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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-13149
strykerlogoa74.jpg
STRYKER CORPORATION
(Exact name of registrant as specified in its charter)
Michigan
38-1239739
(State of incorporation)
(I.R.S. Employer Identification No.)
1941 Stryker Way
Portage,
Michigan
49002
(Address of principal executive offices)
(Zip Code)
(269)
385-2600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.10 Par Value
SYK
New York Stock Exchange
2.125% Notes due 2027
SYK27
New York Stock Exchange
3.375% Notes due 2028
SYK28
New York Stock Exchange
0.750% Notes due 2029
SYK29
New York Stock Exchange
2.625% Notes due 2030
SYK30
New York Stock Exchange
1.000% Notes due 2031
SYK31
New York Stock Exchange
3.375% Notes due 2032
SYK32
New York Stock Exchange
3.625% Notes due 2036
SYK36
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.Yes ☒No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).Yes ☒No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting
company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Emerging growth company
☐
Non-accelerated filer
☐
Smaller reporting company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐No ☒
There were 383,573,046 shares of Common Stock, $0.10 par value, on June 30, 2026.
Dollar amounts are in millions except per share amounts or as otherwise specified.
1
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
PART I – FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
Stryker Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
Three Months
Six Months
2026
2025
2026
2025
Net sales
$6,589
$6,022
$12,609
$11,888
Cost of sales
2,091
2,181
4,301
4,303
Gross profit
$4,498
$3,841
$8,308
$7,585
Research, development and engineering expenses
434
407
847
812
Selling, general and administrative expenses
2,229
2,079
4,510
4,379
Amortization of intangible assets
175
187
355
354
Goodwill and other impairments
1
55
1
90
Total operating expenses
$2,839
$2,728
$5,713
$5,635
Operating income
$1,659
$1,113
$2,595
$1,950
Interest expense
(141)
(159)
(289)
(296)
Other income
46
62
108
126
Earnings before income taxes
$1,564
$1,016
$2,414
$1,780
Income taxes
288
132
393
242
Net earnings
$1,276
$884
$2,021
$1,538
Net earnings per share of common stock:
Basic
$3.32
$2.32
$5.27
$4.03
Diluted
$3.30
$2.29
$5.23
$3.98
Weighted-average shares outstanding (in millions):
Basic
383.5
382.2
383.2
382.0
Effect of dilutive employee stock compensation
2.5
4.2
3.0
4.4
Diluted
386.0
386.4
386.2
386.4
Cash dividends declared per share of common stock
$0.88
$0.84
$1.76
$1.68
Anti-dilutive shares excluded from the calculation of dilutive employee stock options were de minimis in all periods.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months
Six Months
2026
2025
2026
2025
Net earnings
$1,276
$884
$2,021
$1,538
Other comprehensive income (loss), net of tax:
Marketable securities
—
—
—
—
Pension plans
1
2
—
2
Unrealized gains (losses) on designated hedges
(13)
17
(31)
3
Financial statement translation
19
(372)
142
(474)
Total other comprehensive income (loss), net of tax
$7
$(353)
$111
$(469)
Comprehensive income
$1,283
$531
$2,132
$1,069
See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
2
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
CONSOLIDATED BALANCE SHEETS
June 30
December 31
2026
2025
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$3,391
$4,011
Marketable securities
85
89
Accounts receivable, less allowance of $215 ($216 in 2025)
3,743
4,039
Inventories:
Materials and supplies
1,436
1,349
Work in process
470
415
Finished goods
3,615
3,546
Total inventories
$5,521
$5,310
Prepaid expenses and other current assets
1,678
1,306
Total current assets
$14,418
$14,755
Property, plant and equipment:
Land, buildings and improvements
1,814
1,793
Machinery and equipment
5,995
5,744
Total property, plant and equipment
$7,809
$7,537
Less allowance for depreciation
3,851
3,661
Property, plant and equipment, net
$3,958
$3,876
Goodwill
19,584
19,291
Other intangibles, net
5,742
5,681
Noncurrent deferred income tax assets
994
1,098
Other noncurrent assets
3,234
3,143
Total assets
$47,930
$47,844
Liabilities and shareholders' equity
Current liabilities
Accounts payable
$1,663
$1,799
Accrued compensation
1,105
1,595
Income taxes
224
418
Dividends payable
338
337
Accrued expenses and other liabilities
2,604
2,645
Current maturities of debt
750
1,000
Total current liabilities
$6,684
$7,794
Long-term debt, excluding current maturities
14,192
14,859
Income taxes
406
402
Other noncurrent liabilities
2,660
2,369
Total liabilities
$23,942
$25,424
Shareholders' equity
Common stock, $0.10 par value
38
38
Additional paid-in capital
2,711
2,597
Retained earnings
21,815
20,472
Accumulated other comprehensive loss
(576)
(687)
Total shareholders' equity
$23,988
$22,420
Total liabilities and shareholders' equity
$47,930
$47,844
See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
3
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three Months
Six Months
2026
2025
2026
2025
Common stock shares outstanding (in millions)
Beginning
383.4
382.1
382.5
381.4
Issuance of common stock under stock compensation and benefit plans
0.1
0.2
1.0
0.9
Ending
383.5
382.3
383.5
382.3
Common stock
Beginning
$38
$38
$38
$38
Issuance of common stock under stock compensation and benefit plans
—
—
—
—
Ending
$38
$38
$38
$38
Additional paid-in capital
Beginning
$2,646
$2,439
$2,597
$2,361
Issuance of common stock under stock compensation and benefit plans
11
4
(27)
(2)
Share-based compensation
54
49
141
133
Ending
$2,711
$2,492
$2,711
$2,492
Retained earnings
Beginning
$20,878
$18,862
$20,472
$18,528
Net earnings
1,276
884
2,021
1,538
Cash dividends declared
(339)
(323)
(678)
(643)
Ending
$21,815
$19,423
$21,815
$19,423
Accumulated other comprehensive income (loss)
Beginning
$(583)
$(409)
$(687)
$(293)
Other comprehensive income (loss)
7
(353)
111
(469)
Ending
$(576)
$(762)
$(576)
$(762)
Total shareholders' equity
$23,988
$21,191
$23,988
$21,191
See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
4
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months
2026
2025
Operating activities
Net earnings
$2,021
$1,538
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation
241
214
Amortization of intangible assets
355
354
Asset impairments
1
90
Share-based compensation
141
133
Sale of inventory stepped-up to fair value at acquisition
—
99
Deferred income tax (benefit) expense
74
176
Changes in operating assets and liabilities:
Accounts receivable
267
257
Inventories
(240)
(226)
Accounts payable
(127)
(269)
Accrued expenses and other liabilities
(356)
(116)
Income taxes
(258)
(610)
Other, net
(277)
(279)
Net cash provided by operating activities
$1,842
$1,361
Investing activities
Acquisitions, net of cash acquired
(459)
(4,814)
Purchases of marketable securities
(19)
(27)
Proceeds/(Purchases) of short-term investments
—
750
Proceeds from sales of marketable securities
23
32
Purchases of property, plant and equipment
(368)
(306)
Proceeds from the sale of the Spinal Implants business
—
165
Other investing, net
(1)
(40)
Net cash used in investing activities
$(824)
$(4,240)
Financing activities
Proceeds (payments) on short-term borrowings, net
250
2
Proceeds from issuance of long-term debt
—
2,979
Payments on long-term debt
(1,000)
(650)
Payments of dividends
(674)
(641)
Cash paid for taxes from withheld shares
(146)
(115)
Other financing, net
(35)
(30)
Net cash provided by (used in) financing activities
$(1,605)
$1,545
Effect of exchange rate changes on cash and cash equivalents
(33)
57
Change in cash and cash equivalents
$(620)
$(1,277)
Cash and cash equivalents at beginning of period
4,011
3,652
Cash and cash equivalents at end of period
$3,391
$2,375
See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
5
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1 - BASIS OF PRESENTATION
General Information
Management believes the accompanying unaudited Consolidated
Financial Statements contain all adjustments, including normal
recurring items, considered necessary to fairly present the
financial position of Stryker Corporation and its consolidated
subsidiaries ("Stryker," the "Company," "we," "us" or "our") on
June 30, 2026 and the results of operations for the three and six
months 2026. The results of operations included in these
Consolidated Financial Statements may not necessarily be
indicative of our annual results. These statements should be read
in conjunction with our Annual Report on Form 10-K for 2025.
In the first quarter 2026 we announced a change in our
organizational structure. Our new Ortho Tech business combines
the orthopaedic instruments portfolio from our Instruments
business with the Mako and enabling technologies portfolio from
our Other Orthopaedics business. By bringing Mako, power tools,
cutting accessories, enabling technologies and the teams behind
these products together under one business, we are simplifying
the customer experience and striving to increase our speed to
market through focused innovation.
Following this reorganization we continue to have two business
segments, (i) MedSurg and Neurotechnology and (ii)
Orthopaedics, each of which comprise a reportable segment. All
historical segment financial information has been recast to
conform to this new reporting structure in our financial statements
and accompanying notes.
New Accounting Pronouncements Not Yet Adopted
In September 2025 the Financial Accounting Standards Board
(FASB) issued Accounting Standards Update (ASU) 2025-07
(Topics 815 and 606): Derivatives and Hedging: Derivatives
Scope Refinements and Revenue from Contracts with
Customers: Scope Clarification for Share-Based Noncash
Consideration from a Customer in a Revenue Contract. This
update expands the scope exception in Topic 815 to certain non-
exchange-traded contracts for which settlement is based on
operations or activities specific to one of the parties to the
contract. The update is effective for fiscal years beginning after
December 15, 2026 including interim periods within those fiscal
years. Early adoption is permitted. We are evaluating if the ASU 
will have an impact on our Consolidated Financial Statements.
In September 2025 the FASB issued ASU 2025-06 (Subtopic
350-40): Intangibles - Goodwill and Other - Internal-Use
Software: Targeted Improvements to the Accounting for Internal-
Use Software. This update clarifies and modernizes the
accounting for costs related to internal-use software by removing
all references to project stages and clarifying that the probable-
to-complete threshold is not met if significant development
uncertainty exists. The update is effective for fiscal years
beginning after December 15, 2027 including interim periods
within those fiscal years. Early adoption is permitted. We are
evaluating if the ASU will have an impact on our Consolidated
Financial Statements.
In November 2024 the FASB issued ASU 2024-03 (Subtopic
220-40): Income Statement: Reporting Comprehensive Income -
Expense Disaggregation Disclosures which requires
disaggregation of certain expense captions into specified
categories in disclosures within the Notes to the Consolidated
Financial Statements. The new disclosure requirements are
effective for fiscal years beginning after December 15, 2026 and
interim periods within fiscal years beginning after December 15,
2027. Early adoption is permitted. We are evaluating these new
expanded disclosure requirements.
We evaluate all ASUs issued by the FASB for consideration of
their applicability. ASUs not included in our disclosures were
assessed and determined to be either not applicable or are not
expected to have a material impact on our Consolidated Financial
Statements.
Accounting Pronouncements Recently Adopted
On January 1, 2026 we adopted ASU 2025-05 (Topic 326):
Financial Instruments - Credit Losses: Measurement of Credit
Losses for Accounts Receivable and Contract Assets. This
update provides a practical expedient allowing entities to assume
that current conditions as of the balance sheet date will remain
unchanged for the remaining life of the asset when estimating
expected credit losses for current accounts receivable and
current contract assets arising from transactions accounting for
under Accounting Standards Codification 606, Revenue from
Contracts with Customers. The adoption of this update did not
have a material impact on our Consolidated Financial
Statements.
NOTE 2 - REVENUE RECOGNITION
Our policies for recognizing sales have not changed from those
described in our Annual Report on Form 10-K for 2025.
We disaggregate our net sales by business and geographic
location for each of our segments as we believe it best depicts
how the nature, amount, timing and certainty of our net sales and
cash flows are affected by economic factors.
In the first quarter 2026 we announced a change in our
organizational structure. Our new Ortho Tech business combines
the orthopaedic instruments portfolio (Orthopaedic Instruments)
from Instruments with Other Orthopaedics. In addition, Neuro
Cranial and the spine enabling technologies portfolio (Enabling
Technologies) from Other Orthopaedics were combined with the
remaining Instruments business to align with our internal
reporting structure. Ortho Tech includes sales related to
Orthopaedic Instruments of $523 and $501 and Other
Orthopaedics of $194 and $148 for the three months 2026 and
2025. For the six months 2026 and 2025 Ortho Tech includes
sales related to Orthopaedic Instruments of $1,012 and $985 and
Other Orthopaedics of $351 and $281. Instruments includes
sales related to Neuro Cranial of $681 and $616 and Enabling
Technologies of $28 and $34 for the three months 2026 and
2025. For the six months 2026 and 2025 Instruments includes
sales related to Neuro Cranial of $1,287 and $1,179 and
Enabling Technologies of $54 and $63. We have reflected these
changes in all historical periods presented.
Dollar amounts are in millions except per share amounts or as otherwise specified.
6
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
Net Sales by Business
Three Months
Six Months
2026
2025
2026
2025
MedSurg and Neurotechnology:
Instruments
$1,003
$918
$1,923
$1,756
Endoscopy
1,004
899
1,872
1,766
Medical
1,122
990
2,024
1,935
Vascular
496
498
1,013
904
$3,625
$3,305
$6,832
$6,361
Orthopaedics:
Knees
$693
$640
$1,363
$1,279
Hips
479
466
939
909
Trauma and Extremities
1,072
957
2,107
1,902
Ortho Tech
717
649
1,363
1,266
Spinal Implants
3
5
5
$171
$2,964
$2,717
$5,777
$5,527
Total
$6,589
$6,022
$12,609
$11,888
Net Sales by Geography
Three Months
Six Months
2026
2025
2026
2025
United States
$4,959
$4,554
$9,435
$8,994
International
1,630
1,468
3,174
2,894
Total
$6,589
$6,022
$12,609
$11,888
Costs to Obtain or Fulfill a Contract
We typically do not incur costs to fulfill a contract before a
product or service is provided to a customer due to the nature of
our products and services. Our costs to obtain contracts are
typically in the form of sales commissions paid to employees or
third-party agents. Certain sales commissions paid to employees
prior to recognition of sales are recorded as deferred contract
costs. We expense sales commissions associated with obtaining
a contract at the time of the sale or as incurred as the
amortization period is generally less than one year. These costs
have been presented within selling, general and administrative
expenses. On June 30, 2026 and December 31, 2025 deferred
contracts costs recorded in our Consolidated Balance Sheets
were not significant.
Contract Assets and Liabilities
Our contract assets primarily relate to conditional rights to
consideration for work completed but not billed at the reporting
date. On June 30, 2026 and December 31, 2025 contract assets
recorded in our Consolidated Balance Sheets were not
significant.
Our contract liabilities arise as a result of consideration received
from customers at inception of contracts for certain businesses or
where the timing of billing for services precedes satisfaction of
our performance obligations. This occurs primarily when payment
is received upfront for certain multi-period extended service
contracts. Our contract liabilities of $997 and $1,024 on June 30,
2026 and December 31, 2025 are classified within accrued
expenses and other liabilities and other noncurrent liabilities in
our Consolidated Balance Sheets based on the timing of when
we expect to complete our performance obligations.
Changes in contract liabilities during the six months 2026 were as
follows:
June 30
2026
Beginning contract liabilities
$1,024
Revenue recognized from beginning of year contract liabilities
(537)
Net advance consideration received during the period
510
Ending contract liabilities
$997
Transfers and Servicing of Financial Assets
We sell certain customer lease agreements and the related
leased assets to third-party financial institutions to accelerate our
cash collection cycle. The lease receivables are sold without
recourse and are derecognized from our Consolidated Balance
Sheets at the time of sale. Under the terms of our arrangements,
we collect lease payments on behalf of the financial institutions
but maintain no other form of continuing involvement. Sales of
these lease agreements are classified as operating activities in
our Consolidated Statements of Cash Flows. Fees earned for our
servicing activities are immaterial. Revenue related to customer
lease agreements sold under these arrangements represented
less than 4% of our total revenue for the three and six months
2026 and 2025.
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS)
INCOME (AOCI)
Three Months 2026
Pension
Plans
Hedges
Financial
Statement
Translation
Total
Beginning
$69
$24
$(676)
$(583)
OCI
2
(3)
22
21
Income taxes
—
—
4
4
Reclassifications to:
Cost of sales
—
(11)
—
(11)
Interest expense
—
(1)
—
(1)
Other income
(2)
—
(10)
(12)
Income taxes
1
2
3
6
Net OCI
$1
$(13)
$19
$7
Ending
$70
$11
$(657)
$(576)
Three Months 2025
Pension
Plans
Hedges
Financial
Statement
Translation
Total
Beginning
$4
$17
$(430)
$(409)
OCI
3
22
(425)
(400)
Income taxes
(1)
(3)
62
58
Reclassifications to:
Cost of sales
—
(3)
—
(3)
Interest expense
—
—
—
—
Other income
—
—
(11)
(11)
Income taxes
—
1
2
3
Net OCI
$2
$17
$(372)
$(353)
Ending
$6
$34
$(802)
$(762)
Six Months 2026
Pension
Plans
Hedges
Financial
Statement
Translation
Total
Beginning
$70
$42
$(799)
$(687)
OCI
1
(10)
156
147
Income taxes
1
1
1
3
Reclassifications to:
Cost of sales
—
(24)
—
(24)
Interest expense
—
(2)
—
(2)
Other income
(3)
—
(20)
(23)
Income taxes
1
4
5
10
Net OCI
$—
$(31)
$142
$111
Ending
$70
$11
$(657)
$(576)
Dollar amounts are in millions except per share amounts or as otherwise specified.
7
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
Six Months 2025
Pension
Plans
Hedges
Financial
Statement
Translation
Total
Beginning
$4
$31
$(328)
$(293)
OCI
3
6
(585)
(576)
Income taxes
(1)
1
128
128
Reclassifications to:
Cost of sales
—
(5)
—
(5)
Interest expense
—
(1)
—
(1)
Other income
—
—
(22)
(22)
Income taxes
—
2
5
7
Net OCI
$2
$3
$(474)
$(469)
Ending
$6
$34
$(802)
$(762)
NOTE 4 - DERIVATIVE INSTRUMENTS
We use operational and economic hedges, foreign currency
exchange forward contracts, net investment hedges (both
derivative and non-derivative financial instruments) and interest
rate derivative instruments to manage the impact of currency
exchange and interest rate fluctuations on earnings, cash flow
and equity. We do not enter into derivative instruments for
speculative purposes. We are exposed to potential credit loss in
the event of nonperformance by counterparties on our
outstanding derivative instruments but do not anticipate
nonperformance by any of our counterparties. Should a
counterparty default, our maximum loss exposure is the asset
balance of the instrument. We have not changed our hedging
strategies, accounting practices or objectives from those
disclosed in our Annual Report on Form 10-K for 2025.
Foreign Currency Hedges
June 2026
Cash Flow
Net
Investment
Non-
Designated
Total
Gross notional amount
$1,925
$2,566
$3,268
$7,759
Maximum term in years
8.2
Fair value:
Other current assets
$28
$—
$41
$69
Other noncurrent assets
3
9
—
12
Other current liabilities
(28)
(39)
(9)
(76)
Other noncurrent
liabilities
(3)
(28)
—
(31)
Total fair value
$—
$(58)
$32
$(26)
December 2025
Cash Flow
Net
Investment
Non-
Designated
Total
Gross notional amount
$1,738
$2,647
$4,391
$8,776
Maximum term in years
8.7
Fair value:
Other current assets
$33
$—
$11
$44
Other noncurrent assets
2
—
—
2
Other current liabilities
(10)
(71)
(21)
(102)
Other noncurrent
liabilities
(2)
(66)
—
(68)
Total fair value
$23
$(137)
$(10)
$(124)
We had €2.3 billion at June 30, 2026 and December 31, 2025 in
certain forward currency contracts designated as net investment
hedges, for which the maximum term is 8.2 years, to hedge a
portion of our investments in certain of our entities with functional
currencies denominated in Euros. In addition to these derivative
financial instruments designated as net investment hedges, we
had €5.0 billion at June 30, 2026 and December 31, 2025 of
senior unsecured notes designated as net investment hedges to
selectively hedge portions of our investment in certain
international subsidiaries. The currency effects of our Euro-
denominated senior unsecured notes are reflected in AOCI within
shareholders' equity where they offset gains and losses recorded
on our net investment in international subsidiaries.
The total after-tax gain (loss) recognized in OCI related to
designated net investment hedges was $180 in the six months
2026.
Currency Exchange Rate Gains (Losses) Recognized in Net
Earnings
Three Months
Six Months
Derivative
Instrument
Recognized
in:
2026
2025
2026
2025
Cash Flow
Cost of sales
$11
$3
$24
$5
Net
Investment
Other income
10
11
20
22
Non-
Designated
Other income
3
15
2
28
Total
$24
$29
$46
$55
Pretax gains (losses) on derivatives designated as cash flow
hedges of $8 and net investment hedges of $30 recorded in
AOCI are expected to be reclassified to cost of sales and other
income in earnings within 12 months of June 30, 2026. This cash
flow hedge reclassification is primarily due to the sale of inventory
that includes previously hedged purchases. A component of the
AOCI amounts related to net investment hedges is reclassified
over the life of the hedge instruments as we elected to exclude
the initial value of the component related to the spot-forward
difference from the effectiveness assessment.
Interest Rate Hedges
Pretax gains of $6 recorded in AOCI related to interest rate
hedges closed in conjunction with debt issuances are expected to
be reclassified to interest expense in earnings within 12 months
of June 30, 2026. The cash flow effect of interest rate hedges is
recorded in cash flow from operations.
NOTE 5 - FAIR VALUE MEASUREMENTS
Our policies for managing risk related to foreign currency, interest
rates, credit and markets and our process for determining fair
value have not changed from those described in our Annual
Report on Form 10-K for 2025.
In the six months 2026 we recorded $271 of contingent
consideration related to the acquisition of Amplitude Vascular
Systems, Inc. (AVS) described in Note 7.
In 2025 we assumed contingent consideration liabilities with a fair
value of $90 related to previous acquisitions made by Inari
Medical, Inc. (Inari). Refer to Note 7 for further information on the
acquisition of Inari.
There were no significant transfers into or out of any level of the
fair value hierarchy in 2026.
Assets Measured at Fair Value
June 30
December 31
2026
2025
Cash and cash equivalents
$3,391
$4,011
Trading marketable securities
336
307
Level 1 - Assets
$3,727
$4,318
Available-for-sale marketable securities:
Corporate and asset-backed debt securities
$47
$52
United States treasury debt securities
38
37
Total available-for-sale marketable securities
$85
$89
Foreign currency exchange forward contracts
81
46
Level 2 - Assets
$166
$135
Total assets measured at fair value
$3,893
$4,453
Dollar amounts are in millions except per share amounts or as otherwise specified.
8
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
Liabilities Measured at Fair Value
June 30
December 31
2026
2025
Deferred compensation arrangements
$336
$307
Level 1 - Liabilities
$336
$307
Foreign currency exchange forward contracts
$107
$170
Level 2 - Liabilities
$107
$170
Contingent consideration:
Beginning
$518
$452
Additions
271
123
Change in estimate and foreign exchange
7
24
Settlements
(40)
(81)
Ending
$756
$518
Level 3 - Liabilities
$756
$518
Total liabilities measured at fair value
$1,199
$995
Fair Value of Available for Sale Securities by Maturity
June 30
December 31
2026
2025
Due in one year or less
$31
$41
Due after one year through three years
$54
$48
On June 30, 2026 and December 31, 2025 the aggregate
difference between the cost and fair value of available-for-sale
marketable securities was nominal. Interest income on cash and
cash equivalents, short-term investments and income from
marketable securities was $26 and $24 in the three months 2026
and 2025, and $60 and $62 in the six months 2026 and 2025,
which was recorded in other income.
Our investments in available-for-sale marketable securities had a
minimum credit quality rating of A2 (Moody's), A (Standard &
Poor's) and A (Fitch). We do not plan to sell the investments, and
it is not more likely than not that we will be required to sell the
investments before recovery of their amortized cost basis, which
may be maturity.
NOTE 6 - CONTINGENCIES AND COMMITMENTS
We are involved in various ongoing proceedings, legal actions
and claims arising in the normal course of business, including
proceedings related to product, labor, tax, intellectual property
and other matters. The outcomes of these matters will generally
not be known for prolonged periods of time. In certain of the legal
proceedings the claimants seek damages as well as other
compensatory and equitable relief that could result in the
payment of significant claims and settlements and/or the
imposition of injunctions or other equitable relief. For legal
matters for which management had sufficient information to
reasonably estimate our future obligations, a liability representing
management's best estimate of the probable loss, or the
minimum of the range of probable losses when a best estimate
within the range is not known, is recorded. The estimates are
based on consultation with legal counsel, previous settlement
experience and settlement strategies. If actual outcomes are less
favorable than those estimated by management, additional
expense may be incurred, which could unfavorably affect future
operating results. We are self-insured for certain claims and
expenses. The ultimate cost to us with respect to product liability
claims could be materially different than the amount of the current
estimates and accruals and could have a material adverse effect
on our financial position, results of operations and cash flows.
Leases
June 30
December 31
2026
2025
Right-of-use assets
$521
$519
Lease liabilities, current
$159
$153
Lease liabilities, non-current
$345
$348
Other information:
Weighted-average remaining lease term (years)
4.6
5.0
Weighted-average discount rate
3.80%
3.77%
Three Months
Six Months
2026
2025
2026
2025
Operating lease cost
$53
$52
$109
$105
Other Contractual Obligations and Commitments
Our outstanding balances of confirmed invoices in the supplier
financing program were $78 and $75 at June 30, 2026 and
December 31, 2025 and are included within accounts payable in
our Consolidated Balance Sheets.
NOTE 7 - ACQUISITIONS
We acquire stock in companies and various assets that continue
to support our capital deployment and product development
strategies. In the six months 2026 and 2025 cash paid for
acquisitions, net of cash acquired was $459 and $4,814.
In May 2026 we completed the acquisition of AVS for net cash
consideration of $435 and up to $400 in future milestone
payments that had a fair value of $271 at the acquisition date.
AVS is developing a next-generation intravascular lithotripsy
platform designed to treat complex peripheral arterial disease.
AVS is part of our Peripheral Vascular business within MedSurg
and Neurotechnology. Acquired in-process research and
development intangible assets represent projects where the
related product has not yet received regulatory approval. The
purchase price allocation for AVS is based on preliminary
valuations, primarily related to in-process research and
development. Goodwill attributable to the acquisition reflects the
strategic benefits of expanding our peripheral vascular portfolio.
This goodwill is not deductible for tax purposes.
In February 2025 we completed the acquisition of Inari for $80
per share, or an aggregate purchase price of $4,810, net of cash
acquired. Inari's product portfolio includes minimally invasive
products for the treatment of venous thromboembolism. Inari is
part of our Peripheral Vascular business within MedSurg and
Neurotechnology. Goodwill attributable to the acquisition reflects
the strategic benefits of expanding our market presence,
diversifying our product portfolio and advancing innovations. This
goodwill is not deductible for tax purposes. Share-based awards
for Inari employees vested upon our acquisition and a charge of
$139 was recorded in selling, general and administrative
expenses in the six months 2025.
Dollar amounts are in millions except per share amounts or as otherwise specified.
9
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
The purchase price allocations for AVS and Inari are:
Purchase Price Allocation of Acquired Net Assets
2026
2025
AVS
Inari
Tangible assets acquired:
Accounts receivable
$—
$78
Inventory
—
215
Deferred income tax assets
3
134
Other assets
14
84
Deferred income tax liabilities
(99)
(489)
Other liabilities
(14)
(189)
Intangible assets:
Developed technologies
—
1,458
In-process research and development
404
—
Customer relationships
—
330
Other intangibles
—
72
Goodwill
398
3,117
Purchase price, net of cash acquired of $10
and $64
$706
$4,810
Weighted average amortization period at
acquisition (years):
Developed technologies
—
13
Customer relationships
—
13
Other intangibles
—
9
Consolidated estimated annual amortization expense for definite-
lived intangible assets is:
Remainder of
2026
2027
2028
2029
2030
$351
$715
$634
$617
$599
NOTE 8 - DEBT AND CREDIT FACILITIES
We have lines of credit issued by various financial institutions that
are available to fund our day-to-day operating needs. Certain of
our credit facilities require us to comply with financial and other
covenants. We were in compliance with all covenants on
June 30, 2026.
On June 30, 2026 we had $250 outstanding under our
commercial paper programs which allows for maturities up to 397
days from the date of issuance. The maximum amount of our
commercial paper that can be outstanding at any time is $3,000.                                                       
In March 2026 we repaid $1,000 of 3.500% senior unsecured
notes. The following table summarizes our total debt at June 30:
Summary of Total Debt
June 30
December 31
Rate
Due
2026
2025
Senior unsecured notes:
3.500%
March 15, 2026
—
1,000
4.550%
February 10, 2027
499
498
2.125%
November 30, 2027
854
881
4.700%
February 10, 2028
698
697
3.650%
March 7, 2028
599
599
4.850%
December 8, 2028
597
597
3.375%
December 11, 2028
683
704
0.750%
March 1, 2029
911
939
4.250%
September 11, 2029
745
744
4.850%
February 10, 2030
794
794
1.950%
June 15, 2030
995
995
2.625%
November 30, 2030
737
759
1.000%
December 3, 2031
850
876
3.375%
September 11, 2032
906
934
4.625%
September 11, 2034
741
741
5.200%
February 10, 2035
990
990
3.625%
September 11, 2036
675
695
4.100%
April 1, 2043
393
393
4.375%
May 15, 2044
396
396
4.625%
March 15, 2046
985
984
2.900%
June 15, 2050
643
643
Commercial paper
250
—
Other
1
—
Total debt
$14,942
$15,859
Less current maturities
750
1,000
Total long-term debt
$14,192
$14,859
June 30
December 31
2026
2025
Unamortized debt issuance costs
$63
$70
Borrowing capacity on existing facilities
$2,910
$2,911
Fair value of senior unsecured notes
$14,024
$15,344
The fair value of the senior unsecured notes was estimated using
quoted interest rates, maturities and amounts of borrowings
based on quoted active market prices and yields that took into
account the underlying terms of the debt instruments.
Substantially all of our debt is classified within Level 2 of the fair
value hierarchy.
Interest expense on outstanding debt and credit facilities,
including required fees incurred totaled $136 and $159 for the
three months 2026 and 2025 and $278 and $296 for the six
months 2026 and 2025.
NOTE 9 - INCOME TAXES
Our effective tax rates were 18.4% and 16.3% in the three and
six months 2026 and 13.0% and 13.6% in the three and six
months 2025. The effective tax rates for the three and six months
2026 increased from the three and six months 2025 due to the
2025 tax benefit related to the sale of the Spinal Implants
business. The effective tax rates for the three and six months
2026 and 2025 reflect the continued lower effective income tax
rates as a result of our European operations and certain discrete
tax items.
Income tax authorities in various jurisdictions globally conduct
routine audits of our income tax returns to determine if they agree
with our interpretations of income tax regulations. Any audit
assessment, draft audit assessment or final audit report received
is reviewed for new information and evaluated for proper financial
statement treatment.
Dollar amounts are in millions except per share amounts or as otherwise specified.
10
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
NOTE 10 - SEGMENT INFORMATION
We segregate our operations into two reportable business
segments: (i) MedSurg and Neurotechnology and (ii)
Orthopaedics which aligns to our internal reporting structure and
how our Chief Operating Decision Maker (CODM) assesses the
performance and allocates resources. The CODM is the Chief
Executive Officer. The CODM makes decisions on resource
allocation, assesses performance of the business, and monitors
budget versus actual results using segment operating income.
Information about total assets by segment is not disclosed
because such information is not regularly provided to, or used by,
our CODM.
Segment Results
Three Months
Six Months
2026
2025
2026
2025
MedSurg and Neurotechnology
$3,625
$3,305
$6,832
$6,361
Orthopaedics
2,964
2,717
5,777
5,527
Net sales
$6,589
$6,022
$12,609
$11,888
MedSurg and Neurotechnology
$1,343
$1,264
$2,634
$2,438
Orthopaedics
822
767
1,661
1,556
Cost of sales
$2,165
$2,031
$4,295
$3,994
MedSurg and Neurotechnology
$255
$228
$486
$437
Orthopaedics
155
153
309
318
Segment research, development and
engineering expenses
$410
$381
$795
$755
MedSurg and Neurotechnology
$945
$909
$1,873
$1,768
Orthopaedics
850
781
1,695
1,669
Segment selling, general and
administrative expenses
$1,795
$1,690
$3,568
$3,437
MedSurg and Neurotechnology
$63
$58
$120
$114
Orthopaedics
129
116
258
230
Segment depreciation and
amortization
$192
$174
$378
$344
Corporate and Other
$37
$26
$66
$53
Amortization of intangible assets
175
187
355
354
Total depreciation and amortization
$404
$387
$799
$751
MedSurg and Neurotechnology
$1,019
$846
$1,719
$1,604
Orthopaedics
1,008
900
1,854
1,754
Segment operating income
$2,027
$1,746
$3,573
$3,358
Items not allocated to segments:
Corporate and Other
$(220)
$(201)
$(495)
$(469)
Inventory stepped up to fair value
—
(65)
—
(99)
Acquisition and integration-related
charges
(25)
(78)
(44)
(263)
Amortization of intangible assets
(175)
(187)
(355)
(354)
Structural optimization and other special
charges
(95)
(11)
(213)
(52)
Goodwill and other impairments
(1)
(55)
(1)
(90)
Medical device regulation
(5)
(7)
(10)
(19)
Recall-related matters
(2)
(22)
(12)
(55)
Regulatory and legal matters
(3)
(7)
(6)
(7)
Reversal of 2025 tariffs
158
—
158
—
Consolidated operating income
$1,659
$1,113
$2,595
$1,950
Segment Capital Spending
Six Months
2026
2025
Purchases of property, plant and
equipment:
MedSurg and Neurotechnology
$155
$86
Orthopaedics
90
110
Total segment purchases of property, plant
and equipment
$245
$196
Corporate and Other
123
110
Total purchases of property, plant and
equipment
$368
$306
NOTE 11 - GOODWILL AND OTHER INTANGIBLE ASSETS
In the first quarter 2026 we changed our organizational structure
as further described in Note 1.
Following this reorganization we continue to have two reportable
segments, MedSurg and Neurotechnology and Orthopaedics.
The reorganization impacts the composition of the Instruments
and Joint Replacement reporting units and results in a new
reporting unit representing the Ortho Tech business.
In connection with this reorganization we reallocated the goodwill
associated with the impacted businesses using the relative fair
value approach, resulting in a reallocation of $518 of goodwill
from the MedSurg and Neurotechnology segment to the
Orthopaedics segment.
Dollar amounts are in millions except per share amounts or as otherwise specified.
11
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ABOUT STRYKER
Stryker Corporation ("we" or the "Company") is a global leader in
medical technologies and, together with our customers, we are
driven to make healthcare better. We offer innovative products
and services in MedSurg, Neurotechnology, and Orthopaedics
that help improve patient and healthcare outcomes. Alongside
our customers around the world, we impact more than 150 million
patients annually. Our goal is to achieve sales growth at the high-
end of the medical technology (MedTech) industry and maintain
our long-term capital allocation strategy that prioritizes: (1)
Acquisitions, (2) Dividends and (3) Share repurchases.
MedSurg and Neurotechnology products include surgical
equipment, patient and caregiver safety technologies, and a
comprehensive line of products for traditional brain and open
skull-based surgical procedures orthobiologic and biosurgery
products, including synthetic bone grafts and vertebral
augmentation (Instruments), endoscopic and communications
systems (Endoscopy), patient handling, emergency medical
equipment, intensive care disposable products, clinical
communication and artificial intelligence-assisted virtual care
platform technology (Medical), and minimally invasive products
for the treatment of acute ischemic and hemorrhagic stroke and
venous thromboembolism (Vascular). Orthopaedics products
include implants and surgical equipment such as navigation
systems and robotics used in total joint replacements, such as
hip, knee and shoulder, ankle and trauma and extremities
surgeries.  We bring patients and physicians advanced implant
designs and specialized instrumentation that make orthopaedic
surgery and recovery simpler, faster and more effective. We
support surgeons with technologies, products and services they
need to support each patient’s clinical challenge.
Overview of the Three and Six Months
In the three months 2026 we achieved sales growth of 9.4% from
2025. Excluding the impact of acquisitions and divestitures, sales
grew 9.0% in constant currency. We reported operating income
margin of 25.2%, net earnings of $1,276 and net earnings per
diluted share of $3.30. Excluding the impact of certain items,
adjusted operating income margin(1) increased by 170 basis
points to 27.4%, with adjusted net earnings(1) of $1,424 and
adjusted net earnings per diluted share(1) of $3.69, an increase of
17.9% from 2025.
In the six months 2026 we achieved sales growth of 6.1% from
2025. Excluding the impact of acquisitions and divestitures, sales
grew 5.8% in constant currency. We reported operating income
margin of 20.6%, net earnings of $2,021 and net earnings per
diluted share of $5.23. Excluding the impact of certain items,
adjusted operating income margin(1) increased by 10 basis points
to 24.4%, with adjusted net earnings(1) of $2,428 and adjusted
net earnings per diluted share(1) of $6.29, an increase of 5.4%
from 2025.
(1) Refer to "Non-GAAP Financial Measures" for a discussion of non-
GAAP financial measures used in this report and a reconciliation to the
most directly comparable GAAP financial measure.
CONSOLIDATED RESULTS OF OPERATIONS
Three Months
Six Months
Percent Net
Sales
Percentage
Percent Net
Sales
Percentage
2026
2025
2026
2025
Change
2026
2025
2026
2025
Change
Net sales
$6,589
$6,022
100.0%
100.0%
9.4%
$12,609
$11,888
100.0%
100.0%
6.1%
Gross profit
4,498
3,841
68.3
63.8
17.1
8,308
7,585
65.9
63.8
9.5
Research, development and engineering expenses
434
407
6.6
6.8
6.6
847
812
6.7
6.8
4.3
Selling, general and administrative expenses
2,229
2,079
33.8
34.5
7.2
4,510
4,379
35.8
36.8
3.0
Amortization of intangible assets
175
187
2.7
3.1
(6.4)
355
354
2.8
3.0
0.3
Goodwill and other impairments
1
55
—
0.9
nm
1
90
—
0.8
nm
Interest expense
(141)
(159)
(2.1)
(2.6)
(11.3)
(289)
(296)
(2.3)
(2.5)
(2.4)
Other income
46
62
0.7
1.0
(25.8)
108
126
0.9
1.1
(14.3)
Income taxes
288
132
nm
nm
118.2
393
242
nm
nm
62.4
Net earnings
$1,276
$884
19.4%
14.7%
44.3%
$2,021
$1,538
16.0%
12.9%
31.4%
Net earnings per diluted share
$3.30
$2.29
44.1%
$5.23
$3.98
31.4%
Adjusted net earnings per diluted share(1)
$3.69
$3.13
17.9%
$6.29
$5.97
5.4%
nm - not meaningful
Dollar amounts are in millions except per share amounts or as otherwise specified.
12
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
SALES GROWTH ANALYSIS
Three Months
Six Months
Percentage Change
Percentage Change
2026
2025
As
Reported
Constant
Currency
2026
2025
As
Reported
Constant
Currency
MedSurg and Neurotechnology:
Instruments
United States
$840
$776
8.4%
8.4%
$1,606
$1,478
8.7%
8.7%
International
163
142
13.9
12.3
317
278
13.9
9.6
Total
$1,003
$918
9.3%
9.0%
$1,923
$1,756
9.6%
8.9%
Endoscopy
United States
$819
$742
10.2%
10.2%
$1,520
$1,452
4.6%
4.6%
International
185
157
18.8
16.5
352
314
12.4
8.1
Total
$1,004
$899
11.7%
11.3%
$1,872
$1,766
6.0%
5.3%
Medical
United States
$945
$840
12.6%
12.6%
$1,692
$1,642
3.1%
3.1%
International
177
150
17.9
15.0
332
293
13.2
8.1
Total
$1,122
$990
13.4%
13.0%
$2,024
$1,935
4.6%
3.9%
Vascular
United States
$250
$268
(6.7)%
(6.7)%
$530
$471
12.5%
12.5%
International
246
230
6.3
4.0
483
433
11.3
7.1
Total
$496
$498
(0.7)%
(1.8)%
$1,013
$904
11.9%
9.9%
MedSurg and Neurotechnology
United States
$2,854
$2,626
8.7%
8.7%
$5,348
$5,043
6.1%
6.1%
International
771
679
13.3
11.1
1,484
1,318
12.5
8.1
Total
$3,625
$3,305
9.7%
9.2%
$6,832
$6,361
7.4%
6.5%
Orthopaedics:
Knees
United States
$488
$460
6.2%
6.2%
$960
$924
3.8%
3.8%
International
205
180
14.0
12.4
403
355
13.7
9.2
Total
$693
$640
8.4%
8.0%
$1,363
$1,279
6.6%
5.3%
Hips
United States
$296
$283
4.9%
4.9%
$572
$552
3.6%
3.6%
International
183
183
—
(0.8)
367
357
2.9
(0.6)
Total
$479
$466
2.9%
2.6%
$939
$909
3.3%
1.9%
Trauma and Extremities
United States
$791
$702
12.5%
12.5%
$1,558
$1,415
10.1%
10.1%
International
281
255
10.3
8.5
549
487
12.7
7.7
Total
$1,072
$957
11.9%
11.5%
$2,107
$1,902
10.7%
9.4%
Ortho Tech
United States
$530
$483
9.5%
9.5%
$997
$942
5.8%
5.8%
International
187
166
12.8
11.8
366
324
12.9
9.2
Total
$717
$649
10.3%
10.0%
$1,363
$1,266
7.6%
6.7%
$2,961
$2,712
9.2%
8.8%
$5,772
$5,356
7.7%
6.5%
Spinal Implants
United States
$—
$—
(100.0)%
(100.0)%
$—
$118
(100.0)%
(100.0)%
International
3
5
(36.7)
(40.9)
5
53
(90.2)
(91.2)
Total
$3
$5
(36.7)%
(40.9)%
$5
$171
(96.9)%
(97.1)%
Orthopaedics
United States
$2,105
$1,928
9.1%
9.1%
$4,087
$3,951
3.4%
3.4%
International
859
789
8.9
7.6
1,690
1,576
7.2
3.0
Total
$2,964
$2,717
9.1%
8.7%
$5,777
$5,527
4.5%
3.3%
Geographic:
United States
$4,959
$4,554
8.9%
8.9%
$9,435
$8,994
4.9%
4.9%
International
1,630
1,468
11.0
9.2
3,174
2,894
9.7
5.3
Total
$6,589
$6,022
9.4%
9.0%
$12,609
$11,888
6.1%
5.0%
Note: In the first quarter 2026 we announced a change in our organizational structure. Our new Ortho Tech business combines the
orthopaedic instruments portfolio (Orthopaedic Instruments) from Instruments with Other Orthopaedics. In addition, Neuro Cranial and
the spine enabling technologies portfolio (Enabling Technologies) from Other Orthopaedics were combined with the remaining
Instruments business to align with our internal reporting structure. Ortho Tech includes sales related to Orthopaedic Instruments of $523
and $501 and Other Orthopaedics of $194 and $148 for the three months 2026 and 2025. For the six months 2026 and 2025 Ortho
Tech includes sales related to Orthopaedic Instruments of $1,012 and $985 and Other Orthopaedics of $351 and $281. Instruments
includes sales related to Neuro Cranial of $681 and $616 and Enabling Technologies of $28 and $34 for the three months 2026 and
2025. For the six months 2026 and 2025 Instruments includes sales related to Neuro Cranial of $1,287 and $1,179 and Enabling
Technologies of $54 and $63. We have reflected these changes in all historical periods presented.
Dollar amounts are in millions except per share amounts or as otherwise specified.
13
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
Consolidated Net Sales
Consolidated net sales increased 9.4% in the three months 2026
as reported and 9.0% in constant currency, as foreign currency
exchange rates positively impacted net sales by 0.4%. Net sales
in constant currency increased by 9.0% from increased unit
volume. The unit volume increase was due to higher product
shipments across most MedSurg and Neurotechnology
businesses and all Orthopaedics businesses.
Consolidated net sales increased 6.1% in the six months 2026 as
reported and 5.0% in constant currency as foreign currency
exchange rates positively impacted net sales by 1.1%. Excluding
the (0.8)% impact of acquisitions and divestitures, net sales in
constant currency increased by 5.6% from increased unit volume
and 0.2% due to higher prices. The unit volume increase was due
to higher product shipments across all MedSurg and
Neurotechnology businesses and all Orthopaedics businesses.
MedSurg and Neurotechnology Net Sales
MedSurg and Neurotechnology net sales increased 9.7% in the
three months 2026 as reported and 9.2% in constant currency, as
foreign currency exchange rates positively impacted net sales by
0.5%. Net sales in constant currency increased by 9.1% from
increased unit volume and 0.1% from higher prices. The unit
volume increase was due to higher shipments across most
Medsurg and Neurotechnology businesses.
MedSurg and Neurotechnology net sales increased 7.4% in the
six months 2026 as reported and 6.5% in constant currency, as
foreign currency exchange rates positively impacted net sales by
0.9%. Excluding the 1.3% impact of acquisitions and divestitures,
net sales in constant currency increased by 4.9% from increased
unit volume and 0.3% from higher prices. The unit volume
increase was due to higher shipments across all MedSurg and
Neurotechnology businesses.
Orthopaedics Net Sales
Orthopaedics net sales increased 9.1% in the three months 2026
as reported and 8.7% in constant currency, as foreign currency
exchange rates positively impacted net sales by 0.4%. Excluding
the 0.1% impact of acquisitions and divestitures, net sales in
constant currency increased 8.6% from increased unit volume.
The unit volume increase was due to higher shipments across all
Orthopaedics businesses.
Orthopaedics net sales increased 4.5% in the six months 2026 as
reported and 3.3% in constant currency, as foreign currency
exchange rates positively impacted net sales by 1.2%. Excluding
the (3.1)% impact of acquisitions and divestitures, net sales in
constant currency increased 6.4% from increased unit volume.
The unit volume increase was due to higher shipments across all
Orthopaedics businesses.
Gross Profit
Gross profit was $4,498 and $3,841 in the three months 2026
and 2025. The key components of the change were:
Gross Profit
Percent Net Sales
Three Months 2025
63.8%
Volume and mix
70 bps
Manufacturing and supply chain costs
(30) bps
Structural optimization and other special charges
40 bps
Inventory stepped up to fair value
110 bps
Reversal of 2025 tariffs
260 bps
Three Months 2026
68.3%
Gross profit as a percentage of net sales in the three months
2026 increased to 68.3% from 63.8% in 2025 primarily driven by
a reduction of certain import tariffs and lower amortization of
inventory stepped up to fair value.
Gross profit was $8,308 and $7,585 in the six months 2026 and 
2025. The key components of the change were:
Gross Profit
Percent Net Sales
Six Months 2025
63.8%
Sales pricing
10 bps
Volume and mix
40 bps
Manufacturing and supply chain costs
(100) bps
Structural optimization and other special charges
50 bps
Inventory stepped up to fair value
80 bps
Reversal of 2025 tariffs
130 bps
Six Months 2026
65.9%
Gross profit as a percentage of net sales in the six months 2026
increased to 65.9% from 63.8% in 2025 driven by a reduction of
certain import tariffs and lower amortization of inventory stepped
up to fair value partially offset by higher manufacturing and
supply chain costs primarily due to idle production time related to
the cybersecurity incident in the first quarter 2026.
While segment mix was not a significant driver of the change in
gross profit as a percent of net sales between the six months
2026 and 2025, we generally expect segment mix to have an
unfavorable impact for the foreseeable future as we anticipate
more rapid sales growth in our lower gross margin MedSurg and
Neurotechnology segment than our Orthopaedics segment.
Research, Development and Engineering Expenses
Research, development and engineering expenses increased
$27 or 6.6% in the three months 2026 and $35 or 4.3% in the six
months 2026. Expenses as a percentage of net sales of 6.6% in
the three months and 6.7% in the six months 2026 remained
relatively flat with 6.8% in the three and six months 2025.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased $150 or
7.2% in the three months 2026. As a percentage of net sales,
expenses decreased to 33.8% from 34.5% in 2025, primarily due
to continued spend discipline and lower acquisition and
integration-related charges partially offset by higher structural
optimization and other special charges.
Selling, general and administrative expenses increased $131 or
3.0% in the six months 2026. As a percentage of net sales,
expenses decreased to 35.8% from 36.8% in 2025, primarily due
to lower acquisition-related costs and continued spend discipline
partially offset by higher structural optimization and other special
charges. Expenses in the six months 2025 included a charge of
$139 for share-based awards for Inari employees that vested
upon our acquisition.
Amortization of Intangible Assets
Amortization of intangible assets was $175 and $187 in the three
months and $355 and $354 in the six months 2026 and 2025.
Refer to Note 7 to our Consolidated Financial Statements for
further information.
Goodwill and Other Impairments
Goodwill and other impairments was $1 and $55 in the three
months and $1 and $90 in the six months 2026 and 2025. 
Operating Income
Operating income was $1,659 and $1,113 in the three months
2026 and 2025. Operating income as a percentage of net sales in
the three months 2026 increased to 25.2% from 18.5% in 2025.
Refer to the discussion above for the primary drivers of the
Dollar amounts are in millions except per share amounts or as otherwise specified.
14
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
change.
Operating income was $2,595 and $1,950 in the six months 2026
and 2025. Operating income as a percentage of net sales in the
six months 2026 increased to 20.6% from 16.4% in 2025. Refer
to the discussion above for the primary drivers of the change.
MedSurg and Neurotechnology operating income as a
percentage of net sales increased to 28.1% in the three months
2026 from 25.6% in 2025. Orthopaedics operating income as a
percentage of net sales increased to 34.0% in the three months
2026 from 33.1% in 2025. The key components of the change
were:
Operating Income
Percent Net Sales
MedSurg and
Neurotechnology
Orthopaedics
Three Months 2025
25.6%
33.1%
Volume
60 bps
50 bps
Manufacturing and supply chain costs
60 bps
(20) bps
Research, development and
engineering expenses
(10) bps
40 bps
Selling, general and administrative
expenses
140 bps
20 bps
Three Months 2026
28.1%
34.0%
The increase in MedSurg and Neurotechnology operating income
as a percentage of net sales for the three months was primarily
driven by lower selling, general and administrative expenses, 
lower manufacturing and supply chain costs and higher unit
volumes, partially offset by higher research, development and
engineering expenses.
The increase in Orthopaedics operating income as a percentage
of net sales for the three months was primarily driven by higher
unit volumes, lower research, development and engineering
expenses and lower selling, general and administrative
expenses, partially offset by higher manufacturing and supply
chain costs.
MedSurg and Neurotechnology operating income as a
percentage of net sales of 25.2% in the six months 2026
remained flat with 2025. Orthopaedics operating income as a
percentage of net sales increased to 32.1% in the six months
2026 from 31.7% in 2025. The key components of the change
were:
Operating Income
Percent Net Sales
MedSurg and
Neurotechnology
Orthopaedics
Six Months 2025
25.2%
31.7%
Sales pricing
10 bps
0 bps
Volume
40 bps
20 bps
Manufacturing and supply chain costs
(70) bps
(100) bps
Research, development and
engineering expenses
(20) bps
40 bps
Selling, general and administrative
expenses
40 bps
80 bps
Six Months 2026
25.2%
32.1%
MedSurg and Neurotechnology operating income as a
percentage of net sales for the six months remained flat and was
primarily driven by lower selling, general and administrative
expenses and higher unit volumes and prices, offset by higher
manufacturing and supply chain costs and research,
development and engineering expenses.
The increase in Orthopaedics operating income as a percentage
of net sales for the six months was primarily driven by lower
selling, general and administrative expenses, lower research,
development and engineering expenses and higher unit volumes,
partially offset by higher manufacturing and supply chain costs.
Interest Expense
Interest expense was $141 and $159 in the three months and
$289 and $296 in the six months 2026 and 2025. The decrease
in interest expense in the three months and six months 2026 from
2025 was due to lower outstanding debt and credit facilities
partially offset by higher average interest rates.
Other Income
Other income was $46 and $62 in the three months and $108
and $126 in the six months 2026 and 2025. The decrease in
other income in the three and six months 2026 from 2025 was
primarily due to lower interest income in 2026.
Income Taxes
Our effective tax rates were 18.4% and 16.3% in the three and
six months 2026 and 13.0% and 13.6% in the three and six
months 2025. The effective tax rate for the three and six months
2026 increased from the three and six months 2025 due to the
2025 tax benefit related to the sale of the Spinal Implants
business. The effective tax rates for the three and six months
2026 and 2025 reflect the continued lower effective income tax
rates as a result of our European operations and certain discrete
tax items.
Our future results of operations could be affected by changes in
the effective tax rate as a result of changes in tax laws,
regulations and judicial rulings. We are continuing to evaluate the
impact of tax reform in the countries in which we operate as new
guidance is published and new regulations are adopted.
Net Earnings
Net earnings increased to $1,276 or $3.30 per diluted share in
the three months  2026 from $884 or $2.29 per diluted share in
2025. Net earnings increased to $2,021 or $5.23 per diluted
share in six months 2026 from $1,538 or $3.98 per diluted share
in 2025. Refer to the discussion above for the primary drivers of
the change.
Non-GAAP Financial Measures
We supplement the reporting of our financial information
determined under accounting principles generally accepted in the
United States (GAAP) with certain non-GAAP financial measures,
including percentage sales growth in constant currency;
percentage organic sales growth; adjusted gross profit; adjusted
selling, general and administrative expenses; adjusted research,
development and engineering expenses; adjusted operating
income; adjusted other income (expense), net; adjusted income
taxes; adjusted effective income tax rate; adjusted net earnings;
and adjusted net earnings per diluted share (Diluted EPS). We
believe these non-GAAP financial measures provide meaningful
information to assist investors and shareholders in understanding
our financial results and assessing our prospects for future
performance. Management believes percentage sales growth in
constant currency and the other adjusted measures described
above are important indicators of our operations because they
exclude items that may not be indicative of or are unrelated to our
core operating results and provide a baseline for analyzing trends
in our underlying businesses. Management uses these non-
GAAP financial measures for reviewing the operating results of
reportable business segments and analyzing potential future
business trends in connection with our budget process and bases
certain management incentive compensation on these non-GAAP
financial measures. To measure percentage sales growth in
constant currency, we remove the impact of changes in foreign
currency exchange rates that affect the comparability and trend
Dollar amounts are in millions except per share amounts or as otherwise specified.
15
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
of sales. Percentage sales growth in constant currency is
calculated by translating current and prior year results at the
same foreign currency exchange rate. To measure percentage
organic sales growth, we remove the impact of changes in
foreign currency exchange rates, acquisitions and divestitures,
which affect the comparability and trend of sales. Percentage
organic sales growth is calculated by translating current year and
prior year results at the same foreign currency exchange rates
excluding the impact of acquisitions and divestitures. To measure
earnings performance on a consistent and comparable basis, we
exclude certain items that affect the comparability of operating
results and the trend of earnings. The income tax effect of each
adjustment was determined based on the tax effect of the
jurisdiction in which the related pre-tax adjustment was recorded.
These adjustments are irregular in timing and may not be
indicative of our past and future performance. The following are
examples of the types of adjustments that may be included in a
period:
1.Acquisition and integration-related costs. Costs related to
integrating recently acquired businesses (e.g., costs
associated with the termination of sales relationships,
employee retention and workforce reductions, manufacturing
integration costs and other integration-related activities),
changes in the fair value of contingent consideration,
amortization of inventory stepped-up to fair value, specific
costs (e.g., deal costs and costs associated with legal entity
rationalization) related to the consummation of the
acquisition process and legal entity rationalization and
acquisition-related tax items.
2.Amortization of purchased intangible assets. Periodic
amortization expense related to purchased intangible assets.
3.Structural optimization and other special charges. Costs
associated with employee retention and workforce
reductions, the closure or transfer of manufacturing and
other facilities (e.g., site closure costs, contract termination
costs and redundant employee costs during the work
transfers), product line exits (primarily inventory, long-lived
asset and specifically-identified intangible asset write-offs),
certain long-lived and intangible asset write-offs and
impairments and other charges.
4.Medical device regulations. Costs specific to updating our
quality system, product labeling, asset write-offs and product
remanufacturing to comply with the new medical device
reporting regulations and other requirements of the
European Union.
5.Recall-related matters. Changes in our best estimate of the
probable loss, or the minimum of the range of probable
losses when a best estimate within a range is not known, to
resolve the Rejuvenate, LFIT V40, Wright legacy hip
products and other product recalls.
6.Regulatory and legal matters. Changes in our best estimate
of the probable loss, or the minimum of the range of
probable losses when a best estimate within a range is not
known, to resolve certain regulatory or other legal matters
and the amount of favorable awards from settlements.
7.Tax matters. Impact of accounting for certain significant and
discrete tax items.
Because non-GAAP financial measures are not standardized, it
may not be possible to compare these financial measures with
other companies' non-GAAP financial measures having the same
or similar names. These adjusted financial measures should not
be considered in isolation or as a substitute for reported sales
growth, gross profit, selling, general and administrative expenses,
research, development and engineering expenses, operating
income, other income (expense), net, income taxes, effective
income tax rate, net earnings and net earnings per diluted share,
the most directly comparable GAAP financial measures. These
non-GAAP financial measures are an additional way of viewing
aspects of our operations when viewed with our GAAP results
and the reconciliations to corresponding GAAP financial
measures at the end of the discussion of Consolidated Results of
Operations below. We strongly encourage investors and
shareholders to review our financial statements and publicly-filed
reports in their entirety and not to rely on any single financial
measure.
The weighted-average diluted shares outstanding used in the
calculation of adjusted net earnings per diluted share are the
same as those used in the calculation of reported net earnings
per diluted share for the respective period.
Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
Three Months 2026
Gross
Profit
Selling,
General &
Administrative
Expenses
Research,
Development &
Engineering
Expenses
Operating
Income
Other
Income
(Expense),
Net
Income
Taxes
Net
Earnings
Effective
Tax Rate
Diluted
EPS
Reported
$4,498
$2,229
$434
$1,659
$(95)
$288
$1,276
18.4%
$3.30
Reported percent net sales
68.3%
33.8%
6.6%
25.2%
(1.4)%
nm
19.4%
Acquisition and integration-related costs:
Inventory stepped-up to fair value
—
—
—
—
—
—
—
—
—
Other acquisition and integration-related (a)
7
(14)
(4)
25
—
3
22
—
0.06
Amortization of purchased intangible assets
—
—
—
175
—
33
142
0.3
0.37
Structural optimization and other special charges (b)
5
(89)
(1)
95
(6)
20
69
0.3
0.18
Goodwill and other impairments (c)
—
—
—
1
—
—
1
—
—
Medical device regulations (d)
—
—
(5)
5
—
1
4
—
0.01
Recall-related matters (e)
(1)
(3)
—
2
—
1
1
—
—
Regulatory and legal matters (f)
—
(3)
—
3
—
—
3
—
—
Tax matters (g)
—
—
—
—
—
(39)
39
(2.5)
0.11
Reversal of 2025 tariffs
(158)
—
—
(158)
—
(25)
(133)
—
(0.34)
Adjusted
$4,351
$2,120
$424
$1,807
$(101)
$282
$1,424
16.5%
$3.69
Adjusted percent net sales
66.0%
32.2%
6.4%
27.4%
(1.5)%
nm
21.6%
Dollar amounts are in millions except per share amounts or as otherwise specified.
16
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
Three Months 2025
Gross
Profit
Selling,
General &
Administrative
Expenses
Research,
Development &
Engineering
Expenses
Operating
Income
Other
Income
(Expense),
Net
Income
Taxes
Net
Earnings
Effective
Tax Rate
Diluted
EPS
Reported
$3,841
$2,079
$407
$1,113
$(97)
$132
$884
13.0%
$2.29
Reported percent net sales
63.8%
34.5%
6.8%
18.5%
(1.6)%
nm
14.7%
Acquisition and integration-related costs:
Inventory stepped-up to fair value
65
—
—
65
—
16
49
0.5
0.12
Other acquisition and integration-related (a)
1
(76)
(1)
78
—
20
58
0.7
0.15
Amortization of purchased intangible assets
—
—
—
187
—
39
148
1.0
0.37
Structural optimization and other special charges (b)
6
(2)
(3)
11
(9)
(2)
4
(0.2)
0.01
Goodwill and other impairments (c)
—
—
—
55
—
22
33
1.2
0.10
Medical device regulations (d)
—
—
(7)
7
—
1
6
0.1
0.02
Recall-related matters (e)
21
(1)
—
22
—
1
21
(0.3)
0.06
Regulatory and legal matters (f)
—
(7)
—
7
—
1
6
0.1
0.01
Tax matters (g)
—
—
—
—
—
(2)
2
(0.2)
—
Adjusted
$3,934
$1,993
$396
$1,545
$(106)
$228
$1,211
15.9%
$3.13
Adjusted percent net sales
65.4%
33.1%
6.6%
25.7%
(1.8)%
nm
20.1%
nm - not meaningful
(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:
Three Months
2026
2025
Termination of sales relationships
$6
$—
Employee retention and workforce reductions
(3)
29
Changes in the fair value of contingent consideration
6
3
Manufacturing integration costs
5
3
Other integration-related activities
11
43
Adjustments to Operating Income
$25
$78
Adjustments to Income Taxes
$3
$20
Adjustments to Net Earnings
$22
$58
(b) Structural optimization and other special charges represent the costs associated with:
Three Months
2026
2025
Employee retention and workforce reductions
$6
$5
Closure/transfer of manufacturing and other facilities
4
7
Product line exits
9
(10)
Termination of sales relationships in certain countries
6
(3)
Other charges
70
12
Adjustments to Operating Income
$95
$11
Adjustments to Other Income (Expense), Net
$(6)
$(9)
Adjustments to Income Taxes
$20
$(2)
Adjustments to Net Earnings
$69
$4
(c) Goodwill and other impairments represent the costs associated with:
Three Months
2026
2025
Certain long-lived and intangible asset write-offs and impairments
$—
$52
Product line exits (e.g., long-lived asset and specifically-identified intangible asset write-offs)
1
3
Adjustments to Operating Income
$1
$55
Adjustments to Income Taxes
$—
$22
Adjustments to Net Earnings
$1
$33
(d) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device
reporting regulations and other requirements of the new medical device regulations in the European Union.
(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to
resolve certain recall-related matters.
(f)  Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to
resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.
(g) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:
Three Months
2026
2025
Adjustments related to the transfer of certain intellectual properties between tax jurisdictions
$(55)
$(45)
Other tax matters
16
43
Adjustments to Income Taxes
$(39)
$(2)
Adjustments to Other Income (Expense), Net
$—
$—
Adjustments to Net Earnings
$39
$2
Dollar amounts are in millions except per share amounts or as otherwise specified.
17
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
Six Months 2026
Gross
Profit
Selling,
General &
Administrative
Expenses
Research,
Development &
Engineering
Expenses
Operating
Income
Other
Income
(Expense),
Net
Income
Taxes
Net
Earnings
Effective
Tax Rate
Diluted
EPS
Reported
$8,308
$4,510
$847
$2,595
$(181)
$393
$2,021
16.3%
$5.23
Reported percent net sales
65.9%
35.8%
6.7%
20.6%
(1.4)%
nm
16.0%
Acquisition and integration-related costs:
Inventory stepped-up to fair value
—
—
—
—
—
—
—
—
—
Other acquisition and integration-related (a)
9
(27)
(8)
44
—
7
37
—
0.10
Amortization of purchased intangible assets
—
—
—
355
—
63
292
0.3
0.75
Structural optimization and other special charges (b)
19
(193)
(1)
213
(17)
45
151
0.6
0.39
Goodwill and other impairments (c)
—
—
—
1
—
—
1
—
—
Medical device regulations (d)
—
—
(10)
10
—
2
8
—
0.02
Recall-related matters (e)
—
(12)
—
12
—
3
9
—
0.02
Regulatory and legal matters (f)
—
(6)
—
6
—
1
5
—
0.01
Tax matters (g)
—
—
—
—
—
(37)
37
(1.5)
0.11
Reversal of 2025 tariffs
(158)
—
—
(158)
—
(25)
(133)
—
(0.34)
Adjusted
$8,178
$4,272
$828
$3,078
$(198)
$452
$2,428
15.7%
$6.29
Adjusted percent net sales
64.9%
33.9%
6.6%
24.4%
(1.6)%
nm
19.3%
Six Months 2025
Gross
Profit
Selling,
General &
Administrative
Expenses
Research,
Development &
Engineering
Expenses
Operating
Income
Other
Income
(Expense),
Net
Income
Taxes
Net
Earnings
Effective
Tax Rate
Diluted
EPS
Reported
$7,585
$4,379
$812
$1,950
$(170)
$242
$1,538
13.6%
$3.98
Reported percent net sales
63.8%
36.8%
6.8%
16.4%
(1.4)%
nm
12.9%
Acquisition and integration-related costs:
Inventory stepped-up to fair value
99
—
—
99
—
24
75
0.5
0.19
Other acquisition and integration-related (a)
14
(247)
(2)
263
—
26
237
(0.7)
0.62
Amortization of purchased intangible assets
—
—
—
354
—
73
281
1.1
0.72
Structural optimization and other special charges (b)
28
(21)
(3)
52
(9)
12
31
0.3
0.08
Goodwill and other impairments (c)
—
—
—
90
—
31
59
1.0
0.16
Medical device regulations (d)
1
—
(18)
19
—
4
15
0.1
0.04
Recall-related matters (e)
52
(3)
—
55
—
9
46
0.1
0.12
Regulatory and legal matters (f)
—
(7)
—
7
—
2
5
0.1
0.01
Tax matters (g)
—
—
—
—
—
(21)
21
(1.2)
0.05
Adjusted
$7,779
$4,101
$789
$2,889
$(179)
$402
$2,308
14.9%
$5.97
Adjusted percent net sales
65.4%
34.5%
6.6%
24.3%
(1.5)%
nm
19.4%
(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:
Six Months
2026
2025
Termination of sales relationships
$6
$—
Employee retention and workforce reductions
—
45
Changes in the fair value of contingent consideration
9
1
Manufacturing integration costs
10
7
Stock compensation payments upon a change in control
—
139
Other integration-related activities
19
71
Adjustments to Operating Income
$44
$263
Adjustments to Income Taxes
$7
$26
Adjustments to Net Earnings
$37
$237
(b) Structural optimization and other special charges represent the costs associated with:
Six Months
2026
2025
Employee retention and workforce reductions
$13
$38
Closure/transfer of manufacturing and other facilities (e.g., site closure, contract termination and redundant employee costs)
9
12
Product line exits (e.g., inventory, long-lived asset and specifically-identified intangible asset write-offs)
11
(7)
Termination of sales relationships in certain countries
87
(4)
Other charges
93
13
Adjustments to Operating Income
$213
$52
Adjustments to Other Income (Expense), Net
$(17)
$(9)
Adjustments to Income Taxes
$45
$12
Adjustments to Net Earnings
$151
$31
Dollar amounts are in millions except per share amounts or as otherwise specified.
18
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
(c) Goodwill and other impairments represent the costs associated with:
Six Months
2026
2025
Certain long-lived and intangible asset write-offs and impairments
$—
$86
Product line exits (e.g., long-lived asset and specifically-identified intangible asset write-offs)
1
4
Adjustments to Operating Income
$1
$90
Adjustments to Income Taxes
$—
$31
Adjustments to Net Earnings
$1
$59
(d) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device
reporting regulations and other requirements of the new medical device regulations in the European Union.
(e)  Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to
resolve certain recall-related matters.
(f)  Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to
resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.
(g)    Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:
Six Months
2026
2025
Adjustments related to the transfer of certain intellectual properties between tax jurisdictions
$(75)
$(92)
Other tax matters
38
71
Adjustments to Income Taxes
$(37)
$(21)
Adjustments to Other Income (Expense), Net
$—
$—
Adjustments to Net Earnings
$37
$21
FINANCIAL CONDITION AND LIQUIDITY
Six Months
Net cash provided by (used in):
2026
2025
Operating activities
$1,842
$1,361
Investing activities
(824)
(4,240)
Financing activities
(1,605)
1,545
Effect of exchange rate changes
(33)
57
Change in cash and cash equivalents
$(620)
$(1,277)
Operating Activities
Cash provided by operating activities was $1,842 and $1,361 in
the six months 2026 and 2025. The increase was primarily due to
changes in working capital accounts.
Investing Activities
Cash used in investing activities was $824 and $4,240 in the six
months 2026 and 2025. The six months 2026 included cash paid
for purchases of property, plant and equipment. The six months
2025 included cash paid to acquire Inari and purchases of
property, plant and equipment partially offset by proceeds from
the sale of short-term investments. Refer to Note 7 to our
Consolidated Financial Statements for further information on
acquisitions.
Financing Activities
Cash used in financing activities was $1,605 in the six months
2026 and cash provided by financing activities was $1,545 in the
six months 2025. In 2026, cash used was primarily driven by
repayments of $1,000 to pay off maturing unsecured notes as
described in Note 8 to our Consolidated Financial Statements
and dividend payments. Cash provided by financing activities in
2025 was primarily driven by proceeds from the issuance of
various senior unsecured notes which was partially offset by
dividend payments.
Liquidity
Cash, cash equivalents, short-term investments and marketable
securities were $3,476 and $4,100 on June 30, 2026 and
December 31, 2025. Current assets exceeded current liabilities
by $7,734 and $6,961 on June 30, 2026 and December 31, 2025.
We anticipate being able to support our short-term liquidity and
operating needs from a variety of sources including cash from
operations, commercial paper and existing credit lines.
We have raised funds in the capital markets and have accessed
the credit markets in the past and may continue to do so from
time-to-time. We continue to have strong investment-grade short-
term and long-term debt ratings that we believe should enable us
to refinance our debt as needed.
Our cash, cash equivalents, short-term investments and
marketable securities held in locations outside the United States
was 51% on June 30, 2026 compared to 20% on December 31,
2025.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
There were no changes to our critical accounting policies and
estimates from those disclosed in our Annual Report on Form 10-
K for 2025, except as follows:
Refer to Note 11 for discussion on the impact of changes to our
organizational structure in the first quarter 2026 on our reportable
segments and the related goodwill.
Guarantees and Other Off-Balance Sheet Arrangements
We do not have guarantees or other off-balance sheet financing
arrangements, including variable interest entities, of a magnitude
that we believe could have a material impact on our financial
condition or liquidity.
OTHER MATTERS
Legal and Regulatory Matters
We are involved in various ongoing proceedings, legal actions
and claims arising in the normal course of our business, including
proceedings related to product, labor, tax, intellectual property
and other matters. Refer to Note 6 to our Consolidated Financial
Statements for further information.
FORWARD-LOOKING STATEMENTS
This report contains statements that are not historical facts and
are considered "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements are based on current projections about operations,
industry conditions, financial condition and liquidity. Words that
identify forward-looking statements include, without limitation,
words such as "may," "could," "will," "should," "possible," "plan,"
"predict," "forecast," "potential," "anticipate," "estimate," "expect,"
"project," "intend," "believe," "may impact," "on track," "goal,"
"strategy" and words and terms of similar substance used in
Dollar amounts are in millions except per share amounts or as otherwise specified.
19
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
connection with any discussion of future operating or financial
performance, an acquisition or our businesses. In addition, any
statements that refer to expectations, projections or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. Those
statements are not guarantees and are subject to risks,
uncertainties and assumptions that are difficult to predict,
including uncertainties related to the impact of the cybersecurity
incident first reported on March 11, 2026 on our operations and
financial results. Therefore, actual results could differ materially
and adversely from these forward-looking statements, historical
experience or our present expectations. Some important factors
that could cause our actual results to differ from our expectations
in any forward-looking statements include the risks discussed in
Item 1A. "Risk Factors" of our Annual Report on Form 10-K for
2025. This Form 10-Q should be read in conjunction with our
Consolidated Financial Statements and accompanying notes to
our Consolidated Financial Statements in our Annual Report on
Form 10-K for 2025. While we believe that the assumptions
underlying such forward-looking statements are reasonable,
there can be no assurance that future events or developments
will not cause such statements to be inaccurate. All forward-
looking statements contained in this report are qualified in their
entirety by this cautionary statement. We expressly disclaim any
intention or obligation to publicly update or revise any forward-
looking statement to reflect any change in our expectations or in
events, conditions or circumstances on which those expectations
may be based, or that affect the likelihood that actual results will
differ from those contained in the forward-looking statements.
ITEM 3.
QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
We consider our greatest potential area of market risk exposure
to be exchange rate risk on our operating results. Quantitative
and qualitative disclosures about exchange rate risk are included
in Item 7A "Quantitative and Qualitative Disclosures About Market
Risk" of our Annual Report on Form 10-K for 2025. There were
no material changes from the information provided therein.
ITEM 4.
CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of the Chief Executive
Officer and Chief Financial Officer (the Certifying Officers),
evaluated the effectiveness of the Company's disclosure controls
and procedures (as defined in Rules 13a-15(e) or 15d-15(e)
promulgated under the Securities Exchange Act of 1934, as
amended) on June 30, 2026. Based on that evaluation, the
Certifying Officers concluded the Company's disclosure controls
and procedures were effective as of June 30, 2026.
Changes in Internal Control Over Financial Reporting
There was no change to our internal control over financial
reporting during the six months 2026 that materially affected, or is
reasonably likely to materially affect, our internal control over
financial reporting.
PART II – OTHER INFORMATION
ITEM 1A.
RISK FACTORS
We are not aware of any material changes to the risk factors
included in Item 1A. "Risk Factors" in our Annual Report on Form
10-K for 2025 and Part II, Item 1A. "Risk Factors" in our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2026.
ITEM 2.
UNREGISTERED SALES OF EQUITY
SECURITIES AND USE OF PROCEEDS
We issued 1,929 shares of our common stock in the three
months 2026 as performance incentive awards to employees.
These shares are not registered under the Securities Act of 1933
based on the conclusion that the awards would not be events of
sale within the meaning of Section 2(a)(3) of the Act.
In March 2015 we announced that our Board of Directors had
authorized us to purchase up to $2,000 of our common stock.
The manner, timing and amount of repurchases are determined
by management based on an evaluation of market conditions,
stock price, and other factors and are subject to regulatory
considerations. Purchases are made from time-to-time in the
open market, in privately negotiated transactions or otherwise.
In the six months 2026 we did not repurchase any shares of our
common stock under our authorized repurchase program. The
total dollar value of shares of our common stock that could be
acquired under our authorized repurchase program was $1,033
as of June 30, 2026.
ITEM 5.
OTHER INFORMATION
Certain of our officers or directors have made elections to
participate in, and are participating in, our employee stock
purchase plan and 401(k) plan and have made, and may from
time to time make, elections to have shares withheld to cover
withholding taxes due or pay the exercise price of stock options,
restricted stock units and performance stock units, which may
constitute non-Rule 10b5-1 trading arrangements (as defined in
Item 408(c) of Regulation S-K).
20
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
ITEM 6.
EXHIBITS
10(i)*
10(ii)*
31(i)†
31(ii)†
32(i)††
32(ii)††
101.INS
iXBRL Instance Document
101.SCH
iXBRL Schema Document
101.CAL
iXBRL Calculation Linkbase Document
101.DEF
iXBRL Definition Linkbase Document
101.LAB
iXBRL Label Linkbase Document
101.PRE
iXBRL Presentation Linkbase Document
104
Cover Page Interactive Data File (the cover page
XBRL tags are embedded within the Inline XBRL
document)
*  Compensation arrangement
†  Filed with this Form 10-Q
†† Furnished with this Form 10-Q
21
STRYKER CORPORATION
2026 Second Quarter Form 10-Q
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
STRYKER CORPORATION
(Registrant)
Date:
July 31, 2026
/s/ KEVIN A. LOBO
Kevin A. Lobo
Chair and Chief Executive Officer
Date:
July 31, 2026
/s/ PRESTON W. WELLS
Preston W. Wells
Vice President, Chief Financial Officer

Exhibit 31(i)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Kevin A. Lobo, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 of Stryker Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:July 31, 2026/s/ KEVIN A. LOBO
Kevin A. Lobo
Chair and Chief Executive Officer

Exhibit 31(ii)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Preston W. Wells, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 of Stryker Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:July 31, 2026/s/ PRESTON W. WELLS
Preston W. Wells
Vice President, Chief Financial Officer

Exhibit 32(i)
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Stryker Corporation (the "Company") for the quarter ended June 30, 2026 (the "Report"), I, Kevin A. Lobo, Chair and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:July 31, 2026/s/ KEVIN A. LOBO
Kevin A. Lobo
Chair and Chief Executive Officer

Exhibit 32(ii)
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Stryker Corporation (the "Company") for the quarter ended June 30, 2026 (the "Report"), I, Preston W. Wells, Vice President, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:July 31, 2026/s/ PRESTON W. WELLS
Preston W. Wells
Vice President, Chief Financial Officer