SYKMEDIUM SIGNALOPERATIONAL10-K

Stryker demonstrated solid operational performance with meaningful expansion in operating leverage while substantially increasing debt levels, likely for strategic acquisitions including Guard Medical Inc.

The company's operating income grew meaningfully faster than revenue, indicating improved operational efficiency and margin expansion across the business. The 73% increase in total debt suggests active capital deployment for growth initiatives, which is typical for Stryker's acquisition-driven strategy but warrants monitoring of leverage ratios.

Comparing 2026-02-11 vs 2025-02-12View on EDGAR →
FINANCIAL ANALYSIS

Stryker delivered strong financial performance with revenue growing 11.2% to $25.1B while operating income expanded notably by 32.5% to $4.9B, demonstrating significant operating leverage. The company substantially increased its debt position to $1.8B from $1.0B, while maintaining a healthy balance sheet with stockholders' equity growing to $11.7B. Operating cash flow strengthened to $5.0B, supporting the company's ability to service its increased debt load while funding growth investments.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+73%
$1.0B→$1.8B

Debt increased 73% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Income
P&L
+32.5%
$3.7B→$4.9B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+18.9%
$4.2B→$5.0B

Operating cash flow grew 18.9% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+17.7%
$10.0B→$11.7B

Equity base grew 17.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Liabilities
Balance Sheet
+13.8%
$22.3B→$25.4B

Liabilities increased 13.8% — monitor debt-to-equity ratio and interest coverage.

SG&A Expense
P&L
+12.6%
$7.7B→$8.7B

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Gross Profit
P&L
+11.3%
$14.4B→$16.1B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Assets
Balance Sheet
+11.3%
$43.0B→$47.8B

Asset base grew 11.3% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+11.2%
$22.6B→$25.1B

Revenue growing 11.2% — solid top-line momentum, watch margins for quality of growth.

Inventory
Balance Sheet
+11.2%
$4.8B→$5.3B

Inventory built 11.2% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-12
ADDED
There were 382,688,675 shares outstanding of the registrant s common stock, $0.10 par value, on January 31, 2026 .
Form 10-K Summary 51 Dollar amounts in millions except per share amounts or as otherwise specified.
We are one of five leading global competitors in Vascular and Neuro Cranial; the other four being Medtronic, Johnson Johnson MedTech, Terumo Corporation and Penumbra, Inc.
Composition of MedSurg and Neurotechnology Net Sales 2025 2024 2023 Instruments $ 3,183 20 % $ 2,834 21 % $ 2,534 21 % Endoscopy 3,807 24 3,389 25 3,068 25 Medical 4,204 27 3,852 28 3,459 28 Vascular 1,968 13 1,307 10 1,226 11 Neuro Cranial 2,485 16 2,136 16 1,876 15 Total $ 15,647 100 % $ 13,518 100 % $ 12,163 100 % In 2025 Instruments launched Steri-Shield 8 which is a lighter, more comfortable, and more customizable operating room personal protection system, with improved visibility, cooling, and battery performance versus prior generations.
In addition, we completed the acquisition of Guard Medical Inc., whose primary focus is on Negative Pressure Wound Therapy for surgical patients.
is complementary to our Orthopaedic Instruments business as we continue to focus on the surgical wound care market.
Endoscopy continued to deliver its 4K 1788 Camera platform to the market in addition to the launch of the Connected OR IP BRAVoE integration portfolio.
Our 1788 Camera platform features several enhancements for a broader range of clinical applications and specialties, including urology, neurology, ear, nose, throat and arthroscopy and can be used to visualize indocyanine green and CYTALUX.
The Connected OR IP BRAVoE launch expands the connected capabilities of iSuite.
Medical continued the global launch of the LIFEPAK 35 monitor/ defibrillator, our next generation platform designed to optimize care with new clinical features such as the new Glasgow 30.4 algorithm, cprINSIGHT , 15-lead monitoring capabilities, and STJ insight and mapping.
REMOVED
There were 381,579,123 shares outstanding of the registrant s common stock, $0.10 par value, on January 31, 2025.
In the fourth quarter 2024 we reorganized our Spine business to align with certain updates to our internal reporting structure.
The spine enabling technologies portfolio (Enabling Technologies) was reclassified to Other Orthopaedics and Spine, the Interventional Spine (IVS) portfolio was reclassified to Neuro Cranial and the remaining Spine business was renamed to Spinal Implants.
In addition, we changed the name of our Orthopaedics and Spine operating segment to Orthopaedics.
Neurotechnology includes neurosurgical, neurovascular and craniomaxillofacial implant products.
Our neurotechnology offering includes products used for minimally invasive endovascular procedures; a comprehensive line of products for traditional brain and open skull based surgical procedures; orthobiologic and biosurgery products, including synthetic bone grafts and vertebral augmentation products (Neuro Cranial); and minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke (Neurovascular).
The craniomaxillofacial implant offering includes cranial, maxillofacial and chest wall devices as well as dural substitutes and sealants.
We are one of five leading global competitors in Neurotechnology; the other four being Medtronic, Johnson Johnson Medtech, Terumo Corporation and Penumbra, Inc.
1 STRYKER CORPORATION 2024 FORM 10-K Composition of MedSurg and Neurotechnology Net Sales 2024 2023 2022 Instruments $ 2,834 21 % $ 2,534 21 % $ 2,245 21 % Endoscopy 3,389 25 3,068 25 2,759 25 Medical 3,852 28 3,459 28 3,031 28 Neurovascular 1,307 10 1,226 11 1,200 11 Neuro Cranial 2,136 16 1,876 15 1,658 15 Total $ 13,518 100 % $ 12,163 100 % $ 10,893 100 % In 2024 Instruments launched SurgiCount+ powered by Triton, which combines our existing sponge counting technology with artificial intelligence and quantifying blood loss software.
We also launched CoPilot, which combines with our Spine Q guidance system to help surgeons plan and perform certain spinal procedures, including supporting bone resection, pedicle preparation and screw delivery.
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