Stryker Corporation · SYK · FY2026 Q1 · Calendar Q2 2026

Stryker Q1 2026: Cyber Incident Distorts Revenue, Full-Year Guidance Held

A late-quarter cyber incident disrupted Stryker's manufacturing and revenue recognition, producing a Q1 2026 EPS miss of 12.8% ($2.60 vs $2.98 estimated) and a revenue miss of 5.0% ($6.02B vs $6.34B estimated). Organic sales growth slowed to 2.4%, well below the full-year target. Management maintained full-year guidance of 8%–9.5% organic growth and $14.90–$15.10 adjusted EPS, implying confidence that deferred revenue will recover in subsequent quarters. Strategic initiatives — the Amplitude Vascular acquisition, a new Ortho Tech segment, and record Mako installations — signal continued investment in growth despite the setback. The stock fell 6.5% on the print but has partially recovered, recently trading at $346.59 versus a $381.79 consensus target.

Reported After market closeNYSEHealthcare $129.13B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.60 Consensus $2.98
EPS surprise -12.8% Reported versus consensus
Reported revenue $6.02B Consensus $6.34B
Revenue surprise -5.0% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -6.5% Event window
SPY move +0.3% Same window
Abnormal move -6.8% Stock minus SPY
Volume 2.4× Versus trailing sessions
Subsequent drift +1.6% Up to 20 sessions
SYKSPY benchmark

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Why did SYK fall 6.5% after missing EPS estimates in FY2026 Q1?What changed in SYK's guidance and outlook in FY2026 Q1?Give me the bull and bear case for SYK after FY2026 Q1 earnings.

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What changed

EPS of $2.60 missed consensus of $2.98 by 12.8%. Revenue of $6.02 billion missed consensus of $6.34 billion by 5.0%. Organic sales growth was just 2.4% globally, heavily depressed by a late-quarter cyber incident that disrupted manufacturing and revenue recognition across all business segments. Mako robotic installations set a Q1 record. The company announced the pending acquisition of Amplitude Vascular Systems and created a new Ortho Tech business segment combining Mako, Enabling Technologies, and Orthopaedic Instruments.

Guidance delta

Full-year 2026 guidance maintained at 8%–9.5% organic sales growth and $14.90–$15.10 adjusted EPS, unchanged from the prior quarter when it was raised. Management held guidance despite the cyber-related revenue shortfall, implying expected catch-up in Q2 and the back half of the year.

Key takeaways

  • Cyber incident disrupted manufacturing and revenue recognition, causing Q1 EPS and revenue to miss estimates, but full-year guidance was maintained.
  • Mako robotic installations set a Q1 record; Mako Shoulder launch on Mako 4 remains planned for mid-year.
  • Amplitude Vascular Systems acquisition announced to expand peripheral vascular and cardiovascular offerings.
  • New Ortho Tech business segment created, combining Mako, Enabling Technologies, and Orthopaedic Instruments.
  • International growth accelerated with strong performance in Europe, Japan, and emerging markets.
  • SmartCare unit launched, integrating Vocera and care.ai into a Smart Hospital solution.

Management priorities

  • Recover deferred Q1 revenue and restore normal manufacturing operations following the cyber incident.
  • Launch Mako Shoulder on the Mako 4 platform mid-year.
  • Complete the Amplitude Vascular Systems acquisition and pursue FDA approvals for peripheral and coronary indications.
  • Expand Pangea trauma platform production in Europe and Japan.
  • Ramp LIFEPAK 35 production to meet global demand.
  • Continue tuck-in M&A targeting peripheral vascular and potential platform deals.

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Earnings History

Estimate Beat Miss Match
SYK REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $5B Q1 '24 actual $5B, beat Q2 '24 estimate $5B Q2 '24 actual $5B, beat Q3 '24 estimate $5B Q3 '24 actual $5B, beat Q2 '25 estimate $6B Q2 '25 actual $6B, beat Q3 '25 estimate $6B Q3 '25 actual $6B, beat Q4 '25 estimate $7B Q4 '25 actual $7B, beat Q1 '26 estimate $6B Q1 '26 actual $6B, miss Q2 '26 estimate $7B Q2 '26 actual $7B, beat Q3 '26 estimate $7B Q4 '26 estimate $8B Q1 '27 estimate $7B
Show 1 more >

Analyst Consensus ?

ConsensusBuy52 ratings
Bullish3771.2%
Neutral1528.8%
Bearish00.0%

Analyst 52W Price Targets

$294.66Current
$260Low
$356.36Average
$465High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 17, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
BTIG Buy BuyMaintainOct 12, 2026
Truist Securities Hold HoldMaintainOct 7, 2026
Stifel Buy BuyMaintainSep 30, 2026
TD Cowen Hold HoldMaintainSep 22, 2026
Canaccord Genuity Buy BuyMaintainSep 18, 2026
Show 47 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $294.66. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BTIGRyan Zimmerman$316$279.83 +7.2%Oct 12, 2026
BarclaysAnalyst unavailable$375$278.5 +27.3%Oct 6, 2026
Truist FinancialAnalyst unavailable$310$280.22 +5.2%Oct 6, 2026
Stifel NicolausAnalyst unavailable$330$278.86 +12.0%Sep 30, 2026
Canaccord GenuityAnalyst unavailable$385$280.14 +30.7%Sep 18, 2026
See 92 more

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Company context

Snapshot as of publication

Stryker Corporation functions as a prominent medical technology enterprise, with its operations structured across two main divisions. The Orthopaedics and Spine segment specializes in providing implants for joint replacement procedures (including hips and knees), as well as solutions for trauma and extremities surgeries. This division also furnishes a comprehensive suite of spinal implant products, such as cervical, thoracolumbar, and interbody systems, utilized in addressing spinal injuries, deformities, and degenerative conditions. The MedSurg and Neurotechnology division offers an extensive array of products, encompassing advanced surgical equipment, surgical navigation systems, endoscopic and communication tools, patient handling devices, emergency medical apparatus, and critical care disposable items.…

Historical context

All SYK earnings
-6.4%FY2026 Q2 · Calendar Q3 2026+4.3%FY2025 Q4 · Calendar Q1 2026-3.5%FY2025 Q3 · Calendar Q4 2025

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-28T22:12:00.891210+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T22:12:00.888400+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-07-28. For educational purposes only; not investment advice.