Zimmer Biomet Holdings (ZBH) Q4 FY2025 earnings: revenue $2.2 billion, up 10.9% on the year
Zimmer Biomet Holdings, Inc. (ZBH) reported revenue of $2.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.9% on the same quarter a year earlier. Net income was $139 million, down 41.8% on the year, and diluted earnings per share $0.70. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$2.2 billion
+10.9% on the year · +12.1% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
6.9%
19.2% a year earlier
Q1 FY2024Q4 FY2025
Net income
$139 million
-41.8% on the year · -39.6% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$0.70
-41.7% on the year · -39.7% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 6 new.
Fourth-quarter sales rose 10.9%: Fourth-quarter net sales were $2.244 billion, up 10.9% reported, 9.2% constant currency and 5.4% organic constant currency, against $2.023 billion a year earlier.
Full-year adjusted EPS reached $8.20: Full-year diluted EPS was $3.55, down 19.9%. Adjusted diluted EPS was $8.20, up 2.5%. Adjusted net earnings were $1.629 billion against reported net earnings of $705.1 million.
GAAP gross margin fell on inventory charges: GAAP gross margin was 56.8% in Q4 against 63.2% a year earlier. Adjusted gross margin was 72.4% against 71.3%, after $172.2 million of inventory and manufacturing-related charges.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. 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.
Cash flow
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
517
419
506
+23.6%
+2.2%
Capital expenditure
74.8
55.0
51.5
+36.0%
+45.2%
Free cash flow
443
364
455
+21.7%
-2.7%
Free cash flow margin
19.7%
18.2%
22.5%
Cash from investing
-322
-163
-291
Cash from financing
-897
484
-241
Depreciation and amortisation
284
284
264
+0.1%
+7.8%
Share-based compensation
24.1
25.3
21.1
-4.7%
+14.2%
Buybacks
250
0.0
72.2
+246.3%
Dividends paid
47.5
47.5
48.0
0.0%
-1.0%
Dividend per share
n/a
$0.24
n/a
Diluted shares, weighted
198m
199m
200m
-0.4%
-0.9%
Shares outstanding at period end
196m
198m
199m
-1.3%
-1.7%
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
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
12,698
12,756
12,468
-0.5%
+1.8%
Non-controlling interest
8.1
9.5
8.1
-14.7%
0.0%
Debt
7,519
8,113
6,205
-7.3%
+21.2%
Operating lease liabilities
176
n/a
190
-7.7%
Other liabilities
2,691
2,609
2,494
+3.1%
+7.9%
Total liabilities and equity
23,092
23,488
21,365
-1.7%
+8.1%
Fixed assets
2,207
2,194
2,049
+0.6%
+7.7%
Goodwill
9,947
9,702
8,951
+2.5%
+11.1%
Intangible assets
4,717
4,740
4,598
-0.5%
+2.6%
Cash and equivalents
592
1,293
526
-54.2%
+12.6%
Receivables
1,704
1,598
1,481
+6.6%
+15.1%
Inventory
2,286
2,484
2,235
-7.9%
+2.3%
Other assets
1,638
1,477
1,526
+10.8%
+7.3%
Total assets
23,092
23,488
21,365
-1.7%
+8.1%
Questions
What was Zimmer Biomet Holdings' revenue in Q4 FY2025?
Zimmer Biomet Holdings (ZBH) reported revenue of $2.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.9% on the same quarter a year earlier.
How much did Zimmer Biomet Holdings earn in Q4 FY2025?
Net income for Q4 FY2025 was $139 million, down 41.8% on the year, and diluted earnings per share $0.70.
When did Zimmer Biomet Holdings report Q4 FY2025 results?
Zimmer Biomet Holdings filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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-K for the period ended 31 December 2025, filed 20 February 2026: the filing.