Revenue momentum has accelerated to 27.0% year-over-year growth in 2026Q1, while gross margins have rebounded to 69.2% from a 2024Q3 trough of 56.8%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 3.1B | 2.94B | 2.52B | 1.57B | 1.02B | 958.1M | 789.04M | 785.37M | 712.97M | 635.98M | 563.99M | 544.75M | 474.37M | 434.46M | 385.99M | 331.48M | 288.19M |
| Revenue Growth % | 23.49% | 16.65% | 60.62% | 53.34% | 6.76% | 21.43% | 0.47% | 10.15% | 12.11% | 12.76% | 3.53% | 14.84% | 9.19% | 12.56% | 16.45% | 15.02% | - |
| Cost of Goods Sold | 996.47M | 957.8M | 1.04B | 548.17M | 263.73M | 239.22M | 217.46M | 179.97M | 159.41M | 150.45M | 134.71M | 132.33M | 110.77M | 100.34M | 75.2M | 68.8M | 53.83M |
| COGS % of Revenue | - | 32.59% | 41.1% | 34.95% | 25.78% | 24.97% | 27.56% | 22.92% | 22.36% | 23.66% | 23.88% | 24.29% | 23.35% | 23.1% | 19.48% | 20.75% | 18.68% |
| Gross Profit | 2.1B | 1.98B | 1.48B | 1.02B | 759.12M | 718.88M | 571.58M | 605.39M | 553.56M | 485.52M | 429.29M | 412.42M | 363.6M | 334.12M | 310.8M | 262.68M | 234.37M |
| Gross Margin % | 67.86% | 67.41% | 58.9% | 65.05% | 74.22% | 75.03% | 72.44% | 77.08% | 77.64% | 76.34% | 76.12% | 75.71% | 76.65% | 76.9% | 80.52% | 79.25% | 81.32% |
| Gross Profit Growth % | - | 33.51% | 45.43% | 34.41% | 5.6% | 25.77% | -5.59% | 9.36% | 14.01% | 13.1% | 4.09% | 13.43% | 8.83% | 7.5% | 18.32% | 12.08% | - |
| Operating Expenses | 1.56B | 1.5B | 1.32B | 887.16M | 531.17M | 546.93M | 460.15M | 433.4M | 384.23M | 323.68M | 275.15M | 240.2M | 225.24M | 232.44M | 196M | 165.32M | 146.69M |
| OpEx % of Revenue | - | 51.08% | 52.31% | 56.56% | 51.93% | 57.08% | 58.32% | 55.18% | 53.89% | 50.9% | 48.79% | 44.09% | 47.48% | 53.5% | 50.78% | 49.87% | 50.9% |
| Selling, General & Admin | 1.37B | 1.32B | 981.05M | 643.41M | 432.12M | 408.15M | 354.76M | 354.76M | 311.59M | 267.82M | 222.16M | 214.01M | 187.8M | 182.52M | 168.86M | 140.39M | 122.59M |
| SG&A % of Revenue | - | 44.79% | 38.94% | 41.02% | 42.25% | 42.6% | 44.96% | 45.17% | 43.7% | 42.11% | 39.39% | 39.29% | 39.59% | 42.01% | 43.75% | 42.35% | 42.54% |
| Research & Development | 188.45M | 185M | 163.75M | 124.01M | 73.02M | 97.35M | 84.52M | 60.07M | 55.5M | 43.68M | 44.53M | 36.31M | 31.17M | 26.87M | 27.93M | 23.46M | 21.31M |
| R&D % of Revenue | - | 6.29% | 6.5% | 7.91% | 7.14% | 10.16% | 10.71% | 7.65% | 7.78% | 6.87% | 7.9% | 6.67% | 6.57% | 6.18% | 7.23% | 7.08% | 7.39% |
| Other Operating Expenses | 1000K | 0 | 173.08M | 119.74M | 26.04M | 41.43M | 20.87M | 18.57M | 17.15M | 12.19M | 8.46M | -6.36M | 5.44M | 23.05M | -786K | 1.47M | 2.79M |
| Operating Income | 546.37M | 479.8M | 165.99M | 133.14M | 227.95M | 171.95M | 111.43M | 171.99M | 169.32M | 161.84M | 154.14M | 172.22M | 138.36M | 101.67M | 114.79M | 97.36M | 87.69M |
| Operating Margin % | 17.62% | 16.33% | 6.59% | 8.49% | 22.29% | 17.95% | 14.12% | 21.9% | 23.75% | 25.45% | 27.33% | 31.61% | 29.17% | 23.4% | 29.74% | 29.37% | 30.43% |
| Operating Income Growth % | - | 189.05% | 24.67% | -41.59% | 32.57% | 54.31% | -35.21% | 1.57% | 4.62% | 4.99% | -10.5% | 24.47% | 36.09% | -11.43% | 17.9% | 11.04% | - |
| EBITDA | 828.31M | 599.8M | 420.01M | 277.88M | 296.2M | 241.82M | 174.31M | 224.72M | 210.96M | 203.91M | 192.91M | 196.31M | 160.12M | 121.07M | 132.9M | 114.31M | 102.88M |
| EBITDA Margin % | 26.71% | 20.41% | 16.67% | 17.72% | 28.96% | 25.24% | 22.09% | 28.61% | 29.59% | 32.06% | 34.2% | 36.04% | 33.75% | 27.87% | 34.43% | 34.49% | 35.7% |
| EBITDA Growth % | 59.34% | 42.8% | 51.15% | -6.19% | 22.49% | 38.73% | -22.43% | 6.53% | 3.46% | 5.7% | -1.73% | 22.6% | 32.25% | -8.9% | 16.26% | 11.11% | - |
| D&A (Non-Cash Add-back) | 281.94M | 120M | 254.02M | 144.73M | 68.25M | 69.87M | 62.87M | 52.73M | 41.63M | 42.07M | 38.77M | 24.08M | 21.75M | 19.4M | 18.11M | 16.95M | 15.2M |
| EBIT | 604.44M | 609.9M | 219.7M | 201.85M | 236.25M | 194.86M | 115.47M | 176.75M | 176.88M | 163.32M | 154.22M | 171.5M | 137.84M | 101.53M | 114.57M | 98.83M | 90.47M |
| Net Interest Income | 10.89M | 7.14M | -4.19M | 20.13M | 14.23M | 9.3M | 13.95M | 17.41M | 13.28M | 6.61M | 3.06M | 1.3M | 805K | 467K | 80K | 0 | 0 |
| Interest Income | 10.89M | 7.14M | 0 | 20.13M | 14.23M | 9.3M | 13.95M | 17.41M | 13.28M | 6.61M | 3.06M | 1.3M | 805K | 467K | 80K | 0 | 0 |
| Interest Expense | 0 | 0 | 4.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 116.94M | 130.1M | -45.27M | 32.25M | 15.07M | 8.45M | 14.47M | 17.96M | 19.28M | 8.09M | 3.14M | 583K | 280K | 328K | -140K | -1.88M | -2.73M |
| Pretax Income | 663.31M | 609.9M | 120.72M | 165.39M | 243.02M | 180.41M | 125.9M | 189.95M | 188.6M | 169.93M | 157.28M | 172.81M | 138.64M | 102M | 114.65M | 96.95M | 87.74M |
| Pretax Margin % | 21.39% | 20.75% | 4.79% | 10.54% | 23.76% | 18.83% | 15.96% | 24.19% | 26.45% | 26.72% | 27.89% | 31.72% | 29.23% | 23.48% | 29.7% | 29.25% | 30.44% |
| Income Tax | 76.57M | 72M | 17.74M | 42.52M | 52.85M | 31.22M | 23.61M | 34.74M | 32.13M | 62.58M | 52.94M | 60.02M | 46.16M | 33.39M | 40.82M | 36.16M | 33.28M |
| Effective Tax Rate % | 11.54% | 11.81% | 14.69% | 25.71% | 21.75% | 17.3% | 18.76% | 18.29% | 17.04% | 36.83% | 33.66% | 34.73% | 33.29% | 32.73% | 35.6% | 37.3% | 37.93% |
| Net Income | 586.74M | 537.9M | 102.98M | 122.87M | 190.17M | 149.19M | 102.28M | 155.21M | 156.47M | 107.35M | 104.34M | 112.78M | 92.48M | 68.61M | 73.83M | 60.78M | 54.46M |
| Net Margin % | 18.92% | 18.3% | 4.09% | 7.83% | 18.59% | 15.57% | 12.96% | 19.76% | 21.95% | 16.88% | 18.5% | 20.7% | 19.5% | 15.79% | 19.13% | 18.34% | 18.9% |
| Net Income Growth % | 216.19% | 422.31% | -16.19% | -35.39% | 27.47% | 45.86% | -34.1% | -0.81% | 45.76% | 2.88% | -7.49% | 21.95% | 34.79% | -7.07% | 21.46% | 11.62% | - |
| Net Income (Continuing) | 586.74M | 537.9M | 102.98M | 122.87M | 190.17M | 149.19M | 102.28M | 155.21M | 156.47M | 107.35M | 104.34M | 112.78M | 92.48M | 68.61M | 73.83M | 60.78M | 54.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.25 | 3.92 | 0.75 | 1.07 | 1.85 | 1.44 | 1.01 | 1.52 | 1.54 | 1.10 | 1.08 | 1.17 | 0.97 | 0.73 | 0.80 | 0.81 | 0.72 |
| EPS Growth % | 219.4% | 422.67% | -29.91% | -42.16% | 28.47% | 42.57% | -33.55% | -1.3% | 40% | 1.85% | -7.69% | 20.62% | 32.88% | -8.75% | -1.23% | 12.5% | - |
| EPS (Basic) | - | 3.98 | 0.76 | 1.09 | 1.89 | 1.48 | 1.04 | 1.57 | 1.60 | 1.12 | 1.09 | 1.19 | 0.98 | 0.74 | 0.82 | 0.84 | 0.75 |
| Diluted Shares Outstanding | 138.19M | 137.22M | 137.86M | 114.63M | 102.64M | 103.62M | 100.97M | 102M | 101.32M | 97.89M | 96.43M | 96.07M | 95.46M | 94.19M | 92.21M | 75.46M | 75.46M |
| Basic Shares Outstanding | 135.36M | 135.15M | 135.73M | 113.09M | 100.47M | 100.73M | 98.58M | 99.15M | 97.88M | 96.24M | 95.65M | 95.05M | 94.23M | 92.65M | 89.61M | 72.69M | 72.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Merger integration execution risk
As indicated by the most recent quarterly filings, GMED achieved a 27.0% year-over-year revenue growth rate in 2026Q1, suggesting that the integration of the NuVasive portfolio is successfully driving top-line expansion beyond the organic baseline observed in previous fiscal periods.
The acceleration in revenue growth appears to validate the strategic rationale behind the recent merger, potentially signaling successful cross-selling of the combined product suite. Investors should monitor whether this growth trajectory remains sustainable as the company laps the initial post-merger integration phase.
Based on the provided financial data, GMED's gross margin has rebounded to 69.2% in 2026Q1, marking a significant recovery from the 56.8% trough seen in 2024Q3, which likely reflects the stabilization of supply chain costs and product mix optimization following the NuVasive acquisition.
The improvement in gross margins suggests that the company is regaining pricing power and operational efficiency in its core musculoskeletal segment. This trend warrants further investigation to determine if the current margin profile represents a new structural ceiling or if further volatility should be expected.
According to reported income statements, operating income reached $163.6M in 2026Q1, representing a 21.5% operating margin, which demonstrates a clear trend of improved operating leverage as the company scales its revenue base relative to its fixed SG&A and R&D cost structures.
The ability to expand operating margins while maintaining significant R&D investment suggests that management is successfully managing the cost synergies promised during the merger. However, the sensitivity of these margins to sales force retention remains a critical factor that could impact future profitability.
Financial statements reveal that net income has experienced significant fluctuations, such as the $202.8M reported in 2025Q2, which appears to be an outlier likely driven by non-operating accounting adjustments rather than purely core operational performance, necessitating a cautious interpretation of reported EPS.
The volatility in net income suggests that investors should focus on adjusted metrics to strip away the noise of merger-related restructuring charges and one-time tax impacts. The consistent level of stock-based compensation, averaging over $12M per quarter, also serves as a persistent drag on earnings quality that requires ongoing monitoring.
While current trends appear positive, the historical data shows that SG&A expenses remain elevated at $297.8M in 2026Q1, which may indicate that the company faces ongoing pressure to retain specialized sales talent in a highly competitive market for spinal device distribution.
Short-term margin gains could be threatened if the company is forced to increase commission structures or marketing spend to defend its market share against smaller, agile competitors. The reliance on high-margin consumables makes the company particularly vulnerable to any shifts in hospital procurement policies or GPO pricing mandates.
Quick answers to the most common questions about buying GMED stock.
For fiscal year 2025, Globus Medical, Inc. (GMED) reported total revenue of $2.94B. This represents a 919.8% increase compared to $288.2M in 2010.
Globus Medical, Inc. (GMED) is profitable, generating $537.9M in net income for the fiscal year ending 2025 with a net profit margin of 18.3%.
Globus Medical, Inc. (GMED) reported an operating income of $479.8M, resulting in an operating profit margin of 16.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Globus Medical, Inc. (GMED) generated $1.98B in gross profit for the year, representing a gross profit margin of 67.4%. This demonstrates the company's core pricing power and production efficiency.