SYK (Stryker Corporation) Stock Financials & Earnings

SYKStryker Corporation

Mkt Cap$138B

Healthcare·Medical - Devices·🇺🇸 United States·NYSE

Revenue (TTM)$25.1B

Net Income (TTM)$3.2B

EPS (TTM)$8.40

Free Cash Flow (TTM)$4.3B

Gross Margin63.5%

Op. Margin22.4%

Net Margin12.9%

FCF Margin17.1%

P/S Ratio (TTM)5.5x

P/E Ratio (TTM)42.7x

YoY Rev Growth+11.2%

Employees—

Earnings Reports

▶Q4 2025

Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment pro...

CEO Kevin A. LoboIPO Mar 17, 1980www.stryker.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$4.8B	$2.9B	$858M
Q2 23	$5.0B	$3.0B	$1.1B
Q3 23	$4.9B	$3.0B	$991M
Q4 23	$5.8B	$3.6B	$1.4B
Q1 24	$5.2B	$3.2B	$1.0B
Q2 24	$5.4B	$3.3B	$1.2B
Q3 24	$5.5B	$3.4B	$1.2B
Q4 24	$6.4B	$4.0B	$1.7B
Q1 25	$5.9B	$3.7B	$1.2B
Q2 25	$6.0B	$3.8B	$1.4B
Q3 25	$6.1B	$3.9B	$1.1B
Q4 25	$7.2B	$4.7B	$2.0B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	7.3x	52.7x
Q2 23	7.1x	51.1x
Q3 23	7.0x	53.6x
Q4 23	6.8x	43.7x
Q1 24	6.6x	41.2x
Q2 24	6.5x	40.2x
Q3 24	6.3x	38.6x
Q4 24	6.1x	46.3x
Q1 25	6.0x	48.4x
Q2 25	5.8x	47.5x
Q3 25	5.7x	47.0x
Q4 25	5.5x	42.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$445M	$315M
Q2 23	$688M	$536M
Q3 23	$1.1B	$902M
Q4 23	$1.5B	$1.4B
Q1 24	$204M	$37M
Q2 24	$633M	$481M
Q3 24	$1.5B	$1.3B
Q4 24	$1.9B	$1.7B
Q1 25	$250M	$127M
Q2 25	$1.1B	$928M
Q3 25	$1.5B	$1.4B
Q4 25	$2.1B	$1.9B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$130M
Q2 23	$152M
Q3 23	$148M
Q4 23	$145M
Q1 24	$167M
Q2 24	$152M
Q3 24	$170M
Q4 24	$266M
Q1 25	$123M
Q2 25	$183M
Q3 25	$187M
Q4 25	$268M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+11.8%	+12.3%
Q2 23	+11.2%	+9.6%
Q3 23	+9.6%	+7.9%
Q4 23	+11.8%	+9.6%
Q1 24	+9.7%	+8.2%
Q2 24	+8.5%	+8.4%
Q3 24	+11.9%	+9.4%
Q4 24	+10.7%	+8.7%
Q1 25	+11.9%	+10.5%
Q2 25	+11.1%	+9.3%
Q3 25	+10.2%	+14.8%
Q4 25	+11.4%	+9.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$74M	1.5%
Q2 23	$39M	0.8%
Q3 23	$52M	1.1%
Q4 23	$40M	0.7%
Q1 24	$87M	1.7%
Q2 24	$46M	0.8%
Q3 24	$51M	0.9%
Q4 24	$45M	0.7%
Q1 25	$84M	1.4%
Q2 25	$49M	0.8%
Q3 25	$62M	1.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	$311M	$1.7B
Q2 23	$319M	$1.7B
Q3 23	$335M	$1.7B
Q4 23	$328M	$1.8B
Q1 24	$356M	$1.8B
Q2 24	$352M	$1.8B
Q3 24	$364M	$1.8B
Q4 24	$342M	$2.0B
Q1 25	$393M	$2.1B
Q2 25	$396M	$2.0B
Q3 25	$410M	$2.0B
Q4 25	$401M	$2.2B

Revenue Segments

Quarter	Med Surg	Orthopaedics and Spine	Orthopaedics
Q1 23	$2.7B	$2.1B	—
Q2 23	$2.9B	$2.1B	—
Q3 23	$2.9B	$2.0B	—
Q4 23	$3.4B	$2.4B	—
Q1 24	$3.0B	$2.2B	—
Q2 24	$3.1B	$2.3B	—
Q3 24	$3.2B	$2.3B	—
Q1 25	$3.5B	$2.4B	—
Q2 25	$3.8B	—	$2.3B
Q3 25	$3.8B	—	$2.3B

Revenue by Geography

Quarter	Non-US	United States
Q1 23	$1.3B	$3.5B
Q2 23	$1.3B	$3.7B
Q3 23	$1.2B	$3.7B
Q1 24	$1.3B	$3.9B
Q2 24	$1.4B	$4.0B
Q3 24	$1.4B	$4.1B
Q1 25	$1.4B	$4.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.7B	$86M	$1.8B
Q2 23	$1.4B	$77M	$1.5B
Q3 23	$1.9B	$76M	$1.9B
Q4 23	$3.0B	$82M	$3.1B
Q1 24	$2.3B	$77M	$2.4B
Q2 24	$1.9B	$83M	$2.0B
Q3 24	$3.9B	$834M	$4.7B
Q4 24	$3.7B	$841M	$4.5B
Q1 25	$2.3B	$89M	$2.4B
Q2 25	$2.4B	$89M	$2.5B
Q3 25	$3.3B	$87M	$3.3B
Q4 25	$4.0B	$89M	$4.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	383M	+0.2%
Q2 23	384M	+0.2%
Q3 23	384M	+0.0%
Q4 23	384M	-0.0%
Q1 24	385M	+0.3%
Q2 24	385M	+0.1%
Q3 24	386M	+0.1%
Q4 24	386M	+0.1%
Q1 25	386M	+0.1%
Q2 25	386M	+0.0%
Q3 25	387M	+0.1%
Q4 25	387M	-0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$372K	26K
FY 15	$368K	27K
FY 16	$343K	33K
FY 17	$377K	33K
FY 18	$378K	36K
FY 19	$372K	40K
FY 20	$334K	43K
FY 21	$372K	46K
FY 22	$362K	51K
FY 23	$394K	52K
FY 24	$426K	53K
FY 25	$449K	56K