Logotype for Smith & Nephew plc

Smith & Nephew (SN) investor relations material

Smith & Nephew H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Smith & Nephew plc
H1 2025 earnings summary5 Aug, 2025

Executive summary

  • Achieved 6.7% underlying revenue growth in Q2 2025, with sequential acceleration across all business units and regions, and strong momentum in Joint Repair outside China.

  • H1 trading margin reached 17.7%, a 100 bps expansion year-over-year, with further uplift expected in H2.

  • Free cash flow increased to $244M in H1, supporting a $500M share buyback for H2 2025.

  • Transformation initiatives and innovation pipeline drove improved profitability, productivity, and sustainable operational changes.

Financial highlights

  • Q2 revenue was $1,553M, up 6.7% underlying and 7.8% reported, with a 110 bps FX tailwind.

  • H1 2025 revenue reached $2,961M, up 5.0% underlying and 4.7% reported year-over-year.

  • Trading profit was $523M, up 11.2% year-over-year; trading margin expanded to 17.7%.

  • EPS grew 36.6% to 33.5¢; adjusted EPSA up 14.1% to 42.9¢; interim dividend up 4.2% to 15.0¢.

  • Free cash flow surged to $244M in H1 2025 from $39M in H1 2024; trading cash conversion improved to 93%.

Outlook and guidance

  • Full-year 2025 guidance unchanged: underlying revenue growth around 5%, trading margin expected between 19.0% and 20.0%.

  • Margin expansion expected to pick up in H2 as cost savings and reduced China headwinds materialize.

  • Free cash flow for the year expected to exceed £600M.

  • Tariffs expected to be a net headwind of $15–20M in 2025, mainly impacting H2.

  • No change to revenue or margin guidance despite Q2 strength, due to macro uncertainty and tough Q4 comparators.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next Smith & Nephew earnings date

Logotype for Smith & Nephew plc
Q3 2025 TU6 Nov, 2025
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Smith & Nephew earnings date

Logotype for Smith & Nephew plc
Q3 2025 TU6 Nov, 2025

The essential earnings season companion

The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

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.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage