Zoetis Inc (ZTS)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	2,940,000	2,881,000	2,832,000	2,629,000	2,659,000	2,573,000	2,564,000	2,531,000	2,491,000	2,405,000	2,343,000	2,189,000	1,998,000	2,014,000	1,945,000	1,917,000	1,801,000	1,782,000	1,672,000	1,656,000
Revenue (ttm)	US$ in thousands	8,544,000	8,371,000	8,222,000	8,094,000	8,080,000	8,007,000	7,995,000	7,891,000	7,776,000	7,616,000	7,412,000	7,012,000	6,675,000	6,542,000	6,340,000	6,339,000	6,260,000	6,150,000	6,046,000	5,914,000
Pretax margin		34.41%	34.42%	34.44%	32.48%	32.91%	32.13%	32.07%	32.07%	32.03%	31.58%	31.61%	31.22%	29.93%	30.79%	30.68%	30.24%	28.77%	28.98%	27.65%	28.00%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $2,940,000K ÷ $8,544,000K
= 34.41%

The pretax margin of Zoetis Inc has shown a generally positive trend over the past eight quarters, ranging from 32.04% to 34.40%. The company's ability to generate earnings before taxes as a percentage of total revenue has improved consistently, with a slight dip in Q1 2023 compared to the preceding quarter. Overall, Zoetis has demonstrated a stable level of efficiency in managing operating expenses and generating profits before taxes during the period under review.