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Smith & Nephew (SN) investor relations material
Smith & Nephew Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue reached $1.5 billion, up 5.0% underlying and 6.3% reported, with growth driven by sports medicine, advanced wound management, and new product launches, while US Hip Implants offset weaker US Knee Implants.
Excluding China, underlying revenue growth was 6.4%, with China headwinds beginning to abate but still impacting results.
Operational improvements from the 12-Point Plan and innovation supported profitability, margin expansion, and cash generation.
Free cash flow guidance was raised from $600 million to $750 million, reflecting strong working capital discipline.
Financial highlights
Q3 revenue was $1.5 billion, with 5.0% underlying and 6.3% reported growth, aided by a 130 bps FX tailwind.
US revenue grew 5.5%, Other Established Markets 3.9%, and Emerging Markets 5.4%.
Orthopaedics grew 4.1% underlying, Sports Medicine & ENT 5.1%, and Advanced Wound Management 6.0%, with Bioactives up 12.2%.
Free cash flow guidance increased to $750 million.
Outlook and guidance
Full-year underlying revenue growth guidance reaffirmed at around 5.0%, with trading margin expected in the 19.0–20.0% range, midpoint with slight upside bias.
Free cash flow guidance raised to $750 million for the year, up from $600 million.
Margin expansion expected to continue into 2026, despite headwinds from tariffs, reimbursement changes, and VBP.
Guidance includes a 150bps growth headwind from China and one fewer trading day than 2024.
Mitigation plans for compounding 2026 tariffs
Expected VBP impact on ENT and Arthroscopic Tech
Long-term benefits of US Knee portfolio rationalization
Detail US Knees improvement drivers
Quantify 2026 margin headwinds and offsets
Bioactives reimbursement: competitive landscape impact
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Next Smith & Nephew earnings date
CMD 202511 Dec, 2025
Next Smith & Nephew earnings date
CMD 202511 Dec, 2025
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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.
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