Stryker Corporation is a global leader in medical technologies, operating in the MedSurg, Neurotechnology, and Orthopaedics sectors. The company's products are sold in approximately 61 countries through company-owned subsidiaries and branches as well as third-party dealers and distributors. Stryker's products include surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling, emergency medical equipment and intensive care disposable products; clinical communication and artificial intelligence-assisted virtual care platform technology; products for traditional brain and open skull-based surgical procedures; minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke and venous thromboembolism; implants used in joint replacement and trauma surgeries; Mako robotic-arm assisted technology; as well as other products used in a variety of medical specialties. Most products are marketed directly to doctors, hospitals and other healthcare facilities. The company impacts more than 150 million patients annually.

Stryker is one of five leading global competitors in Instruments, the other four being Zimmer Biomet Holdings, Inc., Medtronic plc, Johnson & Johnson MedTech, and ConMed Linvatec, Inc. In Endoscopy, Stryker is one of seven leading global competitors, with the other six being Karl Storz GmbH & Co., Olympus Optical Co. Ltd., Smith & Nephew plc, ConMed Linvatec, Arthrex, Inc., and STERIS plc. In Medical, Stryker is one of five leading global competitors, the other four being Baxter International Inc., Zoll Medical Corporation, Medline Industries, and Ferno-Washington, Inc. In Vascular and Neuro Cranial, Stryker is one of five leading global competitors, the other four being Medtronic, Johnson & Johnson MedTech, Terumo Corporation, and Penumbra, Inc. For joint replacement and trauma and extremities products and robotics, Stryker is one of four leading global competitors, the other three being Zimmer, Johnson & Johnson MedTech, and Smith & Nephew. The company believes its commitment to innovation, quality and service and its reputation differentiates it in the highly competitive product categories in which it operates.

Stryker generates revenue through the sale of medical technologies and services across two reportable business segments: MedSurg and Neurotechnology and Orthopaedics. The company's goal is to achieve sales growth at the high-end of the medical technology (MedTech) industry and maintain a long-term capital allocation strategy that prioritizes acquisitions, dividends, and share repurchases. The business is generally not seasonal in nature, though the number of orthopaedic implant surgeries is typically lower in the summer months, and sales of capital equipment are generally higher in the fourth quarter.

The MedSurg and Neurotechnology segment reported net sales of $15,647 ¹ in 2025, representing 62% of total net sales, compared to $13,518 ² in 2024 and $12,163 ³ in 2023. This segment includes Instruments, which generated $3,183 ⁴ in 2025 (20% of segment sales), Endoscopy at $3,807 ⁵ (24%), Medical at $4,204 ⁶ (27%), Vascular at $1,968 ⁷ (13%), and Neuro Cranial at $2,485 ⁸ (16%). In 2025, Instruments launched Steri-Shield 8, a lighter, more comfortable, and more customizable operating room personal protection system. Endoscopy continued to deliver its 4K 1788 Camera platform and launched the Connected OR IP BRAVoE integration portfolio. Medical continued the global launch of the LIFEPAK 35 monitor/defibrillator and launched the Vocera Sync Badge. Vascular launched the Broadway System in the United States and accelerated the launch of the Surpass Elite Flow Diverting Stent in the United States, Europe, and parts of Asia-Pacific. Neuro Cranial launched OptaBlate BVN in 2025, a radiofrequency nerve ablation system.

The Orthopaedics segment reported net sales of $9,469 ⁹ in 2025, representing 38% of total net sales, compared to $9,077 ¹⁰ in 2024 and $8,335 ¹¹ in 2023. This segment includes Knees at $2,656 ¹² (28% of segment sales), Hips at $1,865 ¹³ (20%), Trauma and Extremities at $3,948 ¹⁴ (42%), Spinal Implants at $185 ¹⁵ (2%), and Other at $815 ¹⁶ (9%). In 2025, Stryker continued to expand the global footprint of Mako SmartRobotics, which is now available in more than 45 countries. To date, over one million robotic Mako Total Knee procedures and more than two million robotic procedures across Mako Total Knee, Mako Total Hip, and Mako Partial Knee have been performed worldwide. The company introduced the Mako 4 platform, built around the Q-Guidance system, and received 510(k) clearance for Mako Total Hip with Advanced Primary and Revision with full market release in the third quarter of 2025. Stryker also introduced Mako Shoulder, which expands the SmartRobotics suite of applications, with full commercial launch in the United States planned for the first quarter of 2026.

In 2025, Stryker completed various acquisitions for total consideration of $4,960 ¹⁷, net of cash acquired, including the acquisition of Inari Medical, Inc. and the acquisitions of Guard Medical Inc. and Advanced Medical Balloons. In February 2025, the company entered into a new revolving credit agreement, increasing the aggregate principal amount by $750 ¹⁸ to $3,000 ¹⁹ and extending the maturity date to February 25, 2030. Also in February 2025, Stryker issued $500 ²⁰ of 4.550% senior unsecured notes due 2027, $700 ²¹ of 4.700% senior unsecured notes due 2028, $800 ²² of 4.850% senior unsecured notes due 2030, and $1,000 ²³ of 5.200% senior unsecured notes due 2035. In the second quarter of 2025, the company repaid $650 ²⁴ of 1.150% senior unsecured notes, and in the fourth quarter of 2025, it repaid $750 ²⁵ of 3.375% senior unsecured notes. The total dollar value of shares that could be acquired under the authorized repurchase program at December 31, 2025 was $1,033 ²⁶.

In 2025, Stryker achieved reported net sales growth of 11.2% ²⁷. Excluding the impact of acquisitions and divestitures, sales grew 10.3% in constant currency. The company reported net earnings of $3,246 ²⁸ and net earnings per diluted share of $8.40 ²⁹. Excluding the impact of certain items, adjusted net earnings per diluted share was $13.63 ³⁰, representing growth of 11.8% ³¹. The company continued its capital allocation strategy by investing $4,960 ³² in acquisitions and paying $1,284 ³³ in dividends to shareholders.

A key growth vector is the continued expansion of Mako SmartRobotics, which is now available in more than 45 countries. To date, over one million robotic Mako Total Knee procedures and more than two million robotic procedures across Mako Total Knee, Mako Total Hip, and Mako Partial Knee have been performed worldwide. The company introduced the Mako 4 platform, built around the Q-Guidance system, and received 510(k) clearance for Mako Total Hip with Advanced Primary and Revision with full market release in the third quarter of 2025. Mako Shoulder, which expands the SmartRobotics suite of applications, was introduced with full commercial launch in the United States planned for the first quarter of 2026. The first application released on the Mako 4 platform is the Total Hip Advanced Primary and Revision application.

Another growth vector is the expansion of the Vascular product portfolio following the acquisition of Inari Medical, Inc., whose product portfolio includes minimally invasive products for the treatment of venous thromboembolism. In 2025, the company changed the name of its Neurovascular business to Vascular with this acquisition. Vascular launched the Broadway System in the United States, a fully integrated stroke solution, and accelerated the launch of the Surpass Elite Flow Diverting Stent in the United States, Europe, and parts of Asia-Pacific. Additionally, Neuro Cranial launched OptaBlate BVN in 2025, a radiofrequency nerve ablation system used to treat vertebrogenic pain. Medical continued the global launch of the LIFEPAK 35 monitor/defibrillator and launched the Vocera Sync Badge. Endoscopy continued to deliver its 4K 1788 Camera platform and launched the Connected OR IP BRAVoE integration portfolio.

The filing does not contain specific margin or cost outlook figures or targets.

The filing does not contain a specific operational outlook regarding supply chain, manufacturing capacity, technology infrastructure investments, or headcount strategy.

In 2025, Stryker invested $4,960 ³⁴ in acquisitions, net of cash acquired, and paid $1,284 ³⁵ in dividends to shareholders. The total dollar value of shares that could be acquired under the authorized repurchase program at December 31, 2025 was $1,033 ³⁶. Research, development and engineering expenses were $1,623 ³⁷ in 2025, compared to $1,466 ³⁸ in 2024. Purchases of property, plant and equipment were $761 ³⁹ in 2025, compared to $755 ⁴⁰ in 2024.

The filing identifies several headwinds and constraints. The United States government has announced new tariffs on goods imported into the United States from dozens of countries, including China and the European Union member states, and governments have threatened or imposed reciprocal tariffs. Tariffs are expected to continue to result in an increase in certain product costs or have adverse impacts on demand for products and supply chains. The overall macroeconomic and geopolitical environment, including slower economic growth or recession, market volatility and inflation, pose risks that could impact the business. The company also faces pricing pressures from cost containment measures in the United States and other countries, including China's volume-based procurement process designed to decrease prices for medical devices.

The filing notes that the company is subject to risks associated with extensive global operations, including changes in coverage or reimbursement levels from third-party payors, changes in regulatory requirements such as the European Union Medical Device Regulation with a staggered phase-in period through December 2028, tariffs and other trade protection measures, international trade disputes, and fluctuations in currency exchange rates. Approximately 24% of net sales are denominated in foreign currencies, including the Australian Dollar, British Pound, Canadian Dollar, Euro and Japanese Yen.

Management's message emphasizes Stryker's position as a global leader in medical technologies driven to make healthcare better, with a goal to achieve sales growth at the high-end of the medical technology industry. The company reported net sales growth of 11.2% ⁴¹ and adjusted net earnings per diluted share of $13.63 ⁴², representing growth of 11.8% ⁴³. Management highlights the continued capital allocation strategy prioritizing acquisitions, dividends, and share repurchases, noting investments of $4,960 ⁴⁴ in acquisitions and $1,284 ⁴⁵ in dividends paid to shareholders in 2025. Key strategic priorities emphasized include the expansion of Mako SmartRobotics, now available in more than 45 countries with over two million robotic procedures performed, the introduction of the Mako 4 platform and Mako Shoulder, and the integration of the Inari Medical acquisition to expand the Vascular portfolio.

For the fiscal year 2025, Stryker reported net sales of $25,116 ⁴⁶ compared to $22,595 ⁴⁷ in 2024 and $20,498 ⁴⁸ in 2023. Net earnings were $3,246 ⁴⁹ in 2025 versus $2,993 ⁵⁰ in 2024 and $3,165 ⁵¹ in 2023. Diluted net earnings per share were $8.40 ⁵² in 2025, compared to $7.76 ⁵³ in 2024 and $8.25 ⁵⁴ in 2023. Operating income was $4,889 ⁵⁵ in 2025, compared to $3,689 ⁵⁶ in 2024 and $3,888 ⁵⁷ in 2023. Gross profit was $16,065 ⁵⁸ in 2025, representing 64.0% of net sales, compared to $14,440 ⁵⁹ (63.9%) in 2024 and $13,058 ⁶⁰ (63.7%) in 2023. Net cash provided by operating activities was $5,044 ⁶¹ in 2025, compared to $4,242 ⁶² in 2024. The company recorded goodwill and other impairments of $170 ⁶³ in 2025, compared to $977 ⁶⁴ in 2024. Interest expense was $607 ⁶⁵ in 2025, compared to $409 ⁶⁶ in 2024. Income taxes were $1,268 ⁶⁷ in 2025, compared to $499 ⁶⁸ in 2024. The MedSurg and Neurotechnology segment reported net sales of $15,647 ⁶⁹ in 2025, and the Orthopaedics segment reported net sales of $9,469 ⁷⁰.

Stryker faces material risks from pricing pressures due to cost containment measures, including China's volume-based procurement process designed to decrease prices for medical devices, which could adversely affect demand and profitability. The company is exposed to tariffs enacted by the United States government and retaliatory measures by other governments, which are expected to increase certain product costs and adversely impact demand and supply chains. Stryker relies on certain sole-source suppliers for raw materials, components, and services, and any inability to obtain these materials could materially impact manufacturing and sales. The company is subject to extensive governmental regulation, and failure to comply with FDA or European Union Medical Device Regulation requirements could result in substantial fines, product seizures, or suspension of sales. Additionally, Stryker faces significant product liability risks inherent in medical devices, many of which are implanted in the human body for long periods, and is currently a defendant in product liability matters including those relating to Rejuvenate and ABGII Modular-Neck hip stems and LFIT Anatomic CoCr V40 Femoral Heads.