Skip to main content

STRYKER CORP

For the period ended Jun 30, 2025. Filed Aug 1, 2025.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 1, 2025

SYK$325.87-2.7%Stored close · as of Nov 6, 2026

What changed in Management’s Discussion and Analysis?

Read the current filing

Previous report: 10-Q

Period ended 2025-03-31; filed 2025-05-02.

0000310764-25-000075

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Current report: 10-Q

Period ended 2025-06-30; filed 2025-08-01.

0000310764-25-000107

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.

Compared 415 previous paragraphs and 491 current paragraphs.

298 unchanged; 68 reworded; 90 added; 39 removed; 10 previous and 35 current paragraphs rearranged.

Tables are not compared: 25 previous and 36 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.

A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.

Added paragraphs (90)

Current report

income margin of 18.5%, net earnings of$884 and net earnings

Current report

adjusted net earnings per diluted share(1)of$3.13, anincrease of

Current report

Excluding the impact of acquisitions and divestitures, sales

Current report

adjusted net earnings per diluted share(1)of$5.97, anincrease of

Current report

unsecured notes due February 10, 2035. In June 2025 we repaid

Current report

interventional spine of$129 and$98 for thethree months 2025 and 2024 and$247 and$196 for thesix months 2025 and 2024. Other

Current report

currency exchange rates positively impacted net sales by 0.8%.

Current report

Excluding the 0.1% impact of acquisitions and divestitures, net

Current report

sales in constant currency increased by 9.7% from increased unit

Current report

Neurotechnology businesses and most Orthopaedics businesses.

Current report

Consolidated net sales increased 11.5% in thesix months 2025

Current report

as reported and 11.5% in constant currency. Excluding the 1.3%

Current report

Neurotechnology businesses and most Orthopaedics businesses.

Current report

MedSurg and Neurotechnology net sales increased 17.3% in the

Current report

three months 2025 as reported and 16.7% in constant currency,

Current report

as foreign currency exchange rates positively impacted net sales

Current report

divestitures, net sales in constant currency increased by 10.2%

Current report

MedSurg and Neurotechnology net sales increased 15.4% in the

Current report

six months 2025 as reported and 15.5% in constant currency, as

Current report

0.1%. Excluding the 4.7% impact of acquisitions and divestitures,

Current report

net sales in constant currency increased by 9.8% from increased

Current report

Orthopaedics net sales increased 2.0% in thethree months 2025

Current report

the(7.9)% impact of acquisitions and divestitures, net sales in

Current report

constant currency increased 9.0% from increased unit volume.

Current report

Orthopaedics net sales increased 5.8% in thesix months 2025 as

Current report

currency increased 9.2% from increased unit volume. The unit

Showing the first 40 of 90 passages. Open the source sections for the rest.

Removed paragraphs (39)

Previous report

income margin of 14.3%, net earnings of$654 and net earnings

Previous report

points to 22.9%, with adjusted net earnings(1) of$1,097 and

Previous report

adjusted net earnings per diluted share(1)of$2.84, anincrease of

Previous report

2025 as reported and 12.8% in constant currency, as foreign

Previous report

Excluding the 2.7% impact of acquisitions and divestitures, net

Previous report

sales in constant currency increased by 9.4% from increased unit

Previous report

Neurotechnology businesses andmost Orthopaedics businesses.

Previous report

MedSurg and Neurotechnology net sales increased 13.4% in the

Previous report

three months 2025 as reported and 14.2% in constant currency,

Previous report

divestitures, net sales in constant currency increased by 9.5%

Previous report

Orthopaedics net sales increased 9.7% in thethree months 2025

Previous report

exchange rates negatively impacted net sales by 1.0%. Excluding

Previous report

the 1.4% impact of acquisitions and divestitures, net sales in

Previous report

constant currency increased 9.3% from increased unit volume.

Previous report

Selling, general and administrative expenses increased $463 or

Previous report

percentage of net sales increased to 27.6% in thethree months

Previous report

percentage of net sales increased to 27.2% in thethree months

Previous report

expense in 2025 partially offset by higher interest income.

Previous report

three months 2025 from$788 or$2.05 per diluted share in 2024.

Previous report

higher net earnings partially offset by the timing of payments and
Reworded paragraphs (68)

Previous wording

Beginning in the first quarter 2025, the United States government

Current wording

Beginning in 2025, the United States government has announced

Previous wording

has announced new tariffs on goods imported into the United

Current wording

new tariffs on goods imported into the United States from dozens

Previous wording

European Union member states. In response, governments have

Current wording

states. In response, governments have threatened or imposed

Previous wording

threatened or imposed reciprocal tariffs or taken other measures,

Current wording

reciprocal tariffs or taken other measures, and the United States

Previous wording

and the United States is in the process of negotiating with certain

Current wording

is in the process of negotiating with certain governments. We

Previous wording

governments. We continue to monitor and evaluate the situation.

Current wording

continue to monitor and evaluate the situation. Tariffs are

Previous wording

Tariffs could result in an increase in certain product costs or have

Current wording

expected to result in an increase in certain product costs or have

Previous wording

sales grew 10.1% in constant currency. We reported operating

Current wording

sales grew 10.2% in constant currency. We reported operating

Previous wording

per diluted share of$1.69. Excluding the impact of certain items,

Current wording

per diluted share of$2.29. Excluding the impact of certain items,

Previous wording

total consideration of$4,745, in upfront payments, net of cash

Current wording

total consideration of$4,810, in upfront payments, net of cash

Previous wording

principal amount of the facility by$750 to$3,000 and extend the

Current wording

principal amount of the facility by$750 to $3,000 and extend the

Previous wording

maturity date to February 25, 2030. On March 31, 2025 there

Current wording

maturity date to February 25, 2030. On June 30, 2025 there were

Previous wording

wereno borrowings outstanding under our revolving credit facility

Current wording

no borrowings outstanding under our revolving credit facility or

Previous wording

or our commercial paper program which allows for maturities up

Current wording

our commercial paper program which allows for maturities up to

Previous wording

to 397 days from the date of issuance. The maximum amount of

Current wording

397 days from the date of issuance. The maximum amount of our

Previous wording

our commercial paper that can be outstanding at any time is

Current wording

commercial paper that can be outstanding at any time is$2,250.

Previous wording

interventional spine of$118 and$98 forthree months 2025 and 2024. Other Orthopaedics includes sales related to Enabling

Current wording

Orthopaedics includes sales related to Enabling Technologies of$34 and$31 for thethree months 2025 and 2024 and$63 and$62 for

Previous wording

Technologies of$29 and$31 forthree months 2025 and 2024. We have reflected these changes in all historical periods presented.

Current wording

thesix months 2025 and 2024. We have reflected these changes in all historical periods presented.

Previous wording

volumeand 0.7% due tohigher prices. The unit volume increase

Current wording

volumeand 0.5% due tohigher prices. The unit volume increase

Previous wording

from increased unit volumeand 1.2% from higher prices. The unit

Current wording

from increased unit volumeand 0.8% from higher prices. The unit

Previous wording

as foreign currency exchange rates negatively impacted net sales

Current wording

foreign currency exchange rates negatively impacted net sales by

Previous wording

as reported and 10.7% in constant currency, as foreign currency

Current wording

as reported and 1.1% in constant currency, as foreign currency

Previous wording

currency exchange rates negatively impacted net sales by 0.9%.

Current wording

exchange rates positively impacted net sales by 0.9%. Excluding

Previous wording

gross profit as a percent of net sales between the three months

Current wording

gross profit as a percent of net sales between thesix months

Previous wording

25.2% in thethree months 2025. As a percentage of net sales,

Current wording

13.5% in thethree months 2025. As a percentage of net sales,

Previous wording

expenses increased to 39.2% from 35.0% in 2024, primarily due

Current wording

expenses increased to 34.5% from 33.8% in 2024, primarily due

Previous wording

to higher acquisition-related costs andcontinued investments to

Current wording

to higher acquisition-related costs and continued investments to

Previous wording

support our growth. Expenses in thethree months 2025 included

Current wording

support our growth. Expenses in thesix months 2025 included a

Previous wording

a charge of$139 for share-based awards for Inari employees that

Current wording

charge of$139 for share-based awards for Inari employees that

Previous wording

Amortization of intangible assets was$167 and$153 in thethree

Current wording

Amortization of intangible assets was$187 and$155 in thethree

Previous wording

Refer to the discussion above for the primary drivers of the

Current wording

to the discussion above for the primary drivers of the change.

Previous wording

2025 from 27.3% in 2024. Orthopaedics operating income as a

Current wording

2025 from 28.1% in 2024. Orthopaedics operating income as a

Previous wording

partially offset byhigher selling, general and administrative

Current wording

unit volumes and prices offset byhigher selling, general and

Showing the first 40 of 68 pairs. Open the source sections for the rest.

Rearranged current paragraphs (35)

Current report — wording carried from elsewhere

adjusted operating income margin(1) increased by 110 basis

Current report — wording carried from elsewhere

In thesix months 2025 we achieved sales growth of 11.5% from

Current report — wording carried from elsewhere

grew 10.2% in constant currency. We reported operating income

Current report — wording carried from elsewhere

diluted share of$3.98. Excluding the impact of certain items,

Current report — wording carried from elsewhere

impact of acquisitions and divestitures, net sales in constant

Current report — wording carried from elsewhere

0.6% due tohigher prices. The unit volume increase was due to

Current report — wording carried from elsewhere

higher product shipments across all MedSurg and

Current report — wording carried from elsewhere

unit volumeand 1.0% from higher prices. The unit volume

Current report — wording carried from elsewhere

increase was due tohigher shipments across all MedSurg and

Current report — wording carried from elsewhere

impact of acquisitions and divestitures, net sales in constant

Current report — wording carried from elsewhere

The key components of the change were:

Current report — wording carried from elsewhere

Research, development and engineering expenses increased

Current report — wording carried from elsewhere

to higher acquisition-related costs and continued investments to

Current report — wording carried from elsewhere

2025 and 2024. Operating income as a percentage of net sales in

Current report — wording carried from elsewhere

MedSurg and Neurotechnology operating income as a

Current report — wording carried from elsewhere

2025 from 27.7% in 2024. Orthopaedics operating income as a

Current report — wording carried from elsewhere

Theincrease in MedSurg and Neurotechnology operating income

Current report — wording carried from elsewhere

driven bylower manufacturing and supply chain costs andhigher

Current report — wording carried from elsewhere

administrative expenses primarily due to the acquisition of Inari

Current report — wording carried from elsewhere

and continued investments to support our growth.

Current report — wording carried from elsewhere

Theincrease in Orthopaedics operating income as a percentage

Current report — wording carried from elsewhere

provisions to have a material impact on our Consolidated

Current report — wording carried from elsewhere

(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:

Current report — wording carried from elsewhere

(b) Structural optimization and other special charges represent the costs associated with:

Current report — wording carried from elsewhere

(c) Goodwill and other impairments represent the costs associated with:

Current report — wording carried from elsewhere

(d) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device

Current report — wording carried from elsewhere

reporting regulations and other requirements of the new medical device regulations in the European Union.

Current report — wording carried from elsewhere

(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to

Current report — wording carried from elsewhere

(f) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to

Current report — wording carried from elsewhere

resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.

Current report — wording carried from elsewhere

(g) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:

Current report — wording carried from elsewhere

months 2025 and 2024. Thesix months 2025 included cash paid

Current report — wording carried from elsewhere

Note 7 to our Consolidated Financial Statements for further

Current report — wording carried from elsewhere

taxes on withheld shares. Cash used in 2024 was primarily driven

Current report — wording carried from elsewhere

Refer to Note 1 to our Consolidated Financial Statements for
Rearranged previous paragraphs (10)

Previous report — wording carried elsewhere

In the fourth quarter 2024 we reorganized our Spine business to

Previous report — wording carried elsewhere

align with certain updates to our internal reporting structure. The

Previous report — wording carried elsewhere

spine enabling technologies portfolio (Enabling Technologies)

Previous report — wording carried elsewhere

was reclassified to Other Orthopaedics, the Interventional Spine

Previous report — wording carried elsewhere

(IVS) portfolio was reclassified to Neuro Cranial and the

Previous report — wording carried elsewhere

remaining Spine business was renamed to Spinal Implants.

Previous report — wording carried elsewhere

charges related to assets held for sale at March 31, 2025.

Previous report — wording carried elsewhere

Serf acquisition. Refer to Note 7 to our Consolidated Financial

Previous report — wording carried elsewhere

Financial Statements. This was partially offset by dividend

Previous report — wording carried elsewhere

in thethree months 2025 and 2024.