ZTS · 10-Q · 2026Q2 · Full report

Capital Return Program

Zoetis Inc. · 2026-08-06 · Importance 52 · Surprise 42 · Matches filing data

Zoetis’ August 2024 board authorization permits up to $6 billion of common-stock repurchases, with $1.3 billion remaining as of June 30, 2026. During the first six months of 2026, the company repurchased 11.0 million shares for $1,159 million, excluding an $11 million excise-tax accrual. The company also repurchased approximately 2.1 million shares for $248 million concurrently with the December 2025 convertible-note offering. An additional $1,535 million was used to repurchase 12.3 million shares after the offering, with those purchases completed by March 31, 2026.

Key facts

• Following the offering, Zoetis used $1,535 million of proceeds for additional repurchases of 12.3 million shares which were completed as of March 31, 2026, and as of June 30, 2026 there was $1.3 billion remaining under the $6 billion authorization. source
• In August 2024 the Board authorized a multi-year share repurchase program of up to $6 billion of outstanding common stock. source
• Zoetis used the remaining $1,535 million of the convertible offering net proceeds for additional repurchases of 12.3 million shares of common stock, which repurchases were completed as of March 31, 2026. source
• During the first six months of 2026, 11.0 million shares were repurchased for $1,159 million, which excludes an $11 million accrual for excise tax on net share repurchases. source
• Zoetis used $248 million of the convertible offering net proceeds to purchase approximately 2.1 million shares of common stock in privately negotiated transactions. source
• Following the convertible offering, Zoetis repurchased approximately 2.1 million shares for $248 million in privately negotiated transactions entered concurrently with the offering pricing. source

Impact estimates