Stryker

Stryker makes medical devices and equipment for hospitals. It reports two segments. MedSurg and Neurotechnology sells surgical and endoscopy equipment, defibrillators, healthcare IT and neurotechnology products and, since the 2025 purchase of Inari Medical, devices that remove blood clots from veins. Orthopaedics sells knee and hip implants, other orthopaedic implants, power tools and the Mako robot for joint replacement surgery.

Stryker makes money from the sale of implants and single-use products for each procedure, and from the sale of capital equipment such as robots and power tools. In Q3 2026, net sales were $6.5 billion: $3.7 billion from MedSurg and Neurotechnology and $2.9 billion from Orthopaedics. The company expects net sales of more than $26 billion in 2026. It has completed more than 60 acquisitions since 2012.

The market prices Stryker lower because growth slowed in 2026. The cyberattack of March 2026 stopped ordering and shipping systems, and Q1 2026 adjusted EPS fell 8.5%. Sales recovered in Q2 2026, with 9.0% organic growth. Then, on September 8, 2026, the CFO said that supply problems in the peripheral vascular business, which came from the Inari purchase, may continue into Q4 2026, and that hip sales were slow.

On October 29, 2026, Stryker reported Q3 organic growth of 7.7%, below its own expectations. Hip sales fell 1.0% and knee sales grew only 1.1%. Stryker cut its 2026 outlook to 6.5% to 7.0% organic growth and adjusted EPS of $14.80 to $14.90. Investors now ask whether the slowdown in joint replacement lasts, and whether Stryker lost clot removal customers while it could not supply them.

A CEO change on January 1, 2027 adds a second question. For the gap to close, three things must be true. Stryker must reach its new 2026 outlook. Peripheral vascular supply must return to full levels by early 2027.

The 2027 outlook, with the Q4 report expected in late January 2027, must show organic growth near the high end of the medical device industry again, with hip and knee sales back to growth. If these checks pass, the gap can close over the next three to five quarters. The main risks are a longer slowdown in US joint replacement and lost clot removal customers that do not come back.

1. Oct 29, 2026Failed

   Q3 2026 results: peripheral vascular supply and hipsOrganic growth within the 8.3% to 9.3% outlook and a clear date for full peripheral vascular supply pass; a lower outlook or supply problems into 2027 fail.Outcome: Organic growth was 7.7%, hip sales fell 1.0%, and Stryker cut its 2026 outlook to 6.5% to 7.0% organic growth and adjusted EPS of $14.80 to $14.90.
2. Jan 29, 2027 · est.Pending

   Q4 2026 results and 2027 outlook under the new CEOQ4 results within the cut 2026 outlook and a 2027 outlook with organic sales growth of 7% or more pass; a lower growth outlook, more hip and knee weakness or a loss of clot removal customers fails.

Every passed and failed checkpoint across all picks

• October 30, 2026In its Q3 2026 quarterly report, Stryker said that in October 2026 it agreed to invest about $400 million in cash in preferred shares of CMR Surgical, the maker of the Versius Plus surgical robot. The agreement gives Stryker the exclusive US distribution rights for the Versius products and an exclusive option to buy all of CMR Surgical later. Stryker expects the deal to close in Q4 2026, after regulatory approval.
• October 29, 2026Stryker reported Q3 2026 results. Net sales were $6.5 billion, up 7.7%, with 7.7% organic growth. Adjusted EPS was $3.52, up 10.3%. Reported EPS fell 11.7% to $1.96, after a goodwill impairment of $293 million. Hip sales fell 1.0% and knee sales grew 1.1%. The CEO said that the quarter fell short of Stryker's expectations. Stryker cut its 2026 outlook to organic sales growth of 6.5% to 7.0% and adjusted EPS of $14.80 to $14.90. The Board added $3.0 billion to the share repurchase program.
• October 6, 2026Stryker said that Spencer Stiles, President and COO, will become CEO on January 1, 2027. Kevin Lobo, CEO since 2012, will become Executive Chair of the Board. Stiles has worked at Stryker for 27 years and led Orthopaedics from 2019.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 8-KChange of directors or officers and Investor disclosureFiled November 9, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · syk-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled October 6, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · syk-20260630
• 8-KEarnings releaseFiled July 30, 2026 · Press release and exhibits
• 8-KOther company newsFiled June 26, 2026 · syk-20260626
• 8-KChange of directors or officersFiled May 20, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 11, 2026 · syk-20260331
• 8-KShareholder vote resultsFiled May 8, 2026 · syk-20260506

Every filing on SEC EDGAR (CIK 310764)

• The March 2026 cyberattack still limits the supply of peripheral vascular products. The CFO said in September 2026 that the problem may last into Q4 2026 and that Stryker loses share in emergency procedures when it cannot supply product. A law firm has opened an investigation into whether Stryker told investors about the problem in time.
• Hip sales were slower than expected in the summer of 2026, and fell in Q3 2026. The CFO said that joint replacement was weaker in Europe, and that some US patients delay procedures because of costs such as higher insurance deductibles. Hip sales fell 1.0% and knee sales grew only 1.1% in Q3 2026. Stryker also does not have a hip impactor product yet.
• The CEO changes on January 1, 2027. Spencer Stiles replaces Kevin Lobo, who led Stryker for 14 years and stays as Executive Chair. A change of strategy or of the pace of acquisitions can change growth.
• Stryker buys many companies. Integration problems, such as the effect of the cyberattack on the Inari plant, can lower the return on these purchases. Long-term debt was $14.2 billion at September 30, 2026.

Stryker funds itself with unsecured senior notes, commercial paper and bank credit lines. At September 30, 2026, long-term debt, excluding current maturities, was $14.2 billion, down from $14.9 billion at December 31, 2025. Read more

Yield at the current rate

1.1% (current annual rate, at today’s price)

Dividend yield

1.1% (last 12 months, at today’s price of $318.79)

Paid per share

$3.52 in the last 12 months (4 payments)

Current annual rate

$3.52 ($0.88 × 4 a year)

Payout ratio

40% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $0.88 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.6% a year. From 2015 to 2025, the dividend grew by about 9.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.