false2025Q2000031076412/31http://fasb.org/us-gaap/2025#AccountsPayableTradeCurrenthttp://fasb.org/us-gaap/2025#AccountsPayableTradeCurrent000357xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:EURsyk:segment00003107642025-01-012025-06-300000310764us-gaap:CommonStockMember2025-01-012025-06-300000310764syk:SeniorUnsecuredNotes2.125Due2027Member2025-01-012025-06-300000310764syk:SeniorUnsecuredNotes3375Due2028Member2025-01-012025-06-300000310764syk:SeniorUnsecuredNotes0.750Due2029Member2025-01-012025-06-300000310764syk:SeniorUnsecuredNotes2.625Due2030Member2025-01-012025-06-300000310764syk:SeniorUnsecuredNotes1.000Due2031Member2025-01-012025-06-300000310764syk:SeniorUnsecuredNotes3.375Due2032Member2025-01-012025-06-300000310764syk:SeniorUnsecuredNotes3.625Due2036Member2025-01-012025-06-3000003107642025-06-3000003107642025-04-012025-06-3000003107642024-04-012024-06-3000003107642024-01-012024-06-3000003107642024-12-310000310764us-gaap:CommonStockMember2025-03-310000310764us-gaap:CommonStockMember2024-03-310000310764us-gaap:CommonStockMember2024-12-310000310764us-gaap:CommonStockMember2023-12-310000310764us-gaap:CommonStockMember2025-04-012025-06-300000310764us-gaap:CommonStockMember2024-04-012024-06-300000310764us-gaap:CommonStockMember2025-01-012025-06-300000310764us-gaap:CommonStockMember2024-01-012024-06-300000310764us-gaap:CommonStockMember2025-06-300000310764us-gaap:CommonStockMember2024-06-300000310764us-gaap:AdditionalPaidInCapitalMember2025-03-310000310764us-gaap:AdditionalPaidInCapitalMember2024-03-310000310764us-gaap:AdditionalPaidInCapitalMember2023-12-310000310764us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300000310764us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000310764us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300000310764us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300000310764us-gaap:AdditionalPaidInCapitalMember2025-06-300000310764us-gaap:AdditionalPaidInCapitalMember2024-06-300000310764us-gaap:RetainedEarningsMember2025-03-310000310764us-gaap:RetainedEarningsMember2024-03-310000310764us-gaap:RetainedEarningsMember2023-12-310000310764us-gaap:RetainedEarningsMember2025-04-012025-06-300000310764us-gaap:RetainedEarningsMember2024-04-012024-06-300000310764us-gaap:RetainedEarningsMember2025-01-012025-06-300000310764us-gaap:RetainedEarningsMember2024-01-012024-06-300000310764us-gaap:RetainedEarningsMember2025-06-300000310764us-gaap:RetainedEarningsMember2024-06-300000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-3000003107642024-06-3000003107642023-12-310000310764syk:NeuroCranialInterventionalSpineMember2025-04-012025-06-300000310764syk:NeuroCranialInterventionalSpineMember2024-04-012024-06-300000310764syk:NeuroCranialInterventionalSpineMember2025-01-012025-06-300000310764syk:NeuroCranialInterventionalSpineMember2024-01-012024-06-300000310764syk:OtherOrthopedicsEnablingTechnologiesMember2025-04-012025-06-300000310764syk:OtherOrthopedicsEnablingTechnologiesMember2024-04-012024-06-300000310764syk:OtherOrthopedicsEnablingTechnologiesMember2025-01-012025-06-300000310764syk:OtherOrthopedicsEnablingTechnologiesMember2024-01-012024-06-300000310764syk:InstrumentsMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:InstrumentsMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:InstrumentsMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:InstrumentsMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:EndoscopyMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:EndoscopyMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:EndoscopyMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:EndoscopyMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:MedicalMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:MedicalMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:MedicalMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:MedicalMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:NeurovascularMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:NeurovascularMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:NeurovascularMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:NeurovascularMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:NeuroCranialMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:NeuroCranialMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:NeuroCranialMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:NeuroCranialMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764us-gaap:OperatingSegmentsMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764us-gaap:OperatingSegmentsMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:KneesMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:KneesMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:KneesMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:KneesMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:HipsMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:HipsMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:HipsMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:HipsMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:TraumaandExtremitiesMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:TraumaandExtremitiesMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:TraumaandExtremitiesMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:TraumaandExtremitiesMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:SpineMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:SpineMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:SpineMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:SpineMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:OtherOrthopaedicsMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:OtherOrthopaedicsMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:OtherOrthopaedicsMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:OtherOrthopaedicsMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:InstrumentsMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:InstrumentsMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:InstrumentsMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:InstrumentsMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:EndoscopyMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:EndoscopyMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:EndoscopyMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:EndoscopyMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:MedicalMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:MedicalMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:MedicalMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:MedicalMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:NeurovascularMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:NeurovascularMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:NeurovascularMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:NeurovascularMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:NeuroCranialMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:NeuroCranialMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764syk:NeuroCranialMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:NeuroCranialMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764country:USsyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764us-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764country:USsyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764us-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764syk:KneesMembercountry:USsyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:KneesMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:KneesMembercountry:USsyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:KneesMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:HipsMembercountry:USsyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:HipsMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:HipsMembercountry:USsyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:HipsMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:TraumaandExtremitiesMembercountry:USsyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:TraumaandExtremitiesMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:TraumaandExtremitiesMembercountry:USsyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:TraumaandExtremitiesMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:SpineMembercountry:USsyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:SpineMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:SpineMembercountry:USsyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:SpineMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:OtherOrthopaedicsMembercountry:USsyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:OtherOrthopaedicsMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764syk:OtherOrthopaedicsMembercountry:USsyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764syk:OtherOrthopaedicsMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764country:USsyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764us-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-04-012025-06-300000310764country:USsyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764us-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-04-012024-06-300000310764country:US2025-04-012025-06-300000310764us-gaap:NonUsMember2025-04-012025-06-300000310764country:US2024-04-012024-06-300000310764us-gaap:NonUsMember2024-04-012024-06-300000310764syk:InstrumentsMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:InstrumentsMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:InstrumentsMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:InstrumentsMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:EndoscopyMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:EndoscopyMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:EndoscopyMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:EndoscopyMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:MedicalMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:MedicalMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:MedicalMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:MedicalMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:NeurovascularMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:NeurovascularMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:NeurovascularMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:NeurovascularMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:NeuroCranialMembercountry:USsyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:NeuroCranialMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764syk:NeuroCranialMembercountry:USsyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:NeuroCranialMemberus-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764country:USsyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764us-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2025-01-012025-06-300000310764country:USsyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764us-gaap:NonUsMembersyk:MedSurgAndNeurotechnologyMember2024-01-012024-06-300000310764syk:KneesMembercountry:USsyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:KneesMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:KneesMembercountry:USsyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:KneesMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:HipsMembercountry:USsyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:HipsMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:HipsMembercountry:USsyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:HipsMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:TraumaandExtremitiesMembercountry:USsyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:TraumaandExtremitiesMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:TraumaandExtremitiesMembercountry:USsyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:TraumaandExtremitiesMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:SpineMembercountry:USsyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:SpineMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:SpineMembercountry:USsyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:SpineMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:OtherOrthopaedicsMembercountry:USsyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:OtherOrthopaedicsMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764syk:OtherOrthopaedicsMembercountry:USsyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764syk:OtherOrthopaedicsMemberus-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764country:USsyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764us-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2025-01-012025-06-300000310764country:USsyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764us-gaap:NonUsMembersyk:OrthopaedicsAndSpineMember2024-01-012024-06-300000310764country:US2025-01-012025-06-300000310764us-gaap:NonUsMember2025-01-012025-06-300000310764country:US2024-01-012024-06-300000310764us-gaap:NonUsMember2024-01-012024-06-300000310764syk:CustomerLeaseAgreementsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300000310764syk:CustomerLeaseAgreementsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-06-300000310764syk:CustomerLeaseAgreementsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012024-06-300000310764syk:CustomerLeaseAgreementsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-03-310000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310000310764us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-04-012025-06-300000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-04-012025-06-300000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300000310764us-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-04-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-04-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-300000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000310764us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-310000310764us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-04-012024-06-300000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-04-012024-06-300000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000310764us-gaap:AccumulatedTranslationAdjustmentMember2024-04-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-04-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-04-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2024-04-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-300000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300000310764us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000310764us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-06-300000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-06-300000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-300000310764us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-06-300000310764us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000310764us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000310764us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-06-300000310764us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-06-300000310764us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000310764us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-06-300000310764us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-06-300000310764us-gaap:ForeignExchangeContractMember2025-06-300000310764us-gaap:ForeignExchangeContractMember2025-01-012025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:NondesignatedMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-12-310000310764us-gaap:ForeignExchangeContractMember2024-12-310000310764us-gaap:ForeignExchangeContractMember2024-01-012024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:NondesignatedMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-01-012025-06-300000310764us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-300000310764us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2025-04-012025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2024-04-012024-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2025-01-012025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2024-01-012024-06-300000310764us-gaap:NetInvestmentHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000310764us-gaap:NetInvestmentHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000310764us-gaap:NetInvestmentHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-01-012025-06-300000310764us-gaap:NetInvestmentHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-01-012024-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-01-012025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-01-012024-06-300000310764us-gaap:ForeignExchangeContractMember2025-04-012025-06-300000310764us-gaap:ForeignExchangeContractMember2024-04-012024-06-300000310764us-gaap:ForeignExchangeContractMember2024-01-012024-06-300000310764us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300000310764syk:VariousMember2025-06-300000310764syk:CerusMember2024-12-310000310764us-gaap:FairValueInputsLevel1Member2025-06-300000310764us-gaap:FairValueInputsLevel1Member2024-12-310000310764us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-06-300000310764us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-12-310000310764us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-06-300000310764us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-12-310000310764us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-06-300000310764us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-12-310000310764us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2025-06-300000310764us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2024-12-310000310764us-gaap:FairValueInputsLevel2Member2025-06-300000310764us-gaap:FairValueInputsLevel2Member2024-12-310000310764us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2025-06-300000310764us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2024-12-310000310764us-gaap:FairValueInputsLevel3Member2024-12-310000310764us-gaap:FairValueInputsLevel3Member2023-12-310000310764us-gaap:FairValueInputsLevel3Member2025-04-012025-06-300000310764us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300000310764us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300000310764us-gaap:FairValueInputsLevel3Member2025-06-300000310764syk:InariMember2025-02-280000310764syk:InariMember2025-02-012025-02-280000310764syk:InariMember2025-01-012025-06-300000310764syk:VariousMember2025-01-012025-03-310000310764syk:VariousMember2024-12-310000310764syk:VariousMember2024-01-012024-06-300000310764syk:OrthopaedicsAndSpineMember2024-12-310000310764syk:MedSurgAndNeurotechnologyMember2024-12-310000310764syk:InariMember2025-06-300000310764syk:VariousMember2024-06-300000310764syk:InariMemberus-gaap:DevelopedTechnologyRightsMember2025-06-300000310764syk:VariousMemberus-gaap:DevelopedTechnologyRightsMember2024-06-300000310764syk:InariMemberus-gaap:CustomerRelationshipsMember2025-06-300000310764syk:VariousMemberus-gaap:CustomerRelationshipsMember2024-06-300000310764syk:InariMemberus-gaap:PatentsMember2025-06-300000310764syk:VariousMemberus-gaap:PatentsMember2024-06-300000310764syk:InariMemberus-gaap:TrademarksMember2025-06-300000310764syk:VariousMemberus-gaap:TrademarksMember2024-06-300000310764syk:InariMemberus-gaap:OtherIntangibleAssetsMember2025-06-300000310764syk:VariousMemberus-gaap:OtherIntangibleAssetsMember2024-06-300000310764syk:InariMemberus-gaap:DevelopedTechnologyRightsMember2025-01-012025-06-300000310764syk:VariousMemberus-gaap:DevelopedTechnologyRightsMember2024-01-012024-06-300000310764syk:InariMemberus-gaap:CustomerRelationshipsMember2025-01-012025-06-300000310764syk:VariousMemberus-gaap:CustomerRelationshipsMember2025-01-012025-06-300000310764syk:VariousMemberus-gaap:PatentsMember2025-01-012025-06-300000310764syk:VariousMemberus-gaap:TrademarksMember2025-01-012025-06-300000310764syk:InariMemberus-gaap:OtherIntangibleAssetsMember2025-01-012025-06-300000310764syk:InariMemberus-gaap:PatentsMember2025-01-012025-06-300000310764syk:InariMemberus-gaap:TrademarksMember2025-01-012025-06-300000310764syk:VariousMemberus-gaap:OtherIntangibleAssetsMember2025-01-012025-06-300000310764us-gaap:RevolvingCreditFacilityMember2025-02-012025-02-280000310764us-gaap:RevolvingCreditFacilityMember2025-02-280000310764us-gaap:RevolvingCreditFacilityMember2025-06-300000310764us-gaap:CommercialPaperMember2025-01-012025-06-300000310764us-gaap:CommercialPaperMember2025-06-300000310764syk:SeniorUnsecuredNotes4.550Due2027Memberus-gaap:SeniorNotesMember2025-02-280000310764syk:SeniorUnsecuredNotes4.700Due2027Memberus-gaap:SeniorNotesMember2025-02-280000310764syk:SeniorUnsecuredNotes4.850Due2028Memberus-gaap:SeniorNotesMember2025-02-280000310764syk:SeniorUnsecuredNotes5.200Due2035Memberus-gaap:SeniorNotesMember2025-02-280000310764syk:SeniorUnsecuredNotes1.150Due2025Memberus-gaap:SeniorNotesMember2025-06-012025-06-300000310764syk:SeniorUnsecuredNotes1.150Due2025Memberus-gaap:SeniorNotesMember2025-06-300000310764syk:SeniorUnsecuredNotes1.150Due2025Member2025-06-300000310764syk:SeniorUnsecuredNotes1.150Due2025Member2024-12-310000310764syk:SeniorUnsecuredNotes3.375Due2025Member2025-06-300000310764syk:SeniorUnsecuredNotes3.375Due2025Member2024-12-310000310764syk:SeniorUnsecuredNotes3.500Due2026Member2025-06-300000310764syk:SeniorUnsecuredNotes3.500Due2026Member2024-12-310000310764syk:SeniorUnsecuredNotes4.550Due2027Member2025-06-300000310764syk:SeniorUnsecuredNotes4.550Due2027Member2024-12-310000310764syk:SeniorUnsecuredNotes2.125Due2027Member2025-06-300000310764syk:SeniorUnsecuredNotes2.125Due2027Member2024-12-310000310764syk:SeniorUnsecuredNotes4.700Due2027Member2025-06-300000310764syk:SeniorUnsecuredNotes4.700Due2027Member2024-12-310000310764syk:SeniorUnsecuredNotes3.650Due2028Member2025-06-300000310764syk:SeniorUnsecuredNotes3.650Due2028Member2024-12-310000310764syk:SeniorUnsecuredNotes4.850Due2028Member2025-06-300000310764syk:SeniorUnsecuredNotes4.850Due2028Member2024-12-310000310764syk:SeniorUnsecuredNotes3375Due2028Member2025-06-300000310764syk:SeniorUnsecuredNotes3375Due2028Member2024-12-310000310764syk:SeniorUnsecuredNotes0.750due2029Member2025-06-300000310764syk:SeniorUnsecuredNotes0.750due2029Member2024-12-310000310764syk:SeniorUnsecuredNotes4.250Due2029Member2025-06-300000310764syk:SeniorUnsecuredNotes4.250Due2029Member2024-12-310000310764syk:SeniorUnsecuredNotes4.850Due2030Member2025-06-300000310764syk:SeniorUnsecuredNotes4.850Due2030Member2024-12-310000310764syk:SeniorUnsecuredNotes1.950Due2030Member2025-06-300000310764syk:SeniorUnsecuredNotes1.950Due2030Member2024-12-310000310764syk:SeniorUnsecuredNotesDueNovember2030Member2025-06-300000310764syk:SeniorUnsecuredNotesDueNovember2030Member2024-12-310000310764syk:SeniorUnsecuredNotes1.000due2031Member2025-06-300000310764syk:SeniorUnsecuredNotes1.000due2031Member2024-12-310000310764syk:SeniorUnsecuredNotes3.375Due2032Member2025-06-300000310764syk:SeniorUnsecuredNotes3.375Due2032Member2024-12-310000310764syk:SeniorUnsecuredNotes4.624Due2034Member2025-06-300000310764syk:SeniorUnsecuredNotes4.624Due2034Member2024-12-310000310764syk:SeniorUnsecuredNotes5.200Due2035Member2025-06-300000310764syk:SeniorUnsecuredNotes5.200Due2035Member2024-12-310000310764syk:SeniorUnsecuredNotes3.625Due2036Member2025-06-300000310764syk:SeniorUnsecuredNotes3.625Due2036Member2024-12-310000310764syk:SeniorUnsecuredNotes4.100Due2043Member2025-06-300000310764syk:SeniorUnsecuredNotes4.100Due2043Member2024-12-310000310764syk:SeniorUnsecuredNotes4.375due2044Member2025-06-300000310764syk:SeniorUnsecuredNotes4.375due2044Member2024-12-310000310764syk:SeniorUnsecuredNotes4625Due2046Member2025-06-300000310764syk:SeniorUnsecuredNotes4625Due2046Member2024-12-310000310764syk:SeniorUnsecuredNotes2.900due2050Member2025-06-300000310764syk:SeniorUnsecuredNotes2.900due2050Member2024-12-310000310764us-gaap:OperatingSegmentsMembersyk:MedSurgAndNeurotechnologyMember2025-04-012025-06-300000310764us-gaap:OperatingSegmentsMembersyk:MedSurgAndNeurotechnologyMember2024-04-012024-06-300000310764us-gaap:OperatingSegmentsMembersyk:OrthopaedicsMember2025-04-012025-06-300000310764us-gaap:OperatingSegmentsMembersyk:OrthopaedicsMember2024-04-012024-06-300000310764us-gaap:OperatingSegmentsMembersyk:OrthopaedicsMember2025-01-012025-06-300000310764us-gaap:OperatingSegmentsMembersyk:OrthopaedicsMember2024-01-012024-06-300000310764us-gaap:OperatingSegmentsMember2025-04-012025-06-300000310764us-gaap:OperatingSegmentsMember2024-04-012024-06-300000310764us-gaap:OperatingSegmentsMember2025-01-012025-06-300000310764us-gaap:OperatingSegmentsMember2024-01-012024-06-300000310764us-gaap:CorporateNonSegmentMember2025-04-012025-06-300000310764us-gaap:CorporateNonSegmentMember2024-04-012024-06-300000310764us-gaap:CorporateNonSegmentMember2025-01-012025-06-300000310764us-gaap:CorporateNonSegmentMember2024-01-012024-06-300000310764us-gaap:MaterialReconcilingItemsMember2025-04-012025-06-300000310764us-gaap:MaterialReconcilingItemsMember2024-04-012024-06-300000310764us-gaap:MaterialReconcilingItemsMember2025-01-012025-06-300000310764us-gaap:MaterialReconcilingItemsMember2024-01-012024-06-300000310764us-gaap:OperatingSegmentsMembersyk:MedSurgAndNeurotechnologyMember2025-06-300000310764us-gaap:OperatingSegmentsMembersyk:MedSurgAndNeurotechnologyMember2024-12-310000310764us-gaap:OperatingSegmentsMembersyk:OrthopaedicsMember2025-06-300000310764us-gaap:OperatingSegmentsMembersyk:OrthopaedicsMember2024-12-310000310764us-gaap:OperatingSegmentsMember2025-06-300000310764us-gaap:OperatingSegmentsMember2024-12-310000310764us-gaap:CorporateNonSegmentMember2025-06-300000310764us-gaap:CorporateNonSegmentMember2024-12-310000310764us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembersyk:SpinalImplantsMember2025-01-012025-03-310000310764us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembersyk:SpinalImplantsMember2025-06-300000310764us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembersyk:SpinalImplantsMember2024-12-310000310764syk:KathrynFinkMember2025-04-012025-06-300000310764syk:KathrynFinkMember2025-06-30

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 June 30, 2025


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

Commission file number: 001-13149

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)			(Zip Code)

	(269)	385-2600
(Registrant’s telephone number, including area code)


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 382,307,298 shares of Common Stock, $0.10 par value, on June 30, 2025.


Dollar amounts are in millions except per share amounts or as otherwise specified.	1


STRYKER CORPORATION		2025 Second Quarter Form 10-Q

PART I – FINANCIAL INFORMATION


ITEM 1.	FINANCIAL STATEMENTS

Stryker Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)


	Three Months		Six Months
	2025	2024	2025	2024
Net sales	$6,022	$5,422	$11,888	$10,665
Cost of sales	2,181	2,006	4,303	3,916
Gross profit	$3,841	$3,416	$7,585	$6,749
Research, development and engineering expenses	407	363	812	731
Selling, general and administrative expenses	2,079	1,831	4,379	3,668
Amortization of intangible assets	187	155	354	308
Goodwill and other impairments	55	16	90	19
Total operating expenses	$2,728	$2,365	$5,635	$4,726
Operating income	$1,113	$1,051	$1,950	$2,023
Other income (expense), net	(97)	(53)	(170)	(102)
Earnings before income taxes	$1,016	$998	$1,780	$1,921
Income taxes	132	173	242	308
Net earnings	$884	$825	$1,538	$1,613

Net earnings per share of common stock:
Basic	$2.32	$2.17	$4.03	$4.24
Diluted	$2.29	$2.14	$3.98	$4.19

Weighted-average shares outstanding (in millions):
Basic	382.2	381.0	382.0	380.7
Effect of dilutive employee stock compensation	4.2	4.4	4.4	4.5
Diluted	386.4	385.4	386.4	385.2

Cash dividends declared per share of common stock	$0.84	$0.80	$1.68	$1.60

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		Six Months
	2025	2024	2025	2024
Net earnings	$884	$825	$1,538	$1,613
Other comprehensive income (loss), net of tax:
Marketable securities	—	—	—	—
Pension plans	2	(1)	2	1
Unrealized gains (losses) on designated hedges	17	(3)	3	(1)
Financial statement translation	(372)	26	(474)	61
Total other comprehensive income (loss), net of tax	$(353)	$22	$(469)	$61
Comprehensive income	$531	$847	$1,069	$1,674

See accompanying notes to Consolidated Financial Statements.


Dollar amounts are in millions except per share amounts or as otherwise specified.	2


STRYKER CORPORATION		2025 Second Quarter Form 10-Q

CONSOLIDATED BALANCE SHEETS


	June 30	December 31
	2025	2024
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$2,375	$3,652
Short-term investments	—	750
Marketable securities	89	91
Accounts receivable, less allowance of $222 ($213 in 2024)	3,918	3,987
Inventories:
Materials and supplies	1,305	1,147
Work in process	436	336
Finished goods	3,548	3,291
Total inventories	$5,289	$4,774
Prepaid expenses and other current assets	1,332	1,593
Total current assets	$13,003	$14,847
Property, plant and equipment:
Land, buildings and improvements	1,736	1,627
Machinery and equipment	5,536	5,056
Total property, plant and equipment	$7,272	$6,683
Less allowance for depreciation	3,570	3,235
Property, plant and equipment, net	$3,702	$3,448
Goodwill	19,183	15,855
Other intangibles, net	5,962	4,395
Noncurrent deferred income tax assets	1,375	1,742
Other noncurrent assets	3,106	2,684
Total assets	$46,331	$42,971

Liabilities and shareholders' equity
Current liabilities
Accounts payable	$1,442	$1,679
Accrued compensation	1,075	1,403
Income taxes	91	539
Dividends payable	321	320
Accrued expenses and other liabilities	2,608	2,266
Current maturities of debt	1,751	1,409
Total current liabilities	$7,288	$7,616
Long-term debt, excluding current maturities	14,829	12,188
Income taxes	395	349
Other noncurrent liabilities	2,628	2,184
Total liabilities	$25,140	$22,337
Shareholders' equity
Common stock, $0.10 par value	38	38
Additional paid-in capital	2,492	2,361
Retained earnings	19,423	18,528
Accumulated other comprehensive loss	(762)	(293)
Total shareholders' equity	$21,191	$20,634
Total liabilities and shareholders' equity	$46,331	$42,971

See accompanying notes to Consolidated Financial Statements.


Dollar amounts are in millions except per share amounts or as otherwise specified.	3


STRYKER CORPORATION		2025 Second Quarter Form 10-Q

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)


	Three Months		Six Months
	2025	2024	2025	2024
Common stock shares outstanding (in millions)
Beginning	382.1	380.9	381.4	380.1
Issuance of common stock under stock compensation and benefit plans	0.2	0.2	0.9	1.0
Ending	382.3	381.1	382.3	381.1

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	$2,439	$2,257	$2,361	$2,200
Issuance of common stock under stock compensation and benefit plans	4	2	(2)	(28)
Share-based compensation	49	46	133	133
Ending	$2,492	$2,305	$2,492	$2,305
Retained earnings
Beginning	$18,862	$17,254	$18,528	$16,771
Net earnings	884	825	1,538	1,613
Cash dividends declared	(323)	(305)	(643)	(610)
Ending	$19,423	$17,774	$19,423	$17,774
Accumulated other comprehensive income (loss)
Beginning	$(409)	$(377)	$(293)	$(416)
Other comprehensive income (loss)	(353)	22	(469)	61
Ending	$(762)	$(355)	$(762)	$(355)
Total shareholders' equity	$21,191	$19,762	$21,191	$19,762

See accompanying notes to Consolidated Financial Statements.


Dollar amounts are in millions except per share amounts or as otherwise specified.	4


STRYKER CORPORATION		2025 Second Quarter Form 10-Q

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Six Months
	2025	2024
Operating activities
Net earnings	$1,538	$1,613
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	214	210
Amortization of intangible assets	354	308
Asset impairments	90	19
Share-based compensation	133	133
Sale of inventory stepped-up to fair value at acquisition	99	9
Deferred income tax (benefit) expense	176	(31)
Changes in operating assets and liabilities:
Accounts receivable	257	103
Inventories	(226)	(230)
Accounts payable	(269)	(205)
Accrued expenses and other liabilities	(116)	(653)
Income taxes	(610)	(284)
Other, net	(279)	(155)
Net cash provided by operating activities	$1,361	$837
Investing activities
Acquisitions, net of cash acquired	(4,814)	(334)
Purchases of marketable securities	(27)	(32)
Proceeds from maturity of short-term investments	750	—
Proceeds from sales of marketable securities	32	31
Purchases of property, plant and equipment	(306)	(319)
Proceeds from settlement of net investment hedges	—	99
Proceeds from the sale of the Spinal Implants business	165	—
Other investing, net	(40)	30
Net cash used in investing activities	$(4,240)	$(525)
Financing activities
Proceeds (payments) on short-term borrowings, net	2	—
Proceeds from issuance of long-term debt	2,979	—
Payments on long-term debt	(650)	(600)
Payments of dividends	(641)	(609)
Cash paid for taxes from withheld shares	(115)	(127)
Other financing, net	(30)	(48)
Net cash provided by (used in) financing activities	$1,545	$(1,384)
Effect of exchange rate changes on cash and cash equivalents	57	(25)
Change in cash and cash equivalents	$(1,277)	$(1,097)
Cash and cash equivalents at beginning of period	3,652	2,971
Cash and cash equivalents at end of period	$2,375	$1,874

See accompanying notes to Consolidated Financial Statements.


Dollar amounts are in millions except per share amounts or as otherwise specified.	5


STRYKER CORPORATION		2025 Second 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

June 30, 2025 and the results of operations for the three and six

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 November 2024 the Financial Accounting Standards Board

(FASB) issued Accounting Standards Update (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 currently 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 $129 and $98 for the three

months 2025 and 2024 and $247 and $196 for the six months

2025 and 2024. Other Orthopaedics includes sales related to

Enabling Technologies of $34 and $31 for the three months 2025

and 2024 and $63 and $62 for the six months 2025 and 2024.

We have reflected these changes in all historical periods

presented.


Net Sales by Business
	Three Months		Six Months
	2025	2024	2025	2024
MedSurg and Neurotechnology:
Instruments	$768	$698	$1,498	$1,365
Endoscopy	899	768	1,766	1,546
Medical	990	908	1,935	1,772
Vascular	498	327	904	637
Neuro Cranial	616	514	1,179	992
	$3,771	$3,215	$7,282	$6,312
Orthopaedics:
Knees	$640	$602	$1,279	$1,190
Hips	466	428	909	821
Trauma and Extremities	957	832	1,902	1,662
Spinal Implants	5	178	171	349
Other	183	167	345	331
	$2,251	$2,207	$4,606	$4,353
Total	$6,022	$5,422	$11,888	$10,665


Net Sales by Geography
	Three Months 2025		Three Months 2024
	United States	International	United States	International
MedSurg and Neurotechnology:
Instruments	$621	$147	$564	$134
Endoscopy	742	157	623	145
Medical	840	150	763	145
Vascular	268	230	127	200
Neuro Cranial	507	109	418	96
	$2,978	$793	$2,495	$720
Orthopaedics:
Knees	$460	$180	$433	$169
Hips	283	183	261	167
Trauma and Extremities	702	255	610	222
Spinal Implants	—	5	124	54
Other	131	52	124	43
	$1,576	$675	$1,552	$655
Total	$4,554	$1,468	$4,047	$1,375


Dollar amounts are in millions except per share amounts or as otherwise specified.	6


STRYKER CORPORATION		2025 Second Quarter Form 10-Q


Net Sales by Geography
	Six Months 2025		Six Months 2024
	United States	International	United States	International
MedSurg and Neurotechnology:
Instruments	$1,208	$290	$1,096	$269
Endoscopy	1,452	314	1,259	287
Medical	1,642	293	1,478	294
Vascular	471	433	248	389
Neuro Cranial	972	207	808	184
	$5,745	$1,537	$4,889	$1,423

Orthopaedics:
Knees	$924	$355	$862	$328
Hips	552	357	512	309
Trauma and Extremities	1,415	487	1,221	441
Spinal Implants	118	53	241	108
Other	240	105	236	95
	$3,249	$1,357	$3,072	$1,281
Total	$8,994	$2,894	$7,961	$2,704

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 June 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 June 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 $1,061 and $978 on June 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 six months 2025 were as

follows:


	June 30
	2025
Beginning contract liabilities	$978
Revenue recognized from beginning of year contract liabilities	(348)
Net advance consideration received during the period	431
Ending contract liabilities	$1,061

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 six months

2025 and 2024.

NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS)

INCOME (AOCI)


Three Months 2025	Marketable Securities	Pension Plans	Hedges	Financial Statement Translation	Total
Beginning	$—	$4	$17	$(430)	$(409)
OCI	—	3	22	(425)	(400)
Income taxes	—	(1)	(3)	62	58
Reclassifications to:
Cost of sales	—	—	(3)	—	(3)
Other (income) expense, net	—	—	—	(11)	(11)
Income taxes	—	—	1	2	3
Net OCI	$—	$2	$17	$(372)	$(353)
Ending	$—	$6	$34	$(802)	$(762)


Three Months 2024	Marketable Securities	Pension Plans	Hedges	Financial Statement Translation	Total
Beginning	$—	$(26)	$41	$(392)	$(377)
OCI	—	(2)	8	49	55
Income taxes	—	1	(3)	(17)	(19)
Reclassifications to:
Cost of sales	—	—	(10)	—	(10)
Other (income) expense, net	—	—	(1)	(8)	(9)
Income taxes	—	—	3	2	5
Net OCI	$—	$(1)	$(3)	$26	$22
Ending	$—	$(27)	$38	$(366)	$(355)


Six Months 2025	Marketable Securities	Pension Plans	Hedges	Financial Statement Translation	Total
Beginning	$—	$4	$31	$(328)	$(293)
OCI	—	3	6	(585)	(576)
Income taxes	—	(1)	1	128	128
Reclassifications to:
Cost of sales	—	—	(5)	—	(5)
Other (income) expense, net	—	—	(1)	(22)	(23)
Income taxes	—	—	2	5	7
Net OCI	$—	$2	$3	$(474)	$(469)
Ending	$—	$6	$34	$(802)	$(762)


Dollar amounts are in millions except per share amounts or as otherwise specified.	7


STRYKER CORPORATION		2025 Second Quarter Form 10-Q


Six Months 2024	Marketable Securities	Pension Plans	Hedges	Financial Statement Translation	Total
Beginning	$—	$(28)	$39	$(427)	$(416)
OCI	—	—	24	130	154
Income taxes	—	1	(7)	(57)	(63)
Reclassifications to:
Cost of sales	—	—	(20)	—	(20)
Other (income) expense, net	—	—	(3)	(16)	(19)
Income taxes	—	—	5	4	9
Net OCI	$—	$1	$(1)	$61	$61
Ending	$—	$(27)	$38	$(366)	$(355)

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
June 2025	Cash Flow	Net Investment	Non- Designated	Total
Gross notional amount	$1,280	$2,637	$3,484	$7,401
Maximum term in years				9.2
Fair value:
Other current assets	$38	$—	$13	$51
Other noncurrent assets	3	—	—	3
Other current liabilities	(17)	(37)	(95)	(149)
Other noncurrent liabilities	(2)	(146)	—	(148)
Total fair value	$22	$(183)	$(82)	$(243)


December 2024	Cash Flow	Net Investment	Non- Designated	Total
Gross notional amount	$1,588	$2,338	$5,164	$9,090
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 liabilities	(3)	(4)	—	(7)
Total fair value	$15	$55	$78	$148

We had €2.3 billion at June 30, 2025 and December 31, 2024 in

certain forward currency contracts designated as net investment

hedges, for which the maximum term is 9.2 years, to hedge a

portion of our investments in certain of our entities with functional

currencies denominated in Euros. In addition to these derivative

financial instruments designated as net investment hedges, we

had €5.0 billion at June 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 six months 2024 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 ($699) in the six months

2025.

Currency Exchange Rate Gains (Losses) Recognized in Net

Earnings


		Three Months		Six Months
Derivative Instrument	Recognized in:	2025	2024	2025	2024
Cash Flow	Cost of sales	$3	$10	$5	$20
Net Investment	Other income (expense), net	11	8	22	16
Non- Designated	Other income (expense), net	15	10	28	13
	Total	$29	$28	$55	$49

Pretax gains (losses) on derivatives designated as cash flow

hedges of $29 and net investment hedges of $38 recorded in

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

income (expense), net in earnings within 12 months of June 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 $4 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 June 30, 2025. The cash flow effect

of interest rate hedges is recorded in cash flow from operations.

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 six months 2025 we assumed contingent consideration

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

made by Inari Medical Inc. (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
	June 30	December 31
	2025	2024
Cash and cash equivalents	$2,375	$3,652
Short-term investments	—	750
Trading marketable securities	286	259
Level 1 - Assets	$2,661	$4,661
Available-for-sale marketable securities:
Corporate and asset-backed debt securities	$50	$53
United States agency debt securities	—	1
United States treasury debt securities	37	34
Certificates of deposit	2	3
Total available-for-sale marketable securities	$89	$91
Foreign currency exchange forward contracts	54	225
Level 2 - Assets	$143	$316
Total assets measured at fair value	$2,804	$4,977


Dollar amounts are in millions except per share amounts or as otherwise specified.	8


STRYKER CORPORATION		2025 Second Quarter Form 10-Q


Liabilities Measured at Fair Value
	June 30	December 31
	2025	2024
Deferred compensation arrangements	$286	$259
Level 1 - Liabilities	$286	$259
Foreign currency exchange forward contracts	$297	$77
Level 2 - Liabilities	$297	$77
Contingent consideration:
Beginning	$452	$289
Additions	90	208
Change in estimate and foreign exchange	5	8
Settlements	(76)	(53)
Ending	$471	$452
Level 3 - Liabilities	$471	$452
Total liabilities measured at fair value	$1,054	$788


Fair Value of Available for Sale Securities by Maturity
	June 30	December 31
	2025	2024
Due in one year or less	$48	$47
Due after one year through three years	$41	$44

On June 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 $24 and $26 in the three months 2025

and 2024, and $62 in the six months 2025 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 $164 at June 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.


Leases
	June 30	December 31
	2025	2024
Right-of-use assets	$551	$516
Lease liabilities, current	$159	$144
Lease liabilities, non-current	$389	$379

Other information:
Weighted-average remaining lease term (years)	5.0	5.1
Weighted-average discount rate	3.87%	3.87%


	Three Months		Six Months
	2025	2024	2025	2024
Operating lease cost	$52	$50	$105	$97

Other Contractual Obligations and Commitments

Our outstanding balances of confirmed invoices in the supplier

financing program were $64 and $71 at June 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 six months 2025 and 2024 cash paid for

acquisitions, net of cash acquired was $4,814 and $334.

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 six months 2025.


Dollar amounts are in millions except per share amounts or as otherwise specified.	9


STRYKER CORPORATION		2025 Second Quarter Form 10-Q

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

$303 and $848 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 developed technology and 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 the acquisitions completed in

the six months 2025 and full year 2024 are:


Purchase Price Allocation of Acquired Net Assets
	2025	2024
	Inari	Total
Tangible assets acquired:
Accounts receivable	$78	$41
Inventory	219	104
Deferred income tax assets	59	39
Other assets	84	26
Debt	—	(32)
Deferred income tax liabilities	(486)	(205)
Other liabilities	(191)	(107)
Intangible assets:
Developed technology	1,458	597
Customer relationships	330	214
Patents	—	6
Trademarks	—	2
Other intangibles	72	—
Goodwill	3,187	1,151
Purchase price, net of cash acquired of $64 and $56	$4,810	$1,836
Weighted average amortization period at acquisition (years):
Developed technologies	13	12
Customer relationships	13	14
Patents	—	12
Trademarks	—	5
Other intangibles	9	—


Consolidated Estimated Amortization Expense
Remainder of 2025	2026	2027	2028	2029
$374	$693	$705	$625	$611

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

June 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 June 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

$2,250.

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.


Summary of Total Debt
			June 30	December 31
	Rate	Due	2025	2024
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	497	—
	2.125%	November 30, 2027	877	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	701	621
	0.750%	March 1, 2029	935	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	756	669
	1.000%	December 3, 2031	873	772
	3.375%	September 11, 2032	930	824
	4.625%	September 11, 2034	740	740
	5.200%	February 10, 2035	989	—
	3.625%	September 11, 2036	693	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			2	10
Total debt			$16,580	$13,597
Less current maturities			1,751	1,409
Total long-term debt			$14,829	$12,188

			June 30	December 31
			2025	2024
Unamortized debt issuance costs			$78	$63
Borrowing capacity on existing facilities			$2,913	$2,160
Fair value of senior unsecured notes			$15,973	$12,780

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 $159 and $96 for the three

months 2025 and 2024 and $296 and $194 for the six months

2025 and 2024.

NOTE 9 - INCOME TAXES

Our effective tax rates were 13.0% and 13.6% in the three and

six months 2025 and 17.3% and 16.0% in the three and six

months 2024. The effective income tax rate for the three and six

months

STRYKER CORP 10-Q