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Zimmer Biomet Holdings cash flow, quarter by quarter

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

Free cash flow$484M in Q3 2026 · $1.6B over twelve months

Operating cash flow$560M
Capital spending−$75.8M
Free cash flow+$484M
Cash / net income2.9×
Cash conversion cycle384 days

Analysis

In Q3 2026, Zimmer Biomet Holdings generated $560M of operating cash flow and spent $75.8M on capital projects, leaving free cash flow of $484M. That is $120M more than in Q3 2025 ($364M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.9B; the largest uses were other investing ($974M), buybacks ($829M), other financing ($576M); besides operations, cash came from shares issued ($27.5M); the cash balance fell by $893M.

Operating cash flow was $560M against net income of $193M — 2.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$282M, payables +$122M, inventory −$79.9M.

Its cash conversion cycle was 384 days (receivables 80 + inventory 359 − payables 55).

Free cash flow

Zimmer Biomet Holdings: free cash flow by quarterZimmer Biomet Holdings: free cash flow by quarter$455MQ4 2024$338MQ1 2025$328MQ2 2025$364MQ3 2025$443MQ4 2025$323MQ1 2026$394MQ2 2026$484MQ3 2026
Operating cash flow less capital spending.
Zimmer Biomet Holdings: operating cash flow against capital spendingZimmer Biomet Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$506M$51.5MQ4 2024$383M$44.6MQ1 2025$378M$50.1MQ2 2025$419M$55.0MQ3 2025$517M$74.8MQ4 2025$359M$36.3MQ1 2026$448M$54.2MQ2 2026$560M$75.8MQ3 2026
Latest (Q3 2026): Operating cash flow $560M, Capital spending $75.8M.

Capital allocation, year by year

Zimmer Biomet Holdings: where the cash came from (up) and went (down), by fiscal yearZimmer Biomet Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.5BFY2021: Net borrowing $1.6BFY2021: Shares issued $122MFY2021: Capital spending −$144MFY2021: Dividends −$200M$3.2BFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing $590MFY2022: Shares issued $78.1MFY2022: Capital spending −$188MFY2022: Buybacks −$126MFY2022: Dividends −$201M$2.0BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing −$184MFY2023: Shares issued $101MFY2023: Capital spending −$291MFY2023: Buybacks −$692MFY2023: Dividends −$201M$1.7BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing $1.3BFY2024: Shares issued $82.1MFY2024: Capital spending −$204MFY2024: Buybacks −$868MFY2024: Dividends −$196M$2.9BFY2024FY2025: Operating cash flow $1.7BFY2025: Net borrowing $2.5BFY2025: Shares issued $39.7MFY2025: Capital spending −$224MFY2025: Buybacks −$487MFY2025: Dividends −$190M$4.2BFY2025
Over these 5 years operating cash flow totalled $7.6B; the largest uses were buybacks ($2.2B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$400M
Debt$7.5B
Net debt$7.1B
Due within a year$1.3B

Zimmer Biomet Holdings funds itself: free cash flow was $1.6B over the last twelve months, and $400M of cash and investments stands against $7.5B of debt ($1.3B due within a year, 0.3× covered by cash).

Where the cash came from and went

Zimmer Biomet Holdings: sources (+) and uses (−) of cash, Q3 2026Zimmer Biomet Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$560MOther investing−$468MNet borrowing (+) / repaid (−)$90.0MBuybacks−$78.5MCapital spending−$75.8MDividends−$45.8MShares issued$13.4MCash drawn (+) / kept (−)$10.0MOther financing−$6.3MExchange rates$400KNot reconciled$100K
Zimmer Biomet Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Zimmer Biomet Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.9BOther investing−$974MCash drawn (+) / kept (−)$893MBuybacks−$829MOther financing−$576MCapital spending−$241MDividends−$187MShares issued$27.5MExchange rates$2.3M

From profit to cash

Zimmer Biomet Holdings: net income to operating cash flow, Q3 2026Zimmer Biomet Holdings: net income to operating cash flow, Q3 2026Net income$193MDepreciation & amortization$282MStock-based pay$24.2MReceivables−$24.9MInventory−$79.9MPayables$122MIncome taxes payable$4.9MOther operating capital$39.2MOperating cash flow$560M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20268035955384
Q2 20267332351345
Q1 20267435452376
Q4 20256827736309
Q3 20257440655425
Q2 20256936150380
Q1 20257136741397
Q4 20246736141388

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$560M−$75.8M−$78.5M−$45.8M$90.0M$13.4M$10.0M$484M
Q2 2026$448M−$54.2M−$251M−$46.5M—$100K$14.2M$394M
Q1 2026$359M−$36.3M−$250M−$46.9M—$12.3M$168M$323M
Q4 2025$517M−$74.8M−$250M−$47.5M—$1.7M$701M$443M
Q3 2025$419M−$55.0M—−$47.5M$744M$20.9M−$736M$364M
Q2 2025$378M−$50.1M−$7.2M−$47.5M$220M$400K$828M$328M
Q1 2025$383M−$44.6M−$230M−$47.8M$1.7B$16.7M−$859M$338M
Q4 2024$506M−$51.5M−$72.2M−$48.0M$736M$500K$43.6M$455M

Zimmer Biomet Holdings: income statement and cash flow

Zimmer Biomet Holdings, Q3 2026: revenue $2.1B (+3% year over year), operating margin 14.9%. The chart follows the revenue to costs, profit and cash.

Zimmer Biomet Holdings: 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.