Globus Medical (GMED) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full year 2025 results, with revenue of $2.94 billion (up 16.7% year-over-year) and non-GAAP EPS of $3.98 (up 30.8%), driven by core spine franchise and successful integration of NuVasive and Nevro.

• Q4 revenue reached $826.4 million, up 25.7% versus prior year quarter; U.S. sales up 27.5%, international up 19.0%.

• Q4 GAAP net income was $140.6 million, up 430.4% year-over-year; full year GAAP net income was $537.9 million.

• Non-GAAP diluted EPS for Q4 was $1.28 (up 52.1%), and $3.98 for the year (up 30.8%).

• Integration of NuVasive and Nevro exceeded synergy targets and accelerated earnings accretion.

Financial highlights

• Q4 base business net sales (excluding Nevro) were $726.7 million, up 10.6% year-over-year; Nevro contributed $99.7 million in Q4 sales.

• Adjusted EBITDA for Q4 was $280.5 million (33.9% of net sales); for the year, $919.6 million (31.3% of net sales).

• Q4 adjusted gross margin was 69.2%; full year adjusted gross margin was 69.6%.

• Free cash flow for 2025 was $588.8 million, up nearly 150% from Q4 2023.

• Cash, cash equivalents, and marketable securities at year-end: $629.1 million.

Outlook and guidance

• 2026 revenue guidance reaffirmed at $3.18–$3.22 billion, implying 8.2%–9.6% growth.

• 2026 non-GAAP EPS guidance raised to $4.40–$4.50, up 10.6%–13.1% over 2025.

• Expect at least 100 basis point improvement in adjusted gross margin in 2026, targeting 69%–70%.

• R&D expense expected at 5%–6% of net sales; SG&A at 38%–39% of net sales; CapEx at 5%–6% of net sales.

• Non-GAAP tax rate expected at 24%–25% for 2026.