Company file · ZBH

Zimmer Biomet

SET was Zimmer Biomet's fastest-growing product or service in FY2025, up 15.2%

Revenue rose 7.2% to $8.2B in FY2025, from $7.7B in FY2024. Net income fell 22.0% to $705M. Knees was the largest product or service, at 40% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 20, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026) · Data pulled Nov 11, 2026

Key facts

Zimmer Biomet (NYSE: ZBH) reported revenue of $8.2B for fiscal 2025, the year ended Dec 31, 2025, up 7.2% from fiscal 2024. Net income was $705M, down 22.0%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $2.1B, up 3.1% from the same quarter a year earlier, and net income was $192M. The largest piece by product or service was Knees, at 40% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).

Revenue$8.2BFY2025 · +7.2% vs FY2024

Net income$705MFY2025 · −22.0% vs FY2024

Operating cash flow$1.7BFY2025 · +13.2% vs FY2024

Cash & equivalents$400Mat Sep 30, 2026 · −32.4% vs FY2025 end

Total debt$7.5Bat Sep 30, 2026 · −0.2% vs FY2025 end

Diluted shares199MFY2025 avg · −2.6% vs FY2024

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

RevenueNet income

Source: 10-K FY2025, filed Feb 20, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 1, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Knees$3.3B40%+4.7%
SET$2.2B26%+15.2%
Hips$2.1B25%+4.7%
Technology and Data Bone Cement and Surgical$666M8%+4.0%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Knees (40%), SET (26%), Hips (25%) and Technology and Data Bone Cement and Surgical (8%), as shares of total revenue. Total revenue was $8.2B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

41%24%27%9%

FY2024

41%24%26%8%

FY2025

40%26%25%8%

KneesSETHipsTechnology and Data Bone Cement and Surgical

Source: 10-K FY2025

By region, FY2025

United States$4.8B58%+7.3%

Non-US$3.5B42%+7.0%

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 Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

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

Q3 2026Q3 2025

Company

Revenue

$2.1B Q3 2026

$2.0B Q3 2025

3.1% increase

Net income

$192M Q3 2026

$231M Q3 2025

17.0% decrease

Source: Zimmer Biomet 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

By product or service

Knees

$768M Q3 2026

$792M Q3 2025

3.1% decrease

SET

$578M Q3 2026

$542M Q3 2025

6.8% increase

Hips

$536M Q3 2026

$506M Q3 2025

6.0% increase

Technology and Data Bone Cement and Surgical

$181M Q3 2026

$161M Q3 2025

12.0% increase

Source: Zimmer Biomet 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

Cash & equivalents $400M at Sep 30, 2026, vs $592M at FY2025 end.
Total debt $7.5B at Sep 30, 2026, vs $7.5B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.4B vs $1.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.2% in FY2025 to $8.2B, from $7.7B a year earlier. 10-K, FY2025
Operating cash flow rose 13.2% in FY2025 to $1.7B. 10-K, FY2025
Diluted shares fell 2.6% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $2.1B, up 3.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 22.0% in FY2025 to $705M, from $904M. 10-K, FY2025
Total debt rose 21.2% in FY2025 to $7.5B. 10-K, FY2025
Net income in the quarter ended Sep 30, 2026 was $192M, down 17.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026

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

Zimmer Biomet is in the health care equipment industry, part of the health care sector. The SEC files it under Orthopedic, Prosthetic & Surgical Appliances & Supplies.

The full description of Zimmer Biomet's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

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 Zimmer Biomet’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	$7.4B	$7.7B	$8.2B
Net income	$1.0B	$904M	$705M
Operating cash flow	$1.6B	$1.5B	$1.7B
Cash & equivalents (year end)	$416M	$526M	$592M
Total debt (year end)	$5.8B	$6.2B	$7.5B
Diluted shares	210M	204M	199M

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: The current part of long-term debt 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 · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 4, 2026	Sep 30, 2026
10-Q	Aug 5, 2026	Jun 30, 2026
10-Q	May 1, 2026	Mar 31, 2026
DEF 14A	Apr 1, 2026	May 22, 2026
10-K	Feb 20, 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 Zimmer Biomet

How does Zimmer Biomet make money?

Zimmer Biomet's revenue was $8.2B in fiscal 2025. By product or service in FY2025: Knees (40%), SET (26%), Hips (25%) and Technology and Data Bone Cement and Surgical (8%), as shares of total revenue. Total revenue was $8.2B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What was Zimmer Biomet's revenue in fiscal 2025?

$8.2B of revenue for the fiscal year ended Dec 31, 2025, up 7.2% from $7.7B in fiscal 2024. Fiscal 2023 was $7.4B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

Is Zimmer Biomet profitable?

Zimmer Biomet reported net income of $705M for fiscal 2025, down 22.0% from $904M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $192M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What did Zimmer Biomet report in its latest quarterly filing?

Revenue was $2.1B in the quarter ended Sep 30, 2026, up 3.1% from $2.0B a year earlier. Net income was $192M, down 17.0% from $231M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.

How much cash and debt does Zimmer Biomet have?

Zimmer Biomet had $400M in cash and cash equivalents and $7.5B of total debt on Sep 30, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 4, 2026.

What are the main risks Zimmer Biomet faces?

Zimmer Biomet's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 20, 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 Zimmer Biomet numbers come from?

From Zimmer Biomet's own SEC filings: the 10-K for fiscal 2025 (filed Feb 20, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Zimmer Biomet

Citadel Advisors: 3,477,472 shares, reported value $299.4M at Jun 30, 2026 (+152.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Point72 Asset Management: 879,851 shares, reported value $75.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Millennium Management: 222,065 shares, reported value $19.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 49,754 shares, reported value $4.3M at Jun 30, 2026 (+55.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 36,150 shares, reported value $3.1M at Jun 30, 2026 (+6.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in ZBH: The editor holds no position in Zimmer Biomet (ZBH). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell ZBH 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: Nov 10, 2026

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

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Zimmer BiometZBH	FY2025	$8.2B	+7.2%	$705M
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
StrykerSYK	FY2025	$25.1B	+11.2%	$3.2B

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.

More company files

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