Edwards Lifesciences
EW · NYSEOrthopedic, Prosthetic & Surgical Appliances & Supplies · Fiscal year ends Dec 31
Edwards Lifesciences reported revenue of $6.1B in the fiscal year ended Dec 2025, up 11.5% from the year before. Operating income was $1.3B, an operating margin of 20.8%, and net income was $1.1B. Operating cash flow of $1.6B less capital expenditure of $260M left free cash flow of $1.3B. It held more cash than debt (net cash $2.3B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.2B | $4.5B | $5B | $5.4B | $6.1B |
| Cost of revenue | $1.2B | $724M | $978M | $1.1B | $1.3B |
| Gross profit | $4B | $3.7B | $4B | $4.3B | $4.7B |
| Research & development | $903M | $844M | $963M | $1.1B | $1.1B |
| Selling, general & admin | $1.5B | $1.4B | $1.6B | $1.8B | $2.1B |
| Operating income | $1.7B | $1.5B | $1.3B | $1.4B | $1.3B |
| Net interest incomeBanks | – | – | −$18M | −$20M | −$20M |
| Interest expense | $18M | $19M | $18M | $20M | $20M |
| Pre-tax income | $1.7B | $1.5B | $1.4B | $1.5B | $1.3B |
| Income tax | $199M | $196M | $152M | $152M | $217M |
| Net income | $1.5B | $1.5B | $1.4B | $4.2B | $1.1B |
| Diluted EPS | 2.38 | 2.44 | 2.30 | 6.97 | 1.83 |
| Diluted shares | 631M | 624M | 609M | 599M | 586M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $863M | $769M | $1.1B | $3B | $2.9B |
| Receivables | $582M | $643M | $772M | $609M | $660M |
| Inventory | $727M | $876M | $904M | $1.1B | $1.1B |
| Current assets | $3.2B | $3.1B | $4B | $6.3B | $6.7B |
| Net PP&E | $1.5B | $1.6B | $1.6B | $1.7B | $1.8B |
| Goodwill | $1.2B | $1.1B | $1.1B | $1.8B | $1.8B |
| Total assets | $8.5B | $8.3B | $9.4B | $13.1B | $13.7B |
| Payables | $205M | $202M | $187M | $197M | $228M |
| Deferred revenue | $10M | $11M | $13M | – | – |
| Current liabilities | $1B | $1B | $1.2B | $1.5B | $1.8B |
| Long-term debt | $596M | $596M | $597M | $598M | $598M |
| Total liabilities | $2.7B | $2.5B | $2.6B | $3B | $3.4B |
| Shareholders' equity | $5.8B | $5.8B | $6.7B | $10B | $10.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.2B | $896M | $542M | $1.6B |
| Capital expenditure | $326M | $245M | $253M | $252M | $260M |
| Free cash flow | $1.4B | $974M | $643M | $290M | $1.3B |
| Depreciation & amortisation | $135M | $140M | $145M | $155M | $157M |
| Stock-based compensation | $109M | $127M | $139M | $162M | $158M |
| Share buybacks | $513M | $1.7B | $880M | $1.2B | $893M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −14.7% | 12.2% | 8.6% | 11.5% |
| Operating income growth (YoY) | – | −11.4% | −12.6% | 5.3% | −8.3% |
| EPS growth (YoY) | – | 2.5% | −5.7% | 203.0% | −73.7% |
| Gross margin | 76.1% | 83.8% | 80.5% | 79.5% | 78.0% |
| Operating margin | 32.3% | 33.6% | 26.1% | 25.3% | 20.8% |
| Net margin | 28.7% | 34.1% | 28.0% | 76.7% | 17.7% |
| Return on equityBlank when equity is negative | 25.8% | 26.2% | 21.1% | 41.8% | 10.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 22.6% | 20.6% | 16.0% | 11.9% | 10.6% |
| Free cash flow margin | 26.9% | 21.8% | 12.8% | 5.3% | 22.0% |
| Cash conversion (CFO ÷ net income) | 1.15x | 0.80x | 0.64x | 0.13x | 1.49x |
| Receivable days | 41 | 53 | 56 | 41 | 40 |
| Inventory days | 212 | 442 | 337 | 355 | 308 |
| Payable days | 60 | 102 | 70 | 64 | 62 |
| Interest cover | 91.9x | 78.0x | 74.4x | 69.6x | 62.0x |
| Debt ÷ equity | 0.10x | 0.10x | 0.09x | 0.06x | 0.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$267M | −$173M | −$535M | −$2.4B | −$2.3B |
| Current ratio | 3.08x | 3.03x | 3.38x | 4.18x | 3.72x |
Recent filings
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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.