Zoetis (ZTS) Operating Expenses (2012 - 2026)
Zoetis' Operating Expenses was $215 million in Q2 2026, down 1.4% from $218 million a year earlier but up 8.0% from the prior quarter.
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Analysis
Zoetis (ZTS) Operating Expenses (2012 - 2026) Analysis & Trends
On a trailing twelve-month basis, Zoetis' Operating Expenses was $808 million through Jun 30, 2026, down 3.1% year-over-year; for FY2025, it came in at $817 million, up 1.5% from FY2024.
- Operating Expenses has now increased for nine consecutive years, with a five-year compound annual growth rate of 6.3% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $805 million in FY2024 (+2.4%), $786 million in FY2023 (+2.7%), $765 million in FY2022 (+12.3%) and $681 million in FY2021 (+13.1%).
- Quarterly Operating Expenses has moved between $165 million (Q1 2022) and $218 million (Q2 2025) over five years.
- Compared with a year earlier, Operating Expenses has declined for three straight quarters, with growth averaging 2.0% over the last eight quarters.
- The best year-over-year quarter for Operating Expenses over five years was Q1 2022 (growth of 26.0%); the worst was Q4 2025 (a decline of 9.0%).
- Per Business Quant data, ZTS's Operating Expenses in the three quarters before Q2 2026 was $199 million (Q1 2026), $193 million (Q4 2025) and $201 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Eli Lilly | 1,156.48 Bn | 1,125.07 Bn | 19.71 Bn | 7.95 Bn |
| 2 | Johnson & Johnson | 623.52 Bn | 542.04 Bn | 17.26 Bn | 10.12 Bn |
| 3 | AbbVie | 511.52 Bn | 484.64 Bn | 12.70 Bn | 10.56 Bn |
| 4 | Merck | 366.08 Bn | 320.46 Bn | 12.21 Bn | 12.80 Bn |
| 5 | Novartis Ag | 297.10 Bn | 261.09 Bn | 11.24 Bn | 6.09 Bn |
| 6 | Astrazeneca | 260.97 Bn | 234.66 Bn | 12.86 Bn | 9.70 Bn |
| 7 | Amgen | 234.36 Bn | 189.76 Bn | 7.24 Bn | 6.54 Bn |
| 8 | Gilead Sciences | 193.20 Bn | 167.40 Bn | 6.22 Bn | 18.20 Bn |
| 9 | Pfizer | 171.61 Bn | 118.26 Bn | 10.94 Bn | 6.68 Bn |
| 10 | Zoetis | 33.28 Bn | 25.13 Bn | 1.80 Bn | 842.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 842.00 Mn |
| Mar 31, 2026 | 790.00 Mn |
| Dec 31, 2025 | 835.00 Mn |
| Sep 30, 2025 | 753.00 Mn |
| Jun 30, 2025 | 810.00 Mn |
| Mar 31, 2025 | 736.00 Mn |
| Dec 31, 2024 | 813.00 Mn |
| Sep 30, 2024 | 737.00 Mn |
| Jun 30, 2024 | 794.00 Mn |
| Mar 31, 2024 | 713.00 Mn |
| Dec 31, 2023 | 747.00 Mn |
| Sep 30, 2023 | 693.00 Mn |
| Jun 30, 2023 | 710.00 Mn |
| Mar 31, 2023 | 668.00 Mn |
| Dec 31, 2022 | 664.00 Mn |
| Sep 30, 2022 | 641.00 Mn |
| Jun 30, 2022 | 665.00 Mn |
| Mar 31, 2022 | 589.00 Mn |
| Dec 31, 2021 | 735.00 Mn |
| Sep 30, 2021 | 645.00 Mn |
API Access
Zoetis Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=ZTS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "ZTS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=ZTS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();