ZBHNYSEOrthopedic, Prosthetic & Surgical Appliances & SuppliesUS GAAP · USD

Zimmer Biomet Holdings, Inc

Zimmer Biomet Holdings is a U.S.-based medical technology company focused on orthopedic reconstruction and related surgical care. Its portfolio includes implants and instruments for knees, hips, extremities, trauma, craniomaxillofacial and thoracic procedures, along with bone cement, surgical products, and digital and robotic technologies used in operating rooms and other care settings.

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Revenue8,232m USD
+7.2 %y/y
Operating profit (EBIT)1,098m USD
−14.6 %y/y
EBIT margin13.3%
−3.4 ppy/y
Net income705m USD
−22.0 %y/y
Free cash flow1,473m USD
+13.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,00010,000m USD2020: 7,025 m USD2020: EBIT 83 m USD20202021: 6,827 m USD2021: EBIT 780 m USD20212022: 6,940 m USD2022: EBIT 696 m USD20222023: 7,394 m USD2023: EBIT 1,278 m USD20232024: 7,679 m USD2024: EBIT 1,286 m USD20242025: 8,232 m USD2025: EBIT 1,098 m USD20258,2321,098
RevenueOperating profit (EBIT)
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Business

Share of revenue
Knees35 %

Implants, instruments and related systems used in knee reconstruction procedures.

Hips25 %

Hip replacement implants, instruments and associated surgical solutions.

S.E.T.25 %

Sports medicine, extremities, trauma, craniomaxillofacial and thoracic products.

Technology & Data, Bone Cement and Surgical15 %

Robotic, digital and data tools plus bone cement and surgical products.

Products

Reported · share of revenue
40.4%26.1%25.4%FY2025100 %
  • Knees40.4 %
  • SET26.1 %
  • Hips25.4 %
  • Technology and Data Bone Cement and Surgical8.1 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Zimmer Biomet sells primarily to orthopedic surgeons, neurosurgeons and other specialists who specify and use its products in surgery. Its products also reach hospitals, hospital systems, ambulatory surgery centers, stocking distributors, healthcare dealers and purchasing organizations that buy for procedure volume, clinical preference and supply reliability.

Orthopedic surgeons

Buy knee, hip, extremity and trauma systems for elective and reconstructive procedures; they value clinical performance and surgeon familiarity.

Hospitals and hospital systems

Purchase implants, instruments and surgical products for inpatient and outpatient procedures, often through direct accounts or consignment.

Ambulatory surgery centers

Buy orthopedic and sports medicine products for outpatient procedures where speed, availability and standardized kits matter.

Stocking distributors and healthcare dealers

Buy and resell products in markets where indirect distribution is important and local access matters.

Specialist surgeons

Includes neurosurgeons and other specialists using CMFT and related products in specialized procedures.

Strategy

Zimmer Biomet's strategy centers on broadening its orthopedic portfolio, pairing implants with digital and robotic technologies, and supporting surgeons through training and medical education. The company also emphasizes channel execution across direct and distributor models, while using product launches and acquisitions to expand its presence in adjacent surgical categories.

Broaden product and technology portfolioMedium term

A wider portfolio increases procedure coverage and cross-selling across orthopedic and surgical workflows.

Strengthen surgeon education and commercial executionShort term

These products are technique-sensitive, so adoption depends on training, support and field execution.

Expand adjacent surgical categoriesMedium term

Adjacencies reduce dependence on core joint reconstruction and deepen relationships with providers.

Use acquisitions to add capabilitiesShort term

Acquisitions can accelerate entry into robotics and other high-value technologies.

Geography

Q1/2026

Zimmer Biomet reports sales by the United States and International, with the U.S. representing the core of the Americas segment and roughly 95% of that region's net sales in 2025. The company also operates across Europe, the Middle East and Africa and Asia Pacific, where local distribution systems, regulation and product preferences can shape demand and channel structure.

United States100 %

Risks

Zimmer Biomet faces intense competition in a market where technology, surgeon preference, pricing and service quality drive share. Its results are also exposed to regulatory approvals, reimbursement pressure, supply chain disruption, foreign exchange, tariffs, cybersecurity and the risk that products become obsolete if innovation slows.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intense competitive pressure1Healthcare reimbursement and cost containment2Supply chain disruption3Product obsolescence and innovation risk4Foreign exchange and tariff exposure5Cybersecurity and IT systems failure6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Intense competitive pressureImpact: HighLikelihood: High

    Surgeons and hospitals can switch among device makers based on innovation, quality, pricing and service.

    Exposure: Core orthopedic reconstruction and surgical products

  2. Healthcare reimbursement and cost containmentImpact: HighLikelihood: High

    Hospitals and payers may limit procedure volumes, pricing or product adoption to control costs.

    Exposure: U.S. and international hospital channels

  3. Supply chain disruptionImpact: HighLikelihood: High

    The company relies on manufacturing, inventory and distribution coordination to support surgical demand.

    Exposure: Global manufacturing and consignment inventory

  4. Product obsolescence and innovation riskImpact: HighLikelihood: Medium

    New technologies can displace existing implants or surgical systems if development lags.

    Exposure: Orthopedic implants and robotics

  5. Foreign exchange and tariff exposureImpact: MediumLikelihood: High

    International sales and cross-border sourcing can be affected by currency swings and trade policy.

    Exposure: International revenue and imports

  6. Cybersecurity and IT systems failureImpact: MediumLikelihood: High

    Digital tools, customer support and internal operations depend on secure information systems.

    Exposure: Connected technologies and enterprise systems

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Accounting

Judgemental items
Consignment revenue recognition

About 85% of net sales were consignment sales in 2025, so timing depends on product use or shipment rather than only order date.

Impact: Quarterly revenue volatility and inventory levels

Seasonality of elective procedures

Many products are used in elective surgeries that tend to slow in summer and rise later in the year.

Impact: Quarter-to-quarter comparability

Intangible asset amortization and impairment

Acquisitions and technology purchases create amortizable intangibles that can also be impaired if expected benefits change.

Impact: Operating income and asset carrying values

Acquisition and contingent consideration accounting

Recent and planned acquisitions may include fair value estimates and milestone-based payments.

Impact: Purchase accounting, liabilities and future earnings

Foreign currency translation

A meaningful share of sales and cash is outside the U.S., creating translation effects.

Impact: Reported revenue, expenses and cash balances

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Last updated: 24/09/2026

Zimmer Biomet Holdings, Inc (ZBH) Revenue, Earnings & Financials 2025 – Clarifo