Stryker (SYK) Q2 FY2026 earnings: revenue $6.6 billion, up 9.4% on the year

Stryker Corp. (SYK) reported revenue of $6.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.4% on the same quarter a year earlier. Net income was $1.3 billion, up 44.3% on the year, and diluted earnings per share $3.30. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2026.

Revenue

$6.6 billion

+9.4% on the year · +9.5% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

25.2%

18.5% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.3 billion

+44.3% on the year · +71.3% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$3.30

+44.1% on the year · +71.0% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 narrowed.

Net sales rose 9.4%: Reported net sales were $6.6 billion, up 9.4%. Constant currency growth was 9.0%, and organic growth was also 9.0%, with no contribution from acquisitions or divestitures.
Reported diluted EPS rose 44.1%: Reported diluted EPS was $3.30, up 44.1%. Adjusted diluted EPS was $3.69, up 17.9%.
MedSurg and Neuro grew 9.7%: MedSurg and Neurotechnology sales were $3.6 billion, up 9.7% reported and 9.2% in constant currency, with organic growth of 9.2%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	6,589	6,020	6,022	+9.5%	+9.4%
Cost of revenue	2,091	2,210	2,181	-5.4%	-4.1%
Gross profit	4,498	3,810	3,841	+18.1%	+17.1%
Gross margin	68.3%	63.3%	63.8%
Research and development	434	413	407	+5.1%	+6.6%
Selling, general and administrative	2,229	2,281	2,079	-2.3%	+7.2%
Operating income	1,659	936	1,113	+77.2%	+49.1%
Operating margin	25.2%	15.5%	18.5%
Interest expense	141	148	159	-4.7%	-11.3%
Pre-tax income	1,564	850	1,016	+84.0%	+53.9%
Income tax	288	105	132	+174.3%	+118.2%
Effective tax rate	18.4%	12.4%	13.0%
Net income	1,276	745	884	+71.3%	+44.3%
Net margin	19.4%	12.4%	14.7%
Diluted EPS	$3.30	$1.93	$2.29	+71.0%	+44.1%

$ million except per share.

Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,261	581	1,111	+117.0%	+13.5%
Capital expenditure	202	166	183	+21.7%	+10.4%
Free cash flow	1,059	415	928	+155.2%	+14.1%
Free cash flow margin	16.1%	6.9%	15.4%
Cash from investing	-639	-185	-104
Cash from financing	-95.0	-1,510	-989
Depreciation and amortisation	404	397	387	+1.8%	+4.4%
Share-based compensation	54.0	87.0	49.0	-37.9%	+10.2%
Dividends paid	337	337	321	0.0%	+5.0%
Dividend per share	$0.88	$0.88	$0.84	0.0%	+4.8%
Diluted shares, weighted	386m	386m	386m	-0.1%	-0.1%
Shares outstanding at period end	384m	383m	382m	+0.1%	+0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	23,988	22,979	21,191	+4.4%	+13.2%
Debt	14,942	14,723	16,580	+1.5%	-9.9%
Operating lease liabilities	345	350	389	-1.4%	-11.3%
Other liabilities	8,655	8,239	8,171	+5.0%	+5.9%
Total liabilities and equity	47,930	46,291	46,331	+3.5%	+3.5%
Fixed assets	3,958	3,887	3,702	+1.8%	+6.9%
Goodwill	19,584	19,188	19,183	+2.1%	+2.1%
Intangible assets	5,742	5,516	5,962	+4.1%	-3.7%
Investments	85.0	87.0	89.0	-2.3%	-4.5%
Cash and equivalents	3,391	2,878	2,375	+17.8%	+42.8%
Receivables	3,743	3,571	3,918	+4.8%	-4.5%
Inventory	5,521	5,419	5,289	+1.9%	+4.4%
Other assets	5,906	5,745	5,813	+2.8%	+1.6%
Total assets	47,930	46,291	46,331	+3.5%	+3.5%

Questions

What was Stryker's revenue in Q2 FY2026?

Stryker (SYK) reported revenue of $6.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.4% on the same quarter a year earlier.

How much did Stryker earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.3 billion, up 44.3% on the year, and diluted earnings per share $3.30.

When did Stryker report Q2 FY2026 results?

Stryker filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 31 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023	Q1 FY2024	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,701	4,275	4,493	4,479	5,202	4,778	4,996	4,909	5,815	5,243	5,422	5,494	6,436	5,866	6,022	6,057	7,171	6,020	6,589	6,520
Cost of revenue	1,656	1,541	1,667	1,697	1,966	1,762	1,815	1,751	2,112	1,910	2,006	1,977	2,262	2,122	2,181	2,205	2,543	2,210	2,091	2,272
Gross profit	3,045	2,734	2,826	2,782	3,236	3,016	3,181	3,158	3,703	3,333	3,416	3,517	4,174	3,744	3,841	3,852	4,628	3,810	4,498	4,248
Gross margin	65%	64%	63%	62%	62%	63%	64%	64%	64%	64%	63%	64%	65%	64%	64%	64%	65%	63%	68%	65%
R&D	331	413	351	364	326	339	346	353	350	368	363	377	358	405	407	410	401	413	434	433
SG&A	1,745	1,710	1,539	1,455	1,751	1,781	1,706	1,710	1,941	1,840	1,831	1,896	2,118	2,300	2,079	2,045	2,227	2,281	2,229	2,313
Operating income	819	447	772	808	814	735	965	931	1,257	972	1,051	1,085	581	837	1,113	1,135	1,804	936	1,659	1,034
Operating margin	17%	10%	17%	18%	16%	15%	19%	19%	22%	19%	19%	20%	9%	14%	18%	19%	25%	16%	25%	16%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	96.0	98.0	n/a	137	159	157	154	148	141	143
Pre-tax income	757	386	720	816	761	679	899	869	1,226	923	998	1,043	528	764	1,016	1,029	1,705	850	1,564	997
Tax rate	13%	16%	9%	0%	26%	13%	18%	20%	7%	15%	17%	20%	-3%	14%	13%	17%	50%	12%	18%	24%
Net income	662	323	656	816	563	592	738	692	1,143	788	825	834	546	654	884	859	849	745	1,276	753
Net margin	14%	8%	15%	18%	11%	12%	15%	14%	20%	15%	15%	15%	8%	11%	15%	14%	12%	12%	19%	12%
Diluted EPS	$1.73	$0.84	$1.72	$2.14	$1.47	$1.54	$1.93	$1.80	$2.98	$2.05	$2.14	$2.16	$1.41	$1.69	$2.29	$2.22	$2.20	$1.93	$3.30	$1.96
Operating cash flow	1,000	203	529	889	1,003	445	688	1,050	1,528	204	633	1,474	1,931	250	1,111	1,540	2,143	581	1,261	1,461
Capital expenditure	206	119	143	138	188	130	152	148	145	167	152	170	266	123	183	187	268	166	202	237
Free cash flow	794	84.0	386	751	815	315	536	902	1,383	37.0	481	1,304	1,665	127	928	1,353	1,875	415	1,059	1,224
Dividends paid	237	262	263	263	263	284	285	285	285	304	305	305	305	320	321	322	321	337	337	338
Shares outstanding	378m	378m	378m	378m	379m	380m	380m	380m	380m	381m	381m	381m	382m	382m	382m	382m	383m	383m	384m	381m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 31 July 2026: the filing.