Boston Scientific
BSX · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Boston Scientific reported revenue of $20.1B in the fiscal year ended Dec 2025, up 19.9% from the year before. Operating income was $3.6B, an operating margin of 18.0%, and net income was $2.9B. Operating cash flow of $4.5B less capital expenditure of $876M left free cash flow of $3.7B. Net debt was $9.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.9B | $12.7B | $14.2B | $16.7B | $20.1B |
| Cost of revenue | $3.7B | $4B | $4.3B | $5.3B | $6.2B |
| Gross profit | $8.2B | $8.7B | $9.9B | $11.5B | $13.9B |
| Selling, general & admin | $4.4B | $4.5B | $5.2B | $6B | $6.9B |
| Operating income | $1.2B | $1.6B | $2.3B | $2.6B | $3.6B |
| Interest expense | $341M | $470M | $265M | $305M | $349M |
| Pre-tax income | $1.1B | $1.1B | $2B | $2.3B | $3.4B |
| Income tax | $36M | $443M | $393M | $436M | $493M |
| Net income | $1B | $698M | $1.6B | $1.8B | $2.9B |
| Diluted EPS | 0.69 | 0.45 | 1.07 | 1.25 | 1.94 |
| Diluted shares | 1,434M | 1,440M | 1,464M | 1,486M | 1,495M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.9B | $928M | $865M | $414M | $2B |
| Inventory | $1.6B | $1.9B | $2.5B | $2.8B | $2.9B |
| Current assets | $6.3B | $5.8B | $6.5B | $6.9B | $8.8B |
| Net PP&E | $2.3B | $2.4B | $2.9B | $3.3B | $4B |
| Goodwill | $12B | $12.9B | $14.4B | $17.1B | $18.3B |
| Total assets | $32.2B | $32.5B | $35.1B | $39.4B | $43.7B |
| Payables | $794M | $862M | $942M | $960M | $1.1B |
| Deferred revenue | $484M | $509M | $577M | $635M | $682M |
| Current liabilities | $4.3B | $3.8B | $4.9B | $6.4B | $5.4B |
| Short-term debt | $261M | $20M | $531M | $1.8B | $299M |
| Long-term debt | $8.8B | $8.9B | $8.6B | $9B | $11.1B |
| Shareholders' equity | $16.6B | $17.6B | $19.3B | $21.8B | $24.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $1.5B | $2.5B | $3.4B | $4.5B |
| Capital expenditure | $554M | $588M | $711M | $790M | $876M |
| Free cash flow | $1.3B | $938M | $1.8B | $2.6B | $3.7B |
| Depreciation & amortisation | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B |
| Stock-based compensation | $194M | $220M | $233M | $266M | $299M |
| Acquisitions | $2.3B | $1.5B | $1.8B | $4.6B | $1.6B |
| Share buybacks | $0 | $0 | – | – | – |
| Dividends paid | $55M | $55M | $28M | $0 | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.7% | 12.3% | 17.6% | 19.9% |
| Operating income growth (YoY) | – | 37.5% | 42.1% | 11.1% | 38.8% |
| EPS growth (YoY) | – | −34.8% | 137.8% | 16.8% | 55.2% |
| Gross margin | 68.8% | 68.8% | 69.5% | 68.6% | 69.0% |
| Operating margin | 10.1% | 13.0% | 16.5% | 15.5% | 18.0% |
| Net margin | 8.8% | 5.5% | 11.2% | 11.0% | 14.4% |
| Return on equityBlank when equity is negative | 6.3% | 4.0% | 8.3% | 8.5% | 11.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.3% | 5.8% | 7.8% | 7.9% | 9.4% |
| Free cash flow margin | 11.1% | 7.4% | 12.6% | 15.8% | 18.2% |
| Cash conversion (CFO ÷ net income) | 1.80x | 2.19x | 1.57x | 1.86x | 1.57x |
| Inventory days | 158 | 172 | 209 | 195 | 173 |
| Payable days | 78 | 80 | 79 | 67 | 67 |
| Interest cover | 3.52x | 3.51x | 8.84x | 8.53x | 10.4x |
| Debt ÷ equity | 0.55x | 0.51x | 0.47x | 0.49x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.1B | $8B | $8.2B | $10.3B | $9.5B |
| Current ratio | 1.48x | 1.51x | 1.32x | 1.08x | 1.62x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.