Stryker Corporation (SYK) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 9.4% in 2026Q2 with gross margin expanding to 68.3%, though net margin volatility (8.5% in 2024Q4 vs. 19.4% in 2026Q2) suggests one-time benefits.

Annual statement

SYK Income Statement

Stryker Corporation (SYK) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	25.84B	25.12B	22.59B	20.5B	18.45B	17.11B	14.35B	14.88B	13.6B	12.44B	11.32B	9.95B	9.68B	9.02B	8.66B	8.31B	7.32B	6.72B	6.72B	6B	5.41B	4.87B	4.26B	3.63B	3.01B	2.6B	2.29B	2.1B	1.1B	980.1M	910.1M
Revenue Growth %	8.48%	11.16%	10.23%	11.11%	7.84%	19.21%	-3.58%	9.43%	9.3%	9.88%	13.86%	2.8%	7.25%	4.2%	4.21%	13.48%	8.88%	0.07%	11.96%	11.01%	10.96%	14.29%	17.57%	20.38%	15.73%	13.67%	8.83%	90.69%	12.56%	7.69%	4.37%
Cost of Goods Sold	9B	9.05B	8.62B	8B	7.41B	6.4B	5.6B	5.5B	5B	4.54B	4.08B	3.56B	3.45B	3.08B	2.88B	2.79B	2.34B	2.22B	2.17B	1.91B	1.89B	1.77B	1.56B	1.31B	1.11B	963.8M	740.5M	723.7M	434.5M	364.5M	357.7M
COGS % of Revenue	-	36.04%	38.13%	39.05%	40.16%	37.4%	39.01%	36.97%	36.77%	36.49%	36.02%	35.78%	35.68%	34.12%	33.28%	33.59%	32.02%	33.01%	32.32%	31.77%	35.01%	36.28%	36.55%	36.2%	36.9%	37.04%	32.34%	34.4%	39.39%	37.19%	39.3%
Gross Profit	16.84B	16.07B	13.98B	12.49B	11.04B	10.71B	8.75B	9.38B	8.6B	7.9B	7.25B	6.39B	6.22B	5.94B	5.78B	5.52B	4.98B	4.5B	4.55B	4.09B	3.51B	3.1B	2.7B	2.31B	1.9B	1.64B	1.55B	1.38B	668.7M	615.6M	552.4M
Gross Margin %	65.17%	63.96%	61.87%	60.95%	59.84%	62.6%	60.99%	63.03%	63.23%	63.51%	63.98%	64.22%	64.32%	65.88%	66.72%	66.41%	67.98%	66.99%	67.68%	68.23%	64.99%	63.72%	63.45%	63.8%	63.1%	62.96%	67.66%	65.6%	60.61%	62.81%	60.7%
Gross Profit Growth %	-	14.91%	11.89%	13.17%	3.09%	22.35%	-6.7%	9.09%	8.82%	9.07%	13.45%	2.64%	4.71%	2.89%	4.69%	10.87%	10.48%	-0.94%	11.06%	16.53%	13.18%	14.78%	16.93%	21.71%	15.98%	5.78%	12.24%	106.37%	8.63%	11.44%	3.99%
Operating Expenses	11.15B	11.18B	8.92B	8.21B	7.31B	6.95B	5.72B	5.99B	5.5B	5.14B	4.67B	4.13B	3.99B	3.84B	3.86B	3.55B	3.13B	2.78B	2.99B	2.77B	2.39B	2.14B	1.86B	1.64B	1.34B	1.17B	1.12B	1.02B	479.9M	431.7M	418.2M
OpEx % of Revenue	-	44.5%	39.47%	40.07%	39.6%	40.6%	39.89%	40.27%	40.41%	41.27%	41.23%	41.57%	41.28%	42.61%	44.58%	42.69%	42.7%	41.35%	44.55%	46.11%	44.15%	43.89%	43.71%	45.28%	44.35%	44.8%	48.8%	48.26%	43.5%	44.05%	45.95%
Selling, General & Admin	8.78B	8.65B	7.5B	6.92B	6.08B	5.81B	4.82B	5.02B	4.63B	4.35B	3.95B	3.51B	3.38B	3.31B	3.39B	3.08B	2.73B	2.44B	2.63B	2.39B	2.06B	1.85B	1.65B	1.42B	1.17B	985.4M	885.6M	808.4M	381.2M	341.5M	326.6M
SG&A % of Revenue	-	34.44%	33.22%	33.76%	32.93%	33.98%	33.59%	33.75%	34.07%	34.95%	34.91%	35.29%	34.94%	36.67%	39.14%	37.13%	37.32%	36.35%	39.07%	39.86%	38.14%	38.05%	38.76%	39.06%	38.7%	37.87%	38.68%	38.43%	34.55%	34.84%	35.89%
Research & Development	1.66B	1.58B	1.41B	1.29B	1.23B	1.13B	905M	971M	862M	787M	715M	625M	614M	536M	471M	462M	393.9M	336.2M	367.8M	375.3M	324.6M	284.7M	211M	180.2M	141.4M	142.1M	122.2M	105.2M	61.1M	56.9M	56.9M
R&D % of Revenue	-	6.3%	6.26%	6.31%	6.67%	6.62%	6.31%	6.52%	6.34%	6.32%	6.31%	6.28%	6.35%	5.94%	5.44%	5.56%	5.38%	5%	5.47%	6.25%	6%	5.84%	4.95%	4.97%	4.7%	5.46%	5.34%	5%	5.54%	5.81%	6.25%
Other Operating Expenses	4M	902M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	45.4M	28.9M	38.4M	109.4M	101.7M	37.6M	33.3M	34.7M
Operating Income	5.69B	4.89B	5.06B	4.28B	3.73B	3.76B	3.03B	3.39B	3.1B	2.77B	2.58B	2.25B	2.23B	2.1B	1.92B	1.97B	1.85B	1.72B	1.55B	1.33B	1.13B	966M	841.2M	680.3M	547.5M	472M	358M	-118.4M	188.8M	183.9M	134.2M
Operating Margin %	22.03%	19.47%	22.4%	20.89%	20.24%	22%	21.1%	22.76%	22.82%	22.24%	22.75%	22.64%	23.04%	23.27%	22.14%	23.73%	25.28%	25.64%	23.13%	22.12%	20.85%	19.83%	19.74%	18.77%	18.18%	18.14%	15.64%	-5.63%	17.11%	18.76%	14.75%
Operating Income Growth %	-	-3.4%	18.22%	14.65%	-0.77%	24.27%	-10.63%	9.15%	12.18%	7.37%	14.43%	1.03%	6.19%	9.49%	-2.74%	6.51%	7.35%	10.94%	17.09%	17.76%	16.67%	14.84%	23.65%	24.26%	16%	31.84%	402.36%	-162.71%	2.66%	37.03%	-14.69%
EBITDA	6.55B	6.08B	6.11B	5.31B	4.73B	4.75B	3.84B	4.17B	3.83B	3.41B	3.12B	2.65B	2.61B	2.41B	2.19B	2.45B	2.26B	2.11B	1.94B	1.69B	1.46B	1.26B	1.09B	910M	733.6M	644M	526.6M	44.4M	226.4M	217.2M	168.9M
EBITDA Margin %	25.34%	24.22%	27.05%	25.9%	25.65%	27.78%	26.76%	27.99%	28.14%	27.39%	27.58%	26.63%	26.95%	26.67%	25.34%	29.52%	30.89%	31.37%	28.9%	28.23%	26.99%	25.78%	25.62%	25.1%	24.36%	24.75%	23%	2.11%	20.52%	22.16%	18.56%
EBITDA Growth %	0.54%	-0.47%	15.11%	12.19%	-0.44%	23.78%	-7.83%	8.86%	12.26%	9.16%	17.89%	1.61%	8.35%	9.66%	-10.52%	8.46%	7.19%	8.64%	14.63%	16.1%	16.16%	15%	20.01%	24.05%	13.91%	22.29%	1086.04%	-80.39%	4.24%	28.6%	-9.19%
D&A (Non-Cash Add-back)	950M	1.19B	1.05B	1.03B	998M	990M	812M	778M	723M	642M	546M	397M	378M	307M	277M	481M	410.2M	385.3M	387.6M	366.6M	331.8M	289.9M	250.9M	229.7M	186.1M	172M	168.6M	162.8M	37.6M	33.3M	34.7M
EBIT	5.3B	5.12B	3.89B	4.03B	3.02B	2.62B	2.27B	2.85B	2.62B	2.31B	2.15B	1.84B	1.27B	1.31B	1.77B	1.78B	1.81B	1.64B	1.61B	1.39B	1.11B	962.3M	723.8M	671.3M	564.7M	472.6M	430M	364.7M	188.9M	184M	134.2M
Net Interest Income	-658M	-486M	-257M	-281M	-243M	-269M	-213M	-132M	-145M	-187M	-199M	-94M	-85M	-71M	-20M	-24M	-28.8M	39.4M	67.2M	63.3M	31.9M	5.6M	-2.1M	0	0	0	0	0	0	0	0
Interest Income	28M	121M	139M	75M	94M	68M	102M	155M	119M	60M	29M	14M	28M	24M	47M	70M	48.7M	53.9M	97.7M	85.5M	41.4M	13.3M	4.7M	0	0	0	0	0	0	0	0
Interest Expense	686M	607M	396M	356M	337M	337M	315M	287M	264M	247M	228M	108M	113M	95M	67M	94M	77.5M	14.5M	30.5M	22.2M	9.5M	7.7M	6.8M	22.6M	40.3M	67.9M	96.6M	122.6M	0	0	0
Other Income/Expense	-543M	-375M	-1.57B	-608M	-1.05B	-1.48B	-1.07B	-826M	-748M	-704M	-656M	-517M	-1.07B	-887M	-212M	-285M	-121M	-100M	26.3M	43M	-23.2M	-11.4M	-124.2M	-27.8M	-86.9M	-66.3M	-131.4M	-170.6M	-98M	11.4M	32M
Pretax Income	5.15B	4.51B	3.49B	3.67B	2.68B	2.28B	1.95B	2.56B	2.36B	2.06B	1.92B	1.74B	1.16B	1.21B	1.71B	1.69B	1.73B	1.62B	1.58B	1.37B	1.1B	1B	717M	652.5M	506.7M	405.7M	334.9M	29.8M	60M	195.3M	166.2M
Pretax Margin %	19.92%	17.97%	15.45%	17.92%	14.54%	13.33%	13.62%	17.21%	17.32%	16.58%	16.96%	17.44%	11.99%	13.44%	19.7%	20.3%	23.63%	24.15%	23.52%	22.83%	20.42%	20.6%	16.82%	18%	16.82%	15.59%	14.63%	1.42%	5.44%	19.93%	18.26%
Income Tax	1.42B	1.27B	499M	508M	325M	287M	355M	479M	-1.2B	1.04B	274M	296M	645M	206M	407M	341M	456.2M	516.5M	432.4M	383.4M	326.1M	311M	251.3M	199M	161.1M	133.9M	113.9M	10.4M	20.4M	70M	61.7M
Effective Tax Rate %	27.56%	28.09%	14.29%	13.83%	12.11%	12.58%	18.17%	18.7%	-50.81%	50.56%	14.26%	17.06%	55.6%	17%	23.87%	20.23%	26.38%	31.81%	27.36%	27.98%	29.54%	31%	35.05%	30.5%	31.79%	33%	34.01%	34.9%	34%	35.84%	37.12%
Net Income	3.73B	3.25B	2.99B	3.17B	2.36B	1.99B	1.6B	2.08B	3.55B	1.02B	1.65B	1.44B	515M	1.01B	1.3B	1.34B	1.27B	1.11B	1.15B	1.02B	777.7M	675.2M	465.7M	453.5M	345.6M	267M	221M	19.4M	39.6M	125.3M	104.5M
Net Margin %	14.43%	12.92%	13.25%	15.44%	12.78%	11.66%	11.14%	13.99%	26.12%	8.2%	14.54%	14.47%	5.32%	11.15%	14.99%	16.19%	17.4%	16.47%	17.08%	16.96%	14.39%	13.86%	10.93%	12.51%	11.48%	10.26%	9.65%	0.92%	3.59%	12.78%	11.48%
Net Income Growth %	27.79%	8.45%	-5.43%	34.22%	18.25%	24.7%	-23.24%	-41.37%	248.33%	-38.07%	14.45%	179.42%	-48.81%	-22.5%	-3.49%	5.62%	14.99%	-3.52%	12.82%	30.82%	15.18%	44.99%	2.69%	31.22%	29.44%	20.81%	1039.18%	-51.01%	-68.4%	19.9%	20.11%
Net Income (Continuing)	3.73B	3.25B	2.99B	3.17B	2.36B	1.99B	1.6B	2.08B	3.55B	1.02B	1.65B	1.44B	515M	1.01B	1.3B	1.34B	1.27B	1.11B	1.15B	986.7M	771.4M	643.6M	465.7M	453.5M	345.6M	271.8M	221M	19.4M	60M	125.3M	104.5M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	14M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16.7M	35.7M	85.9M
EPS (Diluted)	9.66	8.40	7.76	8.25	6.17	5.22	4.20	5.48	9.34	2.68	4.35	3.78	1.34	2.63	3.39	3.45	3.19	2.77	2.78	2.44	1.89	1.57	1.08	1.07	0.81	0.67	0.55	0.05	0.15	0.32	0.27
EPS Growth %	27.81%	8.25%	-5.94%	33.71%	18.2%	24.29%	-23.36%	-41.33%	248.51%	-38.39%	15.08%	182.09%	-49.05%	-22.42%	-1.74%	8.15%	15.16%	-0.36%	13.93%	29.1%	20.38%	45.37%	0.93%	32.1%	20.9%	21.82%	1000%	-66.67%	-53.13%	18.52%	17.39%
EPS (Basic)	-	8.49	7.86	8.34	6.23	5.29	4.26	5.57	9.50	2.73	4.40	3.82	1.36	2.66	3.41	3.48	3.21	2.79	2.81	2.48	1.91	1.60	1.10	1.09	0.83	0.69	0.56	0.05	0.16	0.33	0.27
Diluted Shares Outstanding	386M	382.2M	385.6M	383.7M	382.2M	382.3M	380.3M	379.9M	380.3M	380.1M	378.5M	380.9M	382.8M	382.1M	383M	389.5M	399.5M	399.4M	413.6M	417.2M	411.48M	410.8M	409.3M	423.83M	426.67M	398.51M	401.82M	388M	393.44M	391.56M	394.34M
Basic Shares Outstanding	383.5M	382.2M	381M	379.6M	378.2M	377M	375.5M	374M	374.1M	374M	374.1M	376.6M	378.5M	378.6M	380.6M	386.5M	396.4M	397.4M	408.1M	409.7M	407.17M	403.7M	401.2M	416.06M	416.39M	386.96M	391.15M	388M	387.1M	385.54M	387.04M
Dividend Payout Ratio	-	39.56%	40.73%	35.99%	44.57%	47.64%	53.97%	37.35%	19.79%	62.35%	34.49%	36.21%	89.71%	39.86%	24.96%	20.74%	18.71%	17.92%	11.81%	8.82%	5.73%	5.36%	6.01%	5.23%	5.7%	5.88%	5.75%	59.79%	26.77%	7.74%	4.21%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowRobust

Top Statement Risk

Margin sustainability amid M&A

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Momentum Accelerates

Stryker's revenue growth accelerated to 9.4% in 2026Q2, up from 2.6% in the prior quarter, according to the latest financial statements, suggesting robust demand across its medical device portfolio.

The sequential acceleration from 2.6% to 9.4% in 2026Q2 indicates a re-acceleration in core markets, possibly driven by new product launches or improved procedure volumes. However, the 2026Q1 slowdown to 2.6% may reflect temporary headwinds, and investors should monitor whether this growth rate is sustainable given the competitive landscape.

Gross Margin Expansion Continues

Gross margin improved to 68.3% in 2026Q2, up from 62.3% a year earlier, as reported in SEC filings, reflecting favorable product mix and cost efficiencies.

The 600 basis point year-over-year expansion in gross margin is notable, outpacing peers like Zimmer Biomet (61.6%) and approaching Boston Scientific's 69.0%. This suggests strong pricing power or a shift toward higher-margin products, but the sustainability of this expansion warrants monitoring given potential competitive pressures.

Operating Leverage Drives Margin Surge

Operating margin jumped to 25.2% in 2026Q2 from 15.5% in 2026Q1, as per the income statement, indicating significant operating leverage as SG&A grew only modestly relative to revenue.

The 970 basis point sequential improvement in operating margin, despite a 9.4% revenue increase, suggests that SG&A expenses are not scaling proportionally, possibly due to disciplined cost management. This leverage is a key driver of the strong EPS growth, but investors should assess whether this level of efficiency is sustainable or if it reflects one-time benefits.

Earnings Quality Boosted by Tax and One-Time Items

Net margin surged to 19.4% in 2026Q2, up from 12.4% in 2026Q1, based on reported figures, but the effective tax rate appears unusually low, warranting scrutiny.

The sharp rise in net margin and EPS (44.1% growth) may be partly attributable to a lower effective tax rate or one-time gains, as evidenced by the volatility in net income across quarters (e.g., 2024Q4 net margin of 8.5%). Investors should monitor the sustainability of these tax benefits and the impact of stock-based compensation, which was zero in 2026Q2 but averaged around $60M in prior quarters.

R&D Investment Rises Steadily

R&D expenses increased to $434M in 2026Q2, up from $396M in 2025Q2, as disclosed in financial statements, reflecting continued investment in innovation despite margin expansion.

The consistent growth in R&D spending, roughly 6-7% of revenue, indicates a commitment to product development, which is critical in the competitive medical devices sector. However, the pace of R&D growth (9.6% year-over-year) is slightly below revenue growth, suggesting that operating leverage is partly derived from scaling R&D efficiently.

Margin Expansion May Not Be Durable

Despite strong 2026Q2 margins, the historical volatility in net income (e.g., 2024Q4 net margin of 8.5%) suggests that one-time items or tax benefits may be inflating current profitability, as per the income statement data.

Short-sellers might argue that the 68.3% gross margin and 25.2% operating margin are unsustainable, given that they are significantly above the company's historical averages and peer levels. The erratic net income figures, with EPS growth swinging from -52.7% to +56.0% over the past year, indicate that earnings quality may be compromised by non-operating factors. Investors should closely monitor the sustainability of these margins and the potential for mean reversion.

SYK — Frequently Asked Questions

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

What was Stryker Corporation's (SYK) revenue in 2025?

For fiscal year 2025, Stryker Corporation (SYK) reported total revenue of $25.12B. This represents a 2659.7% increase compared to $910.1M in 1996.

Is Stryker Corporation (SYK) profitable?

Stryker Corporation (SYK) is profitable, generating $3.25B in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.

What is Stryker Corporation's operating profit margin?

Stryker Corporation (SYK) reported an operating income of $4.89B, resulting in an operating profit margin of 19.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Stryker Corporation's gross profit and gross margin?

Stryker Corporation (SYK) generated $16.07B in gross profit for the year, representing a gross profit margin of 64.0%. This demonstrates the company's core pricing power and production efficiency.