SYK · 10-Q · 2026Q2 · Full report

Operating Income and Margins

STRYKER CORP · 2026-07-31 · Importance 64 · Surprise 56 · No source text

Second-quarter operating income increased to $1,659 million from $1,113 million, and operating margin expanded to 25.2% from 18.5%. Six-month operating income increased to $2,595 million from $1,950 million, with margin rising to 20.6% from 16.4%. Quarterly MedSurg and Neurotechnology margin improved to 28.1% from 25.6%, while Orthopaedics margin improved to 34.0% from 33.1%, primarily from higher volume and lower SG&A. Six-month MedSurg and Neurotechnology margin remained 25.2%, while Orthopaedics margin increased to 32.1% from 31.7%.

Key facts

• Three months 2026 net earnings: $1,276 million, net earnings per diluted share $3.30; three months 2025 net earnings $884 million, $2.29 per diluted share. source
• Six months 2026 net earnings: $2,021 million, net earnings per diluted share $5.23; six months 2025 net earnings $1,538 million, $3.98 per diluted share. source
• Adjusted net earnings per diluted share three months 2026: $3.69 (adjusted net earnings $1,424 million) versus three months 2025 adjusted Diluted EPS $3.13. source
• Adjusted net earnings per diluted share six months 2026: $6.29 (adjusted net earnings $2,428 million) versus six months 2025 adjusted Diluted EPS $5.97. source
• Reported operating income three months 2026: $1,659 million and operating income as a percentage of net sales 25.2%. source
• Reported operating income six months 2026: $2,595 million and operating income as a percentage of net sales 20.6%. source
• MedSurg and Neurotechnology operating income percent three months 2026: 28.1% (up from 25.6%); Orthopaedics operating income percent three months 2026: 34.0% (up from 33.1%). source

Impact estimates