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Globus Medical (GMED) FY2025 results: revenue $2.9 billion, up 16.7% on the year

Globus Medical Inc. (GMED) reported revenue of $2.9 billion for fiscal 2025, the year ended 31 December 2025, up 16.7% on the year before. Net income was $538 million, up 422.3%, and diluted earnings per share $3.92. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$2.9 billion
+16.7% on the year
FY2018FY2025
Operating margin
16.3%
6.6% a year earlier
FY2018FY2025
Net income
$538 million
+422.3% on the year
FY2018FY2025
Diluted EPS
$3.92
+422.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 1 kept.

  • Fourth-quarter sales up 25.7%: Worldwide net sales were $826.4 million, up 25.7% as reported and 24.7% on a constant currency basis, compared with the prior-year quarter.
  • Base business grew 10.6%: Base business excluding Nevro reached $726.7 million in the quarter, up 10.6%, or 9.4% in constant currency.
  • Enabling Technologies up 19%: Enabling Technologies grew 19% over the fourth quarter of 2024, to $55.6 million against $47.0 million a year earlier.
  • Nevro added $99.7 million in quarter: Nevro products contributed $99.7 million of fourth-quarter sales and $293.6 million for the full year. There were no Nevro sales in the prior-year periods.
  • Adjusted EBITDA margin was 33.9%: Adjusted EBITDA was $280.5 million in the quarter, 33.9% of net sales against 30.0% a year earlier. For the year it was $919.6 million, or 31.3% against 29.2%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Globus Medical is a medical device company, founded in 2003 and headquartered in Audubon, Pennsylvania, that develops and sells products to treat patients with musculoskeletal disorders. It sells to hospitals, ambulatory surgery centers and physicians, launched 9 products in 2025 and has operations in 65 countries. It reports one segment but groups its products into two categories: Musculoskeletal Solutions and Enabling Technologies.

Globus Medical Inc., the 10-K for 2025

Globus Medical is a medical device company, founded in 2003 and headquartered in Audubon, Pennsylvania, that develops and sells products to treat patients with musculoskeletal disorders. It sells to hospitals, ambulatory surgery centers and physicians, launched 9 products in 2025 and has operations in 65 countries. It reports one segment but groups its products into two categories: Musculoskeletal Solutions and Enabling Technologies.

Musculoskeletal Solutions

This category covers implantable devices, biologics, surgical instruments, spinal cord stimulation therapy and neuromonitoring services used in spinal, orthopedic and neurosurgical procedures. Its spine products include pedicle screw and rod systems, plating systems, intervertebral spacers and corpectomy devices, expandable devices for interbody fusion and interspinous fixation, motion preservation products such as total disc replacement, and treatments for vertebral compression fractures. Its biologics include allografts and synthetic alternatives used alongside implant hardware. In orthopedic trauma, which it entered in 2018, it offers limb reconstruction, fracture plating, intramedullary nailing for the hip, femur and tibia, and external fixation, anchored by the PRECICE limb reconstruction platform and the ANTHEM fracture plating system. It also sells hip and knee replacement implants.

Its spinal cord stimulation business, the HFX platform with 10kHz Therapy, treats chronic back and limb pain, including failed back surgery syndrome and painful diabetic neuropathy. Its intraoperative neuromonitoring (IONM) systems give surgeons real-time feedback on the direction and proximity of nerves during surgery, and it provides onsite and remote monitoring for spinal and brain surgeries.

Enabling Technologies

This category covers imaging, navigation and robotics systems for assisted surgery. They include the ExcelsiusGPS robotic navigation system for minimally invasive and open procedures, the Excelsius3D imaging platform launched in 2022, the Surgimap surgical planning software it acquired with Nemaris Inc. in 2018, and Excelsius XR, launched in 2025.

How it grew

On September 1, 2023 it merged with NuVasive, adding surgical access instruments, spinal implants, fixation systems, magnetically adjustable implants and neuromonitoring. On April 3, 2025 it acquired Nevro, adding the Senza spinal cord stimulation system and treatments for sacroiliac joint pain. Earlier it acquired Synoste Oy, a Finnish limb lengthening developer, in 2020; Capstone Surgical Technologies, a drill and robotic surgery platform maker, in 2021; and Harvest Biologics in 2022.

Making and selling

Implants are made in Eagleville and Limerick, Pennsylvania and West Carrollton, Ohio. Most biologics are processed in San Antonio, Texas and Audubon. Excelsius robotic systems are assembled in Methuen, Massachusetts, and the Nevro spinal cord stimulation products are made in Costa Rica. Other implants and instruments come mostly from third-party suppliers, the majority of them domestic. It sells mainly through its own exclusive sales force, with a direct or distributor presence in the U.S. and 64 other countries. Hip and knee products are sold mainly through independent agents. Its implant sales representatives are in the operating room for most U.S. surgeries, and most of its inventory is held with sales representatives and at hospitals. Its competitors include Medtronic, DePuy Synthes, Stryker, Zimmer Biomet and Smith + Nephew.

People

At December 31, 2025 it had over 6,000 employees. Apart from one market outside the U.S. with a collective bargaining agreement, its workforce is not unionized.

From Globus Medical's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,9392,5191,568+16.7%
Cost of revenue9581,035548-7.5%
Gross profit1,9811,4841,020+33.5%
Gross margin67.4%58.9%65.1%
Research and development147164124-10.1%
Selling, general and administrative1,178981643+20.1%
Operating income480166133+189.1%
Operating margin16.3%6.6%8.5%
Pre-tax income605121165+401.2%
Income tax67.217.742.5+278.8%
Effective tax rate11.1%14.7%25.7%
Net income538103123+422.3%
Net margin18.3%4.1%7.8%
Diluted EPS$3.92$0.75$1.07+422.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow753521243+44.7%
Capital expenditure16511578.3+42.7%
Free cash flow589405165+45.3%
Free cash flow margin20.0%16.1%10.5%
Cash from investing-355-176303
Cash from financing-679-27.7-232
Depreciation and amortisation277253146+9.3%
Share-based compensation49.854.252.7-8.1%
Buybacks30085.8226+250.2%
Diluted shares, weighted137m138m115m-0.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,5734,1773,998+9.5%
Debt0.0443417
Operating lease liabilities10483.691.0+24.3%
Finance lease liabilities0.40.30.3+46.3%
Other liabilities625547579+14.3%
Total liabilities and equity5,3035,2525,086+1.0%
Fixed assets564562587+0.5%
Goodwill1,4351,4321,435+0.2%
Intangible assets745795925-6.3%
Investments103172126-40.1%
Cash and equivalents526784467-32.9%
Receivables679558503+21.7%
Inventory759659848+15.2%
Other assets491289195+69.7%
Total assets5,3035,2525,086+1.0%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.