Zimmer Biomet Holdings, Inc. (ZBH) quarterly cash flow statement — complete operating, investing & financing history
Zimmer Biomet Holdings, Inc. (ZBH) cash flow statement — 27-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 807.2M | 359.2M | 517.3M | 418.7M | 378.2M | 382.8M | 506.3M | 395.7M | 369.4M | 228M | 588.4M | 337.6M | 347.9M | 307.7M | 244.2M | 450.8M | 352.5M | 237.2M | 365.7M | 433.1M |
| Operating CF Margin % | 37.08% | 17.21% | 23.05% | 20.92% | 18.21% | 20.05% | 25.02% | 21.69% | 19.02% | 12.07% | 30.33% | 19.25% | 18.61% | 16.8% | 13.38% | 27% | 19.78% | 14.26% | 17.94% | 25.7% |
| Operating CF Growth % | 113.43% | -6.17% | 2.17% | 5.81% | 2.38% | 67.89% | -13.95% | 17.21% | 6.18% | -25.9% | 140.95% | -25.11% | -1.31% | 29.72% | -33.22% | 4.09% | -22.34% | -3.77% | -13.97% | 13.59% |
| Net Income | 437.9M | 238.5M | 139.4M | 231.2M | 153.4M | 182.6M | 240.1M | 249.2M | 243.1M | 172.8M | 419.7M | 162.8M | 209.8M | 232.8M | -130.2M | 194.2M | 154M | 73.2M | -83.9M | 162.4M |
| Depreciation & Amortization | 540.8M | 270M | 284M | 283.6M | 271.8M | 254.4M | 263.6M | 250.9M | 243.2M | 238.6M | 241.2M | 241.2M | 237.5M | 231.8M | 228.5M | 231.4M | 232.7M | 233.8M | 267.1M | 233M |
| Stock-Based Compensation | 48.8M | 24.2M | 24.1M | 25.3M | 21.2M | 19.6M | 21.1M | 24.5M | 26.4M | 29M | 25.3M | 15.6M | 33.9M | 25M | 26.8M | 27.4M | 27.6M | 23.2M | 17.7M | 18.7M |
| Deferred Taxes | 0 | 0 | -87.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 100K | -200K | -1.6M | -150.6M | 0 | 100K | -47.6M | -100K | 0 | 0 | -96.4M | 100K | 0 | 0 | 342M | 30M | 43.3M | -27.5M | 15.4M | 8.9M |
| Working Capital Changes | -220.4M | -173.3M | 158.6M | 29.2M | -68.2M | -73.9M | 29.1M | -128.8M | -143.3M | -212.4M | -1.4M | -82.1M | -133.3M | -181.9M | -222.9M | -32.2M | -105.1M | -65.5M | 149.4M | 10.1M |
| Change in Receivables | -24M | 14.5M | -111.7M | 3M | 200K | -18.8M | -49.6M | -29.9M | 12.5M | -22.7M | -67.4M | 7.5M | -600K | 8.6M | -70.2M | -32.7M | -67.6M | -14.2M | -33M | -2.6M |
| Change in Inventory | -51.4M | -20.9M | 184.4M | -46M | -37.2M | -3M | 87.9M | 3.8M | 13.5M | -55.3M | -28.2M | -64.2M | -53.8M | -94.2M | -12.1M | -37.1M | -25.8M | -600K | 113.4M | -6.7M |
| Change in Payables | -91M | -183M | 112.9M | -51.5M | 76.8M | -36.4M | -117.3M | -23.2M | -62.1M | -119.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -349.8M | -159M | -322M | -163.3M | -1.38B | -106M | -291.2M | -154.9M | -247M | -195M | -220.8M | -165.6M | -243.1M | -149.4M | -112.5M | -85.2M | -243.2M | -88.3M | -146.2M | -125.2M |
| Capital Expenditures | -90.5M | -75.3M | 141.4M | 94.7M | -50.1M | -44.6M | -51.5M | -44.5M | -52.7M | -55.1M | -62.8M | -84.3M | -97.3M | -46.7M | -63.4M | -47.2M | -40.9M | -36.4M | -63.1M | -44M |
| CapEx % of Revenue | 4.16% | 3.61% | 6.3% | 4.73% | 2.41% | 2.34% | 2.55% | 2.44% | 2.71% | 2.92% | 3.24% | 4.81% | 5.2% | 2.55% | 3.47% | 2.83% | 2.3% | 2.19% | 3.1% | 2.61% |
| Acquisitions | 0 | 0 | -166.9M | -1.23B | 0 | 0 | -160M | -49.8M | -66.5M | 0 | -102M | 0 | -14M | -18.9M | 0 | 0 | -99.8M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -259.3M | -83.7M | -900K | 831.6M | -1.26B | -2.7M | -30.6M | -22.2M | -68.9M | -68.1M | 16.7M | -25M | -51.9M | -14.4M | -1.2M | -3.7M | -59.5M | -8.2M | -6.6M | -18.7M |
| Cash from Financing | -640.3M | -369.2M | -897M | 483.8M | 163.8M | 575.4M | -240.6M | -101.9M | -91.9M | -50.1M | -251.4M | -196M | -109.4M | -206.7M | -313.4M | -193.9M | -146M | -190.5M | -655.8M | -426.1M |
| Debt Issued (Net) | 30M | 0 | -600M | 518.6M | 220M | 885.1M | -113.7M | 535M | 45M | 70M | 194.8M | -310M | 80M | 89.8M | -150.8M | -242.9M | -100M | -550M | -555M | -300M |
| Equity Issued (Net) | -488.4M | -237.8M | -248.3M | 237M | -7.2M | -229.8M | -72.2M | -596.3M | -85.9M | -113.6M | -410.3M | 0 | -14.3M | -267.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -93.4M | -46.9M | -47.5M | -47.5M | -47.5M | -47.8M | -48M | -49.2M | -49.4M | -49.4M | -50.2M | -50.1M | -50.3M | -50.3M | -50.4M | -50.3M | -50.3M | -50.2M | -50.2M | -50.1M |
| Share Repurchases | -500.8M | -250.1M | -250M | 237M | -7.2M | -229.8M | -72.2M | -596.3M | -85.9M | -113.6M | -410.3M | 0 | -14.3M | -267.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -88.5M | -84.5M | -1.2M | -224.3M | -1.5M | -32.1M | -6.7M | 8.6M | -1.6M | 42.9M | 14.3M | 164.1M | -124.8M | 21.4M | -112.2M | 99.3M | 4.3M | 409.7M | -50.6M | -76M |
| Net Change in Cash | -181.9M | -167.7M | -700.8M | 735.8M | -827.6M | 859M | -43.5M | 148.9M | 27.1M | -22.8M | 123.7M | -27.7M | -10.4M | -45.5M | -169.7M | 159M | -49.4M | -42.7M | -441.1M | -122.8M |
| Free Cash Flow | 716.7M | 322.9M | 668.7M | 545.8M | 298.1M | 335.8M | 421.4M | 368.6M | 223M | 129.6M | 525.6M | 221.2M | 198.3M | 247M | 180.8M | 403.6M | 311.6M | 200.8M | 294.2M | 389.1M |
| FCF Margin % | 32.92% | 15.47% | 29.8% | 27.27% | 14.35% | 17.59% | 20.83% | 20.21% | 11.48% | 6.86% | 27.09% | 12.61% | 10.61% | 13.49% | 9.91% | 24.17% | 17.49% | 12.07% | 14.44% | 23.09% |
| FCF Growth % | 140.42% | -3.84% | 58.69% | 48.07% | 33.68% | 159.1% | -19.82% | 66.64% | 12.46% | -47.53% | 190.71% | -45.19% | -36.36% | 23.01% | -38.55% | 3.73% | -27.42% | -9.02% | -25.89% | 10.95% |
| FCF per Share | 3.72 | 1.65 | 3.38 | 2.75 | 1.50 | 1.68 | 2.11 | 1.82 | 1.08 | 0.63 | 2.52 | 1.05 | 0.94 | 1.17 | 0.86 | 1.92 | 1.48 | 0.96 | 1.41 | 1.85 |
| FCF Conversion (FCF/Net Income) | 4.07x | 1.51x | 3.71x | 1.81x | 2.48x | 2.10x | 2.11x | 1.59x | 1.52x | 1.32x | 1.40x | 2.07x | 1.66x | 1.32x | -1.87x | 2.32x | 2.29x | 16.70x | -4.35x | 2.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |