Stryker Corporation (SYK) financials
NYSE · Healthcare · Medical - Devices · 56,000 employees · CEO Kevin A. Lobo
- Price
- $291.86 -6.38%
- Market cap
- $112B
- Enterprise value
- $124B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-02-04 EPS est. $5.04
Revenue (TTM)$26.3B+7.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)21.3%+0.4 pp vs a year agoOperating income $5.59B
Net income (TTM)$3.62B+23.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$4.57B+12.3% vs a year agoCapex $873M
Diluted EPS (TTM)$9.39+23.4% vs a year agoSum of the last 4 quarters
Net cash-$12.2B+14.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $112B EV $124B
- Revenue
- $26.3B Trailing 12 months
- Revenue growth
- +7% FY2026 consensus
- Profit margin
- 13.8% Net income / revenue, TTM
- P/E
- 30.9× Forward 19.6× (FY2026)
- P/S
- 4.3× Price / sales, TTM
- EV / EBITDA
- 18.7× TTM
- Free cash flow
- $4.57B Trailing 12 months
- Net income
- $3.62B Trailing 12 months
- Revenue estimate
- $26.9B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $7.75B
- Dividend
- $3.52 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue missed by 1.5%, EPS missed by 0.8%Revenue $6.52B vs $6.62B expected (-1.5%); EPS $3.52 vs $3.55 (-0.8%).
- Revenue growth steady: 7.6% year on yearQ3 '26 revenue $6.52B, against an average of 8.4% over the four quarters before.
- Operating margin 21.3% (TTM), +0.4 pp on a year agoOperating income grew 9.8% while revenue grew 7.9%.
- Capex 3.3% of revenue (a year ago 3.1%)$873M invested in the last 4 quarters (+15.0% on a year earlier). Free cash flow $4.57B = 126.2% of net income.
- Returned $2.49B to shareholders = 54.4% of free cash flowBuybacks $1.16B (a year earlier $181M), dividends $1.33B, stock-based pay $189M (TTM).
- Diluted share count down 0.5% in a year385M diluted shares in Q3 '26, 387M a year earlier.
- Net debt $12.2BCash + short-term investments $3.27B, debt incl. leases $15.4B; a year ago net debt $14.2B.
- Med Surg And Neurotechnology: revenue +9.2%, margin 28.7% (was 26.1%)Fastest-growing reported segment in Q3 '26: operating income $1.05B on revenue $3.66B (from the segment note of the filing).
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $6.52B | $6.06B | +7.6% |
| Gross margin | 65.2% | 63.6% | +1.6 pp |
| Operating income | $1.03B | $1.14B | -8.9% |
| Operating margin | 15.9% | 18.7% | -2.9 pp |
| Net income | $753M | $859M | -12.3% |
| Diluted EPS | $1.96 | $2.22 | -11.7% |
| Operating cash flow | $1.46B | $1.54B | -5.1% |
| Capex | $237M | $187M | +26.7% |
| Free cash flow | $1.22B | $1.35B | -9.5% |
| R&D | $433M | $410M | +5.6% |
| Stock-based compensation | $200K | $62M | -99.7% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $6.52B | $6.62B | -1.5% |
| EPS (as estimated) | $3.52 | $3.55 | -0.8% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Orthopaedics | $2.86B | +26.7% | 43.8% | $13.6B | – | |
| MedSurg | $3.66B | -3.7% | 56.2% | $15.1B | -1.3% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $4.95B | – | 75.9% | – | – | |
| Non-US | $1.57B | +5.7% | 24.1% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Med Surg And Neurotechnology | $3.66B | +9.2% | $1.05B | +20.4% | 28.7% | 26.1% | $4.97B |
| Orthopaedics And Spine | $2.86B | +5.7% | – | – | – | – | – |
| Corporate (unallocated) | – | – | – | – | – | – | – |
| Orthopaedics | – | – | $891M | +1.7% | – | – | $2.94B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $5.45B
- Capex
- -$873M
- Buybacks
- -$1.16B
- Dividends
- -$1.33B
- Acquisitions
- -$491M
- Net debt issued
- -$1.5B
- Stock-based compensation
- $189M
- Free cash flow
- $4.57B
- Returned to shareholders / FCF
- 54.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 30.9× | 42.6× | 35.9× – 50.6× |
| EV / EBITDA | 18.7× | 25.8× | 23.2× – 30.7× |
| EV / Sales | 4.7× | 6.1× | 5.6× – 6.5× |
| Price / FCF | 24.5× | 37.8× | 31.4× – 45.4× |
| Price / Book | 4.8× | 6.2× | 5.6× – 6.8× |
| FCF yield | 4.1% | 2.7% | 2.2% – 3.2% |
| Return on invested capital | 9.5% | 9.8% | 8.5% – 10.9% |
| Return on equity | 15.6% | 14.7% | 13.4% – 17.0% |
Analysts
Consensus target $355.19 (+21.7%)
range $309.00 – $407.00 · rating Buy
Strong buy1
Buy35
Hold16
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $26.9B | +7.1% | $14.86 | +76.9% | 19.6× | 15 |
| FY2027 | $28.9B | +7.4% | $16.36 | +10.1% | 17.8× | 16 |
| FY2028 | $31.2B | +7.9% | $18.18 | +11.1% | 16.1× | 10 |
| FY2029 | $33.4B | +7.0% | $19.94 | +9.7% | 14.6× | 4 |
| FY2030 | $35.3B | +5.9% | $21.65 | +8.6% | 13.5× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 285 figures Stryker Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Trade, Current | $1.63B | $1.5B | +9.1% | $1.8B | $1.68B | +7.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.69B | $3.64B | +1.4% | $4.04B | $3.99B | +1.3% |
| Accounts Receivable, Allowance for Credit Loss, Current | $226M | $223M | +1.3% | $216M | $213M | +1.4% |
| Accrued Income Taxes, Current | $65M | $118M | -44.9% | $418M | $539M | -22.4% |
| Accrued Income Taxes, Noncurrent | $413M | $400M | +3.2% | $402M | $349M | +15.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $3.94B | $3.67B | +7.4% | $3.66B | $3.24B | +13.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$593M | -$766M | +22.6% | -$687M | -$293M | -134.5% |
| Additional Paid in Capital, Common Stock | $2.76B | $2.55B | +8.3% | $2.6B | $2.36B | +10.0% |
| Amortization | – | – | – | $732M | $623M | +17.5% |
| Amortization of Intangible Assets | $175M | $189M | -7.4% | $732M | $623M | +17.5% |
| Asset Impairment Charges | $293M | $73M | +301.4% | $170M | $977M | -82.6% |
| Assets | $47.2B | $47.1B | +0.4% | $47.8B | $43B | +11.3% |
| Assets for Plan Benefits, Defined Benefit Plan | $560M2025-12-31 | $492M | +13.8% | $560M | $492M | +13.8% |
| Assets, Current | $14.2B | $13.7B | +3.4% | $14.8B | $14.8B | -0.6% |
| Assets, Fair Value Disclosure | $3.68B | $3.69B | -0.3% | $4.45B | $4.98B | -10.5% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | – | – | – | -$90M2024-12-31 | -$208M | +56.7% |
| Cash and Cash Equivalents, at Carrying Value | $3.27B | $3.26B | +0.5% | $4.01B | $3.65B | +9.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.27B | $3.26B | +0.5% | $4.01B | $3.65B | +9.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$120M | $881M | -113.6% | $359M | $681M | -47.3% |
| Commercial Paper | $250M | $0 | – | $0 | $0 | – |
| Common Stock, Capital Shares Reserved for Future Issuance | 31M2025-12-31 | 18M | +72.2% | 31M | 18M | +72.2% |
| Common Stock, Dividends, Per Share, Declared | $0.88 | $0.84 | +4.8% | $1.572016-12-31 | $1.42 | +10.6% |
| Common Stock, Par or Stated Value Per Share | $0.10 | $0.10 | 0.0% | $0.10 | $0.10 | 0.0% |
| Common Stock, Shares Authorized | 1B2025-12-31 | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Value, Outstanding | $38M | $38M | 0.0% | $38M | $38M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $736M | $855M | -13.9% | $2.85B | $3.12B | -8.5% |
| Contract with Customer, Liability | $960M | $939M | +2.2% | $1.02B | $978M | +4.7% |
| Contract with Customer, Liability, Revenue Recognized | $78M | $144M | -45.8% | $546M | $553M | -1.3% |
| Cost of Revenue | $2.27B | $2.21B | +3.0% | $9.05B | $8.16B | +11.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $414M | $490M | -15.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $313M | $289M | +8.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $876M | $869M | +0.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $149M | $90M | +65.6% |
| Debt Instrument, Fair Value Disclosure | $13.5B | $16.1B | -16.0% | $15.3B | $12.8B | +20.1% |
| Debt Securities, Available-for-sale, Current | $0 | $87M | -100.0% | $89M | $91M | -2.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $0 | $50M | -100.0% | $41M | $47M | -12.8% |
| Debt, Current | $754M | $1.75B | -56.9% | $1B | $1.41B | -29.0% |
| Debt, Long-term and Short-term, Combined Amount | $14.9B | $16.6B | -10.0% | $15.9B | $13.6B | +16.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $186M | -$462M | +140.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $128M | $168M | -23.8% |
| Deferred Income Tax Assets, Net | $901M | $1.37B | -34.4% | $1.1B | $1.74B | -37.0% |
| Deferred Income Tax Expense (Benefit) | $92M | $15M | +513.3% | $392M | -$370M | +205.9% |
| Deferred Income Tax Liabilities, Net | $137M2025-12-31 | $82M | +67.1% | $137M | $82M | +67.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $78M | -$76M | +202.6% |
| Deferred Tax Asset, Interest Carryforward | $56M2025-12-31 | $52M | +7.7% | $56M | $52M | +7.7% |
| Deferred Tax Assets, Gross | $2.47B2025-12-31 | $3.09B | -20.1% | $2.47B | $3.09B | -20.1% |
| Deferred Tax Assets, Inventory | $553M2025-12-31 | $551M | +0.4% | $553M | $551M | +0.4% |
| Deferred Tax Assets, Net | $961M2025-12-31 | $1.66B | -42.1% | $961M | $1.66B | -42.1% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.32B2025-12-31 | $2.86B | -18.9% | $2.32B | $2.86B | -18.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $315M2025-12-31 | $410M | -23.2% | $315M | $410M | -23.2% |
| Deferred Tax Assets, Other | $352M2025-12-31 | $310M | +13.5% | $352M | $310M | +13.5% |
| Deferred Tax Assets, State Taxes | $90M2025-12-31 | $167M | -46.1% | $90M | $167M | -46.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $117M2025-12-31 | $100M | +17.0% | $117M | $100M | +17.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $401M2025-12-31 | $207M | +93.7% | $401M | $207M | +93.7% |
| Deferred Tax Assets, Valuation Allowance | $148M2025-12-31 | $228M | -35.1% | $148M | $228M | -35.1% |
| Deferred Tax Liabilities, Gross | $1.36B2025-12-31 | $1.2B | +13.2% | $1.36B | $1.2B | +13.2% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $139M2025-12-31 | $61M | +127.9% | $139M | $61M | +127.9% |
| Defined Benefit Plan, Accumulated Benefit Obligation | $786M2025-12-31 | $748M | +5.1% | $786M | $748M | +5.1% |
| Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $109M2025-12-31 | $14M | +678.6% | $109M | $14M | +678.6% |
| Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $8M2025-12-31 | $8M | 0.0% | $8M | $8M | 0.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-K 2024-12-31, 10-Q 2024-09-30
Not updated in the last refresh (older data or none shown): SEC segments.
Data as of 2026-11-01