Stryker Corporation (SYK) — Company Research

Last Updated: 4 August 2026

Stryker Corporation is one of the world's largest pure-play medical technology companies, selling surgical implants, power tools, endoscopy platforms, hospital equipment and the Mako family of surgical robots into roughly 61 countries. Fiscal 2025 was its strongest year in a decade: net sales of $25,116m, organic growth of 10.3% and a second consecutive year of 100 basis points of adjusted operating margin expansion. Fiscal 2026 has been far more eventful. A material cybersecurity incident in March knocked first-quarter adjusted earnings down 8.5% and drove the shares to a 52-week low of $281.00 in May, before a strong second quarter and the full United States launch of the handheld Mako RPS robot restored momentum. This report sets out what Stryker actually reports, what it is building, and what the numbers look like at today's price. It contains no analyst opinions, ratings or price targets.

1. Company Snapshot

Field	Value
Company	Stryker Corporation
Ticker / Exchange	SYK, New York Stock Exchange
Share price	$341.20 (last trade 3 Aug 2026; prior settled close $325.70 on 31 Jul 2026)
Market cap	$130.80bn (383.36m shares outstanding at $341.20, 3 Aug 2026)
Revenue (FY2025, year ended 31 Dec 2025)	$25,116m, up 11.2% year on year (organic +10.3%)
Net earnings (FY2025)	Approximately $3.24bn (GAAP diluted EPS $8.40 on roughly 386m weighted diluted shares)
Adjusted diluted EPS (FY2025)	$13.63, up 11.8%
CEO / Leadership	Kevin A. Lobo, Chair and Chief Executive Officer (CEO since October 2012). Spencer Stiles became President and Chief Operating Officer on 1 Jan 2026; Preston W. Wells is Vice President, Chief Financial Officer
Employees	Approximately 56,000 globally at 31 Dec 2025, of which roughly 28,000 in the United States
Headquarters	1941 Stryker Way, Portage, Michigan, United States
Founded / incorporated	Founded 1941 by Dr Homer H. Stryker; incorporated in Michigan in 1946
Reportable segments	Two: MedSurg and Neurotechnology; Orthopaedics
Dividend	$0.88 per quarter, $3.52 annualised, a yield of approximately 1.03% at $341.20
Sector	Healthcare, medical devices (SEC SIC 3841, Surgical and Medical Instruments)

You can pull up an interactive price chart for Stryker and its peers on the ChartsView Live Charts page.

2. The Bull and Bear Case

Bull Case

• Compounding organic growth at scale: Stryker grew organic sales 10.3% in fiscal 2025 on a $25bn base, and management narrowed fiscal 2026 organic growth guidance to 8.3% to 9.3% on 30 July 2026 after a 9.0% organic second quarter. Very few medical technology companies of this size sustain high single-digit organic growth.
• Mako is now a two-product robotics franchise: more than 2 million robotic procedures have been performed across Mako Total Knee, Total Hip and Partial Knee, with the platform available in over 45 countries. The handheld Mako RPS reached full United States market release on 16 July 2026, opening ambulatory surgery centres and manual-technique surgeons that the capital-heavy Mako arm cannot economically reach. Record Mako installations were reported in the second quarter of 2026.
• Margin expansion is being delivered, not promised: adjusted operating margin rose 100 basis points in each of fiscal 2024 and fiscal 2025 to 26.3%, and expanded a further 170 basis points to 27.4% in the second quarter of 2026 despite absorbing cyber-recovery costs.
• Cash generation funds the deal machine internally: operating cash flow rose from $3,711m in fiscal 2023 to $5,044m in fiscal 2025 against capital expenditure of only $761m, leaving $4,283m of free cash flow. That funded the $4,810m Inari acquisition, the Amplitude Vascular Systems deal and a 4.8% dividend increase without equity issuance.

Bear Case

• The valuation leaves no margin for error: at $341.20 the shares trade on roughly 22.7 times management's own fiscal 2026 adjusted EPS guidance midpoint, against 13.5 times for Medtronic, 14.1 times for Boston Scientific and 10.8 times for Zimmer Biomet. The 6.4% single-day fall on 31 July 2026, after an adjusted earnings beat, shows how little tolerance that premium carries.
• The cyber incident proved the operating model is fragile: the 11 March 2026 disruption to Stryker's Microsoft environment hit manufacturing, ordering and distribution, cut first-quarter adjusted EPS by 8.5% year on year and compressed adjusted operating margin by 180 basis points. Remediation cost, litigation and regulatory exposure are all still open.
• Reported earnings quality is flattered by one-offs: fiscal 2025 GAAP diluted EPS of $8.40 included a $660m discrete tax benefit worth $1.71 per share, and second-quarter 2026 GAAP EPS of $3.30 included a $158m tariff reversal worth $0.34 per share. The headline trailing price to earnings multiple is helped by both.
• Insider selling is one-directional and large: approximately $444m of stock was sold by insiders over the twelve months to August 2026 with zero open-market purchases, 98.7% of it by director and founding-family heir Ronda E. Stryker, and only one transaction in the entire period was disclosed as a Rule 10b5-1 plan sale.

3. Business Segments

Stryker reports two segments. The old "Orthopaedics and Spine" label was dropped after the United States spinal implants business was sold to VB Spine on 1 April 2025.

Segment	% of revenue	What it is
MedSurg and Neurotechnology	62% ($15,647m of $25,116m, FY2025)	Surgical power tools, navigation and operating-room safety systems, endoscopic and visualisation platforms, hospital beds, stretchers, emergency medical services and defibrillation equipment, clinical communication and AI-assisted virtual care software, plus minimally invasive devices for stroke and venous thromboembolism and products for brain and skull-base surgery.
Orthopaedics	38% ($9,469m of $25,116m, FY2025)	Implants for total joint replacement of the hip, knee, shoulder and ankle and for trauma and extremities surgery, together with Mako robotic-arm-assisted and handheld robotic technology and the associated orthopaedic instrumentation.

Underneath the two segments, Stryker discloses the following business lines for fiscal 2025.

Business line	FY2025 revenue	Parent segment
Medical	$4,204m	MedSurg and Neurotechnology
Endoscopy	$3,807m	MedSurg and Neurotechnology
Instruments	$3,183m	MedSurg and Neurotechnology
Neuro Cranial	$2,485m	MedSurg and Neurotechnology
Vascular	$1,968m	MedSurg and Neurotechnology
Trauma and Extremities	$3,948m	Orthopaedics
Knees	$2,656m	Orthopaedics
Hips	$1,865m	Orthopaedics
Other Orthopaedics	$815m	Orthopaedics
Spinal Implants	$185m (down from $707m in FY2024)	Orthopaedics, divested

Geographically, the United States generated $19,006m of fiscal 2025 revenue, up 12.2%, and international markets $6,110m, up 8.1%. The "Vascular" line was renamed from Neurovascular during 2025 following the Inari Medical acquisition. In the first quarter of 2026 Stryker created a new "Ortho Tech" business line combining orthopaedic instruments and other orthopaedics, and moved Neuro Cranial and spine enabling technologies into Instruments; all prior periods were restated for that reallocation, but the two reportable segments were unchanged.

4. Business Model and Moat

How it makes money. Stryker sells a mixture of high-volume consumables and implants and lower-volume, higher-ticket capital equipment. Implants such as knees, hips and trauma plates are consumed one per procedure and are effectively an annuity tied to surgical volumes. Capital equipment such as Mako robots, LIFEPAK defibrillators, hospital beds and 4K camera platforms is bought in lumps out of hospital capital budgets, which is why the fourth quarter is structurally the largest: fourth-quarter 2025 revenue of $7,171m ran roughly 19% above the average of the first three quarters.

The razor-and-blade mechanic in robotics. A Mako placement is the razor. Once a hospital installs one, the surgeons trained on it use Stryker knee and hip implants, Stryker instruments and Stryker software, and the switching cost of retraining a surgical team is high. This is why installed base matters more than robot revenue: over 1 million Mako Total Knee procedures have now been performed. The Mako RPS handheld system extends the same mechanic downmarket to ambulatory surgery centres that will never buy a full robotic arm.

Where the moat comes from. Three things. First, surgeon habit and training, which is the single stickiest asset in orthopaedics. Second, regulatory and clinical evidence barriers, with roughly 5,600 United States patents and 9,000 non-United States patents at 31 December 2025 and a 510(k) pathway that rewards incumbents with predicate devices. Third, hospital contracting scale, where breadth across the operating room, the ward and the ambulance lets Stryker bundle in a way that single-category competitors cannot.

Where it is thinner than it looks. Stryker spent $1,623m on research, development and engineering in fiscal 2025, which is 6.5% of sales, a lower intensity than most large-cap technology businesses and a reminder that a meaningful share of the growth is bought rather than invented. Three acquisitions closed in eighteen months. The newly created Peripheral Vascular reporting unit is carried with, in the company's own words in the FY2025 10-K, a fair value that "was not expected to exceed its carrying value by a significant amount".

5. Financial Health

All figures below are taken from Stryker's fiscal year earnings press releases, Forms 10-K and 10-Q, and SEC XBRL company facts. Fiscal years end 31 December.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	17,108	+19.2%	$5.21	$9.09	$2.585	$12,472m
FY2022	18,449	+7.8%	$6.17	$9.34	$2.835	$11,857m
FY2023	20,498	+11.1%	$8.25	$10.60	$3.050	$10,901m
FY2024	22,595	+10.2%	$7.76 †	$12.19	$3.240	$12,188m
FY2025	25,116	+11.2%	$8.40 ‡	$13.63	$3.400	$14,859m

† Fiscal 2024 GAAP diluted EPS was depressed by $977m of goodwill and other impairments relating to the Spine business, worth approximately $2.21 per share.
‡ Fiscal 2025 GAAP diluted EPS was inflated by a $660m discrete tax benefit worth approximately $1.71 per share. The GAAP effective tax rate was 28.1% against an adjusted rate of 15.1%.

Long-term debt is the non-current balance-sheet figure taken from the SEC XBRL tag LongTermDebtNoncurrent. Total debt including the current portion was $15,859m at 31 December 2025 and $14,942m at 30 June 2026.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 2026 (ended 30 Jun 2026)	6,589	$3.69	$3.30
Q1 2026 (ended 31 Mar 2026)	6,020	$2.60	$1.93
Q4 2025 (ended 31 Dec 2025)	7,171	$4.47	$2.20
Q3 2025 (ended 30 Sep 2025)	6,057	$3.19	$2.22
Q2 2025 (ended 30 Jun 2025)	6,022	$3.13	$2.29
FY2025 total	25,116	$13.63	$8.40

Cash flow and balance sheet. Fiscal 2025 net cash provided by operating activities was $5,044m against $4,242m in fiscal 2024. Purchases of property, plant and equipment were $761m, giving free cash flow of $4,283m. Depreciation and amortisation was $1,570m on the total basis used in the segment note and the XBRL tag DepreciationDepletionAndAmortization; the narrower cash flow statement add-back was $1,193m. Earnings from operations were $4,889m, or 19.5% of sales, with adjusted operating income of $6,603m, or 26.3%.

At 30 June 2026, the most recent reported balance sheet, Stryker held cash and cash equivalents of $3,391m plus marketable securities of $85m, against long-term debt excluding current maturities of $14,192m and a current portion of debt of $750m. Total assets were $47,930m and shareholders' equity $23,988m. First-half 2026 operating cash flow was $1,842m against $1,361m in the first half of 2025, with capital expenditure of $368m, acquisitions net of cash of $459m, dividends paid of $674m and $750m of net debt repayment.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$130.80bn (383,360,762 shares at $341.20, 3 Aug 2026)
Enterprise value	Approximately $142.3bn (market cap $130.80bn plus total debt $14,942m less cash $3,391m and marketable securities $85m, per the 30 Jun 2026 balance sheet)
Trailing P/E (GAAP)	35.4x on trailing twelve-month GAAP diluted EPS of $9.65 ($2.22 + $2.20 + $1.93 + $3.30). On trailing adjusted EPS of $13.95 the multiple is 24.5x. Note the GAAP figure is flattered by a $660m fiscal 2025 tax benefit and a $158m tariff reversal in Q2 2026
P/E (forward)	22.7x on management's own FY2026 adjusted diluted EPS guidance of $14.95 to $15.10, narrowed on 30 Jul 2026 (midpoint $15.025). Range 22.6x to 22.8x. This is company guidance, not an analyst estimate
P/S (TTM)	5.06x on trailing twelve-month revenue of $25,837m ($6,057m + $7,171m + $6,020m + $6,589m)
EV/EBITDA (TTM)	Approximately 22.0x (enterprise value $142.27bn divided by EBITDA of $6,459m; EBITDA = FY2025 operating income $4,889m plus depreciation and amortisation $1,570m)
P/FCF	Approximately 30.5x (market cap $130.80bn divided by free cash flow $4,283m; FCF = FY2025 operating cash flow $5,044m less capital expenditure $761m)
52-week high	$396.86, set 4 Sep 2025
52-week low	$281.00, set 11 May 2026, two months after the cybersecurity incident
Short interest (% of float)	1.91% (7,029,895 shares short against a float of 347.79m, settlement date 15 Jul 2026). Short interest has risen from 4.61m shares in September 2025
Days to cover	2.55
Price/book	5.45x on shareholders' equity of $23,988m at 30 Jun 2026
Dividend yield	Approximately 1.03% ($0.88 quarterly, $3.52 annualised)

7. What Are They Building

Stryker spent $1,623m on research, development and engineering in fiscal 2025 on a reported basis, or $1,567m adjusted, equal to 6.5% and 6.2% of sales respectively. First-half 2026 spending was $847m, up 4.3% year on year, of which $434m fell in the second quarter.

Mako robotics is the centre of gravity. Mako SmartRobotics is now available in more than 45 countries, with over 1 million robotic Mako Total Knee procedures and more than 2 million total robotic procedures performed across knee, hip and partial knee. The Mako 4 platform, introduced in 2025 and built around the Q-Guidance advanced guidance system, is the generational hardware and software refresh intended to carry new applications across subspecialties. Mako Total Hip with Advanced Primary and Revision reached full market release in the third quarter of 2025, the first robotically enabled revision hip arthroplasty on the market and the first application built on Mako 4. Mako Shoulder, which combines Tornier implants with Blueprint planning software and haptic guidance, moved from limited release through 2025 towards full United States commercial launch.

Mako RPS is the strategically important one. RPS is Stryker's first handheld robotic platform, cleared by the FDA under 510(k) in August 2025, with first cases in January 2026, limited market release on 9 February 2026 and full United States market launch on 16 July 2026. It is currently cleared only for total knee arthroplasty. Its purpose is to reach ambulatory surgery centres and surgeons who still operate manually and have resisted the capital cost and footprint of the Mako arm. In other words, it attacks a market that Stryker's own flagship robot cannot serve, and it defends a knee franchise that generated $2,656m of revenue in fiscal 2025. Record Mako installations were reported in the second quarter of 2026, alongside an elevated capital backlog.

Digital surgery and the connected hospital. The Vocera clinical communication and AI-assisted virtual care platform is now a named product category within the Medical division, with the Vocera Sync Badge launched in 2025 as a hands-free clinician endpoint delivering real-time alerts. The Connected OR IP BRAVoE integration portfolio, also launched in 2025, extends the iSuite integrated operating room.

New product launches across the portfolio. In Instruments, Steri-Shield 8, a lighter operating-room personal protection system. In Endoscopy, continued rollout of the 4K 1788 camera platform across urology, neurology, ENT and arthroscopy. In Medical, the global launch of the LIFEPAK 35 monitor and defibrillator with the Glasgow 30.4 algorithm and cprINSIGHT. In Vascular, the Broadway System for large-bore stroke procedures and an accelerated launch of the Surpass Elite flow-diverting stent, alongside the Inari FlowTriever and ClotTriever mechanical thrombectomy franchises. In Neuro Cranial, OptaBlate BVN radiofrequency ablation for vertebrogenic pain. The Amplitude Vascular Systems acquisition completed on 7 May 2026 adds carbon-dioxide-generated pressure-wave intravascular lithotripsy for calcified peripheral arterial disease, putting Stryker directly against the entrenched Shockwave franchise now owned by J&J MedTech.

8. Competitive Landscape

Stryker names its own competitors in its Form 10-K: Zimmer Biomet, Medtronic, J&J MedTech and ConMed Linvatec in instruments; Karl Storz, Olympus, Smith & Nephew, Arthrex and STERIS in endoscopy; Baxter, Zoll and Medline in medical; Medtronic, J&J MedTech, Terumo and Penumbra in vascular and neuro cranial; and Zimmer Biomet, J&J MedTech and Smith & Nephew in orthopaedics and robotics.

Peer	Market cap (Aug 2026)	Key 2025 metric
Johnson & Johnson (NYSE: JNJ)	$613.10bn	FY2025 total revenue $94,193m across pharmaceuticals and MedTech; J&J MedTech is only one segment of the group
Medtronic plc (NYSE: MDT)	$110.95bn	Revenue of $36,364m for the fiscal year ended 30 Apr 2026
Boston Scientific (NYSE: BSX)	$71.98bn	FY2025 revenue $20,074m
Zimmer Biomet (NYSE: ZBH)	$18.76bn	FY2025 revenue $8,232m, the closest direct comparator in hips and knees
Smith & Nephew (NYSE: SNN)	$13.51bn	FY2025 revenue $6,164m
Globus Medical (NYSE: GMED)	$11.06bn	Trailing twelve-month revenue $3,101m; the nearest listed pure-play in spine and orthopaedic robotics now that Stryker has exited spine

On the forward multiples described in Section 6, Stryker trades at roughly 22.7 times management-guided fiscal 2026 adjusted earnings against 13.5 times for Medtronic, 14.1 times for Boston Scientific, 14.1 times for Smith & Nephew and 10.8 times for Zimmer Biomet. Stryker's market capitalisation exceeds Zimmer Biomet, Smith & Nephew and Globus Medical combined. Peer revenue figures here are drawn from market-data income statements rather than each company's own filings and should be treated as cross-check grade.

9. Leadership and Insider Activity

Kevin A. Lobo has been Chief Executive Officer since October 2012 and remains Chair and CEO, quoted by name in the second-quarter 2026 earnings release dated 30 July 2026. He relinquished the President title on 1 January 2026 when Spencer Stiles, previously Group President of Orthopaedics, was appointed President and Chief Operating Officer. Dylan Crotty became Group President, Orthopaedics on the same date. Preston W. Wells is Vice President, Chief Financial Officer. William E. Berry Jr retires as Chief Accounting Officer on 1 September 2026 and is succeeded by Emily Baculik.

Across the twelve months to 4 August 2026 there were thirteen reported open-market insider transactions in Stryker stock. Every one was a sale. There were no open-market purchases.

Name	Date	Type	Shares	Price	Value	Plan Type
Ronda E. Stryker, Director	26 May 2026	Sale	310,000	$312.23	$96,792,668	No plan disclosed
Robert S. Fletcher, VP Chief Legal Officer	28 May 2026	Sale	4,544	$306.87	$1,394,409	Rule 10b5-1
M. Kathryn Fink, VP Chief HR Officer	11 May 2026	Sale	8,720	$283.69	$2,473,756	No plan disclosed
Ronda E. Stryker, Director	05 Feb 2026	Sale	250,000	$363.95	$90,988,528	No plan disclosed
Ronda E. Stryker, Director	04 Feb 2026	Sale	250,000	$362.92	$90,730,740	No plan disclosed
James Andrew Pierce, Group President	02 Feb 2026	Sale	475	$368.87	$175,214	No plan disclosed
Preston W. Wells, VP Chief Financial Officer	20 Nov 2025	Sale	165	$365.88	$60,370	No plan disclosed
William E. Berry Jr, VP Chief Accounting Officer	14 Nov 2025	Sale	1,953	$365.49	$713,801	No plan disclosed
Ronda E. Stryker, Director	06 Nov 2025	Sale	276,173	$353.28	$97,565,693	No plan disclosed
Ronda E. Stryker, Director	05 Nov 2025	Sale	243,827	$356.98	$87,040,447	No plan disclosed
Viju Menon, Group President	25 Aug 2025	Sale	500	$390.61	$195,305	No plan disclosed
Robert S. Fletcher, VP Chief Legal Officer	20 Aug 2025	Sale	1,785	$393.07	$701,629	No plan disclosed
Ronda E. Stryker, Director	06 Aug 2025	Sale	200,000	$376.45	$75,289,655	No plan disclosed

The totals are 1,298,142 shares sold for approximately $444.1m. Ronda E. Stryker, a director and heir of the founding family, accounts for 1,280,000 shares and roughly $438.4m of that, or 98.7%, sold indirectly through a revocable trust in large blocks roughly quarterly. Only the Fletcher sale of 28 May 2026 was explicitly disclosed as a Rule 10b5-1 plan transaction. Chief Executive Kevin Lobo did not sell in the open market during the period.

10. Key Risks

• Cybersecurity (Operational): the 11 March 2026 incident caused a global disruption to Stryker's Microsoft environment, hitting manufacturing, ordering and distribution. It cut first-quarter 2026 adjusted EPS by 8.5% year on year to $2.60 and reduced adjusted operating margin by 180 basis points. A follow-up filing confirmed a malicious file was used, contradicting the company's initial statement. Data-breach litigation, regulatory action and remediation cost all remain live. Third-party claims about the scale of the intrusion are not company-confirmed.
• Tariffs and trade policy (Macro): Stryker guided to a $200m tariff impact in May 2025, revised it to $175m, then declined to forecast 2026 tariffs at all. In the second quarter of 2026 it booked a $158m reversal of 2025 tariffs through gross profit following the February 2026 Supreme Court ruling on IEEPA authority. New Section 232 and 301 duties and retaliatory measures remain unquantified, and management itself will not put a number on them.
• Recalls and product liability (Legal): the accrual for recall-related and legacy product liability matters was $144m at 31 December 2025, covering Rejuvenate and ABG II modular-neck hip stems, certain LFIT Anatomic CoCr V40 femoral heads and legacy Wright hip claims. Recall-related charges ran $58m in 2025, $40m in 2024 and $18m in 2023. Active matters include the patient-fitted TMJ reconstruction prosthesis notification first issued 30 September 2025 and twice expanded, in which a screw penetrated the cranial vault and one serious injury was reported.
• Acquisition and integration risk (Financial): three deals closed in eighteen months, headed by Inari at $4,810m net of cash. The new Peripheral Vascular reporting unit is carried with minimal impairment headroom by the company's own description. The precedent is unhelpful: Stryker wrote off $977m on Spine in fiscal 2024 before selling it. Acquisition and integration costs ran $508m at operating level in fiscal 2025, and second-quarter 2026 United States Vascular sales fell 6.7%.
• Competitive pressure in robotics (Operational): Zimmer Biomet, J&J MedTech and Smith & Nephew compete directly in joints, trauma and robotics, and Globus Medical is a listed pure-play alternative. Mako RPS only reached full United States launch on 16 July 2026 and is cleared solely for total knee arthroplasty. Stryker also granted VB Spine exclusive access to Mako Spine and Copilot as part of the divestiture, ceding a robotics adjacency outright.
• Hospital capital expenditure cycle (Macro): capital equipment sales are structurally concentrated in the fourth quarter and orthopaedic volumes dip in summer. Management flagged an elevated backlog and record Mako installations in the second quarter of 2026, which converts capital-budget timing into concentrated earnings risk if hospital budgets tighten.
• Valuation and expectations (Financial): a premium of 60% to 110% over every listed peer on forward earnings leaves little room for disappointment. The shares fell 6.4% on 31 July 2026 despite an adjusted earnings beat, because revenue came in modestly light and the full-year outlook was narrowed rather than raised.
• Currency (Macro): international sales were $6,110m, or 24% of fiscal 2025 revenue. Currency swung from a 0.5% headwind in fiscal 2025 to a tailwind in 2026, and management's fiscal 2026 guidance explicitly assumes rates hold near current levels, so the guidance carries embedded currency risk.
• Leadership transition (Governance): three senior changes inside nine months, being a new President and Chief Operating Officer, a new Group President of Orthopaedics and a new Chief Accounting Officer from 1 September 2026. Kevin Lobo has been CEO since 2012 and gave up the President title on 1 January 2026, a conventional succession-grooming signal.
• Regulatory compliance cost (Regulatory): Stryker adjusts out medical device regulation costs every year, being $38m in 2025, $58m in 2024 and $96m in 2023, chiefly EU MDR compliance. The 10-K warns FDA enforcement can bring fines, warning letters, product seizures, recalls and import restrictions, and flags the European Union's new collective-redress regime as an emerging litigation vector.

11. Recent Developments

• 30 Oct 2025 — Third-quarter 2025 results. Sales of $6,057m, up 10.3% reported and 9.5% organic, adjusted EPS of $3.19, up 11.1%, and adjusted operating margin up 90 basis points to 25.6%.
• 04 Dec 2025 — Senior leadership succession announced. Spencer Stiles appointed President and Chief Operating Officer effective 1 January 2026, with Dylan Crotty promoted to Group President, Orthopaedics. Kevin Lobo remains Chair and CEO.
• 29 Jan 2026 — Fiscal 2025 results and initial fiscal 2026 outlook. Full-year sales of $25,116m, up 11.2% reported and 10.3% organic, adjusted EPS of $13.63, up 11.8%, and adjusted operating margin up 100 basis points to 26.3% for a second consecutive year. The quarterly dividend was raised 4.8% to $0.88. Initial fiscal 2026 guidance was organic growth of 8.0% to 9.5% and adjusted EPS of $14.90 to $15.10.
• 09 Feb 2026 — Limited market release of Mako RPS. Stryker's first handheld robotic platform entered limited release for total knee arthroplasty, following FDA 510(k) clearance of the console, saw and software in August 2025.
• 11 Mar 2026 — Material cybersecurity incident disclosed. A global disruption to Stryker's Microsoft environment hit manufacturing, ordering and distribution systems. A follow-up filing on 23 March 2026 confirmed an investigation with Palo Alto Networks Unit 42 and that a malicious file had been used but could not spread.
• 13 Apr 2026 — Agreement to acquire Amplitude Vascular Systems. A next-generation intravascular lithotripsy platform for calcified peripheral arterial disease; the transaction completed on 7 May 2026 at an undisclosed price.
• 30 Apr 2026 — First-quarter 2026 results, the cyber-hit quarter. Sales of $6,020m, up only 2.6% reported and 2.4% organic, adjusted EPS down 8.5% to $2.60 and adjusted operating margin down 180 basis points to 21.1%. Management reaffirmed full-year guidance.
• 11 May 2026 — Shares set a 52-week low of $281.00. Roughly two months after the cybersecurity incident, and approximately 29% below the September 2025 high.
• 26 May 2026 — Director Ronda E. Stryker sells 310,000 shares. At an average of $312.23, or approximately $96.8m, her largest single-day disposal of the period and the fifth large block in twelve months.
• 16 Jul 2026 — Full United States market launch of Mako RPS. Expanding the Mako portfolio beyond robotic-arm-assisted surgery into handheld robotics, aimed at ambulatory surgery centres and manual-technique surgeons.
• 30 Jul 2026 — Second-quarter 2026 results. Sales of $6,589m, up 9.4% reported and 9.0% organic, adjusted EPS of $3.69, up 17.9%, reported EPS of $3.30, up 44.1%, and adjusted operating margin up 170 basis points to 27.4%. The results included a $158m reversal of 2025 tariffs. Full-year guidance was narrowed to organic growth of 8.3% to 9.3% and adjusted EPS of $14.95 to $15.10, with record Mako installations and an elevated capital backlog reported.
• 31 Jul 2026 — Shares fall 6.4%. From $348.04 to $325.70 in the session after results, despite the adjusted earnings beat, as investors focused on modestly light revenue and second-half execution risk.

12. Key Dates to Watch

• 01 Sep 2026 — Emily Baculik becomes Vice President, Chief Accounting Officer, succeeding William E. Berry Jr on his retirement.
• Expected late September 2026 — next quarterly dividend declaration and record date. The prior-year cadence was a record date of 30 September with payment on 31 October. Not yet announced by the company.
• Expected late October 2026 — third-quarter 2026 results. Stryker typically announces the date around four weeks ahead; third-quarter 2025 results were released on 30 October 2025. No date has been published as of 4 August 2026.
• Expected late January 2027 — fiscal 2026 full-year results and fiscal 2027 outlook, together with the annual dividend increase. Fiscal 2025 results were released on 29 January 2026. Not yet announced.
• Expected May 2027 — 2027 Annual Meeting of Shareholders. The 2026 meeting was held virtually on 6 May 2026. Not yet announced.
• 31 Jul 2026 — most recent quarterly dividend of $0.88 per share paid, to holders of record on 30 June 2026, as declared on 7 May 2026.

Stryker does not hold a regular investor day, and no analyst day has been scheduled for 2026 or 2027. The company's product pipeline runs through FDA 510(k) clearances, which carry no published decision calendar, so there are no fixed regulatory decision dates to track. You can follow the wider macro schedule that drives hospital budgets and healthcare demand on the ChartsView Economic Calendar, and discuss this name with other members in the ChartsView Forum.

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