Jun 2026 (Q2 FY26) — Aug 5, 2026
Zimmer Biomet Q2 FY26 — Strong Performance Drives Upgraded Full-Year Outlook
Read the full callZimmer Biomet (ZBH) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Zimmer Biomet earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,177 | +4.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 15.0 | +0.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 198 | +29.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
25 of 26 judged targets kept · 53 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| ROSA with OptimiZe next-generation kinematic knee robot launch | launching next-generation ROSA (OptimiZe) before the end of 2025 | Jun 2025 | driven by both ROSA with Optimize | Achieved |
| Adjusted diluted EPS | $8.30 to $8.45 | Dec 2025 | we are increasing our adjusted earnings per share expectations for the year to a range of $8.47 to $8.59 and versus our prior guidance of $8.40 to $8.55. | Revised Up |
| Free cash flow growth | 8% to 10% growth | Dec 2025 | We continue to expect to grow free cash flow 9% to 11%. | On Track |
1 of ZIMMER BIOMET HOLDINGS, INC.'s 79 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 76 more targets are in the full ledger.
Claimed
- Net sales of $2.177 billion, representing 4.8% reported growth and 4% organic constant currency growth.
- U.S. organic constant currency growth of 4.6%, demonstrating strong progress in sales force transformation.
- Hips segment delivered 5.1% constant currency growth, with U.S. Hips up 5.9% driven by the 'hip triple play'.
- Technology & Data, Bone Cement and Surgical segment grew 21.5%, with U.S. technology sales up over 50%.
- Full-year organic constant currency revenue guidance raised to 2.25%-3.25% from 1%-3%, and adjusted EPS guidance raised to $8.47-$8.59 from $8.40-$8.55.
Qualified
- Pricing was an 80 basis point headwind in the quarter.
- Adjusted gross margin declined 120 basis points year-over-year to 71.1% due to increased manufacturing costs.
- Adjusted operating margin decreased 210 basis points year-over-year to 25.7% due to investments in the U.S. commercial organization.
- MIS segment declined 1.5% internationally, heavily impacted by China and core emerging markets.
- Continued pressure in the trauma and restorative therapies segments partially offset S.E.T. growth.
Price
$94.38 +2.84% · +$2.61
Performance −4.1% 1Y
1Y: $98.37 on 14 Oct 2025 → $94.38. High $103.98 (22 Oct 2025), low $79.58 (11 May 2026).
- Previous close
- $91.77
- 52-week range
- $79.58 – $103.98
- One year
- −5.03%
Overview
- Symbol
- ZBH
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
25 of 26 judged targets kept · 53 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| ROSA with OptimiZe next-generation kinematic knee robot launch | launching next-generation ROSA (OptimiZe) before the end of 2025 | Jun 2025 | driven by both ROSA with Optimize | Achieved |
| Adjusted diluted EPS | $8.30 to $8.45 | Dec 2025 | we are increasing our adjusted earnings per share expectations for the year to a range of $8.47 to $8.59 and versus our prior guidance of $8.40 to $8.55. | Revised Up |
| Free cash flow growth | 8% to 10% growth | Dec 2025 | We continue to expect to grow free cash flow 9% to 11%. | On Track |
Claimed
- Net sales of $2.177 billion, representing 4.8% reported growth and 4% organic constant currency growth.
- U.S. organic constant currency growth of 4.6%, demonstrating strong progress in sales force transformation.
- Hips segment delivered 5.1% constant currency growth, with U.S. Hips up 5.9% driven by the 'hip triple play'.
- Technology & Data, Bone Cement and Surgical segment grew 21.5%, with U.S. technology sales up over 50%.
- Full-year organic constant currency revenue guidance raised to 2.25%-3.25% from 1%-3%, and adjusted EPS guidance raised to $8.47-$8.59 from $8.40-$8.55.
Qualified
- Pricing was an 80 basis point headwind in the quarter.
- Adjusted gross margin declined 120 basis points year-over-year to 71.1% due to increased manufacturing costs.
- Adjusted operating margin decreased 210 basis points year-over-year to 25.7% due to investments in the U.S. commercial organization.
- MIS segment declined 1.5% internationally, heavily impacted by China and core emerging markets.
- Continued pressure in the trauma and restorative therapies segments partially offset S.E.T. growth.
The full ledger
Open ZIMMER BIOMET HOLDINGS, INC.’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Zimmer Biomet Q1 FY26 — Strong Start with Sales Growth and Raised EPS Guidance
Read the full callEvery analysed call
Zimmer Biomet earnings calls (ZBH)
Financials
What the filings say
Net profit, year on year: +30% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,824 | 2,023 | 1,909 | 2,077 | 2,001 | 2,244 | 2,087 | 2,177 |
| Expenses | 1,545 | 1,634 | 1,617 | 1,777 | 1,650 | 2,089 | 1,714 | 1,851 |
| Operating profit | 280 | 389 | 292 | 300 | 351 | 155 | 373 | 326 |
| Operating margin | 15.3% | 19.2% | 15.3% | 14.4% | 17.6% | 6.9% | 17.9% | 15.0% |
| Profit before tax | 230 | 289 | 229 | 225 | 279 | 98 | 301 | 255 |
| Tax rate | −8.2% | 16.9% | 20.3% | 31.7% | 17.2% | −40.8% | 20.9% | 21.8% |
| Net profit | 249 | 240 | 182 | 153 | 231 | 139 | 238 | 198 |
| EPS ($ per share) | 1.23 | — | 0.92 | 0.77 | 1.17 | — | 1.22 | 1.03 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 9,491 | 10,427 | 10,087 | 10,292 | 9,559 | 10,385 | 11,095 | 11,611 |
| Total liabilities | 12,851 | 12,246 | 12,218 | 10,790 | 9,039 | 9,009 | 8,889 | 10,386 |
| Fixed assets | 2,015 | 2,077 | 2,048 | 1,837 | 1,873 | 2,060 | 2,049 | 2,207 |
| Total assets | 24,127 | 24,639 | 24,418 | 23,456 | 21,066 | 21,497 | 21,365 | 23,092 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,747 | 1,586 | 1,205 | 1,499 | 1,356 | 1,582 | 1,499 | 1,697 |
| Cash from investing | -417 | -729 | -614 | -504 | — | -779 | -888 | -1,976 |
| Cash from financing | -1,302 | -780 | -422 | -1,306 | — | -763 | -484 | 326 |
| Net cash flow | 18 | 75 | 184 | -324 | -103 | 40 | 110 | 66 |
| Capital expenditure | -163 | -207 | -112 | -144 | -188 | -291 | -204 | -224 |
| Free cash flow | 1,585 | 1,379 | 1,093 | 1,356 | 1,168 | 1,291 | 1,296 | 1,473 |
ZBH revenue by segment
Knees shrank from 41% to 38% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Knees | 41% | 41% | 42% | 40% | 40% | 41% | 40% | 38% | +0.4% |
| SET | 25% | 24% | 25% | 27% | 27% | 26% | 27% | 27% | +6.4% |
| Hips | 26% | 26% | 26% | 26% | 25% | 25% | 25% | 26% | +5.0% |
| Technology and Data Bone Cement and Surgical | — | — | 8% | 8% | 8% | 8% | 8% | 9% | +21.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- Americas 62%
- US 57% ↓ 1 pt
- Others Countries 43% ↑ 1 pt
- EMEA 22% ↑ 1 pt
- Asia Pacific 16% ↓ 2 pt
As ZBH cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
74 filings between Nov 10, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.58M
6 sales by 4 insiders
Compensation
not trading decisions- 36
- Option exercise — converted options into shares
- 32
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Thornal Kevin R | — | $529.0K | Sep 11, 2026 |
| Yi Sang | — | $509.7K | May 29, 2026 |
| Phipps Chad F | — | $295.1K | Sep 4, 2026 |
| Winkler Lori | — | $250.8K | Mar 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Campbell Gary Craig President, Americas | Option exercise | 1,218 | $0 |
| Oct 1, 2026 | Campbell Gary Craig President, Americas | Tax withheld | 480 | $42.4K |
| Oct 1, 2026 | Campbell Gary Craig President, Americas | Tax withheld | 932 | $82.4K |
| Oct 1, 2026 | Campbell Gary Craig President, Americas | Option exercise | 2,368 | $0 |
| Sep 11, 2026 | Thornal Kevin R Grp Pres-Global Business | Sale | 5,691 | $529.0K |
| Sep 4, 2026 | Phipps Chad F See remarks below. | Sale | 3,000 | $295.1K |
| Aug 1, 2026 | Thornal Kevin R Grp Pres-Global Business | Option exercise | 9,957 | $0 |
| Aug 1, 2026 | Thornal Kevin R Grp Pres-Global Business | Tax withheld | 4,266 | $395.4K |
| May 29, 2026 | Yi Sang Group President, Asia Pacific | Sale | 800 | $66.1K |
| May 29, 2026 | Yi Sang Group President, Asia Pacific | Sale | 4,200 | $347.1K |
| Apr 1, 2026 | Noor Jehanzeb See remarks below. | Option exercise | 6,626 | $0 |
| Apr 1, 2026 | Noor Jehanzeb See remarks below. | Tax withheld | 1,677 | $152.1K |
| Mar 12, 2026 | Winkler Lori SVP and CHRO | Sale | 2,650 | $250.8K |
| Mar 6, 2026 | Upadhyay Suketu Exec VP, CFO | Tax withheld | 2,029 | $187.8K |
| Mar 6, 2026 | Winkler Lori SVP and CHRO | Option exercise | 3,935 | $0 |
| Mar 6, 2026 | Upadhyay Suketu Exec VP, CFO | Option exercise | 4,559 | $0 |
| Mar 6, 2026 | Tornos Ivan Chairman, President and CEO | Option exercise | 5,438 | $0 |
| Mar 6, 2026 | Upadhyay Suketu Exec VP, CFO | Option exercise | 10,217 | $0 |
| Mar 6, 2026 | Tornos Ivan Chairman, President and CEO | Option exercise | 4,830 | $0 |
| Mar 6, 2026 | Upadhyay Suketu Exec VP, CFO | Tax withheld | 4,547 | $420.8K |
| Mar 6, 2026 | Tornos Ivan Chairman, President and CEO | Tax withheld | 13,516 | $1.25M |
| Mar 6, 2026 | Tornos Ivan Chairman, President and CEO | Option exercise | 24,436 | $0 |
| Mar 6, 2026 | Tornos Ivan Chairman, President and CEO | Tax withheld | 2,671 | $247.2K |
| Mar 6, 2026 | Stellato Paul A VP, Controller, CAO | Tax withheld | 282 | $26.1K |
| Mar 6, 2026 | Stellato Paul A VP, Controller, CAO | Option exercise | 607 | $0 |
| Mar 6, 2026 | Tornos Ivan Chairman, President and CEO | Tax withheld | 3,008 | $278.4K |
| Mar 6, 2026 | Phipps Chad F See remarks below. | Option exercise | 2,094 | $0 |
| Mar 6, 2026 | Winkler Lori SVP and CHRO | Tax withheld | 1,549 | $143.3K |
| Mar 6, 2026 | Winkler Lori SVP and CHRO | Option exercise | 1,699 | $0 |
| Mar 6, 2026 | Winkler Lori SVP and CHRO | Tax withheld | 629 | $58.2K |
| Mar 6, 2026 | Phipps Chad F See remarks below. | Option exercise | 4,692 | $0 |
| Mar 6, 2026 | Stellato Paul A VP, Controller, CAO | Option exercise | 1,363 | $0 |
| Mar 6, 2026 | Yi Sang Group President, Asia Pacific | Option exercise | 7,050 | $0 |
| Mar 6, 2026 | VAN ZUILEN WILFRED Group Pres, EMEA | Tax withheld | 562 | $52.0K |
| Mar 6, 2026 | VAN ZUILEN WILFRED Group Pres, EMEA | Option exercise | 2,161 | $0 |
| Mar 6, 2026 | VAN ZUILEN WILFRED Group Pres, EMEA | Tax withheld | 1,260 | $116.6K |
| Mar 6, 2026 | Stellato Paul A VP, Controller, CAO | Tax withheld | 633 | $58.6K |
| Mar 6, 2026 | Phipps Chad F See remarks below. | Tax withheld | 1,889 | $174.8K |
| Mar 6, 2026 | VAN ZUILEN WILFRED Group Pres, EMEA | Option exercise | 4,843 | $0 |
| Mar 6, 2026 | Yi Sang Group President, Asia Pacific | Option exercise | 2,364 | $0 |
| Mar 6, 2026 | Phipps Chad F See remarks below. | Tax withheld | 843 | $78.0K |
| Feb 25, 2026 | VAN ZUILEN WILFRED Group Pres, EMEA | Tax withheld | 828 | $82.4K |
| Feb 25, 2026 | Phipps Chad F See remarks below. | Option exercise | 2,626 | $0 |
| Feb 25, 2026 | VAN ZUILEN WILFRED Group Pres, EMEA | Option exercise | 3,182 | $0 |
| Feb 25, 2026 | Winkler Lori SVP and CHRO | Tax withheld | 924 | $91.9K |
| Feb 25, 2026 | Winkler Lori SVP and CHRO | Option exercise | 2,347 | $0 |
| Feb 25, 2026 | Tornos Ivan Chairman, President and CEO | Tax withheld | 10,557 | $1.05M |
| Feb 25, 2026 | Tornos Ivan Chairman, President and CEO | Option exercise | 19,090 | $0 |
| Feb 25, 2026 | Stellato Paul A VP, Controller, CAO | Tax withheld | 402 | $40.0K |
| Feb 25, 2026 | Stellato Paul A VP, Controller, CAO | Option exercise | 820 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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