Smith & Nephew SNATS (SNN) financial statements
Smith & Nephew SNATS reported revenue of $6.2B in fiscal 2025, up 3.1% a year over 9 years.
Net income was $625M and the operating margin 12.9%, against 17.2% in 2016.
Free cash flow was $852M, and the company returned $330M in dividends and $502M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Smith & Nephew SNATS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.7B | $4.8B | $4.9B | $5.1B | $4.6B | $5.2B | $5.2B | $5.5B | $5.8B | $6.2B |
| Cost of revenue | $1.3B | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B | $1.5B | $1.7B | $1.8B | $2.0B |
| Gross profit | $3.4B | $3.5B | $3.6B | $3.8B | $3.2B | $3.7B | $3.7B | $3.8B | $4.0B | $4.2B |
| Research and development | $230M | $223M | $246M | $292M | $307M | $356M | $345M | $339M | $289M | $296M |
| Selling, general and admin | $2.4B | $2.4B | $2.5B | $2.7B | $2.6B | $2.7B | $2.9B | $3.1B | $3.1B | $3.1B |
| Operating income | $801M | $934M | $863M | $815M | $295M | $593M | $450M | $425M | $657M | $794M |
| Interest expense | $52M | $57M | $59M | $65M | $62M | $80M | $80M | $132M | $145M | $140M |
| Pre-tax income | $1.1B | $879M | $781M | $743M | $246M | $586M | $235M | $290M | $498M | $779M |
| Income tax | $278M | $112M | $118M | $143M | -$202M | $62M | $12M | $27M | $86M | $154M |
| Net income | $784M | $767M | $663M | $600M | $448M | $524M | $223M | $263M | $412M | $625M |
| EPS (diluted) | $0.88 | $0.88 | $75.70 | $0.60 | $0.51 | $0.60 | $0.26 | $0.30 | $0.47 | $0.72 |
| Diluted shares | 893M | 875M | 876M | 877M | 877M | 878M | 873M | 873M | 876M | 873M |
| Gross margin | 72.8% | 73.8% | 73.5% | 74.0% | 69.4% | 70.4% | 70.5% | 68.8% | 69.6% | 68.0% |
| Operating margin | 17.2% | 19.6% | 17.6% | 15.9% | 6.5% | 11.4% | 8.6% | 7.7% | 11.3% | 12.9% |
| Net margin | 16.8% | 16.1% | 13.5% | 11.7% | 9.8% | 10.1% | 4.3% | 4.7% | 7.1% | 10.1% |
Balance sheet
Fiscal years, from Smith & Nephew SNATS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $38M | $155M | $333M | $257M | $1.8B | $1.3B | $350M | $302M | $619M | $557M |
| Receivables | $1.2B | $1.3B | $1.3B | $1.3B | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B | $1.4B |
| Inventory | $1.2B | $1.3B | $1.4B | $1.6B | $1.7B | $1.8B | $2.2B | $2.4B | $2.4B | $2.1B |
| Total current assets | $2.5B | $2.7B | $3.1B | $3.2B | $4.7B | $4.4B | $3.9B | $4.0B | $4.4B | $4.1B |
| Property, plant and equipment | $982M | $1.0B | $1.1B | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B | $1.4B | $1.6B |
| Goodwill | $2.2B | $2.4B | $2.3B | $2.8B | $2.9B | $3.0B | $3.0B | $3.0B | $3.0B | $3.1B |
| Total assets | $7.3B | $7.9B | $8.1B | $9.3B | $11.0B | $10.9B | $10.0B | $10.0B | $10.4B | $10.5B |
| Total current liabilities | $1.3B | $1.3B | $1.5B | $1.6B | $1.7B | $2.1B | $1.7B | $2.3B | $1.5B | $1.6B |
| Long-term debt | $1.6B | $1.4B | $1.3B | — | — | — | — | — | — | — |
| Total liabilities | $3.4B | $3.2B | $3.2B | $4.2B | $5.7B | $5.4B | $4.7B | $4.8B | $5.1B | $5.2B |
| Shareholders' equity | $4.0B | $4.6B | $4.9B | $5.1B | $5.3B | $5.6B | $5.3B | $5.2B | $5.3B | $5.3B |
| Net debt | $1.6B | $1.3B | $1.1B | -$231M | -$1.5B | -$850M | -$239M | $408M | -$617M | -$474M |
Cash flow
Fiscal years, from Smith & Nephew SNATS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $849M | $1.1B | $931M | $1.2B | $935M | $877M | $468M | $608M | $987M | $1.3B |
| Capital spending | $392M | $376M | $347M | $408M | $443M | $408M | $358M | $427M | $381M | $433M |
| Free cash flow | $457M | $714M | $584M | $760M | $492M | $469M | $110M | $181M | $606M | $852M |
| Stock-based compensation | $27M | $31M | $35M | $32M | $26M | $41M | $40M | $39M | $40M | $43M |
| Dividends paid | $279M | $269M | $321M | $318M | $328M | $329M | $327M | $327M | $327M | $330M |
| Share buybacks (net) | -$368M | -$52M | -$48M | -$63M | -$16M | — | -$158M | — | — | -$502M |
| Net borrowing | $165M | -$83M | $23M | $550M | $550M | — | $11M | $326M | $1.0B | -$47M |
| Free cash flow margin | 9.8% | 15.0% | 11.9% | 14.8% | 10.8% | 9.0% | 2.1% | 3.3% | 10.4% | 13.8% |
| Dividends per share | $0.31 | $0.31 | $0.37 | $0.36 | $0.37 | $0.37 | $0.37 | $0.37 | $0.37 | $0.38 |
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Open SNN in InvestinglyQuestions
What was Smith & Nephew SNATS's revenue in 2025?
$6.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Smith & Nephew SNATS generate?
$852M in fiscal 2025 (operating cash flow minus capital spending).
From Smith & Nephew SNATS's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.