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Steris (STE) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Steris (STE) Q2 FY27 earnings results →

Q2 FY27 Revenue up 9% year over year to $1.6B · 13¢ of every $1 of revenue kept as net profit · operating margin 18.5%

Steris made $1.6B in Q2 FY27 (+9% Y/Y): Healthcare $1.1B, AST $296M, Life Sciences: $171M. Operating margin 18.5%, net earnings $214M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$1.6B
Year over year+9%
Operating margin18.5%
Net earnings$214M
Operating cash flow$289M

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Steris Q2 FY27 revenue breakdown: Sankey diagram of revenue (Healthcare, AST, Life Sciences:), costs, profit and cash flow
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What changed this quarter

Revenue was $1.6B in Q2 FY27, up 9% year over year and up 6% from the previous quarter. Healthcare was the largest line at 71% of revenue. Healthcare added $0.09B year over year (up 9%), 69% of the total change.

Gross margin was 44.7%, up 0.5 points from Q2 FY26. Operating profit was $0.29B, a 18.5% margin (up 0.3 points year over year). Of the extra revenue versus Q2 FY26, 22% reached operating profit, above the 18% margin then. Operating expenses grew 10% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+764%). Net earnings were $0.21B, up 11% year over year. The effective tax rate was 25.7%.

Operating cash flow was $0.29B (roughly flat year over year), 135% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.07B. Capital expenditures of $0.08B left free cash flow of $0.21B.

Quarterly history

Steris revenue by quarterSteris revenue by quarter$1.5BQ4 FY25$1.4BQ1 FY26$1.5BQ2 FY26$1.5BQ3 FY26$1.6BQ4 FY26$1.5BQ1 FY27$1.6BQ2 FY27
Steris net earnings by quarterSteris net earnings by quarter$146MQ4 FY25$178MQ1 FY26$192MQ2 FY26$194MQ3 FY26$220MQ4 FY26$201MQ1 FY27$214MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$1.6B+9%18.5%$214M$289M
Q1 FY2710-QAug 7, 2026$1.5B+7%19.1%$201M$367M
Q4 FY2610-KMay 29, 2026$1.6B+7%19.9%$220M$335M
Q3 FY2610-QFeb 6, 2026$1.5B+9%18.3%$194M$298M
Q2 FY2610-QNov 6, 2025$1.5B+10%18.2%$192M$288M
Q1 FY2610-QAug 7, 2025$1.4B+9%17.7%$178M$420M
Q4 FY2510-KMay 29, 2025$1.5B+4%14.6%$146M$261M

Charts

Steris: revenue growth, year over year and quarter over quarterSteris: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q4 FY25+9%-6%Q1 FY26+10%+5%Q2 FY26+9%+2%Q3 FY26+7%+6%Q4 FY26+7%-6%Q1 FY27+9%+6%Q2 FY27
Latest (Q2 FY27): Y/Y +9%, Q/Q +6%.
Steris: where the cash came from (+) and went (−), TTM to Q2 FY27Steris: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$1.3BCapital spending−$352MBuybacks−$340MDividends−$252MCash drawn (+) / kept (−)−$212MOther investing−$127MShares issued$21.8MAcquisitions−$21.1MTaxes on employees’ shares−$17.3MOther financing$16.9MExchange rates−$4.4MPartners−$1.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Steris: profit against cash, quarter by quarterSteris: profit against cash, quarter by quarterNet incomeOperating cash flow$173M$333MQ3 FY25$146M$261MQ4 FY25$178M$420MQ1 FY26$192M$288MQ2 FY26$194M$298MQ3 FY26$220M$335MQ4 FY26$201M$367MQ1 FY27$214M$289MQ2 FY27
Latest (Q2 FY27): Net income $214M, Operating cash flow $289M.
Steris: diluted shares by fiscal yearSteris: diluted shares by fiscal year86MFY2198MFY22100MFY2399MFY2499MFY2599MFY26
+14.9% since FY21: more shares outstanding (issuance, stock pay).
Steris: long-term debt falling due (FY26)Steris: long-term debt falling due (FY26)$150M2028$128M2029$37.8M2030$1.5BLater
Cash $440M, short-term investments —, long-term debt $1.8B at 2026-03-31.
Steris in its industry: growth against margin (21 companies, SIC 3842)Steris in its industry: growth against margin (21 companies, SIC 3842)revenue growth, year over year →↑ operating marginmedian +12%median -4%ISRGZBHEWALGNENOVMSACDREINGNESTALAKESMTIAPTMYOLFWDLGMKMLSSAVRNTRBFEEDCOCHSTE (+9%, 18%)
Orthopedic, Prosthetic & Surgical Appliances & Supplies; dot size is quarterly revenue; dashed lines are the industry's medians.

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🔄Rotation against the market and its industry (RRG)interactive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Steris

STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention. WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life science products and services around the globe. We offer our Customers a unique mix of innovative products and services. These include: consumable products, such as detergents, endoscopy accessories, barrier products, instruments and tools; services, including equipment installation and maintenance, microbial reduction of medical devices, instrument and scope repair, laboratory testing, and outsourced reprocessing; capital equipment, such as sterilizers, surgical tables, and automated endoscope reprocessors; and connectivity solutions such as operating room (“OR”) integrati on.

In its own words, from its 10-K, filed May 29, 2026.

Steris against its Orthopedic, Prosthetic & Surgical Appliances & Supplies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +9%. Operating margin: 18.5% against the peers' median 16.4%.

CompanyQuarterRevenueY/YOp. margin
STE SterisQ2 FY27$1.6B+9%18.5%
ISRG Intuitive SurgicalQ3 2026$3.0B+22%19.4%
ZBH Zimmer Biomet HoldingsQ3 2026$2.1B+3%14.9%
EW Edwards LifesciencesQ3 2026$1.7B+10%17.4%
ALGN Align TechnologyQ3 2026$1.0B+2%16.7%
ENOV EnovisQ3 2026$559M+2%0.6%
MSA MSA SafetyQ3 2026$536M+14%16.4%
CDRE Cadre HoldingsQ3 2026$203M+30%14.0%
INGN InogenQ2 2026$95.1M+3%-5.4%

Source: Steris 10-Q on SEC EDGAR · CIK 1757898 · Orthopedic, Prosthetic & Surgical Appliances & Supplies

Guidance and outlook

Steris Tax rate: guidance against what was reportedSteris Tax rate: guidance against what was reportedguided rangereported (above / within / below)FY2523.1%FY2625.0%
Met or beat 1 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Steris: what its forward-looking statements are about (10-Q filed 2026-11-05)Steris: what its forward-looking statements are about (10-Q filed 2026-11-05)People6Other4Deals2Capital spending2Costs1Financing1Legal & regulation1
17 statements; tone +0.00 (−1 all cautious, +1 all confident); 4 hedged.
Steris: outlook statements against the filing beforeSteris: outlook statements against the filing beforeConfident3Cautious3

More on STE

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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