Filing Flows

Filing Flows › Companies › Stryker › Cash flow

Stryker cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q3 2026 · $4.6B over twelve months

Operating cash flow$1.5B
Capital spending−$237M
Free cash flow+$1.2B
Cash / net income1.9×
Cash conversion cycle214 days

Analysis

In Q3 2026, Stryker generated $1.5B of operating cash flow and spent $237M on capital projects, leaving free cash flow of $1.2B. That is $129M less than in Q3 2025 ($1.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.4B; the largest uses were net borrowing (+) / repaid (−) ($1.8B), dividends ($1.3B), capital spending ($873M); besides operations, cash came from other investing ($48.0M); the cash balance rose by $15.0M.

Operating cash flow was $1.5B against net income of $753M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$397M, impairments +$293M, inventory −$228M.

Its cash conversion cycle was 214 days (receivables 52 + inventory 228 − payables 67).

Free cash flow

Stryker: free cash flow by quarterStryker: free cash flow by quarter$1.7BQ4 2024$127MQ1 2025$928MQ2 2025$1.4BQ3 2025$1.9BQ4 2025$415MQ1 2026$1.1BQ2 2026$1.2BQ3 2026
Operating cash flow less capital spending.
Stryker: operating cash flow against capital spendingStryker: operating cash flow against capital spendingOperating cash flowCapital spending$1.9B$266MQ4 2024$250M$123MQ1 2025$1.1B$183MQ2 2025$1.5B$187MQ3 2025$2.1B$268MQ4 2025$581M$166MQ1 2026$1.3B$202MQ2 2026$1.5B$237MQ3 2026
Latest (Q3 2026): Operating cash flow $1.5B, Capital spending $237M.

Capital allocation, year by year

Stryker: where the cash came from (up) and went (down), by fiscal yearStryker: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $3.3BFY2021: Net borrowing −$1.2BFY2021: Capital spending −$525MFY2021: Acquisitions −$339MFY2021: Dividends −$950M$3.3BFY2021FY2022: Operating cash flow $2.6BFY2022: Net borrowing $472MFY2022: Capital spending −$588MFY2022: Acquisitions −$2.6BFY2022: Dividends −$1.1B$3.1BFY2022FY2023: Operating cash flow $3.7BFY2023: Net borrowing −$277MFY2023: Capital spending −$575MFY2023: Acquisitions −$390MFY2023: Dividends −$1.1B$3.7BFY2023FY2024: Operating cash flow $4.2BFY2024: Net borrowing $940MFY2024: Capital spending −$755MFY2024: Acquisitions −$1.6BFY2024: Dividends −$1.2B$5.2BFY2024FY2025: Operating cash flow $5.0BFY2025: Net borrowing $1.6BFY2025: Asset sales $165MFY2025: Capital spending −$761MFY2025: Acquisitions −$5.0BFY2025: Dividends −$1.3B$6.8BFY2025
Over these 5 years operating cash flow totalled $18.9B; the largest uses were acquisitions ($9.9B) and dividends ($5.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.3B
Debt$14.9B
Net debt$11.7B
Due within a year$1.0B

Stryker funds itself: free cash flow was $4.6B over the last twelve months, and $3.3B of cash and investments stands against $14.9B of debt ($1.0B due within a year, 3.3× covered by cash).

Stryker: debt maturities by year (FY2025)Stryker: debt maturities by year (FY2025)$1.0BYear 1$1.4BYear 2$2.6BYear 3$1.7BYear 4$2.6BYear 5$6.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.3B of cash and investments now.

Where the cash came from and went

Stryker: sources (+) and uses (−) of cash, Q3 2026Stryker: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.5BOther financing−$1.0BDividends−$338MCapital spending−$237MCash drawn (+) / kept (−)$120MOther investing$72.0MAcquisitions−$22.0MTaxes on employees’ shares−$10.0MNet borrowing (+) / repaid (−)−$3.0MExchange rates−$1.0M
Stryker: sources (+) and uses (−) of cash, TTM to Q3 2026Stryker: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.4BNet borrowing (+) / repaid (−)−$1.8BDividends−$1.3BCapital spending−$873MOther financing−$835MAcquisitions−$491MTaxes on employees’ shares−$173MOther investing$48.0MExchange rates−$24.0MCash drawn (+) / kept (−)−$15.0M

From profit to cash

Stryker: net income to operating cash flow, Q3 2026Stryker: net income to operating cash flow, Q3 2026Net income$753MDepreciation & amortization$397MStock-based pay$67.0MDeferred taxes$92.0MImpairments$293MReceivables$53.0MInventory−$228MPayables−$27.0MAccrued liabilities$77.0MIncome taxes payable−$137MOther operating capital$223MOperating cash flow$1.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265222867214
Q2 20265123871218
Q1 20265721869206
Q4 20254919360183
Q3 20255722261218
Q2 20256021761216
Q1 20256120967204
Q4 20245520561199

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.5B−$237M−$22.0M−$338M−$3.0M$120M$1.2B
Q2 2026$1.3B−$202M−$437M−$337M—−$513M$1.1B
Q1 2026$581M−$166M−$22.0M−$337M−$1.0B$1.1B$415M
Q4 2025$2.1B−$268M−$10.0M−$321M−$750M−$755M$1.9B
Q3 2025$1.5B−$187M−$136M−$322M−$1.0M−$881M$1.4B
Q2 2025$1.1B−$183M−$65.0M−$321M−$648M−$55.0M$928M
Q1 2025$250M−$123M−$4.7B−$320M$3.0B$1.3B$127M
Q4 2024$1.9B−$266M−$30.0M−$305M−$1.4B$198M$1.7B

Stryker: income statement and cash flow

Stryker, Q3 2026: revenue $6.5B (+8% year over year), operating margin 15.9%. The chart follows the revenue to costs, profit and cash.

Stryker: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.