Solventum
SOLV · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Solventum reported revenue of $8.3B in the fiscal year ended Dec 2025, up 0.9% from the year before. Operating income was $2.2B, an operating margin of 26.2%, and net income was $1.6B. Operating cash flow of $369M less capital expenditure of $379M left free cash flow of −$10M. Net debt was $4.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $8.1B | $8.2B | $8.3B | $8.3B |
| Gross profit | $4.7B | $4.7B | $4.6B | $4.5B |
| Research & development | $767M | $758M | $775M | $739M |
| Selling, general & admin | $2.2B | $2.3B | $2.8B | $3.1B |
| Operating income | $1.7B | $1.7B | $1B | $2.2B |
| Pre-tax income | $1.7B | $1.7B | $605M | $1.7B |
| Income tax | $349M | $321M | $127M | $157M |
| Net income | $1.3B | $1.3B | $479M | $1.6B |
| Diluted EPS | 7.78 | 7.79 | 2.76 | 8.88 |
| Diluted shares | 173M | 173M | 174M | 175M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $61M | $194M | $762M | $878M |
| Receivables | – | $1.3B | $1B | $1B |
| Inventory | – | $857M | $965M | $1.1B |
| Current assets | – | $2.5B | $3.2B | $3.9B |
| Net PP&E | – | $1.5B | $1.6B | $1.3B |
| Goodwill | $6.4B | $6.5B | $6.4B | $5.7B |
| Total assets | – | $13.9B | $14.5B | $14.3B |
| Payables | – | $477M | $618M | $687M |
| Deferred revenue | – | $574M | $572M | $621M |
| Current liabilities | – | $1.7B | $2.7B | $3.1B |
| Short-term debt | – | $0 | $200M | $0 |
| Long-term debt | – | $0 | $7.8B | $5B |
| Total liabilities | – | $2.3B | $11.5B | $9.2B |
| Shareholders' equity | $11.7B | $11.7B | $3B | $5B |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.9B | $1.2B | $369M |
| Capital expenditure | $251M | $290M | $380M | $379M |
| Free cash flow | $1.4B | $1.6B | $805M | −$10M |
| Depreciation & amortisation | $578M | $561M | $555M | $489M |
| Stock-based compensation | $37M | $39M | $112M | $161M |
| Acquisitions | – | $0 | $0 | $696M |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.8% | 0.7% | 0.9% |
| Operating income growth (YoY) | – | −0.1% | −38.8% | 110.5% |
| EPS growth (YoY) | – | 0.1% | −64.6% | 221.7% |
| Gross margin | 57.7% | 57.3% | 55.6% | 53.5% |
| Operating margin | 20.8% | 20.6% | 12.6% | 26.2% |
| Net margin | 16.5% | 16.4% | 5.8% | 18.7% |
| Return on equityBlank when equity is negative | 11.4% | 11.5% | 16.2% | 30.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 13.9% | 8.8% | 19.5% |
| Free cash flow margin | 17.6% | 19.8% | 9.8% | −0.1% |
| Cash conversion (CFO ÷ net income) | 1.25x | 1.42x | 2.47x | 0.24x |
| Receivable days | – | 58 | 46 | 45 |
| Inventory days | – | 89 | 96 | 100 |
| Payable days | – | 50 | 62 | 65 |
| Debt ÷ equity | – | 0.00x | 2.71x | 1.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −$194M | $7.2B | $4.2B |
| Current ratio | – | 1.46x | 1.20x | 1.23x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.