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Stryker (SYK) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Stryker (SYK) reported revenue of $6.0B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -16% from the quarter before. Operating margin was 15.5%, net earnings $745M (12.4% of revenue).
Stryker, Q1 2026: revenue $6.0B (+3% year over year), operating margin 15.5%, net earnings $745M, operating cash flow $581M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.0B | -16% | +3% |
| Gross profit | $3.8B | -18% | +2% |
| Operating profit | $936M | -48% | +12% |
| Net earnings | $745M | -12% | +14% |
| Operating cash flow | $581M | -73% | +132% |
| Free cash flow | $415M | -78% | +227% |
What changed
Revenue was $6.0B in Q1 2026, up 3% year over year and down 16% from the previous quarter. MedSurg and Neurotechnology: was the largest line at 53% of revenue. MedSurg and Neurotechnology: added $0.15B year over year (up 5%), 98% of the total change.
Gross margin was 63.3%, down 0.5 points from Q1 2025. Operating profit was $0.94B, a 15.5% margin (up 1.3 points year over year). Of the extra revenue versus Q1 2025, 64% reached operating profit, above the 14% margin then. Operating expenses fell 1% while revenue rose 3%. Net earnings were $0.74B, up 14% year over year. The effective tax rate was 12.4%.
Operating cash flow was $0.58B (up 132% year over year), 78% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items used $0.65B. Capital expenditures of $0.17B left free cash flow of $0.41B.
Questions
What was Stryker's revenue in the first quarter 2026?
Stryker (SYK) reported revenue of $6.0B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -16% from the quarter before.
Was Stryker profitable in the first quarter 2026?
Operating profit was $936M (15.5% of revenue) and net earnings $745M.
Source: Stryker 10-Q on SEC EDGAR.