• Zoetis average operating margin for 2023 was 33.9%, a 5.05% decline from 2022.
• Zoetis average operating margin for 2022 was 32.27%, a 2.22% increase from 2021.
• Zoetis average operating margin for 2021 was 31.57%, a 3.88% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.