The guidance raise, though modest, signals management confidence in H2 execution. Monitor the knees segment decline and whether it stabilizes; the segment represents ~37% of total revenue. The adjusted operating margin contraction (25.1% vs 26.5%) bears watching on the Q4 call.
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Executive Summary
Zimmer Biomet reported Q3 2026 net sales of $2.063B (+3.1% reported, +3.7% constant currency) and adjusted diluted EPS of $1.90, in line with the prior year period. GAAP diluted EPS was $1.00, down 13.8% YoY. The company raised full-year 2026 organic constant currency revenue growth guidance to 3.0%-3.5% (from 2.25%-3.25%) and adjusted EPS guidance to $8.50-$8.60 (from $8.47-$8.59).
Key Financial Metrics
Key Facts
- Q3 2026 net sales $2.063B, +3.1% reported, +3.7% constant currency YoY
- GAAP diluted EPS $1.00, down 13.8% YoY from $1.16
- Adjusted diluted EPS $1.90, consistent with prior year period
- Full-year 2026 organic constant currency revenue growth guidance raised to 3.0%-3.5% from 2.25%-3.25%
- Full-year 2026 adjusted diluted EPS guidance raised to $8.50-$8.60 from $8.47-$8.59
- Knees segment declined 3.1% reported (-2.6% constant currency); Hips grew 6.0% reported (+7.0% CC)
- S.E.T. segment grew 6.8% reported (+7.1% CC); Technology & Data, Bone Cement and Surgical grew 11.9% reported (+13.0% CC)
- Operating cash flow $560.0M; free cash flow $372.4M in Q3
- Adjusted operating profit margin 25.1% vs 26.5% in prior year period
Financial Impact
Q3 revenue $2.063B vs consensus $2.04B; adjusted EPS $1.90 vs consensus $1.88. Full-year guidance raised modestly.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Knees | $767.5M | -3.1% |
| Hips | $536.5M | +6.0% |
| S.E.T. | $578.3M | +6.8% |
| Technology & Data, Bone Cement and Surgical | $180.6M | +11.9% |
Risk Factors
- Knees segment declining 3.1% reported YoY, a key product category
- GAAP EPS declining 13.8% YoY due to higher operating expenses and lower other income
- Adjusted operating margin contracting 140bps YoY to 25.1%
- Net debt increased to $7.1B from $6.9B at year-end 2025
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-446145 |
| Document: zbh-20261104.htm | 0001193125-26-446145 |
| Document: 0001193125-26-446145-index-headers.html | 0001193125-26-446145 |
| Document: 0001193125-26-446145-index.html | 0001193125-26-446145 |
| Document: 0001193125-26-446145.txt | 0001193125-26-446145 |
| 8-K Data (Synthetic) | 0001193125-26-446145 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 5, 2026 today | 424B5 | $111.47 | awaiting T+5 | awaiting T+5 | $106.91 (−4.09%) |
Nov 5, 2026 today | 424B5 | $105.90 | awaiting T+5 | awaiting T+5 | $106.91 (+0.95%) |
Nov 4, 2026 1d ago | 8-K | $98.50 | awaiting T+5 | awaiting T+5 | $106.91 (+8.54%) |
Oct 26, 2026 10d ago | Institutional Cluster | $97.44 $94.52 | ▲ +3.00% | ▲ +1.74% | $106.91 (−9.72%) |
Oct 21, 2026 15d ago | Court Ruling | $98.81 $97.47 | ▲ +1.36% | ▲ +2.06% | $106.91 (−8.20%) |
Sep 15, 2026 7w ago | Insider Cluster | $96.53 $90.64 | ▼ −6.10% | ▼ −8.17% | $106.91 (+10.76%) |
Sep 2, 2026 9w ago | Court Ruling | $98.66 $93.24 | ▼ −5.49% | ▼ −4.34% | $106.91 (+8.36%) |
Aug 17, 2026 11w ago | Court Ruling | $98.89 $99.98 | ▲ +1.10% | ▲ +1.30% | $106.91 (+8.11%) |
Aug 5, 2026 13w ago | 8-K | $98.16 $97.89 | ▼ −0.28% | ▼ −0.63% | $106.91 (+8.91%) |
May 12, 2026 25w ago | 8-K | $83.34 $85.14 | ▲ +2.16% | ▲ +2.09% | $106.91 (+28.29%) |
US Market Status
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