Zimmer Biomet (ZBH) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Zimmer Biomet published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Zimmer Biomet reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• S.E.T. is Zimmer Biomet's category for Sports Medicine, Biologics, Foot and Ankle, Upper Extremities, Trauma, Craniomaxillofacial and Thoracic. Year-ago category figures are from the Q3 2025 release.
• Year-ago GAAP results included $55.1 million of favorable adjustments to the estimated fair value of contingent acquisition consideration, which did not recur in Q3 2026.

Source: Zimmer Biomet Q3 2026 financial results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Zimmer Biomet splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Zimmer Biomet's Knees revenue was $768 million in Q3 2026, down 3% from $792 million in Q3 2025, 37% of total revenue.
• Zimmer Biomet's Hips revenue was $537 million in Q3 2026, up 6% from $506 million in Q3 2025, 26% of total revenue.
• Zimmer Biomet's S.E.T. revenue was $578 million in Q3 2026, up 7% from $542 million in Q3 2025, 28% of total revenue.
• Zimmer Biomet's Technology & Data, Bone Cement and Surgical revenue was $181 million in Q3 2026, up 12% from $161 million in Q3 2025, 9% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The second quote is from CEO Ivan Tornos. Zimmer Biomet gives its ranges in a table in the release. Updated full-year 2026 guidance: reported revenue change of 4.4% to 4.9%, organic constant currency revenue change of 3.0% to 3.5%, and adjusted diluted EPS of $8.50 to $8.60 (previously $8.47 to $8.59).

In its Q3 2026 release, Zimmer Biomet said:

“The Company is updating its full-year 2026 financial guidance”

“This broad-based performance gives us confidence to raise our full-year organic constant-currency sales growth and adjusted EPS guidance.”

Source: Zimmer Biomet Q3 2026 earnings release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ZBH forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Zimmer Biomet's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Zimmer Biomet's net sales rose 3.1% to $2,062.9 million in Q3 2026, or 3.7% in constant currency. Knees remained the largest category at $767.5 million, followed by S.E.T. (sports medicine, biologics, foot and ankle, upper extremities, trauma, craniomaxillofacial and thoracic) at $578.3 million, Hips at $536.5 million and Technology & Data, Bone Cement and Surgical at $180.6 million. (Zimmer Biomet Q3 2026 earnings release, Nov 4, 2026)

Knees sales fell 3.1%, from $792.4 million, with the United States down 2.0% and international down 4.5%. Hips grew 6.0%, S.E.T. 6.8% and Technology & Data, Bone Cement and Surgical 11.9%. Zimmer Biomet's CEO said Hips, S.E.T. and Technology & Data, Bone Cement and Surgical represent two-thirds of its business and grew at upper single digit or double-digit rates. (Zimmer Biomet Form 10-Q, Q3 2026, Nov 4, 2026; Zimmer Biomet Q3 2026 earnings release, Nov 4, 2026)

Volume and mix added 4.4% to sales, which Zimmer Biomet credited to opportunistic end-of-quarter customer purchases, its 2026 acquisitions, higher ROSA Robot and bone cement sales, market growth and new products. Global selling prices reduced sales by 0.7%, and Zimmer Biomet said it continues to face pricing pressure from hospitals, health systems and government cost containment. (Zimmer Biomet Form 10-Q, Q3 2026, Nov 4, 2026)

The United States brought in $1,205.6 million, up 3.6%, and international markets $857.2 million, up 2.4% reported and 3.9% in constant currency. In the quarter Zimmer Biomet bought the iovera business from Pacira BioSciences on July 31, 2026 for $74.6 million at closing, and Monteris Medical on August 11, 2026 for $193.3 million, each with further contingent consideration. (Zimmer Biomet Q3 2026 earnings release, Nov 4, 2026; Zimmer Biomet Form 10-Q, Q3 2026, Nov 4, 2026)

Zimmer Biomet's GAAP diluted EPS fell 13.8% to $1.00 in Q3 2026, while adjusted diluted EPS was $1.90, the same as a year earlier. The largest adjustment is intangible asset amortization, worth $0.69 a share after tax. Adjusted EPS also excludes $0.09 of acquisition, integration, divestiture and related costs, $0.06 of inventory and manufacturing-related charges and $0.05 of restructuring. (Zimmer Biomet Q3 2026 earnings release, Nov 4, 2026)

GAAP EPS fell partly because Q3 2025 benefited from $55.1 million of favorable adjustments to the estimated fair value of contingent consideration from earlier acquisitions, which did not recur. The effective tax rate was 16.2%, against 17.2% a year earlier, driven mainly by the mix of U.S. and foreign earnings and certain discrete items. (Zimmer Biomet Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted shares fell to 191.4 million from 198.8 million. Zimmer Biomet repurchased 0.7 million shares for $80.6 million in the quarter and 6.3 million shares for $585.2 million over nine months, and declared a dividend of $0.24 a share. (Zimmer Biomet Q3 2026 earnings release, Nov 4, 2026; Zimmer Biomet Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Zimmer Biomet updated its full-year 2026 guidance. It now expects reported revenue growth of 4.4% to 4.9%, against 3.9% to 4.9% before, constant currency revenue growth of 4.1% to 4.6% and organic constant currency growth of 3.0% to 3.5%, up from 2.25% to 3.25%. Adjusted diluted EPS guidance moved to $8.50 to $8.60 from $8.47 to $8.59. (Zimmer Biomet Q3 2026 earnings release, Nov 4, 2026)

The organic figure excludes the Paragon 28 acquisition up to its one-year anniversary in April 2026, which Zimmer Biomet put at about 110 basis points. The company says it cannot reconcile adjusted EPS guidance to GAAP without unreasonable efforts. (Zimmer Biomet Q3 2026 earnings release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Zimmer Biomet, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Zimmer Biomet's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ZBH is on is ZBH a buy or a sell?, what analysts expect next is on the ZBH forecast, and what the company does is on the Zimmer Biomet (ZBH) stock page.

Every number on this page can be traced to a document Zimmer Biomet published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.