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Zimmer Biomet
Zimmer Biomet (ZBH) investor relations material
Zimmer Biomet Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Q4 2025 net sales reached $2.244 billion, up 10.9% reported and 5.4% organic constant currency, with U.S. up 5.7% and international up 5%.
Full-year 2025 net sales were $8.232 billion, up 7.2% reported and 3.9% organic constant currency, with adjusted EPS of $8.20 and free cash flow of $1.172 billion.
Transformation to a dedicated, specialized U.S. salesforce is underway, with one-third completed and full transition expected by end of 2027.
Strategic focus on people and culture, operational excellence, innovation/diversification, and robust new product launches.
Operating cash flow for the year was $1.697 billion.
Financial highlights
Q4 2025 adjusted EPS was $2.42, up 4.8% year-over-year; GAAP EPS was $0.70, down due to one-time charges.
Full-year diluted EPS was $3.55, down 19.9%; adjusted diluted EPS was $8.20, up 2.5%.
Adjusted gross margin was 72.4% in Q4 and 72.2% for the year; adjusted operating margin was 29.1% in Q4 and 27.5% for the year.
Free cash flow for 2025 grew over 11% to $1.172 billion, marking the third consecutive year of high single-digit or greater growth.
Net debt at year-end was $6.93 billion.
Outlook and guidance
2026 organic constant currency revenue growth expected in the 1%-3% range; reported revenue change projected at 2.5%-4.5%.
Adjusted EPS guidance for 2026 is $8.30-$8.45, with free cash flow growth of 8%-10%.
Guidance includes Paragon 28 contribution from April 2026 and up to 100 basis points of pricing erosion.
Operating margins expected to be down 50 basis points from 2025, with Q1 margins down 100 basis points year-over-year.
Share buyback program of up to $750 million planned for 2026.
US sales org transition: tempering factors?
What caused the large 2025 inventory charges?
S.E.T. organic growth vs. reported growth.
When will sales force reorg benefits be visible?
When will M&A activity resume?
How does mBos fit into robotics portfolio?
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Next Zimmer Biomet earnings date
Q1 20264 May, 2026
Zimmer Biomet
Next Zimmer Biomet earnings date
Q1 20264 May, 2026
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Frequently asked questions
Zimmer Biomet Holdings Inc. designs, manufactures and markets musculoskeletal healthcare products and related surgical products. It operates in two segments: Spine and Craniomaxillofacial and Thoracic; and Dental, which provides hardware, software, technology and services that support dental and oral health; sports medicine, knee, hip and extremities reconstructive joint replacement equipment; bracing, trauma and patient care products; power tools and implants for use in orthopedic reconstructive procedures; products used for the treatment of foot or ankle conditions; biologics products that promote bone growth for spinal fusion surgeries; minimally invasive therapies for the treatment of spinal degenerative diseases.
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