STRYKER CORP
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Oct 31, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0000310764-25-000129
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe 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 491 previous paragraphs and 496 current paragraphs.
330 unchanged; 78 reworded; 77 added; 68 removed; 15 previous and 11 current paragraphs rearranged.
Tables are not compared: 36 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 (77)
Current report
income margin of 18.7%, net earnings of$859 and net earnings
Current report
to 25.6%, with adjusted net earnings(1) of$1,233 and adjusted
Current report
net earnings per diluted share(1)of$3.19, anincrease of 11.1%
Current report
from 2024.
Current report
margin of 17.2%, net earnings of$2,397 and net earnings per
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points to 24.7%, with adjusted net earnings(1) of$3,541 and
Current report
adjusted net earnings per diluted share(1)of$9.16, anincrease of
Current report
12.0% from 2024.
Current report
historical periods presented.
Current report
Consolidated net sales increased 10.3% in thethree months
Current report
2025 as reported and 9.6% in constant currency, as foreign
Current report
currency exchange rates positively impacted net sales by 0.7%.
Current report
sales in constant currency increased by 9.1% from increased unit
Current report
as reported and 10.9% in constant currency, as foreign currency
Current report
exchange rates positively impacted net sales by 0.2%. Excluding
Current report
the 0.9% impact of acquisitions and divestitures, net sales in
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constant currency increased by 9.5% from increased unit volume
Current report
MedSurg and Neurotechnology net sales increased 14.4% in the
Current report
three months 2025 as reported and 13.9% in constant currency,
Current report
by 0.5%. Excluding the 5.5% impact of acquisitions and
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divestitures, net sales in constant currency increased by 7.6%
Current report
MedSurg and Neurotechnology net sales increased 15.0% in the
Current report
nine months 2025 as reported and 14.9% in constant currency,
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by 0.1%. Excluding the 5.0% impact of acquisitions and
Current report
divestitures, net sales in constant currency increased by 9.0%
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MedSurg and Neurotechnology businesses.
Current report
Orthopaedics net sales increased 3.9% in thethree months 2025
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as reported and 3.1% in constant currency, as foreign currency
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the 8.3% impact of acquisitions and divestitures, net sales in
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constant currency increased 11.7% from increased unit volume
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partially offset by 0.3% from lower prices. The unit volume
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businesses.
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Orthopaedics net sales increased 5.2% in thenine months 2025
Current report
as reported and 4.9% in constant currency, as foreign currency
Current report
exchange rates positively impacted net sales by 0.2%. Excluding
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the 5.0% impact of acquisitions and divestitures, net sales in
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constant currency increased 10.0% from increased unit volume
Current report
partially offset by 0.1% from lower prices. The unit volume
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businesses.
Current report
Gross profit was$3,852 and$3,517 in thethree months 2025
Showing the first 40 of 77 passages. Open the source sections for the rest.
Removed paragraphs (68)
Previous report
income margin of 18.5%, net earnings of$884 and net earnings
Previous report
points to 25.7%, with adjusted net earnings(1) of$1,211 and
Previous report
adjusted net earnings per diluted share(1)of$3.13, anincrease of
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11.4% from 2024.
Previous report
margin of 16.4%, net earnings of$1,538 and net earnings per
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points to 24.3%, with adjusted net earnings(1) of$2,308 and
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adjusted net earnings per diluted share(1)of$5.97, anincrease of
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12.4% from 2024.
Previous report
nm - not meaningful
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interventional spine of$129 and$98 for thethree months 2025 and 2024 and$247 and$196 for thesix months 2025 and 2024. Other
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2025 as reported and 10.3% in constant currency, as foreign
Previous report
sales in constant currency increased by 9.7% from increased unit
Previous report
Consolidated net sales increased 11.5% in thesix months 2025
Previous report
as reported and 11.5% in constant currency. Excluding the 1.3%
Previous report
currency increased by 9.6% from increased unit volumeand
Previous report
MedSurg and Neurotechnology net sales increased 17.3% in the
Previous report
three months 2025 as reported and 16.7% in constant currency,
Previous report
by 0.6%. Excluding the 5.7% impact of acquisitions and
Previous report
divestitures, net sales in constant currency increased by 10.2%
Previous report
MedSurg and Neurotechnology net sales increased 15.4% in the
Previous report
six months 2025 as reported and 15.5% in constant currency, as
Previous report
foreign currency exchange rates negatively impacted net sales by
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0.1%. Excluding the 4.7% impact of acquisitions and divestitures,
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net sales in constant currency increased by 9.8% from increased
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Neurotechnology businesses.
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Orthopaedics net sales increased 2.0% in thethree months 2025
Previous report
as reported and 1.1% in constant currency, as foreign currency
Previous report
exchange rates positively impacted net sales by 0.9%. Excluding
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the(7.9)% impact of acquisitions and divestitures, net sales in
Previous report
constant currency increased 9.0% from increased unit volume.
Previous report
most Orthopaedics businesses.
Previous report
Orthopaedics net sales increased 5.8% in thesix months 2025 as
Previous report
reported and 5.8% in constant currency. Excluding the(3.4)%
Previous report
currency increased 9.2% from increased unit volume. The unit
Previous report
Orthopaedics businesses.
Previous report
Gross profit was$3,841 and$3,416 in thethree months 2025
Previous report
Gross profit was$7,585 and$6,749 in thesix months 2025 and
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flat with 6.9% in 2024.
Previous report
Selling, general and administrative expenses increased $248 or
Previous report
support our growth.
Showing the first 40 of 68 passages. Open the source sections for the rest.
Reworded paragraphs (78)
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Overview of the Three and Six Months
Current wording
Overview of the Three and Nine Months
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In thethree months 2025 we achieved sales growth of 11.1%
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In thethree months 2025 we achieved sales growth of 10.3%
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sales grew 10.2% in constant currency. We reported operating
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sales grew 9.5% in constant currency. We reported operating
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per diluted share of$2.29. Excluding the impact of certain items,
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per diluted share of$2.22. Excluding the impact of certain items,
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adjusted operating income margin(1) increased by 110 basis
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adjusted operating income margin(1) increased by 90 basis points
Previous wording
In thesix months 2025 we achieved sales growth of 11.5% from
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In thenine months 2025 we achieved sales growth of 11.1% from
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grew 10.2% in constant currency. We reported operating income
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grew 10.0% in constant currency. We reported operating income
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diluted share of$3.98. Excluding the impact of certain items,
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diluted share of$6.20. Excluding the impact of certain items,
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maturity date to February 25, 2030. On June 30, 2025 there were
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maturity date to February 25, 2030. On September 30, 2025
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no borrowings outstanding under our revolving credit facility or
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there wereno borrowings outstanding under our revolving credit
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our commercial paper program which allows for maturities up to
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facility or our commercial paper program which allows for
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397 days from the date of issuance. The maximum amount of our
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maturities up to 397 days from the date of issuance. The
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commercial paper that can be outstanding at any time is$2,250.
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maximum amount of our commercial paper that can be
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Orthopaedics includes sales related to Enabling Technologies of$34 and$31 for thethree months 2025 and 2024 and$63 and$62 for
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interventional spine of$100 for thethree months 2024 and$296 for thenine months 2024. Other Orthopaedics includes sales related to
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thesix months 2025 and 2024. We have reflected these changes in all historical periods presented.
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Enabling Technologies of$32 for thethree months 2024 and$94 for thenine months 2024. We have reflected these changes in all
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volumeand 0.5% due tohigher prices. The unit volume increase
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volumeand 0.4% due tohigher prices. The unit volume increase
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Consolidated net sales increased 11.1% in thethree months
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Consolidated net sales increased 11.1% in thenine months 2025
Previous wording
0.6% due tohigher prices. The unit volume increase was due to
Current wording
and 0.5% due tohigher prices. The unit volume increase was due
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unit volumeand 1.0% from higher prices. The unit volume
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from increased unit volume and 0.9% from higher prices. The unit
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currency exchange rates positively impacted net sales by 0.8%.
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exchange rates positively impacted net sales by 0.8%. Excluding
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volume increase was due tohigher shipments across most
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increase was due tohigher shipments across most Orthopaedics
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gross profit as a percent of net sales between thesix months
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gross profit as a percent of net sales between thenine months
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$81 or 11.1% in thesix months 2025. Expenses as a percentage
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nine months 2025. Expenses as a percentage of net sales in the
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of net sales in thesix months 2025 of 6.8% remained relatively
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three andnine months 2025 of 6.8% remained relatively flat with
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13.5% in thethree months 2025. As a percentage of net sales,
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8.0% in thethree months 2025. As a percentage of net sales,
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expenses increased to 34.5% from 33.8% in 2024, primarily due
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expenses decreased to 33.8% from 34.5% in 2024, primarily due
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expenses increased to 36.8% from 34.4% in 2024, primarily due
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expenses increased to 35.8% from 34.4% in 2024, primarily due
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support our growth. Expenses in thesix months 2025 included a
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support our growth. Expenses in thenine months 2025 included
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charge of$139 for share-based awards for Inari employees that
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a charge of$139 for share-based awards for Inari employees that
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Amortization of intangible assets was$187 and$155 in thethree
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Amortization of intangible assets was$189 and$159 in thethree
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and 2024. Operating income as a percentage of net sales in the
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2025 and 2024. Operating income as a percentage of net sales in
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to the discussion above for the primary drivers of the change.
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Refer to the discussion above for the primary drivers of the
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2025 from 28.1% in 2024. Orthopaedics operating income as a
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2025 from 29.1% in 2024. Orthopaedics operating income as a
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Theincrease in MedSurg and Neurotechnology operating income
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Thedecrease in MedSurg and Neurotechnology operating
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as a percentage of net sales for thethree months was primarily
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income as a percentage of net sales for thethree months was
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driven bylower manufacturing and supply chain costs andhigher
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primarily driven bylower manufacturing and supply chain costs
Previous wording
unit volumes and prices offset byhigher selling, general and
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andhigher unit volumes and prices offset byhigher selling,
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administrative expenses primarily due to the acquisition of Inari
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general and administrative expenses primarily due to the
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percentage of net sales increased to 28.3% in thethree months
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percentage of net sales increased to 28.3% in thenine months
Previous wording
2025 from 27.7% in 2024. Orthopaedics operating income as a
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2025 from 28.2% in 2024. Orthopaedics operating income as a
Showing the first 40 of 78 pairs. Open the source sections for the rest.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
outstanding at any time is$3,000.
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tohigher product shipments across all MedSurg and
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as foreign currency exchange rates positively impacted net sales
Current report — wording carried from elsewhere
volume increase was due tohigher shipments across all
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increase was due tohigher shipments across most Orthopaedics
Current report — wording carried from elsewhere
and 2024. The key components of the change were:
Current report — wording carried from elsewhere
2025 from 27.7% in 2024. The key components of the change
Current report — wording carried from elsewhere
Theincreased in MedSurg and Neurotechnology operating
Current report — wording carried from elsewhere
partially offset byhigher manufacturing and supply chain costs.
Current report — wording carried from elsewhere
the issuance of various senior unsecured notes. This was
Current report — wording carried from elsewhere
Refer to Note 1 to our Consolidated Financial Statements for
Rearranged previous paragraphs (15)
Previous report — wording carried elsewhere
impact of acquisitions and divestitures, net sales in constant
Previous report — wording carried elsewhere
higher product shipments across all MedSurg and
Previous report — wording carried elsewhere
increase was due tohigher shipments across all MedSurg and
Previous report — wording carried elsewhere
The unit volume increase was due tohigher shipments across
Previous report — wording carried elsewhere
impact of acquisitions and divestitures, net sales in constant
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The key components of the change were:
Previous report — wording carried elsewhere
$44 or 12.1% in thethree months 2025. Expenses as a
Previous report — wording carried elsewhere
percentage of net sales in thethree months 2025 of 6.8%
Previous report — wording carried elsewhere
remained relatively flat with 6.7% in 2024.
Previous report — wording carried elsewhere
Research, development and engineering expenses increased
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to higher acquisition-related costs and continued investments to
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Theincrease in MedSurg and Neurotechnology operating income
Previous report — wording carried elsewhere
provisions to have a material impact on our Consolidated
Previous report — wording carried elsewhere
months 2025 and 2024. Thesix months 2025 included cash paid
Previous report — wording carried elsewhere
Note 7 to our Consolidated Financial Statements for further