10-Q · May 1, 2026
Zimmer Biomet Holdings, Inc. reported a strong performance for Q1 2026 with net sales of $2.09 billion, reflecting a 9.3% year-over-year increase. The company's net earnings reached $238.1 million, up from $182.0…
Earnings analysis · 10-Q
ZBH earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Zimmer Biomet delivered a positive third quarter, with $2.063 billion of revenue and $1.90 of adjusted diluted EPS beating consensus estimates. Free cash flow rose to $372.4 million from $138 million a year earlier, and…
Read full summary
Zimmer Biomet delivered a positive third quarter, with $2.063 billion of revenue and $1.90 of adjusted diluted EPS beating consensus estimates. Free cash flow rose to $372.4 million from $138 million a year earlier, and management raised full-year 2026 revenue-growth and adjusted EPS outlooks. The filing does not provide current-quarter gross or operating margins, segment revenue amounts, operating cash flow, capex, or balance-sheet balances in the supplied text; it also reports no material changes to the prior market-risk disclosures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.9
What stood out
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Revenue beat and grew year over year
Third-quarter revenue was $2.063 billion, approximately 1.0% above the $2.0419 billion consensus estimate and higher than $2.00 billion in Q3 2025.
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EPS exceeded consensus
Adjusted diluted EPS was $1.90, ahead of the $1.88 estimate by $0.02, and increased from $1.16 in Q3 2025.
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Free cash flow rebounded sharply
Free cash flow increased to $372.4 million from $138 million in Q3 2025, an increase of $234.4 million or approximately 170%.
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Full-year outlook raised
Management raised full-year 2026 organic constant-currency revenue growth guidance to 3.0%-3.5% from 2.25%-3.25%, while adjusted EPS guidance increased to $8.50-$8.60 from $8.47-$8.59.
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Share repurchases continued
The company repurchased 821,128 shares during the quarter at an average price of $95.54, leaving $924.7 million available under the repurchase program.
What to watch
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No new market-risk detail
The filing states there were no material changes from the market-risk disclosures in the 2025 Form 10-K, but the company remains exposed to the risks previously identified there; no new quantitative market-risk measure was provided.
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Capital allocation and liquidity
The company repurchased 821,128 shares for approximately $78.4 million at an average price of $95.54, reducing the remaining authorization to $924,695,173; continued buybacks could limit cash available for debt reduction or investment.
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Outstanding repurchase commitment
A $1.5 billion share-repurchase authorization remains outstanding with no expiration date, creating potential future cash commitments even though $924,695,173 remained available at September 30, 2026.
Management's outlook
Full-year 2026 reported revenue growth guidance was raised to 4.4%-4.9% from 3.9%-4.9%; constant-currency growth to 4.1%-4.6% from 3.4%-4.4%; organic constant-currency growth to 3.0%-3.5% from 2.25%-3.25%; and adjusted diluted EPS to $8.50-$8.60 from $8.47-$8.59. Revenue guidance is expressed as percentage growth, not dollar revenue.
Earlier filings 4
10-K · February 20, 2026
Zimmer Biomet positions itself as a diversified orthopedics and musculoskeletal care leader with a product portfolio spanning knees, hips, S.E.T. products and an integrated digital/robotic ZBEdge platform. The company…
10-K · February 25, 2025
Zimmer Biomet presents itself as a global orthopedics and musculoskeletal leader focused on robotics (ROSA®) and an integrated digital platform (ZBEdge®) while pursuing R&D and targeted M&A. The company reports a…
10-Q · October 30, 2024
Zimmer Biomet Holdings, Inc. reported a strong performance for Q3 2024, with revenue of $1.824 billion, representing a 4.0% increase from $1.754 billion in Q3 2023. The gross margin decreased slightly to 70.5%, while…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.