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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 Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Aug, 2026
Executive summary
Underlying revenue growth for Q2 2026 was 1.6%, below expectations, with strong Sports Medicine and ENT offset by softness in US Orthopaedics and Advanced Wound Bioactives.
H1 2026 trading profit reached $566 million, up 8.1% year-over-year, supported by efficiency savings and tariff refunds.
The group remains focused on margin progress, expecting further improvement in US Orthopaedics and normalization in Bioactives through the year.
Revenue outlook for FY 2026 reduced to around 4%, but profit, free cash flow, and ROIC guidance are maintained, supported by additional $50 million in efficiency savings identified for 2026.
Financial highlights
Q2 2026 revenue was $1,597 million (+1.6% underlying, +2.8% reported), with a 120 bps FX tailwind.
H1 2026 revenue was $3,097 million (+4.6% reported, +2.3% underlying); trading profit margin improved to 18.3%.
Gross margin rose to 71.1%, up 60 bps year-over-year, driven by efficiency savings.
Adjusted EPSA for H1 2026 was 47.7¢, up 11.0% year-over-year; interim dividend increased 4% to 15.6¢ per share.
H1 free cash flow was $231 million, impacted by higher capex and working capital.
Outlook and guidance
Full-year underlying revenue growth outlook reduced to around 4%, with H2 2026 growth expected at 5.0–5.5%.
Trading profit guidance maintained at around 8% growth (excluding M&A), or ~$1.3 billion including Integrity acquisition.
Free cash flow expected at ~$800 million for 2026; ROIC above 10%.
Additional $50 million in efficiency savings identified for 2026, raising total to $200 million.
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Latest events from Smith & Nephew
- Innovation in wound care, sports medicine, and robotics drives growth and ASC leadership.SN
Investor 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
- Strong FY 2025 growth, margin expansion, and new strategy set stage for accelerated 2026 performance.SNInvestor presentation
- 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
Q3 2026 TU4 Nov, 2026
Smith & Nephew
Next Smith & Nephew earnings date
Q3 2026 TU4 Nov, 2026
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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.