vs
Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $1.6B, roughly 1.5× Bath & Body Works, Inc.). Zoetis runs the higher net margin — 25.3% vs 4.8%, a 20.4% gap on every dollar of revenue. On growth, Zoetis posted the faster year-over-year revenue change (3.0% vs -1.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $-1.0M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% CAGR vs -26.0%).
Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $7.4 billion in revenue in 2023, and was listed as 481 on the 2024 Fortune 500 list of largest United States companies by revenue.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
BBWI vs ZTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.4B |
| Net Profit | $77.0M | $603.0M |
| Gross Margin | 41.3% | 70.2% |
| Operating Margin | 10.1% | 31.9% |
| Net Margin | 4.8% | 25.3% |
| Revenue YoY | -1.0% | 3.0% |
| Net Profit YoY | -27.4% | 3.8% |
| EPS (diluted) | $0.37 | $1.37 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $2.8B | $2.2B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.5B | $2.4B | ||
| Q2 24 | $1.4B | $2.4B | ||
| Q1 24 | $2.9B | $2.2B |
| Q4 25 | $77.0M | $603.0M | ||
| Q3 25 | $64.0M | $721.0M | ||
| Q2 25 | $105.0M | $718.0M | ||
| Q1 25 | $453.0M | $631.0M | ||
| Q4 24 | $106.0M | $581.0M | ||
| Q3 24 | $152.0M | $682.0M | ||
| Q2 24 | $87.0M | $624.0M | ||
| Q1 24 | $579.0M | $599.0M |
| Q4 25 | 41.3% | 70.2% | ||
| Q3 25 | 41.3% | 71.5% | ||
| Q2 25 | 45.4% | 73.6% | ||
| Q1 25 | 46.7% | 72.0% | ||
| Q4 24 | 43.5% | 69.5% | ||
| Q3 24 | 41.0% | 70.6% | ||
| Q2 24 | 43.8% | 71.7% | ||
| Q1 24 | 45.9% | 70.6% |
| Q4 25 | 10.1% | 31.9% | ||
| Q3 25 | 10.1% | 37.0% | ||
| Q2 25 | 14.7% | 36.7% | ||
| Q1 25 | 24.3% | 36.5% | ||
| Q4 24 | 13.5% | 31.6% | ||
| Q3 24 | 12.0% | 36.6% | ||
| Q2 24 | 13.5% | 33.0% | ||
| Q1 24 | 23.9% | 34.1% |
| Q4 25 | 4.8% | 25.3% | ||
| Q3 25 | 4.1% | 30.0% | ||
| Q2 25 | 7.4% | 29.2% | ||
| Q1 25 | 16.3% | 28.4% | ||
| Q4 24 | 6.6% | 25.1% | ||
| Q3 24 | 10.0% | 28.6% | ||
| Q2 24 | 6.3% | 26.4% | ||
| Q1 24 | 19.9% | 27.4% |
| Q4 25 | $0.37 | $1.37 | ||
| Q3 25 | $0.30 | $1.63 | ||
| Q2 25 | $0.49 | $1.61 | ||
| Q1 25 | $2.06 | $1.41 | ||
| Q4 24 | $0.49 | $1.29 | ||
| Q3 24 | $0.68 | $1.50 | ||
| Q2 24 | $0.38 | $1.37 | ||
| Q1 24 | $2.54 | $1.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $236.0M | — |
| Total DebtLower is stronger | $3.9B | — |
| Stockholders' EquityBook value | $-1.6B | $3.3B |
| Total Assets | $5.0B | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | — | ||
| Q3 25 | $364.0M | $2.1B | ||
| Q2 25 | $636.0M | $1.4B | ||
| Q1 25 | $674.0M | $1.7B | ||
| Q4 24 | $191.0M | $2.0B | ||
| Q3 24 | $514.0M | $1.7B | ||
| Q2 24 | $855.0M | $1.6B | ||
| Q1 24 | $1.1B | $2.0B |
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.9B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.4B | — |
| Q4 25 | $-1.6B | $3.3B | ||
| Q3 25 | $-1.5B | $5.4B | ||
| Q2 25 | $-1.5B | $5.0B | ||
| Q1 25 | $-1.4B | $4.7B | ||
| Q4 24 | $-1.7B | $4.8B | ||
| Q3 24 | $-1.7B | $5.2B | ||
| Q2 24 | $-1.7B | $5.0B | ||
| Q1 24 | $-1.6B | $5.1B |
| Q4 25 | $5.0B | $15.5B | ||
| Q3 25 | $4.8B | $15.2B | ||
| Q2 25 | $4.9B | $14.5B | ||
| Q1 25 | $4.9B | $14.1B | ||
| Q4 24 | $5.0B | $14.2B | ||
| Q3 24 | $4.9B | $14.4B | ||
| Q2 24 | $5.2B | $14.2B | ||
| Q1 24 | $5.5B | $14.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $80.0M | $893.0M |
| Free Cash FlowOCF − Capex | $-1.0M | $732.0M |
| FCF MarginFCF / Revenue | -0.1% | 30.7% |
| Capex IntensityCapex / Revenue | 5.1% | 6.7% |
| Cash ConversionOCF / Net Profit | 1.04× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $893.0M | ||
| Q3 25 | $-43.0M | $938.0M | ||
| Q2 25 | $188.0M | $486.0M | ||
| Q1 25 | $955.0M | $587.0M | ||
| Q4 24 | $-99.0M | $905.0M | ||
| Q3 24 | $-46.0M | $951.0M | ||
| Q2 24 | $76.0M | $502.0M | ||
| Q1 24 | $926.0M | $595.0M |
| Q4 25 | $-1.0M | $732.0M | ||
| Q3 25 | $-99.0M | $805.0M | ||
| Q2 25 | $151.0M | $308.0M | ||
| Q1 25 | $895.0M | $438.0M | ||
| Q4 24 | $-164.0M | $689.0M | ||
| Q3 24 | $-101.0M | $784.0M | ||
| Q2 24 | $30.0M | $370.0M | ||
| Q1 24 | $878.0M | $455.0M |
| Q4 25 | -0.1% | 30.7% | ||
| Q3 25 | -6.4% | 33.5% | ||
| Q2 25 | 10.6% | 12.5% | ||
| Q1 25 | 32.1% | 19.7% | ||
| Q4 24 | -10.2% | 29.7% | ||
| Q3 24 | -6.6% | 32.8% | ||
| Q2 24 | 2.2% | 15.7% | ||
| Q1 24 | 30.2% | 20.8% |
| Q4 25 | 5.1% | 6.7% | ||
| Q3 25 | 3.6% | 5.5% | ||
| Q2 25 | 2.6% | 7.2% | ||
| Q1 25 | 2.2% | 6.7% | ||
| Q4 24 | 4.0% | 9.3% | ||
| Q3 24 | 3.6% | 7.0% | ||
| Q2 24 | 3.3% | 5.6% | ||
| Q1 24 | 1.6% | 6.4% |
| Q4 25 | 1.04× | 1.48× | ||
| Q3 25 | -0.67× | 1.30× | ||
| Q2 25 | 1.79× | 0.68× | ||
| Q1 25 | 2.11× | 0.93× | ||
| Q4 24 | -0.93× | 1.56× | ||
| Q3 24 | -0.30× | 1.39× | ||
| Q2 24 | 0.87× | 0.80× | ||
| Q1 24 | 1.60× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BBWI
| Bath Body Works Stores | $1.2B | 77% |
| Bath Body Works Direct | $299.0M | 19% |
| Bath Body Works International | $73.0M | 5% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
