ZIMMER BIOMET HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ZIMMER BIOMET HOLDINGS, INC. 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	7,684	7,824	7,933	7,982	6,128	6,827	6,940	7,394	7,679	8,232
Cost of revenue	2,382	2,133	2,272	2,253	1,824	1,960	2,020	2,084	2,191	2,494
Gross profit	5,302	5,691	5,661	5,730	4,303	4,867	4,920	5,310	5,487	5,738
Research and development	366	370	392	449	323	436	406	459	437	459
Selling, general and administrative	2,945	3,105	3,379	3,344	2,713	2,843	2,762	2,839	2,930	3,257
Operating income	821	799	33.8	1,138	83.1	860	696	1,278	1,286	1,098
Interest expense	358	328
Interest income	2.9	2.2
Other non-operating income	-66.5	-9.4	-15.6	-4.8	23.8	12.2	-128	-9.3	-31.1	25.5
Pre-tax income	400	465	-271	906	-105	499	404	1,067	1,037	831
Income tax	95	-1,349	108	-226	-96	53.5	112	42.2	131	126
Income from continuing operations					-10.7	445	290	1,024	904
Net income to minority interests	-1.3	-0.4	-0.1	-0.1	1.5	0.5
Net income	306	1,814	-379	1,132	-139	402	231	1,024	904	705
EBITDA	1,860	1,862	1,074	2,144	982	1,798	1,623	2,229	2,282	2,192
EPS, basic	1.53	8.98	-1.86	5.52	-0.67	1.93	1.10	4.91	4.45	3.56
EPS, diluted	1.51	8.90	-1.86	5.47	-0.67	1.91	1.10	4.88	4.43	3.55
Shares, basic (weighted)	200	202	204	205	207	209	210	209	203	198
Shares, diluted (weighted)	202	204	204	207	207	210	210	210	204	199
Dividend per share	0.96	0.96	0.96	0.96	0.96	0.96	0.96	0.96	0.96	0.96

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	634	524	543	618	802	378	376	416	526	592
Receivables	1,604	1,544	1,276	1,364	1,453	1,260	1,382	1,442	1,481	1,704
Inventory	1,959	2,068	2,257	2,385	2,451	2,148	2,147	2,385	2,235	2,286
Other current assets	466	428	352	357	169	271	523	366	430	537
Total current assets	4,664	4,565	4,427	4,724	5,083	4,885	4,427	4,610	4,672	5,120
Property, plant and equipment	2,038	2,039	2,015	2,077	2,048	1,837	1,873	2,060	2,049	2,207
Lease right-of-use assets				267	275	219	196	204	214	204
Goodwill	10,644	10,668	9,594	9,600	8,983	8,919	8,580	8,819	8,951	9,947
Intangible assets	8,785	8,353	7,685	7,258	7,056	5,534	5,064	4,856	4,598	4,717
Other non-current assets	554	389	405	980	969	1,005	1,122	1,152	1,096	1,100
Total assets	26,684	26,014	24,127	24,639	24,418	23,456	21,066	21,497	21,365	23,092
Accounts payable	365	330	363	401	330	307	354	411	195	303
Accrued liabilities	789	775	671	778	873	536	582	804	707	835
Short-term debt	576	1,225	525	1,500	500	1,605	544	900	863	587
Total current liabilities	2,382	3,070	2,421	3,442	2,557	3,468	2,358	2,857	2,451	2,584
Long-term debt	10,666	8,918	8,414	6,721	7,627	5,464	5,152	4,868	5,342	6,932
Lease liabilities				216	218	175	167	174	190	176
Other non-current liabilities	463	446	350	558	656	549	633	926	744	626
Total liabilities	17,015	14,279	12,851	12,246	12,218	10,790	9,039	9,009	8,889	10,386
Total debt	11,241	10,143	8,939	8,221	8,127	1,000	5,697	5,768	6,205	7,519
Paid-in capital	8,369	8,515	8,686	8,920	9,122	9,315	9,504	9,846	10,038	10,179
Retained earnings	8,467	10,023	9,491	10,427	10,087	10,292	9,559	10,385	11,095	11,611
Treasury stock	-6,736	-6,722	-6,722	-6,721	-6,720	-6,718	-6,867	-7,562	-8,406	-8,889
Other comprehensive income	-434	-83.2	-187	-242	-298	-232	-179	-191	-263	-206
Shareholders' equity	9,669	11,736	11,271	12,388	12,194	12,661	12,020	12,481	12,468	12,698
Minority interests	1	-0.3	4.8	4.7	5.2	5.7	6.7	7.7	8.1	8.1
Total equity	9,670	11,736	11,276	12,393	12,199	12,666	12,027	12,488	12,476	12,706
Total liabilities and equity	26,684	26,014	24,127	24,639	24,418	23,456	21,066	21,497	21,365	23,092

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	305	1,813	-379	1,132	-137	402	232	1,025	905	705
Depreciation and amortization	1,039	1,063	1,041	1,006	898	938	926	952	996	1,094
Stock-based compensation	57.3	53.7	65.5	84.3	73.8	76	105	99.8	101	90.2
Deferred income tax	-153	-1,776	13.4	-539	39.4	-102	-64.4	-96.3	-47.7	-87.2
Change in receivables	-142	162	214	-93.8	-66.2	-40.8	-185	-51.9	-89.7	-127
Change in inventory	77.9	-120	-200	-125	-34.5	-8.4	-75.6	-240	49.9	98.2
Change in payables	32.6	-133	156	-42	-96.3	86.5	103	-55.3	-322	102
Cash from operations	1,632	1,582	1,747	1,586	1,205	1,499	1,356	1,582	1,499	1,697
Capital expenditures	-185	-156	-163	-207	-112	-144	-188	-291	-204	-225
Purchases of investments	-1.5
Sales and maturities of investments	286
Cash from investing	-1,692	-511	-417	-729	-614	-504	-522	-779	-888	-1,976
Debt issued	750		750	549	1,497	1,600		500	1,436	2,492
Debt repaid	-800	-940	-1,425				-243	-33.9	0
Share buybacks	-416						-126	-692	-868	-487
Dividends paid	-188	-194	-195	-197	-199	-200	-201	-201	-196	-190
Cash from financing	-743	-1,211	-1,302	-780	-422	-1,306	-776	-764	-485	326
Exchange rate effect	-22.7	29.3
Net change in cash	-825	-110	18.4	75.1	184	-324	-103	40.1	110	66.4
Free cash flow	1,448	1,426	1,585	1,379	1,093	1,356	1,168	1,291	1,296	1,473
Interest paid	363	318	227	193	193	219	162	201	201	298
Income taxes paid	270	267	237	193	142	258	327	215	329	377

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 $91.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.9%	Gross profit / revenue.
Operating margin	14.2%	Operating income / revenue.
EBITDA margin	27.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.0%	Pre-tax income / revenue.
Net margin	9.5%	Net income / revenue.
FCF margin	17.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.5%	Cash from operations / revenue.
Effective tax rate	13.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	5.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.2%	Research and development expense / revenue.
SG&A / revenue	40.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	13.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.3%	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	5.9%	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	-14.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.4%	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	67.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-22.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	45.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-19.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	47.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.8%	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	7.1%	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	13.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.0%	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	6.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.1%	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	-1.1%	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	-2.6%	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	-1.9%	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	-0.8%	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	1.69x	Current assets / current liabilities.
Quick ratio	0.72x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.8%	Total debt / total assets.
Liabilities / assets	44.6%	Total liabilities / total assets.
Net debt	$7.07B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.08B	Current assets - current liabilities.
Goodwill and intangibles / assets	63.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.76B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.37x	Revenue / average total assets.
Fixed asset turnover	3.80x	Revenue / average property, plant and equipment.
Inventory turnover	1.13x	Cost of revenue / average inventory.
Days inventory	323 days	365 x average inventory / cost of revenue.
Receivables turnover	4.81x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	349 days	Days inventory + days sales outstanding - days payables.
FCF conversion	188.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.18	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	$44.13	Revenue / diluted weighted shares.
FCF per share	$7.90	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.04	Cash from operations / diluted weighted shares.
Book value per share	$65.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.11	Tangible book value / shares outstanding.
Cash per share	$2.13	(Cash + short-term investments) / shares outstanding.
Payout ratio	23.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	49.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.36B	Share price x shares outstanding.
Enterprise value	$24.43B	Market cap + total debt - cash - short-term investments.
P/E	21.5x	Market cap / net income. Only when net income is positive.
P/S	2.04x	Market cap / revenue.
P/B	1.38x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	11.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.96x	Market cap / cash from operations, when positive.
EV/Sales	2.87x	Enterprise value / revenue.
EV/EBIT	20.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.8%	Free cash flow / market cap.
Earnings yield	4.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	5.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.45x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ZIMMER BIOMET HOLDINGS, INC.'s revenue in fiscal 2025?

ZIMMER BIOMET HOLDINGS, INC. reported revenue of $8.23B for fiscal 2025, 7.2% higher than the year before.

Was ZIMMER BIOMET HOLDINGS, INC. profitable in fiscal 2025?

Yes. Net income was $705.1M, a net margin of 8.6%.

How much free cash flow did ZIMMER BIOMET HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $1.70B minus capital expenditures of $224.5M left free cash flow of $1.47B.

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.

Open interactive statements, quarterly figures and charts

Back to ZIMMER BIOMET HOLDINGS, INC.