Zimmer Biomet (ZBH) reported net income of US$ 191.6 million in the third quarter of 2026, compared with US$ 230.9 million in the same period of 2025. Diluted earnings per share (EPS) were US$ 1.00, down 13.8%. Net sales totaled US$ 2.063 billion, up 3.1% (3.7% in constant currency).
Adjusted net income (non-GAAP, which excludes items the company considers non-recurring) was US$ 362.8 million, and adjusted EPS was US$ 1.90, flat with the prior year. Operating income was US$ 307.6 million, compared with US$ 351.3 million in 3Q25, with a margin of 14.9%. The adjusted operating margin was 25.1%, compared with 26.5%.
Operating cash flow was US$ 560.0 million, and free cash flow (non-GAAP) totaled US$ 372.4 million, compared with US$ 277.6 million a year earlier. Net debt was US$ 7.1 billion as of September 30, 2026. In the first nine months, the company spent US$ 579.3 million on share repurchases.
By product line, knee sales fell 3.1% to US$ 767.5 million. Hips grew 6.0% to US$ 536.5 million. The S.E.T. category rose 6.8% to US$ 578.3 million, and Technology & Data, Bone Cement and Surgical advanced 11.9% to US$ 180.6 million.
The company updated its 2026 guidance: revenue growth of 4.4% to 4.9% (previously 3.9% to 4.9%) and adjusted EPS of US$ 8.50 to US$ 8.60 (previously US$ 8.47 to US$ 8.59). Organic constant-currency growth is expected to be between 3.0% and 3.5%, compared with 2.25% to 3.25% in the previous guidance.
