Stryker (SYK) FY2025 results: revenue $25.1 billion, up 11.2% on the year

Stryker makes medical technology: surgical equipment and navigation systems, endoscopic and communications systems, patient handling and emergency medical equipment, intensive care disposables, products for brain and skull-based surgery, minimally invasive products for stroke and venous thromboembolism, implants used in joint replacement and trauma surgery, and Mako robotic-arm assisted technology. Most of it is marketed directly to doctors, hospitals and other healthcare facilities. The company was incorporated in Michigan in 1946 as successor to a business founded in 1941 by Dr. Homer H. Stryker, an orthopaedic surgeon and inventor of medical devices. It reports two segments: MedSurg and Neurotechnology, which was 62% of net sales in 2025, and Orthopaedics, 38%.

MedSurg and Neurotechnology

Five businesses sit inside it. Medical, the largest at 27% of the segment's 2025 sales, covers patient handling, emergency medical equipment, intensive care disposables, clinical communication and an artificial intelligence-assisted virtual care platform. Endoscopy, 24%, covers endoscopic and communications systems. Instruments, 20%, covers surgical equipment, patient and caregiver safety technologies and navigation systems. Neuro Cranial, 16%, covers products for traditional brain and open skull-based surgical procedures plus orthobiologic and biosurgery products including synthetic bone grafts and vertebral augmentation. Vascular, 13%, covers minimally invasive products for acute ischemic and hemorrhagic stroke and for venous thromboembolism.

Vascular was called Neurovascular until the 2025 acquisition of Inari Medical, whose portfolio treats venous thromboembolism, and the two were put together under the new name. It launched the Broadway System in the United States, an integrated stroke solution for large- and super-bore catheter procedures, and accelerated the launch of the Surpass Elite Flow Diverting Stent in the United States, Europe and parts of Asia-Pacific, designed to reduce thrombin generation compared with unmodified stents. Neuro Cranial launched OptaBlate BVN, a radiofrequency nerve ablation system used to reach and ablate the basivertebral nerve to treat vertebrogenic pain. Medical completed the acquisition of Advanced Medical Balloons, an indwelling fecal management system built on ultra-thin polyurethane, which the company adds to its Sage incontinence portfolio.

Orthopaedics

Implants used in total joint replacement of the hip, knee, shoulder and ankle, and in trauma and extremities surgery, together with the instrumentation that goes with them. In 2025, trauma and extremities was 42% of the segment's sales, knees 28%, hips 20%, other 9% and spinal implants 2%, the last down from 8% in 2024.

Mako

The robotic platform runs through the orthopaedic business and is now available in more than 45 countries. The company reports that over one million robotic Mako Total Knee procedures, and more than two million robotic procedures across Mako Total Knee, Mako Total Hip and Mako Partial Knee, have been performed worldwide to date. In 2025 it introduced the Mako 4 platform.

Who it competes with

The filing names its competitors business by business. In Instruments it lists Zimmer Biomet, Medtronic, Johnson & Johnson MedTech and ConMed Linvatec. In Endoscopy, Karl Storz, Olympus Optical, Smith & Nephew, ConMed Linvatec, Arthrex and STERIS. In Medical, Baxter International, Zoll Medical, Medline Industries and Ferno-Washington. In Vascular and Neuro Cranial, Medtronic and Johnson & Johnson among others. In joint replacement, trauma and extremities and robotics, Zimmer, Johnson & Johnson MedTech and Smith & Nephew.

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

Written from the 10-K filed 11 February 2026: read the full 10-K.