ZTS — what changed in the latest 10-Q
A section-by-section comparison of ZTS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-05 vs the prior 10-Q · 2026-08-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +50 | −40 | ~65 | 112 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Controls & procedures | Text added/removed | +1 | −2 | ~1 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-05
•price decrease driven by lower net price realization of approximately 1%; and
Total revenue increased by $27 million, which was relatively flat, in the nine months ended September 30, 2026, compared with the nine months ended September 30, 2025, a decrease of $97 million, or 1%, on an operational basis. The decrease in operational revenue was primarily due to the following:
•volume growth from other in-line products of approximately 1%.
Foreign exchange favorably impacted total revenue by approximately $124 million, or 1%.
Three months ended September 30, 2026 vs. three months ended September 30, 2025
Text removed vs the prior filing · source: 10-Q · 2026-08-06
•volume decrease from key franchises of approximately 3%; and
•volume growth from other in-line products of approximately 2%.
Foreign exchange favorably impacted total revenue by approximately $35 million, or 2%.
Total revenue increased by $58 million, or 1%, in the six months ended June 30, 2026, compared with the six months ended June 30, 2025, a decrease of $53 million, or 1%, on an operational basis. The decrease in operational revenue was primarily due to the following:
Cost of sales as a percentage of revenue was 27.3% in the three months ended June 30, 2026, compared with 26.8% in the three months ended June 30, 2025. The increase was primarily a result of:
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-11-05
As part of a multi-year system implementation, the company began utilizing certain aspects of a new enterprise resource planning (“ERP”) system during the quarter ended September 30, 2026. Over the next several years, this ERP system will replace our existing core financial systems. In connection wi…
Text removed vs the prior filing · source: 10-Q · 2026-08-06
During our most recent fiscal quarter, there has not been any change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control ove…
We are currently in the process of a multi-year implementation to update our ERP system to a new fully cloud-based system that will replace our existing system. As the phased implementation occurs, it may result in changes to our processes and procedures which may result in changes to our internal c…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice