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Smith+Nephew delivered a strong 2025, with revenue rising to $6,164 million from $5,810 million, an underlying growth of 5.3%. Trading profit grew 15.5% to $1,211 million, lifting the trading margin to 19.7%, while operating profit increased 20.7% to $794 million.
Earnings improved sharply, with EPS up 52.8% to 72.1¢ and EPSA up 21.0% to 102.0¢. Free cash flow jumped 52.5% to $840 million, supporting a $500 million share buyback and a 4.3% dividend increase to 39.1¢ per share.
The company completed its 12-Point Plan, expanded adjusted ROIC to 8.3%, and launched its new RISE strategy with 2028 targets including 6–7% organic revenue CAGR and free cash flow above $1 billion. For 2026, it targets around 6% underlying revenue growth, trading profit of about $1.3 billion, free cash flow around $800 million, and adjusted ROIC above 10%, alongside integrating the $225 million Integrity Orthopaedics acquisition.
Smith+Nephew reported stronger fourth quarter and full-year 2025 results, showing broad-based growth and better profitability. Full-year revenue reached $6,164 million, up 6.1% from 2024, with underlying revenue growth of 5.3% and all three business units above 5% underlying growth.
Trading profit rose to $1,211 million, up 15.5%, lifting the trading margin to 19.7%. Basic EPS increased to 72.1 cents, while adjusted EPS climbed 21.0% to 102.0 cents. Free cash flow improved sharply to $840 million, helped by better working capital, and adjusted ROIC rose to 8.3%.
The company returned $500 million through share buybacks and raised the total 2025 dividend by 4.3% to 39.1 cents per share. For 2026, management targets around 6% underlying revenue growth, trading profit of about $1.3 billion including the Integrity Orthopaedics deal, around $800 million free cash flow and adjusted ROIC above 10%.
Smith & Nephew plc filed a Form 6-K providing a block listing six monthly return for several employee share schemes for the period from 1 August 2025 to 31 January 2026.
The filing shows no changes in unallotted securities for the Global Share Plan 2010, the 2012 and 2022 ShareSave and International ShareSave plans. Under the Global Share Plan 2020, 14,695 securities were issued or allotted during the period, reducing the unallotted balance under that scheme to 388,563 shares.
Smith & Nephew plc has updated its voting rights and share capital. As at 31 January 2026, the company’s total issued share capital comprises 877,724,845 ordinary shares of US20¢ each, including 27,912,707 ordinary shares held in treasury.
Because treasury shares do not carry voting rights, the company’s issued share capital with voting rights consists of 849,812,138 ordinary shares, each carrying one vote. Shareholders are advised to use this voting share figure as the denominator when assessing whether they must notify holdings or changes under the FCA’s Disclosure Guidance and Transparency Rules.
Smith & Nephew plc reported that several senior leaders purchased its American Depositary Shares on the New York Stock Exchange as part of the Company’s Employee Stock Purchase Plan. The financial instrument is described as Smith & Nephew plc SPON ADR American Depositary Shares (ADS) with ISIN US83175M2052.
On 2026-01-16, these purchases were made at a price of $25.9 per ADS. Reported participants included Craig Gaffin (President, Global Orthopaedics) with a volume of 206.79536, Deepak Nath (Chief Executive Officer) with a volume of 410,10498, Paul Connolly (President, Global Operations) with a volume of 410.10498, and Scott Schaffner (President, Sports Medicine) with a volume of 242.58803, each noted as a single transaction.
Smith+Nephew has completed its acquisition of US-based Integrity Orthopaedics, the early-stage commercial developer of the Tendon Seam™ rotator cuff repair system. Tendon Seam™ is designed to significantly reduce re-tear rates and improve outcomes for patients undergoing rotator cuff repair.
The company paid an initial cash consideration of US$225 million, with additional performance-based payments of up to US$225 million over the next five years. Smith+Nephew states that this acquisition supports its RISE strategy to accelerate growth through strategic investment and portfolio leadership and is intended to be an important step toward becoming the global leader in Sports Medicine. Smith+Nephew generated $5.8 billion of sales in 2024 across more than 100 countries.
Smith+Nephew is acquiring US-based Integrity Orthopaedics, developer of the Tendon Seam™ rotator cuff repair system, to strengthen its Sports Medicine and shoulder repair portfolio. Rotator cuff repair is described as a substantial US market with around 500,000 procedures annually and an estimated value of $875 million. Tendon Seam™ uses patented micro-anchors and a continuous suture design, with early experience indicating lower re-tear rates, shorter sling times, and reduced procedure times versus standard methods, and has 510(k) clearance for soft tissue-to-bone reattachment.
Smith+Nephew will pay an initial US$225 million in cash plus up to US$225 million in performance-based payments over five years, funded from existing cash facilities, and states that leverage remains below its 2x EBITDA target. The transaction is expected to be accretive to Group trading profit margin by 2028 and to close before the end of January 2026. Management positions Tendon Seam™ alongside products such as the REGENETEN◊ Bioinductive Implant, Q-FIX◊ All-Suture Anchor and AETOS◊ Shoulder System, aiming to build one of the broadest shoulder repair and replacement offerings.
Smith & Nephew plc reports its latest share capital and voting rights position as at 31 December 2025. The company’s total issued share capital comprises 877,724,845 ordinary shares of US20¢ each, including 27,963,140 ordinary shares held in treasury. Because treasury shares do not carry voting rights, shareholders currently have 849,761,705 voting shares in issue, with one vote per share. Investors are advised that this voting share figure should be used as the denominator when assessing whether their holdings trigger notification obligations under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Smith+Nephew has launched its new RISE strategy and set ambitious 2028 financial targets, aiming for a 6–7% underlying revenue CAGR, 9–10% trading profit CAGR, more than $1 billion in free cash flow, and 12–13% post-tax ROIC, which is stated as being well above its WACC. For 2025, the company reiterates underlying revenue growth of around 5% and now expects a trading profit margin of at least 19.5% versus 18.1% in 2024, while upgrading expected free cash flow to around $800 million from an original target of more than $600 million; post-tax ROIC is expected to exceed 9% versus 7.4% in 2024. As part of portfolio rationalisation, Smith+Nephew plans to reduce gross inventory by around $500 million, supported by an estimated non-cash inventory provision of about $200 million in 2025. Provisional 2026 guidance calls for about 6% underlying revenue growth, free cash flow of around $800 million, and post-tax ROIC of more than 10%.
Smith & Nephew plc reports its current share capital and voting rights position. As at 30 November 2025, the company’s total issued share capital comprises 877,724,845 ordinary shares of US20¢ each, including 28,000,826 ordinary shares held in treasury. Because treasury shares do not carry voting rights, the number of shares with voting rights is 849,724,019 ordinary shares, each carrying one vote. Shareholders are advised to use this voting share figure as the denominator when assessing whether they must notify the UK regulator of any holdings or changes in their interest under the FCA’s Disclosure Guidance and Transparency Rules.