STERIS plc (STE) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has accelerated to 7.3% in 2027Q1 with gross margin expanding 560 bps to 45.8%, while operating margin reached 19.1%.

Annual statement

STE Income Statement

STERIS plc (STE) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Mar'26	Mar'25	Mar'24	Mar'23	Mar'22	Mar'21	Mar'20	Mar'19	Mar'18	Mar'17	Mar'16	Mar'15	Mar'14	Mar'13	Mar'12	Mar'11	Mar'10	Mar'09	Mar'08	Mar'07	Mar'06	Mar'05	Mar'04	Mar'03	Mar'02	Mar'01	Mar'00	Mar'99	Mar'98	Mar'97

Sales/Revenue	6.17B	5.94B	5.46B	5.14B	4.54B	4.22B	3.11B	3.03B	2.78B	2.62B	2.61B	2.24B	1.85B	1.62B	1.5B	1.41B	1.21B	1.26B	1.3B	1.27B	1.2B	1.16B	1.08B	1.03B	972.09M	866.7M	800.09M	760.63M	797.6M	719.7M	587.9M
Revenue Growth %	8.12%	8.73%	6.24%	13.28%	7.41%	35.91%	2.53%	8.94%	6.19%	0.28%	16.71%	21%	14.06%	8.01%	6.76%	16.51%	-4%	-3.14%	2.64%	5.65%	3.2%	7.27%	4.82%	6.15%	12.16%	8.33%	5.19%	-4.64%	10.82%	22.42%	9.97%
Cost of Goods Sold	3.42B	3.31B	3.06B	2.92B	2.56B	2.34B	1.76B	1.71B	1.61B	1.53B	1.59B	1.34B	1.08B	972.63M	880.64M	838.35M	761.29M	718.55M	771.78M	741.13M	692.6M	676.1M	619.75M	588.01M	563.27M	511.5M	425.58M	405.53M	395.7M	370.9M	339.5M
COGS % of Revenue	-	55.75%	55.99%	56.83%	56.34%	55.41%	56.78%	56.45%	57.77%	58.29%	60.72%	60%	58.15%	59.96%	58.63%	59.59%	63.05%	57.13%	59.44%	58.58%	57.84%	58.27%	57.3%	56.98%	57.94%	59.02%	53.19%	53.32%	49.61%	51.54%	57.75%
Gross Profit	2.75B	2.63B	2.4B	2.22B	1.98B	1.88B	1.34B	1.32B	1.17B	1.09B	1.03B	895.48M	774.3M	649.62M	621.26M	568.47M	446.16M	539.18M	526.74M	523.96M	504.81M	484.19M	461.92M	443.9M	408.82M	355.2M	374.51M	355.1M	401.9M	348.8M	248.4M
Gross Margin %	44.56%	44.25%	44.01%	43.17%	43.66%	44.59%	43.22%	43.55%	42.23%	41.71%	39.28%	40%	41.85%	40.04%	41.37%	40.41%	36.95%	42.87%	40.56%	41.42%	42.16%	41.73%	42.7%	43.02%	42.06%	40.98%	46.81%	46.68%	50.39%	48.46%	42.25%
Gross Profit Growth %	-	9.31%	8.32%	11.99%	5.19%	40.2%	1.75%	12.34%	7.53%	6.48%	14.6%	15.65%	19.19%	4.56%	9.29%	27.41%	-17.25%	2.36%	0.53%	3.79%	4.26%	4.82%	4.06%	8.58%	15.1%	-5.16%	5.47%	-11.65%	15.22%	40.42%	11.69%
Operating Expenses	1.58B	1.52B	1.54B	1.38B	1.19B	1.41B	794.73M	782.95M	763.96M	692.86M	800.01M	682.55M	547.09M	442.81M	378.43M	346.15M	360.95M	335.47M	351.3M	400.41M	367.11M	374.49M	320.58M	315.14M	283.05M	274.59M	350.34M	325.39M	265.5M	236.1M	164M
OpEx % of Revenue	-	25.69%	28.14%	26.89%	26.22%	33.27%	25.57%	25.83%	27.46%	26.45%	30.62%	30.49%	29.57%	27.3%	25.2%	24.61%	29.89%	26.67%	27.05%	31.65%	30.66%	32.28%	29.64%	30.54%	29.12%	31.68%	43.79%	42.78%	33.29%	32.81%	27.9%
Selling, General & Admin	1.07B	1.41B	1.33B	1.25B	1.09B	1.32B	731.32M	716.73M	669.94M	631.98M	682.04M	626.71M	493.34M	380.97M	337.69M	309.55M	325.47M	296.61M	314.98M	348.04M	326.9M	315.58M	289.07M	287.52M	257.53M	252.88M	279.79M	261.55M	207.4M	188M	125.5M
SG&A % of Revenue	-	23.71%	24.44%	24.37%	24.04%	31.22%	23.53%	23.65%	24.08%	24.12%	26.1%	27.99%	26.66%	23.48%	22.48%	22%	26.96%	23.58%	24.26%	27.51%	27.3%	27.2%	26.72%	27.86%	26.49%	29.18%	34.97%	34.39%	26%	26.12%	21.35%
Research & Development	118.4M	112.9M	107.65M	103.68M	98.48M	86.66M	66.33M	65.55M	63.04M	60.78M	59.4M	56.66M	54.14M	48.64M	41.3M	35.95M	34.28M	34.01M	32.76M	36.92M	33.63M	33.6M	31.51M	27.62M	25.52M	21.71M	23.98M	24.17M	24.8M	23.9M	22M
R&D % of Revenue	-	1.9%	1.97%	2.02%	2.17%	2.05%	2.13%	2.16%	2.27%	2.32%	2.27%	2.53%	2.93%	3%	2.75%	2.56%	2.84%	2.7%	2.52%	2.92%	2.81%	2.9%	2.91%	2.68%	2.63%	2.5%	3%	3.18%	3.11%	3.32%	3.74%
Other Operating Expenses	2.4M	4.1M	94.2M	26.05M	485K	48K	-2.91M	673K	30.99M	103K	58.57M	-820K	-391K	13.2M	-565K	644K	1.2M	4.85M	3.55M	15.46M	6.58M	25.31M	0	0	0	0	46.57M	39.67M	33.3M	24.2M	16.5M
Operating Income	1.17B	1.1B	866.64M	836.12M	791.1M	477.81M	548.37M	537.05M	411.02M	399.88M	226.21M	212.93M	227.21M	206.81M	242.83M	222.32M	85.21M	203.71M	175.44M	123.55M	137.7M	109.7M	141.34M	128.76M	125.77M	80.61M	24.17M	29.71M	136.4M	112.7M	84.4M
Operating Margin %	18.94%	18.56%	15.87%	16.27%	17.44%	11.31%	17.65%	17.72%	14.77%	15.26%	8.66%	9.51%	12.28%	12.75%	16.17%	15.8%	7.06%	16.2%	13.51%	9.77%	11.5%	9.45%	13.07%	12.48%	12.94%	9.3%	3.02%	3.91%	17.1%	15.66%	14.36%
Operating Income Growth %	-	27.13%	3.65%	5.69%	65.57%	-12.87%	2.11%	30.66%	2.79%	76.78%	6.24%	-6.29%	9.87%	-14.83%	9.23%	160.9%	-58.17%	16.11%	42.01%	-10.28%	25.53%	-22.39%	9.77%	2.38%	56.02%	233.47%	-18.62%	-78.22%	21.03%	33.53%	20.92%
EBITDA	1.54B	1.59B	1.34B	1.4B	1.34B	1.03B	767.61M	734.28M	636.95M	578.22M	414.35M	356.67M	318.75M	282.46M	311.86M	285.22M	139.6M	259.93M	234.22M	186.32M	197.96M	167.62M	192.54M	177.44M	172.28M	127.5M	70.75M	69.38M	169.7M	136.9M	100.9M
EBITDA Margin %	25.01%	26.76%	24.6%	27.27%	29.63%	24.41%	24.7%	24.23%	22.89%	22.07%	15.86%	15.93%	17.23%	17.41%	20.76%	20.27%	11.56%	20.67%	18.04%	14.73%	16.53%	14.45%	17.8%	17.2%	17.72%	14.71%	8.84%	9.12%	21.28%	19.02%	17.16%
EBITDA Growth %	5.27%	18.28%	-4.17%	4.27%	30.37%	34.3%	4.54%	15.28%	10.16%	39.55%	16.17%	11.89%	12.85%	-9.43%	9.34%	104.31%	-46.29%	10.98%	25.71%	-5.88%	18.1%	-12.94%	8.51%	2.99%	35.13%	80.22%	1.97%	-59.12%	23.96%	35.68%	12.74%
D&A (Non-Cash Add-back)	369.2M	486.5M	476.21M	565.24M	552.9M	553.1M	219.24M	197.24M	225.92M	178.33M	188.14M	143.74M	91.54M	75.65M	69.03M	62.91M	54.39M	56.22M	58.77M	62.78M	60.26M	57.92M	51.19M	48.68M	46.52M	46.88M	46.57M	39.67M	33.3M	24.2M	16.5M
EBIT	1.17B	1.11B	882.47M	847.16M	811.97M	456.29M	554.71M	539.03M	414.04M	405.61M	229.17M	214.59M	228.01M	207.15M	242.83M	223.17M	85.82M	204.99M	177.05M	139.01M	144.28M	135.01M	141.34M	128.76M	125.77M	80.61M	70.75M	29.71M	136.4M	112.7M	84.4M
Net Interest Income	-55.1M	-50.9M	-77.86M	-133.31M	-110.83M	-83.21M	-30.84M	-38.29M	-41.99M	-44.9M	-41.56M	-41.04M	-18.39M	-18.43M	-15.73M	-11.21M	-11.39M	-11.9M	-8.96M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	1.8M	9.8M	8.4M	11.04M	0	6.28M	6.34M	1.99M	3.02M	5.73M	2.96M	1.67M	796K	339K	0	857K	607K	1.27M	1.6M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	56.9M	60.7M	86.26M	144.35M	110.83M	89.49M	37.18M	40.28M	45.02M	50.63M	44.52M	42.71M	19.19M	18.77M	15.73M	12.06M	12M	13.17M	10.56M	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-44M	-54.5M	-70.43M	-133.31M	-110.83M	-111.01M	-30.84M	-38.29M	-41.99M	-44.9M	-41.56M	-41.04M	-18.39M	-18.43M	-15.73M	-11.21M	-11.39M	-11.9M	-8.96M	-3.75M	-4.77M	-1.58M	-3.05M	-2.27M	-1.65M	-7.28M	-18.42M	-12.79M	-9.2M	-5.3M	-89.3M
Pretax Income	1.12B	1.05B	796.21M	702.81M	680.27M	366.8M	517.53M	498.75M	369.03M	354.98M	184.65M	171.88M	208.82M	188.38M	227.1M	211.11M	73.82M	191.82M	166.49M	119.8M	132.93M	108.12M	138.29M	126.49M	124.12M	73.34M	5.76M	16.91M	127.2M	107.4M	-4.9M
Pretax Margin %	18.23%	17.64%	14.58%	13.68%	15%	8.69%	16.65%	16.46%	13.26%	13.55%	7.07%	7.68%	11.29%	11.61%	15.12%	15.01%	6.11%	15.25%	12.82%	9.47%	11.1%	9.32%	12.78%	12.26%	12.77%	8.46%	0.72%	2.22%	15.95%	14.92%	-0.83%
Income Tax	294.1M	262.2M	184.65M	149.53M	124.07M	82.34M	120.66M	90.89M	64.28M	63.36M	74.02M	60.3M	73.76M	58.93M	67.12M	74.99M	22.55M	63.35M	55.8M	42.69M	51.83M	45.17M	54.62M	40.18M	44.68M	27.14M	4.44M	6.43M	42.3M	41.9M	25.7M
Effective Tax Rate %	26.17%	25.04%	23.19%	21.28%	18.24%	22.45%	23.32%	18.22%	17.42%	17.85%	40.08%	35.08%	35.32%	31.29%	29.56%	35.52%	30.55%	33.03%	33.52%	35.64%	38.99%	41.78%	39.5%	31.77%	36%	37%	77.12%	38%	33.25%	39.01%	-524.49%
Net Income	826.9M	785.1M	614.64M	378.24M	107.03M	243.89M	397.4M	407.66M	304.05M	290.92M	109.97M	110.76M	135.06M	129.44M	159.98M	136.12M	51.27M	128.47M	110.69M	77.11M	82.16M	70.29M	85.98M	94.24M	79.44M	46.2M	1.32M	10.48M	84.9M	65.5M	-30.6M
Net Margin %	13.41%	13.23%	11.26%	7.36%	2.36%	5.77%	12.79%	13.45%	10.93%	11.1%	4.21%	4.95%	7.3%	7.98%	10.65%	9.68%	4.25%	10.21%	8.52%	6.09%	6.86%	6.06%	7.95%	9.13%	8.17%	5.33%	0.16%	1.38%	10.64%	9.1%	-5.21%
Net Income Growth %	20.1%	27.73%	62.5%	253.4%	-56.12%	-38.63%	-2.52%	34.08%	4.52%	164.55%	-0.72%	-17.99%	4.34%	-19.09%	17.53%	165.51%	-60.09%	16.07%	43.55%	-6.15%	16.88%	-18.25%	-8.77%	18.64%	71.93%	3408.12%	-87.44%	-87.65%	29.63%	314.04%	-175%
Net Income (Continuing)	829.7M	785.1M	611.56M	553.28M	556.2M	284.46M	396.87M	407.86M	305.08M	291.62M	110.63M	111.58M	135.06M	129.44M	159.98M	136.12M	51.27M	128.47M	110.69M	77.11M	81.1M	62.95M	83.67M	86.31M	79.44M	46.2M	1.32M	10.48M	84.9M	65.5M	-30.6M
Discontinued Operations	0	0	4.52M	-173.2M	-450.38M	-41.59M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2.31M	0	0	0	0	0	0	0	0
Minority Interest	14.4M	13.6M	12.35M	13.18M	9.97M	12.28M	10.48M	12.85M	7.99M	11.34M	11.43M	15.86M	2.01M	2.54M	2.04M	1.26M	1.1M	780K	429K	323K	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	8.47	7.93	6.20	3.81	1.07	2.48	4.63	4.76	3.56	3.39	1.28	1.56	2.25	2.17	2.72	2.31	0.85	2.16	1.86	1.20	1.25	1.02	1.23	1.33	1.12	0.65	0.02	0.15	1.20	0.95	-0.45
EPS Growth %	21.12%	27.9%	62.73%	256.07%	-56.85%	-46.44%	-2.73%	33.71%	5.01%	164.84%	-17.95%	-30.67%	3.69%	-20.22%	17.75%	171.76%	-60.65%	16.13%	55%	-4%	22.55%	-17.07%	-7.52%	18.75%	72.31%	3150%	-86.67%	-87.5%	26.32%	311.11%	-250%
EPS (Basic)	-	7.93	6.24	3.83	1.07	2.50	4.66	4.81	3.59	3.42	1.29	1.57	2.27	2.20	2.74	2.33	0.86	2.18	1.88	1.22	1.26	1.03	1.24	1.36	1.14	0.67	0.02	0.16	1.24	0.95	-0.45
Diluted Shares Outstanding	97.6M	98.7M	99.07M	99.36M	100.25M	98.33M	85.9M	85.64M	85.47M	85.71M	86.09M	71.18M	60.05M	59.74M	58.84M	58.96M	60.15M	59.42M	59.45M	64.25M	65.72M	68.91M	69.9M	70.86M	70.92M	71.08M	65.85M	69.9M	70.75M	68.8M	67.97M
Basic Shares Outstanding	97.3M	98.2M	98.58M	98.79M	99.71M	97.53M	85.2M	84.78M	84.58M	85.03M	85.47M	70.7M	59.41M	58.97M	58.3M	58.37M	59.31M	58.83M	58.78M	63.2M	65.2M	68.24M	69.34M	69.3M	69.68M	68.96M	65.85M	65.53M	68.47M	68.8M	67.97M
Dividend Payout Ratio	-	30.8%	35.77%	53.03%	171.45%	66.9%	33.68%	30.18%	37%	35.38%	84.75%	58.87%	39.62%	37.38%	27%	28.33%	64.82%	112.1%	15.95%	18.95%	14.32%	15.56%	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Dependence on healthcare capital spending

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q1)

Steady Revenue Acceleration

STERIS's revenue growth has accelerated from 7.3% in 2026Q1 to 9.9% in 2026Q2, with 2027Q1 maintaining 7.3% growth, indicating sustained demand for medical specialties, as per recent quarterly filings.

The sequential acceleration in revenue growth from 2025Q4's 32.6% (likely a one-time boost) to a more normalized 7-10% range suggests organic demand is solid. The 2027Q1 growth of 7.3% on a larger base indicates durability, though the deceleration from 2026Q2's 9.9% warrants monitoring. This growth appears broad-based, not reliant on a single quarter.

Gross Margin Expansion with Mix Shift

Gross margin improved from 40.2% in 2024Q4 to 45.8% in 2027Q1, a 560 basis point expansion, driven by operational efficiencies and product mix, as reported in financial statements.

The gross margin trajectory shows a clear upward trend, with 2027Q1 at 45.8% versus the peer average of around 48%, indicating room for further improvement. The 2024Q4 dip to 40.2% appears anomalous, possibly due to one-time costs, but the subsequent recovery suggests structural gains. This margin expansion is a key driver of profitability and may reflect pricing power or cost controls.

Operating Leverage Driving Margin Gains

Operating margin expanded from 14.5% in 2025Q1 to 19.1% in 2027Q1, with operating income growing faster than revenue, indicating strong operating leverage, based on reported quarterly data.

Operating income grew from $185.5M in 2025Q1 to $285.8M in 2027Q1, a 54% increase, while revenue grew only 15% over the same period. This disproportionate growth suggests SG&A efficiency, as SG&A remained relatively flat around $350M despite revenue increases. The 2027Q1 SG&A is reported as zero, which may be a data artifact, but the trend in prior quarters shows disciplined cost management.

Earnings Quality Supported by Tax and SBC

Net income quality appears solid with EPS growth outpacing revenue growth, but stock-based compensation averaging $20M per quarter and a tax rate anomaly in 2024Q4 warrant scrutiny, as per SEC filings.

EPS growth has been robust, with 2027Q1 EPS of $2.04 up 14% year-over-year, while net income grew 37% from 2025Q1. However, SBC of $45M in 2026Q4 is notably higher than other quarters, which could dilute future EPS. The 2024Q4 net loss of -$1.4M appears to be a one-time tax or impairment charge, given the subsequent recovery, but investors should monitor for recurring non-operating items.

COGS Efficiency and R&D Stability

COGS as a percentage of revenue declined from 59.8% in 2024Q4 to 54.2% in 2027Q1, while R&D remained stable around 2% of revenue, indicating cost discipline, as reported in financial statements.

The reduction in COGS ratio is a primary driver of gross margin expansion, suggesting improved manufacturing efficiency or favorable input costs. R&D spending has been consistent at roughly $25-29M per quarter, reflecting a steady investment in innovation without significant escalation. SG&A, when reported, has been flat around $350M, indicating overhead control despite revenue growth.

2024Q4: A Turning Point

The 2024Q4 quarter marked a clear inflection, with revenue dropping 19.4% and a net loss, but subsequent quarters show a strong recovery, indicating a temporary disruption, based on reported figures.

The 2024Q4 data shows a sharp decline in revenue and a net loss, likely due to a one-time event such as a divestiture or restructuring. The following quarter (2025Q1) saw revenue rebound to $1.3B and net income of $145.4M, suggesting the disruption was transient. This inflection highlights the company's resilience and the importance of distinguishing one-time items from underlying trends.

What Could Invalidate the Base Case

Despite strong margin expansion, the 2024Q4 net loss and elevated SBC in 2026Q4 raise questions about earnings sustainability, while revenue growth may decelerate if healthcare capital spending slows, as per reported data.

Short-sellers might argue that the 2024Q4 net loss indicates underlying volatility, and the subsequent recovery could be flattered by easy comparisons. The elevated SBC of $45M in 2026Q4 suggests potential dilution that could pressure EPS growth. Additionally, the reliance on healthcare capital spending makes revenue growth vulnerable to budget cycles, and the gross margin, while improved, still lags peers like Waters, implying less pricing power. Investors should monitor whether the operating margin expansion is sustainable or if it reflects one-time cost savings.

STE — Frequently Asked Questions

Quick answers to the most common questions about buying STE stock.

What was STERIS plc's (STE) revenue in 2026?

For fiscal year 2026, STERIS plc (STE) reported total revenue of $5.94B. This represents a 909.7% increase compared to $587.9M in 1997.

Is STERIS plc (STE) profitable?

STERIS plc (STE) is profitable, generating $785.1M in net income for the fiscal year ending 2026 with a net profit margin of 13.2%.

What is STERIS plc's operating profit margin?

STERIS plc (STE) reported an operating income of $1.10B, resulting in an operating profit margin of 18.6%. This margin reflects the operational efficiency of the business before interest and taxes.

What is STERIS plc's gross profit and gross margin?

STERIS plc (STE) generated $2.63B in gross profit for the year, representing a gross profit margin of 44.2%. This demonstrates the company's core pricing power and production efficiency.