Did Globus Medical beat earnings in Q4 2025?

Yes, GMED beat on both revenue (+2.9% vs estimates) and EPS (+11.3%), delivering $826.4M in sales and $1.28 non-GAAP EPS, driven by the Nevro acquisition and 19% growth in Enabling Technologies.

What guidance did Globus Medical give for 2026?

Management raised FY26 non-GAAP EPS guidance to $4.40-$4.50 (from $4.30-$4.40) and reaffirmed revenue guidance of $3.18B-$3.22B, both above consensus estimates.

How did the Nevro acquisition impact Globus Medical?

Nevro contributed $99.7M in Q4 revenue (12% of total) and $21.2M in Adjusted EBITDA, accelerating growth while the base business grew 10.6% organically.

GLOBUS MEDICAL (GMED)·Q4 2025 Earnings Summary

Globus Medical Beats on Strong Nevro Integration, Raises 2026 Guidance

February 24, 2026 · by Fintool AI Agent

Banner

Globus Medical delivered a strong Q4 2025, beating consensus on both revenue and earnings while raising full-year 2026 EPS guidance. The musculoskeletal solutions company reported revenue of $826.4M (+25.7% YoY) and non-GAAP EPS of $1.28 (+52.1% YoY), exceeding expectations as the Nevro acquisition integration accelerated and the base business demonstrated durable growth.

Did Globus Medical Beat Earnings?

Yes, a double beat with strong upside on EPS.

Metric	Actual	Consensus	Surprise
Revenue	$826.4M	$803.3M	+2.9%
Non-GAAP EPS	$1.28	$1.15	+11.3%
Adjusted EBITDA	$280.5M	$198.4M	+41.4%

This marks the 7th consecutive quarter of beating EPS estimates (excluding Q1 2025 which missed during Nevro integration ramp).

What Drove the Beat?

Nevro contribution — $99.7M revenue in Q4, representing a full quarter benefit post-acquisition
Enabling Technologies surge — 19% growth over Q4 2024, record-setting quarter
US Spine strength — 10% growth in the core spine franchise
Margin expansion — Adjusted EBITDA margin expanded to 33.9% from 30.0% YoY

Ask Fintool AI Agent

What Did Management Guide?

Raised EPS guidance; reaffirmed revenue above consensus.

FY 2026 Guidance	Updated Range	Prior Range	Consensus	vs. Consensus
Revenue	$3.18B - $3.22B	$3.18B - $3.22B	$3.16B	+1.3% above
Non-GAAP EPS	$4.40 - $4.50	$4.30 - $4.40	$4.24	+4% to +6% above

The EPS guidance raise signals management confidence in continued margin expansion and synergy realization from the Nevro acquisition.

Full Year 2025 Results

Metric	FY 2025	FY 2024	YoY Change
Revenue	$2,938.9M	$2,519.4M	+16.7%
Non-GAAP EPS	$3.98	$3.04	+30.8%
Adjusted EBITDA	$919.6M	$735.0M	+25.1%
EBITDA Margin	31.3%	29.2%	+210 bps

Base business (excluding Nevro) grew 5.0% for the year, demonstrating organic strength alongside acquisition benefits.

What Changed From Last Quarter?

Metric	Q3 2025	Q4 2025	Sequential Change
Revenue	$769.0M	$826.4M	+7.5%
Gross Margin (Adj.)	69.7%	69.2%	-50 bps
EBITDA Margin (Adj.)	31.5%	33.9%	+240 bps
Non-GAAP EPS	$0.86	$1.28	+48.8%

The sequential EPS jump of nearly 50% reflects:

Full quarter of Nevro contribution (vs. partial in Q3)
Operating leverage on higher volumes
Integration synergies beginning to flow through

Key Management Commentary

Keith Pfeil, President & CEO:

"Momentum built throughout 2025 accelerated in the fourth quarter, capping off a strong finish to the year with double-digit sales and earnings growth... Looking ahead to 2026, our focus lies in driving durable momentum, centered on scaling growth and sustainable operating leverage."

Kyle Kline, CFO:

"Our US Spine business capped-off 2025 by growing revenue 10% over the prior-year quarter and our record-setting results were punctuated by an exceptional quarter in Enabling Technologies, growing 19% over the fourth quarter of 2024... As we enter 2026, we are well positioned to further penetrate our markets, expand margins, and accelerate innovation."

Ask Fintool AI Agent

Segment Performance

Segment	Q4 2025	Q4 2024	YoY Growth
Musculoskeletal Solutions	$770.8M	$610.3M	+26.3%
Enabling Technologies	$55.6M	$47.0M	+18.5%
Total	$826.4M	$657.3M	+25.7%

Geographic Mix

Region	Q4 2025	Q4 2024	YoY Growth	% of Total
United States	$665.3M	$521.9M	+27.5%	80.5%
International	$161.1M	$135.4M	+19.0%	19.5%

International growth was 14.2% on a constant currency basis, with FX providing a ~5% tailwind.

How Did the Stock React?

Down ~1.6% on release day despite the beat.

Metric	Value
Close Price (Feb 24)	$91.92
Open Price	$94.18
Intraday High	$94.46
Intraday Low	$91.63
Change from Prior Close	-1.6%

The stock gapped up at open following the strong results but sold off throughout the session. This "sell the news" reaction comes after:

+77% gain over the past 12 months
+33% YTD heading into earnings
Stock trading near 52-week highs ($101.40)

With the stock up significantly into the print, the modest beat may have been largely priced in.

Capital Allocation & Balance Sheet

Metric	Dec 2025	Dec 2024	Change
Cash & Equivalents	$526.2M	$784.4M	-$258M
Total Cash + Securities	$629.1M	$956.2M	-$327M
Total Debt	$0	$443.4M	-$443M
Free Cash Flow (FY)	$588.8M	$405.2M	+45.3%

Key capital allocation moves in 2025:

$449.9M — Repaid senior convertible notes
$300.5M — Share repurchases
$252.5M — Acquisitions (primarily Nevro)

The company is now debt-free with substantial free cash flow generation, providing flexibility for M&A or continued buybacks.

Forward Catalysts

Nevro synergy realization — Management expects continued margin expansion as integration progresses
New product pipeline — Robust launches planned across spine and enabling technologies
Sales force expansion — Investing in high-touch distribution
Surgical intelligence ecosystem — Globus closed-loop platform gaining traction

Risks to Monitor

Integration execution — Nevro absorption still in early stages
Pricing pressure — Healthcare cost containment efforts
FX headwinds — Dollar strength impacting international growth
Competition — Facing Medtronic, Stryker, J&J in core markets

Ask Fintool AI Agent