The earnings call highlighted strong revenue growth, margin expansion, and significant increases in free cash flow, enabling a substantial share buyback. While operational efficiencies were noted, challenges remain in China and from tariff headwinds. U.S. Knees experienced some softness, and potential changes in Medicare reimbursement could impact future performance.

Company Guidance -

Q4 2025

In the Smith & Nephew call, CEO Deepak Nath and CFO John Rogers detailed the company's financial performance and guidance for the remainder of 2025. The company reported a 6.7% underlying revenue growth in the second quarter, with total revenue reaching $1.6 billion, supported by a 7.8% reported growth due to a 110 basis point tailwind from foreign exchange. The U.S. market grew by 8.7%, and other established markets increased by 7.4%, while emerging markets saw a slight decline of 0.2%, largely due to China-related headwinds. Orthopaedics grew by 5.5% with U.S. performance improving sequentially for the fourth consecutive quarter. The trading margin expanded by 100 basis points to 17.7%, slightly ahead of prior guidance, with the full year margin target set between 19% and 20%. The company reported a 70% increase in trading cash flow, resulting in $250 million of free cash flow in the first half. Smith & Nephew also announced a $500 million share buyback in the second half of 2025, funded by operational efficiencies and cash flow, while maintaining leverage. They expect the impact of tariffs to be a net headwind of $15 million to $20 million in 2025.

Strong Revenue Growth

Smith & Nephew reported $1.6 billion in revenue for Q2 2025 with 6.7% underlying growth and 7.8% reported growth, supported by a 110 basis point tailwind from foreign exchange.

Profitability and Margin Expansion

Trading margin expanded by 100 basis points in the first half, slightly ahead of expectations, supporting the full-year margin guidance of 19% to 20%.

Significant Free Cash Flow Increase

Smith & Nephew generated almost $250 million in free cash flow in the first half, a 70% increase, enabling a $500 million share buyback in the second half of 2025.

Strong Performance in Sports Medicine and Wound Management

Sports Medicine and ENT grew 5.7%, and Advanced Wound Management grew 10.2% in Q2, with strong contributions from REGENETEN, Q-FIX, and Advanced Wound Devices.

Operational Efficiency Gains

Operational savings have been accelerated, contributing to the margin expansion. The company reduced days of inventory by 46 days, aligning with the 12-Point Plan.

Smith & Nephew (GB:SN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

GB:SN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 24, 2026	2025 (Q4)	0.44 / -	0.349	―	―	―
Aug 05, 2025	2025 (Q2)	0.32 / 0.32	0.281	13.49% (+0.04)	―	―
Feb 25, 2025	2024 (Q4)	0.34 / 0.35	0.356	-2.09% (>-0.01)	―	―
Aug 01, 2024	2024 (Q2)	0.29 / 0.28	0.26	8.00% (+0.02)	―	―
Feb 27, 2024	2023 (Q4)	0.36 / 0.36	0.324	10.11% (+0.03)	―	―
Aug 03, 2023	2023 (Q2)	0.27 / 0.26	0.284	-8.14% (-0.02)	―	―
Feb 21, 2023	2022 (Q4)	0.27 / 0.32	0.298	8.75% (+0.03)	―	―
Jul 28, 2022	2022 (Q2)	0.28 / 0.28	0.289	-1.80% (>-0.01)	―	―
Feb 22, 2022	2021 (Q4)	0.32 / 0.30	0.382	-22.03% (-0.08)	―	―
Jul 29, 2021	2021 (Q2)	0.29 / 0.29	0.097	198.46% (+0.19)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GB:SN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	1154.00p	1331.00p	+15.34%
Feb 25, 2025	1026.92p	1089.90p	+6.13%
Aug 01, 2024	1094.50p	1168.57p	+6.77%
Feb 27, 2024	1077.50p	1066.49p	-1.02%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Smith & Nephew (UK) (GB:SN) report earnings?

Smith & Nephew (UK) (GB:SN) is schdueled to report earning on Feb 24, 2026, Before Open (Confirmed).

What is Smith & Nephew (UK) (GB:SN) earnings time?

Smith & Nephew (UK) (GB:SN) earnings time is at Feb 24, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is the P/E ratio of Smith & Nephew (UK) stock?

The P/E ratio of Smith & Nephew is N/A.

What is GB:SN EPS forecast?

GB:SN EPS forecast for the fiscal quarter 2025 (Q4) is 0.44.

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