Education
About Us
Working with TipRanks
Follow Us
Smith & Nephew plc (GB:SN)
LSE:SN
Earnings Data
Report Date
Jul 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.36Last Year’s EPS
0.32Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely positive operational and financial update: the company delivered mid-single-digit organic growth, 160 bps of margin expansion, strong free cash flow (+52.5% to $840m), record CORI placements and broad-based product-driven growth with over 60% of growth from recent launches. Management also set constructive 2026 guidance (≈6% organic revenue growth and ≈8% trading profit growth) and reiterated multi-year RISE targets. Notable near-term challenges include China VBP impacts (now smaller but still affecting profit), CMS-driven reimbursement changes for skin substitutes with an estimated $20m–$40m profit headwind, a $159m inventory write-down from portfolio rationalization, higher tariffs (~$60m impact), and expected modest dilution from the Integrity acquisition in 2026. Overall, positives around cash generation, margin expansion, product adoption and disciplined cost savings materially outweigh the manageable and disclosed headwinds.Company Guidance
Full-Year Revenue Growth and Broad-Based Unit Growth
Fiscal 2025 underlying revenue growth of 5.3% (reported +6.1%); all three business units grew >5% (Orthopaedics +5.1% underlying, Sports Medicine & ENT +5.2% underlying, Advanced Wound Management +5.6% underlying). Excluding China, underlying group growth would have been ~7%.
Strong Q4 Performance and Regional Growth
Q4 revenue of $1.7 billion with 6.2% underlying growth (reported +8.3% including a 210 bps FX tailwind). Average daily sales growth of 4.5%. Regional Q4 growth: U.S. +5.6%, other established markets +7.2%, emerging markets +6.4%.
Margin Expansion and Profitability
Trading profit expanded by 160 basis points to a 19.7% trading margin in 2025, driven by operating leverage and cost-savings programs; gross margin improved to 70.9% (+60 bps). Adjusted EPS grew 21% to $1.02.
Record Cash Generation and Capital Returns
Free cash flow of $840 million, up 52.5% year-on-year and well ahead of prior guidance (> $600m). Completed a $500 million share buyback in H2 2025 and proposed full-year dividend increase of 4.3% to $0.391 per share.
Orthopaedics Momentum and CORI Adoption
Orthopaedics delivered 7.9% underlying Q4 growth (strongest quarterly growth in >2 years). Record global CORI placements, with CORI deployment linked to 850 bps higher Knee growth in established accounts and 45% of CORIs placed in ASCs in the quarter.
Innovation-Led Growth
Over 60% of 2025 growth came from products launched within the last five years. Innovations delivered double-digit growth (examples: Q-FIX, REGENETEN, FASTSEAL, LEGION CONCELOC, CATALYSTEM, EVOS, AETOS, PICO, LEAF). Plan to launch 16 new products in 2026.
Product & Segment Milestones
Joint Repair surpassed $1 billion in revenue for the first time (driven by REGENETEN and Q-FIX KNOTLESS). Advanced wound devices (PICO, LEAF) and ALLEVYN COMPLETE CARE early traction noted.
Efficiency, Inventory and ROIC Improvements
Cumulative efficiency savings of $280 million achieved to end-2025 with $150 million targeted in 2026. Day Sales Inventory (DSI) reduced by 21 days excluding portfolio rationalization (51 days including rationalization). ROIC rose to 8.3% (9.9% excluding portfolio rationalization). Net leverage at 1.7x adjusted net debt/EBITDA.
GB:SN Earnings History
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 |
|---|---|---|---|
Mar 02, 2026 | 1371.50p | 1313.00p | -4.27% |
Aug 05, 2025 | 1144.41p | 1319.93p | +15.34% |
Feb 25, 2025 | 1018.38p | 1080.84p | +6.13% |
Aug 01, 2024 | 1085.40p | 1158.85p | +6.77% |
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 plc (GB:SN) report earnings?
Smith & Nephew plc (GB:SN) is schdueled to report earning on Jul 30, 2026, Before Open (Confirmed).
What is Smith & Nephew plc (GB:SN) earnings time?
Smith & Nephew plc (GB:SN) earnings time is at Jul 30, 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 plc 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 2026 (Q2) is 0.36.