Stryker reported $6.52 billion in revenue for Q3 2026.

Cover page 3 changes

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For the quarterly period ended June September 30, 2026

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There were 383,573,046 380,691,004 shares of Common Stock, $0.10 par value, on June September 30, 2026 .

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2026 Second Third Quarter Form 10-Q

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Note 1: BASIS OF PRESENTATION 3 changes

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June 30, 2026 and the results of operations for the three and six months 2026 . The results of operations included in these

Consolidated Financial Statements may not necessarily be

September 30, 2026 and the results of operations for the three and nine months 2026 . The results of operations included in these Consolidated Financial Statements may not necessarily be indicative of our annual results. These statements should be read in conjunction with our Annual Report on Form 10-K for 2025 .

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Financial statements 41 changes

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update provides a practical expedient allowing entities to assume that current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounting accounted for under Accounting Standards Codification 606, Revenue from

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Orthopaedic Instruments of $ 523 and $ 501 and Other

sales related to Orthopaedic Instruments of $ 1,012 and $ 985 and

Other Orthopaedics of $ 351 and $ 281 . Instruments includes sales related to Neuro Cranial of $ 681 and $ 616 and Enabling

Orthopaedic Instruments of $ 535 and $ 492 and Other

Orthopaedics of $ 194 219 and $ 148 159 for the three months 2026 and

2025. . For the six nine months 2026 and 2025 Ortho Tech includes

sales related to Orthopaedic Instruments of $ 1,547 and $ 1,477 and Other Orthopaedics of $ 570 and $ 440 . Instruments includes sales related to Neuro Cranial of $ 670 and $ 637 and Enabling

Technologies of $ 28 and $ 34 45 for the three months 2026 and

2025. . For the six nine months 2026 and 2025 Instruments includes sales related to Neuro Cranial of $ 1,287 1,957 and $ 1,179 1,816 and

Enabling Technologies of $ 54 82 and $ 63 108 . We have reflected these changes in all historical periods presented.

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2026 Second Third Quarter Form 10-Q

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We typically do not incur costs to fulfill a contract before a product or service is provided to a customer due to the nature of our products and services. Our costs to obtain contracts are typically in the form of sales commissions paid to employees or third-party agents. Certain sales commissions paid to employees prior to recognition of sales are recorded as deferred contract costs. We expense sales commissions associated with obtaining a contract at the time of the sale or as incurred as the amortization period is generally less than one year. These costs have been presented within selling, general and administrative expenses. On June September 30, 2026 and December 31, 2025 deferred contracts costs recorded in our Consolidated Balance Sheets were not significant.

Sheets were not significant.

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2026 and December 31, 2025 are classified within accrued

Our contract assets primarily relate to conditional rights to consideration for work completed but not billed at the reporting date. On June September 30, 2026 and December 31, 2025 contract assets recorded in our Consolidated Balance Sheets were not significant.

Our contract liabilities arise as a result of consideration received from customers at inception of contracts for certain businesses or where the timing of billing for services precedes satisfaction of our performance obligations. This occurs primarily when payment is received upfront for certain multi-period extended service contracts. Our contract liabilities of $ 997 960 and $ 1,024 on June 30,

September 30, 2026 and December 31, 2025 are classified within accrued expenses and other liabilities and other noncurrent liabilities in our Consolidated Balance Sheets based on the timing of when we expect to complete our performance obligations.

Changes in contract liabilities during the six nine months 2026 were as follows:

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Revenue recognized from beginning of year contract liabilities ( 537 615 )

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Sheets at the time of sale. Under the terms of our arrangements, we collect lease payments on behalf of the financial institutions but maintain no other form of continuing involvement. Sales of these lease agreements are classified as operating activities in our Consolidated Statements of Cash Flows. Fees earned for our servicing activities are immaterial. Revenue related to customer lease agreements sold under these arrangements represented less than 4 % of our total revenue for the three and six nine months

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2026 Second Third Quarter Form 10-Q

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We had 2.3 billion at September 30, 2026 and December 31,

We had 2.3 billion at June 30, 2026 and December 31, 2025 in certain forward currency contracts designated as net investment hedges, for which the maximum term is 8.2 8.0 years , to hedge a portion of our investments in certain of our entities with functional currencies denominated in Euros. In addition to these derivative financial instruments designated as net investment hedges, we had 5.0 billion at June September 30, 2026 and December 31, 2025 of senior unsecured notes designated as net investment hedges to selectively hedge portions of our investment in certain international subsidiaries. The currency effects of our Euro- denominated senior unsecured notes are reflected in AOCI within shareholders' equity where they offset gains and losses recorded on our net investment in international subsidiaries.

December 31, 2025 of senior unsecured notes designated as net investment hedges to selectively hedge portions of our investment in certain international subsidiaries. The currency effects of our Euro-denominated senior unsecured notes are reflected in AOCI within shareholders' equity where they offset gains and losses recorded on our net investment in international subsidiaries.

The total after-tax gain (loss) recognized in OCI related to designated net investment hedges was $ 180 204 in the six nine months

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Pretax gains (losses) on derivatives designated as cash flow hedges of ($ 8 18 ) and net investment hedges of $ 30 28 recorded in

AOCI are expected to be reclassified to cost of sales and other income in earnings within 12 months of June September 30, 2026 . This cash flow hedge reclassification is primarily due to the sale of inventory that includes previously hedged purchases. A component of the

This cash flow hedge reclassification is primarily due to the sale of inventory that includes previously hedged purchases. A component of the AOCI amounts related to net investment hedges is reclassified over the life of the hedge instruments as we elected to exclude the initial value of the component related to the spot-forward difference from the effectiveness assessment.

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Pretax gains of $ 6 recorded in AOCI related to interest rate hedges closed in conjunction with debt issuances are expected to be reclassified to interest expense in earnings within 12 months of June September 30, 2026 . The cash flow effect of interest rate hedges is recorded in cash flow from operations.

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In the six nine months 2026 we recorded $ 271 of contingent

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2026 Second Third Quarter Form 10-Q

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On June 30, 2026 and December 31, 2025 the aggregate

The aggregate difference between the cost and fair value of

available-for-sale marketable securities was nominal at

December 31, 2025 . Our investments in available-for-sale

marketable securities were sold during the three months ended

September 30, 2026. Interest income on cash and cash

difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest income on cash and cash equivalents, short-term investments and income from marketable securities was $ 26 36 and $ 24 28 in the three months 2026 and 2025 , and $ 60 96 and $ 62 90 in the six nine months 2026 and 2025, which was recorded in other income.

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Poor's) and A (Fitch) . We do not plan to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

Poor's) and A (Fitch).

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Other information 38 changes

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Our outstanding balances of confirmed invoices in the supplier financing program were $ 78 88 and $ 75 at June September 30, 2026 and

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We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. In the six nine months 2026 and 2025 cash paid for acquisitions, net of cash acquired was $ 459 481 and $ 4,814 4,950 .

In May 2026 we completed the acquisition of AVS for net cash consideration of $ 435 434 and up to $ 400 in future milestone payments that had a fair value of $ 271 at the acquisition date.

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AVS is part of our Peripheral Vascular business within MedSurg and Neurotechnology. A cquired i n-process Acquired in-process research and development intangible assets represent projects where the related product has not yet received regulatory approval. The purchase price allocation for AVS is based on preliminary valuations, primarily related to in-process research and development. Goodwill attributable to the acquisition reflects the strategic benefits of expanding our peripheral vascular portfolio.

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expenses in the six nine months 2025 .

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2026 Second Third Quarter Form 10-Q

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September 30, 2026 .

On June September 30, 2026 we had $ 250 outstanding under our

commercial paper programs which allows allow for maturities up to 397 days from the date of issuance. The maximum amount of our commercial paper that can be outstanding at any time is $ 3,000 .

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notes. The following table summarizes our total debt at June 30 :

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including required fees incurred totaled $ 136 137 and $ 159 157 for the three months 2026 and 2025 and $ 278 415 and $ 296 453 for the six nine months 2026 and 2025 .

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Our effective tax rates were 18.4 % and 16.3 % in the three and six months 2026 and 13.0 % and 13.6 % in the three and six months 2025 . The effective tax rates for the three and six months

2026 increased from the three and six months 2025 due to the

2025 tax benefit related to the sale of the Spinal Implants

business. The effective tax rates for the three and six months

Our effective tax rates were 24.5 % and 18.7 % in the three and nine months 2026 and 16.5 % and 14.7 % in the three and nine months 2025 . The effective tax rate for the three months 2026 increased from the three months 2025 due to the 2026 non- deductible goodwill impairment. The effective tax rate for the nine months 2026 increased from the nine months 2025 due to the

2026 non-deductible goodwill impairment and the 2025 tax

benefit related to the sale of the Spinal Implants business. The effective tax rates for the three and nine months 2026 and 2025 reflect the continued lower effective income tax rates as a result of our European operations and certain discrete tax items.

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2026 Second Third Quarter Form 10-Q

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Following this reorganization we continue to have two reportable segments, MedSurg and Neurotechnology and Orthopaedics.

We test goodwill annually for impairment at October 31 or

whenever events or circumstances indicate that goodwill may be impaired. During the third quarter 2026, various factors indicated it was more likely than not that the carrying value of our

Peripheral Vascular reporting unit exceeded its fair value. As a result, we performed an interim impairment assessment of goodwill, indefinite-lived and other long-lived assets of the

Peripheral Vascular reporting unit and a charge of $ 293 was recognized in goodwill and other impairments in the Consolidated

Statements of Earnings. The impairment amount represents the excess of the carrying value of the Peripheral Vascular reporting unit over its fair value, which we estimated using an income- based valuation approach.

The impairment charge for the Peripheral Vascular reporting unit was primarily driven by a reduction in forecasted cash flows reflecting near-term operational and supply constraints and a longer expected period to achieve anticipated growth and market recovery. Significant inputs to the analysis included assumptions for future revenue growth, operating margin, the effective tax rate applied to future earnings and the rate used to discount the estimated future cash flows to their present value, based on the reporting unit s estimated weighted average cost of capital.

Future changes in the judgments, assumptions and estimates

that are used in our impairment testing for goodwill, including discount and tax rates and future cash flow projections, could result in significantly different estimates of the fair values. A significant reduction in the estimated fair values could result in impairment charges that could materially affect our results of operations.

In the first quarter 2026 we changed our organizational structure as further described in Note 1. Following this reorganization we continue to have two reportable segments, MedSurg and

Neurotechnology and Orthopaedics. The reorganization impacts the composition of the Instruments and Joint Replacement reporting units and results in a new reporting unit representing the Ortho Tech business.

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NOTE 12 - SUBSEQUENT EVENTS

In October 2026 we signed an agreement with CMR Surgical, a

global robotics company and maker of the Versius Plus surgical robot, to invest approximately $ 400 in cash in exchange for CMR

Surgical's preferred equity. The agreement grants us exclusive

U.S. distribution rights for the Versius portfolio and an exclusive option to acquire 100 % of CMR Surgical's remaining outstanding equity in the future. The transaction is expected to close in the fourth quarter 2026, subject to regulatory approval and customary closing conditions.

In October 2026 our Board of Directors approved an increase of

$ 3,000 to our existing share repurchase program, bringing the total share repurchase authorization to $ 3,033 . The manner, timing and amount of repurchases are determined by management based on an evaluation of market conditions, stock price, and other factors and are subject to regulatory considerations. Purchases may be made from time to time in the open market, in privately negotiated transactions or otherwise.

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2026 Second Third Quarter Form 10-Q

MD&A 147 changes

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Overview of the Three and Six Nine Months

In the three months 2026 we achieved sales growth of 9.4% 7.7% from

2025 . Organic net sales increased 7.7% , primarily driven by increased unit volume. We reported operating income margin of

2025 . Excluding the impact of acquisitions and divestitures, sales grew 9.0% in constant currency. We reported operating income margin of 25.2% 15.9% , net earnings of $1,276 $753 and net earnings per diluted share of $3.30 $1.96 . Excluding the impact of certain items, adjusted operating income margin (1) increased by 170 60 basis points to 27.4% , with adjusted net earnings (1) of $1,424 and adjusted net earnings per diluted share (1) of $3.69 , an increase of

26.2% , with adjusted net earnings (1) of $1,357 and adjusted net earnings per diluted share (1) of $3.52 , an increase of 10.3% from

In the six nine months 2026 we achieved sales growth of 6.1% 6.6% from

2025 . Excluding the impact of acquisitions and divestitures, organic net sales increased 6.4% , primarily driven by increased unit volume. We reported operating income margin of 19.0% , net earnings of $2,774 and net earnings per diluted share of $7.19 .

2025 . Excluding the impact of acquisitions and divestitures, sales grew 5.8% in constant currency. We reported operating income margin of 20.6% , net earnings of $2,021 and net earnings per diluted share of $5.23 . Excluding the impact of certain items, adjusted operating income margin (1) increased by 10 30 basis points to 24.4% 25.0% , with adjusted net earnings (1) of $2,428 $3,785 and adjusted net earnings per diluted share (1) of $6.29 $9.81 , an increase of 5.4% 7.1% from 2025 .

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2026 Second Third Quarter Form 10-Q

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Instruments business to align with our internal reporting structure. Ortho Tech includes sales related to Orthopaedic Instruments of $523 $535 and $501 $492 and Other Orthopaedics of $194 $219 and $148 $159 for the three months 2026 and 2025 . For the six nine months 2026 and 2025 Ortho

Tech includes sales related to Orthopaedic Instruments of $1,012 $1,547 and $985 $1,477 and Other Orthopaedics of $351 $570 and $281 $440 . Instruments includes sales related to Neuro Cranial of $681 $670 and $616 $637 and Enabling Technologies of $28 and $34 $45 for the three months 2026 and

2025 . For the six nine months 2026 and 2025 Instruments includes sales related to Neuro Cranial of $1,287 $1,957 and $1,179 $1,816 and Enabling

Technologies of $54 $82 and $63 $108 . We have reflected these changes in all historical periods presented.

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2026 Second Third Quarter Form 10-Q

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Consolidated net sales increased 6.1% 7.7% in the six three months 2026 as on both a reported and 5.0% in constant currency as foreign currency exchange rates positively impacted net sales by 1.1% basis . Excluding the (0.8)% impact of acquisitions and divestitures, Net sales in constant currency increased by 5.6% 7.6% from increased unit volume and 0.2% 0.1% due to higher prices. The unit volume increase was due to higher product shipments across all MedSurg and

Neurotechnology businesses and certain Orthopaedics

Consolidated net sales increased 9.4% 6.6% in the three nine months 2026 as reported and 9.0% 5.9% in constant currency as foreign currency exchange rates positively impacted net sales by 0.4% 0.7% . N et Excluding the (0.5)% impact of acquisitions and divestitures, net sales in constant currency increased by 9.0% 6.2% from increased unit volume and 0.2% due to higher prices. The unit volume increase was due to higher product shipments across most all MedSurg and Neurotechnology businesses and all Orthopaedics businesses.

Neurotechnology businesses and all most Orthopaedics businesses.

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three months 2026 as reported and 9.2% in constant currency, as foreign currency exchange rates positively impacted net sales by

0.5% . Net sales in constant currency increased by 9.1% from increased unit volume and 0.1% from higher prices. The unit volume increase was due to higher shipments across most

Medsurg and Neurotechnology businesses.

MedSurg and Neurotechnology net sales increased 7.4% in the

six months 2026 as reported and 6.5% in constant currency, as foreign currency exchange rates positively impacted net sales by

MedSurg and Neurotechnology net sales increased 9.7% 9.2% in the

three months 2026 on both a reported and constant currency

0.9% . basis. Excluding the 1.3% 0.1% impact of acquisitions and divestitures, net sales in constant currency increased by 4.9% 8.9% from increased unit volume and 0.3% 0.2% from higher prices. The unit volume increase was due to higher shipments across all Medsurg and

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MedSurg and Neurotechnology net sales increased 8.0% in the

nine months 2026 as reported and 7.4% in constant currency, as foreign currency exchange rates positively impacted net sales by

0.6% . Excluding the 0.8% impact of acquisitions and divestitures, net sales in constant currency increased by 6.3% from increased unit volume and 0.3% from higher prices. The unit volume increase was due to higher shipments across all MedSurg and

Neurotechnology businesses.

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The unit volume increase was due to higher shipments across all

Orthopaedics businesses.

Orthopaedics net sales increased 9.1% 5.7% in the three months 2026 as reported and 8.7% 5.9% in constant currency, as foreign currency exchange rates positively negatively impacted net sales by 0.4% (0.2)% . Excluding the 0.1% impact of acquisitions and divestitures, Net sales in constant currency increased 8.6% 5.9% from increased unit volume. The unit volume increase was due to higher shipments primarily within the Ortho Tech and Trauma and Extremities businesses .

Orthopaedics net sales increased 4.5% 4.9% in the six nine months 2026 as reported and 3.3% 4.1% in constant currency, as foreign currency exchange rates positively impacted net sales by 1.2% 0.8% . Excluding the (3.1)% (2.1)% impact of acquisitions and divestitures, net sales in constant currency increased 6.4% 6.2% from increased unit volume.

The unit volume increase was due to higher shipments across all

most Orthopaedics businesses.

Gross profit was $4,498 $4,248 and $3,841 $3,852 in the three months 2026

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Reversal of 2025 tariffs

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Gross profit was $8,308 and $7,585 in the six months 2026 and

2026 increased to 68.3% 65.2% from 63.8% 63.6% in 2025 primarily driven by a reduction of certain import tariffs and lower amortization of inventory stepped up to fair value. .

Gross profit was $12,556 and $11,437 in the nine months 2026 and 2025 . The key components of the change were:

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Gross profit as a percentage of net sales in the six nine months 2026 increased to 65.9% 65.6% from 63.8% 63.7% in 2025 driven by a reduction of certain import tariffs and lower amortization of inventory stepped up to fair value partially offset by higher manufacturing and supply chain costs primarily due to idle production time related to the cybersecurity incident in the first quarter 2026.

While segment mix was not a significant driver of the change in gross profit as a percent of net sales between the six nine months

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$27 or 6.6% in the three months 2026 and $35 or 4.3% in the six months 2026 . Expenses as a percentage of net sales of 6.6% in the three months and 6.7% in the six months 2026 remained relatively flat with 6.8% in the three and six months 2025 .

$23 or 5.6% in the three months 2026 and $58 or 4.7% in the

nine months 2026 . Expenses as a percentage of net sales of

6.6% in the three months and 6.7% in the nine months 2026

remained relatively flat with 6.8% in the three and nine months

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3.0% in the six months 2026 . As a percentage of net sales,

expenses decreased to 35.8% from 36.8% in 2025 , primarily due to lower acquisition-related costs and continued spend discipline partially offset by higher structural optimization and other special charges. Expenses in the six months 2025 included a charge of

$139 for share-based awards for Inari employees that vested

upon our acquisition.

Selling, general and administrative expenses increased $150 $268 or

7.2% 13.1% in the three months 2026 . As a percentage of net sales, expenses decreased increased to 33.8% 35.5% from 34.5% 33.8% in 2025 , primarily due to continued spend discipline and lower acquisition and integration-related charges partially offset by higher structural optimization and other special charges .

Selling, general and administrative expenses increased $131 $399 or

6.2% in the nine months 2026 . Expenses as a percentage of net sales of 35.7% remained relatively flat with 35.8% in 2025 .

Higher structural optimization and other special charges in the nine months 2026 were offset by lower acquisition and integration-related costs .

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Amortization of intangible assets was $175 and $187 $189 in the three months and $355 $530 and $354 $543 in the six nine months 2026 and 2025 .

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Goodwill and other impairments was $1 and $55 in the three

months and $1 and $90 in the six months 2026 and 2025 .

We recorded a goodwill impairment charge of $293 in the three months 2026 related to our Peripheral Vascular business. Refer to Note 11 to our Consolidated Financial Statements for further information.

We recorded other impairments of $73 in the three months 2025 and $1 and $163 in the nine months 2026 and 2025 .

Operating income was $1,659 $1,034 and $1,113 $1,135 in the three months

2026 and 2025 . Operating income as a percentage of net sales in the three months 2026 increased decreased to 25.2% 15.9% from 18.5% 18.7% in 2025 .

Refer to the discussion above for the primary drivers of the change.

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2026 Second Third Quarter Form 10-Q

Operating income was $3,629 and $3,085 in the nine months

Operating income was $2,595 and $1,950 in the six months 2026 and 2025 . Operating income as a percentage of net sales in the six nine months 2026 increased to 20.6% 19.0% from 16.4% 17.2% in 2025 . Refer to the discussion above for the primary drivers of the change.

Refer to the discussion above for the primary drivers of the change.

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percentage of net sales increased to 28.1% 28.7% in the three months

2026 from 25.6% 26.1% in 2025 . Orthopaedics operating income as a percentage of net sales increased decreased to 34.0% 31.2% in the three months

2026 from 33.1% 32.4% in 2025 . The key components of the change

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The increase in MedSurg and Neurotechnology operating income as a percentage of net sales for the three months was primarily driven by lower selling, general and administrative expenses, lower manufacturing and supply chain costs and higher unit volumes. , partially offset by higher research, development and engineering expenses.

The increase decrease in Orthopaedics operating income as a percentage of net sales for the three months was primarily driven by higher unit volumes, lower research, development and engineering expenses and lower selling, general and administrative expenses partially offset by and higher manufacturing and supply chain costs, partially offset by higher unit volumes.

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percentage of net sales of 25.2% in the six months 2026

percentage of net sales increased to 26.4% in the nine months

remained flat with 2026 from 25.5% in 2025 . Orthopaedics operating income as a percentage of net sales increased decreased to 32.1% 31.8% in the six nine months

2026 from 31.7% 32.0% in 2025 . The key components of the change

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MedSurg and Neurotechnology operating income as a

$289 and $296 in the six months 2026 and 2025 . The decrease in interest expense in the three months and six months 2026 from

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and 67 more changes in the filing

Forward-looking statements 2 changes

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Dollar amounts are in millions except per share amounts or as otherwise specified.

2026 Second Quarter Form 10-Q

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Market risk 2 changes

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Dollar amounts are in millions except per share amounts or as otherwise specified.

2026 Third Quarter Form 10-Q

Controls and procedures 3 changes

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amended) on June September 30, 2026 . Based on that evaluation, the

Certifying Officers concluded the Company's disclosure controls and procedures were effective as of June September 30, 2026 .

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reporting during the six nine months 2026 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 10 changes

We issued 1,929 shares of our common stock in the three

months 2026 as performance incentive awards to employees.

In the three months 2026 we did not issue shares of our common stock as performance incentive awards to employees. When issued, these shares are not registered under the Securities Act of 1933 based on the conclusion that the awards would not be events of sale within the meaning of Section 2(a)(3) of the Act.

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The manner, timing and amount of repurchases are determined

by management based on an evaluation of market conditions,

authorized us to purchase up to $2,000 of our common stock. In

October 2026 our Board of Directors approved an increase of

$3,000 to our existing share repurchase program, bringing the total share repurchase authorization to $3,033 . The manner, timing and amount of repurchases are determined by management based on an evaluation of market conditions, stock price, and other factors and are subject to regulatory considerations. Purchases are may be made from time-to-time time to time in the open market, in privately negotiated transactions, accelerated share repurchase programs or otherwise.

In 2026 we repurchased 3 million shares of our common stock at a cost of $1,000 under our authorized share repurchase program.

In The six months 2026 we did not repurchase any shares of our common stock under our authorized repurchase program. The total dollar value of our shares of our common stock that could be acquired under our authorized repurchase program was $1,033 $33 as of June September 30, 2026. .

Exhibits 12 changes

Transition Agreement, dated May 15, 2026, between

Stryker Corporation and William E. Berry, Jr.

Incorporated by reference to Exhibit 10.1 to the

Company s Form 8-K dated May 20, 2026

(Commission File No. 001-13149).

Letter Agreement, dated May 15, 2026, between

Stryker Corporation and Emily Baculik

Incorporated by reference to Exhibit 10.2 to the

Company s Form 8-K dated May 20, 2026

(Commission File No. 001-13149).

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* Compensation arrangement

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2026 Second Third Quarter Form 10-Q

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