Zimmer Biomet (ZBH) FY2025 10-K Annual Report
Zimmer Biomet (ZBH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Zimmer Biomet FY2025 10-K Analysis
Business Overview
- • Core business model not detailed in this section; focuses on corporate governance and compliance policies
- • Adoption of Zimmer Biomet Code of Ethics for CEO and senior financial officers, publicly accessible online
- • Implementation of insider trading policy for directors, senior management, and employees, included as exhibit in 10-K
- • Corporate governance and executive compensation details incorporated by reference from 2026 Proxy Statement
- • No new products, services, or strategic shifts disclosed within this filing's Business section
Management Discussion & Analysis
- • Revenue $8,231.5M in 2025, up 7.2% YoY from $7,678.6M, driven by Paragon 28 acquisition (+2.5%), market growth, and currency effects (+0.8%)
- • Operating margin 13.3% in 2025 vs 16.7% in 2024, decline due to inventory charges (~$170M), acquisition/integration costs, tariffs, and higher compensation
- • Best segment Americas: operating profit $2,645.7M (51.4% of sales), worst Asia Pacific: operating profit $446.0M (35.5% margin), both margins down YoY
- • Operating cash flow $1,697.1M up from $1,499.4M; investing cash outflow $1,975.7M mainly for acquisitions ($1,393.2M); financing cash inflow $326.0M with $487M share buybacks and dividend payments of $0.24/share quarterly
- • 2026 outlook: net sales growth 2.5%-4.5%, operating profit to increase YoY; risks include inflation, interest expense, effective tax rate increase, and go-to-market execution changes
Risk Factors
- • Cybersecurity risk oversight by Audit Committee with immediate escalation of material incidents to board
- • Potential operational disruption from evolving global cybersecurity threats monitored by specialized global security team
- • Cybersecurity incident review managed by cross-functional subcommittee including info security, legal, accounting, internal audit
- • Leadership by VP CISO with 30+ years IT security experience driving cybersecurity program and reporting to Audit Committee
- • Security operations team includes advanced degree and certified professionals supporting ongoing cybersecurity enhancements
Zimmer Biomet FY2025 Key Financial MetricsXBRL
Revenue
$8.2B
▲ +7.2% YoY
Net Income
$705M
▼ -22.0% YoY
Operating Margin
13.3%
▼ -340bp YoY
Net Margin
8.6%
▼ -320bp YoY
ROE
5.6%
▼ -170bp YoY
Total Assets
$23.1B
▲ +8.1% YoY
EPS (Diluted)
$3.55
▼ -19.9% YoY
Operating Cash Flow
$1.7B
▲ +13.2% YoY
Source: XBRL data from Zimmer Biomet FY2025 10-K filing on SEC EDGAR. All figures in USD.
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