Boston Scientific Corp. (BSX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.83	$0.86	+3.6%	—	—	—
Q4 26	$0.79	$0.8	+1.3%	—	—	—
Q3 26	$0.78	$0.8	+2.6%	—	—	—
Q2 26	$0.71	$0.75	+5.6%	—	—	—
Q1 26	$0.73	$0.75	+2.7%	—	—	—
Q4 25	$0.67	$0.75	+11.9%	—	—	—
Q3 25	$0.66	$0.7	+6.1%	—	—	—
Q2 25	$0.59	$0.63	+6.8%	—	—	—
Q1 25	$0.58	$0.62	+6.9%	—	—	—
Q4 24	$0.51	$0.56	+9.8%	—	—	—
Q3 24	$0.51	$0.55	+7.8%	—	—	—
Q2 24	$0.48	$0.5	+4.2%	—	—	—
Q1 24	$0.49	$0.53	+8.2%	—	—	—
Q4 23	$0.43	$0.47	+9.3%	—	—	—
Q3 23	$0.47	$0.45	-4.3%	—	—	—
Q2 23	$0.44	$0.43	-2.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.96	—	—	$20.1B	—
FY24	—	$1.26	—	—	$16.7B	—
FY23	—	$1.08	—	—	$14.2B	—
FY22	—	$0.45	—	—	$12.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$8.4B	$9B	$9.8B	$10.7B	$9.9B	$11.9B	$12.7B	$14.2B	$16.7B	$20.1B
YoY change	+12.2%	+7.89%	+8.57%	+9.28%	-7.66%	+19.9%	+6.68%	+12.3%	+17.6%	+19.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	8.4B	9B	9.8B	10.7B	9.9B	11.9B	12.7B	14.2B	16.7B	20.1B
Cost of revenue	2.5B	2.7B	2.9B	3.2B	3.5B	3.7B	4B	4.3B	5.3B	6.2B
Gross profit	5.9B	6.4B	6.9B	7.6B	6.4B	8.2B	8.7B	9.9B	11.5B	13.9B
Gross margin	70.2%	70.6%	70.7%	70.4%	64.6%	68.8%	68.8%	69.5%	68.6%	69%
Research & development	920M	997M	1.1B	1.2B	1.1B	1.2B	1.3B	1.4B	1.6B	2.1B
Selling, general & administrative	3.1B	3.3B	3.6B	3.9B	3.8B	4.4B	4.5B	5.2B	6B	6.9B
Operating expenses	4.1B	4.4B	4.8B	5.2B	5B	5.6B	5.9B	6.7B	7.6B	9B
Operating income	1.3B	1.5B	1.7B	1.7B	684M	1.8B	2B	2.4B	3B	4B
Operating margin	15.7%	16.9%	16.9%	16.2%	6.9%	15.3%	16%	17%	17.9%	19.8%
Non-operating income, net	-914M	-375M	-1M	-612M	-405M	-412M	-434M	-188M	-521M	-267M
Pretax income	177M	933M	1.4B	687M	-79M	1.1B	1.1B	2B	2.3B	3.4B
Income tax	-170M	828M	-249M	-4B	2M	36M	443M	393M	436M	493M
Net income	347M	104M	1.7B	4.7B	-82M	1B	698M	1.6B	1.8B	2.9B
Net margin	4.14%	1.15%	17%	43.8%	-0.83%	8.76%	5.5%	11.2%	11%	14.4%
EBITDA	2.1B	2.4B	2.5B	2.8B	1.8B	2.9B	3.2B	3.6B	4.3B	5.3B
EPS	0.26	0.08	1.21	3.38	-0.12	0.69	0.45	1.08	1.26	1.96
Diluted EPS	0.25	0.08	1.19	3.33	-0.12	0.69	0.45	1.07	1.25	1.94

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.5B	3.7B	3.9B	4.1B	4.2B	4.6B	4.7B	5.1B	5.1B	5.3B	5.2B	5.4B
Cost of revenue	1.1B	1.1B	1.2B	1.3B	1.3B	1.5B	1.5B	1.6B	1.5B	1.6B	1.6B	1.6B
Gross profit	2.4B	2.6B	2.6B	2.9B	2.9B	3.1B	3.2B	3.4B	3.5B	3.7B	3.6B	3.8B
Gross margin	68.8%	69.2%	68.6%	69.2%	68.8%	67.9%	68.8%	67.7%	69.9%	69.6%	69.4%	70.7%
Research & development	356M	363M	366M	383M	407M	459M	443M	526M	514M	569M	516M	554M
Selling, general & administrative	1.2B	1.4B	1.4B	1.4B	1.6B	1.6B	1.6B	1.7B	1.7B	1.8B	1.8B	1.8B
Operating expenses	1.6B	1.8B	1.7B	1.8B	2B	2.1B	2.1B	2.3B	2.3B	2.4B	2.3B	2.4B
Operating income	609M	617M	693M	799M	718M	790M	937M	943M	1.1B	1B	1.1B	1.2B
Operating margin	17.3%	16.6%	18%	19.4%	17.1%	17.3%	20.1%	18.6%	20.7%	19.7%	20.6%	22.9%
Non-operating income, net	67M	-69M	-18M	-302M	29M	-230M	-49M	89M	-26M	-281M	178M	-91M
Pretax income	610M	505M	608M	420M	669M	585M	805M	941M	939M	700M	1.2B	1.1B
Income tax	105M	1M	115M	98M	200M	23M	133M	146M	183M	30M	-176M	155M
Net income	504M	504M	493M	322M	468M	562M	672M	795M	755M	670M	1.3B	905M
Net margin	14.3%	13.5%	12.8%	7.82%	11.1%	12.3%	14.4%	15.7%	14.9%	12.7%	25.7%	16.6%
EBITDA	891M	1B	1B	1.1B	1B	1.2B	1.2B	1.5B	1.4B	1.2B	1.6B	1.6B
EPS	0.34	0.34	0.34	0.22	0.32	0.38	0.46	0.54	0.51	0.45	0.9	0.62
Diluted EPS	0.34	0.34	0.33	0.22	0.32	0.38	0.45	0.53	0.51	0.45	0.9	0.61

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	29.4B	34B	48.8B	62.9B	50.9B	60.4B	66.2B	84B	131.4B	141.2B	63.9B
Enterprise value	34.7B	39.4B	55.7B	73B	58.7B	67.9B	74.5B	92.6B	142.2B	150.6B	76B
Shares outstanding	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.5B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	84.6	326.6	29.2	13.4	—	58	94.8	52.8	71.2	48.8	17.8
P/S	3.5	3.75	4.97	5.86	5.14	5.08	5.22	5.9	7.85	7.03	3.03
P/B	4.36	4.84	5.59	4.53	3.32	3.63	3.77	4.3	5.97	5.77	2.55
EV/EBITDA	16.3	16.7	21.9	26.2	32.3	23.3	23.6	25.6	32.7	28.2	13.3
EV/Sales	4.13	4.35	5.67	6.8	5.93	5.72	5.88	6.5	8.49	7.5	3.62
Earnings yield	1.18%	0.31%	3.42%	7.47%	—	1.72%	1.05%	1.9%	1.4%	2.05%	5.62%
FCF yield	2.3%	2.87%	-0.36%	2.19%	2.22%	2.18%	1.38%	2.03%	1.8%	2.41%	3.83%
PEG	—	—	—	—	—	—	—	—	—	—	1.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	70.2%	70.6%	70.7%	70.4%	64.6%	68.8%	68.8%	69.5%	68.6%	69%	70.7%
Operating margin	15.7%	16.9%	16.9%	16.2%	6.9%	15.3%	16%	17%	17.9%	19.8%	22.9%
Net margin	4.14%	1.15%	17%	43.8%	-0.83%	8.76%	5.5%	11.2%	11%	14.4%	17.5%
ROE	5.15%	1.48%	19.1%	33.9%	-0.54%	6.26%	3.97%	8.15%	8.39%	11.8%	15.3%
ROA	1.92%	0.55%	7.96%	15.4%	-0.27%	3.23%	2.15%	4.53%	4.69%	6.62%	6.19%
ROIC	11%	1.39%	10.6%	7.27%	2.96%	7.3%	4.8%	6.88%	7.42%	10%	11.2%
Return on tangible assets	-4.94%	-1.57%	-22.1%	-84.5%	8.55%	-26.1%	-13.5%	-28.2%	-22.7%	-41.7%	-62.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.9	0.68	0.76	0.97	1.82	1.48	1.51	1.32	1.08	1.62	1.24
Quick ratio	0.64	0.49	0.54	0.64	1.45	1.1	1.02	0.82	0.64	1.08	0.74
Debt / equity	0.81	0.8	0.81	0.74	0.62	0.57	0.53	0.49	0.51	0.47	0.5
Debt / assets	0.3	0.29	0.34	0.34	0.31	0.29	0.29	0.27	0.28	0.26	0.28
Net debt / EBITDA	2.48	2.28	2.72	3.62	4.3	2.58	2.64	2.38	2.47	1.78	2.09
Interest coverage	1.76	5.07	6.9	2.45	0.78	4.16	3.43	8.49	8.48	10.7	11.6
Effective tax rate	0%	88.7%	0%	0%	0%	3.35%	38.8%	19.8%	19.1%	14.6%	4.97%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.18	6.6	7.11	7.71	7	8.36	8.87	9.8	11.4	13.6	14.2
EPS (basic)	0.26	0.08	1.21	3.38	-0.12	0.69	0.45	1.08	1.26	1.96	1.96
EPS (diluted)	0.25	0.08	1.19	3.33	-0.12	0.69	0.45	1.07	1.25	1.94	2.47
Book value per share	4.96	5.12	6.32	9.97	10.8	11.7	12.3	13.4	15	16.5	17.2
FCF per share	0.5	0.71	-0.13	0.99	0.8	0.93	0.64	1.17	1.61	2.3	1.22
Cash per share	0.14	0.14	0.11	0.16	1.22	1.35	0.65	0.6	0.28	1.33	0.37
Capex per share	0.26	0.23	0.22	0.33	0.26	0.38	0.4	0.49	0.53	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.14%	3.53%	3.07%	4.23%	3.67%	4.54%	4.54%	4.96%	4.7%	—	—
Capex / operating cash flow	58.1%	28.5%	27.9%	34.3%	30.5%	29.5%	48.9%	29.6%	26.5%	—	—
Payout ratio	—	—	0%	0%	-34.1%	5.28%	7.88%	1.76%	0%	—	0%
Dividend yield	—	—	0%	0%	0.05%	0.09%	0.08%	0.03%	0%	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.5B	$3.7B	$3.9B	$4.1B	$4.2B	$4.6B	$4.7B	$5.1B	$5.1B	$5.3B	$5.2B	$5.4B
YoY change	+11.3%	+14.9%	+13.8%	+14.5%	+19.3%	+22.4%	+20.9%	+22.8%	+20.3%	+15.9%	+11.6%	+7.53%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	196M	188M	146M	217M	1.7B	1.9B	928M	865M	414M	2B
Receivables	1.5B	1.5B	1.6B	1.8B	1.5B	1.8B	2B	2.2B	2.6B	2.9B
Inventory	955M	1.1B	1.2B	1.6B	1.4B	1.6B	1.9B	2.5B	2.8B	2.9B
Total current assets	3.2B	3.8B	4B	4.7B	6.7B	6.3B	5.8B	6.5B	6.9B	8.8B
Property, plant & equipment	649M	576M	682M	1.2B	1.2B	1.2B	1.1B	1.5B	1.7B	1.6B
Goodwill & intangibles	25.1B	25.7B	28.6B	36.1B	31.7B	36.2B	37.6B	40.8B	47.5B	50.6B
Total assets	18.1B	19B	21B	30.6B	30.8B	32.2B	32.5B	35.1B	39.4B	43.7B
Accounts payable	447M	530M	349M	542M	513M	794M	862M	942M	960M	1.1B
Short-term debt	64M	1.8B	2.3B	1.4B	13M	261M	20M	531M	1.8B	299M
Total current liabilities	3.6B	5.7B	5.3B	4.9B	3.7B	4.3B	3.8B	4.9B	6.4B	5.4B
Long-term debt	5.4B	3.8B	4.8B	8.9B	9.5B	9.2B	9.3B	9B	9.4B	11.1B
Total liabilities	11.4B	12B	12.3B	16.7B	15.5B	15.6B	14.9B	15.6B	17.4B	19.2B
Shareholders' equity	6.7B	7B	8.7B	13.9B	15.3B	16.6B	17.6B	19.5B	22B	24.5B
Total debt	5.5B	5.6B	7.1B	10.3B	9.5B	9.5B	9.3B	9.5B	11.1B	11.4B
Net debt	5.3B	5.4B	6.9B	10.1B	7.8B	7.5B	8.4B	8.6B	10.7B	9.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	952M	865M	2.3B	2.9B	2.5B	414M	725M	534M	1.3B	2B	1.5B	539M
Receivables	2.1B	2.2B	2.3B	2.4B	2.5B	2.6B	2.7B	2.8B	2.8B	2.9B	3B	3B
Inventory	2.4B	2.5B	2.6B	2.6B	2.8B	2.8B	2.9B	2.9B	2.9B	2.9B	3.1B	3.2B
Total current assets	6.5B	6.5B	8.2B	9B	8.8B	6.9B	7.3B	7.1B	8B	8.8B	8.7B	8B
Property, plant & equipment	1.3B	1.5B	1.5B	1.5B	1.6B	1.7B	1.7B	1.8B	1.8B	1.6B	1.5B	1.4B
Goodwill & intangibles	38.9B	40.8B	40.4B	39.6B	41.6B	47.5B	47.8B	50.7B	50.8B	50.6B	51.2B	51.1B
Total assets	34B	35.1B	36.7B	37.1B	38.1B	39.4B	40.1B	41.6B	42.7B	43.7B	44.4B	45.2B
Accounts payable	929M	942M	921M	906M	907M	960M	1B	962M	1B	1.1B	1.1B	1.2B
Short-term debt	513M	531M	1.1B	1.6B	1.7B	1.8B	777M	480M	483M	299M	41M	1.7B
Total current liabilities	4.6B	4.9B	4.9B	5.6B	5.9B	6.4B	5.1B	5.2B	5.3B	5.4B	4.6B	6.4B
Long-term debt	8.8B	9B	9.9B	9.4B	9.6B	9.4B	10.9B	11.5B	11.6B	11.1B	11B	10.9B
Total liabilities	14.9B	15.6B	16.5B	16.5B	17.1B	17.4B	17.7B	18.9B	19.1B	19.2B	18.2B	20B
Shareholders' equity	19.1B	19.5B	20.2B	20.6B	21B	22B	22.4B	22.7B	23.6B	24.5B	26.1B	25.2B
Total debt	9.3B	9.5B	11B	10.9B	11.3B	11.1B	11.7B	12B	12B	11.4B	11B	12.6B
Net debt	8.3B	8.6B	8.7B	8B	8.8B	10.7B	11B	11.5B	10.8B	9.5B	9.6B	12.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	347M	104M	1.7B	4.7B	-82M	1B	698M	1.6B	1.8B	2.9B
Depreciation & amortization	815M	844M	894M	1B	1.1B	1.1B	1.1B	1.2B	1.3B	1.4B
Stock-based compensation	116M	127M	140M	157M	170M	194M	220M	233M	266M	299M
Change in working capital	-347M	-129M	-1.5B	-314M	-139M	-351M	-1B	-770M	-462M	-246M
Operating cash flow	597M	1.1B	1.1B	1.3B	1.2B	1.8B	1.2B	2.4B	3B	4.5B
Capital expenditure	-347M	-319M	-302M	-454M	-364M	-540M	-576M	-707M	-787M	—
Investing cash flow	-887M	-879M	-1.7B	-5.1B	-411M	-2B	-2.1B	-2.5B	-5.4B	-1.5B
Dividends paid	—	—	0	0	-28M	-55M	-55M	-28M	0	—
Share repurchases	0	—	0	0	-535M	0	0	—	—	—
Financing cash flow	-714M	-2B	818M	1.3B	-5.3B	-155M	2.4B	-125M	1.2B	-2.3B
Net change in cash	-1B	-1.8B	150M	-2.4B	-4.6B	-285M	1.5B	-254M	-1.3B	687M
Free cash flow	674M	976M	-178M	1.4B	1.1B	1.3B	914M	1.7B	2.4B	3.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	504M	504M	493M	322M	469M	562M	672M	795M	755M	670M	1.3B	904M
Depreciation & amortization	300M	313M	304M	311M	306M	348M	325M	336M	342M	365M	351M	355M
Stock-based compensation	-56M	59M	63M	195M	68M	69M	74M	75M	79M	71M	83M	87M
Change in working capital	-176M	-57M	-743M	-209M	166M	324M	-678M	233M	44M	155M	-915M	74M
Operating cash flow	684M	946M	162M	493M	988M	1.3B	513M	1.5B	1.3B	1.4B	348M	1.5B
Capital expenditure	-189M	-267M	-178M	-154M	-178M	-275M	-187M	-157M	—	—	—	—
Investing cash flow	-189M	-1.1B	-226M	-202M	-1.3B	-3.7B	-426M	-1.2B	-317M	-7M	-523M	-195M
Dividends paid	0	0	0	0	0	0	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-61M	0	1.1B	0	-86M	190M	-1B	-675M	-422M	-201M	-515M	1.6B
Net change in cash	434M	-114M	999M	291M	-403M	-2.2B	-952M	-382M	604M	1.2B	-690M	2.9B
Free cash flow	492M	690M	-81M	585M	698M	1.2B	277M	1.1B	1.1B	939M	171M	-451M

Boston Scientific Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement