Stryker (SYK) financial statements
Stryker reported revenue of $25.1B in fiscal 2025, up 9.3% a year over 9 years.
Net income was $3.2B and the operating margin 19.5%, against 19.2% in 2016.
Free cash flow was $4.3B, and the company returned $1.3B in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Stryker's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.3B | $12.4B | $13.6B | $14.9B | $14.4B | $17.1B | $18.4B | $20.5B | $22.6B | $25.1B |
| Cost of revenue | $3.8B | $4.3B | $4.7B | $5.2B | $5.3B | $6.1B | $6.9B | $7.4B | $8.2B | $9.1B |
| Gross profit | $7.5B | $8.2B | $8.9B | $9.7B | $9.1B | $11.0B | $11.6B | $13.1B | $14.4B | $16.1B |
| Research and development | $715M | $787M | $862M | $971M | $984M | $1.2B | $1.5B | $1.4B | $1.5B | $1.6B |
| Selling, general and admin | $4.1B | $4.6B | $5.1B | $5.4B | $5.4B | $6.4B | $6.4B | $7.1B | $7.7B | $8.7B |
| Operating income | $2.2B | $2.3B | $2.5B | $2.7B | $2.2B | $2.6B | $2.8B | $3.9B | $3.7B | $4.9B |
| Interest expense | $228M | $247M | $264M | $287M | $315M | $337M | $337M | $363M | $409M | $607M |
| Pre-tax income | $1.9B | $2.1B | $2.4B | $2.6B | $2.0B | $2.3B | $2.7B | $3.7B | $3.5B | $4.5B |
| Income tax | $274M | $1.0B | -$1.2B | $479M | $355M | $287M | $325M | $508M | $499M | $1.3B |
| Net income | $1.6B | $1.0B | $3.6B | $2.1B | $1.6B | $2.0B | $2.4B | $3.2B | $3.0B | $3.2B |
| EPS (diluted) | $4.35 | $2.68 | $9.34 | $5.48 | $4.20 | $5.21 | $6.17 | $8.25 | $7.76 | $8.40 |
| Diluted shares | 378M | 380M | 380M | 380M | 380M | 382M | 382M | 384M | 386M | 386M |
| Gross margin | 66.3% | 65.7% | 65.7% | 65.1% | 63.1% | 64.1% | 62.8% | 63.7% | 63.9% | 64.0% |
| Operating margin | 19.2% | 18.5% | 18.7% | 18.2% | 15.5% | 15.1% | 15.4% | 19.0% | 16.3% | 19.5% |
| Net margin | 14.5% | 8.2% | 26.1% | 14.0% | 11.1% | 11.7% | 12.8% | 15.4% | 13.2% | 12.9% |
Balance sheet
Fiscal years, from Stryker's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.4B | $2.8B | $3.7B | $4.4B | $3.0B | $3.0B | $1.9B | $3.1B | $3.7B | $4.1B |
| Receivables | $2.0B | $2.2B | $2.3B | $2.9B | $2.7B | $3.0B | $3.6B | $3.8B | $4.0B | $4.0B |
| Inventory | $2.0B | $2.5B | $3.0B | $3.0B | $3.5B | $3.3B | $4.0B | $4.8B | $4.8B | $5.3B |
| Total current assets | $7.9B | $8.0B | $9.7B | $11.1B | $9.7B | $10.0B | $10.3B | $12.5B | $14.8B | $14.8B |
| Property, plant and equipment | $1.6B | $2.0B | $2.3B | $2.6B | $2.8B | $2.8B | $3.0B | $3.2B | $3.4B | $3.9B |
| Goodwill | $6.4B | $7.2B | $8.6B | $9.1B | $12.8B | $12.9B | $14.9B | $15.2B | $15.9B | $19.3B |
| Total assets | $20.4B | $22.2B | $27.2B | $30.2B | $34.3B | $34.6B | $36.9B | $39.9B | $43.0B | $47.8B |
| Total current liabilities | $3.1B | $3.5B | $4.8B | $4.4B | $5.0B | $4.5B | $6.3B | $7.9B | $7.6B | $7.8B |
| Long-term debt | $6.7B | $6.6B | $8.5B | $10.2B | $13.2B | $12.5B | $11.9B | $10.9B | $12.2B | $14.9B |
| Total liabilities | $10.9B | $12.2B | $15.5B | $17.4B | $21.2B | $19.8B | $20.3B | $21.3B | $22.3B | $25.4B |
| Shareholders' equity | $9.6B | $10.0B | $11.7B | $12.8B | $13.1B | $14.9B | $16.6B | $18.6B | $20.6B | $22.4B |
| Net debt | $3.6B | $4.7B | $6.2B | $6.8B | $11.0B | $9.5B | $11.2B | $10.0B | $9.9B | $11.8B |
Cash flow
Fiscal years, from Stryker's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $1.6B | $2.6B | $2.2B | $3.3B | $3.3B | $2.6B | $3.7B | $4.2B | $5.0B |
| Capital spending | $490M | $598M | $572M | $649M | $487M | $525M | $588M | $575M | $755M | $761M |
| Free cash flow | $1.4B | $961M | $2.0B | $1.5B | $2.8B | $2.7B | $2.0B | $3.1B | $3.5B | $4.3B |
| Stock-based compensation | $97M | $113M | $119M | $127M | $142M | $171M | $168M | $205M | $229M | $243M |
| Dividends paid | $568M | $636M | $703M | $778M | $863M | $950M | $1.1B | $1.1B | $1.2B | $1.3B |
| Share buybacks (net) | -$13M | -$230M | -$300M | -$307M | $0 | $0 | — | — | — | — |
| Net borrowing | $2.9B | $299M | $2.5B | $1.3B | $989M | -$1.2B | $472M | -$277M | $940M | $1.6B |
| Free cash flow margin | 12.6% | 7.7% | 15.0% | 10.4% | 19.4% | 16.0% | 11.0% | 15.3% | 15.4% | 17.1% |
| Dividends per share | $1.50 | $1.67 | $1.85 | $2.05 | $2.27 | $2.48 | $2.75 | $2.97 | $3.16 | $3.32 |
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Open SYK in InvestinglyQuestions
What was Stryker's revenue in 2025?
$25.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Stryker generate?
$4.3B in fiscal 2025 (operating cash flow minus capital spending).
From Stryker's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.