Zimmer Biomet
ZBH · NYSEOrthopedic, Prosthetic & Surgical Appliances & Supplies · Fiscal year ends Dec 31
Zimmer Biomet reported revenue of $8.2B in the fiscal year ended Dec 2025, up 7.2% from the year before. Operating income was $1.1B, an operating margin of 13.3%, and net income was $705M. Operating cash flow of $1.7B less capital expenditure of $225M left free cash flow of $1.5B. Net debt was $6.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.8B | $6.9B | $7.4B | $7.7B | $8.2B |
| Cost of revenue | $2B | $2B | $2.1B | $2.2B | $2.5B |
| Gross profit | $4.9B | $4.9B | $5.3B | $5.5B | $5.7B |
| Selling, general & admin | $2.8B | $2.8B | $2.8B | $2.9B | $3.3B |
| Operating income | $860M | $696M | $1.3B | $1.3B | $1.1B |
| Net interest incomeBanks | −$208M | −$165M | −$201M | −$218M | −$293M |
| Pre-tax income | $499M | $404M | $1.1B | $1B | $831M |
| Income tax | $54M | $112M | $42M | $131M | $126M |
| Net income | $402M | $231M | $1B | $904M | $705M |
| Diluted EPS | 1.91 | 1.10 | 4.88 | 4.43 | 3.55 |
| Diluted shares | 210M | 210M | 210M | 204M | 199M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $378M | $376M | $416M | $526M | $592M |
| Receivables | $1.3B | $1.4B | $1.4B | $1.5B | $1.7B |
| Inventory | $2.1B | $2.1B | $2.4B | $2.2B | $2.3B |
| Current assets | $4.9B | $4.4B | $4.6B | $4.7B | $5.1B |
| Net PP&E | $1.8B | $1.9B | $2.1B | $2B | $2.2B |
| Goodwill | $8.9B | $8.6B | $8.8B | $9B | $9.9B |
| Total assets | $23.5B | $21.1B | $21.5B | $21.4B | $23.1B |
| Payables | $307M | $354M | $411M | $195M | $303M |
| Deferred revenue | $0 | $0 | $0 | $0 | $0 |
| Current liabilities | $3.5B | $2.4B | $2.9B | $2.5B | $2.6B |
| Short-term debt | $1.6B | $544M | $900M | $863M | $587M |
| Long-term debt | $5.5B | $5.2B | $4.9B | $5.3B | $6.9B |
| Total liabilities | $10.8B | $9B | $9B | $8.9B | $10.4B |
| Shareholders' equity | $12.7B | $12B | $12.5B | $12.5B | $12.7B |
| Backlog (remaining obligations) | $0 | $0 | $0 | $0 | $0 |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $1.4B | $1.6B | $1.5B | $1.7B |
| Capital expenditure | $144M | $188M | $291M | $204M | $225M |
| Free cash flow | $1.4B | $1.2B | $1.3B | $1.3B | $1.5B |
| Depreciation & amortisation | $938M | $926M | $952M | $996M | $1.1B |
| Stock-based compensation | $76M | $105M | $100M | $101M | $90M |
| Share buybacks | – | $126M | $692M | $868M | $487M |
| Dividends paid | $200M | $201M | $201M | $196M | $190M |
| Dividend per share | 0.96 | 0.96 | 0.96 | 0.96 | 0.96 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.6% | 6.5% | 3.8% | 7.2% |
| Operating income growth (YoY) | – | −19.1% | 83.5% | 0.6% | −14.6% |
| EPS growth (YoY) | – | −42.4% | 343.6% | −9.2% | −19.9% |
| Gross margin | 71.3% | 70.9% | 71.8% | 71.5% | 69.7% |
| Operating margin | 12.6% | 10.0% | 17.3% | 16.7% | 13.3% |
| Net margin | 5.9% | 3.3% | 13.8% | 11.8% | 8.6% |
| Return on equityBlank when equity is negative | 3.2% | 1.9% | 8.2% | 7.2% | 5.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.3% | 3.7% | 6.9% | 6.8% | 5.4% |
| Free cash flow margin | 19.9% | 16.8% | 17.5% | 16.9% | 17.9% |
| Cash conversion (CFO ÷ net income) | 3.73x | 5.86x | 1.54x | 1.66x | 2.41x |
| Receivable days | 67 | 73 | 71 | 70 | 76 |
| Inventory days | 400 | 388 | 418 | 372 | 335 |
| Payable days | 57 | 64 | 72 | 32 | 44 |
| Debt ÷ equity | 0.56x | 0.47x | 0.46x | 0.50x | 0.59x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.7B | $5.3B | $5.4B | $5.7B | $6.9B |
| Current ratio | 1.41x | 1.88x | 1.61x | 1.91x | 1.98x |
Recent filings
More in Orthopedic, Prosthetic & Surgical Appliances & Supplies
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.