Q2 2026 revenue was $2.5 billion, flat year-over-year, with adjusted net income of $781 million, down 1% year-over-year, and net income of $691 million, down 5% on a reported basis; adjusted diluted EPS was $1.87, up 4–5% year-over-year.
U.S. revenue fell 7%, driven by an 11% decline in Companion Animal sales, while Livestock grew 23%; International revenue rose 6–8%, with growth in both Companion Animal and Livestock segments.
Companion Animal market faced pressure from lower clinic visits, price sensitivity, and increased competition, while Livestock and Diagnostics segments showed strength.
Leadership changes included the appointment of a new EVP, CFO & COO, and commercial strategy was adapted to accelerate decision-making and focus on innovation.
Portfolio advanced with new product launches and acquisitions, including VitalRADS, Lenivia, and Portela, and more than 12 potential blockbuster candidates in development.
Global Q2 revenue was $2.5 billion, flat reported and down 1% organically; adjusted net income was $781 million, down 1–2% organically.
Adjusted diluted EPS was $1.87, up 4–5% year-over-year, benefiting from share repurchases exceeding $550 million in the quarter.
Adjusted gross margin was 72.9%, down 40 bps reported; U.S. gross margin was 83.1%, international 71.0%.
Adjusted SG&A was $586 million, down 3–4% year-over-year; adjusted R&D was $173 million, up 4–5%.
Effective tax rate on adjusted income was 20.2–20.5%.
Full-year 2026 revenue guidance revised to $9.12–$9.32 billion, reflecting a 3%–1% organic decline year-over-year.
Adjusted net income expected at $2.57–$2.62 billion, down 9%–5% organically; adjusted diluted EPS forecast at $6.15–$6.25.
Guidance reflects persistent competitive and pricing pressures, especially in U.S. Companion Animal, and assumes no near-term market stabilization.
Reported diluted EPS expected at $5.55–$5.65.
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Search for any keyword across all transcripts simultaneously.
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
The easiest way to stay updated during earnings season.
All events from public companies. Live and recorded.
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
Explore our global coverage