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Smith & Nephew
Smith & Nephew (SN) investor relations material
Smith & Nephew Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
Achieved strong FY2025 results at the high end of guidance, with underlying revenue growth of 5.3% and all business units growing over 5%; over 60% of growth came from products launched in the last five years.
Trading profit margin improved to 19.7%, up 160 bps year-over-year, and free cash flow rose 52.5% to $840 million, including a $26 million one-off property transaction.
Completed the 12-Point Plan, delivering consistent annual targets and positioning for accelerated growth under the new RISE strategy.
Innovation drove growth, with 44 new products launched in three years and a robust pipeline for 2026 and beyond.
Acquisition of Integrity Orthopaedics strengthens the sports medicine and shoulder portfolio, expected to be accretive from 2028.
Financial highlights
FY2025 underlying revenue grew 5.3% to $6.2 billion; reported growth was 6.1%.
Trading profit reached $1.2 billion, with a 160 bps margin expansion to 19.7%.
Adjusted EPS increased 21% to $1.02; reported EPS rose 52.8% to 72.1¢.
Free cash flow reached $840 million, up 52.5% year-over-year; trading cash conversion improved to 102%.
Dividend per share increased 4.3% to 39.1¢.
Outlook and guidance
2026 organic revenue growth expected around 6%, above market, with all business units contributing.
Trading profit guidance for 2026 is ~$1.3 billion, including Integrity Orthopaedics dilution.
Free cash flow for 2026 expected at ~$800 million; ROIC to exceed 10% excluding Integrity.
Integrity Orthopaedics acquisition expected to be marginally dilutive in 2026, neutral in 2027, and accretive in 2028.
Continued focus on margin expansion, operational efficiency, and innovation under the RISE strategy.
Skin subs market: volume and price assumptions
Ortho360 program's capital efficiency impact
Shoulder portfolio strategy with Integrity, CORI
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Smith & Nephew
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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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