Zoetis Inc. (ZTS) · Nov 5, 2026 · Earnings

Zoetis earnings beat revenue, raises adjusted EPS guidance amid pet weakness

In line — Revenue $2.391B vs ~$2.30B consensus; adjusted EPS $1.75 vs ~$1.76 consensus

Zoetis earnings showed a revenue beat and higher adjusted EPS guidance, but persistent U.S. companion-animal pressure remains the central problem.

Zoetis is navigating a reset in its historically important companion-animal business: U.S. pet demand is being pressured by price sensitivity, lower clinic activity, dermatology competition and generics, while livestock and international markets provide the offset. That backdrop was already established after the August 6, 2026 guidance cut.

The quarter was operationally mixed, not a clean beat. Revenue of $2.391 billion exceeded the published ~$2.30 billion consensus, but adjusted diluted EPS of $1.75 was essentially in line with the roughly $1.76 estimate; GAAP diluted EPS was $1.44, down 12% year over year. The revenue upside came despite the core U.S. business weakening, while reported profit was further hit by restructuring and impairment charges.

Figure	Q3 2026	Q3 2025	Consensus
Revenue (Financial Statements)	$2.391B (-1%)	$2.422B	~$2.30B
Adjusted diluted EPS (Reconciliation)	$1.75 (+3%)	$1.70	~$1.76
GAAP diluted EPS (Income Statement)	$1.44 (-12%)	$1.63	~$1.51
U.S. companion-animal revenue (Revenue by Segment and Species)	$980M (-8%)	$1.069B
International livestock revenue (Revenue by Segment and Species)	$531M (+8%)	$493M

The underlying business remains split sharply by category and geography. U.S. revenue fell 6%, led by an 8% decline in companion animals, while international revenue rose 4% and international livestock revenue rose 9% organically. That confirms diversification is cushioning the downturn, but it is not yet replacing the lost momentum in the U.S. pet franchise. 〔0〕

The guidance raise is real, but its quality is mixed. Zoetis lifted full-year adjusted diluted EPS guidance to $6.25-$6.35 from $6.15-$6.25 and raised the revenue floor to $9.22 billion from $9.12 billion. However, the top-line ceiling stayed at $9.32 billion, organic operational growth only improved at the low end to a range of negative 7% to negative 5%, and reported EPS guidance was cut to $5.50-$5.60 because expected significant items and acquisition-related costs rose to approximately $210 million from $150 million. 〔1〕

The earnings lift is partly accounting and cost-related rather than a demand recovery. The higher adjusted EPS outlook reflects a lower effective tax rate and reduced R&D spending guidance, while the filing also records $89 million of asset impairment charges and $125 million of restructuring and productivity costs through nine months. That helps explain why adjusted guidance improves even as the operating growth profile remains negative.

The pipeline offers a future offset, not an immediate fix. Convenia RTU for Dogs received FDA approval in October and is expected to launch in the first quarter of 2027, while Lenivia and Portela expand access to long-acting osteoarthritis pain treatment. Those launches strengthen the response to the companion-animal slowdown, but the filing does not yet show that new products are large enough to reverse the current U.S. decline. 〔2〕

Bottom line: Zoetis modestly improves the financial outlook, but the core story is still a defensive one: livestock, international growth and cost control are offsetting—not yet curing—weak U.S. companion-animal demand.

What to watch next

Convenia RTU launch expected in Q1 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Zoetis earnings beat revenue, raises adjusted EPS guidance amid pet weakness

What to watch next

More Zoetis Inc. news

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