Smith & Nephew plc (SNN) Income Statement
SNN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSNN revenue and net income
Where SNN's revenue goes
2025Each bar shows an amount and its share of revenue. SNN kept 10.1% of revenue as net income.
SNN profit margins
SNN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.1% | +5.7% | +6.2% | +2.9% |
| Gross profit | +3.1% | +4.4% | +5.8% | +1.9% |
| Operating income | +20.9% | +20.8% | +21.9% | +2.4% |
| Net income | +51.7% | +41.0% | +6.9% | +4.3% |
| EPS (diluted) | −28.3% | +41.6% | −7.0% | −10.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SNN quarterly EPS vs estimates
Smith & Nephew beat the analyst EPS estimate in 3 of the last 8 quarters.
SNN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.16B | $5.81B | $5.55B | $5.21B | $5.21B | $4.56B | $5.14B | $4.90B | $4.76B | $4.67B |
| Cost of revenue | $1.96B | $1.73B | $1.65B | $1.51B | $1.51B | $1.38B | $1.33B | $1.30B | $1.25B | $1.27B |
| Gross profit | $4.21B | $4.08B | $3.90B | $3.70B | $3.70B | $3.18B | $3.81B | $3.61B | $3.52B | $3.40B |
| Research & development | $346.0M | $343.0M | $339.0M | $345.0M | $356.0M | $307.0M | $292.0M | $246.0M | $223.0M | $230.0M |
| Sales, general & admin | $2.79B | $2.65B | $2.60B | $2.44B | $2.39B | $2.56B | $2.31B | $2.19B | $2.15B | $2.03B |
| Total operating expenses | $3.41B | $3.42B | $3.47B | $3.25B | $3.10B | $2.88B | $2.99B | $2.74B | $2.58B | $2.60B |
| Operating income | $794.0M | $657.0M | $425.0M | $450.0M | $593.0M | $295.0M | $815.0M | $863.0M | $934.0M | $801.0M |
| Interest income | $28.0M | $24.0M | $34.0M | $14.0M | $6.0M | $6.0M | $43.0M | $52.0M | $37.0M | $43.0M |
| Interest expense | $141.3M | $150.1M | $132.5M | $80.0M | $80.0M | $62.5M | $65.3M | $58.9M | $57.6M | $51.9M |
| Income before taxes | $779.0M | $498.0M | $290.0M | $235.0M | $586.0M | $246.0M | $743.0M | $781.0M | $879.0M | $1.06B |
| Income taxes | $154.0M | $86.0M | $27.0M | $12.0M | $62.0M | −$202.0M | $143.0M | $118.0M | $112.0M | $278.0M |
| Net income | $625.0M | $412.0M | $263.0M | $223.0M | $524.0M | $448.0M | $600.0M | $663.0M | $767.0M | $784.0M |
| EBITDA | $1.45B | $1.44B | $1.27B | $1.21B | $1.27B | $978.0M | $1.48B | $1.40B | $1.31B | $1.33B |
| EPS (diluted) | $0.71 | $0.99 | $1.66 | $0.25 | $1.26 | $1.02 | $4.03 | $2.63 | $1.35 | $1.32 |
| Gross margin | 68.3% | 70.2% | 70.2% | 70.9% | 71.0% | 69.7% | 74.1% | 73.5% | 73.8% | 72.8% |
| Operating margin | 12.9% | 11.3% | 7.7% | 8.6% | 11.4% | 6.5% | 15.9% | 17.6% | 19.6% | 17.2% |
| Net margin | 10.1% | 7.1% | 4.7% | 4.3% | 10.1% | 9.8% | 11.7% | 13.5% | 16.1% | 16.8% |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.10B | $3.20B | $2.96B | $2.98B | $2.83B | $1.41B | $2.81B | $1.41B | $2.73B | $1.37B | $2.62B | $1.31B |
| Cost of revenue | $901.0M | $1.09B | $870.0M | $878.0M | $853.0M | $426.5M | $818.0M | $410.5M | $836.0M | $418.0M | $747.0M | $373.5M |
| Gross profit | $2.20B | $2.12B | $2.09B | $2.10B | $1.97B | $987.0M | $2.00B | $997.0M | $1.90B | $949.0M | $1.87B | $934.0M |
| Research & development | $150.0M | $203.0M | $143.0M | $206.0M | $137.0M | $68.5M | $219.0M | $109.5M | $166.0M | $83.0M | $222.0M | $134.0M |
| Sales, general & admin | — | $1.26B | $1.43B | $1.38B | $1.36B | — | $1.34B | — | $1.31B | — | $1.26B | — |
| Total operating expenses | $1.75B | $1.75B | $1.66B | $1.78B | $1.65B | $830.0M | $1.85B | $930.5M | $1.62B | $821.5M | $1.66B | $901.5M |
| Operating income | $448.0M | $365.0M | $429.0M | $329.0M | $328.0M | $164.0M | $150.0M | $203.5M | $275.0M | $137.5M | $208.0M | $211.5M |
| Interest income | — | $56.0M | $55.0M | $68.0M | $63.0M | — | $64.0M | — | $64.0M | — | $174.0M | — |
| Interest expense | $55.0M | $74.7M | $81.7M | $91.1M | $82.0M | — | $77.1M | — | $62.4M | $22.0M | $48.0M | $17.0M |
| Income before taxes | $380.0M | $417.0M | $362.0M | $245.0M | $253.0M | $126.5M | $79.0M | $39.5M | $211.0M | $105.5M | $31.0M | $15.5M |
| Income taxes | $77.0M | $85.0M | $69.0M | $47.0M | $39.0M | $19.5M | −$12.0M | $6.0M | $39.0M | $19.5M | −$15.0M | $7.5M |
| Net income | $303.0M | $332.0M | $293.0M | $198.0M | $214.0M | $107.0M | $91.0M | $45.5M | $172.0M | $86.0M | $46.0M | $23.0M |
| EBITDA | $748.0M | $746.9M | $702.0M | $930.2M | $601.0M | $260.0M | $852.5M | $272.5M | $561.0M | $286.0M | $718.8M | $281.5M |
| EPS (diluted) | — | $0.38 | $0.33 | $0.23 | $0.76 | $0.00 | $1.31 | $0.00 | $0.35 | $0.00 | $0.05 | $0.00 |
| Gross margin | 70.9% | 66.1% | 70.6% | 70.6% | 69.8% | 69.8% | 70.9% | 70.8% | 69.4% | 69.4% | 71.4% | 71.4% |
| Operating margin | 14.5% | 11.4% | 14.5% | 11.0% | 11.6% | 11.6% | 5.3% | 14.5% | 10.1% | 10.1% | 8.0% | 16.2% |
| Net margin | 9.8% | 10.4% | 9.9% | 6.6% | 7.6% | 7.6% | 3.2% | 3.2% | 6.3% | 6.3% | 1.8% | 1.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SNN's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SNN financial results
In fiscal year 2025 (ended December 31, 2025), Smith & Nephew reported revenue of $6.2 billion, up 6.1% from the year before. It had net income of $625.0 million (up 51.7%), a net profit margin of 10.1%. Diluted earnings per share came to $0.71. Over five years revenue grew at an average rate of 6.2% a year.
See the SNN stock overview for the latest quote and news, or the SNN chart for price history and technical indicators.
SNN income statement FAQ
What is Smith & Nephew's annual revenue?
Smith & Nephew reported total revenue of $6.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.1% from $5.8 billion the previous year.
Is Smith & Nephew profitable?
Yes. Smith & Nephew reported net income of $625.0 million in fiscal 2025, a net profit margin of 10.1%; its operating margin was 12.9%.
What is Smith & Nephew's gross margin?
Smith & Nephew's gross margin was 68.3% in fiscal 2025: for every $100 of revenue, Smith & Nephew kept $68 after the direct cost of its products and services.
How much does Smith & Nephew spend on research and development?
Smith & Nephew spent $346.0 million on research and development in fiscal 2025, 5.6% of revenue.
How fast is Smith & Nephew growing?
Revenue grew 6.2% a year on average over the last five fiscal years, from $4.6 billion to $6.2 billion.
What are Smith & Nephew's earnings per share?
Smith & Nephew earned $0.71 per diluted share in fiscal 2025, compared with $0.99 a year earlier.
When does Smith & Nephew's fiscal year end?
Smith & Nephew's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.