Zoetis Inc. Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| (MILLIONS OF DOLLARS AND SHARES, EXCEPT PER SHARE DATA) | 2025 | 2024 | 2023 | |||||||||||||||||
| Numerator | ||||||||||||||||||||
| Net income before allocation to noncontrolling interests | $ | 2,673 | $ | 2,496 | $ | 2,340 | ||||||||||||||
| Less: net income/(loss) attributable to noncontrolling interests | — | 10 | (4) | |||||||||||||||||
| Net income attributable to Zoetis Inc. | $ | 2,673 | $ | 2,486 | $ | 2,344 | ||||||||||||||
| Denominator | ||||||||||||||||||||
| Weighted-average common shares outstanding | 443.443 | 454.200 | 461.172 | |||||||||||||||||
| Common stock equivalents: stock options, RSUs, DSUs and PSUs | 0.392 | 0.648 | 1.097 | |||||||||||||||||
| Weighted-average common and potential dilutive shares outstanding | 443.835 | 454.848 | 462.269 | |||||||||||||||||
| Earnings per share attributable to Zoetis Inc. stockholders—basic | $ | 6.03 | $ | 5.47 | $ | 5.08 | ||||||||||||||
| Earnings per share attributable to Zoetis Inc. stockholders—diluted | $ | 6.02 | $ | 5.47 | $ | 5.07 | ||||||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.