# STRYKER CORP (SYK) Informational only - not investment advice. CIK: 0000310764 SIC: 3841 Surgical & Medical Instruments & Apparatus SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/) Latest 10-K filed: 2026-02-11 SEC page: https://www.sec.gov/edgar/browse/?CIK=310764 Filing source: https://www.sec.gov/Archives/edgar/data/310764/000031076426000010/syk-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0000310764-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000310764.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 25,116,000,000 USD | 2025 | verified | | Net income | 3,246,000,000 USD | 2025 | verified | | Assets | 47,844,000,000 USD | 2025 | verified | | Free cash flow | 4,283,000,000 USD | 2025 | computed | | Net margin | 12.92% | 2025 | computed | | Operating margin | 19.47% | 2025 | computed | | Revenue YoY | +11.16% | 2025 | computed | | ROE | 14.48% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Medical devices and instruments](/compare/medical-devices/) · SIC 3841 Surgical & Medical Instruments & Apparatus No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including SYK - Medical devices and instruments: [peer review](/compare/medical-devices/) · [market-risk page](/compare/medical-devices/risk/) ### Peer percentile fingerprint | Ratio | SYK | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 12.9% | -6.0% | 79 | 63 | | Operating margin | 19.5% | -2.7% | 89 | 63 | | Revenue growth | 11.2% | 13.6% | 41 | 64 | | FCF margin | 17.1% | 0.2% | 85 | 63 | | ROE | 14.5% | -9.1% | 79 | 58 | | ROA | 6.8% | -4.8% | 72 | 65 | | Liabilities / equity | 1.13 | 0.89 | 56 | 63 | | Current ratio | 1.89 | 3.23 | 20 | 65 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3841 Surgical & Medical Instruments & Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 25116000000 | USD | 2025 | 2026-02-11 | | Net income | 3246000000 | USD | 2025 | 2026-02-11 | | Assets | 47844000000 | USD | 2025 | 2026-02-11 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000310764.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 11,325,000,000 | 12,444,000,000 | 13,601,000,000 | 14,884,000,000 | 14,351,000,000 | 17,108,000,000 | 18,449,000,000 | 20,498,000,000 | 22,595,000,000 | 25,116,000,000 | | Net income | 1,647,000,000 | 1,020,000,000 | 3,553,000,000 | 2,083,000,000 | 1,599,000,000 | 1,994,000,000 | 2,358,000,000 | 3,165,000,000 | 2,993,000,000 | 3,246,000,000 | | Operating income | 2,175,000,000 | 2,297,000,000 | 2,537,000,000 | 2,713,000,000 | 2,223,000,000 | 2,584,000,000 | 2,841,000,000 | 3,888,000,000 | 3,689,000,000 | 4,889,000,000 | | Gross profit | 7,504,000,000 | 8,180,000,000 | 8,938,000,000 | 9,696,000,000 | 9,057,000,000 | 10,968,000,000 | 11,578,000,000 | 13,058,000,000 | 14,440,000,000 | 16,065,000,000 | | Diluted EPS | 4.35 | 2.68 | 9.34 | 5.48 | 4.20 | 5.21 | 6.17 | 8.25 | 7.76 | 8.40 | | Operating cash flow | 1,915,000,000 | 1,559,000,000 | 2,610,000,000 | 2,191,000,000 | 3,277,000,000 | 3,263,000,000 | 2,624,000,000 | 3,711,000,000 | 4,242,000,000 | 5,044,000,000 | | Capital expenditures | 490,000,000 | 598,000,000 | 572,000,000 | 649,000,000 | 487,000,000 | 525,000,000 | 588,000,000 | 575,000,000 | 755,000,000 | 761,000,000 | | Dividends paid | 568,000,000 | 636,000,000 | 703,000,000 | 778,000,000 | 863,000,000 | 950,000,000 | 1,051,000,000 | 1,139,000,000 | 1,219,000,000 | 1,284,000,000 | | Assets | 20,435,000,000 | 22,197,000,000 | 27,229,000,000 | 30,167,000,000 | 34,330,000,000 | 34,631,000,000 | 36,884,000,000 | 39,912,000,000 | 42,971,000,000 | 47,844,000,000 | | Liabilities | 10,885,000,000 | 12,217,000,000 | 15,499,000,000 | 17,360,000,000 | 21,246,000,000 | 19,754,000,000 | 20,268,000,000 | 21,319,000,000 | 22,337,000,000 | 25,424,000,000 | | Stockholders' equity | 9,550,000,000 | 9,980,000,000 | 11,730,000,000 | 12,807,000,000 | 13,084,000,000 | 14,877,000,000 | 16,616,000,000 | 18,593,000,000 | 20,634,000,000 | 22,420,000,000 | | Cash and cash equivalents | 3,316,000,000 | 2,542,000,000 | 3,616,000,000 | 4,337,000,000 | 2,943,000,000 | 2,944,000,000 | 1,844,000,000 | 2,971,000,000 | 3,652,000,000 | 4,011,000,000 | | Free cash flow | 1,425,000,000 | 961,000,000 | 2,038,000,000 | 1,542,000,000 | 2,790,000,000 | 2,738,000,000 | 2,036,000,000 | 3,136,000,000 | 3,487,000,000 | 4,283,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 14.54% | 8.20% | 26.12% | 13.99% | 11.14% | 11.66% | 12.78% | 15.44% | 13.25% | 12.92% | | Operating margin | 19.21% | 18.46% | 18.65% | 18.23% | 15.49% | 15.10% | 15.40% | 18.97% | 16.33% | 19.47% | | Return on equity | 17.25% | 10.22% | 30.29% | 16.26% | 12.22% | 13.40% | 14.19% | 17.02% | 14.51% | 14.48% | | Return on assets | 8.06% | 4.60% | 13.05% | 6.90% | 4.66% | 5.76% | 6.39% | 7.93% | 6.97% | 6.78% | | Liabilities / equity | 1.14 | 1.22 | 1.32 | 1.36 | 1.62 | 1.33 | 1.22 | 1.15 | 1.08 | 1.13 | | Current ratio | 2.50 | 2.29 | 2.02 | 2.51 | 1.93 | 2.20 | 1.63 | 1.58 | 1.95 | 1.89 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/SYK/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000310764.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 2.14 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.54 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 1.93 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 4,909,000,000 | 692,000,000 | 1.80 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 5,815,000,000 | 1,143,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 5,243,000,000 | 788,000,000 | 2.05 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 5,422,000,000 | 825,000,000 | 2.14 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 5,494,000,000 | 834,000,000 | 2.16 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 6,436,000,000 | 546,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 5,866,000,000 | 654,000,000 | 1.69 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 6,022,000,000 | 884,000,000 | 2.29 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 6,057,000,000 | 859,000,000 | 2.22 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 7,171,000,000 | 849,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 6,020,000,000 | 745,000,000 | 1.93 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 6,589,000,000 | 1,276,000,000 | 3.30 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from SYK's latest 10-K: [/company/SYK/business/](/company/SYK/business/). ## Risk Factors Verbatim Item 1A Risk Factors from SYK's latest 10-K: [/company/SYK/risk-factors/](/company/SYK/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/310764/000031076426000050/syk-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-31 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ABOUT STRYKER Stryker Corporation ("we" or the "Company") is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology, and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. Our goal is to achieve sales growth at the high- end of the medical technology (MedTech) industry and maintain our long-term capital allocation strategy that prioritizes: (1) Acquisitions, (2) Dividends and (3) Share repurchases. MedSurg and Neurotechnology products include surgical equipment, patient and caregiver safety technologies, and a comprehensive line of products for traditional brain and open skull-based surgical procedures orthobiologic and biosurgery products, including synthetic bone grafts and vertebral augmentation (Instruments), endoscopic and communications systems (Endoscopy), patient handling, emergency medical equipment, intensive care disposable products, clinical communication and artificial intelligence-assisted virtual care platform technology (Medical), and minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke and venous thromboembolism (Vascular). Orthopaedics products include implants and surgical equipment such as navigation systems and robotics used in total joint replacements, such as hip, knee and shoulder, ankle and trauma and extremities surgeries.  We bring patients and physicians advanced implant designs and specialized instrumentation that make orthopaedic surgery and recovery simpler, faster and more effective. We support surgeons with technologies, products and services they need to support each patient’s clinical challenge. Overview of the Three and Six Months In the three months 2026 we achieved sales growth of 9.4% from 2025. Excluding the impact of acquisitions and divestitures, sales grew 9.0% in constant currency. We reported operating income margin of 25.2%, net earnings of $1,276 and net earnings per diluted share of $3.30. Excluding the impact of certain items, adjusted operating income margin(1) increased by 170 basis points to 27.4%, with adjusted net earnings(1) of $1,424 and adjusted net earnings per diluted share(1) of $3.69, an increase of 17.9% from 2025. In the six months 2026 we achieved sales growth of 6.1% from 2025. Excluding the impact of acquisitions and divestitures, sales grew 5.8% in constant currency. We reported operating income margin of 20.6%, net earnings of $2,021 and net earnings per diluted share of $5.23. Excluding the impact of certain items, adjusted operating income margin(1) increased by 10 basis points to 24.4%, with adjusted net earnings(1) of $2,428 and adjusted net earnings per diluted share(1) of $6.29, an increase of 5.4% from 2025. (1) Refer to "Non-GAAP Financial Measures" for a discussion of non- GAAP financial measures used in this report and a reconciliation to the most directly comparable GAAP financial measure. [[GREPCENT_TABLE]] [["CONSOLIDATED RESULTS OF OPERATIONS"],["","Three Months","","Six Months"],["","","","","","Percent Net Sales","","Percentage","","","","","","Percent Net Sales","","Percentage"],["","2026","","2025","","2026","","2025","","Change","","2026","","2025","","2026","","2025","","Change"],["Net sales","$6,589","","$6,022","","100.0%","","100.0%","","9.4%","","$12,609","","$11,888","","100.0%","","100.0%","","6.1%"],["Gross profit","4,498","","3,841","","68.3","","63.8","","17.1","","8,308","","7,585","","65.9","","63.8","","9.5"],["Research, development and engineering expenses","434","","407","","6.6","","6.8","","6.6","","847","","812","","6.7","","6.8","","4.3"],["Selling, general and administrative expenses","2,229","","2,079","","33.8","","34.5","","7.2","","4,510","","4,379","","35.8","","36.8","","3.0"],["Amortization of intangible assets","175","","187","","2.7","","3.1","","(6.4)","","355","","354","","2.8","","3.0","","0.3"],["Goodwill and other impairments","1","","55","","\u2014","","0.9","","nm","","1","","90","","\u2014","","0.8","","nm"],["Interest expense","(141)","","(159)","","(2.1)","","(2.6)","","(11.3)","","(289)","","(296)","","(2.3)","","(2.5)","","(2.4)"],["Other income","46","","62","","0.7","","1.0","","(25.8)","","108","","126","","0.9","","1.1","","(14.3)"],["Income taxes","288","","132","","nm","","nm","","118.2","","393","","242","","nm","","nm","","62.4"],["Net earnings","$1,276","","$884","","19.4%","","14.7%","","44.3%","","$2,021","","$1,538","","16.0%","","12.9%","","31.4%"],["Net earnings per diluted share","$3.30","","$2.29","","","","","","44.1%","","$5.23","","$3.98","","","","","","31.4%"],["Adjusted net earnings per diluted share(1)","$3.69","","$3.13","","","","","","17.9%","","$6.29","","$5.97","","","","","","5.4%"]] [[/GREPCENT_TABLE]] nm - not meaningful [[GREPCENT_TABLE]] [["Dollar amounts are in millions except per share amounts or as otherwise specified.","12"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["STRYKER CORPORATION","","2026 Second Quarter Form 10-Q"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["SALES GROWTH ANALYSIS"],["","Three Months","","Six Months"],["","","","","","Percentage Change","","","","","","Percentage Change"],["","2026","","2025","","As Reported","Constant Currency","","2026","","2025","","As Reported","Constant Currency"],["MedSurg and Neurotechnology:"],["Instruments"],["United States","$840","","$776","","8.4%","8.4%","","$1,606","","$1,478","","8.7%","8.7%"],["International","163","","142","","13.9","12.3","","317","","278","","13.9","9.6"],["Total","$1,003","","$918","","9.3%","9.0%","","$1,923","","$1,756","","9.6%","8.9%"],["Endoscopy"],["United States","$819","","$742","","10.2%","10.2%","","$1,520","","$1,452","","4.6%","4.6%"],["International","185","","157","","18.8","16.5","","352","","314","","12.4","8.1"],["Total","$1,004","","$899","","11.7%","11.3%","","$1,872","","$1,766","","6.0%","5.3%"],["Medical"],["United States","$945","","$840","","12.6%","12.6%","","$1,692","","$1,642","","3.1%","3.1%"],["International","177","","150","","17.9","15.0","","332","","293","","13.2","8.1"],["Total","$1,122","","$990","","13.4%","13.0%","","$2,024","","$1,935","","4.6%","3.9%"],["Vascular"],["United States","$250","","$268","","(6.7)%","(6.7)%","","$530","","$471","","12.5%","12.5%"],["International","246","","230","","6.3","4.0","","483","","433","","11.3","7.1"],["Total","$496","","$498","","(0.7)%","(1.8)%","","$1,013","","$904","","11.9%","9.9%"],["MedSurg and Neurotechnology"],["United States","$2,854","","$2,626","","8.7%","8.7%","","$5,348","","$5,043","","6.1%","6.1%"],["International","771","","679","","13.3","11.1","","1,484","","1,318","","12.5","8.1"],["Total","$3,625","","$3,305","","9.7%","9.2%","","$6,832","","$6,361","","7.4%","6.5%"],["Orthopaedics:"],["Knees"],["United States","$488","","$460","","6.2%","6.2%","","$960","","$924","","3.8%","3.8%"],["International","205","","180","","14.0","12.4","","403","","355","","13.7","9.2"],["Total","$693","","$640","","8.4%","8.0%","","$1,363","","$1,279","","6.6%","5.3%"],["Hips"],["United States","$296","","$283","","4.9%","4.9%","","$572","","$552","","3.6%","3.6%"],["International","183","","183","","\u2014","(0.8)","","367","","357","","2.9","(0.6)"],["Total","$479","","$466","","2.9%","2.6%","","$939","","$909","","3.3%","1.9%"],["Trauma and Extremities"],["United States","$791","","$702","","12.5%","12.5%","","$1,558","","$1,415","","10.1%","10.1%"],["International","281","","255","","10.3","8.5","","549","","487","","12.7","7.7"],["Total","$1,072","","$957","","11.9%","11.5%","","$2,107","","$1,902","","10.7%","9.4%"],["Ortho Tech"],["United States","$530","","$483","","9.5%","9.5%","","$997","","$942","","5.8%","5.8%"],["International","187","","166","","12.8","11.8","","366","","324","","12.9","9.2"],["Total","$717","","$649","","10.3%","10.0%","","$1,363","","$1,266","","7.6%","6.7%"],["","$2,961","","$2,712","","9.2%","8.8%","","$5,772","","$5,356","","7.7%","6.5%"],["Spinal Implants"],["United States","$\u2014","","$\u2014","","(100.0)%","(100.0)%","","$\u2014","","$118","","(100.0)%","(100.0)%"],["International","3","","5","","(36.7)","(40.9)","","5","","53","","(90.2)","(91.2)"],["Total","$3","","$5","","(36.7)%","(40.9)%","","$5","","$171","","(96.9)%","(97.1)%"],["Orthopaedics"],["United States","$2,105","","$1,928","","9.1%","9.1%","","$4,087","","$3,951","","3.4%","3.4%"],["International","859","","789","","8.9","7.6","","1,690","","1,576","","7.2","3.0"],["Total","$2,964","","$2,717","","9.1%","8.7%","","$5,777","","$5,527","","4.5%","3.3%"],["Geographic:"],["United States","$4,959","","$4,554","","8.9%","8.9%","","$9,435","","$8,994","","4.9%","4.9%"],["International","1,630","","1,468","","11.0","9.2","","3,174","","2,894","","9.7","5.3"],["Total","$6,589","","$6,022","","9.4%","9.0%","","$12,609","","$11,888","","6.1%","5.0%"]] [[/GREPCENT_TABLE]] Note: In the first quarter 2026 we announced a change in our organizational structure. Our new Ortho Tech business combines the orthopaedic instruments portfolio (Orthopaedic Instruments) from Instruments with Other Orthopaedics. In addition, Neuro Cranial and the spine enabling technologies portfolio (Enabling Technologies) from Other Orthopaedics were combined with the remaining Instruments business to align with our internal reporting structure. Ortho Tech includes sales related to Orthopaedic Instruments of $523 and $501 and Other Orthopaedics of $194 and $148 for the three months 2026 and 2025. For the six months 2026 and 2025 Ortho Tech includes sales related to Orthopaedic Instruments of $1,012 and $985 and Other Orthopaedics of $351 and $281. Instruments includes sales related to Neuro Cranial of $681 and $616 and Enabling Technologies of $28 and $34 for the three months 2026 and 2025. For the six months 2026 and 2025 Instruments includes sales related to Neuro Cranial of $1,287 and $1,179 and Enabling Technologies of $54 and $63. We have reflected these changes in all historical periods presented. [[GREPCENT_TABLE]] [["Dollar amounts are in millions except per share amounts or as otherwise specified.","13"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["STRYKER CORPORATION","","2026 Second Quarter Form 10-Q"]] [[/GREPCENT_TABLE]] Consolidated Net Sales Consolidated net sales increased 9.4% in the three months 2026 as reported and 9.0% in constant currency, as foreign currency exchange rates positively impacted net sales by 0.4%. Net sales in constant currency increased by 9.0% from increased unit volume. The unit volume increase was due to higher product shipments across most MedSurg and Neurotechnology businesses and all Orthopaedics businesses. Consolidated net sales increased 6.1% in the six months 2026 as reported and 5.0% in constant currency as foreign currency exchange rates positively impacted net sales by 1.1%. Excluding the (0.8)% impact of acquisitions and divestitures, net sales in constant currency increased by 5.6% from increased unit volume and 0.2% due to higher prices. The unit volume increase was due to higher product shipments across all MedSurg and Neurotechnology businesses and all Orthopaedics businesses. MedSurg and Neurotechnology Net Sales MedSurg and Neurotechnology net sales increased 9.7% in the three months 2026 as reported and 9.2% in constant currency, as foreign currency exchange rates positively impacted net sales by 0.5%. Net sales in constant currency increased by 9.1% from increased unit volume and 0.1% from higher prices. The unit volume increase was due to higher shipments across most Medsurg and Neurotechnology businesses. MedSurg and Neurotechnology net sales increased 7.4% in the six months 2026 as re [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/310764/000031076426000010/syk-20251231.htm Complete FY 2025 MD&A: /company/SYK/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-11 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. About Stryker Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology, and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. Our goal is to achieve sales growth at the high-end of the medical technology (MedTech) industry and maintain our long-term capital allocation strategy that prioritizes: (1) Acquisitions, (2) Dividends and (3) Share repurchases. We segregate our operations into two reportable business segments: (i) MedSurg and Neurotechnology and (ii) Orthopaedics. MedSurg and Neurotechnology products include surgical equipment and navigation systems (Instruments), endoscopic and communications systems (Endoscopy), patient handling, emergency medical equipment and intensive care disposable products (Medical), minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke and venous thromboembolism (Vascular), a comprehensive line of products for traditional brain and open skull-based surgical procedures; orthobiologic and biosurgery products, including synthetic bone grafts and vertebral augmentation products (Neuro Cranial). Orthopaedics products consist primarily of implants used in hip and knee joint replacements and trauma and extremity surgeries. Macroeconomic Environment In 2025 the United States government has announced new tariffs on goods imported into the United States from dozens of countries, including China and the European Union member states. In response, governments have threatened or imposed reciprocal tariffs or taken other measures, and the United States is in the process of negotiating with certain governments. We continue to monitor and evaluate the situation. Tariffs are expected to continue to result in an increase in certain product costs or have adverse impacts on, among other things, demand for our products and supply chains. The overall macroeconomic and geopolitical environment, including tariffs or changes in trade policies, slower economic growth or recession, market volatility and inflation, and uncertainty regarding all of the foregoing, pose risks that could impact our business and results of operations. For more information about these risks, see Item 1A. "Risk Factors." Overview of 2025 In 2025 we achieved reported net sales growth of 11.2%. Excluding the impact of acquisitions and divestitures, sales grew 10.3% in constant currency. We reported net earnings of $3,246 and net earnings per diluted share of $8.40. Excluding the impact of certain items, we achieved adjusted net earnings(1) of $5,267 and adjusted net earnings per diluted share(1) of $13.63 representing growth of 11.8%. We continued our capital allocation strategy by investing $4,960 in acquisitions and paying $1,284 in dividends to our shareholders. In 2025 we completed various acquisitions for total consideration of $4,960, net of cash acquired. Refer to Note 6 to our Consolidated Financial Statements for further information. In February 2025 we entered into a new revolving credit agreement that replaces our previous agreement dated October 2021. The primary changes included increasing the aggregate principal amount of the facility by $750 to $3,000 and extending the maturity date to February 25, 2030. On December 31, 2025 there were no borrowings outstanding under our revolving credit facility or our commercial paper program which allows for maturities up to 397 days from the date of issuance. The maximum amount of our commercial paper that can be outstanding at any time is $3,000. In February 2025 we issued $500 of 4.550% senior unsecured notes due February 10, 2027, $700 of 4.700% senior unsecured notes due February 10, 2028, $800 of 4.850% senior unsecured notes due February 10, 2030 and $1,000 of 5.200% senior unsecured notes due February 10, 2035. In the second quarter  2025 we repaid $650 of 1.150% senior unsecured notes and in the fourth quarter 2025 we repaid $750 of 3.375% senior unsecured notes. (1)Refer to "Non-GAAP Financial Measures" for a discussion of non-GAAP financial measures used in this report and a reconciliation to the most directly comparable GAAP financial measure. [[GREPCENT_TABLE]] [["Dollar amounts in millions except per share amounts or as otherwise specified.","16"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["STRYKER CORPORATION","","2025 FORM 10-K"]] [[/GREPCENT_TABLE]] CONSOLIDATED RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [["","","","","","","","Percent Net Sales","","Percentage Change"],["2025","","2024","","2023","","2025","","2024","","2023","","2025 vs. 2024","","2024 vs. 2023"],["Net sales","$25,116","","$22,595","","$20,498","","100.0%","","100.0%","","100.0%","","11.2%","","10.2%"],["Gross profit","16,065","","14,440","","13,058","","64.0","","63.9","","63.7","","11.3","","10.6"],["Research, development and engineering expenses","1,623","","1,466","","1,388","","6.5","","6.5","","6.8","","10.7","","5.6"],["Selling, general and administrative expenses","8,651","","7,685","","7,111","","34.4","","34.0","","34.7","","12.6","","8.1"],["Amortization of intangible assets","732","","623","","635","","2.9","","2.8","","3.1","","17.5","","(1.9)"],["Goodwill and other impairments","170","","977","","36","","0.7","","4.3","","0.2","","nm","","nm"],["Interest expense","(607)","","(409)","","(363)","","(2.4)","","(1.8)","","(1.8)","","48.4","","12.7"],["Other income","232","","212","","148","","0.9","","0.9","","0.8","","9.4","","43.2"],["Income taxes","1,268","","499","","508","","nm","","nm","","nm","","154.1","","(1.8)"],["Net earnings","$3,246","","$2,993","","$3,165","","12.9%","","13.2%","","15.4%","","8.5%","","(5.4)%"],["Net earnings per diluted share","$8.40","","$7.76","","$8.25","","","","","","","","8.2%","","(5.9)%"],["Adjusted net earnings per diluted share(1)","$13.63","","$12.19","","$10.60","","","","","","","","11.8%","","15.0%"]] [[/GREPCENT_TABLE]] nm - not meaningful [[GREPCENT_TABLE]] [["Geographic and Segment Net Sales","","","Percentage Change"],["","","2025 vs. 2024","","2024 vs. 2023"],["","2025","","2024","","2023","","As Reported","ConstantCurrency","","As Reported","ConstantCurrency"],["Geographic:"],["United States","$19,006","","$16,943","","$15,257","","12.2%","12.2%","","11.0%","11.0%"],["International","6,110","","5,652","","5,241","","8.1","6.4","","7.9","9.8"],["Total","$25,116","","$22,595","","$20,498","","11.2%","10.7%","","10.2%","10.7%"],["Segment:"],["MedSurg and Neurotechnology","$15,647","","$13,518","","$12,163","","15.7%","15.4%","","11.1%","11.6%"],["Orthopaedics","9,469","","9,077","","8,335","","4.3","3.8","","8.9","9.4"],["Total","$25,116","","$22,595","","$20,498","","11.2%","10.7%","","10.2%","10.7%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["Supplemental Net Sales Growth Information"],["","","","","","","","Percentage Change"],["","","","","","","","2025 vs. 2024","","2024 vs. 2023"],["","","","","","","","","","","United States","","International","","","","","United States","","International"],["","2025","","2024","","2023","","As Reported","Constant Currency","","As Reported","","As Reported","Constant Currency","","As Reported","Constant Currency","","As Reported","","As Reported","Constant Currency"],["MedSurg and Neurotechnology:"],["Instruments","$3,183","","$2,834","","$2,534","","12.3%","11.9%","","13.0%","","9.5%","7.5%","","11.9%","12.1%","","12.5%","","9.5%","10.6%"],["Endoscopy","3,807","","3,389","","3,068","","12.3","12.3","","12.2","","12.8","12.4","","10.5","11.0","","11.1","","7.7","10.7"],["Medical","4,204","","3,852","","3,459","","9.1","8.8","","10.0","","4.8","2.8","","11.4","11.7","","14.6","","(2.0)","(0.3)"],["Vascular","1,968","","1,307","","1,226","","50.6","50.0","","107.5","","14.8","13.4","","6.6","8.2","","4.7","","7.9","10.5"],["Neuro Cranial","2,485","","2,136","","1,876","","16.3","15.9","","16.5","","15.5","13.1","","13.9","14.1","","15.0","","8.7","10.2"],["","$15,647","","$13,518","","$12,163","","15.7%","15.4%","","17.0%","","11.3%","9.7%","","11.1%","11.6%","","12.7%","","5.9%","7.9%"],["Orthopaedics:"],["Knees","$2,656","","$2,447","","$2,273","","8.5%","8.2%","","7.6%","","11.0%","9.7%","","7.6%","8.2%","","6.7%","","10.4%","12.2%"],["Hips","1,865","","1,704","","1,544","","9.5","8.9","","7.4","","12.9","11.2","","10.3","11.3","","7.2","","15.9","18.4"],["Trauma and Extremities","3,948","","3,507","","3,147","","12.6","11.8","","13.1","","11.0","8.2","","11.4","11.6","","12.6","","8.3","9.1"],["Other","815","","712","","658","","14.5","14.0","","18.2","","5.3","3.6","","8.1","9.6","","7.3","","10.1","15.4"],["","9,284","","8,370","","7,622","","10.9%","10.3%","","10.9%","","11.0%","9.0%","","9.8%","10.4%","","9.3%","","10.9%","12.8%"],["Spinal Implants","185","","707","","713","","(73.9)","(73.9)","","(76.0)","","(69.3)","(69.2)","","(0.7)","(0.3)","","(2.1)","","2.5","3.8"],["","$9,469","","$9,077","","$8,335","","4.3%","3.8%","","4.3%","","4.4%","2.6%","","8.9%","9.4%","","8.4%","","10.2%","12.0%"],["Total","$25,116","","$22,595","","$20,498","","11.2%","10.7%","","12.2%","","8.1%","6.4%","","10.2%","10.7%","","11.0%","","7.9%","9.8%"]] [[/GREPCENT_TABLE]] Consolidated Net Sales Consolidated net sales in 2025 increased 11.2% as reported and 10.7% in constant currency, as foreign currency exchange rates positively impacted net sales by 0.5%. Excluding the 0.4% impact of acquisitions and divestitures, net sales in constant currency increased by 9.9% from increased unit volume and 0.4% due to higher prices. The unit volume increase was primarily due to higher shipments across all businesses. Consolidated net sales in 2024 increased 10.2% as reported and 10.7% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.5%. Excluding the 0.5% impact of acquisitions and divestitures, net sales in constant currency increased by 9.1% from increased unit volume and 1.1% due to higher prices. The unit volume increase was due to higher shipments across all MedSurg and Neurotechnology businesses and most Orthopaedics businesses. [[GREPCENT_TABLE]] [["Dollar amounts in millions except per share amounts or as otherwise specified.","17"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["STRYKER CORPORATION","","2025 FORM 10-K"]] [[/GREPCENT_TABLE]] MedSurg and Neurotechnology Net Sales MedSurg and Neurotechnology net sales in 2025 increased 15.7% as reported and 15.4% in constant currency, as foreign currency exchange rates positively impacted net sales by 0.3%. Excluding the 4.7% impact of acquisitions and divestitures, net sales in constant currency increased by 10.0% from increased unit volume and 0.7% due to higher prices. The unit volume increase was due to higher shipments across all MedSurg and Neurotechnology businesses. MedSurg and Neurotechnology net sales in 2024 increased 11.1% as reported and 11.6% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.5%. Excluding the 0.4% impact of acquisitions and divestitures, net sales in constant currency increased by 9.5% from increased unit volume and 1.7% due to higher prices. The unit volume increase was due to higher shipments across all MedSurg and Neurotechnology businesses. Orthopaedics Net Sales Orthopaedics net sales in 2025 increased 4.3% as reported and 3.8% in constant currency, as foreign currency exchange rates positively impacted net sales by 0.5%. Excluding the 5.7% impact of acquisitions and divestitures, net sales in constant currency increased by 9.6% from increased unit volume partially offset by 0.1% due to lower prices. The unit volume increa [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/SYK/mda/fy2025/ All MD&A years: /company/SYK/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/SYK/mda/fy2024/): filed 2025-02-12; accession 0000310764-25-000023 (https://www.sec.gov/Archives/edgar/data/310764/000031076425000023/syk-20241231.htm) - [FY 2023 MD&A](/company/SYK/mda/fy2023/): filed 2024-02-14; accession 0000310764-24-000024 (https://www.sec.gov/Archives/edgar/data/310764/000031076424000024/syk-20231231.htm) - [FY 2022 MD&A](/company/SYK/mda/fy2022/): filed 2023-02-10; accession 0000310764-23-000017 (https://www.sec.gov/Archives/edgar/data/310764/000031076423000017/syk-20221231.htm) - [FY 2021 MD&A](/company/SYK/mda/fy2021/): filed 2022-02-11; accession 0000310764-22-000028 (https://www.sec.gov/Archives/edgar/data/310764/000031076422000028/syk-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3841 Surgical & Medical Instruments & Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). 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