Zimmer Biomet Holdings, Inc. (ZBH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.01	$2.07	+3.0%	—	$2.2B	—
Q1 26	$1.86	$2.09	+12.4%	—	$2.1B	—
Q3 25	$1.87	$1.9	+1.6%	—	$2B	—
Q2 25	$1.98	$2.07	+4.5%	—	$2.1B	—
Q1 25	$1.77	$1.81	+2.3%	—	$1.9B	—
Q4 24	$2.29	$2.31	+0.9%	—	$2B	—
Q3 24	$1.74	$1.74	0.0%	—	$1.8B	—
Q2 24	$1.99	$2.01	+1.0%	—	$1.9B	—
Q1 24	$1.87	$1.94	+3.7%	—	$1.9B	—
Q4 23	$2.16	$2.2	+1.9%	—	$1.9B	—
Q3 23	$1.6	$1.65	+3.1%	—	$1.8B	—
Q2 23	$1.81	$1.82	+0.6%	—	$1.9B	—
Q1 23	$1.64	$1.89	+15.2%	—	$1.8B	—
Q4 22	$1.83	$1.88	+2.7%	—	$1.8B	—
Q3 22	$1.56	$1.58	+1.3%	—	$1.7B	—
Q2 22	$1.64	$1.82	+11.0%	—	$1.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.56	—	—	$8.2B	—
FY24	—	$4.45	—	—	$7.7B	—
FY23	—	$4.91	—	—	$7.4B	—
FY22	—	$1.1	—	—	$6.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.7B	$7.8B	$7.9B	$8B	$6.1B	$6.8B	$6.9B	$7.4B	$7.7B	$8.2B
YoY change	+27.9%	+1.76%	+1.66%	+0.62%	-23.2%	+11.4%	+1.65%	+6.55%	+3.85%	+7.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.7B	7.8B	7.9B	8B	6.1B	6.8B	6.9B	7.4B	7.7B	8.2B
Cost of revenue	2.4B	2.1B	2.3B	2.3B	1.8B	2B	2B	2.1B	2.2B	2.5B
Gross profit	5.3B	5.7B	5.7B	5.7B	4.3B	4.9B	4.9B	5.3B	5.5B	5.7B
Gross margin	68.9%	72.7%	71.4%	71.8%	70.2%	71.3%	70.9%	71.8%	71.5%	69.7%
Research & development	365.6M	369.9M	391.7M	449.3M	322.8M	435.8M	406M	458.7M	437.4M	458.5M
Selling, general & administrative	2.9B	3.1B	3.4B	3.3B	2.7B	2.8B	2.8B	2.8B	2.9B	3.3B
Operating expenses	3.4B	3.7B	3.9B	3.9B	3.1B	3.3B	3.2B	3.3B	3.4B	3.7B
Operating income	1.4B	1.4B	1.1B	1.3B	704.7M	1B	1.2B	1.5B	1.5B	1.4B
Operating margin	17.7%	18.1%	14.5%	15.9%	11.5%	14.7%	17.2%	19.6%	19.9%	16.5%
Non-operating income, net	-602.5M	-620.7M	-1.1B	-137.1M	-597.8M	-298M	-623.8M	-182.9M	-273.7M	-232.6M
Pretax income	399.6M	464.6M	-271.1M	905.8M	-105.2M	499M	403.5M	1.1B	1B	830.8M
Income tax	95M	-1.3B	108.2M	-225.7M	-96M	53.5M	112.3M	42.2M	131.4M	125.7M
Net income	304.6M	1.8B	-379.3M	1.1B	-137.4M	402.1M	232.4M	1B	905.2M	705.1M
Net margin	3.97%	23.2%	-4.78%	14.2%	-2.24%	5.89%	3.35%	13.9%	11.8%	8.57%
EBITDA	2.3B	2.5B	2.2B	2.3B	1.6B	2B	2B	2.4B	2.5B	2.5B
EPS	1.51	9.11	-1.86	5.52	-0.67	1.93	1.1	4.91	4.45	3.56
Diluted EPS	1.5	9.03	-1.86	5.47	-0.67	1.91	1.1	4.88	4.43	3.55

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.8B	1.9B	1.9B	1.9B	1.8B	2B	1.9B	2.1B	2B	2.2B	2.1B	2.2B
Cost of revenue	518.6M	538.8M	512.3M	553.6M	538.6M	586.7M	549.8M	592.2M	559.3M	792.4M	576.2M	635.5M
Gross profit	1.2B	1.4B	1.4B	1.4B	1.3B	1.4B	1.4B	1.5B	1.4B	1.5B	1.5B	1.5B
Gross margin	70.4%	72.2%	72.9%	71.5%	70.5%	71%	71.2%	71.5%	72.1%	64.7%	72.4%	70.8%
Research & development	116.9M	113.3M	107.9M	109.4M	111.6M	108.5M	110.6M	113.3M	115.9M	118.7M	103.4M	104.8M
Selling, general & administrative	674.9M	722.3M	736.2M	737.1M	709.7M	746.9M	758.8M	814.8M	811.4M	872.3M	849.9M	899.3M
Operating expenses	791.8M	835.6M	844.1M	846.5M	821.3M	855.4M	869.4M	928.1M	927.3M	991M	953.3M	1B
Operating income	298.2M	420.8M	390.7M	397.9M	316.1M	423.5M	338.9M	396.4M	338.3M	282.6M	395.1M	374M
Operating margin	17%	21.7%	20.7%	20.5%	17.3%	20.9%	17.8%	19.1%	16.9%	12.6%	18.9%	17.2%
Non-operating income, net	-27.8M	-86.2M	-124.9M	-44.7M	-31.5M	-72.7M	-43.7M	-92.5M	16.3M	-112.8M	-24.9M	-46M
Pretax income	219.2M	284.5M	215.1M	302.2M	230.3M	289M	229M	224.6M	279.2M	98M	301.3M	255.1M
Income tax	56.4M	-135.2M	42.3M	59.1M	-18.9M	48.9M	46.5M	71.2M	48M	-39.9M	63M	55.5M
Net income	162.8M	419.7M	172.8M	243.1M	249.2M	240.1M	182.6M	153.4M	231.2M	137.9M	238.3M	199.6M
Net margin	9.28%	21.6%	9.15%	12.5%	13.7%	11.9%	9.56%	7.38%	11.6%	6.15%	11.4%	9.17%
EBITDA	543.1M	642.6M	629.2M	643.2M	572.1M	649.1M	596.2M	672.1M	625.2M	582.1M	662M	646.7M
EPS	0.78	2.02	0.84	1.18	1.23	1.2	0.92	0.77	1.17	—	1.22	1.03
Diluted EPS	0.77	2.01	0.84	1.18	1.23	1.2	0.91	0.77	1.16	—	1.22	1.03

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	20B	23.7B	20.5B	29.8B	31B	25.7B	26.7B	25.4B	21.5B	17.8B	17.5B
Enterprise value	30.6B	33.2B	28.9B	37.4B	38.3B	32.4B	32.2B	30.9B	27.1B	24.7B	24.5B
Shares outstanding	200M	201.9M	203.5M	205.1M	207M	208.6M	209.6M	208.7M	203.1M	198M	198M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	65.8	13	—	26.3	—	64	115	24.8	23.7	25.3	22.2
P/S	2.61	3.03	2.58	3.73	5.05	3.77	3.85	3.43	2.79	2.16	2.05
P/B	2.07	2.02	1.82	2.41	2.54	2.03	2.22	2.03	1.72	1.4	1.38
EV/EBITDA	13.1	13.5	13.3	16.5	23.5	16.6	16.2	12.9	10.9	9.99	9.71
EV/Sales	3.99	4.26	3.64	4.69	6.25	4.75	4.64	4.18	3.53	3	2.88
Earnings yield	1.52%	7.67%	—	3.8%	—	1.56%	0.87%	4.04%	4.22%	3.96%	4.5%
FCF yield	7.22%	6.03%	7.73%	3.96%	3.53%	5.24%	4.1%	4.74%	5.33%	7.98%	6.14%
PEG	—	—	—	—	—	—	—	—	—	—	0.66

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	68.9%	72.7%	71.4%	71.8%	70.2%	71.3%	70.9%	71.8%	71.5%	69.7%	70.8%
Operating margin	17.7%	18.1%	14.5%	15.9%	11.5%	14.7%	17.2%	19.6%	19.9%	16.5%	18%
Net margin	3.97%	23.2%	-4.78%	14.2%	-2.24%	5.89%	3.35%	13.9%	11.8%	8.57%	9.48%
ROE	3.15%	15.5%	-3.36%	9.13%	-1.13%	3.17%	1.93%	8.21%	7.26%	5.55%	6.41%
ROA	1.14%	6.97%	-1.57%	4.59%	-0.56%	1.71%	1.1%	4.77%	4.24%	3.05%	3.88%
ROIC	5.11%	6.61%	5.84%	6.35%	3.61%	4.63%	4.91%	7.75%	7.35%	5.86%	6.1%
Return on tangible assets	-2.5%	-15.1%	3.64%	-12.5%	1.67%	-7.38%	-3.74%	-17.5%	-15.8%	-11.3%	-13.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.96	1.49	1.83	1.37	1.99	1.41	1.88	1.61	1.91	1.98	1.69
Quick ratio	1.14	0.81	0.9	0.68	1.03	0.79	0.97	0.78	0.99	1.1	0.94
Debt / equity	1.16	0.86	0.79	0.66	0.67	0.56	0.49	0.47	0.5	0.59	0.6
Debt / assets	0.42	0.39	0.37	0.33	0.33	0.3	0.28	0.28	0.29	0.33	0.33
Net debt / EBITDA	4.54	3.89	3.86	3.35	4.5	3.43	2.76	2.3	2.28	2.8	2.81
Interest coverage	2.13	2.43	0.06	4.99	0.5	3.39	3.45	6.3	5.76	3.84	4.23
Effective tax rate	23.8%	0%	0%	0%	0%	10.7%	27.8%	3.95%	12.7%	15.1%	13.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	38.3	38.6	39	38.9	29.6	32.7	33.1	35.4	37.8	41.6	43.5
EPS (basic)	1.51	9.11	-1.86	5.52	-0.67	1.93	1.1	4.91	4.45	3.56	3.56
EPS (diluted)	1.5	9.03	-1.86	5.47	-0.67	1.91	1.1	4.88	4.43	3.55	4.12
Book value per share	48.3	58.1	55.4	60.4	58.9	60.7	57.4	59.8	61.4	64.2	66.2
FCF per share	7.24	7.06	7.79	5.76	5.28	6.46	5.23	5.77	5.63	7.17	7.27
Cash per share	3.17	2.6	2.67	3.01	3.87	1.81	1.79	1.99	2.59	2.99	2.44
Capex per share	0.92	0.77	0.8	1.01	0.54	0.69	0.9	1.39	1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.41%	2%	2.05%	2.59%	1.83%	2.1%	2.71%	3.94%	2.65%	—	—
Capex / operating cash flow	11.8%	14.2%	17.7%	13.7%	19.5%	12.6%	22.3%	17.8%	11.2%	—	—
Payout ratio	61.9%	10.7%	-51.5%	17.4%	-144.5%	49.8%	86.6%	19.6%	21.7%	27%	23.3%
Dividend yield	0.94%	0.82%	0.95%	0.66%	0.64%	0.78%	0.75%	0.79%	0.91%	1.07%	1.05%

Yield

1.05%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.24

ex-dividend Jun 25, 2026

Payout ratio

23%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 25, 2026	$0.24
Mar 31, 2026	$0.24
Dec 30, 2025	$0.24
Sep 30, 2025	$0.24

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.8B	$1.9B	$1.9B	$1.9B	$1.8B	$2B	$1.9B	$2.1B	$2B	$2.2B	$2.1B	$2.2B
YoY change	+5.02%	+6.3%	+3.18%	+3.87%	+4.03%	+4.28%	+1.05%	+6.97%	+9.71%	+10.9%	+9.3%	+4.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	634.1M	524.4M	542.8M	617.9M	802.1M	378.1M	375.7M	415.8M	525.5M	591.9M
Receivables	1.6B	1.5B	1.3B	1.4B	1.5B	1.3B	1.4B	1.4B	1.5B	1.7B
Inventory	2B	2.1B	2.3B	2.4B	2.5B	2.1B	2.1B	2.4B	2.2B	2.3B
Total current assets	4.7B	4.6B	4.4B	4.7B	5.1B	4.9B	4.4B	4.6B	4.7B	5.1B
Property, plant & equipment	248M	200.1M	129.8M	70.4M	-150.1M	-249.4M	-220.9M	-185.5M	-224.3M	-212.7M
Goodwill & intangibles	38.9B	38B	34.6B	33.7B	32.6B	28.9B	27.3B	27.3B	27.1B	29.3B
Total assets	26.7B	26B	24.1B	24.6B	24.4B	23.5B	21.1B	21.5B	21.4B	23.1B
Accounts payable	364.5M	330.2M	362.6M	400.9M	330M	306.5M	354.1M	410.6M	194.6M	303M
Short-term debt	575.6M	1.2B	525M	1.5B	500M	1.6B	544.3M	900M	863M	587.1M
Total current liabilities	2.4B	3.1B	2.4B	3.4B	2.6B	3.5B	2.4B	2.9B	2.5B	2.6B
Long-term debt	10.6B	8.9B	8.4B	6.7B	7.6B	5.5B	5.3B	5B	5.3B	6.9B
Total liabilities	17B	14.3B	12.9B	12.2B	12.2B	10.8B	9B	9B	8.9B	10.4B
Shareholders' equity	9.7B	11.7B	11.3B	12.4B	12.2B	12.7B	12B	12.5B	12.5B	12.7B
Total debt	11.2B	10.1B	8.9B	8.2B	8.1B	7.1B	5.9B	5.9B	6.2B	7.5B
Net debt	10.6B	9.6B	8.4B	7.6B	7.3B	6.7B	5.5B	5.5B	5.7B	6.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	1.3B	591.9M	424.2M	410M
Receivables	—	—	—	—	—	—	—	—	1.6B	1.7B	1.7B	1.8B
Inventory	—	—	—	—	—	—	—	—	2.5B	2.3B	2.2B	2.3B
Total current assets	—	—	—	—	—	—	—	—	5.8B	5.1B	5B	5.1B
Property, plant & equipment	—	—	—	—	—	—	—	—	4.8B	4.8B	4.9B	-213.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	28.9B	29.3B	29B	28.8B
Total assets	—	—	—	—	—	—	—	—	23.5B	23.1B	22.7B	22.8B
Accounts payable	—	—	—	—	—	—	—	—	315.3M	303M	361.2M	352.4M
Short-term debt	—	—	—	—	—	—	—	—	600M	587.1M	1.2B	1.2B
Total current liabilities	—	—	—	—	—	—	—	—	2.4B	2.6B	2.9B	3B
Long-term debt	—	—	—	—	—	—	—	—	7.5B	6.9B	6.3B	6.3B
Total liabilities	—	—	—	—	—	—	—	—	10.7B	10.4B	10B	10.2B
Shareholders' equity	—	—	—	—	—	—	—	—	12.8B	12.7B	12.7B	12.6B
Total debt	—	—	—	—	—	—	—	—	8.1B	7.5B	7.5B	7.5B
Net debt	—	—	—	—	—	—	—	—	6.8B	6.9B	7B	7.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	304.6M	1.8B	-379.3M	1.1B	-9.2M	445.5M	291.2M	1B	905.2M	705.1M
Depreciation & amortization	1B	1.1B	1B	1B	898.4M	937.7M	926.4M	951.7M	996.3M	1.1B
Stock-based compensation	57.3M	53.7M	65.5M	84.3M	73.8M	76M	105M	99.8M	101M	90.2M
Change in working capital	-12.6M	-86M	178.4M	-167.5M	-428.6M	-220.7M	-414.4M	-340.9M	-133.4M	-206.7M
Operating cash flow	1.6B	1.1B	918.5M	1.5B	573.8M	1.1B	843.8M	1.6B	1.8B	1.7B
Capital expenditure	-184.7M	-156M	-162.7M	-207.1M	-111.9M	-143.6M	-187.9M	-291.1M	-203.8M	—
Investing cash flow	-1.7B	-510.8M	-416.6M	-531.7M	-564.3M	-434.9M	-522M	-692.5M	-735.1M	-1.7B
Dividends paid	-188.4M	-193.6M	-195.2M	-196.7M	-198.5M	-200.1M	-201.2M	-200.9M	-196M	-190.3M
Share repurchases	-415.5M	0	0	—	0	0	-126.4M	-692.2M	-868M	-487M
Financing cash flow	-879.8M	-1.4B	-1.4B	-938.1M	-550M	-1.4B	-853.8M	-864.6M	-566.6M	286.3M
Net change in cash	-1B	-766.2M	-908.2M	45.9M	-540.5M	-727M	-532M	82.3M	519.7M	284.6M
Free cash flow	1.4B	1.4B	1.6B	1.2B	1.1B	1.3B	1.1B	1.2B	1.1B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	162.8M	419.7M	172.8M	243.1M	249.2M	240.1M	182.6M	153.4M	231.2M	137.9M	238.3M	199.6M
Depreciation & amortization	241.2M	241.2M	238.6M	243.2M	250.9M	263.6M	254.4M	271.8M	283.6M	284M	270M	270.8M
Stock-based compensation	15.6M	25.3M	29M	26.4M	24.5M	21.1M	19.6M	21.2M	25.3M	24.1M	24.2M	24.6M
Change in working capital	-47.8M	-165.6M	-93M	-81.2M	-105.6M	146.4M	-37.5M	-145M	-69.9M	45.7M	9.7M	-139.1M
Operating cash flow	371.8M	520.6M	347.4M	431.5M	419M	671.2M	419.2M	378.2M	418.7M	517.4M	359.4M	447.8M
Capital expenditure	-84.3M	-62.8M	-55.1M	-52.7M	-44.5M	-51.5M	-44.6M	—	—	—	—	—
Investing cash flow	-152.5M	-220.8M	-182.5M	-178.1M	-132.6M	-257.8M	-103.6M	-78M	-94.8M	-237.2M	-83.7M	-85.2M
Dividends paid	-50.1M	-50.2M	-49.4M	-49.4M	-49.2M	-48M	-47.8M	-47.5M	-47.5M	-47.5M	-46.9M	-46.5M
Share repurchases	0	-410.3M	-113.6M	-85.9M	-596.3M	-72.2M	-229.8M	-7.2M	0	-250M	-250.1M	-250.7M
Financing cash flow	-381.7M	-250.7M	-106.5M	-28.5M	-120.5M	-191.1M	558.7M	163.4M	462.9M	-898.7M	-381.5M	-271.2M
Net change in cash	-162.4M	49.1M	58.4M	224.9M	165.9M	222.3M	874.3M	463.6M	786.8M	-618.5M	-105.8M	91.4M
Free cash flow	221.2M	525.6M	160.4M	223M	328.9M	421.4M	335.8M	298.1M	353.7M	432.6M	284.1M	331.4M

Zimmer Biomet Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history