Short answer
Zimmer Biomet (ZBH) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $8.2B (+7.2% year over year) and net income of $705M.
- Top risk flagged: Cybersecurity risk oversight by Audit Committee with immediate escalation of material incidents to board
FY2025 key financial metrics · XBRL
- Revenue
- $8.2B
- +7.2% YoY
- Net income
- $705M
- −22.0% YoY
- Operating margin
- 13.3%
- −3.4 pp YoY
- EPS (diluted)
- $3.55
- −19.9% YoY
- ROE
- 5.6%
- −1.7 pp YoY
- Operating cash flow
- $1.7B
- +13.2% YoY
Source: XBRL data from the Zimmer Biomet (ZBH) FY2025 10-K on SEC EDGAR. USD.
Zimmer Biomet FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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