fund capital returns.
Zoetis maintains a solid current ratio of 3.15x and a net margin of 26.6%, indicating strong short-term liquidity and profitability. However, the debt-to-equity ratio of 3.69x and the 73% surge in long-term debt to $9.05B represent a meaningful increase in financial risk that investors should monitor closely.