Zimmer Biomet

Zimmer Biomet makes implants and tools for orthopedic surgery. Its largest products are knee and hip replacements, which gave $767.5 million and $536.5 million of the $2.063 billion of net sales in Q3 2026. It also sells products for sports medicine, extremities, trauma, foot and ankle, and the face and chest (the S.E.T. category), and the ROSA surgical robot, data tools, bone cement and surgical products. Hospitals and surgery centers buy its products, mostly through its own sales teams and independent agents in the US and through distributors in some other countries.

It operates in more than 25 countries and sells in more than 100. It bought Paragon 28, a foot and ankle company, in April 2025. In July and August 2026, it bought three smaller companies: the Iovera pain management business, Monteris Medical and Alafair Biosciences.

The market doubts that Zimmer Biomet can grow as fast as the market for joint replacements. Knees are its largest business, and knee sales fell 2.6% at constant currency in Q3 2026, with US knee sales down 2.0%. The company said that its US sales force changes, competition in the US and distributor changes in China caused the fall. Other businesses grow faster: at constant currency, hip sales rose 7.0% and S.E.T. sales rose 7.1% in Q3 2026.

The company raised its 2026 guidance to 3.0% to 3.5% organic constant currency growth and $8.50 to $8.60 of adjusted EPS. Leadership changes add to the doubt. The CFO left in April 2026 and an interim CFO still served on November 4, 2026, and the head of the Americas and global businesses left on September 30, 2026. For the gap to close, three things must be true.

Knee sales must return to growth, with help from the ROSA robot and new products. Organic growth must rise in 2027 after the sales changes are complete. Adjusted EPS must reach the guided $8.50 to $8.60 for 2026, and free cash flow must pay for buybacks and the 2026 purchases while debt stays stable. The full-year 2026 results and the 2027 guidance in early 2027 are the main check.

If knee sales and organic growth improve, the gap can close over the next four to six quarters. If growth stays below the market, the gap can stay.

1. Nov 4, 2026Failed

   Q3 2026 results: knee sales and organic growthKnee sales that grow again and organic growth at or above the top of the 2026 guidance pass; flat or lower knee sales or a cut to the guidance fail.Outcome: Knee sales fell 2.6% at constant currency, although the company raised its 2026 guidance to 3.0% to 3.5% organic constant currency growth.
2. Feb 4, 2027 · est.Pending

   Full-year 2026 results and 2027 guidance2027 guidance with organic growth higher than in 2026 and a permanent CFO in place pass; guidance for growth below the 2026 level fails.
3. Q2 2027 · est.Pending

   US sales changes completeStable sales teams and higher US knee and hip growth after the changes pass; lost agents or lower US growth fail.

Every passed and failed checkpoint across all picks

• November 5, 2026Zimmer Biomet started offerings of new notes in US dollars and in euros. It plans to use the money for general corporate purposes, which can include the repayment of part of its notes due 2026 and 2027, share buybacks and acquisitions.
• November 4, 2026Zimmer Biomet reported Q3 2026 results. Net sales were $2.063 billion, up 3.1%, or 3.7% at constant currency. At constant currency, knee sales fell 2.6%, hip sales rose 7.0%, S.E.T. sales rose 7.1% and Technology & Data, Bone Cement and Surgical sales rose 13.0%. Adjusted EPS was $1.90, the same as a year earlier, and free cash flow was $372.4 million. It raised its 2026 guidance to 3.0% to 3.5% organic constant currency growth and $8.50 to $8.60 of adjusted EPS.
• October 13, 2026Zimmer Biomet and THINK Surgical extended for several years their exclusive agreement for the TMINI handheld robot, which works with the Persona Knee System. The companies did not give the financial terms or the exact length.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · zbh-20260930
• 8-KEarnings releaseFiled November 4, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled September 8, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 5, 2026 · zbh-20260805
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · zbh-20260630
• 8-KEarnings releaseFiled August 5, 2026 · Press release and exhibits
• 8-KNew material agreement and End of a material agreementFiled June 29, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 27, 2026 · zbh-20260522
• 8-KInvestor disclosureFiled May 12, 2026 · zbh-20260512
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · zbh-20260331

Every filing on SEC EDGAR (CIK 1136869)

• Knee sales do not grow. Knees gave $767.5 million of Q3 2026 net sales and fell 2.6% at constant currency, in the US and in other markets.
• The changes to how Zimmer Biomet sells in the US and other markets can lose sales reps, agents or customers. The company said that these changes reduce 2026 sales. In China, distributors affected by the changes made legal claims, and the company cannot yet estimate the possible loss.
• Leadership changes can slow execution. The CFO left in April 2026, and an interim CFO still served at November 4, 2026. The head of the Americas and global businesses left on September 30, 2026.
• Debt was $7.50 billion at September 30, 2026, and $1.29 billion of it is due within 12 months. Interest cover was about 4.1 times in Q3 2026. Buybacks, a deferred payment of about $186 million for Alafair in Q1 2027 and payments based on targets for recent purchases leave less cash to pay down debt.

Zimmer Biomet funds itself with unsecured notes of the parent company in US dollars, euros and Swiss francs. At September 30, 2026, debt was $7.50 billion at carrying value: $1.29 billion due within 12 months and $6.22 billion long-term. Read more

Yield at the current rate

0.9% (current annual rate, at today’s price)

Dividend yield

0.9% (last 12 months, at today’s price of $107.47)

Paid per share

$0.96 in the last 12 months (4 payments)

Current annual rate

$0.96 ($0.24 × 4 a year)

Payout ratio

27% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $0.24 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 0.6% a year. From 2015 to 2025, the dividend grew by about 1.2% 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.