Stryker
SYK · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Stryker reported revenue of $25.1B in the fiscal year ended Dec 2025, up 11.2% from the year before. Operating income was $4.9B, an operating margin of 19.5%, and net income was $3.2B. Operating cash flow of $5B less capital expenditure of $761M left free cash flow of $4.3B. Net debt was $11.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.1B | $18.4B | $20.5B | $22.6B | $25.1B |
| Cost of revenue | $6.1B | $6.9B | $7.4B | $8.2B | $9.1B |
| Gross profit | $11B | $11.6B | $13.1B | $14.4B | $16.1B |
| Research & development | $1.2B | $1.5B | $1.4B | $1.5B | $1.6B |
| Selling, general & admin | $6.4B | $6.4B | $7.1B | $7.7B | $8.7B |
| Operating income | $2.6B | $2.8B | $3.9B | $3.7B | $4.9B |
| Interest expense | $337M | $337M | $363M | $409M | $607M |
| Pre-tax income | $2.3B | $2.7B | $3.7B | $3.5B | $4.5B |
| Income tax | $287M | $325M | $508M | $499M | $1.3B |
| Net income | $2B | $2.4B | $3.2B | $3B | $3.2B |
| Diluted EPS | 5.21 | 6.17 | 8.25 | 7.76 | 8.40 |
| Diluted shares | 382M | 382M | 384M | 386M | 387M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.9B | $1.8B | $3B | $3.7B | $4B |
| Receivables | $3B | $3.6B | $3.8B | $4B | $4B |
| Inventory | $3.3B | $4B | $4.8B | $4.8B | $5.3B |
| Current assets | $10B | $10.3B | $12.5B | $14.8B | $14.8B |
| Net PP&E | $2.8B | $3B | $3.2B | $3.4B | $3.9B |
| Goodwill | $12.9B | $14.9B | $15.2B | $15.9B | $19.3B |
| Total assets | $34.6B | $36.9B | $39.9B | $43B | $47.8B |
| Deferred revenue | $529M | $741M | $860M | $978M | $1B |
| Current liabilities | $4.5B | $6.3B | $7.9B | $7.6B | $7.8B |
| Short-term debt | $7M | $1.2B | $2.1B | $1.4B | $1B |
| Long-term debt | $12.5B | $11.9B | $10.9B | $12.2B | $14.9B |
| Total liabilities | $19.8B | $20.3B | $21.3B | $22.3B | $25.4B |
| Shareholders' equity | $14.9B | $16.6B | $18.6B | $20.6B | $22.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $2.6B | $3.7B | $4.2B | $5B |
| Capital expenditure | $525M | $588M | $575M | $755M | $761M |
| Free cash flow | $2.7B | $2B | $3.1B | $3.5B | $4.3B |
| Depreciation & amortisation | $1.3B | $1.3B | $1.3B | $1.4B | $1.6B |
| Stock-based compensation | $171M | $168M | $205M | $229M | $243M |
| Acquisitions | $339M | $2.6B | $390M | $1.6B | $5B |
| Share buybacks | $0 | – | – | – | – |
| Dividends paid | $950M | $1.1B | $1.1B | $1.2B | $1.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.8% | 11.1% | 10.2% | 11.2% |
| Operating income growth (YoY) | – | 9.9% | 36.9% | −5.1% | 32.5% |
| EPS growth (YoY) | – | 18.4% | 33.7% | −5.9% | 8.2% |
| Gross margin | 64.1% | 62.8% | 63.7% | 63.9% | 64.0% |
| Operating margin | 15.1% | 15.4% | 19.0% | 16.3% | 19.5% |
| Net margin | 11.7% | 12.8% | 15.4% | 13.2% | 12.9% |
| Return on equityBlank when equity is negative | 13.4% | 14.2% | 17.0% | 14.5% | 14.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.6% | 9.3% | 12.2% | 10.4% | 12.2% |
| Free cash flow margin | 16.0% | 11.0% | 15.3% | 15.4% | 17.1% |
| Cash conversion (CFO ÷ net income) | 1.64x | 1.11x | 1.17x | 1.42x | 1.55x |
| Receivable days | 64 | 71 | 67 | 64 | 59 |
| Inventory days | 197 | 212 | 238 | 214 | 214 |
| Interest cover | 7.67x | 8.43x | 10.7x | 9.02x | 8.05x |
| Debt ÷ equity | 0.84x | 0.79x | 0.70x | 0.66x | 0.71x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.5B | $11.2B | $10B | $9.9B | $11.8B |
| Current ratio | 2.20x | 1.63x | 1.58x | 1.95x | 1.89x |
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.