EW · Edwards Lifesciences Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.65B | - | $1.55B | $1.53B | $1.41B | - | $1.35B | $1.39B | $1.60B | - |
| Cost of Revenue | $362.60M | - | $345.20M | $344.40M | $301.60M | - | $262.90M | $285.30M | $385.60M | - |
| Gross Profit | $1.29B | - | $1.21B | $1.19B | $1.11B | - | $1.09B | $1.10B | $1.21B | - |
| R&D | $263.30M | - | $280.70M | $276.20M | $254.60M | - | $253.40M | $272.60M | $285.20M | - |
| SG&A | $522.20M | - | $514.60M | $502.00M | $465.70M | - | $421.40M | $450.80M | $489.70M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $40.90M | - | - | - | $36.60M | - | - | - | $38.50M | - |
| Operating Income | $477.60M | - | $307.10M | $411.20M | $394.80M | - | $350.60M | $369.10M | $387.50M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $78.30M | - | $56.10M | $64.30M | $70.30M | - | $40.70M | $20.20M | $58.40M | - |
| Net Income | $380.70M | - | $291.10M | $333.20M | $358.00M | - | $3.07B | $366.30M | $351.90M | - |
| EPS - Basic | $0.66 | - | $0.50 | $0.57 | $0.61 | - | $5.14 | $0.61 | $0.58 | - |
| EPS - Diluted | $0.66 | - | $0.50 | $0.56 | $0.61 | - | $5.13 | $0.61 | $0.58 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.45B | $2.94B | $2.69B | $3.27B | $3.14B | $3.05B | $3.68B | $1.64B | $1.22B | $1.14B |
| Accounts Receivable | $775.70M | $659.60M | $693.30M | $697.00M | $669.20M | $609.10M | $716.00M | $778.30M | $817.60M | $775.10M |
| Inventory | $1.12B | $1.13B | $1.14B | $1.14B | $1.11B | $1.09B | $1.10B | $1.02B | $1.21B | $1.17B |
| Accounts Payable | $181.10M | $227.50M | $165.00M | $162.10M | $172.40M | $197.40M | $172.80M | $185.90M | $212.30M | $201.40M |
| Current Assets | $6.23B | $6.74B | $6.36B | $6.58B | $6.21B | $6.29B | $6.73B | $4.52B | $4.17B | $4.04B |
| Total Assets | $13.32B | $13.70B | $13.27B | $13.49B | $13.02B | $13.06B | $12.97B | $10.10B | $9.74B | $9.36B |
| Current Liabilities | $1.41B | $1.81B | $1.59B | $1.40B | $1.39B | $1.51B | $1.94B | $1.22B | $1.11B | $1.20B |
| Long-term Debt | $598.50M | $598.30M | $598.20M | $598.00M | $597.80M | $597.70M | $597.50M | $597.30M | $597.20M | $597.00M |
| Total Liabilities | $2.99B | $3.36B | $3.07B | $2.88B | $2.83B | $2.99B | $3.36B | $2.59B | $2.55B | $2.64B |
| Stockholders' Equity | $10.33B | $10.34B | $10.21B | $10.55B | $10.13B | $10.00B | $9.55B | $7.44B | $7.12B | $6.65B |
| Retained Earnings | $14.62B | $14.24B | $14.15B | $13.86B | $13.53B | $13.17B | $12.78B | $9.71B | $9.34B | $8.99B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $43.80M | - | - | - | $280.40M | - | - | - | ($53.50M) | - |
| Investing Cash Flow | ($92.80M) | - | - | - | $85.30M | - | - | - | $63.10M | - |
| Financing Cash Flow | ($451.20M) | - | - | - | ($258.00M) | - | - | - | $61.70M | - |
| CapEx | $64.90M | - | - | - | $56.00M | - | - | - | $65.30M | - |
| Free Cash Flow | ($21.10M) | - | - | - | $224.40M | - | - | - | ($118.80M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 78.0% | - | 77.8% | 77.5% | 78.7% | - | 80.6% | 79.4% | 75.9% | - |
| Operating margin | 29.0% | - | 19.8% | 26.8% | 27.9% | - | 25.9% | 26.6% | 24.2% | - |
| EBITDA margin | 31.5% | - | - | - | 30.5% | - | - | - | 26.7% | - |
| Net margin | 23.1% | - | 18.7% | 21.7% | 25.3% | - | 226.7% | 26.4% | 22.0% | - |
| Free cash flow margin | -1.3% | - | - | - | 15.9% | - | - | - | -7.4% | - |
| FCF / Net income | -0.06 | - | - | - | 0.63 | - | - | - | -0.34 | - |
| R&D / Revenue | 16.0% | - | 18.1% | 18.0% | 18.0% | - | 18.7% | 19.7% | 17.8% | - |
| SG&A / Revenue | 31.7% | - | 33.1% | 32.8% | 33.0% | - | 31.1% | 32.5% | 30.6% | - |
| Effective tax rate | 17.1% | - | 16.2% | 16.2% | 16.4% | - | 1.3% | 5.2% | 14.2% | - |
| Return on assets | 2.9% | - | 2.2% | 2.5% | 2.7% | - | 23.7% | 3.6% | 3.6% | - |
| Return on equity | 3.7% | - | 2.9% | 3.2% | 3.5% | - | 32.2% | 4.9% | 4.9% | - |
| Return on invested capital | 3.6% | - | 2.4% | 3.1% | 3.1% | - | 3.4% | 4.4% | 4.3% | - |
| Liquidity | ||||||||||
| Current ratio | 4.42 | 3.72 | 4.00 | 4.68 | 4.45 | 4.18 | 3.46 | 3.71 | 3.75 | 3.38 |
| Quick ratio | 3.63 | 3.09 | 3.29 | 3.87 | 3.66 | 3.45 | 2.89 | 2.87 | 2.67 | 2.40 |
| Cash ratio | 1.74 | 1.62 | 1.69 | 2.33 | 2.25 | 2.02 | 1.89 | 1.35 | 1.10 | 0.96 |
| Leverage | ||||||||||
| Debt / Equity | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.08 | 0.08 | 0.09 |
| Debt / Assets | 0.04 | 0.04 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 |
| Debt / EBITDA | 1.15 | - | - | - | 1.39 | - | - | - | 1.40 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.29 | 1.32 | 1.30 | 1.28 | 1.29 | 1.31 | 1.36 | 1.36 | 1.37 | 1.41 |
| Liabilities / Assets | 0.22 | 0.25 | 0.23 | 0.21 | 0.22 | 0.23 | 0.26 | 0.26 | 0.26 | 0.28 |
| Efficiency | ||||||||||
| Asset turnover | 0.12 | - | 0.12 | 0.11 | 0.11 | - | 0.10 | 0.14 | 0.16 | - |
| Inventory turnover | 0.32 | - | 0.30 | 0.30 | 0.27 | - | 0.24 | 0.28 | 0.32 | - |
| Days sales outstanding | 172d | - | 163d | 166d | 173d | - | 193d | 205d | 187d | - |
| Days inventory outstanding | 1126d | - | 1206d | 1210d | 1348d | - | 1533d | 1311d | 1143d | - |
| Days payable outstanding | 182d | - | 174d | 172d | 209d | - | 240d | 238d | 201d | - |
| Cash conversion cycle | 1116d | - | 1195d | 1204d | 1312d | - | 1486d | 1278d | 1129d | - |
| Valuation | ||||||||||
| P / E | 121.3x | - | 155.5x | 139.7x | 118.8x | - | 12.9x | 151.4x | 164.8x | - |
| P / B | 4.5x | - | 4.5x | 4.4x | 4.2x | - | 4.1x | 7.5x | 8.1x | - |
| P / S | 28.2x | - | 29.3x | 30.0x | 30.2x | - | 29.1x | 40.3x | 36.1x | - |
| EV / EBITDA | 86.1x | - | - | - | 92.9x | - | - | - | 134.0x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 16.7% | - | 14.7% | 10.6% | -11.6% | - | -8.5% | -9.4% | 9.5% | - |
| Revenue CAGR (3y) | 4.1% | - | 5.6% | 3.7% | 1.7% | - | 1.1% | 0.2% | 9.5% | - |
| Revenue CAGR (5y) | 6.3% | - | 6.4% | 10.6% | 4.6% | - | 4.4% | 5.0% | 10.0% | - |
| Gross profit growth (YoY) | 15.7% | - | 10.7% | 7.9% | -8.4% | - | -3.4% | -7.3% | 7.3% | - |
| Operating income growth (YoY) | 21.0% | - | -12.4% | 11.4% | 1.9% | - | -16.2% | 12.8% | -0.2% | - |
| Net income growth (YoY) | 6.3% | - | -90.5% | -9.0% | 1.7% | - | 697.8% | 19.3% | 3.3% | - |
| EPS growth (YoY) | 8.2% | - | -90.3% | -8.2% | 5.2% | - | 714.3% | 22.0% | 3.6% | - |
| EPS CAGR (3y) | 5.6% | - | -3.1% | -4.8% | 1.1% | - | 111.8% | -7.9% | 2.4% | - |
| EPS CAGR (5y) | 4.1% | - | -0.8% | - | -16.1% | - | 31.6% | -11.8% | -13.2% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | 12.5% | - | - | - | - | - |
| Book value growth (YoY) | 2.0% | 3.4% | 6.9% | 41.8% | 42.3% | 50.4% | 43.4% | 16.7% | 19.1% | 14.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$6.07B totalUnited States Segment$3.54B · 58.4%
Europe Segment$1.52B · 25.0%
Rest Of World Segment$652.30M · 10.8%
Japan Segment$354.70M · 5.8%
Product / service
$6.07B totalTranscatheter Aortic Valve Replacement$4.49B · 74.0%
Surgical Heart Valve Therapy$1.03B · 17.0%
Transcatheter Mitral And Tricuspid Therapies$550.60M · 9.1%
Peer comparison
Same SIC group: Orthopedic, Prosthetic & Surgical Appliances & Supplies
Comparing Edwards Lifesciences Corp against the 5 most active filers in the same SIC group.