10-K · February 20, 2026
Zimmer Biomet positions itself as a diversified orthopedics and musculoskeletal care leader with a product portfolio spanning knees, hips, S.E.T. products and an integrated digital/robotic ZBEdge platform. The company…
Earnings analysis · 10-Q
ZBH earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Zimmer Biomet Holdings, Inc. reported a strong performance for Q1 2026 with net sales of $2.09 billion, reflecting a 9.3% year-over-year increase. The company's net earnings reached $238.1 million, up from $182.0…
Read full summary
Zimmer Biomet Holdings, Inc. reported a strong performance for Q1 2026 with net sales of $2.09 billion, reflecting a 9.3% year-over-year increase. The company's net earnings reached $238.1 million, up from $182.0 million in Q1 2025, bolstered by the Paragon 28 acquisition and favorable foreign currency effects. Despite some challenges, management projects continued sales growth in 2026, driven by market expansion and new product launches.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.09
- Operating margin
- 17.9%
- Segment
- Knees: $828.6M, Hips: $524.1M, S.E.T.: $562.2M, Technology & Data, Bone Cement and Surgical: $171.8M
What stood out
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Strong Revenue Growth
Q1 2026 revenue was $2.09 billion, up 9.3% from $1.91 billion in Q1 2025.
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Earnings Beat Expectations
Reported EPS of $2.09 exceeded estimates of $1.86, a surprise of 12.4%.
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Positive Segment Trends
Knees up 4.5%, Hips up 5.7%, S.E.T. up 19.5%, and Technology & Data, Bone Cement, and Surgical up 14.6%.
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Operating Cash Flow
Operating cash flow for Q1 2026 was $359.4 million, although it decreased from $382.8 million in Q1 2025.
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Improved Operating Profit
Operating profit margin improved to 17.9% from 15.3% in the prior-year quarter.
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Strong Cash Position
As of Q1 2026, $424.2 million in cash and cash equivalents was reported.
What to watch
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Increased Debt Levels
Total debt rose to $7.47 billion from $6.67 billion year-over-year, raising financial leverage concerns.
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Declining Free Cash Flow
Free cash flow declined from $278 million in Q1 2025 to $164 million in Q1 2026.
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Management Transition Risks
Recent CFO transition may affect operational consistency during this key growth period.
Management's outlook
Management expects 2.5% to 4.5% net sales growth for 2026.
Earlier filings 4
10-K · February 25, 2025
Zimmer Biomet presents itself as a global orthopedics and musculoskeletal leader focused on robotics (ROSA®) and an integrated digital platform (ZBEdge®) while pursuing R&D and targeted M&A. The company reports a…
10-Q · October 30, 2024
Zimmer Biomet Holdings, Inc. reported a strong performance for Q3 2024, with revenue of $1.824 billion, representing a 4.0% increase from $1.754 billion in Q3 2023. The gross margin decreased slightly to 70.5%, while…
10-Q · November 7, 2023
Zimmer Biomet reported Q3 net sales of $1,753.6 million, up $83.8 million (≈5.0%) versus Q3 2022, with operating profit rising to $266.6 million from $245.3 million. Diluted EPS from continuing operations declined to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.