Zimmer Biomet Holdings, Inc. earnings overview

ZBH FY2026 Q1 · Calendar Q2 2026

Zimmer Biomet Holdings, Inc.

Zimmer Biomet delivered a solid Q1 beat with adjusted EPS of $2.09 (12.4% above consensus) and revenue of $2.087B (0.8% above estimates), while raising both EPS and free cash flow guidance for 2026. Despite these positives, the stock fell roughly 10% on 5x normal volume. The market punished management's decision to hold revenue guidance unchanged at 1-3% organic growth despite the strong quarter. A $0.20 per-unit tariff benefit that padded Q1 results was disclosed as a pull-forward rather than a sustainable tailwind, and an unexpected CFO departure added to investor unease. The gap between a confident management tone and a sharply negative market reaction signals skepticism about the durability of the beat.