STRYKER CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data STRYKER CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,325	12,444	13,601	14,884	14,351	17,108	18,449	20,498	22,595	25,116
Cost of revenue	3,821	4,264	4,663	5,188	5,294	6,140	6,871	7,440	8,155	9,051
Gross profit	7,504	8,180	8,938	9,696	9,057	10,968	11,578	13,058	14,440	16,065
Research and development	715	787	862	971	984	1,235	1,454	1,388	1,466	1,623
Selling, general and administrative	4,137	4,552	5,099	5,356	5,361	6,427	6,386	7,111	7,685	8,651
Operating expenses	5,329	5,883	6,401	6,983	6,834	8,384	8,737	9,170	10,751	11,176
Operating income	2,175	2,297	2,537	2,713	2,223	2,584	2,841	3,888	3,689	4,889
Interest expense	228	247	264	287	315	337	337	363	409	607
Other non-operating income	-254	-234	-181	-151	-269	-303	-158	148	212	232
Pre-tax income	1,921	2,063	2,356	2,562	1,954	2,281	2,683	3,673	3,492	4,514
Income tax	274	1,043	-1,197	479	355	287	325	508	499	1,268
Net income	1,647	1,020	3,553	2,083	1,599	1,994	2,358	3,165	2,993	3,246
EBITDA	2,927	3,156	3,503	3,757	3,299	3,856	4,119	5,229	5,115	6,459
EPS, basic	4.40	2.73	9.50	5.57	4.26	5.29	6.23	8.34	7.86	8.49
EPS, diluted	4.35	2.68	9.34	5.48	4.20	5.21	6.17	8.25	7.76	8.40
Shares, basic (weighted)	374	374	374	374	376	377	378	380	381	382
Shares, diluted (weighted)	379	380	380	380	380	382	382	384	386	387
Dividend per share	1.57

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,316	2,542	3,616	4,337	2,943	2,944	1,844	2,971	3,652	4,011
Short-term investments				88	81	75	84	82	91	89
Receivables	1,967	2,198	2,332	2,893	2,701	3,022	3,565	3,765	3,987	4,039
Inventory	2,030	2,465	2,955	2,980	3,494	3,314	3,995	4,843	4,774	5,310
Other current assets	480	537	747	760	488	662	787	857	1,593	1,306
Total current assets	7,861	7,993	9,733	11,058	9,707	10,017	10,275	12,518	14,847	14,755
Property, plant and equipment	1,569	1,975	2,291	2,567	2,752	2,833	2,970	3,215	3,448	3,876
Lease right-of-use assets				384	423	419	473	494	516	519
Goodwill	6,356	7,168	8,563	9,069	12,778	12,918	14,880	15,243	15,855	19,291
Intangible assets	3,508	3,477	4,163	4,227	5,554	4,840	4,885	4,593	4,395	5,681
Other non-current assets	1,141	1,301	801	1,671	2,009	2,263	2,464	2,673	2,684	3,143
Total assets	20,435	22,197	27,229	30,167	34,330	34,631	36,884	39,912	42,971	47,844
Accounts payable	437	487	646	675	810	1,129	1,413	1,517	1,679	1,799
Accrued liabilities	767	838	917	955	925	1,092	1,149	1,478	1,403	1,595
Short-term debt	228	632	1,373	859	761	7	1,191	2,094	1,409	1,000
Total current liabilities	3,148	3,485	4,807	4,400	5,041	4,549	6,303	7,921	7,616	7,794
Long-term debt	6,686	6,590	8,486	10,231	13,230	12,472	11,857	10,901	12,188	14,859
Lease liabilities				301	325	310	357	356	379	348
Other non-current liabilities	764	881	978	1,661	1,985	1,820	1,467	1,930	2,184	2,369
Total liabilities	10,885	12,217	15,499	17,360	21,246	19,754	20,268	21,319	22,337	25,424
Total debt	6,686	6,590	8,486	10,231	13,230	12,472	11,857	10,901	12,188	14,859
Paid-in capital	1,432	1,496	1,559	1,628	1,741	1,890	2,034	2,200	2,361	2,597
Retained earnings	8,842	8,986	10,765	11,748	12,462	13,480	14,765	16,771	18,528	20,472
Other comprehensive income	-761	-553	-631	-606	-1,157	-531	-221	-416	-293	-687
Shareholders' equity	9,550	9,966	11,730
Minority interests	0	14
Total equity	9,550	9,980	11,730	12,807	13,084	14,877	16,616	18,593	20,634	22,420
Total liabilities and equity	20,435	22,197	27,229	30,167	34,330	34,631	36,884	39,912	42,971	47,844
Shares outstanding	375	374

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,647	1,020	3,553	2,083	1,599	1,994	2,358	3,165	2,993	3,246
Depreciation and amortization	752	859	966	1,044	1,076	1,272	1,278	1,341	1,426	1,570
Stock-based compensation	97	113	119	127	142	171	168	205	229	243
Deferred income tax	-46	36	-1,582	126	48	-237	58	-206	-370	392
Change in receivables	-192	-162	-60	-563	354	-377	-579	-175	-321	127
Change in inventory	-299	-320	-385	-400	27	-189	-762	-797	-206	-297
Cash from operations	1,915	1,559	2,610	2,191	3,277	3,263	2,624	3,711	4,242	5,044
Capital expenditures	-490	-598	-572	-649	-487	-525	-588	-575	-755	-761
Acquisitions	-4,332	-831	-2,451	-802	-4,222	-339	-2,563	-390	-1,628	-4,960
Purchases of investments	-151	-270	-226	-74	-54	-49	-52	-52	-58
Sales and maturities of investments	785	87	394	69	61	55	43	54	49
Cash from investing	-4,191	-1,613	-2,857	-1,455	-4,701	-859	-2,924	-962	-3,000	-4,866
Debt issued	3,453	499	3,126	2,642	3,292	5	1,500	1,241	3,011	2,979
Debt repaid	-750	0	-669	-1,342	-2,297	-1,151	-653	-2,058	-2,039	-1,400
Share buybacks	-13	-230	-300	-307	0	0
Dividends paid	-568	-636	-703	-778	-863	-950	-1,051	-1,139	-1,219	-1,284
Cash from financing	2,258	-794	1,329	3	-11	-2,365	-749	-1,594	-525	113
Exchange rate effect	-45	74	-8	-18	41	-38	-51	-28	-36	68
Net change in cash	-63	-774	1,074	721	-1,394	1	-1,100	1,127	681	359
Free cash flow	1,425	961	2,038	1,542	2,790	2,738	2,036	3,136	3,487	4,283
Interest paid	180	231	248	286	304	325	324	356	396	582
Income taxes paid	510	312	539	457	323	622	505	693	989	1,002

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $272.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	65.0%	Gross profit / revenue.
Operating margin	21.4%	Operating income / revenue.
EBITDA margin	27.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.9%	Pre-tax income / revenue.
Net margin	14.4%	Net income / revenue.
FCF margin	18.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.4%	Cash from operations / revenue.
Effective tax rate	27.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	7.8%	Net income / average total assets.
R&D / revenue	6.4%	Research and development expense / revenue.
SG&A / revenue	34.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	32.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	26.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	22.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	28.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.16x	Current assets / current liabilities.
Quick ratio	1.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / assets	29.6%	Total debt / total assets.
Liabilities / assets	50.0%	Total liabilities / total assets.
Net debt	$10.72B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.62x	Operating income / interest expense.
Working capital	$7.73B	Current assets - current liabilities.
Goodwill and intangibles / assets	52.8%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	6.53x	Revenue / average property, plant and equipment.
Inventory turnover	1.64x	Cost of revenue / average inventory.
Days inventory	223 days	365 x average inventory / cost of revenue.
Receivables turnover	6.90x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	208 days	Days inventory + days sales outstanding - days payables.
FCF conversion	126.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$66.94	Revenue / diluted weighted shares.
FCF per share	$12.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$14.31	Cash from operations / diluted weighted shares.
Cash per share	$9.01	(Cash + short-term investments) / shares outstanding.
Payout ratio	35.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$104.47B	Share price x shares outstanding.
Enterprise value	$115.19B	Market cap + total debt - cash - short-term investments.
P/E	28.0x	Market cap / net income. Only when net income is positive.
P/S	4.04x	Market cap / revenue.
P/FCF	22.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.9x	Market cap / cash from operations, when positive.
EV/Sales	4.46x	Enterprise value / revenue.
EV/EBIT	20.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.
PEG	2.59x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was STRYKER CORP's revenue in fiscal 2025?

STRYKER CORP reported revenue of $25.12B for fiscal 2025, 11.2% higher than the year before.

Was STRYKER CORP profitable in fiscal 2025?

Yes. Net income was $3.25B, a net margin of 12.9%.

How much free cash flow did STRYKER CORP generate in fiscal 2025?

Cash from operations of $5.04B minus capital expenditures of $761.0M left free cash flow of $4.28B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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