2026 organic growth guided at 8% to 9.5%, a higher starting point
Stryker delivered a strong Q4/FY2025 with double-digit organic growth and another year of 100bps+ operating margin expansion despite tariffs, then guided FY2026 to 8-9.5% organic growth and EPS of $14.90-$15.10. Management cited record Mako 4 installations, healthy CapEx budgets, and an elevated capital order book entering 2026. Q4 organic sales +11%, FY2025 organic sales +10.3%; adjusted EPS $4.47 in Q4 and $13.63 for the full year.
Buzzberg 분석2026 organic growth guided at 8% to 9.5%, a higher starting pointStryker delivered a strong Q4/FY2025 with double-digit organic growth and another year of 100bps+ operating margin expansion despite tariffs, then guided FY2026 to 8-9.5% organic growth and EPS of $14.90-$15.10. Management cited record Mako 4 installations, healthy CapEx budgets, and an elevated capital order book entering 2026. Q4 organic sales +11%, FY2025 organic sales +10.3%; adjusted EPS $4.47 in Q4 and $13.63 for the full year.전체 분석 보기분석 접기
Stryker delivered a strong Q4/FY2025 with double-digit organic growth and another year of 100bps+ operating margin expansion despite tariffs, then guided FY2026 to 8-9.5% organic growth and EPS of $14.90-$15.10. Management cited record Mako 4 installations, healthy CapEx budgets, and an elevated capital order book entering 2026. Q4 organic sales +11%, FY2025 organic sales +10.3%; adjusted EPS $4.47 in Q4 and $13.63 for the full year.
FY2026 guidance: organic sales +8-9.5%, EPS $14.90-$15.10, with full-year tariff impact of roughly $400M including an incremental ~$200M.
Record Mako installation year; installed base now >3,000 systems globally, with over two-thirds of US knees and one-third of US hips done on Mako.
Inari peripheral vascular procedural growth was high-teens in Q4, with destocking expected to be minimal in Q1 2026.
Revenue$7.171B
reported
EPS$4.47
reported
Gross margin65.22%
reported
Op margin27.35%
reported
이번 분기에 달라진 점
01
Guidance
2026 organic growth guided at 8% to 9.5%, a higher starting point
Guidance · revenue to 8.75%
02
Robotics
Mako adoption reached two-thirds of US knees and one-third of hips
Q4 organic sales +11%, FY2025 organic sales +10.3%; adjusted EPS $4.47 in Q4 and $13.63 for the full year.
03
Innovation
Mako shoulder application is planned to launch mid-year on Mako 4
FY2026 guidance: organic sales +8-9.5%, EPS $14.90-$15.10, with full-year tariff impact of roughly $400M including an incremental ~$200M.
04
Margins
Tariff headwind grows to roughly $400 million in 2026
Reported gross margin was 65.22%, reinforcing the quarter's better-than-guided profitability.
AI, 자본지출 및 수요 분석
AI
플랫폼 및 수익화
Management framed AI as a strategic priority, saying Stryker wants to be an 'AI forward' company. It has used AI for customer solutions but sees less progress on using AI for internal productivity, and now plans to focus more on AI-driven productivity gains.
수요
수주 및 전환
Hospital capital demand and order book remain strong entering 2026. Management used language like 'outstanding,' 'stunning quarter,' and 'incredible,' and framed 2026 guidance from a position of strong momentum and continued double-digit growth.
자본지출
투자 및 생산능력
Management did not quantify Stryker's own capex, but said capital spending is focused on supporting growth through investments in plants and IT systems. It also highlighted healthy hospital CapEx demand and an elevated capital order book entering 2026.
톤 · Upbeat/Confident
Management used language like 'outstanding,' 'stunning quarter,' and 'incredible,' and framed 2026 guidance from a position of strong momentum and continued double-digit growth.
공급망 알파
A1
Stryker's record Mako 4 installation quarter and elevated capital order book into 2026 point to continued hospital spending on orthopaedic robotics, putting share pressure on implant rivals with less robot scale.
“Our capital order book continues to be elevated as we enter 2026. Next, powered by Mako 4, we delivered a stunning quarter and year of Mako installations with yet another record quarter, both in the US and worldwide.”
Inari peripheral vascular destocking was heavier than expected in Q4 but is minimal by Q1; high-teens procedural growth shows strong underlying PE thrombectomy demand, a positive read-across to competing players.
“Inari, which is now known as our peripheral vascular business, had a strong finish to the year, highlighted by robust procedural growth in the high teens that was partially offset by the stocking, which will be minimal in Q1.”
Stryker acknowledged its ischemic neurovascular business has been pressured for two years, with a new large-bore aspiration catheter only in early US launch, while hemorrhagic has overtaken market leadership — a mixed competitive signal for neurovascular rivals.
“the ischemic sector has been tough for us. It's not just new for the fourth quarter. That's been going on for the last couple of years. We did launch a new large pore catheter called Broadway. It's a 0.084 lumen. That was a big gap in our…”
Stryker's record Mako 4 installation quarter and elevated capital order book into 2026 point to continued hospital spending on orthopaedic robotics, putting share pressure on implant rivals with less robot scale. — Another record placement wave plus high Mako utilization implies Stryker's robotic attach continues to take knee/hip share from competitors that lack comparable installed-base momentum.
Jason BeachVice President of Finance and Investor Relations
… the markets will remain strong in 2026, underscored by the continued adoption of robotic-assisted surgery, favorable demographics, and durable demand for our capital products. Our US capital-related businesses delivered robust performance in the quarter, helping to drive double-digit organic sales growth for Q4 in our instruments, medical, and endoscopy divisions. Hospital CapEx budgets remain healthy, and our capital order book continues to be elevated as we enter 2026. Next, powered by Mako 4, we delivered a stunning quarter and year of Mako installations with yet another record quarter, both in the US and worldwide. Our install base now includes more than 3000 Mako systems worldwide. Alongside our record number of installations, we also continue to see steady increases in utilization bolstering our number one position in US knees and hips. As we exited the year, over two thirds of our knees and over one third of our hips were performed on Mako in the US. Globally, utilization rates were approximately 50% for knees and over 20% for hips. We have significant momentum heading into 2026 and continue to receive very positive feedback on the latest Mako applications, including …
Inari peripheral vascular destocking was heavier than expected in Q4 but is minimal by Q1; high-teens procedural growth shows strong underlying PE thrombectomy demand, a positive read-across to competing players. — If destocking clears by Q1, Stryker's peripheral vascular business re-accelerates, intensifying competition in the pulmonary embolism/thrombectomy market.
Jason BeachVice President of Finance and Investor Relations
… record quarter, both in the US and worldwide. Our install base now includes more than 3000 Mako systems worldwide. Alongside our record number of installations, we also continue to see steady increases in utilization bolstering our number one position in US knees and hips. As we exited the year, over two thirds of our knees and over one third of our hips were performed on Mako in the US. Globally, utilization rates were approximately 50% for knees and over 20% for hips. We have significant momentum heading into 2026 and continue to receive very positive feedback on the latest Mako applications, including advanced primary with revision hip, spine, as well as shoulder, which will launch on Mako 4 mid-year. Finally, Inari, which is now known as our peripheral vascular business, had a strong finish to the year, highlighted by robust procedural growth in the high teens that was partially offset by the stocking, which will be minimal in Q1. We are set up for success in 2026 as the business approaches its one year anniversary as a part of Stryker. As a reminder, peripheral vascular is reported as part of our vascular division results. With that, I will now turn the call over to Preston.
Stryker acknowledged its ischemic neurovascular business has been pressured for two years, with a new large-bore aspiration catheter only in early US launch, while hemorrhagic has overtaken market leadership — a mixed competitive signal for neurovascular rivals.
Great. Maybe looking at the quarter, there were a couple businesses that did particularly well. You mentioned Mako, the other number. was particularly strong as was endoscopy and instruments. And one that stood out on the opposite side or two, trauma and extremities and vascular. I was hoping you could just give us a little more color. What happened there? Is there stocking, destocking? And, you know, just a little more. Appreciate it. Thanks.
… side, Endoscopy and Instruments and Mako were absolutely on fire at the end of the year. I mean, Instruments included power tools as well as the products Preston mentioned in his remarks. Endoscopy was a really amazing performance if you think sports and sustainability as well. But the camera is a few years into its launch. And unlike prior years, if you look at our prior launches, our growth would start to wane a little bit. Our camera is just phenomenal with fluorescence imaging, and we're continuing to solve that very, very well. And Mako was, this transition to Mako 4 has been incredible. This is the first time we've had a change of the actual robot to a new robot since we bought Mako. And to be honest, coming into the year, I wasn't sure how this new transition would go, and the team has done a phenomenal job. But the extra application certainly helps. The feedback has been terrific. On the other side of the fence, I mean, I am still extremely bullish on trauma extremities. We had a monster comp from the prior year because Pangea was really gaining steam. And we still don't have Pangea in Europe and some other markets. Shoulder continues to be on fire. Our foot and ankle business was a bit soft this year, and we are now launching a new total ankle called Encompass. with much better reimbursement from CMS, which is pretty exciting. We won't see much of that impact in first quarter, but starting in second quarter, that'll start to really kick in. So I don't feel in any way, shape, or form as that business is slowing down. It's just a question of comps. And over the course of the year, you're going to see them have another really strong year in 2026. On the Vascular side, I think we commented that the ischemic sector has been tough for us. It's not just new for the fourth quarter. That's been going on for the last couple of years. We did launch a new large pore catheter called Broadway. It's a 0.084 lumen. That was a big gap in our portfolio. That feedback has been very positive, but it's the early days of that launch in the US, and then we'll be launching that around the world. So I think over time, that'll start to improve somewhat. But our hemorrhagic business continues to be very strong, and we are now the largest neurovascular player in the marketplace. We took over leadership roughly about a year ago and have continued to be the largest player.
🍪 쿠키
당사는 이 사이트 운영 및 분석을 위해 쿠키를 사용합니다. 거부해도 콘텐츠 접근에는 영향을 미치지 않습니다.