Company file · SYK

Stryker

Stryker's revenue rose 11.2% in FY2025, to $25.1B, and net income rose 8.5% to $3.2B

Revenue rose 11.2% to $25.1B in FY2025, from $22.6B in FY2024. Net income rose 8.5% to $3.2B. MedSurg and Neurotechnology was the largest segment, at 62% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 11, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026) · Data pulled Oct 28, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Stryker (NYSE: SYK) took in $25.1B of revenue (up 11.2% on fiscal 2024); net income was $3.2B (up 8.5%). The most recent quarter, ended Jun 30, 2026, brought revenue of $6.6B, up 9.4% year over year, with net income of $1.3B. MedSurg and Neurotechnology was the biggest single line by segment: 62% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026).

Revenue$25.1BFY2025 · +11.2% vs FY2024

Net income$3.2BFY2025 · +8.5% vs FY2024

Operating cash flow$5.0BFY2025 · +18.9% vs FY2024

Cash & equivalents$3.4Bat Jun 30, 2026 · −15.5% vs FY2025 end

Total debt$14.9Bat Jun 30, 2026 · −5.8% vs FY2025 end

Diluted shares386MFY2025 avg · +0.2% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 11, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 11, 2026 · 10-Q filed Jul 31, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
MedSurg and Neurotechnology$15.6B62%+15.7%
Orthopaedics and Spine$9.5B38%+4.3%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: MedSurg and Neurotechnology (62%) and Orthopaedics and Spine (38%), as shares of total revenue. Total revenue was $25.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

59%41%

FY2024

60%40%

FY2025

62%38%

MedSurg and NeurotechnologyOrthopaedics and Spine

Source: 10-K FY2025

By region, FY2025

United States$19.0B76%+12.2%

Non-US$6.1B24%+8.1%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$6.6B Q2 2026

$6.0B Q2 2025

9.4% increase

Net income

$1.3B Q2 2026

$884M Q2 2025

44.3% increase

Source: Stryker 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026

By segment

MedSurg and Neurotechnology

$3.6B Q2 2026

$3.3B Q2 2025

9.7% increase

Orthopaedics and Spine

$3.0B Q2 2026

$2.7B Q2 2025

9.1% increase

Source: Stryker 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026

Cash & equivalents $3.4B at Jun 30, 2026, vs $4.0B at FY2025 end.
Total debt $14.9B at Jun 30, 2026, vs $15.9B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $1.8B vs $1.4B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 11.2% in FY2025 to $25.1B, from $22.6B a year earlier. 10-K, FY2025
Net income rose 8.5% in FY2025 to $3.2B, from $3.0B. 10-K, FY2025
Operating cash flow rose 18.9% in FY2025 to $5.0B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $6.6B, up 9.4% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

Total debt rose 16.6% in FY2025 to $15.9B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Stryker is in the health care equipment industry, part of the health care sector. The SEC files it under Surgical & Medical Instruments & Apparatus.

Stryker reports 2 segments: MedSurg and Neurotechnology and Orthopaedics and Spine.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care equipment industry. They are not a summary of Stryker’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$20.5B	$22.6B	$25.1B
Net income	$3.2B	$3.0B	$3.2B
Operating cash flow	$3.7B	$4.2B	$5.0B
Cash & equivalents (year end)	$3.0B	$3.7B	$4.0B
Total debt (year end)	$13.0B	$13.6B	$15.9B
Diluted shares	384M	386M	386M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Jul 31, 2026	Jun 30, 2026
10-Q	May 11, 2026	Mar 31, 2026
DEF 14A	Mar 23, 2026	May 6, 2026
10-K	Feb 11, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Stryker

How does Stryker make money?

In fiscal 2025, revenue totaled $25.1B. By segment in FY2025: MedSurg and Neurotechnology (62%) and Orthopaedics and Spine (38%), as shares of total revenue. Total revenue was $25.1B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What was Stryker's revenue in fiscal 2025?

Revenue came to $25.1B in the year ended Dec 31, 2025. Going back two years, it was $20.5B in fiscal 2023 and $22.6B in fiscal 2024, so the latest year was up 11.2%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

Is Stryker profitable?

Yes, by US accounting rules (GAAP): net income was $3.2B in fiscal 2025, up 8.5% from $3.0B a year earlier. For the quarter ended Jun 30, 2026, net income was $1.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What did Stryker report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $6.6B, against $6.0B in the same quarter a year before (up 9.4%), and net income of $1.3B, against $884M (up 44.3%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026.

How much cash and debt does Stryker have?

On Jun 30, 2026, cash and cash equivalents stood at $3.4B and total debt at $14.9B. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Jul 31, 2026.

What are the main risks Stryker faces?

Stryker's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the health care equipment industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Stryker numbers come from?

Two filings Stryker made with the SEC: its fiscal 2025 10-K, filed Feb 11, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in SYK: The editor holds no position in Stryker (SYK). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell SYK from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold SYK, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
StrykerSYK	FY2025	$25.1B	+11.2%	$3.2B
AbbottABT	FY2025	$44.3B	+5.7%	$6.5B
Intuitive SurgicalISRG	FY2025	$10.1B	+20.5%	$2.9B
MedtronicMDT	FY2026	$36.4B	+8.4%	$4.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.