ZTS · 10-Q · 2026Q3 · Full report

Capital Return Program

Zoetis Inc. · 2026-11-05 · Importance 50 · Surprise 24 · In source text

Zoetis repurchased 17.7 million shares for $1,659 million during the first nine months of 2026, excluding a $16 million accrual for excise tax on net share repurchases. The August 2024 multi-year authorization permits up to $6 billion of repurchases, with $770 million remaining as of September 30, 2026. Financing cash outflows were $2,371 million in the first nine months of 2026, compared with $1,375 million in the same 2025 period, primarily due to treasury-share purchases and dividend payments. The company also repurchased 2.1 million shares for $248 million in connection with the December 2025 convertible-notes offering and completed further offering-funded repurchases of 12.3 million shares for $1,535 million by March 31, 2026.

Key facts

• Zoetis’s August 2024 share-repurchase authorization permits repurchases of up to $6 billion of common stock; $770 million remained under the authorization at September 30, 2026. source
• Net cash used in financing activities was $2,371 million for the nine months ended September 30, 2026, compared with $1,375 million for the nine months ended September 30, 2025. source
• During the first nine months of 2026, Zoetis repurchased 17.7 million shares for $1,659 million, excluding a $16 million accrual for excise tax on net share repurchases. source
• Financing cash use in the first nine months of 2026 was primarily attributable to purchases of treasury shares and payment of dividends. source

Impact estimates