Zimmer Biomet (ZBH) financial statements
Zimmer Biomet reported revenue of $8.2B in fiscal 2025, up 0.8% a year over 9 years.
Net income was $705M and the operating margin 13.3%, against 10.7% in 2016.
Free cash flow was $1.5B, and the company returned $190M in dividends and $487M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Zimmer Biomet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7B | $7.8B | $7.9B | $8.0B | $6.1B | $6.8B | $6.9B | $7.4B | $7.7B | $8.2B |
| Cost of revenue | $2.4B | $2.1B | $2.3B | $2.3B | $1.8B | $2.0B | $2.0B | $2.1B | $2.2B | $2.5B |
| Gross profit | $5.3B | $5.7B | $5.7B | $5.7B | $4.3B | $4.9B | $4.9B | $5.3B | $5.5B | $5.7B |
| Research and development | $366M | $370M | $392M | $449M | $323M | $436M | $406M | $459M | $437M | $458M |
| Selling, general and admin | $2.9B | $3.1B | $3.4B | $3.3B | $2.7B | $2.8B | $2.8B | $2.8B | $2.9B | $3.3B |
| Operating income | $821M | $799M | $34M | $1.1B | $83M | $860M | $696M | $1.3B | $1.3B | $1.1B |
| Interest expense | $358M | $328M | — | — | — | — | — | — | — | — |
| Pre-tax income | $400M | $465M | -$271M | $906M | -$105M | $499M | $404M | $1.1B | $1.0B | $831M |
| Income tax | $95M | -$1.3B | $108M | -$226M | -$96M | $54M | $112M | $42M | $131M | $126M |
| Net income | $306M | $1.8B | -$379M | $1.1B | -$139M | $402M | $231M | $1.0B | $904M | $705M |
| EPS (diluted) | $1.51 | $8.90 | -$1.86 | $5.47 | -$0.67 | $1.91 | $1.10 | $4.88 | $4.43 | $3.55 |
| Diluted shares | 202M | 204M | 204M | 207M | 207M | 210M | 210M | 210M | 204M | 199M |
| Gross margin | 68.9% | 72.7% | 71.4% | 71.8% | 70.2% | 71.3% | 70.9% | 71.8% | 71.5% | 69.7% |
| Operating margin | 10.7% | 10.2% | 0.4% | 14.3% | 1.4% | 12.6% | 10.0% | 17.3% | 16.7% | 13.3% |
| Net margin | 4.0% | 23.2% | -4.8% | 14.2% | -2.3% | 5.9% | 3.3% | 13.8% | 11.8% | 8.6% |
Balance sheet
Fiscal years, from Zimmer Biomet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $634M | $524M | $543M | $618M | $802M | $378M | $376M | $416M | $526M | $592M |
| Receivables | $1.6B | $1.5B | $1.3B | $1.4B | $1.5B | $1.3B | $1.4B | $1.4B | $1.5B | $1.7B |
| Inventory | $2.0B | $2.1B | $2.3B | $2.4B | $2.5B | $2.1B | $2.1B | $2.4B | $2.2B | $2.3B |
| Total current assets | $4.7B | $4.6B | $4.4B | $4.7B | $5.1B | $4.9B | $4.4B | $4.6B | $4.7B | $5.1B |
| Property, plant and equipment | $2.0B | $2.0B | $2.0B | $2.1B | $2.0B | $1.8B | $1.9B | $2.1B | $2.0B | $2.2B |
| Goodwill | $10.6B | $10.7B | $9.6B | $9.6B | $9.0B | $8.9B | $8.6B | $8.8B | $9.0B | $9.9B |
| Total assets | $26.7B | $26.0B | $24.1B | $24.6B | $24.4B | $23.5B | $21.1B | $21.5B | $21.4B | $23.1B |
| Total current liabilities | $2.4B | $3.1B | $2.4B | $3.4B | $2.6B | $3.5B | $2.4B | $2.9B | $2.5B | $2.6B |
| Long-term debt | $10.7B | $8.9B | $8.4B | $6.7B | $7.6B | $5.5B | $5.2B | $4.9B | $5.3B | $6.9B |
| Total liabilities | $17.0B | $14.3B | $12.9B | $12.2B | $12.2B | $10.8B | $9.0B | $9.0B | $8.9B | $10.4B |
| Shareholders' equity | $9.7B | $11.7B | $11.3B | $12.4B | $12.2B | $12.7B | $12.0B | $12.5B | $12.5B | $12.7B |
| Net debt | $10.6B | $9.6B | $8.4B | $7.6B | $7.3B | $6.7B | $5.3B | $5.4B | $5.7B | $6.9B |
Cash flow
Fiscal years, from Zimmer Biomet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $1.6B | $1.7B | $1.6B | $1.2B | $1.5B | $1.4B | $1.6B | $1.5B | $1.7B |
| Capital spending | $185M | $156M | $163M | $207M | $112M | $144M | $188M | $291M | $204M | $224M |
| Free cash flow | $1.4B | $1.4B | $1.6B | $1.4B | $1.1B | $1.4B | $1.2B | $1.3B | $1.3B | $1.5B |
| Stock-based compensation | $57M | $54M | $66M | $84M | $74M | $76M | $105M | $100M | $101M | $90M |
| Dividends paid | $188M | $194M | $195M | $197M | $198M | $200M | $201M | $201M | $196M | $190M |
| Share buybacks (net) | -$416M | — | — | — | — | — | -$126M | -$692M | -$868M | -$487M |
| Net borrowing | -$50M | -$940M | -$1.4B | — | — | — | -$243M | -$34M | $0 | — |
| Free cash flow margin | 18.9% | 18.3% | 20.0% | 17.3% | 17.8% | 19.9% | 16.8% | 17.5% | 16.9% | 17.9% |
| Dividends per share | $0.93 | $0.95 | $0.96 | $0.95 | $0.96 | $0.95 | $0.96 | $0.96 | $0.96 | $0.96 |
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Open ZBH in InvestinglyQuestions
What was Zimmer Biomet's revenue in 2025?
$8.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Zimmer Biomet generate?
$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From Zimmer Biomet's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.