# EDGAR Filing Document

**Accession Number:** 0000310764
**File Stem:** 0000310764-25-000129
**Filing Date:** 2025-10
**Character Count:** 128893
**Document Hash:** 58fc2651ba78c76db64cbda224fb95f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000310764-25-000129.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0000310764-25-000129

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STRYKER CORP
- **CENTRAL INDEX KEY:** 0000310764
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 381239739
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13149
- **FILM NUMBER:** 251438627

**BUSINESS ADDRESS:**
- **STREET 1:** 1941 STRYKER WAY
- **CITY:** PORTAGE
- **STATE:** MI
- **ZIP:** 49002
- **BUSINESS PHONE:** 2693852600

**MAIL ADDRESS:**
- **STREET 1:** 1941 STRYKER WAY
- **CITY:** PORTAGE
- **STATE:** MI
- **ZIP:** 49002

?xml version='1.0' encoding='ASCII'? syk-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended September 30, 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Commission file number: 001-13149

![strykerlogoa74.jpg](syk-20250930_g1.jpg)

**STRYKER CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Michigan** |  |  | **38-1239739** |
| (State of incorporation) |  |  | (I.R.S. Employer Identification No.) |
| **1941 Stryker Way** | **Portage,** | **Michigan** | **49002** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
|  | **(269)** | **385-2600** |  |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, $.10 Par Value** | **SYK** | **New York Stock Exchange** |
| **2.125% Notes due 2027** | **SYK27** | **New York Stock Exchange** |
| **3.375% Notes due 2028** | **SYK28** | **New York Stock Exchange** |
| **0.750% Notes due 2029** | **SYK29** | **New York Stock Exchange** |
| **2.625% Notes due 2030** | **SYK30** | **New York Stock Exchange** |
| **1.000% Notes due 2031** | **SYK31** | **New York Stock Exchange** |
| **3.375% Notes due 2032** | **SYK32** | **New York Stock Exchange** |
| **3.625% Notes due 2036** | **SYK36** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),

and (2) has been subject to such filing requirements for the past 90 days.Yes☒No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant

to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant

was required to submit such files).Yes☒No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting

company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting

company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | ☐ |
| Non-accelerated filer | ☐ | Small reporting company | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐No ☒

There were 382,423,648 shares of Common Stock, $0.10 par value, on September 30, 2025.

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>1</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

**<u>PART I – FINANCIAL INFORMATION</u>**

---

| | |
|:---|:---|
| **ITEM 1.** | **FINANCIAL STATEMENTS** |

---

**Stryker Corporation and Subsidiaries**

**CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net sales** | **$6057** | **$5494** | **$17945** | **$16159** |
| Cost of sales | 2205 | 1977 | 6508 | 5893 |
| **Gross profit** | **$3852** | **$3517** | **$11437** | **$10266** |
| Research, development and engineering expenses | 410 | 377 | 1222 | 1108 |
| Selling, general and administrative expenses | 2045 | 1894 | 6424 | 5562 |
| Amortization of intangible assets | 189 | 159 | 543 | 467 |
| Goodwill and other impairments | 73 | 2 | 163 | 21 |
| Total operating expenses | $2717 | $2432 | $8352 | $7158 |
| **Operating income** | **$1135** | **$1085** | **$3085** | **$3108** |
| Other income (expense), net | (106) | (42) | (276) | (144) |
| **Earnings before income taxes** | **$1029** | **$1043** | **$2809** | **$2964** |
| Income taxes | 170 | 209 | 412 | 517 |
| **Net earnings** | **$859** | **$834** | **$2397** | **$2447** |
| **Net earnings per share of common stock:** |  |  |  |  |
| Basic | $2.25 | $2.18 | $6.27 | $6.42 |
| Diluted | $2.22 | $2.16 | $6.20 | $6.35 |
| **Weighted-average shares outstanding (in millions):** |  |  |  |  |
| Basic | 382.4 | 381.1 | 382.1 | 380.9 |
| Effect of dilutive employee stock compensation | 4.3 | 4.5 | 4.4 | 4.5 |
| **Diluted** | **386.7** | **385.6** | **386.5** | **385.4** |
| **Cash dividends declared per share of common stock** | **$0.84** | **$0.80** | **$2.52** | **$2.40** |

---

Anti-dilutive shares excluded from the calculation of dilutive employee stock options were de minimis in all periods.

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net earnings** | **$859** | **$834** | **$2397** | **$2447** |
| **Other comprehensive income (loss), net of tax:** |  |  |  |  |
| Marketable securities |  |  |  |  |
| Pension plans |  | (2) | 2 | (1) |
| Unrealized gains (losses) on designated hedges | 8 | (27) | 11 | (28) |
| Financial statement translation | (12) | (161) | (486) | (100) |
| **Total other comprehensive income (loss), net of tax** | **$(4)** | **$(190)** | **$(473)** | **$(129)** |
| **Comprehensive income** | **$855** | **$644** | **$1924** | **$2318** |

---

*See accompanying notes to Consolidated Financial Statements.*

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>2</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **September 30**<br>**2025** | **December 31**<br>**2024** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $3256 | $3652 |
| Short-term investments |  | 750 |
| Marketable securities | 87 | 91 |
| Accounts receivable, less allowance of $223 ($213 in 2024) | 3643 | 3987 |
| **Inventories:** |  |  |
| Materials and supplies | 1371 | 1147 |
| Work in process | 442 | 336 |
| Finished goods | 3557 | 3291 |
| **Total inventories** | **$5370** | **$4774** |
| Prepaid expenses and other current assets | 1355 | 1593 |
| **Total current assets** | **$13711** | **$14847** |
| **Property, plant and equipment:** |  |  |
| Land, buildings and improvements | 1783 | 1627 |
| Machinery and equipment | 5622 | 5056 |
| Total property, plant and equipment | $7405 | $6683 |
| Less allowance for depreciation | 3671 | 3235 |
| **Property, plant and equipment, net** | **$3734** | **$3448** |
| Goodwill | 19256 | 15855 |
| Other intangibles, net | 5845 | 4395 |
| Noncurrent deferred income tax assets | 1374 | 1742 |
| Other noncurrent assets | 3137 | 2684 |
| **Total assets** | **$47057** | **$42971** |
| **Liabilities and shareholders' equity** |  |  |
| **Current liabilities** |  |  |
| Accounts payable | $1498 | $1679 |
| Accrued compensation | 1306 | 1403 |
| Income taxes | 118 | 539 |
| Dividends payable | 321 | 320 |
| Accrued expenses and other liabilities | 2421 | 2266 |
| Current maturities of debt | 1750 | 1409 |
| **Total current liabilities** | **$7414** | **$7616** |
| Long-term debt, excluding current maturities | 14845 | 12188 |
| Income taxes | 400 | 349 |
| Other noncurrent liabilities | 2613 | 2184 |
| **Total liabilities** | **$25272** | **$22337** |
| **Shareholders' equity** |  |  |
| Common stock, $0.10 par value | 38 | 38 |
| Additional paid-in capital | 2553 | 2361 |
| Retained earnings | 19960 | 18528 |
| Accumulated other comprehensive loss | (766) | (293) |
| **Total shareholders' equity** | **$21785** | **$20634** |
| **Total liabilities and shareholders' equity** | **$47057** | **$42971** |

---

*See accompanying notes to Consolidated Financial Statements.*

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>3</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Common stock shares outstanding (in millions)** |  |  |  |  |
| Beginning | 382.3 | 381.1 | 381.4 | 380.1 |
| Issuance of common stock under stock compensation and benefit plans | 0.1 | 0.1 | 1.0 | 1.1 |
| **Ending** | **382.4** | **381.2** | **382.4** | **381.2** |
| **Common stock** |  |  |  |  |
| Beginning | $38 | $38 | $38 | $38 |
| Issuance of common stock under stock compensation and benefit plans |  |  |  |  |
| **Ending** | **$38** | **$38** | **$38** | **$38** |
| **Additional paid-in capital** |  |  |  |  |
| Beginning | $2492 | $2305 | $2361 | $2200 |
| Issuance of common stock under stock compensation and benefit plans | (1) | (3) | (3) | (31) |
| Share-based compensation | 62 | 51 | 195 | 184 |
| **Ending** | **$2553** | **$2353** | **$2553** | **$2353** |
| **Retained earnings** |  |  |  |  |
| Beginning | $19423 | $17774 | $18528 | $16771 |
| Net earnings | 859 | 834 | 2397 | 2447 |
| Cash dividends declared | (322) | (305) | (965) | (915) |
| **Ending** | **$19960** | **$18303** | **$19960** | **$18303** |
| **Accumulated other comprehensive income (loss)**  |  |  |  |  |
| Beginning | $(762) | $(355) | $(293) | $(416) |
| Other comprehensive income (loss) | (4) | (190) | (473) | (129) |
| **Ending** | **$(766)** | **$(545)** | **$(766)** | **$(545)** |
| **Total shareholders' equity** | **$21785** | **$20149** | **$21785** | **$20149** |

---

*See accompanying notes to Consolidated Financial Statements.*

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>4</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| **Net earnings** | **$2397** | **$2447** |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| Depreciation | 334 | 319 |
| Amortization of intangible assets | 543 | 467 |
| Asset impairments | 163 | 21 |
| Share-based compensation | 195 | 184 |
| Sale of inventory stepped-up to fair value at acquisition | 160 | 38 |
| Deferred income tax (benefit) expense | 191 | (21) |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | 524 | 67 |
| Inventories | (373) | (362) |
| Accounts payable | (205) | (203) |
| Accrued expenses and other liabilities | (78) | (224) |
| Income taxes | (577) | (236) |
| Other, net | (373) | (186) |
| **Net cash provided by operating activities** | **$2901** | **$2311** |
| **Investing activities** |  |  |
| Acquisitions, net of cash acquired | (4950) | (1598) |
| Purchases of marketable securities | (32) | (41) |
| Proceeds/(Purchases) of short-term investments | 750 | (750) |
| Proceeds from sales of marketable securities | 40 | 40 |
| Purchases of property, plant and equipment | (493) | (489) |
| Proceeds from settlement of net investment hedges |  | 99 |
| Proceeds from the sale of the Spinal Implants business | 165 |  |
| Other investing, net | (41) | 42 |
| **Net cash used in investing activities** | **$(4561)** | **$(2697)** |
| **Financing activities** |  |  |
| Proceeds (payments) on short-term borrowings, net | 1 | (32) |
| Proceeds from issuance of long-term debt | 2979 | 3011 |
| Payments on long-term debt | (650) | (601) |
| Payments of dividends | (963) | (914) |
| Cash paid for taxes from withheld shares | (132) | (146) |
| Other financing, net | (29) | (49) |
| **Net cash provided by (used in) financing activities** | **$1206** | **$1269** |
| Effect of exchange rate changes on cash and cash equivalents | 58 | (4) |
| **Change in cash and cash equivalents** | **$(396)** | **$879** |
| Cash and cash equivalents at beginning of period | 3652 | 2971 |
| **Cash and cash equivalents at end of period** | **$3256** | **$3850** |

---

*See accompanying notes to Consolidated Financial Statements.*

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>5</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**NOTE 1 - BASIS OF PRESENTATION**

**General Information**

Management believes the accompanying unaudited Consolidated

Financial Statements contain all adjustments, including normal

recurring items, considered necessary to fairly present the

financial position of Stryker Corporation and its consolidated

subsidiaries ("Stryker," the "Company," "we," "us" or "our") on

September 30, 2025 and the results of operations for the three

and nine months 2025. 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 2024.

**New Accounting Pronouncements Not Yet Adopted**

In September 2025 the Financial Accounting Standards Board

(FASB) issued Accounting Standards Update (ASU) 2025-07

(Topics 815 and 606): *Derivatives and Hedging: Derivatives*

*Scope Refinements* and *Revenue from Contracts with*

*Customers: Scope Clarification for Share-Based Noncash*

*Consideration from a Customer in a Revenue Contract.* This

update expands the scope exception in Topic 815 to certain non-

exchange-traded contracts for which settlement is based on

operations or activities specific to one of the parties to the

contract. The update is effective for fiscal years beginning after

December 15, 2026 including interim periods within those fiscal

years. Early adoption is permitted. We are evaluating if the ASU

will have an impact on our Consolidated Financial Statements.

In September 2025 the FASB issued ASU 2025-06 (Subtopic

350-40): *Intangibles - Goodwill and Other - Internal-Use*

*Software: Targeted Improvements to the Accounting for Internal-*

*Use Software.* This update clarifies and modernizes the

accounting for costs related to internal-use software by removing

all references to project stages and clarifying that the probable-

to-complete threshold is not met if significant development

uncertainty exists. The update is effective for fiscal years

beginning after December 15, 2027 including interim periods

within those fiscal years. Early adoption is permitted. We are

evaluating if the ASU will have an impact on our Consolidated

Financial Statements.

In July 2025 the FASB issued ASU 2025-05 (Topic 326):

*Financial Instruments - Credit Losses: Measurement of Credit*

*Losses for Accounts Receivable and Contract Assets.* This

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 for

under Accounting Standards Codification 606, *Revenue from*

*Contracts with Customers*. The update is effective for fiscal years

beginning after December 15, 2025 including interim periods

within those fiscal years. Early adoption is permitted. We are

evaluating if the ASU will have an impact on our Consolidated

Financial Statements.

In November 2024 the FASB issued ASU 2024-03 (Subtopic

220-40): *Income Statement: Reporting Comprehensive Income -*

*Expense Disaggregation Disclosures* which requires

disaggregation of certain expense captions into specified

categories in disclosures within the Notes to the Consolidated

Financial Statements. The new disclosure requirements are

effective for fiscal years beginning after December 15, 2026 and

interim periods within fiscal years beginning after December 15,

2027. Early adoption is permitted. We are evaluating these new

expanded disclosure requirements.

In December 2023 the FASB issued ASU 2023-09 (Topic 740):

*Income Taxes: Improvements to Income Tax Disclosures* which

expands the existing rules on income tax disclosures. This

update requires entities to disclose specific categories in the tax

rate reconciliation, provide additional information for reconciling

items that meet a quantitative threshold and disclose additional

information about income taxes paid on an annual basis. The

new disclosure requirements are effective for fiscal years

beginning after December 15, 2024 and we will adopt this ASU in

the fourth quarter 2025.

We evaluate all ASUs issued by the FASB for consideration of

their applicability. ASUs not included in our disclosures were

assessed and determined to be either not applicable or are not

expected to have a material impact on our Consolidated Financial

Statements.

**NOTE 2 - REVENUE RECOGNITION**

Our policies for recognizing sales have not changed from those

described in our Annual Report on Form 10-K for 2024.

We disaggregate our net sales by business and geographic

location for each of our segments as we believe it best depicts

how the nature, amount, timing and certainty of our net sales and

cash flows are affected by economic factors.

In the first quarter 2025 we changed the name of our

Neurovascular business to Vascular due the acquisition of Inari

Medical, Inc. (Inari).

In the fourth quarter 2024 we reorganized our Spine business to

align with certain updates to our internal reporting structure. The

spine enabling technologies portfolio (Enabling Technologies)

was reclassified to Other Orthopaedics and Spine, the

interventional spine (IVS) portfolio was reclassified to Neuro

Cranial and the remaining Spine business was renamed to Spinal

Implants. In addition we changed the name of our "Orthopaedics

and Spine" operating segment to "Orthopaedics." Neuro Cranial

includes sales related to IVS of $100 and $296 for the three and

nine months2024. Other Orthopaedics includes sales related to

Enabling Technologies of $32 and $94 for the three and nine

months2024. We have reflected these changes in all historical

periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Net Sales by Business*** |  |  |  |  |
|  | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| **MedSurg and Neurotechnology:** |  |  |  |  |
| Instruments | $760 | $679 | $2258 | $2044 |
| Endoscopy | 896 | 837 | 2662 | 2383 |
| Medical | 985 | 938 | 2920 | 2710 |
| Vascular | 525 | 329 | 1429 | 966 |
| Neuro Cranial | 637 | 541 | 1816 | 1533 |
|  | **$3803** | **$3324** | **$11085** | **$9636** |
| **Orthopaedics:** |  |  |  |  |
| Knees | $628 | $570 | $1907 | $1760 |
| Hips | 457 | 420 | 1366 | 1241 |
| Trauma and Extremities | 960 | 849 | 2862 | 2511 |
| Spinal Implants | 6 | 172 | 177 | 521 |
| Other | 203 | 159 | 548 | 490 |
|  | **$2254** | **$2170** | **$6860** | **$6523** |
| **Total** | **$6057** | **$5494** | **$17945** | **$16159** |

---

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>6</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Net Sales by Geography*** |  |  |  |  |
|  | **Three Months 2025** | **Three Months 2025** | **Three Months 2024** | **Three Months 2024** |
|  | **United** <br>**States**<br>| **International** | **United** <br>**States**<br>| **International** |
| **MedSurg and Neurotechnology:** |  |  |  |  |
| Instruments | $606 | $154 | $544 | $135 |
| Endoscopy | 743 | 153 | 689 | 148 |
| Medical | 827 | 158 | 783 | 155 |
| Vascular | 283 | 242 | 121 | 208 |
| Neuro Cranial | 524 | 113 | 448 | 93 |
|  | **$2983** | **$820** | **$2585** | **$739** |
| **Orthopaedics:** |  |  |  |  |
| Knees | $452 | $176 | $417 | $153 |
| Hips | 279 | 178 | 256 | 164 |
| Trauma and Extremities | 703 | 257 | 621 | 228 |
| Spinal Implants |  | 6 | 119 | 53 |
| Other | 154 | 49 | 111 | 48 |
|  | **$1588** | **$666** | **$1524** | **$646** |
| **Total** | **$4571** | **$1486** | **$4109** | **$1385** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Net Sales by Geography*** |  |  |  |  |
|  | **Nine Months 2025** | **Nine Months 2025** | **Nine Months 2024** | **Nine Months 2024** |
|  | **United** <br>**States**<br>| **International** | **United** <br>**States**<br>| **International** |
| **MedSurg and Neurotechnology:** |  |  |  |  |
| Instruments | $1814 | $444 | $1640 | $404 |
| Endoscopy | 2195 | 467 | 1948 | 435 |
| Medical | 2469 | 451 | 2261 | 449 |
| Vascular | 754 | 675 | 369 | 597 |
| Neuro Cranial | 1496 | 320 | 1255 | 278 |
|  | **$8728** | **$2357** | **$7473** | **$2163** |
| **Orthopaedics:** |  |  |  |  |
| Knees | $1376 | $531 | $1279 | $481 |
| Hips | 831 | 535 | 768 | 473 |
| Trauma and Extremities | 2118 | 744 | 1842 | 669 |
| Spinal Implants | 118 | 59 | 361 | 160 |
| Other | 394 | 154 | 347 | 143 |
|  | **$4837** | **$2023** | **$4597** | **$1926** |
| **Total** | **$13565** | **$4380** | **$12070** | **$4089** |

---

**Costs to Obtain or Fulfill a Contract**

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 September 30, 2025 and December 31, 2024

deferred contracts costs recorded in our Consolidated Balance

Sheets were not significant.

**Contract Assets and Liabilities**

Our contract assets primarily relate to conditional rights to

consideration for work completed but not billed at the reporting

date. On September 30, 2025 and December 31, 2024 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 $939 and $978 on

September 30, 2025 and December 31, 2024 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 nine months 2025 were

as follows:

---

| | |
|:---|:---|
|  | **September 30**<br>**2025** |
| **Beginning contract liabilities** | **$978** |
| Revenue recognized from beginning of year contract liabilities | (492) |
| Net advance consideration received during the period | 453 |
| **Ending contract liabilities** | **$939** |

---

**Transfers and Servicing of Financial Assets**

We sell certain customer lease agreements and the related

leased assets to third-party financial institutions to accelerate our

cash collection cycle. The lease receivables are sold without

recourse and are derecognized from our Consolidated Balance

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 nine months

2025 and 2024.

**NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS)**

**INCOME (AOCI)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months 2025** | **Marketable** <br>**Securities**<br>| **Pension** <br>**Plans**<br>| **Hedges** | **Financial** <br>**Statement** <br>**Translation**<br>| **Total** |
| **Beginning** | **$—** | **$6** | **$34** | **$(802)** | **$(762)** |
| OCI  |  |  | 19 | (4) | 15 |
| Income taxes |  |  | (3) |  | (3) |
| Reclassifications to: |  |  |  |  |  |
| Cost of sales |  |  | (8) |  | (8) |
| Other (income) <br>expense, net<br>|  |  | (1) | (11) | (12) |
| Income taxes |  |  | 1 | 3 | 4 |
| Net OCI | $— | $— | $8 | $(12) | $(4) |
| **Ending** | **$—** | **$6** | **$42** | **$(814)** | **$(766)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months 2024** | **Marketable** <br>**Securities**<br>| **Pension** <br>**Plans**<br>| **Hedges** | **Financial** <br>**Statement** <br>**Translation**<br>| **Total** |
| **Beginning** | **$—** | **$(27)** | **$38** | **$(366)** | **$(355)** |
| OCI  |  | (1) | (28) | (221) | (250) |
| Income taxes |  | (1) | 7 | 66 | 72 |
| Reclassifications to: |  |  |  |  |  |
| Cost of sales |  |  | (8) |  | (8) |
| Other (income) <br>expense, net<br>|  |  |  | (8) | (8) |
| Income taxes |  |  | 2 | 2 | 4 |
| Net OCI | $— | $(2) | $(27) | $(161) | $(190) |
| **Ending** | **$—** | **$(29)** | **$11** | **$(527)** | **$(545)** |

---

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>7</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nine Months 2025** | **Marketable** <br>**Securities**<br>| **Pension** <br>**Plans**<br>| **Hedges** | **Financial** <br>**Statement** <br>**Translation**<br>| **Total** |
| **Beginning** | **$—** | **$4** | **$31** | **$(328)** | **$(293)** |
| OCI  |  | 3 | 25 | (589) | (561) |
| Income taxes |  | (1) | (2) | 128 | 125 |
| Reclassifications to: |  |  |  |  |  |
| Cost of sales |  |  | (13) |  | (13) |
| Other (income) <br>expense, net<br>|  |  | (2) | (33) | (35) |
| Income taxes |  |  | 3 | 8 | 11 |
| Net OCI | $— | $2 | $11 | $(486) | $(473) |
| **Ending** | **$—** | **$6** | **$42** | **$(814)** | **$(766)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nine Months 2024** | **Marketable** <br>**Securities**<br>| **Pension** <br>**Plans**<br>| **Hedges** | **Financial** <br>**Statement** <br>**Translation**<br>| **Total** |
| **Beginning** | **$—** | **$(28)** | **$39** | **$(427)** | **$(416)** |
| OCI  |  | (1) | (4) | (91) | (96) |
| Income taxes |  |  |  | 9 | 9 |
| Reclassifications to: |  |  |  |  |  |
| Cost of sales |  |  | (28) |  | (28) |
| Other (income) <br>expense, net<br>|  |  | (3) | (24) | (27) |
| Income taxes |  |  | 7 | 6 | 13 |
| Net OCI | $— | $(1) | $(28) | $(100) | $(129) |
| **Ending** | **$—** | **$(29)** | **$11** | **$(527)** | **$(545)** |

---

**NOTE 4 - DERIVATIVE INSTRUMENTS**

We use operational and economic hedges, foreign currency

exchange forward contracts, net investment hedges (both

derivative and non-derivative financial instruments) and interest

rate derivative instruments to manage the impact of currency

exchange and interest rate fluctuations on earnings, cash flow

and equity. We do not enter into derivative instruments for

speculative purposes. We are exposed to potential credit loss in

the event of nonperformance by counterparties on our

outstanding derivative instruments but do not anticipate

nonperformance by any of our counterparties. Should a

counterparty default, our maximum loss exposure is the asset

balance of the instrument. We have not changed our hedging

strategies, accounting practices or objectives from those

disclosed in our Annual Report on Form 10-K for 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Foreign Currency Hedges*** | ***Foreign Currency Hedges*** | | | |
| **September 2025** | **Cash Flow** | <br>**Net** <br>**Investment**<br>| <br>**Non-**<br>**Designated**<br>| <br>**Total** |
| **Gross notional amount** | **$1235** | **$2643** | **$3483** | **$7361** |
| **Maximum term in years** |  |  |  | **9.0** |
| **Fair value:** |  |  |  |  |
| Other current assets | $34 | $— | $9 | $43 |
| Other noncurrent assets | 1 |  |  | 1 |
| Other current liabilities | (8) | (54) | (47) | (109) |
| Other noncurrent <br>liabilities<br>|  | (119) |  | (119) |
| **Total fair value** | **$27** | **$(173)** | **$(38)** | **$(184)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 2024** | **Cash Flow** | **Net** <br>**Investment**<br>| **Non-**<br>**Designated**<br>| **Total** |
| **Gross notional amount** | **$1588** | **$2338** | **$5164** | **$9090** |
| **Maximum term in years** |  |  |  | **9.7** |
| **Fair value:** |  |  |  |  |
| Other current assets | $43 | $24 | $119 | $186 |
| Other noncurrent assets | 4 | 35 |  | 39 |
| Other current liabilities | (29) |  | (41) | (70) |
| Other noncurrent <br>liabilities<br>| (3) | (4) |  | (7) |
| **Total fair value** | **$15** | **$55** | **$78** | **$148** |

---

We had €2.3 billion at September 30, 2025 and December 31,

2024 in certain forward currency contracts designated as net

investment hedges, for which the maximum term is 9.0 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 September 30, 2025 and

December 31, 2024 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.

In the nine months2024 we settled certain foreign currency

forward contracts designated as net investment hedges resulting

in cash proceeds of $99. The amounts in AOCI related to settled

net investment hedges will remain in AOCI until the hedged

investment is either sold or substantially liquidated.

The total after-tax gain (loss) recognized in OCI related to

designated net investment hedges was ($709) in the nine months

2025. ***Currency Exchange Rate Gains (Losses) Recognized in Net***

***Earnings***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** |
| **Derivative** <br>**Instrument**<br>| **Recognized** <br>**in:**<br>| **2025** | **2024** | **2025** | **2024** |
| Cash Flow | Cost of sales | $8 | $8 | $13 | $28 |
| Net <br>Investment<br>| Other income <br>(expense), net<br>| 11 | 8 | 33 | 24 |
| Non-<br>Designated<br>| Other income <br>(expense), net<br>| 3 | 20 | 31 | 33 |
|  | **Total** | **$22** | **$36** | **$77** | **$85** |

---

Pretax gains (losses) on derivatives designated as cash flow

hedges of $39 and net investment hedges of $35 recorded in

AOCI are expected to be reclassified to cost of sales and other

income (expense), net in earnings within 12 months of

September 30, 2025. 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.

**Interest Rate Hedges**

Pretax gains (losses) of $5 recorded in AOCI related to interest

rate hedges closed in conjunction with debt issuances are

expected to be reclassified to other income (expense), net in

earnings within 12 months of September 30, 2025. The cash flow

effect of interest rate hedges is recorded in cash flow from

operations.

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>8</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

**NOTE 5 - FAIR VALUE MEASUREMENTS**

Our policies for managing risk related to foreign currency, interest

rates, credit and markets and our process for determining fair

value have not changed from those described in our Annual

Report on Form 10-K for 2024.

In the nine months 2025 we assumed contingent consideration

liabilities with a fair value of $90 related to previous acquisitions

made by Inari. Refer to Note 7 for further information on the

acquisition of Inari.

In 2024 we recorded $208 of contingent consideration related to

various acquisitions described in Note 7.

There were no significant transfers into or out of any level of the

fair value hierarchy in 2025.

---

| | | |
|:---|:---|:---|
| ***Assets Measured at Fair Value*** |  |  |
|  | **September 30** | **December 31** |
|  | **2025** | **2024** |
| Cash and cash equivalents | $3256 | $3652 |
| Short-term investments |  | 750 |
| Trading marketable securities | 301 | 259 |
| **Level 1 - Assets** | **$3557** | **$4661** |
| Available-for-sale marketable securities: |  |  |
| Corporate and asset-backed debt securities | $50 | $53 |
| United States agency debt securities |  | 1 |
| United States treasury debt securities | 36 | 34 |
| Certificates of deposit | 1 | 3 |
| Total available-for-sale marketable securities | $87 | $91 |
| Foreign currency exchange forward contracts | 44 | 225 |
| **Level 2 - Assets** | **$131** | **$316** |
| **Total assets measured at fair value** | **$3688** | **$4977** |

---

---

| | | |
|:---|:---|:---|
| ***Liabilities Measured at Fair Value*** |  |  |
|  | **September 30** | **December 31** |
|  | **2025** | **2024** |
| Deferred compensation arrangements | $301 | $259 |
| **Level 1 - Liabilities** | **$301** | **$259** |
| Foreign currency exchange forward contracts | $228 | $77 |
| **Level 2 - Liabilities** | **$228** | **$77** |
| Contingent consideration: |  |  |
| Beginning | $452 | $289 |
| Additions | 123 | 208 |
| Change in estimate and foreign exchange | 15 | 8 |
| Settlements | (76) | (53) |
| Ending | $514 | $452 |
| **Level 3 - Liabilities** | **$514** | **$452** |
| **Total liabilities measured at fair value** | **$1043** | **$788** |

---

---

| | | |
|:---|:---|:---|
| ***Fair Value of Available for Sale Securities by Maturity*** | ***Fair Value of Available for Sale Securities by Maturity*** | ***Fair Value of Available for Sale Securities by Maturity*** |
| | **September 30** | **December 31** |
|  | **2025** | **2024** |
| Due in one year or less | $50 | $47 |
| Due after one year through three years | $37 | $44 |

---

On September 30, 2025 and December 31, 2024 the aggregate

difference between the cost and fair value of available-for-sale

marketable securities was nominal. Interest income on cash and

cash equivalents and short-term investments and income from

marketable securities was $28 and $30 in the three months2025

and 2024, and $90 and $92 in the nine months2025 and 2024,

which was recorded in other income (expense), net.

Our investments in available-for-sale marketable securities had a

minimum credit quality rating of A2 (Moody's), A (Standard &

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.

**NOTE 6 - CONTINGENCIES AND COMMITMENTS**

We are involved in various ongoing proceedings, legal actions

and claims arising in the normal course of business, including

proceedings related to product, labor, intellectual property and

other matters, the most significant of which are more fully

described below. The outcomes of these matters will generally

not be known for prolonged periods of time. In certain of the legal

proceedings the claimants seek damages as well as other

compensatory and equitable relief that could result in the

payment of significant claims and settlements and/or the

imposition of injunctions or other equitable relief. For legal

matters for which management had sufficient information to

reasonably estimate our future obligations, a liability representing

management's best estimate of the probable loss, or the

minimum of the range of probable losses when a best estimate

within the range is not known, is recorded. The estimates are

based on consultation with legal counsel, previous settlement

experience and settlement strategies. If actual outcomes are less

favorable than those estimated by management, additional

expense may be incurred, which could unfavorably affect future

operating results. We are self-insured for certain claims and

expenses. The ultimate cost to us with respect to product liability

claims could be materially different than the amount of the current

estimates and accruals and could have a material adverse effect

on our financial position, results of operations and cash flows.

We are currently investigating whether certain business activities

in certain foreign countries violated provisions of the Foreign

Corrupt Practices Act (FCPA) and have engaged outside counsel

to conduct these investigations. We have been contacted by the

United States Securities and Exchange Commission, United

States Department of Justice (DOJ) and certain other regulatory

authorities and are cooperating with these agencies. On April 1,

2025 we were informed by the DOJ that it had closed its inquiry

into potential FCPA violations without further action. At this time

we are unable to predict the outcome of the remaining

investigations or the potential impact, if any, on our financial

statements.

We have conducted voluntary recalls of certain products,

including our Rejuvenate and ABG II Modular-Neck hip stems

and certain lot-specific sizes and offsets of LFIT Anatomic CoCr

V40 Femoral Heads. Additionally, we are responsible for certain

product liability claims, primarily related to certain hip products

sold by Wright Medical Group N.V. prior to its 2014 divestiture of

the OrthoRecon business.

We have incurred, and expect to incur in the future, costs

associated with the defense and settlement of claims and

lawsuits. Based on the information that has been received related

to the matters discussed above, our accrual for these matters

was $147 at September 30, 2025, representing our best estimate

of probable loss. The final outcomes of these matters are

dependent on many factors that are difficult to predict.

Accordingly the ultimate cost related to these matters may be

materially different than the amount of our current estimate and

accruals and could have a material adverse effect on our results

of operations and cash flows.

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>9</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | | |
|:---|:---|:---|
| ***Leases*** |  |  |
|  | **September 30** | **December 31** |
|  | **2025** | **2024** |
| Right-of-use assets  | $539 | $516 |
| Lease liabilities, current  | $161 | $144 |
| Lease liabilities, non-current  | $377 | $379 |
| **Other information:** |  |  |
| Weighted-average remaining lease term (years) | 4.8 | 5.1 |
| Weighted-average discount rate | 3.91% | 3.87% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating lease cost | $48 | $47 | $153 | $144 |

---

**Other Contractual Obligations and Commitments**

Our outstanding balances of confirmed invoices in the supplier

financing program were $75 and $71 at September 30, 2025 and

December 31, 2024 and are included within accounts payable in

our Consolidated Balance Sheets.

**NOTE 7 - ACQUISITIONS**

We acquire stock in companies and various assets that continue

to support our capital deployment and product development

strategies. In the nine months2025 and 2024 cash paid for

acquisitions, net of cash acquired was $4,950 and $1,598.

In February 2025 we completed the acquisition of Inari for $80

per share, or an aggregate purchase price of $4,810, net of cash

acquired. Inari's product portfolio includes minimally invasive

products for the treatment of venous thromboembolism. Inari is

part of our Vascular business within MedSurg and

Neurotechnology. The purchase price allocation for Inari is based

on preliminary valuations, primarily related to developed

technology and customer relationships. Goodwill attributable to

the acquisition reflects the strategic benefits of expanding our

market presence, diversifying our product portfolio and advancing

innovations. This goodwill is not deductible for tax purposes.

Share-based awards for Inari employees vested upon our

acquisition and a charge of $139 was recorded in selling, general

and administrative expenses in the nine months2025.

In 2024 we completed various acquisitions for total consideration

that includes $1,628 in upfront payments, net of cash acquired,

and $400 contingent upon the achievement of certain commercial

or clinical milestones. The combined acquisition-date fair values

of the contingent milestone payments totaled $208. Goodwill of

$306and $845 was recorded within our Orthopaedics and our

MedSurg and Neurotechnology segments respectively. The

acquired companies expand the product portfolios of our

Instruments, Endoscopy, Medical and Neuro Cranial businesses

within MedSurg and Neurotechnology and our Trauma and

Extremities and Joint Replacement businesses within

Orthopaedics. The purchase price allocation for certain of our

acquisitions are based on preliminary valuations, primarily related

to customer relationships. Goodwill attributable to the acquisitions

reflects the strategic benefits of expanding our market presence,

diversifying our product portfolio and advancing innovations. This

goodwill is not deductible for tax purposes.

The purchase price allocations for Inari and the acquisitions

completed in the full year 2024 are:

---

| | | |
|:---|:---|:---|
| ***Purchase Price Allocation of Acquired Net Assets*** | ***Purchase Price Allocation of Acquired Net Assets*** | ***Purchase Price Allocation of Acquired Net Assets*** |
|  | **2025** | **2024** |
|  | **Inari** | **Total** |
| Tangible assets acquired: |  |  |
| Accounts receivable | $78 | $40 |
| Inventory | 218 | 99 |
| Deferred income tax assets | 59 | 45 |
| Other assets | 84 | 26 |
| Debt |  | (32) |
| Deferred income tax liabilities | (486) | (205) |
| Other liabilities | (191) | (107) |
| Intangible assets: |  |  |
| Developed technology | 1458 | 596 |
| Customer relationships | 330 | 215 |
| Patents |  | 6 |
| Trademarks |  | 2 |
| Other intangibles | 72 |  |
| Goodwill | 3188 | 1151 |
| **Purchase price, net of cash acquired of $64**<br>**and $56**<br>| **$4810** | **$1836** |
| Weighted average amortization period at <br>acquisition (years):<br>|  |  |
| Developed technologies | 13 | 12 |
| Customer relationships | 13 | 14 |
| Patents |  | 12 |
| Trademarks |  | 5 |
| Other intangibles | 9 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Consolidated Estimated Amortization Expense*** | ***Consolidated Estimated Amortization Expense*** | ***Consolidated Estimated Amortization Expense*** | ***Consolidated Estimated Amortization Expense*** | ***Consolidated Estimated Amortization Expense*** |
| **Remainder of** <br>**2025**<br>| **2026** | **2027** | **2028** | **2029** |
| $190 | $697 | $710 | $630 | $616 |

---

**NOTE 8 -DEBT AND CREDIT FACILITIES**

We have lines of credit issued by various financial institutions that

are available to fund our day-to-day operating needs. Certain of

our credit facilities require us to comply with financial and other

covenants. We were in compliance with all covenants on

September 30, 2025.

In February 2025 we entered into a new revolving credit

agreement that replaces our previous agreement dated October

2021. The primary changes included increasing the aggregate

principal amount of the facility by $750 to $3,000 and extending

the maturity date to February 25, 2030. On September 30, 2025

there were no borrowings outstanding under our revolving credit

facility or our commercial paper program which allows 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.

In February 2025 we issued $500 of 4.550% senior unsecured

notes due February 10, 2027, $700 of 4.700% senior unsecured

notes due February 10, 2028, $800 of 4.850% senior unsecured

notes due February 10, 2030 and $1,000 of 5.200% senior

unsecured notes due February 10, 2035. In June 2025 we repaid

$650 of 1.150% senior unsecured notes.

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>10</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | | | |
|:---|:---|:---|:---|
| ***Summary of Total Debt*** | ***Summary of Total Debt*** |  |  |
|  |  | **September 30** | **December 31** |
| **Rate** | **Due** | **2025** | **2024** |
| **Senior unsecured notes:** | **Senior unsecured notes:** |  |  |
| 1.150% | June 15, 2025 | $— | $649 |
| 3.375% | November 1, 2025 | 750 | 750 |
| 3.500% | March 15, 2026 | 999 | 998 |
| 4.550% | February 10, 2027 | 498 |  |
| 2.125% | November 30, 2027 | 879 | 777 |
| 4.700% | February 10, 2028 | 696 |  |
| 3.650% | March 7, 2028 | 599 | 598 |
| 4.850% | December 8, 2028 | 596 | 596 |
| 3.375% | December 11, 2028 | 703 | 621 |
| 0.750% | March 1, 2029 | 937 | 828 |
| 4.250% | September 11, 2029 | 744 | 743 |
| 4.850% | February 10, 2030 | 793 |  |
| 1.950% | June 15, 2030 | 994 | 993 |
| 2.625% | November 30, 2030 | 758 | 669 |
| 1.000% | December 3, 2031 | 875 | 772 |
| 3.375% | September 11, 2032 | 932 | 824 |
| 4.625% | September 11, 2034 | 741 | 740 |
| 5.200% | February 10, 2035 | 990 |  |
| 3.625% | September 11, 2036 | 694 | 613 |
| 4.100% | April 1, 2043 | 393 | 393 |
| 4.375% | May 15, 2044 | 396 | 396 |
| 4.625% | March 15, 2046 | 984 | 984 |
| 2.900% | June 15, 2050 | 643 | 643 |
| Other | Other | 1 | 10 |
| **Total debt** | **Total debt** | **$16595** | **$13597** |
| Less current maturities | Less current maturities | 1750 | 1409 |
| **Total long-term debt** | **Total long-term debt** | **$14845** | **$12188** |
|  |  | **September 30** | **December 31** |
|  |  | **2025** | **2024** |
| Unamortized debt issuance costs | Unamortized debt issuance costs | $74 | $63 |
| Borrowing capacity on existing facilities | Borrowing capacity on existing facilities | $2913 | $2160 |
| Fair value of senior unsecured notes | Fair value of senior unsecured notes | $16077 | $12780 |

---

The fair value of the senior unsecured notes was estimated using

quoted interest rates, maturities and amounts of borrowings

based on quoted active market prices and yields that took into

account the underlying terms of the debt instruments.

Substantially all of our debt is classified within Level 2 of the fair

value hierarchy.

Interest expense on outstanding debt and credit facilities,

including required fees incurred, that were included in other

income (expense), net, totaled $157 and $98 for the three

months2025 and 2024 and $453 and $292 for the nine months

2025 and 2024.

**NOTE 9 - INCOME TAXES**

Our effective tax rates were 16.5% and 14.7% in the three and

nine months2025 and 20.0% and 17.4% in the three and nine

months2024. The effective income tax rate for the three months

2025 decreased from three months 2024 due to certain discrete

tax items. The effective tax rate for the nine months2025

decreased from nine months2024 due to the 2025 tax benefit

related to the sale of the Spinal Implants business and certain

discrete tax items. The effective tax rates for the three and nine

months2025 and 2024reflect the continued lower effective

income tax rates as a result of our European operations.

In the normal course of business, income tax authorities in

various income tax jurisdictions both within the United States and

internationally conduct routine audits of our income tax returns

filed in prior years. These audits are generally designed to

determine if individual income tax authorities are in agreement

with our interpretations of complex income tax regulations

regarding the allocation of income to the various income tax

jurisdictions. Any income tax audit assessment or draft income

tax audit assessment received at the conclusion of an audit is

reviewed and evaluated for proper financial statement treatment.

We have not received any audit assessments or draft

assessments that have not been reviewed and evaluated.

**NOTE 10 - SEGMENT INFORMATION**

We segregate our operations into two reportable business

segments: (i) MedSurg and Neurotechnology and (ii)

Orthopaedics which aligns to our internal reporting structure and

how our Chief Operating Decision Maker (CODM) assesses the

performance of and allocates resources. The CODM is the Chief

Executive Officer. The CODM makes decisions on resource

allocation, assesses performance of the business, and monitors

budget versus actual results using segment operating income.

Our reportable segments and related disclosures reflect certain

reclassifications of prior year amounts from our Orthopaedics

segment to our MedSurg and Neurotechnology segment due to

changes in our internal reporting structure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Segment Results*** |  |  |  |  |
|  | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| MedSurg and Neurotechnology | $3803 | $3324 | $11085 | $9636 |
| Orthopaedics | 2254 | 2170 | 6860 | 6523 |
| **Net sales** | **$6057** | **$5494** | **$17945** | **$16159** |
| MedSurg and Neurotechnology | $1426 | $1313 | $4162 | $3838 |
| Orthopaedics | 620 | 561 | 1848 | 1728 |
| **Cost of sales** | **$2046** | **$1874** | **$6010** | **$5566** |
| MedSurg and Neurotechnology | $247 | $205 | $718 | $594 |
| Orthopaedics | 132 | 136 | 399 | 406 |
| **Segment research, development and** <br>**engineering expenses**<br>| **$379** | **$341** | **$1117** | **$1000** |
| MedSurg and Neurotechnology | $972 | $780 | $2893 | $2318 |
| Orthopaedics | 742 | 760 | 2332 | 2267 |
| **Segment selling, general and** <br>**administrative expenses**<br>| **$1714** | **$1540** | **$5225** | **$4585** |
| MedSurg and Neurotechnology | $56 | $60 | $171 | $170 |
| Orthopaedics | 111 | 112 | 313 | 325 |
| **Segment depreciation and** <br>**amortization**<br>| **$167** | **$172** | **$484** | **$495** |
| Corporate and Other | $48 | $40 | $127 | $118 |
| Amortization of intangible assets | 189 | 159 | 543 | 467 |
| **Total depreciation and amortization** | **$404** | **$371** | **$1154** | **$1080** |
| MedSurg and Neurotechnology | $1102 | $966 | $3141 | $2716 |
| Orthopaedics | 649 | 601 | 1968 | 1797 |
| **Segment operating income** | **$1751** | **$1567** | **$5109** | **$4513** |
| **Items not allocated to segments:** |  |  |  |  |
| Corporate and Other | $(202) | $(211) | $(670) | $(676) |
| Inventory stepped up to fair value | (61) | (29) | (160) | (38) |
| Acquisition and integration-related <br>charges<br>| (39) | (48) | (302) | (49) |
| Amortization of intangible assets | (189) | (159) | (543) | (467) |
| Structural optimization and other special <br>charges<br>| (41) | (22) | (93) | (92) |
| Goodwill and other impairments | (73) | (2) | (163) | (21) |
| Medical device regulation | (11) | (13) | (30) | (41) |
| Recall-related matters | (1) |  | (56) | (22) |
| Regulatory and legal matters |  | 1 | (7) | 1 |
| **Consolidated operating income** | **$1134** | **$1084** | **$3085** | **$3108** |

---

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>11</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | | |
|:---|:---|:---|
| ***Segment Assets*** | ***Segment Assets*** |  |
|  | **September 30** | **December 31** |
|  | **2025** | **2024** |
| **Assets:** |  |  |
| MedSurg and Neurotechnology | $27280 | $23115 |
| Orthopaedics | 18192 | 18507 |
| **Total segment assets** | **$45472** | **$41622** |
| Corporate and Other | 1585 | 1349 |
| **Total assets** | **$47057** | **$42971** |

---

---

| | | |
|:---|:---|:---|
| ***Segment Capital Spending*** | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** |
| **Purchases of property, plant and** <br>**equipment:**<br>|  |  |
| MedSurg and Neurotechnology | $153 | $136 |
| Orthopaedics | 169 | 171 |
| **Total segment purchases of property, plant** <br>**and equipment**<br>| **$322** | **$307** |
| Corporate and Other | 171 | 182 |
| **Total purchases of property, plant and** <br>**equipment**<br>| **$493** | **$489** |

---

**NOTE 11 - SALE OF SPINAL IMPLANTS BUSINESS**

During the fourth quarter 2024 management committed to a plan

to sell certain assets associated with the Spinal Implants

business (disposal group) and such assets were classified as

held for sale beginning November 2024. As a result we recorded

a valuation allowance of $362 to record the disposal group at its

fair value less cost to sell.

In April 2025 we completed the sale of the disposal group to the

Viscogliosi Brothers, LLC. In the first half of 2025 we recognized

immaterial impairment charges to record the disposal group at its

fair value less cost to sell within goodwill and other impairments

in our Consolidated Statements of Earnings. The fair value of the

disposal group and consideration received was measured using a

discounted cash flow analysis based upon the selling price and

unobservable inputs, such as market conditions and the rate

used to discount the estimated future cash flows to their present

value based on factors including the disposal group's cost of

equity and market yield rates, which are Level 3 inputs.

Consideration could increase by up to $57 or decrease by up to

$245 based on the amount received.

The assets associated with the disposal group are reported in our

Orthopaedics segment at December 31, 2024. The assets and

liabilities held for sale at December 31, 2024 are classified within

prepaid expenses and other current assets and accrued

expenses and other liabilities in our Consolidated Balance

Sheets. The assets and liabilities of the disposal group at the

date of sale and at December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | <br>**Date of Sale**<br>**2025** | **Held for Sale**<br>**December 31**<br>**2024** |
| Accounts receivable, net | $56 | $62 |
| Total inventories | 195 | 183 |
| Prepaid expenses and other current assets | 27 | 10 |
| Property, plant and equipment, net | 53 | 51 |
| Other intangibles, net | 323 | 326 |
| Noncurrent deferred income tax assets | 9 | 9 |
| Other noncurrent assets | 179 | 171 |
| Valuation allowance | (395) | (362) |
| **Total assets** | **$447** | **$450** |
| Accounts payable | $41 | $28 |
| Accrued compensation | 20 | 26 |
| Accrued expenses and other liabilities | 24 | 29 |
| Other noncurrent liabilities | 27 | 21 |
| **Total liabilities** | **$112** | **$104** |

---

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>12</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | |
|:---|:---|
| **ITEM 2.** | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |

---

**ABOUT STRYKER**

Stryker is a global leader in medical technologies and, together

with our customers, we are driven to make healthcare better. We

offer innovative products and services in MedSurg,

Neurotechnology, and Orthopaedics that help improve patient

and healthcare outcomes. Alongside our customers around the

world, we impact more than 150 million patients annually.

We segregate our operations into two reportable business

segments: (i) MedSurg and Neurotechnology and (ii)

Orthopaedics. MedSurg and Neurotechnology products include

surgical equipment and navigation systems (Instruments),

endoscopic and communications systems (Endoscopy), patient

handling, emergency medical equipment and intensive care

disposable products (Medical), minimally invasive products for

the treatment of acute ischemic and hemorrhagic stroke and

venous thromboembolism (Vascular), a comprehensive line of

products for traditional brain and open skull based surgical

procedures; orthobiologic and biosurgery products, including

synthetic bone grafts and vertebral augmentation products

(Neuro Cranial). Orthopaedics products consist primarily of

implants used in hip and knee joint replacements and trauma and

extremity surgeries.

**Macroeconomic Environment**

Beginning in 2025, the United States government has announced

new tariffs on goods imported into the United States from dozens

of countries, including China and the European Union member

states. In response, governments have threatened or imposed

reciprocal tariffs or taken other measures, and the United States

is in the process of negotiating with certain governments. We

continue to monitor and evaluate the situation. Tariffs are

expected to result in an increase in certain product costs or have

adverse impacts on, among other things, demand for our

products and supply chains. The overall macroeconomic and

geopolitical environment, including tariffs or changes in trade

policies, slower economic growth or recession, market volatility

and inflation, and uncertainty regarding all of the foregoing, pose

risks that could impact our business and results of operations.

For more information about these risks, see Item 1A. "Risk

Factors" in our Annual Report on Form 10-K for 2024.

**Overview of the Three and Nine Months**

In the three months 2025 we achieved sales growth of 10.3%

from 2024. Excluding the impact of acquisitions and divestitures,

sales grew 9.5% in constant currency. We reported operating

income margin of 18.7%, net earnings of $859 and net earnings

per diluted share of $2.22. Excluding the impact of certain items,

adjusted operating income margin<sup>(1)</sup>increased by 90 basis points

to 25.6%, with adjusted net earnings<sup>(1)</sup> of $1,233 and adjusted

net earnings per diluted share<sup>(1)</sup>of $3.19, an increase of 11.1%

from 2024.

In the nine months 2025 we achieved sales growth of 11.1% from

2024. Excluding the impact of acquisitions and divestitures, sales

grew 10.0% in constant currency. We reported operating income

margin of 17.2%, net earnings of $2,397 and net earnings per

diluted share of $6.20. Excluding the impact of certain items,

adjusted operating income margin<sup>(1)</sup>increased by 100 basis

points to 24.7%, with adjusted net earnings<sup>(1)</sup> of $3,541 and

adjusted net earnings per diluted share<sup>(1)</sup>of $9.16, an increase of

12.0% from 2024.

**Recent Developments**

In the first quarter 2025 we completed the acquisition of Inari for

total consideration of $4,810, in upfront payments, net of cash

acquired. Refer to Note 7 to our Consolidated Financial

Statements for further information.

In February 2025 we entered into a new revolving credit

agreement that replaces our previous agreement dated October

2021. The primary changes were to increase the aggregate

principal amount of the facility by $750 to $3,000 and extend the

maturity date to February 25, 2030. On September 30, 2025

there were no borrowings outstanding under our revolving credit

facility or our commercial paper program which allows 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.

In February 2025 we issued $500 of 4.550% senior unsecured

notes due February 10, 2027, $700 of 4.700% senior unsecured

notes due February 10, 2028, $800 of 4.850% senior unsecured

notes due February 10, 2030 and $1,000 of 5.200% senior

unsecured notes due February 10, 2035. In June 2025 we repaid

$650M of 1.150% senior unsecured notes.

<sup>(1)</sup> Refer to "Non-GAAP Financial Measures" for a discussion of non-

GAAP financial measures used in this report and a reconciliation to the

most directly comparable GAAP financial measure.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED RESULTS OF OPERATIONS** | **CONSOLIDATED RESULTS OF OPERATIONS** | **CONSOLIDATED RESULTS OF OPERATIONS** |  |  |  |  |  |  |  |  |
|  | **Three Months** | **Three Months** | **Three Months** | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** | **Nine Months** | **Nine Months** | **Nine Months** |
|  |  |  | **Percent Net** <br>**Sales** | **Percent Net** <br>**Sales** | **Percentage** |  |  | **Percent Net** <br>**Sales** | **Percent Net** <br>**Sales** | **Percentage** |
|  | **2025** | **2024** | **2025** | **2024** | **Change** | **2025** | **2024** | **2025** | **2024** | **Change** |
| **Net sales** | **$6057** | **$5494** | **100.0%** | **100.0%** | **10.3%** | **$17945** | **$16159** | **100.0%** | **100.0%** | **11.1%** |
| Gross profit | 3852 | 3517 | 63.6 | 64.0 | 9.5 | 11437 | 10266 | 63.7 | 63.5 | 11.4 |
| Research, development and engineering expenses | 410 | 377 | 6.8 | 6.9 | 8.8 | 1222 | 1108 | 6.8 | 6.9 | 10.3 |
| Selling, general and administrative expenses | 2045 | 1894 | 33.8 | 34.5 | 8.0 | 6424 | 5562 | 35.8 | 34.4 | 15.5 |
| Amortization of intangible assets | 189 | 159 | 3.1 | 2.9 | 18.9 | 543 | 467 | 3.0 | 2.9 | 16.3 |
| Goodwill and other impairments | 73 | 2 | 1.2 |  | nm | 163 | 21 | 0.9 | 0.1 | nm |
| Other income (expense), net | (106) | (42) | (1.8) | (0.8) | 152.4 | (276) | (144) | (1.5) | (0.9) | 91.7 |
| Income taxes | 170 | 209 | nm | nm | (18.7) | 412 | 517 | nm | nm | (20.3) |
| **Net earnings** | **$859** | **$834** | **14.2%** | **15.2%** | **3.0%** | **$2397** | **$2447** | **13.4%** | **15.1%** | **(2.0)%** |
| **Net earnings per diluted share** | **$2.22** | **$2.16** |  |  | **2.8%** | **$6.20** | **$6.35** |  |  | **(2.4)%** |
| **Adjusted net earnings per diluted share**<sup>(1)</sup> | **$3.19** | **$2.87** |  |  | **11.1%** | **$9.16** | **$8.18** |  |  | **12.0%** |

---

nm - not meaningful

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>13</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Geographic and Segment Net Sales*** |  |  |  |  |  |  |  |  |
|  | **Three Months** | **Three Months** | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** | **Nine Months** | **Nine Months** |
|  |  |  | **Percentage Change** | **Percentage Change** |  |  | **Percentage Change** | **Percentage Change** |
|  | **2025** | **2024** | **As** <br>**Reported**<br>| **Constant**<br>**Currency**<br>| **2025** | **2024** | **As** <br>**Reported**<br>| **Constant**<br>**Currency**<br>|
| **Geographic:** |  |  |  |  |  |  |  |  |
| United States | $4571 | $4109 | 11.4% | 11.4% | $13565 | $12070 | 12.4% | 12.4% |
| International | 1486 | 1385 | 6.9 | 4.3 | 4380 | 4089 | 7.1 | 6.4 |
| **Total** | **$6057** | **$5494** | **10.3%** | **9.6%** | **$17945** | **$16159** | **11.1%** | **10.9%** |
| **Segment:** |  |  |  |  |  |  |  |  |
| MedSurg and Neurotechnology | $3803 | $3324 | 14.4% | 13.9% | $11085 | $9636 | 15.0% | 14.9% |
| Orthopaedics | 2254 | 2170 | 3.9 | 3.1 | 6860 | 6523 | 5.2 | 4.9 |
| **Total** | **$6057** | **$5494** | **10.3%** | **9.6%** | **$17945** | **$16159** | **11.1%** | **10.9%** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Supplemental Net Sales Growth Information*** | ***Supplemental Net Sales Growth Information*** | ***Supplemental Net Sales Growth Information*** | ***Supplemental Net Sales Growth Information*** | ***Supplemental Net Sales Growth Information*** | ***Supplemental Net Sales Growth Information*** | ***Supplemental Net Sales Growth Information*** | ***Supplemental Net Sales Growth Information*** |  |  |  |  |  |  |  |
|  | **Three Months** | **Three Months** | **Three Months** | **Three Months** | **Three Months** | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** | **Nine Months** | **Nine Months** | **Nine Months** | **Nine Months** | **Nine Months** |
|  |  |  | **Percentage Change** | **Percentage Change** | **Percentage Change** | **Percentage Change** | **Percentage Change** |  |  | **Percentage Change** | **Percentage Change** | **Percentage Change** | **Percentage Change** | **Percentage Change** |
|  |  |  | | | **United** <br>**States**<br>| **International** | **International** |  |  |  |  | **United** <br>**States**<br>| **International** | **International** |
|  | **2025** | **2024** | **As** <br>**Reported**<br>| **Constant** <br>**Currency**<br>| **As** <br>**Reported**<br>| **As** <br>**Reported**<br>| **Constant** <br>**Currency**<br>| **2025** | **2024** | **As** <br>**Reported**<br>| **Constant** <br>**Currency**<br>| **As** <br>**Reported**<br>| **As** <br>**Reported**<br>| **Constant** <br>**Currency**<br>|
| **MedSurg and** <br>**Neurotechnology:**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Instruments | $760 | $679 | 11.9% | 11.4% | 11.5% | 13.9% | 11.2% | $2258 | $2044 | 10.5% | 10.3% | 10.6% | 9.8% | 8.9% |
| Endoscopy | 896 | 837 | 7.0 | 6.7 | 7.9 | 2.6 | 0.8 | 2662 | 2383 | 11.7 | 11.7 | 12.7 | 7.2 | 7.1 |
| Medical | 985 | 938 | 5.1 | 4.7 | 5.6 | 2.8 | 0.3 | 2920 | 2710 | 7.8 | 7.7 | 9.2 | 0.7 | 0.3 |
| Vascular | 525 | 329 | 59.6 | 58.9 | 136.9 | 14.3 | 12.4 | 1429 | 966 | 48.0 | 47.9 | 104.4 | 13.2 | 12.6 |
| Neuro Cranial | 637 | 541 | 17.6 | 17.0 | 17.3 | 19.0 | 15.5 | 1816 | 1533 | 18.4 | 18.2 | 19.2 | 15.0 | 13.7 |
|  | **$3803** | **$3324** | **14.4%** | **13.9%** | **15.7%** | **10.1%** | **7.7%** | **$11085** | **$9636** | **15.0%** | **14.9%** | **16.8%** | **9.0%** | **8.4%** |
| **Orthopaedics:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Knees | $628 | $570 | 10.2% | 9.6% | 8.4% | 14.9% | 12.7% | $1907 | $1760 | 8.4% | 8.3% | 7.6% | 10.3% | 10.0% |
| Hips | 457 | 420 | 8.9 | 7.9 | 8.7 | 9.2 | 6.8 | 1366 | 1241 | 10.1 | 9.7 | 8.1 | 13.2 | 12.3 |
| Trauma and <br>Extremities<br>| 960 | 849 | 13.0 | 11.9 | 13.2 | 12.5 | 8.5 | 2862 | 2511 | 14.0 | 13.5 | 15.0 | 11.1 | 9.4 |
| Other | 203 | 159 | 28.1 | 27.5 | 38.5 | 3.6 | 1.3 | 548 | 490 | 11.9 | 11.8 | 13.5 | 8.1 | 7.8 |
|  | $2248 | $1998 | 12.5% | 11.7% | 12.9% | 11.5% | 8.6% | $6683 | $6002 | 11.3% | 11.1% | 11.4% | 11.2% | 10.2% |
| Spinal Implants | 6 | 172 | (96.7) | (96.9) | (100.0) | (89.3) | (89.7) | 177 | 521 | (66.1) | (65.9) | (67.4) | (63.1) | (62.4) |
|  | **$2254** | **$2170** | **3.9%** | **3.1%** | **4.1%** | **3.2%** | **0.5%** | **$6860** | **$6523** | **5.2%** | **4.9%** | **5.2%** | **5.0%** | **4.2%** |
| **Total**  | **$6057** | **$5494** | **10.3%** | **9.6%** | **11.4%** | **6.9%** | **4.3%** | **$17945** | **$16159** | **11.1%** | **10.9%** | **12.4%** | **7.1%** | **6.4%** |

---

Note: In the first quarter 2025 we changed the name of our Neurovascular business to Vascular due the acquisition of Inari. In the fourth

quarter 2024 we reorganized our Spine business to align with certain updates to our internal reporting structure. The spine enabling

technologies portfolio (Enabling Technologies) was reclassified to Other Orthopaedics, the interventional spine portfolio was reclassified

to Neuro Cranial and the remaining Spine business was renamed to Spinal Implants. Neuro Cranial includes sales related to

interventional spine of $100 for the three months2024 and $296 for the nine months2024. Other Orthopaedics includes sales related to

Enabling Technologies of $32 for the three months2024 and $94 for the nine months2024. We have reflected these changes in all

historical periods presented.

**Consolidated Net Sales**

Consolidated net sales increased10.3% in the three months

2025 as reported and 9.6% in constant currency, as foreign

currency exchange rates positively impacted net sales by 0.7%.

Excluding the 0.1% impact of acquisitions and divestitures, net

sales in constant currency increased by 9.1% from increased unit

volume and0.4% due to higher prices. The unit volume increase

was due to higher product shipments across all MedSurg and

Neurotechnology businesses and most Orthopaedics businesses.

Consolidated net sales increased11.1% in the nine months2025

as reported and 10.9% in constant currency, as foreign currency

exchange rates positively impacted net sales by 0.2%. Excluding

the 0.9% impact of acquisitions and divestitures, net sales in

constant currency increased by 9.5% from increased unit volume

and0.5% due to higher prices. The unit volume increase was due

to higher product shipments across all MedSurg and

Neurotechnology businesses and most Orthopaedics businesses.

**MedSurg and Neurotechnology Net Sales**

MedSurg and Neurotechnology net sales increased14.4% in the

three months2025 as reported and 13.9% in constant currency,

as foreign currency exchange rates positively impacted net sales

by 0.5%. Excluding the 5.5% impact of acquisitions and

divestitures, net sales in constant currency increased by 7.6%

from increased unit volume and0.8% from higher prices. The unit

volume increase was due to higher shipments across all

MedSurg and Neurotechnology businesses.

MedSurg and Neurotechnology net sales increased15.0% in the

nine months2025 as reported and 14.9% in constant currency,

as foreign currency exchange rates positively impacted net sales

by 0.1%. Excluding the 5.0% impact of acquisitions and

divestitures, net sales in constant currency increased by 9.0%

from increased unit volumeand0.9% from higher prices. The unit

**Dollar amounts are in millions except per share amounts or as otherwise specified.**<sub>14</sub>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

volume increase was due to higher shipments across all

MedSurg and Neurotechnology businesses.

**Orthopaedics Net Sales**

Orthopaedics net sales increased3.9% in the three months2025

as reported and 3.1% in constant currency, as foreign currency

exchange rates positively impacted net sales by 0.8%. Excluding

the 8.3% impact of acquisitions and divestitures, net sales in

constant currency increased11.7% from increased unit volume

partially offset by0.3% from lower prices. The unit volume

increase was due to higher shipments across most Orthopaedics

businesses.

Orthopaedics net sales increased5.2% in the nine months2025

as reported and 4.9% in constant currency, as foreign currency

exchange rates positively impacted net sales by 0.2%. Excluding

the 5.0% impact of acquisitions and divestitures, net sales in

constant currency increased10.0% from increased unit volume

partially offset by0.1% from lower prices. The unit volume

increase was due to higher shipments across most Orthopaedics

businesses.

**Gross Profit**

Gross profit was $3,852 and $3,517 in the three months2025

and 2024. The key components of the change were:

---

| | |
|:---|:---|
|  | **Gross Profit** <br>**Percent Net Sales**<br>|
| **Three Months 2024** | **64.0%** |
| Sales pricing | 10 bps |
| Volume and mix | 70 bps |
| Manufacturing and supply chain costs | (30) bps |
| Structural optimization and other special charges | (10) bps |
| Inventory stepped up to fair value | (80) bps |
| **Three Months 2025** | **63.6%** |

---

Gross profit as a percentage of net sales in the three months

2025 remained relatively flat with 2024.

Gross profit was $11,437 and $10,266 in the nine months2025

and 2024. The key components of the change were:

---

| | |
|:---|:---|
|  | **Gross Profit** <br>**Percent Net Sales**<br>|
| **Nine Months 2024** | **63.5%** |
| Sales pricing | 20 bps |
| Volume and mix | 70 bps |
| Manufacturing and supply chain costs | 30 bps |
| Structural optimization and other special charges | (20) bps |
| Inventory stepped up to fair value | (80) bps |
| **Nine Months 2025** | **63.7%** |

---

While segment mix was not a significant driver of the change in

gross profit as a percent of net sales between the nine months

2025 and 2024, we generally expect segment mix to have an

unfavorable impact for the foreseeable future as we anticipate

more rapid sales growth in our lower gross margin MedSurg and

Neurotechnology segment than our Orthopaedics segment.

**Research, Development and Engineering Expenses**

Research, development and engineering expenses increased

$33 or 8.8% in the three months2025 and $114 or 10.3% in the

nine months2025. Expenses as a percentage of net sales in the

three and nine months2025 of 6.8% remained relatively flat with

6.9% in 2024.

**Selling, General and Administrative Expenses**

Selling, general and administrative expenses increased$151 or

8.0% in the three months2025. As a percentage of net sales,

expenses decreased to 33.8% from 34.5% in 2024, primarily due

to continued spend discipline.

Selling, general and administrative expenses increased$862 or

15.5% in the nine months2025. As a percentage of net sales,

expenses increased to 35.8% from 34.4% in 2024, primarily due

to higher acquisition-related costs and continued investments to

support our growth. Expenses in the nine months2025 included

a charge of $139 for share-based awards for Inari employees that

vested upon our acquisition.

**Amortization of Intangible Assets**

Amortization of intangible assets was $189 and $159 in the three

months and $543 and $467 and nine months2025 and 2024.

Refer to Note 7 to our Consolidated Financial Statements for

further information.

**Goodwill and other impairments**

Goodwill and other impairments was $73 and $2 in the three

months and $163 and $21 in the nine months2025 and 2024.

**Operating Income**

Operating income was $1,135 and $1,085 in the three months

2025 and 2024. Operating income as a percentage of net sales in

the three months2025decreased to 18.7% from 19.7% in 2024.

Refer to the discussion above for the primary drivers of the

change.

Operating income was $3,085 and $3,108 in the nine months

2025 and 2024. Operating income as a percentage of net sales in

the nine months2025decreased to 17.2% from 19.2% in 2024.

Refer to the discussion above for the primary drivers of the

change.

MedSurg and Neurotechnology operating income as a

percentage of net sales decreased to 29.0% in the three months

2025 from 29.1% in 2024. Orthopaedics operating income as a

percentage of net sales increased to 28.8% in the three months

2025 from 27.7% in 2024. The key components of the change

were:

---

| | | |
|:---|:---|:---|
|  | **Operating Income**<br>**Percent Net Sales** | **Operating Income**<br>**Percent Net Sales** |
|  | **MedSurg and** <br>**Neurotechnology**<br>| **Orthopaedics** |
| **Three Months 2024** | **29.1%** | **27.7%** |
| Sales pricing | 30 bps  | (10) bps |
| Volume | 90 bps  | 20 bps |
| Manufacturing and supply chain costs | 110 bps  | (190) bps |
| Research, development and <br>engineering expenses<br>| (30) bps  | 50 bps |
| Selling, general and administrative <br>expenses<br>| (210) bps  | 240 bps |
| **Three Months 2025** | **29.0%** | **28.8%** |

---

The decrease in MedSurg and Neurotechnology operating

income as a percentage of net sales for the three months was

primarily driven by lower manufacturing and supply chain costs

and higher unit volumes and prices offset by higher selling,

general and administrative expenses primarily due to the

acquisition of Inari and continued spend discipline.

The increase in Orthopaedics operating income as a percentage

of net sales for the three months was primarily driven by higher

unit volumes, lower selling, general and administrative expenses

and lower research, development and engineering expenses

partially offset by higher manufacturing and supply chain costs.

MedSurg and Neurotechnology operating income as a

percentage of net sales increased to 28.3% in the nine months

2025 from 28.2% in 2024. Orthopaedics operating income as a

percentage of net sales increased to 28.7% in the nine months

2025 from 27.5% in 2024. The key components of the change

were:

---

| | |
|:---|:---|
| **Dollar amounts are in millions except per share amounts or as otherwise specified.** | **15** |

---

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | | |
|:---|:---|:---|
|  | **Operating Income**<br>**Percent Net Sales** | **Operating Income**<br>**Percent Net Sales** |
|  | **MedSurg and** <br>**Neurotechnology**<br>| **Orthopaedics** |
| **Nine Months 2024** | **28.2%** | **27.5%** |
| Sales pricing | 40 bps  | 0 bps |
| Volume | 90 bps  | 30 bps |
| Manufacturing and supply chain costs | 110 bps  | (60) bps |
| Research, development and <br>engineering expenses<br>| (30) bps  | 50 bps |
| Selling, general and administrative <br>expenses<br>| (200) bps  | 100 bps |
| **Nine Months 2025** | **28.3%** | **28.7%** |

---

The increased in MedSurg and Neurotechnology operating

income as a percentage of net sales for the nine months was

primarily driven by lower manufacturing and supply chain costs

and higher unit volumes and prices offset by higher selling,

general and administrative expenses primarily due to the

acquisition of Inari and continued spend discipline.

The increase in Orthopaedics operating income as a percentage

of net sales for the nine months was primarily driven by higher

unit volumes, lower research, development and engineering

expenses and lower selling, general and administrative expenses

partially offset by higher manufacturing and supply chain costs.

**Other Income (Expense), Net**

Other income (expense), net was ($106) and ($42) in the three

months and ($276) and ($144) in the nine months2025 and

2024. The increase in net expense in the three months and nine

months2025 from 2024 was primarily due to higher interest

expense in 2025.

**Income Taxes**

Our effective tax rates were 16.5% and 14.7% in the three and

nine months2025 and 20.0% and 17.4% in the three and nine

months2024. The effective income tax rate for the three months

2025 decreased from three months 2024 due to certain discrete

tax items. The effective tax rate for the nine months2025

decreased from nine months2024 due to the 2025 tax benefit

related to the sale of the Spinal Implants business and certain

discrete tax items. The effective tax rates for the three and nine

months2025 and 2024 reflect the continued lower effective

income tax rates as a result of our European operations.

The Organisation for Economic Cooperation and Development

(OECD), which represents a coalition of member countries, has

put forth two proposed base erosion and profit shifting

frameworks that revise the existing profit allocation and nexus

rules (Pillar One) and ensure a minimal level of taxation (Pillar

Two). On December 12, 2022 the European Union member

states agreed to implement the Inclusive Framework's global

corporate minimum tax rate of 15%, and various countries within

and outside the European Union have either enacted or proposed

new tax laws implementing Pillar Two in 2024. The OECD

continues to release additional guidance and we anticipate more

countries will enact similar tax laws. Some of the new tax laws

became effective in 2024 while others will be effective in 2025

and future years. These tax law changes and any additional

contemplated tax law changes could increase tax expense in

future periods.

On July 4, 2025 the One Big Beautiful Bill Act (OBBBA) was

enacted into United States law. We evaluated the impact of the

OBBBA and recorded the tax-related provisions in the three

months 2025. The impact was not material to the Consolidated

Financial Statements.

**Net Earnings**

Net earnings increased to $859 or $2.22 per diluted share in the

three months2025 from $834 or $2.16 per diluted share in 2024.

Net earnings decreased to $2,397 or $6.20 per diluted share in

nine months2025 from $2,447 or $6.35 per diluted share in

2024. **Non-GAAP Financial Measures**

We supplement the reporting of our financial information

determined under accounting principles generally accepted in the

United States (GAAP) with certain non-GAAP financial measures,

including percentage sales growth in constant currency;

percentage organic sales growth; adjusted gross profit; adjusted

selling, general and administrative expenses; adjusted research,

development and engineering expenses; adjusted operating

income; adjusted other income (expense), net; adjusted income

taxes; adjusted effective income tax rate; adjusted net earnings;

and adjusted net earnings per diluted share (Diluted EPS). We

believe these non-GAAP financial measures provide meaningful

information to assist investors and shareholders in understanding

our financial results and assessing our prospects for future

performance. Management believes percentage sales growth in

constant currency and the other adjusted measures described

above are important indicators of our operations because they

exclude items that may not be indicative of or are unrelated to our

core operating results and provide a baseline for analyzing trends

in our underlying businesses. Management uses these non-

GAAP financial measures for reviewing the operating results of

reportable business segments and analyzing potential future

business trends in connection with our budget process and bases

certain management incentive compensation on these non-GAAP

financial measures. To measure percentage sales growth in

constant currency, we remove the impact of changes in foreign

currency exchange rates that affect the comparability and trend

of sales. Percentage sales growth in constant currency is

calculated by translating current and prior year results at the

same foreign currency exchange rate. To measure percentage

organic sales growth, we remove the impact of changes in

foreign currency exchange rates, acquisitions and divestitures,

which affect the comparability and trend of sales. Percentage

organic sales growth is calculated by translating current year and

prior year results at the same foreign currency exchange rates

excluding the impact of acquisitions and divestitures. To measure

earnings performance on a consistent and comparable basis, we

exclude certain items that affect the comparability of operating

results and the trend of earnings. The income tax effect of each

adjustment was determined based on the tax effect of the

jurisdiction in which the related pre-tax adjustment was recorded.

These adjustments are irregular in timing and may not be

indicative of our past and future performance. The following are

examples of the types of adjustments that may be included in a

period:

1.*Acquisition and integration-related costs*. Costs related to

integrating recently acquired businesses (e.g., costs

associated with the termination of sales relationships,

employee retention and workforce reductions, manufacturing

integration costs and other integration-related activities),

changes in the fair value of contingent consideration,

amortization of inventory stepped-up to fair value, specific

costs (e.g., deal costs and costs associated with legal entity

rationalization) related to the consummation of the

acquisition process and legal entity rationalization and

acquisition-related tax items.

---

| | |
|:---|:---|
| **Dollar amounts are in millions except per share amounts or as otherwise specified.** | **16** |

---

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

2.*Amortization of purchased intangible assets*. Periodic

amortization expense related to purchased intangible assets.

3.*Structural optimization and other special charges.* Costs

associated with employee retention and workforce

reductions, the closure or transfer of manufacturing and

other facilities (e.g., site closure costs, contract termination

costs and redundant employee costs during the work

transfers), product line exits (primarily inventory, long-lived

asset and specifically-identified intangible asset write-offs),

certain long-lived and intangible asset write-offs and

impairments and other charges.

4.*Medical device regulations.* Costs specific to updating our

quality system, product labeling, asset write-offs and product

remanufacturing to comply with the new medical device

reporting regulations and other requirements of the

European Union.

5.*Recall-related matters*. Changes in our best estimate of the

probable loss, or the minimum of the range of probable

losses when a best estimate within a range is not known, to

resolve the Rejuvenate, LFIT V40, Wright legacy hip

products and other product recalls.

6.*Regulatory and legal matters*. Changes in our best estimate

of the probable loss, or the minimum of the range of

probable losses when a best estimate within a range is not

known, to resolve certain regulatory or other legal matters

and the amount of favorable awards from settlements.

7.*Tax matters*. Impact of accounting for certain significant and

discrete tax items.

Because non-GAAP financial measures are not standardized, it

may not be possible to compare these financial measures with

other companies' non-GAAP financial measures having the same

or similar names. These adjusted financial measures should not

be considered in isolation or as a substitute for reported sales

growth, gross profit, selling, general and administrative expenses,

research, development and engineering expenses, operating

income, other income (expense), net, income taxes, effective

income tax rate, net earnings and net earnings per diluted share,

the most directly comparable GAAP financial measures. These

non-GAAP financial measures are an additional way of viewing

aspects of our operations when viewed with our GAAP results

and the reconciliations to corresponding GAAP financial

measures at the end of the discussion of Consolidated Results of

Operations below. We strongly encourage investors and

shareholders to review our financial statements and publicly-filed

reports in their entirety and not to rely on any single financial

measure.

The weighted-average diluted shares outstanding used in the

calculation of adjusted net earnings per diluted share are the

same as those used in the calculation of reported net earnings

per diluted share for the respective period.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** |
| **Three Months 2025** | **Gross** <br>**Profit**<br>| **Selling,** <br>**General &** <br>**Administrative** <br>**Expenses**<br>| **Research,** <br>**Development &** <br>**Engineering** <br>**Expenses**<br>| **Operating** <br>**Income**<br>| **Other** <br>**Income** <br>**(Expense),** <br>**Net**<br>| **Income** <br>**Taxes**<br>| **Net** <br>**Earnings**<br>| **Effective**<br>**Tax Rate**<br>| **Diluted** <br>**EPS**<br>|
| **Reported** | **$3852** | **$2045** | **$410** | **$1135** | **$(106)** | **$170** | **$859** | **16.5%** | **$2.22** |
| Reported percent net sales | 63.6% | 33.8% | 6.8% | 18.7% | (1.8)% | nm | 14.2% |  |  |
| Acquisition and integration-related costs: |  |  |  |  |  |  |  |  |  |
| Inventory stepped-up to fair value | 61 |  |  | 61 |  | 15 | 46 | 0.6 | 0.12 |
| Other acquisition and integration-related (a) | 5 | (33) | (1) | 39 |  | 6 | 33 | 0.1 | 0.08 |
| Amortization of purchased intangible assets |  |  |  | 189 |  | 39 | 150 | 1.2 | 0.39 |
| Structural optimization and other special charges (b) | 15 | (26) |  | 41 | (10) | 3 | 28 | (0.1) | 0.07 |
| Goodwill and other impairments (c) |  |  |  | 73 |  | 15 | 58 | 0.4 | 0.16 |
| Medical device regulations (d) |  |  | (11) | 11 |  | 3 | 8 | 0.1 | 0.02 |
| Recall-related matters (e) |  | (1) |  | 1 |  |  | 1 |  |  |
| Regulatory and legal matters (f) |  |  |  |  |  |  |  |  |  |
| Tax matters (g) |  |  |  |  |  | (50) | 50 | (4.8) | 0.13 |
| **Adjusted** | **$3933** | **$1985** | **$398** | **$1550** | **$(116)** | **$201** | **$1233** | **14.0%** | **$3.19** |
| Adjusted percent net sales | 65.0% | 32.8% | 6.6% | 25.6% | (1.9)% | nm | 20.4% |  |  |

---

---

| | |
|:---|:---|
| **Dollar amounts are in millions except per share amounts or as otherwise specified.** | **17** |

---

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months 2024** | **Gross** <br>**Profit**<br>| **Selling,** <br>**General &** <br>**Administrative** <br>**Expenses**<br>| **Research,** <br>**Development &** <br>**Engineering** <br>**Expenses**<br>| **Operating** <br>**Income**<br>| **Other** <br>**Income** <br>**(Expense),** <br>**Net**<br>| **Income** <br>**Taxes**<br>| **Net** <br>**Earnings**<br>| **Effective**<br>**Tax Rate**<br>| **Diluted** <br>**EPS**<br>|
| **Reported** | **$3517** | **$1894** | **$377** | **$1085** | **$(42)** | **$209** | **$834** | **20.0%** | **$2.16** |
| Reported percent net sales | 64.0% | 34.5% | 6.9% | 19.7% | (0.8)% | nm | 15.2% |  |  |
| Acquisition and integration-related costs: |  |  |  |  |  |  |  |  |  |
| Inventory stepped-up to fair value | 29 |  |  | 29 |  | 7 | 22 | 0.2 | 0.06 |
| Other acquisition and integration-related (a) |  | (48) |  | 48 |  | 11 | 37 | 0.3 | 0.10 |
| Amortization of purchased intangible assets |  |  |  | 159 |  | 32 | 127 | 0.7 | 0.32 |
| Structural optimization and other special charges (b) | (2) | (24) |  | 22 |  | 4 | 18 |  | 0.05 |
| Goodwill and other impairments (c) |  |  |  | 2 |  |  | 2 |  |  |
| Medical device regulations (d) |  |  | (13) | 13 |  | 2 | 11 | 0.1 | 0.03 |
| Recall-related matters (e) |  |  |  |  |  |  |  |  |  |
| Regulatory and legal matters (f) |  | 1 |  | (1) |  |  | (1) |  |  |
| Tax matters (g) |  |  |  |  |  | (57) | 57 | (5.5) | 0.15 |
| **Adjusted** | **$3544** | **$1823** | **$364** | **$1357** | **$(42)** | **$208** | **$1107** | **15.8%** | **$2.87** |
| Adjusted percent net sales | 64.5% | 33.2% | 6.6% | 24.7% | (0.8)% | nm | 20.1% |  |  |

---

nm - not meaningful

(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:

---

| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **2025** | **2024** |
| Employee retention and workforce reductions | $11 | $13 |
| Changes in the fair value of contingent consideration | 12 | 2 |
| Manufacturing integration costs | 7 | 1 |
| Stock compensation payments upon a change in control |  | 22 |
| Other integration-related activities | 9 | 10 |
| **Adjustments to Operating Income** | **$39** | **$48** |
| Other income taxes related to acquisition and integration-related costs | 6 | 11 |
| **Adjustments to Income Taxes** | **$6** | **$11** |
| **Adjustments to Net Earnings** | **$33** | **$37** |

---

(b) Structural optimization and other special charges represent the costs associated with:

---

| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **2025** | **2024** |
| Employee retention and workforce reductions | $5 | $12 |
| Closure/transfer of manufacturing and other facilities | 10 | 2 |
| Product line exits | 10 | 3 |
| Termination of sales relationships in certain countries | 2 | 6 |
| Other charges | 14 | (1) |
| **Adjustments to Operating Income** | **$41** | **$22** |
| **Adjustments to Other Income (Expense), Net** | **$(10)** | **$—** |
| **Adjustments to Income Taxes** | **$3** | **$4** |
| **Adjustments to Net Earnings** | **$28** | **$18** |

---

(c) Goodwill and other impairments represent the costs associated with:

---

| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **2025** | **2024** |
| Certain long-lived and intangible asset write-offs and impairments | $22 | $— |
| Product line exits (e.g., long-lived asset and specifically-identified intangible asset write-offs) | 51 | 2 |
| **Adjustments to Operating Income** | **$73** | **$2** |
| **Adjustments to Income Taxes** | **$15** | **$—** |
| **Adjustments to Net Earnings** | **$58** | **$2** |

---

(d) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device

reporting regulations and other requirements of the new medical device regulations in the European Union.

(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to

resolve certain recall-related matters.

(f) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to

resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.

---

| | |
|:---|:---|
| **Dollar amounts are in millions except per share amounts or as otherwise specified.** | **18** |

---

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

(g) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:

---

| | | |
|:---|:---|:---|
|  | **Three Months** | **Three Months** |
|  | **2025** | **2024** |
| Adjustments related to the transfer of certain intellectual properties between tax jurisdictions | $(61) | $(47) |
| Other tax matters | 11 | (10) |
| **Adjustments to Income Taxes** | **$(50)** | **$(57)** |
| **Adjustments to Other Income (Expense), Net** | **$—** | **$—** |
| **Adjustments to Net Earnings** | **$50** | **$57** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** | ***Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures*** |
| **Nine Months 2025** | **Gross** <br>**Profit**<br>| **Selling,** <br>**General &** <br>**Administrative** <br>**Expenses**<br>| **Research,** <br>**Development &** <br>**Engineering** <br>**Expenses**<br>| **Operating** <br>**Income**<br>| **Other** <br>**Income** <br>**(Expense),** <br>**Net**<br>| **Income** <br>**Taxes**<br>| **Net** <br>**Earnings**<br>| **Effective**<br>**Tax Rate**<br>| **Diluted** <br>**EPS**<br>|
| **Reported** | **$11437** | **$6424** | **$1222** | **$3085** | **$(276)** | **$412** | **$2397** | **14.7%** | **$6.20** |
| Reported percent net sales | 63.7% | 35.8% | 6.8% | 17.2% | (1.5)% | nm | 13.4% |  |  |
| Acquisition and integration-related costs: |  |  |  |  |  |  |  |  |  |
| Inventory stepped-up to fair value | 160 |  |  | 160 |  | 39 | 121 | 0.5 | 0.31 |
| Other acquisition and integration-related (a) | 19 | (280) | (3) | 302 |  | 32 | 270 | (0.4) | 0.70 |
| Amortization of purchased intangible assets |  |  |  | 543 |  | 112 | 431 | 1.2 | 1.11 |
| Structural optimization and other special charges (b) | 43 | (47) | (3) | 93 | (19) | 15 | 59 | 0.2 | 0.15 |
| Goodwill and other impairments (c) |  |  |  | 163 |  | 46 | 117 | 0.8 | 0.32 |
| Medical device regulations (d) | 1 |  | (29) | 30 |  | 7 | 23 | 0.1 | 0.06 |
| Recall-related matters (e) | 52 | (4) |  | 56 |  | 9 | 47 |  | 0.12 |
| Regulatory and legal matters (f) |  | (7) |  | 7 |  | 2 | 5 |  | 0.01 |
| Tax matters (g) |  |  |  |  |  | (71) | 71 | (2.5) | 0.18 |
| **Adjusted** | **$11712** | **$6086** | **$1187** | **$4439** | **$(295)** | **$603** | **$3541** | **14.6%** | **$9.16** |
| Adjusted percent net sales | 65.3% | 33.9% | 6.6% | 24.7% | (1.6)% | nm | 19.7% |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months 2024** | **Gross** <br>**Profit**<br>| **Selling,** <br>**General &** <br>**Administrative** <br>**Expenses**<br>| **Research,** <br>**Development &** <br>**Engineering** <br>**Expenses**<br>| **Operating** <br>**Income**<br>| **Other** <br>**Income** <br>**(Expense),** <br>**Net**<br>| **Income** <br>**Taxes**<br>| **Net** <br>**Earnings**<br>| **Effective**<br>**Tax Rate**<br>| **Diluted** <br>**EPS**<br>|
| **Reported** | **$10266** | **$5562** | **$1108** | **$3108** | **$(144)** | **$517** | **$2447** | **17.4%** | **$6.35** |
| Reported percent net sales | 63.5% | 34.4% | 6.9% | 19.2% | (0.9)% | nm | 15.1% |  |  |
| Acquisition and integration-related costs: |  |  |  |  |  |  |  |  |  |
| Inventory stepped-up to fair value | 38 |  |  | 38 |  | 9 | 29 | 0.3 | 0.08 |
| Other acquisition and integration-related (a) |  | (49) |  | 49 |  | 14 | 35 | 0.2 | 0.09 |
| Amortization of purchased intangible assets |  |  |  | 467 |  | 96 | 371 | 1.0 | 0.96 |
| Structural optimization and other special charges (b) | 41 | (51) |  | 92 |  | 24 | 68 | 0.2 | 0.23 |
| Goodwill and other impairments (c) |  |  |  | 21 |  |  | 21 |  |  |
| Medical device regulations (d) | 5 |  | (36) | 41 |  | 9 | 32 | 0.1 | 0.08 |
| Recall-related matters (e) | 11 | (11) |  | 22 |  | 5 | 17 | 0.1 | 0.04 |
| Regulatory and legal matters (f) |  | 1 |  | (1) |  |  | (1) |  |  |
| Tax matters (g) |  |  |  |  | (1) | (136) | 135 | (4.7) | 0.35 |
| **Adjusted** | **$10361** | **$5452** | **$1072** | **$3837** | **$(145)** | **$538** | **$3154** | **14.6%** | **$8.18** |
| Adjusted percent net sales | 64.1% | 33.7% | 6.6% | 23.7% | (0.9)% | nm | 19.5% |  |  |

---

nm - not meaningful

(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:

---

| | | |
|:---|:---|:---|
|  | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** |
| Termination of sales relationships | $— | $3 |
| Employee retention and workforce reductions | 56 | 17 |
| Changes in the fair value of contingent consideration | 13 | (12) |
| Manufacturing integration costs | 14 | 2 |
| Stock compensation payments upon a change in control | 139 | 22 |
| Other integration-related activities | 80 | 17 |
| **Adjustments to Operating Income** | **$302** | **$49** |
| Other income taxes related to acquisition and integration-related costs | 32 | 14 |
| **Adjustments to Income Taxes** | **$32** | **$14** |
| **Adjustments to Net Earnings** | **$270** | **$35** |

---

---

| | |
|:---|:---|
| **Dollar amounts are in millions except per share amounts or as otherwise specified.** | **19** |

---

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

(b) Structural optimization and other special charges represent the costs associated with:

---

| | | |
|:---|:---|:---|
|  | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** |
| Employee retention and workforce reductions | $43 | $14 |
| Closure/transfer of manufacturing and other facilities (e.g., site closure, contract termination and redundant employee costs) | 22 | 18 |
| Product line exits (e.g., inventory, long-lived asset and specifically-identified intangible asset write-offs) | 3 | 9 |
| Termination of sales relationships in certain countries | (2) | 7 |
| Other charges | 27 | 44 |
| **Adjustments to Operating Income**  | **$93** | **$92** |
| **Adjustments to Income Taxes** | **$15** | **$24** |
| **Adjustments to Other Income (Expense), Net** | **$(19)** | **$—** |
| **Adjustments to Net Earnings** | **$59** | **$68** |

---

(c) Goodwill and other impairments represent the costs associated with:

---

| | | |
|:---|:---|:---|
|  | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** |
| Certain long-lived and intangible asset write-offs and impairments | $108 | $11 |
| Product line exits (e.g., long-lived asset and specifically-identified intangible asset write-offs) | 55 | 10 |
| **Adjustments to Operating Income** | **$163** | **$21** |
| **Adjustments to Income Taxes** | **$46** | **$—** |
| **Adjustments to Net Earnings** | **$117** | **$21** |

---

(d) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device

reporting regulations and other requirements of the new medical device regulations in the European Union.

(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to

resolve certain recall-related matters.

(f) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to

resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.

(g) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:

---

| | | |
|:---|:---|:---|
|  | **Nine Months** | **Nine Months** |
|  | **2025** | **2024** |
| Adjustments related to the transfer of certain intellectual properties between tax jurisdictions | $(153) | $(141) |
| Certain tax audit settlements |  | (2) |
| Other tax matters | 82 | 7 |
| **Adjustments to Income Taxes** | **$(71)** | **$(136)** |
| **Adjustments to Other Income (Expense), Net** | **$—** | **$(1)** |
| **Adjustments to Net Earnings** | **$71** | **$135** |

---

**FINANCIAL CONDITION AND LIQUIDITY**

---

| | | |
|:---|:---|:---|
|  | **Nine Months** | **Nine Months** |
| **Net cash provided by (used in):** | **2025** | **2024** |
| Operating activities | $2901 | $2311 |
| Investing activities | (4561) | (2697) |
| Financing activities | 1206 | 1269 |
| Effect of exchange rate changes | 58 | (4) |
| **Change in cash and cash equivalents** | **$(396)** | **$879** |

---

**Operating Activities**

Cash providedby operating activities was $2,901 and $2,311 in

the nine months2025 and 2024. The increase was primarily due

to the timing of payments and collections in working capital

accounts.

**Investing Activities**

Cash usedin investing activities was $4,561 and $2,697 in the

nine months2025 and 2024. The nine months2025 included

cash paid to acquire Inari and purchases of property, plant and

equipment partially offset by proceeds from the sale of short-term

investments and the sale of the Spinal Implants business. The

nine months2024 included cash paid for the Serf acquisition.

Refer to Note 7 to our Consolidated Financial Statements for

further information on acquisitions.

**Financing Activities**

Cash providedby financing activities was $1,206 in the nine

months2025 and cash providedby financing activities was

$1,269 in the nine months2024. In 2025, cash provided was

primarily driven by proceeds from the issuance of various senior

unsecured notes as described in Note 8 to our Consolidated

Financial Statements. This was partially offset by debt payments,

dividend payments and cash paid for taxes on withheld shares.

Cash providedby2024 was primarily driven by proceeds from

the issuance of various senior unsecured notes. This was

partially offset by debt payments, dividend payments and cash

paid for taxes on withheld shares. We did not repurchase any

shares in the nine months2025 and 2024.

**Liquidity**

Cash, cash equivalents, short-term investments and marketable

securities were $3,343 and $4,493 on September 30, 2025 and

December 31, 2024. Current assets exceeded current liabilities

by $6,297 and $7,231 on September 30, 2025 and December 31,

2024. We anticipate being able to support our short-term liquidity

and operating needs from a variety of sources including cash

from operations, commercial paper and existing credit lines.

We have raised funds in the capital markets and have accessed

the credit markets in the past and may continue to do so from

time-to-time. We continue to have strong investment-grade short-

term and long-term debt ratings that we believe should enable us

to refinance our debt as needed.

Our cash, cash equivalents, short-term investments and

marketable securities held in locations outside the United States

was 35% on September 30, 2025 compared to 20% on

December 31, 2024.

---

| | |
|:---|:---|
| **Dollar amounts are in millions except per share amounts or as otherwise specified.** | **20** |

---

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

There were no changes to our critical accounting policies and

estimates from those disclosed in our Annual Report on Form 10-

K for 2024, except as follows.

Refer to Note 11 to our Consolidated Financial Statements for

discussion of estimates related to the Spinal Implants assets

classified as held for sale at December 31, 2024.

**New Accounting Pronouncements Not Yet Adopted**

Refer to Note 1 to our Consolidated Financial Statements for

information.

**Guarantees and Other Off-Balance Sheet Arrangements**

We do not have guarantees or other off-balance sheet financing

arrangements, including variable interest entities, of a magnitude

that we believe could have a material impact on our financial

condition or liquidity.

**OTHER MATTERS**

**Legal and Regulatory Matters**

We are involved in various ongoing proceedings, legal actions

and claims arising in the normal course of our business, including

proceedings related to product, labor, intellectual property and

other matters. Refer to Note 6 to our Consolidated Financial

Statements for further information.

**FORWARD-LOOKING STATEMENTS**

This report contains statements that are not historical facts and

are considered "forward-looking statements" within the meaning

of the Private Securities Litigation Reform Act of 1995. These

statements are based on current projections about operations,

industry conditions, financial condition and liquidity. Words that

identify forward-looking statements include, without limitation,

words such as "may," "could," "will," "should," "possible," "plan,"

"predict," "forecast," "potential," "anticipate," "estimate," "expect,"

"project," "intend," "believe," "may impact," "on track," "goal,"

"strategy" and words and terms of similar substance used in

connection with any discussion of future operating or financial

performance, an acquisition or our businesses. In addition, any

statements that refer to expectations, projections or other

characterizations of future events or circumstances, including any

underlying assumptions, are forward-looking statements. Those

statements are not guarantees and are subject to risks,

uncertainties and assumptions that are difficult to predict.

Therefore, actual results could differ materially and adversely

from these forward-looking statements, historical experience or

our present expectations. Some important factors that could

cause our actual results to differ from our expectations in any

forward-looking statements include the risks discussed in Item

1A. "Risk Factors" of our Annual Report on Form 10-K for 2024.

This Form 10-Q should be read in conjunction with our

Consolidated Financial Statements and accompanying notes to

our Consolidated Financial Statements in our Annual Report on

Form 10-K for 2024. While we believe that the assumptions

underlying such forward-looking statements are reasonable,

there can be no assurance that future events or developments

will not cause such statements to be inaccurate. All forward-

looking statements contained in this report are qualified in their

entirety by this cautionary statement. We expressly disclaim any

intention or obligation to publicly update or revise any forward-

looking statement to reflect any change in our expectations or in

events, conditions or circumstances on which those expectations

may be based, or that affect the likelihood that actual results will

differ from those contained in the forward-looking statements.

---

| | |
|:---|:---|
| **ITEM 3.** | **QUANTITATIVE AND QUALITATIVE** <br>**DISCLOSURES ABOUT MARKET RISK**<br>|

---

We consider our greatest potential area of market risk exposure

to be exchange rate risk on our operating results. Quantitative

and qualitative disclosures about exchange rate risk are included

in Item 7A "Quantitative and Qualitative Disclosures About Market

Risk" of our Annual Report on Form 10-K for 2024. There were

no material changes from the information provided therein.

---

| | |
|:---|:---|
| **ITEM 4.** | **CONTROLS AND PROCEDURES** |

---

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of the Chief Executive

Officer and Chief Financial Officer (the Certifying Officers),

evaluated the effectiveness of the Company's disclosure controls

and procedures (as defined in Rules 13a-15(e) or 15d-15(e)

promulgated under the Securities Exchange Act of 1934, as

amended) on September 30, 2025. Based on that evaluation, the

Certifying Officers concluded the Company's disclosure controls

and procedures were effective as of September 30, 2025.

**Changes in Internal Control Over Financial Reporting**

There was no change to our internal control over financial

reporting during the nine months 2025 that materially affected, or

is reasonably likely to materially affect, our internal control over

financial reporting.

**<u>PART II – OTHER INFORMATION</u>**

---

| | |
|:---|:---|
| **ITEM 1A.** | **RISK FACTORS** |

---

We are not aware of any material changes to the risk factors

included in Item 1A. "Risk Factors" in our Annual Report on Form

10-K for 2024.

---

| | |
|:---|:---|
| **ITEM 2.** | **UNREGISTERED SALES OF EQUITY** <br>**SECURITIES AND USE OF PROCEEDS**<br>|

---

In the three months 2025 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.

In March 2015 we announced that our Board of Directors had

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

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 made from time-to-time in the

open market, in privately negotiated transactions or otherwise.

In the nine months 2025 we did not repurchaseany shares of our

common stock under our authorized repurchase program. The

total dollar value of shares of our common stock that could be

acquired under our authorized repurchase program was $1,033

as of September 30, 2025.

---

| | |
|:---|:---|
| **ITEM 5.** | **OTHER INFORMATION** |

---

Certain of our officers or directors have made elections to

participate in, and are participating in, our employee stock

purchase plan and 401(k) plan and have made, and may from

time to time make, elections to have shares withheld to cover

withholding taxes due or pay the exercise price of stock options,

restricted stock units and performance stock units, which may

constitute non-Rule 10b5–1 trading arrangements (as defined in

Item 408(c) of Regulation S-K).

**21**<br>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

---

| | |
|:---|:---|
| **ITEM 6.** | **EXHIBITS** |

---

---

| | |
|:---|:---|
| 31(i)† | <u>[Certification of Principal Executive Officer of Stryker](ex31i930202510q.htm)</u><br><u>[Corporation pursuant to Rule 13a-14(a)](ex31i930202510q.htm)</u>.<br>|
| 31(ii)† | <u>[Certification of Principal Financial Officer of Stryker](ex31ii930202510q.htm)</u><br><u>[Corporation pursuant to Rule 13a-14(a)](ex31ii930202510q.htm)</u>.<br>|
| 32(i)†† | <u>[Certification by Principal Executive Officer of Stryker](ex32i930202510q.htm)</u><br><u>[Corporation pursuant to 18 U.S.C. Section 1350](ex32i930202510q.htm)</u>.<br>|
| 32(ii)†† | <u>[Certification by Principal Financial Officer of Stryker](ex32ii930202510q.htm)</u><br><u>[Corporation pursuant to 18 U.S.C. Section 1350](ex32ii930202510q.htm)</u>.<br>|
| 101.INS | iXBRL Instance Document |
| 101.SCH | iXBRL Schema Document |
| 101.CAL | iXBRL Calculation Linkbase Document |
| 101.DEF | iXBRL Definition Linkbase Document |
| 101.LAB | iXBRL Label Linkbase Document |
| 101.PRE | iXBRL Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (the cover page <br>XBRL tags are embedded within the Inline XBRL <br>document)<br>|
|  | \* Compensation arrangement |
|  | † Filed with this Form 10-Q |
|  | †† Furnished with this Form 10-Q |

---

**22**<br>

---

| | |
|:---|:---|
| **STRYKER CORPORATION** | **2025Third Quarter Form 10-Q** |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its

behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | STRYKER CORPORATION |
|  |  | (Registrant) |
| Date: | October 31, 2025 | /s/ KEVIN A. LOBO |
|  |  | Kevin A. Lobo |
|  |  | Chair, Chief Executive Officer and President |
| Date: | October 31, 2025 | /s/ PRESTON W. WELLS |
|  |  | Preston W. Wells |
|  |  | Vice President, Chief Financial Officer |

---

## Ex-31.I

Exhibit 31(i)

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Kevin A. Lobo, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Stryker Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Date: | October 31, 2025 | /s/ KEVIN A. LOBO |
| | | Kevin A. Lobo |
| | | Chair, Chief Executive Officer and President |

---

## Ex-31.Ii

Exhibit 31(ii)

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Preston W. Wells, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Stryker Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | October 31, 2025 | /s/ PRESTON W. WELLS |
| | | Preston W. Wells |
| | | Vice President, Chief Financial Officer |

---

## Ex-32.I

Exhibit 32(i)

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Stryker Corporation (the "Company") for the quarter ended September 30, 2025 (the "Report"), I, Kevin A. Lobo, Chair, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | October 31, 2025 | /s/ KEVIN A. LOBO |
| | | Kevin A. Lobo |
| | | Chair, Chief Executive Officer and President |

---

## Ex-32.Ii

Exhibit 32(ii)

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Stryker Corporation (the "Company") for the quarter ended September 30, 2025 (the "Report"), I, Preston W. Wells, Vice President, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | October 31, 2025 | /s/ PRESTON W. WELLS |
| | | Preston W. Wells |
| | | Vice President, Chief Financial Officer |

---

<br>