Zimmer Biomet Holdings, Inc 8-K, filed Nov 4, 2026

Zimmer Biomet Holdings, Inc. (ZBH)

8-K 2026-11-04 For: 2026-11-04

Added on November 04, 2026

About this 8-K

Zimmer Biomet Holdings, Inc filed this 8-K on November 4, 2026.

Zimmer Biomet Holdings, Inc. reported third-quarter net sales of $2.063 billion, up 3.7% on a constant currency basis, and raised 2026 organic constant-currency revenue growth guidance to 3.0% - 3.5%. Adjusted diluted EPS was $1.90, consistent with the prior year period. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	001-16407	13-4151777
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

345 East Main Street
Warsaw, Indiana		46580
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	ZBH	New York Stock Exchange
2.425% Notes due 2026	ZBH 26	New York Stock Exchange
1.164% Notes due 2027	ZBH 27	New York Stock Exchange
3.518% Notes due 2032	ZBH 32	New York Stock Exchange


EXHIBIT INDEX
Exhibit No.		Description
99.1		Press release dated November 4, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	ZIMMER BIOMET HOLDINGS, INC.

	By:	/s/ Chad F. Phipps
	Name:	Chad F. Phipps
	Title:	Senior Vice President, Chief Legal and Corporate Affairs Officer and Secretary


345 E. Main St.
Warsaw, IN 46580
www.zimmerbiomet.com	Exhibit 99.1


Media	Investors
Troy Kirkpatrick	David DeMartino
614-284-1926	646-531-6115
troy.kirkpatrick@zimmerbiomet.com	david.demartino@zimmerbiomet.com

Kirsten Fallon	Zach Weiner
781-779-5561	908-591-6955
kirsten.fallon@zimmerbiomet.com	zach.weiner@zimmerbiomet.com


NET SALES - THREE MONTHS ENDED SEPTEMBER 30, 2026
(in millions, unaudited)



							Constant
	Net						Currency
	Sales		% Change				% Change
Geographic Results
United States	$	1,205.6		3.6		%		3.6		%
International		857.2		2.4				3.9
Total	$	2,062.9		3.1		%		3.7		%
Product Categories
Knees
United States	$	431.3		(2.0	)	%		(2.0	)	%
International		336.3		(4.5	)			(3.4	)
Total		767.5		(3.1	)			(2.6	)
Hips
United States		280.1		5.8				5.8
International		256.4		6.2				8.2
Total		536.5		6.0				7.0
S.E.T. *		578.3		6.8				7.1
Technology & Data, Bone Cement and Surgical		180.6		11.9				13.0
Total	$	2,062.9		3.1		%		3.7		%

* Sports Medicine, Biologics, Foot and Ankle, Upper Extremities, Trauma, Craniomaxillofacial and Thoracic


NET SALES - NINE MONTHS ENDED SEPTEMBER 30, 2026
(in millions, unaudited)


										Organic
						Constant				Constant
	Net					Currency				Currency
	Sales		% Change			% Change				% Change
Geographic Results
United States	$	3,655.0		5.9	%		5.9		%		3.8		%
International		2,671.6		5.3			3.8				3.2
Total	$	6,326.6		5.7	%		5.0		%		3.5		%
Product Categories
Knees
United States	$	1,355.4		0.6	%		0.6		%		0.6		%
International		1,069.6		0.6			(1.2	)			(1.2	)
Total		2,425.0		0.6			(0.2	)			(0.2	)
Hips
United States		846.1		5.6			5.6				5.6
International		777.1		5.5			4.5				4.5
Total		1,623.2		5.5			5.1				5.1
S.E.T. *		1,726.5		10.5			9.9				4.1
Technology & Data, Bone Cement and Surgical		551.8		16.0			15.5				15.5
Total	$	6,326.6		5.7	%		5.0		%		3.5		%

* Sports Medicine, Biologics, Foot and Ankle, Upper Extremities, Trauma, Craniomaxillofacial and Thoracic


Projected Year Ending December 31, 2026
	Previous Guidance	Updated Guidance
2026 Reported Revenue Change	3.9% - 4.9%	4.4% - 4.9%
Foreign Currency Exchange Impact	+0.5%	+0.25%
2026 Constant Currency Revenue Change	3.4% - 4.4%	4.1% - 4.6%
2026 Organic Constant Currency Revenue Change(1)	2.25% - 3.25%	3.0% - 3.5%
Adjusted Diluted EPS(2)	$8.47 - $8.59	$8.50- $8.60


(1)	Excludes the impact of the Paragon 28 acquisition through the one-year anniversary of the acquisition date, which was approximately 110bps.
(2)	This measure is a non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Forward-Looking Non-GAAP Financial Measures” below, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that this forward-looking non-GAAP financial measure may be materially different from the corresponding GAAP financial measure.



ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 and 2025
(in millions, except per share amounts, unaudited)

	2026			2025
Net Sales	$	2,062.9		$	2,001.4
Cost of products sold, excluding intangible asset amortization		594.5			559.3
Intangible asset amortization		166.0			176.5
Research and development		105.9			115.9
Selling, general and administrative		855.0			811.4
Restructuring and other cost reduction initiatives		14.4			21.4
Acquisition, integration, divestiture and related		19.6			(34.4	)
Operating expenses		1,755.4			1,650.1
Operating Profit		307.6			351.3
Other (expense) income, net		(2.5	)		3.3
Interest expense, net		(74.9	)		(75.4	)
Earnings before income taxes		230.1			279.2
Provision for income taxes		37.2			48.0
Net Earnings		192.9			231.2
Less: Net earnings attributable to noncontrolling interest		1.3			0.3
Net Earnings of Zimmer Biomet Holdings, Inc.	$	191.6		$	230.9

Earnings Per Common Share
Basic	$	1.01		$	1.17
Diluted	$	1.00		$	1.16
Weighted Average Common Shares Outstanding
Basic		190.5			198.1
Diluted		191.4			198.8



ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 and 2025
(in millions, except per share amounts, unaudited)

	2026			2025
Net Sales	$	6,326.6		$	5,987.7
Cost of products sold, excluding intangible asset amortization		1,806.1			1,701.3
Intangible asset amortization		491.5			488.2
Research and development		314.1			339.8
Selling, general and administrative		2,604.2			2,384.9
Restructuring and other cost reduction initiatives		50.5			74.9
Acquisition, integration, divestiture and related		53.3			55.0
Operating expenses		5,319.7			5,044.1
Operating Profit		1,006.8			943.6
Other (expense) income, net		(3.7	)		10.1
Interest expense, net		(216.6	)		(220.9	)
Earnings before income taxes		786.5			732.8
Provision for income taxes		155.7			165.6
Net Earnings		630.9			567.2
Less: Net earnings attributable to noncontrolling interest		2.8			1.4
Net Earnings of Zimmer Biomet Holdings, Inc.	$	628.1		$	565.8

Earnings Per Common Share
Basic	$	3.26		$	2.85
Diluted	$	3.25		$	2.84
Weighted Average Common Shares Outstanding
Basic		192.6			198.3
Diluted		193.4			199.0


ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)

	September 30,		December 31,
	2026		2025
Assets
Cash and cash equivalents	$	399.9	$	591.9
Receivables, net		1,816.0		1,704.4
Inventories		2,367.2		2,286.4
Other current assets		545.9		537.3
Total current assets		5,129.0		5,119.9
Property, plant and equipment, net		2,310.4		2,207.1
Goodwill		10,335.5		9,947.1
Intangible assets, net		4,635.0		4,717.3
Other assets		1,128.6		1,100.3
Total Assets	$	23,538.6	$	23,091.7
Liabilities and Stockholders' Equity
Current liabilities	$	2,214.7	$	1,996.6
Current portion of long-term debt		1,287.7		587.1
Other long-term liabilities		1,094.2		870.2
Long-term debt		6,216.5		6,932.0
Stockholders' equity		12,725.6		12,705.8
Total Liabilities and Stockholders' Equity	$	23,538.6	$	23,091.7


ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 and 2025
(in millions, unaudited)

	2026			2025
Cash flows provided by (used in) operating activities
Net earnings	$	630.9		$	567.2
Depreciation and amortization		822.8			809.8
Share-based compensation		73.0			66.1
Changes in operating assets and liabilities, net of acquired assets and liabilities
Income taxes		(75.2	)		(174.7	)
Receivables		(48.9	)		(15.6	)
Inventories		(131.3	)		(86.2	)
Accounts payable and accrued liabilities		30.6			(11.1	)
Other assets and liabilities		65.3			24.1
Net cash provided by operating activities		1,367.2			1,179.7
Cash flows provided by (used in) investing activities
Additions to instruments		(274.4	)		(226.2	)
Additions to other property, plant and equipment		(166.3	)		(149.7	)
Net investment hedge settlements		39.5			(5.3	)
Business combination investments, net of acquired cash		(359.4	)		(1,226.3	)
Acquisition of intangible assets		(126.2	)		(42.4	)
Other investing activities		(6.3	)		(3.8	)
Net cash used in investing activities		(893.1	)		(1,653.7	)
Cash flows provided by (used in) financing activities
Net proceeds from revolving facilities		120.0			-
Proceeds from senior notes		-			2,492.1
Redemption of senior notes		-			(863.0	)
Dividends paid to stockholders		(139.2	)		(142.8	)
Proceeds from employee stock compensation plans		25.8			38.0
Business combination contingent consideration payments		(73.5	)		(25.0	)
Debt issuance costs		(1.3	)		(22.7	)
Repurchase of common stock		(579.3	)		(237.0	)
Other financing activities		(20.0	)		(16.6	)
Net cash (used in) provided by financing activities		(667.5	)		1,223.0
Effect of exchange rates on cash and cash equivalents		1.5			18.2
Change in cash and cash equivalents		(191.9	)		767.2
Cash and cash equivalents, beginning of year		591.9			525.5
Cash and cash equivalents, end of period	$	399.9		$	1,292.7


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED NET SALES % CHANGE TO
CONSTANT CURRENCY % CHANGE
(unaudited)


	For the Three Months Ended
	September 30, 2026 vs. 2025

					Foreign				Constant
					Exchange				Currency
	% Change				Impact				% Change
Geographic Results
United States		3.6		%		-		%		3.6		%
International		2.4				(1.5	)			3.9
Total		3.1		%		(0.6	)	%		3.7		%
Product Categories
Knees
United States		(2.0	)	%		-		%		(2.0	)	%
International		(4.5	)			(1.1	)			(3.4	)
Total		(3.1	)			(0.5	)			(2.6	)
Hips
United States		5.8				-				5.8
International		6.2				(2.0	)			8.2
Total		6.0				(1.0	)			7.0
S.E.T.		6.8				(0.3	)			7.1
Technology & Data, Bone Cement and Surgical		11.9				(1.1	)			13.0
Total		3.1		%		(0.6	)	%		3.7		%


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 and 2025
(unaudited)


	Three Months Ended September 30,							Nine Months Ended September 30,
	2026			2025				2026				2025
Effective tax rate		16.2	%		17.2		%		19.8		%		22.6		%
Tax effect of adjustments made to earnings before taxes(1)		1.3			3.0				1.6				2.4
Other certain tax adjustments(2)		0.1			(2.4	)			(3.5	)			(6.9	)
Adjusted effective tax rate		17.6	%		17.8		%		17.9		%		18.1		%

(1) Includes inventory and manufacturing-related charges; intangible asset amortization; restructuring and other cost reduction initiatives; acquisition, integration, divestiture and related; litigation; European Union Medical Device Regulation; and other charges
(2) Other certain tax adjustments are primarily related to significant and discrete tax adjustments. The primary adjustments include benefits of $5.9 million and $8.0 million in the three-month periods ended September 30, 2026 and 2025, respectively, and benefits of $31.2 million and $24.7 million in the nine-month periods ended September 30, 2026 and 2025, respectively, related to Swiss tax reform; an expense of $1.4 million and a benefit of $25.4 million in the three- and nine-month periods ended September 30, 2025, respectively, related to certain unremitted foreign earnings (no impact on 2026 periods); and expenses of $6.4 million and $4.9 million in the three- and nine-month periods ended September 30, 2026, respectively, related to certain intercompany transactions and restructuring (no impact on 2025 periods).


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED NET SALES % CHANGE TO
CONSTANT CURRENCY AND ORGANIC CONSTANT CURRENCY % CHANGE
(unaudited)


	For the Nine Months Ended
	September 30, 2026 vs. 2025
														Organic
				Foreign			Constant				Paragon			Constant
				Exchange			Currency				28			Currency
	% Change			Impact			% Change				Impact			% Change
Geographic Results
United States		5.9	%		-	%		5.9		%		2.1	%		3.8		%
International		5.3			1.5			3.8				0.6			3.2
Total		5.7	%		0.7	%		5.0		%		1.5	%		3.5		%
Product Categories
Knees
United States		0.6	%		-	%		0.6		%		-	%		0.6		%
International		0.6			1.8			(1.2	)			-			(1.2	)
Total		0.6			0.8			(0.2	)			-			(0.2	)
Hips
United States		5.6			-			5.6				-			5.6
International		5.5			1.0			4.5				-			4.5
Total		5.5			0.4			5.1				-			5.1
S.E.T.		10.5			0.6			9.9				5.8			4.1
Technology & Data, Bone Cement and Surgical		16.0			0.5			15.5				-			15.5
Total		5.7	%		0.7	%		5.0		%		1.5	%		3.5		%


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 and 2025
(in millions, except per share amounts, unaudited)


FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026
	Cost of products sold, excluding intangible asset amortization			Intangible asset amortization			Selling, general and administrative			Restructuring and other cost reduction initiatives			Acquisition, integration, divestiture and related			Other (expense) income, net			Provision for income taxes			Net Earnings of Zimmer Biomet Holdings, Inc.			Diluted earnings per common share
As Reported	$	594.5		$	166.0		$	855.0		$	14.4		$	19.6		$	(2.5	)	$	37.2		$	191.6		$	1.00
Inventory and manufacturing-related charges(1)		(11.6	)		-			-			-			-			-			(0.5	)		12.1			0.06
Intangible asset amortization(2)		-			(166.0	)		-			-			-			-			34.5			131.5			0.69
Restructuring and other cost reduction initiatives(3)		-			-			-			(14.4	)		-			-			5.0			9.4			0.05
Acquisition, integration, divestiture and related(4)		-			-			-			-			(19.6	)		-			2.4			17.2			0.09
Litigation(5)		-			-			(1.8	)		-			-			-			0.4			1.4			0.01
Other charges(6)		-			-			2.1			-						0.6			(1.3	)		(0.2	)		-
Other certain tax adjustments(7)		-			-			-			-			-			-			0.1			(0.1	)		-
As Adjusted	$	582.9		$	-		$	855.3		$	-		$	-		$	(2.0	)	$	77.8		$	362.8		$	1.90


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING
ACTIVITIES TO FREE CASH FLOW
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 and 2025
(in millions, unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net cash provided by operating activities	$	560.0		$	418.7		$	1,367.2		$	1,179.7
Additions to instruments		(111.8	)		(86.0	)		(274.4	)		(226.2	)
Additions to other property, plant and equipment		(75.8	)		(55.1	)		(166.3	)		(149.7	)
Free cash flow	$	372.4		$	277.6		$	926.5		$	803.8


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF GROSS PROFIT & MARGIN
TO ADJUSTED GROSS PROFIT & MARGIN
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 and 2025
(in millions, unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net Sales	$	2,062.9		$	2,001.4		$	6,326.6		$	5,987.7
Cost of products sold, excluding intangible asset amortization		594.5			559.3			1,806.1			1,701.3
Intangible asset amortization		166.0			176.5			491.5			488.2
Gross Profit	$	1,302.4		$	1,265.6		$	4,029.0		$	3,798.2

Inventory and manufacturing-related charges		11.6			10.9			30.8			34.1
Intangible asset amortization		166.0			176.5			491.5			488.2
Adjusted gross profit	$	1,479.9		$	1,452.9		$	4,551.3		$	4,320.5


Gross margin		63.1	%		63.2	%		63.7	%		63.4	%
Inventory and manufacturing-related charges		0.6			0.5			0.5			0.6
Intangible asset amortization		8.0			8.8			7.8			8.2
Adjusted gross margin		71.7	%		72.6	%		71.9	%		72.2	%


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF OPERATING PROFIT & MARGIN TO ADJUSTED OPERATING PROFIT & MARGIN
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 and 2025
(in millions, unaudited)


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026			2025
Operating profit	$	307.6			$	351.3			$	1,006.8		$	943.6
Inventory and manufacturing-related charges		11.6				10.9				30.8			34.1
Intangible asset amortization		166.0				176.5				491.5			488.2
Restructuring and other cost reduction initiatives		14.4				21.4				50.5			74.9
Acquisition, integration, divestiture and related		19.6				(34.4	)			53.3			55.0
Litigation		1.8				0.8				14.1			0.8
European Union Medical Device Regulation		-				4.7				-			13.4
Other charges		(2.1	)			(0.2	)			2.0			-
Adjusted operating profit	$	518.8			$	531.0			$	1,649.0		$	1,610.0


Operating profit margin		14.9		%		17.6		%		15.9	%		15.8	%
Inventory and manufacturing-related charges		0.6				0.5				0.5			0.6
Intangible asset amortization		8.0				8.8				7.8			8.2
Restructuring and other cost reduction initiatives		0.7				1.1				0.8			1.3
Acquisition, integration, divestiture and related		1.0				(1.7	)			0.8			0.9
Litigation		0.1				-				0.2			-
European Union Medical Device Regulation		-				0.2				-			0.2
Other charges		(0.1	)			-				-			-
Adjusted operating profit margin		25.1		%		26.5		%		26.1	%		26.9	%


Operating expenses as a percentage of net sales		85.1		%
Cost of products sold, excluding intangible asset amortization		(28.8	)
Intangible asset amortization		(8.0	)
Restructuring and other cost reduction initiatives		(0.7	)
Acquisition, integration, divestiture and related		(1.0	)
Litigation		(0.1	)
Other charges		0.1
Adjusted operating expenses as a percentage of net sales		46.6		%


ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF DEBT TO NET DEBT
AS OF SEPTEMBER 30, 2026 and DECEMBER 31, 2025
(in millions, unaudited)


	September 30, 2026			December 31, 2025
Debt, both current and long-term	$	7,504.2		$	7,519.1
Cash and cash equivalents		(399.9	)		(591.9	)
Net debt	$	7,104.3		$	6,927.2

Zimmer Biomet Holdings, Inc 8-K, filed Nov 4, 2026

About this 8-K

Items reported

FORM 8-K