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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Smith & Nephew
Smith & Nephew (SN) investor relations material
Smith & Nephew Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary4 Nov, 2026
Executive summary
Q3 revenue grew 3.4% underlying and reported, accelerating from 1.6% in Q2; Sports Medicine & ENT led, Wound improved and Orthopaedics returned to growth.
More than 50% of Q3 growth came from products launched in the last five years.
Weaker US Hips and Knees trading prompted lower FY26 guidance.
Financial highlights
Q3 revenue was $1,551m versus $1,501m in Q3 2025; underlying and reported growth were both 3.4%, with no FX or trading-day impact.
Nine-month revenue was $4,648m versus $4,461m; underlying growth was 2.7% and reported growth was 4.2%.
Q3 business-unit revenue: Orthopaedics $590m, Sports Medicine & ENT $507m and Advanced Wound Management $454m.
Regional underlying growth was 3.0% in the US, 3.2% in Other Established Markets and 4.8% in Emerging Markets; excluding China, growth was 4.0%.
Outlook and guidance
FY26 underlying revenue growth is expected at ~3%, versus prior ~4%; reported growth is ~4.0% at 30 October exchange rates.
FY26 trading profit is expected at ~$1.25bn, with ~4% growth, versus prior ~$1.3bn and ~8% growth; profit growth is expected to remain ahead of revenue growth.
FY26 free cash flow is expected at ~$750m versus prior ~$800m; trading cash conversion is ~95% and ROIC is expected at ~9%.
China is expected to be broadly neutral to full-year growth; 2027 guidance and a medium-term outlook update are planned with Q4 results.
LANDMARK cemented launch is planned for Q2 2027, with meaningful traction expected in H2; CORI Hip and CORI Hip Impactor launches are planned for Q1 and Q3 2027.
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Latest events from Smith & Nephew
- Profit and cash flow guidance maintained despite lower revenue, driven by cost savings.SN
Q2 2026 - Innovation in wound care, sports medicine, and robotics drives growth and ASC leadership.SNInvestor update
- Q1 2026 saw 3.1% underlying revenue growth and a $500m share buyback announcement.SNInvestor presentation
- Q1 2026 delivered 3.1% underlying growth, guidance reaffirmed, and a $500M buyback announced.SNQ1 2026 TU
- FY2025 delivered strong growth, margin expansion, and record free cash flow, with robust 2026 guidance.SNQ4 2025
- 2028 targets: 6-7% revenue CAGR, >$1bn FCF, and market leadership via innovation and efficiency.SNCMD 2025
- Q3 revenue up 5.0%, margin and cash flow guidance raised, innovation and efficiency drive growth.SNQ3 2025 TU
- Q3 revenue up 4.0%, but China headwinds lower full-year outlook and 2025 margin target.SNQ3 2024 TU
- Strong growth, margin expansion, and cash flow in 2024 set up further gains for 2025.SNH2 2024
Next Smith & Nephew earnings date
Q4 20261 Mar, 2027
Smith & Nephew
Next Smith & Nephew earnings date
Q4 20261 Mar, 2027
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Frequently asked questions
Smith & Nephew plc manufactures and sells medical devices worldwide. It offers joint replacement products; sports medicine solutions, including arthroscopy, rehabilitation, and orthopedic reconstruction; and trauma and extremities solutions. The company sells its products through sales representatives, distributors, and direct sales force under the Advanced Wound Management, Sports Medicine, Arthroscopy and Biosurgery, Trauma and Extremities, Other Surgical Businesses, Knee Implants, Hip Implants, Advanced Wound Bioactives and Advanced Wound Devices brands.