Stryker delivered a strong finish to 2025 with double-digit sales and adjusted EPS growth in Q4 and full year, driven by robust demand and operational execution. The company surpassed $25 billion in revenue and achieved significant adjusted operating margin expansion, positioning it for continued high-end growth in the MedTech sector.
Reported net sales increased 11.4% to $7.2 billion in Q4 and 11.2% to $25.1 billion for the full year.
positiveOrganic net sales increased 11.0% in Q4 and 10.3% for the full year, driven by unit volume.
positiveAdjusted operating income margin increased 100 bps to 30.2% in Q4 and 26.3% for the full year.
positiveAdjusted EPS increased 11.5% to $4.47 in Q4 and 11.8% to $13.63 for the full year.
positiveMedSurg and Neurotechnology segment sales grew significantly, up 17.5% in Q4 and 15.7% for the full year.
positiveOrthopaedics segment sales growth was modest, up 2.2% in Q4 and 4.3% for the full year, with organic sales growth of 8.4% and 9.5% respectively, partially offset by lower prices.
attentionReported operating income margin was 19.5% for the full year, significantly lower than the adjusted operating income margin of 26.3% due to substantial special items.
attentionFull year net earnings increased only 8.5% to $3.2 billion, significantly lagging adjusted net earnings growth of 12.1%.
attentionInventories increased to $5.31 billion in 2025 from $4.77 billion in 2024, a 11.2% increase.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
MedSurg and Neurotechnology | N/A | — | — | — | +16.6% |
Orthopaedics | N/A | — | — | — | +0.9% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
We had an outstanding finish to 2025, driving double-digit sales and adjusted earnings per share growth for the fourth quarter and full year while delivering adjusted operating margin expansion of at least 100 basis points for the second consecutive year.
Having surpassed $25 billion in revenue, we enter 2026 with significant momentum and are poised to continue delivering growth at the high end of MedTech.
I want to thank our teams for driving exceptional results and positioning Stryker for sustained success this year and beyond.
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