Analyst Consensus ?
ConsensusHold42 ratings
Bullish1740.5%
Neutral2252.4%
Bearish37.1%
Zimmer Biomet Holdings, Inc. · ZBH · FY2026 Q1 · Calendar Q2 2026
ZBH Beats on EPS and Revenue, Raises Guidance, But Stock Drops 10% on Revenue Guidance Hold
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.
Reported Before market openNYSEHealthcare
$18.37B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.09
Consensus $1.86
EPS surprise
+12.4%
Reported versus consensus
Reported revenue
$2.09B
Consensus $2.07B
Revenue surprise
+0.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-10.6%
Event window
SPY move
-0.5%
Same window
Abnormal move
-10.1%
Stock minus SPY
Volume
5.1×
Versus trailing sessions
Subsequent drift
-0.3%
Up to 20 sessions
ZBHSPY benchmark
Ask FN2 about ZBH FY2026 Q1
Transcript, numbers and history already loaded
Why did ZBH fall 10.6% after beating EPS estimates in FY2026 Q1?What changed in ZBH's guidance and outlook in FY2026 Q1?Give me the bull and bear case for ZBH after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Adjusted EPS of $2.09 beat the $1.86 consensus by 12.4%; revenue of $2.087B beat the $2.071B estimate by 0.8%. Full-year EPS guidance raised from $8.30-$8.45 to $8.40-$8.55; free cash flow growth guidance raised from 8-10% to 9-11%. Organic revenue growth guidance maintained at 1-3%, disappointing investors who expected an upward revision. CFO Suketu Upadhyay announced departure; Paul Stellato named interim CFO. Shares fell approximately 10% on volume 5x the baseline. A $0.20 per-unit tariff benefit was realized in Q1, described as a pull-forward of a previously expected credit.
Guidance delta
EPS guidance raised from $8.30-$8.45 to $8.40-$8.55. Free cash flow growth guidance raised from 8-10% to 9-11%. Organic revenue growth guidance held at 1-3%.
Key takeaways
- Q1 organic revenue grew 2.9%, landing at the upper end of full-year guidance.
- Adjusted EPS rose 15% year-over-year to $2.09.
- U.S. sales-force transformation is showing measurable results: dedicated reps fell below 60% of the total, yet delivered double-digit case volume improvements.
- Technology and robotics segments grew approximately 30%, with the Monogram semi-autonomous robot on track for early 2027 launch.
- Paragon 28 contribution will begin appearing in organic growth from April 2026 onward.
Management priorities
- Complete U.S. sales-force specialization by end of 2027.
- Launch Monogram semi-autonomous robot in early 2027; fully autonomous version in late 2027/2028.
- Hire over 200 robotic clinical sales representatives by end of 2027.
- Expand manufacturing into lower-cost geographies and pursue SKU rationalization.
- Continue investing in AI-enabled robotics, smart implants, and connected technologies.
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Beat
Miss
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Analyst 52W Price Targets
$96.39Previous close
$83Low
$118.98Average
$180High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Argus Research | Buy | Buy | Maintain | Oct 22, 2026 |
| Canaccord Genuity | Hold | Hold | Maintain | Aug 10, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 7, 2026 |
| Stifel | Buy | Buy | Maintain | Aug 6, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 6, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Aug 6, 2026 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jul 9, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 28, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 29, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 29, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Apr 29, 2026 |
| Barclays | Underweight | Underweight | Maintain | Apr 29, 2026 |
| BTIG | Neutral | Buy | Downgrade | Mar 23, 2026 |
| Needham | Hold | Hold | Maintain | Feb 10, 2026 |
| UBS | Sell | Sell | Maintain | Jan 28, 2026 |
| Baird | Neutral | Outperform | Downgrade | Dec 16, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Aug 8, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | May 7, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 6, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | May 6, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | Oct 15, 2024 |
| TD Cowen | Hold | Hold | Maintain | Sep 6, 2024 |
| Piper Sandler | Neutral | Overweight | Downgrade | Jul 1, 2024 |
| B of A Securities | Neutral | Underperform | Upgrade | May 3, 2023 |
| Jefferies | Hold | Underperform | Upgrade | Mar 31, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | May 4, 2022 |
| Loop Capital | Hold | Buy | Downgrade | Mar 2, 2022 |
| Deutsche Bank | Hold | Hold | Maintain | Feb 8, 2022 |
| Northland Capital Markets | Outperform | Market Perform | Upgrade | Apr 9, 2021 |
| Credit Suisse | Underperform | Underperform | Maintain | Nov 9, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 12, 2020 |
| Guggenheim | Neutral | Buy | Downgrade | Apr 28, 2020 |
| Argus | Buy | Hold | Upgrade | Aug 12, 2019 |
| Citi | Buy | Buy | Maintain | Aug 2, 2019 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 30, 2018 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Jan 31, 2018 |
| Leerink Swann | Outperform | Outperform | Maintain | Jan 31, 2018 |
| Edward Jones | Buy | Hold | Upgrade | Nov 9, 2017 |
| PiperJaffray | Neutral | Overweight | Downgrade | Nov 2, 2017 |
| Northcoast Research | Neutral | Buy | Downgrade | Nov 8, 2016 |
| Northland Securities | Perform | Outperform | Downgrade | Jan 7, 2016 |
Named analyst price targets
Upside is calculated against the persisted previous close $96.39. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Canaccord Genuity | Caitlin Cronin | $100 | $96.55 | +3.7% | Aug 10, 2026 |
| Truist Financial | Analyst unavailable | $106 | $96.62 | +10.0% | Aug 6, 2026 |
| Robert W. Baird | Analyst unavailable | $104 | $97.32 | +7.9% | Aug 6, 2026 |
| UBS | Patrick Wood | $120 | $97.06 | +24.5% | Aug 6, 2026 |
| Bernstein | Analyst unavailable | $93 | $97.53 | -3.5% | Aug 6, 2026 |
| BMO Capital | Analyst unavailable | $96 | $98.16 | -0.4% | Aug 6, 2026 |
| RBC Capital | Kendall Au | $110 | $98.16 | +14.1% | Aug 6, 2026 |
| UBS | Patrick Wood | $115 | $92.07 | +19.3% | Jul 28, 2026 |
| BMO Capital | Analyst unavailable | $95 | $87.56 | -1.4% | Jul 8, 2026 |
| Truist Financial | Analyst unavailable | $92 | $80.8 | -4.6% | Apr 29, 2026 |
| Canaccord Genuity | Analyst unavailable | $83 | $82.8 | -13.9% | Apr 29, 2026 |
| Stifel Nicolaus | Rick Wise | $105 | $82.8 | +8.9% | Apr 29, 2026 |
| Robert W. Baird | Analyst unavailable | $92 | $82.8 | -4.6% | Apr 29, 2026 |
| Barclays | Matt Miksic | $94 | $82.8 | -2.5% | Apr 29, 2026 |
| Barclays | Matt Miksic | $100 | $96.69 | +3.7% | Feb 12, 2026 |
| UBS | Analyst unavailable | $89 | $93.69 | -7.7% | Feb 11, 2026 |
| UBS | Analyst unavailable | $86 | $85.27 | -10.8% | Jan 28, 2026 |
| Bernstein | Analyst unavailable | $99 | $94.08 | +2.7% | Jan 9, 2026 |
| Goldman Sachs | David Roman | $93 | $94.08 | -3.5% | Jan 9, 2026 |
| Evercore ISI | Analyst unavailable | $120 | $90.02 | +24.5% | Jan 5, 2026 |
| Robert W. Baird | Jeff Johnson | $100 | $92.52 | +3.7% | Dec 16, 2025 |
| Stifel Nicolaus | Rick Wise | $110 | $87.91 | +14.1% | Nov 5, 2025 |
| Johnson Rice | Analyst unavailable | $112 | $88.05 | +16.2% | Nov 5, 2025 |
| Barclays | Analyst unavailable | $105 | $103.18 | +8.9% | Nov 5, 2025 |
| BTIG | Ryan Zimmerman | $122 | $94.71 | +26.6% | Oct 13, 2025 |
| RBC Capital | Analyst unavailable | $111 | $95.52 | +15.2% | Oct 10, 2025 |
| Stifel Nicolaus | Analyst unavailable | $118 | $100.36 | +22.4% | Sep 19, 2025 |
| Redburn Partners | Ed Ridley-Day | $130 | $100.21 | +34.9% | Sep 18, 2025 |
| UBS | Danielle Antalffy | $96 | $97.94 | -0.4% | Aug 8, 2025 |
| Truist Financial | Richard Newitter | $101 | $92.27 | +4.8% | May 6, 2025 |
| RBC Capital | Shagun Singh | $112 | $92.27 | +16.2% | May 6, 2025 |
| Stifel Nicolaus | Rick Wise | $115 | $90.48 | +19.3% | May 6, 2025 |
| Wells Fargo | Larry Biegelsen | $98 | $90.48 | +1.7% | May 5, 2025 |
| Truist Financial | Richard Newitter | $117 | $106.92 | +21.4% | Oct 31, 2024 |
| Oppenheimer | Steven Lichtman | $135 | $104.83 | +40.1% | Oct 15, 2024 |
| BTIG | Ryan Zimmerman | $126 | $105.69 | +30.7% | Oct 3, 2024 |
| Evercore ISI | Vijay Kumar | $110 | $107.95 | +14.1% | Oct 1, 2024 |
| Truist Financial | Richard Newitter | $112 | $105.14 | +16.2% | Sep 13, 2024 |
| Canaccord Genuity | Caitlin Cronin | $115 | $104.83 | +19.3% | Sep 10, 2024 |
| Raymond James | Jayson Bedford | $128 | $107.09 | +32.8% | Aug 8, 2024 |
| Oppenheimer | Steven Lichtman | $145 | $105.81 | +50.4% | Aug 8, 2024 |
| Stifel Nicolaus | Rick Wise | $130 | $107.5 | +34.9% | Aug 7, 2024 |
| Morgan Stanley | Drew Ranieri | $120 | $108.69 | +24.5% | Jul 15, 2024 |
| Piper Sandler | Matt O'Brien | $115 | $108.53 | +19.3% | Jul 1, 2024 |
| Piper Sandler | Matthew O\'Brien | $140 | $114.44 | +45.2% | May 31, 2024 |
| RBC Capital | Shagun Singh | $140 | $115.14 | +45.2% | May 30, 2024 |
| BTIG | Ryan Zimmerman | $139 | $116.41 | +44.2% | May 28, 2024 |
| Argus Research | David Toung | $150 | $119.05 | +55.6% | May 21, 2024 |
| Truist Financial | Analyst unavailable | $137 | $128.46 | +42.1% | Feb 6, 2023 |
| Morgan Stanley | Analyst unavailable | $140 | $128.82 | +45.2% | Feb 6, 2023 |
| RBC Capital | Analyst unavailable | $141 | $125.7 | +46.3% | Jan 9, 2023 |
| Morgan Stanley | Analyst unavailable | $135 | $126.77 | +40.1% | Jan 6, 2023 |
| Truist Financial | Analyst unavailable | $135 | $124.91 | +40.1% | Dec 20, 2022 |
| Citigroup | Analyst unavailable | $130 | $125.36 | +34.9% | Dec 12, 2022 |
| Wells Fargo | Larry Biegelsen | $124 | $115.33 | +28.6% | Nov 23, 2022 |
| Stifel Nicolaus | Analyst unavailable | $120 | $104.62 | +24.5% | Jul 18, 2022 |
| RBC Capital | Analyst unavailable | $128 | $122.2 | +32.8% | May 4, 2022 |
| Piper Sandler | Matt O'Brien | $130 | $121.37 | +34.9% | May 3, 2022 |
| Bank of America Securities | Travis Steed | $120 | $122.13 | +24.5% | Mar 3, 2022 |
| JMP Securities | David Turkaly | $145 | $116.08 | +50.4% | Feb 8, 2022 |
| RBC Capital | Shagun Singh Chadha | $125 | $116.08 | +29.7% | Feb 8, 2022 |
| Truist Financial | Samuel Brodovsky | $128 | $116.08 | +32.8% | Feb 8, 2022 |
| Canaccord Genuity | Kyle Rose | $125 | $108.13 | +29.7% | Feb 7, 2022 |
| Deutsche Bank | Pito Chickering | $121 | $108.13 | +25.5% | Feb 7, 2022 |
| Leerink Partners | Danielle Antalffy | $135 | $108.13 | +40.1% | Feb 7, 2022 |
| Piper Sandler | Matthew O'Brien | $110 | $108.13 | +14.1% | Feb 7, 2022 |
| Robert W. Baird | Jeff Johnson | $138 | $108.13 | +43.2% | Feb 7, 2022 |
| Needham | Michael Matson | $143 | $108.13 | +48.4% | Feb 7, 2022 |
| Cowen & Co. | Josh Jennings | $140 | $119.14 | +45.2% | Jan 20, 2022 |
| Motley Fool | Anders Bylund | $140 | $121.23 | +45.2% | Dec 9, 2021 |
| Jefferies | Anthony Petrone | $175 | $136.9 | +81.6% | Nov 5, 2021 |
| Guggenheim | Christopher Pasquale | $180 | $136.9 | +86.7% | Nov 5, 2021 |
| Evercore ISI | Vijay Kumar | $170 | $133.13 | +76.4% | Nov 4, 2021 |
| Oppenheimer | Steven Lichtman | $190 | $143.03 | +97.1% | Aug 4, 2021 |
Track every rating change on ZBH the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationZimmer Biomet Holdings, Inc. engages in the design, manufacture, and marketing of orthopedic reconstructive products. The firm also offers sports medicine, biologics, extremities, and trauma products, spine, craniomaxillofacial, and thoracic products, office-based technologies, dental implants, and related surgical products. It operates through the following geographical segments: Americas, Europe Middle East and Africa, and Asia Pacific. The Americas segment consists of the U.S. and includes other North, Central and South American markets. The Europe Middle East and Africa segment includes France, Germany, Italy, Spain, and the United Kingdom. The Asia Pacific segment refers to the key markets such as Japan, China, Australia, New Zealand, Korea, Taiwan, India, Thailand, Singapore, Hong Kong, and Malaysia. The company was founded by Justin O. Zimmer in 1927 and is headquartered in Warsaw, IN.
Historical context
All ZBH earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| LH Labcorp Holdings Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.0% | +8.8% | Labcorp raises 2026 outlook as specialty testing drives Q3 growth |
| BIIB Biogen Inc. | FY2026 Q3 · Calendar Q4 2026 | +31.7% | -3.4% | Biogen’s Q3 growth broadened beyond legacy MS franchise |
| GSK GSK plc | FY2026 Q3 · Calendar Q4 2026 | +10.5% | -4.3% | GSK Q3 2026: Specialty Medicines Drive Growth as Guidance Holds |
| BSX Boston Scientific Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.0% | -5.8% | Boston Scientific: Cyber Incident Weighs on Q3; 2027 Outlook Softens |
| AVTR Avantor, Inc. | FY2026 Q3 · Calendar Q4 2026 | +5.3% | -2.6% | Avantor reports stronger growth and raises 2026 outlook |
| ENSG The Ensign Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +8.6% | Ensign raises earnings outlook as acquisitions and occupancy support growth |
Latest beats and misses
Who reports nextBeat on EPS
- LHFY2026 Q3 · October 28, 2026+3.0% EPS+8.8% move
- AUROWFY2026 Q3 · October 28, 2026+3.6% EPS0.0% move
- CHRWFY2026 Q3 · October 28, 2026+2.9% EPS-11.1% move
- AURFY2026 Q3 · October 28, 2026+3.6% EPS-0.6% move
- IPFY2026 Q3 · October 28, 2026+29.5% EPS+3.3% move
- FLEXFY2027 Q2 · October 28, 2026+11.3% EPS+11.6% move
Missed on EPS
- NOWFY2026 Q3 · October 28, 2026-2.0% EPS-3.0% move
- CMGFY2026 Q3 · October 28, 2026-7.1% EPS+2.7% move
- GOOGFY2026 Q3 · October 28, 2026-11.3% EPS+1.6% move
- MGMFY2026 Q3 · October 28, 2026-405.6% EPS-2.6% move
- CVNAFY2026 Q3 · October 28, 2026-11.6% EPS-0.3% move
- GOOGMFY2026 Q3 · October 28, 2026-29.6% EPS+1.0% move
Get the ZBH recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:58:38.753367+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T05:21:25.345599+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T05:21:25.342840+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 2026-07-31. For educational purposes only; not investment advice.