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AI核心结论
ZBH delivered strong Q1 FY2026 results with revenue rising 9.3% YoY to $2.09B and net income surging 30.8% to $238.1M, driven by operating leverage and margin expansion, though cash balances declined sharply by 69.4%.
营业收入
$2.09B
同比 ++9.30%
每股收益（基本）
$1.22
同比 ++32.61%
营业利润
$373.2M
同比 ++27.68%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Zimmer Biomet Holdings (ZBH) Q1 FY2026 营收 $2.09B，同比增长 9.3%。 净利润 $238.1M，同比增长 30.8%，稀释每股收益 $1.22。
ZBH generated $2,086.7M in revenue in Q1 FY2026, up 9.3% from $1,909.1M in the prior-year period, reflecting solid demand for its orthopedic and medical device products.
来源: Source: 10-Q Income Statement
Operating income grew 27.7% YoY to $373.2M, with operating margin expanding approximately 257 basis points to 17.9% from 15.3%, demonstrating meaningful operating leverage on higher revenues despite SG&A rising 12.0% to $849.9M.
来源: Source: 10-Q Income Statement
Net income increased 30.8% YoY to $238.1M, with diluted EPS rising 34.1% to $1.22 from $0.91, reflecting both improved profitability and the benefit of share buybacks reducing the share count.
来源: Source: 10-Q Income Statement
ZBH repurchased $250.1M in shares during Q1 FY2026, up 8.8% from $229.8M in the prior-year quarter, signaling management's confidence in the business and returning capital to shareholders.
来源: Source: 10-Q Cash Flow Statement
Cash and equivalents fell 69.4% YoY to $424.2M from $1,384.5M, driven by significant financing outflows of -$369.2M compared to inflows of $575.4M in the prior year, reflecting a shift in capital allocation strategy.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Cash and equivalents declined sharply by 69.4% YoY to $424.2M, while current liabilities surged 24.8% to $2,864.3M. This compression in liquidity could limit ZBH's financial flexibility for acquisitions, R&D investment, or debt servicing if operating conditions deteriorate.
来源: Source: 10-Q Balance Sheet
SG&A expenses grew 12.0% YoY to $849.9M, outpacing revenue growth of 9.3%. Sustained cost inflation in selling and administrative functions could pressure margins if revenue growth moderates.
来源: Source: 10-Q Income Statement
Long-term debt stands at $6,295.1M with a debt-to-equity ratio of 0.79, representing a substantial leverage position. While long-term debt declined 4.3% YoY, the absolute level remains high and exposes ZBH to refinancing and interest rate risks.
来源: Source: 10-Q Balance Sheet
Operating cash flow fell 6.1% YoY to $359.4M despite strong net income growth of 30.8%, suggesting working capital headwinds or non-cash adjustments are absorbing earnings. This divergence between earnings and cash generation warrants monitoring.
来源: Source: 10-Q Cash Flow Statement
The current ratio declined to 1.73 as current liabilities rose 24.8% while current assets fell 11.2%, narrowing the short-term liquidity cushion. A continued deterioration in this ratio could signal near-term liquidity stress.
来源: Source: 10-Q Balance Sheet
Q1 FY2026 实际 EPS $2.09，分析师一致预期 $1.88，超预期 +11.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.09B | $1.91B | +9.30% |
营业成本 | $576.2M | $549.8M | +4.80% |
营业利润 | $373.2M | $292.3M | +27.68% |
净利润 | $238.1M | $182M | +30.82% |
每股收益（基本） | $1.22 | $0.92 | +32.61% |
每股收益（稀释） | $1.22 | $0.91 | +34.07% |
销售及管理费用 | $849.9M | $758.8M | +12.01% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $22.72B | $22.18B | +2.42% |
流动资产 | $4.96B | $5.59B | -11.23% |
总负债 | $10.04B | $9.78B | +2.66% |
流动负债 | $2.86B | $2.29B | +24.81% |
股东权益 | $12.67B | $12.4B | +2.24% |
现金及等价物 | $424.2M | $1.38B | -69.36% |
长期债务 | $6.3B | $6.58B | -4.28% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $359.4M | $382.8M | -6.11% |
投资活动现金流 | $-159M | $-106M | -50.00% |
筹资活动现金流 | $-369.2M | $575.4M | -164.16% |
股票回购 | $250.1M | $229.8M | +8.83% |
折旧及摊销 | $270M | $254.4M | +6.13% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 17.9% | 15.3% | +2.57% |
净利率 | 11.4% | — | — |
净资产收益率 | 1.9% | — | — |
总资产收益率 | 1.0% | — | — |
流动比率 | $1.733 | — | — |
资产负债率 | $0.792 | — | — |
ZBH reported diluted EPS of $1.22 in Q1 FY2026, up 34.1% from $0.91 in the prior-year period, and net income of $238.1M, up 30.8% YoY. While analyst consensus estimates are not included in the filing data, the strong double-digit growth across revenue, operating income, and EPS suggests a robust quarter.
ZBH's revenue grew 9.3% YoY to $2,086.7M in Q1 FY2026, compared to $1,909.1M in the same period last year. This growth was accompanied by strong operating leverage, with operating income rising 27.7% to $373.2M.
The key takeaways from ZBH's Q1 FY2026 results include strong revenue growth of 9.3% to $2.09B, significant margin expansion with operating margin rising to 17.9% from 15.3%, and diluted EPS jumping 34.1% to $1.22. However, cash balances fell sharply by 69.4% to $424.2M, and current liabilities rose 24.8%, signaling tighter near-term liquidity.
Based on the financial data, key risks for ZBH include a sharp 69.4% decline in cash to $424.2M alongside a 24.8% rise in current liabilities, SG&A expenses growing faster than revenue at 12.0% vs. 9.3%, and a 6.1% decline in operating cash flow despite strong net income growth. These factors point to potential liquidity and cost management challenges ahead.
ZBH's financial health shows a mixed picture: profitability is strong with a 17.9% operating margin and $238.1M in net income, but liquidity has tightened with cash falling to $424.2M and a current ratio of 1.73. Long-term debt remains elevated at $6.3B, though it declined 4.3% YoY, and stockholders' equity grew modestly to $12.7B.