Zimmer Biomet Holdings, Inc. (ZBH) Income Statement
ZBH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsZBH revenue and net income
Where ZBH's revenue goes
2025Each bar shows an amount and its share of revenue. ZBH kept 8.6% of revenue as net income.
ZBH profit margins
ZBH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.2% | +5.9% | +6.1% | +3.2% |
| Gross profit | −7.6% | +1.0% | +3.3% | +1.9% |
| Operating income | +6.0% | +25.1% | +75.0% | +11.3% |
| Net income | −22.0% | +45.0% | — | +17.0% |
| EPS (diluted) | +2.5% | +6.0% | +7.7% | +1.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ZBH quarterly EPS vs estimates
Zimmer Biomet beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.89).
ZBH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.23B | $7.68B | $7.39B | $6.94B | $6.83B | $6.13B | $7.98B | $7.93B | $7.80B | $7.67B |
| Cost of revenue | $3.16B | $2.19B | $2.08B | $2.02B | $1.96B | $1.82B | $2.25B | $2.27B | $2.13B | $2.38B |
| Gross profit | $5.07B | $5.49B | $5.31B | $4.92B | $4.87B | $4.30B | $5.73B | $5.66B | $5.67B | $5.29B |
| Research & development | $458.5M | $437.4M | $458.7M | $406.0M | $435.8M | $322.8M | $449.3M | $391.7M | $369.9M | $365.6M |
| Sales, general & admin | $3.24B | $2.93B | $2.84B | $2.76B | $3.32B | $3.18B | $3.34B | $3.38B | $3.63B | $2.94B |
| Total operating expenses | $3.71B | $4.20B | $4.03B | $4.22B | $4.01B | $4.22B | $4.59B | $5.63B | $4.87B | $4.47B |
| Operating income | $1.36B | $1.29B | $1.28B | $696.3M | $860.3M | $83.1M | $1.14B | $33.8M | $799.3M | $821.1M |
| Interest income | $292.8M | $218.0M | $201.2M | $164.8M | $208.4M | $212.0M | $237.9M | $3.3M | $2.2M | $2.9M |
| Interest expense | $292.8M | $218.0M | $201.2M | $164.8M | $208.4M | $212.1M | $226.9M | $289.3M | $325.3M | $355.0M |
| Income before taxes | $830.8M | $1.04B | $1.07B | $403.5M | $499.0M | −$105.2M | $905.8M | −$271.1M | $464.6M | $399.6M |
| Income taxes | $125.7M | $131.4M | $42.2M | $112.3M | $53.5M | −$96.0M | −$225.7M | $108.2M | −$1.35B | $95.0M |
| Net income | $705.2M | $903.8M | $1.02B | $231.4M | $401.6M | −$138.9M | $1.13B | −$379.2M | $1.81B | $305.9M |
| EBITDA | $2.22B | $2.25B | $2.22B | $1.49B | $1.65B | $1.01B | $2.14B | $1.06B | $1.85B | $1.79B |
| EPS (diluted) | $8.20 | $8.00 | $7.56 | $6.89 | $7.37 | $5.67 | $7.87 | $7.64 | $8.03 | $7.95 |
| Gross margin | 61.6% | 71.5% | 71.8% | 70.9% | 71.3% | 70.2% | 71.8% | 71.4% | 72.7% | 68.9% |
| Operating margin | 16.5% | 16.7% | 17.3% | 10.0% | 12.6% | 1.4% | 14.3% | 0.4% | 10.2% | 10.7% |
| Net margin | 8.6% | 11.8% | 13.8% | 3.3% | 5.9% | −2.3% | 14.2% | −4.8% | 23.2% | 4.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.18B | $2.09B | $2.24B | $2.00B | $2.08B | $1.91B | $2.02B | $1.82B | $1.94B | $1.89B | $1.94B | $1.75B |
| Cost of revenue | $635.5M | $576.2M | $792.4M | $559.3M | $592.2M | $549.8M | $586.7M | $538.6M | $553.6M | $512.3M | $538.8M | $518.6M |
| Gross profit | $1.54B | $1.51B | $1.45B | $1.44B | $1.49B | $1.36B | $1.44B | $1.29B | $1.39B | $1.38B | $1.40B | $1.24B |
| Research & development | $104.8M | $103.4M | $118.8M | $115.9M | $113.3M | $110.6M | $108.5M | $111.6M | $109.4M | $107.9M | $113.3M | $116.9M |
| Sales, general & admin | $899.3M | $849.9M | $855.7M | $811.4M | $814.8M | $758.8M | $746.9M | $709.7M | $737.1M | $736.2M | $722.3M | $674.9M |
| Total operating expenses | $1.22B | $1.14B | $1.16B | $1.09B | $1.19B | $1.07B | $1.05B | $1.01B | $1.04B | $1.11B | $1.05B | $968.4M |
| Operating income | $326.1M | $373.2M | $287.8M | $351.3M | $300.0M | $292.3M | $389.0M | $279.5M | $351.3M | $265.9M | $354.2M | $266.6M |
| Interest income | — | — | $71.9M | $75.4M | $79.3M | $66.2M | $61.9M | $54.3M | — | — | — | $51.1M |
| Interest expense | $72.9M | $68.8M | $71.9M | $75.4M | $79.3M | $66.2M | $61.9M | $54.3M | $51.1M | $50.7M | $50.3M | $51.1M |
| Income before taxes | $255.1M | $301.3M | $98.0M | $279.2M | $224.6M | $229.0M | $289.0M | $230.3M | $302.2M | $215.1M | $284.5M | $219.2M |
| Income taxes | $55.5M | $63.0M | −$39.9M | $48.0M | $71.2M | $46.5M | $48.9M | −$18.9M | $59.1M | $42.3M | −$135.2M | $56.4M |
| Net income | $198.3M | $238.1M | $139.5M | $230.9M | $152.8M | $182.0M | $239.5M | $249.1M | $242.8M | $172.4M | $419.2M | $162.7M |
| EBITDA | $598.8M | $646.2M | $453.9M | $638.2M | $575.7M | $549.6M | $614.5M | $535.5M | $596.5M | $504.4M | $576.0M | $511.5M |
| EPS (diluted) | $2.07 | $2.09 | $2.42 | $1.90 | $2.07 | $1.81 | $2.31 | $1.74 | $2.01 | $1.94 | $2.20 | $1.65 |
| Gross margin | 70.8% | 72.4% | 64.7% | 72.1% | 71.5% | 71.2% | 71.0% | 70.5% | 71.5% | 72.9% | 72.2% | 70.4% |
| Operating margin | 15.0% | 17.9% | 12.8% | 17.6% | 14.4% | 15.3% | 19.2% | 15.3% | 18.1% | 14.1% | 18.3% | 15.2% |
| Net margin | 9.1% | 11.4% | 6.2% | 11.5% | 7.4% | 9.5% | 11.8% | 13.7% | 12.5% | 9.1% | 21.6% | 9.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ZBH's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ZBH financial results
In fiscal year 2025 (ended December 31, 2025), Zimmer Biomet reported revenue of $8.2 billion, up 7.2% from the year before. It had net income of $705.2 million (down 22.0%), a net profit margin of 8.6%. Diluted earnings per share came to $8.20. Over five years revenue grew at an average rate of 6.1% a year.
See the ZBH stock overview for the latest quote and news, or the ZBH chart for price history and technical indicators.
ZBH income statement FAQ
What is Zimmer Biomet's annual revenue?
Zimmer Biomet reported total revenue of $8.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.2% from $7.7 billion the previous year.
Is Zimmer Biomet profitable?
Yes. Zimmer Biomet reported net income of $705.2 million in fiscal 2025, a net profit margin of 8.6%; its operating margin was 16.5%.
What is Zimmer Biomet's gross margin?
Zimmer Biomet's gross margin was 61.6% in fiscal 2025: for every $100 of revenue, Zimmer Biomet kept $62 after the direct cost of its products and services.
How much does Zimmer Biomet spend on research and development?
Zimmer Biomet spent $458.5 million on research and development in fiscal 2025, 5.6% of revenue.
How fast is Zimmer Biomet growing?
Revenue grew 6.1% a year on average over the last five fiscal years, from $6.1 billion to $8.2 billion.
What are Zimmer Biomet's earnings per share?
Zimmer Biomet earned $8.20 per diluted share in fiscal 2025, compared with $8.00 a year earlier.
When will Zimmer Biomet report its next earnings?
Zimmer Biomet is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does Zimmer Biomet's fiscal year end?
Zimmer Biomet's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.