Stryker Corporation (SYK) Q4 2025 Financial Results Summary
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Stryker (SYK) Q4 2025 Financial Results Summary
Portage, Michigan – January 29, 2026 – Stryker (NYSE:SYK) reported its operating results for the fourth quarter and full year of 2025. Below is a summary of the key financial metrics and results.
Fourth Quarter Results
- Net Sales Growth:
- Reported net sales increased 11.4% to $7.2 billion.
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Organic net sales grew by 11.0%.
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Operating Income & Margins:
- Reported operating income margin was 25.2%.
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Adjusted operating income margin increased by 100 basis points to 30.2%.
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Earnings Per Share (EPS):
- Reported EPS surged 56.0% to $2.20.
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Adjusted EPS increased by 11.5% to $4.47.
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Segment Performance:
- MedSurg and Neurotechnology:
- Net sales of $4.6 billion, up 17.5%. Organic growth of 12.6%.
- Orthopaedics:
- Net sales of $2.6 billion, an increase of 2.2%. Organic growth of 8.4%.
| Segment | Reported Growth | Organic Growth |
|---|---|---|
| MedSurg and Neurotechnology | 17.5% | 12.6% |
| Orthopaedics | 2.2% | 8.4% |
Full Year Results
- Net Sales:
- Total net sales for 2025 were $25.1 billion, representing an increase of 11.2%.
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Organic net sales rose by 10.3%.
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Operating Margins:
- Reported operating income margin for the year was 19.5%.
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Adjusted operating income margin increased by 100 basis points to 26.3%.
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Earnings:
- Reported net earnings were $3.2 billion, growing 8.5%.
- Reported EPS for the year reached $8.40, up 8.2%.
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Adjusted EPS was $13.63, marking an increase of 11.8%.
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Segment Performance:
- MedSurg and Neurotechnology:
- Sales of $15.6 billion, growing 15.7%. Organic growth was 10.7%.
- Orthopaedics:
- Sales totaled $9.5 billion, up 4.3%. Organic growth reached 9.5%.
| Segment | Reported Growth | Organic Growth |
|---|---|---|
| MedSurg and Neurotechnology | 15.7% | 10.7% |
| Orthopaedics | 4.3% | 9.5% |
Additional Information
- Cash Flow:
- Net cash provided by operating activities was $5.0 billion, compared to $4.2 billion in 2024.
- Net cash used in investing activities totaled -$4.9 billion.
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Cash dividends paid were $1.284 billion, an increase compared to $1.219 billion in 2024.
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Share Repurchase Program: No share repurchase program was mentioned in the report.
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2026 Outlook:
- Projected organic net sales growth for 2026 is expected to be in the range of 8.0% to 9.5%.
- Expected adjusted net earnings per diluted share is forecasted between $14.90 and $15.10.
Highlights
- Strong Demand & Momentum:
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The company reported considerable growth driven by a robust pipeline in MedTech, increasing procedural volumes, and strong demand for capital products.
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Market Positioning:
- Stryker has positioned itself for continued success, having exceeded $25 billion in revenue during the year.
Stryker’s successful financial results showcase its capability to navigate challenges while capitalizing on opportunities within the healthcare sector, setting a solid foundation for future growth.
| Three Months 2025 | Three Months 2024 | Full Year 2025 | Full Year 2024 | |
|---|---|---|---|---|
| Net sales | 7,171 | 6,436 | 25,116 | 22,595 |
| Cost of sales | 4,628 | 4,174 | 16,065 | 14,440 |
| Gross profit | 2,543 | 2,262 | 9,051 | 8,155 |
| % of sales | 64.5 | 64.9 | 64.0 | 63.9 |
| Research, development and engineering expenses | 401 | 358 | 1,623 | 1,466 |
| Selling, general and administrative expenses | 2,227 | 2,123 | 8,651 | 7,685 |
| Goodwill and other impairments | 189 | 156 | 732 | 623 |
| Total operating expenses | 7 | 956 | 170 | 977 |
| Operating income | 2,824 | 3,593 | 11,176 | 10,751 |
| % of sales | 1,804 | 581 | 4,889 | 3,689 |
| Other income (expense), net | 25.2 | 9.0 | 19.5 | 16.3 |
| Earnings before income taxes | (99) | (53) | (375) | (197) |
| Income taxes | 1,705 | 528 | 4,514 | 3,492 |
| Net earnings | 856 | (18) | 1,268 | 499 |
| Net earnings per share of common stock: Basic | $2.21 | $1.43 | $8.49 | $7.86 |
| Net earnings per share of common stock: Diluted | $2.20 | $1.41 | $8.40 | $7.76 |
| Weighted-average shares outstanding (in millions): Basic | 382.5 | 381.3 | 382.2 | 381.0 |
| Weighted-average shares outstanding (in millions): Diluted | 386.5 | 386.1 | 386.5 | 385.6 |
| Assets | 2025 | 2024 |
|---|---|---|
| Cash and cash equivalents | $4,011 | $3,652 |
| Short-term investments | — | 750 |
| Marketable securities | 89 | 91 |
| Accounts receivable, net | 4,039 | 3,987 |
| Inventories | 5,310 | 4,774 |
| Prepaid expenses and other current assets | 1,306 | 1,593 |
| Total current assets | $14,755 | $14,847 |
| Property, plant and equipment, net | 3,876 | 3,448 |
| Goodwill and other intangibles, net | 24,972 | 20,250 |
| Noncurrent deferred income tax assets | 1,098 | 1,742 |
| Other noncurrent assets | 3,143 | 2,684 |
| Total assets | $47,844 | $42,971 |
| Current liabilities | $7,794 | $7,616 |
| Long-term debt, excluding current maturities | 14,859 | 12,188 |
| Income taxes | 402 | 349 |
| Other noncurrent liabilities | 2,369 | 2,184 |
| Shareholders’ equity | 22,420 | 20,634 |
| Total liabilities and shareholders’ equity | $47,844 | $42,971 |