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STRYKER CORPSYK

Sector
Healthcare
Industry
Surgical & Medical Instruments & Apparatus
Exchange
NYSE

Stock Price $SYK

Latest filings

You are here#18 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K125

SYK filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 125 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Material agreement8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $25.12B
YoY changeLargest recent move+19.2%in FY21Latest +11.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All SYK Financial Metrics59 metrics

Income Statement16

Balance Sheet23

Cash Flow15

Per Share5

02—Overview

STRYKER CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Stryker deployed nearly $5.0 billiona in FY2025 to acquire Inari Medical, a strategic capital allocation that propelled its MedSurg and Neurotechnology segment to a 15.7% growth rate. This highlights a core investment thesis: Stryker’s relentless acquisition engine, paired with consistent unit volume expansion, provides the underlying pricing power necessary to overcome macroeconomic margin pressures.

The medical technology company has consistently scaled its operations, as revenue grew from $17.1 billion in FY2021 to $25.1 billionb in FY2025. By the end of FY2025, gross margin expanded to 64.0%, yielding $4.89 billion in operating income and $5.04 billion in operating cash flow. While a global cybersecurity incident in Q1 2026 temporarily compressed gross margin to 63.3% due to supply chain and manufacturing disruptions, the company still managed to increase total net sales by 2.6% to $6.02 billion during the quarter. The market has heavily rewarded this combination of M&A execution and operational resilience. At the close of FY2025, the stock traded at $351.47, commanding a 41.8x P/E multiple against $8.40 in earnings per share.

Recent Developments (Q4 2025 and Q1 2026)

Stryker successfully resolved a disruptive IT breach in Q1 2026, fully restoring its global systems without altering full-year guidance. To streamline operations post-recovery, the company created a new Ortho Tech business unit combining orthopaedic instruments with Mako enabling technologies. First-quarter net earnings still jumped 13.9% year-over-year to $745 millionc, or $1.93 per share. The company also strengthened its balance sheet by repaying $1,000 million in senior unsecured notes.

Bulls are encouraged by the underlying 9.9% organic sales growth achieved in FY2025 alongside a steady $3.36d per share annual dividend. Conversely, bears point to the stagnating Orthopaedics segment, which managed a mere 0.1% growth to $2.81 billion in Q1 2026. Following a post-breach pullback, shares traded at a more modest 33.6x P/E as of the May 11, 2026 reporting date.

What to watch: margin recovery trajectory post-cyberattack; the September 2026 transition of Emily Baculik to Chief Accounting Officer.

03—Filings

Recent SEC Filings

  1. 8-KSTRYKER CORP 8-K Report, Executive Changes (Oct 6, 2026)On October 6, 2026, Stryker (NYSE: SYK) announced a planned CEO succession. Kevin Lobo, CEO since October 2012 and Chair since July 2014, will step down as CEO on December 31, 2026 and become Executive Chair of the Board effective January 1, 2027. Spencer Stiles, the company's President and COO since January 2026, will succeed him as CEO on the same date and join the Board, which expands from 10 to 11 members. The Board frames the change as the culmination of a long-term succession process, and Lobo's transition agreement keeps his base salary, bonus target and benefit eligibility unchanged, though he will receive no new stock awards as Executive Chair. For Stiles, the 8-K sets a base salary of $1,320,000 and a bonus target of 150% of base salary from January 1, 2027. The Board will also be asked to approve a February 2027 equity grant with an aggregate target grant date fair value of $14.2 million, split 40% stock options and 60% performance stock units. Investors should note that the filing does not specify a stock option strike price methodology or exercise terms beyond the standard five-year annual vesting for options, and it discloses no committee assignments for Stiles yet. The transition is planned and orderly, with a seven-month handover period before the effective date. The key open questions for investors concern continuity of strategy and execution under new leadership, retention of key personnel, and whether the Executive Chair role leaves Lobo with meaningful influence over the company's direction. The press release's forward-looking statements flag these execution and retention risks explicitly.
  2. 8-KSTRYKER CORP 8-K Report, Financial Results (Jul 30, 2026)Stryker reported second quarter 2026 results that showed a strong rebound from the cybersecurity incident first disclosed on March 11, 2026. Net sales rose 9.4% to $6.6 billion, with organic growth of 9.0% driven by unit volume. MedSurg and Neurotechnology grew 9.7% reported (9.2% organic), and Orthopaedics grew 9.1% reported (8.6% organic). Reported EPS increased 44.1% to $3.30, and adjusted EPS increased 17.9% to $3.69. Adjusted operating margin expanded 170 basis points to 27.4%, while reported operating margin reached 25.2%. The headline earnings growth is flattered by low-quality items that investors should separate from the underlying trend. Reported results include a $158 million pre-tax benefit from the reversal of 2025 tariffs, which is excluded from adjusted figures and contributed roughly $0.34 per diluted share. Prior-year results also carried larger impairment and acquisition-related charges, which makes the year-over-year reported comparison look more favorable than the operating trend. Structural optimization and other special charges were $95 million in the quarter, mostly in the 'other charges' category, and the company's effective tax rate on a reported basis was 18.4%. Management narrowed full-year 2026 guidance to organic net sales growth of 8.3% to 9.3% and adjusted EPS of $14.95 to $15.10, and it expects a modestly positive pricing impact and a slightly favorable foreign exchange effect if rates hold. Six-month operating cash flow improved to $1.84 billion from $1.36 billion, and the company repaid $750 million of debt, though cash declined to $3.39 billion. Investors should monitor the pace of the cyber recovery in the second half, the durability of the tariff-related and tax benefits, and the ultimate cost of recall, regulatory and legal matters that the company flagged as uncertain.
  3. 8-KSTRYKER CORP 8-K Report, Corporate Update (Jun 26, 2026)Stryker filed this Form 8-K on June 26, 2026 to recast its consolidated financial statements for 2023 through 2025 to reflect a change in segment reporting. The change is organizational, not an accounting restatement: the company is reorganizing its Instruments and Other Orthopaedics businesses into a new Ortho Tech business, which combines orthopaedic instruments with Mako robotics and enabling technologies. Stryker will still report two segments, MedSurg and Neurotechnology and Orthopaedics. Consolidated net sales, net earnings, the balance sheet, and cash flows are unchanged by the recast. The filing does not update the 2025 10-K's MD&A for later developments, so investors should read it alongside the Q1 2026 10-Q. The recast mainly changes how segment-level growth and margins look. Under the new structure, Ortho Tech 2025 net sales were $11,239 million, up 10.9% as reported, with Ortho Tech carrying the Mako robotics and power tool franchise. MedSurg and Neurotechnology remains the faster-growing segment at 16.5% reported growth in 2025, versus 5.4% for Orthopaedics, which was weighed down by the divestiture of Spinal Implants. Because the Spinal Implants business was sold in April 2025, the Orthopaedics comparison is distorted by that sale. Investors modeling segment economics should use the recast figures rather than the originally reported ones. The filing also reconfirms the 2025 financial baseline that the recast leaves intact: net sales of $25,116 million (+11.2%), GAAP diluted EPS of $8.40, adjusted diluted EPS of $13.63 (+11.8%), and operating cash flow of $5,044 million. Acquisitions, mainly Inari Medical for about $4.8 billion, were the largest use of capital, and total debt rose to $15,859 million. The filing does not change any of these figures. Its value lies in giving analysts a consistent segment basis for future comparisons.
  4. 8-KSTRYKER CORP 8-K Report, Executive Changes (May 20, 2026)Stryker Corporation (SYK) announced a leadership transition in its accounting department, with Vice President and Chief Accounting Officer William E. Berry, Jr. retiring effective September 1, 2026. Emily Baculik, currently Vice President, Corporate Controller, will assume the role of Chief Accounting Officer starting the same date. This transition involves a planned advisory period for Mr. Berry and a compensation adjustment for Ms. Baculik as she steps into her new role. Investors should note the smooth handover facilitated by Mr. Berry's advisory role and the clear succession plan. Ms. Baculik brings extensive experience from various finance and accounting leadership positions within Stryker and other publicly traded companies. The filing details the terms of Mr. Berry's transition agreement, including continued salary and bonus eligibility, and Ms. Baculik's new compensation structure, which includes a base salary increase and potential long-term incentive awards.
  5. 8-KSTRYKER CORP 8-K Report, Shareholder Vote Results (May 8, 2026)Stryker Corporation (SYK) filed an 8-K on May 8, 2026, reporting the results of its Annual Meeting of Shareholders held on May 6, 2026. The primary focus of the filing is the voting outcomes on three key proposals: the election of directors, the ratification of the independent registered public accounting firm, and an advisory vote on executive compensation. All proposals received substantial shareholder support, indicating a positive sentiment from the company's investors regarding its governance and financial oversight. Specifically, all ten nominated directors were overwhelmingly elected, demonstrating continued confidence in the company's leadership. Shareholders also ratified the appointment of Ernst & Young LLP as the independent auditor for 2026, a standard but important vote for financial transparency. Furthermore, the advisory resolution on executive compensation was approved, suggesting that shareholders are largely in agreement with the company's compensation practices for its named executive officers.
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04—See also

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