Edwards Lifesciences Corporation (EW) 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 %
Q2 26	$0.74	$0.78	+5.4%	—	$1.7B	—
Q1 26	$0.73	$0.78	+6.8%	—	$1.6B	—
Q4 25	$0.62	$0.58	-6.5%	—	$1.6B	—
Q3 25	$0.59	$0.67	+13.6%	—	$1.6B	—
Q2 25	$0.62	$0.67	+8.1%	—	$1.5B	—
Q1 25	$0.6	$0.64	+6.7%	—	$1.4B	—
Q4 24	$0.55	$0.59	+7.3%	—	$1.4B	—
Q3 24	$0.59	$0.67	+13.6%	—	$1.4B	—
Q2 24	$0.69	$0.7	+1.4%	—	$1.4B	—
Q1 24	$0.64	$0.66	+3.1%	—	$1.6B	—
Q4 23	$0.64	$0.64	0.0%	—	$1.5B	—
Q3 23	$0.59	$0.59	0.0%	—	$1.2B	—
Q2 23	$0.65	$0.66	+1.5%	—	$1.3B	—
Q1 23	$0.61	$0.62	+1.6%	—	$1.5B	—
Q4 22	$0.61	$0.64	+4.9%	—	$1.3B	—
Q3 22	$0.62	$0.61	-1.6%	—	$1.3B	—

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	—	$1.84	—	—	$6.1B	—
FY24	—	$6.98	—	—	$5.4B	—
FY23	—	$2.31	—	—	$6B	—
FY22	—	$2.46	—	—	$5.4B

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	$3B	$3.4B	$3.7B	$4.3B	$4.4B	$5.2B	$5.4B	$6B	$5.4B	$6.1B
YoY change	+18.8%	+15.9%	+8.37%	+16.8%	+0.88%	+19.3%	+2.86%	+11.6%	-9.41%	+11.5%

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	3B	3.4B	3.7B	4.3B	4.4B	5.2B	5.4B	6B	5.4B	6.1B
Cost of revenue	797.4M	875.3M	939.4M	1.1B	1.1B	1.2B	1.1B	1.4B	1.1B	1.3B
Gross profit	2.2B	2.6B	2.8B	3.2B	3.3B	4B	4.3B	4.6B	4.3B	4.7B
Gross margin	73.1%	74.5%	74.8%	74.4%	75.4%	76.1%	79.9%	77%	79.5%	78%
Research & development	476.7M	552.6M	622.2M	752.7M	760.7M	903.1M	945.2M	1.1B	1.1B	1.1B
Selling, general & administrative	904.7M	990.8M	1.1B	1.2B	1.2B	1.5B	1.6B	1.8B	1.8B	2.1B
Operating expenses	1.4B	1.5B	1.7B	2B	2B	2.4B	2.5B	2.9B	2.8B	3.1B
Operating income	784.9M	1B	1.1B	1.2B	1.3B	1.6B	1.8B	1.7B	1.5B	1.6B
Operating margin	26.5%	29.6%	28.8%	28.5%	30%	30.3%	33.2%	28.8%	27.2%	27%
Non-operating income, net	-38.6M	21.9M	-313.4M	-83.7M	-407.5M	116.2M	-38.1M	-180.1M	-32.5M	-511.7M
Pretax income	737.9M	1B	761.4M	1.2B	916.7M	1.7B	1.8B	1.6B	1.5B	1.3B
Income tax	168.4M	451.3M	39.2M	119.6M	93.3M	198.9M	245.5M	198.7M	152.1M	216.9M
Net income	569.5M	583.6M	722.2M	1B	823.4M	1.5B	1.5B	1.4B	4.2B	1.1B
Net margin	19.2%	17%	19.4%	24.1%	18.8%	28.7%	28.3%	23.3%	76.7%	17.6%
EBITDA	867.3M	1.1B	1.2B	1.4B	1.4B	1.7B	2B	1.9B	1.8B	2B
EPS	0.89	0.98	1.15	1.68	1.32	2.41	2.46	2.31	6.98	1.84
Diluted EPS	0.87	0.96	1.13	1.64	1.3	2.38	2.44	2.3	6.97	1.83

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	1.2B	1.5B	1.6B	1.4B	1.4B	1.4B	1.4B	1.5B	1.6B	1.6B	1.6B	1.7B
Cost of revenue	250.6M	356.9M	385.6M	285.3M	262.9M	292.2M	301.6M	344.4M	345.2M	343M	362.6M	392.4M
Gross profit	992.8M	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.3B	1.3B
Gross margin	79.8%	76.7%	75.9%	79.4%	80.6%	78.9%	78.7%	77.5%	77.8%	78.1%	78%	77.5%
Research & development	242.8M	270M	285.2M	272.6M	253.4M	271.1M	254.6M	276.2M	280.7M	267.7M	263.3M	278.9M
Selling, general & administrative	381.9M	480M	489.7M	450.8M	421.4M	491.9M	465.7M	502M	514.6M	602.9M	522.2M	561.2M
Operating expenses	624.7M	750M	774.9M	723.4M	697.2M	740.3M	701.2M	756.9M	782.8M	856.3M	771.3M	829.1M
Operating income	368.1M	427.2M	437.7M	377.2M	394.3M	353.3M	409.9M	430.9M	425.1M	370.3M	514.7M	519.5M
Operating margin	29.6%	27.8%	27.4%	27.2%	29.1%	25.5%	29%	28.1%	27.4%	23.6%	31.2%	29.8%
Non-operating income, net	4.4M	-22.3M	-44.8M	-6.1M	-15.8M	-7.4M	-12.5M	-68.1M	-115.3M	-315.8M	-89.2M	-29.7M
Pretax income	387.6M	421.7M	409.4M	386.6M	402.8M	390.1M	433.9M	—	—	—	—	519.8M
Income tax	52.7M	52M	58.4M	20.2M	40.7M	45.1M	70.3M	64.3M	56.1M	26.2M	78.3M	278.4M
Net income	383.7M	369.7M	351M	365M	3.1B	384.3M	356.4M	331.5M	290.3M	91.2M	380.7M	241.4M
Net margin	30.9%	24.1%	22%	26.3%	226.6%	27.7%	25.2%	21.6%	18.7%	5.81%	23.1%	13.9%
EBITDA	407.2M	368.3M	526.4M	424.9M	472.5M	462.9M	461.6M	535.8M	582.3M	385.1M	716.3M	608.5M
EPS	0.63	0.61	0.58	0.61	5.14	0.65	0.61	0.57	0.5	0.16	0.66	0.42
Diluted EPS	0.63	0.61	0.58	0.61	5.13	0.65	0.61	0.56	0.5	0.16	0.66	0.42

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	20B	23.8B	32B	48.6B	56.8B	80.7B	46.2B	46.3B	44.2B	49.9B	50B
Enterprise value	19.5B	23.5B	31.7B	47.8B	56.1B	80B	45.7B	45.3B	41B	46.3B	46.3B
Shares outstanding	639M	632.7M	627.6M	624.9M	622.6M	623.3M	619M	606.7M	597.7M	584.8M	584.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	35	40.7	44.4	46.4	69	53.7	30.3	33.1	10.6	46.6	51.4
P/S	6.73	6.92	8.61	11.2	12.9	15.4	8.58	7.7	8.13	8.22	7.63
P/B	7.62	8.04	10.2	11.7	12.4	13.8	7.95	6.88	4.4	4.82	4.69
EV/EBITDA	22.5	20.9	26.8	35.1	38.8	45.9	23.2	23.3	23.2	23.6	23.2
EV/Sales	6.58	6.83	8.51	11	12.8	15.3	8.48	7.55	7.53	7.64	7.11
Earnings yield	2.85%	2.46%	2.25%	2.15%	1.45%	1.86%	3.3%	3.03%	9.42%	2.15%	1.95%
FCF yield	2.44%	3.47%	2.14%	1.86%	1.14%	1.74%	2.06%	1.36%	0.59%	2.68%	2.46%
PEG	—	—	—	—	—	—	—	—	—	—	-1.95

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.1%	74.5%	74.8%	74.4%	75.4%	76.1%	79.9%	77%	79.5%	78%	77.5%
Operating margin	26.5%	29.6%	28.8%	28.5%	30%	30.3%	33.2%	28.8%	27.2%	27%	29.8%
Net margin	19.2%	17%	19.4%	24.1%	18.8%	28.7%	28.3%	23.3%	76.7%	17.6%	15.4%
ROE	21.7%	19.7%	23%	25.2%	18%	25.8%	26.2%	20.8%	41.4%	10.3%	9.18%
ROA	12.6%	10.3%	13.6%	16.1%	11.4%	17.7%	18.4%	14.9%	31.9%	7.81%	8.37%
ROIC	27.9%	21.6%	36.6%	33.6%	30.6%	27.7%	29.2%	26.2%	19.7%	19.9%	19.9%
Return on tangible assets	20%	23.6%	29.9%	30.1%	19.5%	27.2%	28.2%	23.3%	58.3%	13.5%	13.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.21	1.8	2.61	3.31	3.46	3.08	3.03	3.38	4.18	3.72	4.52
Quick ratio	3.46	1.4	1.92	2.6	2.56	2.38	2.17	2.4	3.45	3.09	3.77
Debt / equity	0.31	0.35	0.19	0.16	0.15	0.12	0.12	0.1	0.07	0.07	0.07
Debt / assets	0.18	0.18	0.11	0.1	0.1	0.08	0.08	0.07	0.05	0.05	0.05
Net debt / EBITDA	-0.52	-0.27	-0.31	-0.62	-0.49	-0.45	-0.27	-0.49	-1.86	-1.79	-1.55
Interest coverage	39.4	45.6	26.5	57.4	59	93.5	93.1	91.8	79.2	63.4	63.4
Effective tax rate	22.8%	43.6%	5.15%	10.3%	10.2%	11.7%	13.9%	12.4%	9.82%	17%	17%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.64	5.43	5.93	6.96	7.05	8.39	8.7	9.9	9.1	10.4	11.2
EPS (basic)	0.89	0.98	1.15	1.68	1.32	2.41	2.46	2.31	6.98	1.84	1.84
EPS (diluted)	0.87	0.96	1.13	1.64	1.3	2.38	2.44	2.3	6.97	1.83	1.68
Book value per share	4.1	4.67	5	6.64	7.35	9.36	9.38	11.1	16.8	17.7	18.4
FCF per share	0.76	1.3	1.09	1.45	1.04	2.25	1.54	1.04	0.43	2.28	2.48
Cash per share	1.99	2.11	1.52	2.43	2.25	2.35	1.96	2.71	6.65	7.23	7.38
Capex per share	—	—	—	—	—	—	—	—	—	0.44	0.5

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	4.29%	4.4%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	16.3%	16.7%
Payout ratio	—	—	—	—	—	—	—	—	—	—	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	$1.2B	$1.5B	$1.6B	$1.4B	$1.4B	$1.4B	$1.4B	$1.5B	$1.6B	$1.6B	$1.6B	$1.7B
YoY change	-5.73%	+13.8%	+9.5%	+6.98%	+8.93%	-9.67%	-11.6%	+10.6%	+14.7%	+13.3%	+16.7%	+13.6%

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	1.3B	1.3B	956.5M	1.5B	1.4B	1.5B	1.2B	1.6B	4B	4.2B
Receivables	365.5M	438.7M	456.9M	543.6M	514.6M	582.2M	643M	775.1M	609.1M	659.6M
Inventory	396.6M	554.9M	607M	640.9M	802.3M	726.7M	875.5M	1.2B	1.1B	1.1B
Total current assets	2.2B	2.5B	2.3B	3B	3.1B	3.2B	3.1B	4B	6.3B	6.7B
Property, plant & equipment	212.8M	242.9M	370.1M	520.6M	607.9M	628.6M	535.9M	609.2M	444.4M	521.3M
Goodwill & intangibles	1.7B	3.2B	2.9B	3B	3B	3B	2.9B	3.4B	5.9B	5.8B
Total assets	4.5B	5.7B	5.3B	6.5B	7.2B	8.5B	8.3B	9.4B	13.1B	13.7B
Accounts payable	97.1M	116.6M	134M	180.4M	196.5M	204.5M	201.9M	201.4M	197.4M	227.5M
Short-term debt	—	598M	—	25.5M	27.2M	25.5M	25.5M	24.9M	23.4M	24.5M
Total current liabilities	532.5M	1.4B	876.6M	902.4M	893.9M	1B	1B	1.2B	1.5B	1.8B
Long-term debt	822.3M	438.4M	593.8M	653.3M	667.7M	664.8M	665.8M	670M	676.6M	680.9M
Total liabilities	1.9B	2.7B	2.2B	2.3B	2.7B	2.7B	2.5B	2.6B	3B	3.4B
Shareholders' equity	2.6B	3B	3.1B	4.1B	4.6B	5.8B	5.8B	6.7B	10.1B	10.3B
Total debt	822.3M	1B	593.8M	678.8M	694.9M	690.3M	691.3M	694.9M	700M	705.4M
Net debt	-107.8M	218.1M	-120.3M	-500.3M	-488.3M	-172.5M	-77.7M	-449.1M	-2.3B	-2.2B

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	1.9B	1.6B	1.7B	2B	4.4B	4B	3.9B	4.1B	3.8B	4.2B	3.7B	4.3B
Receivables	739.8M	775.1M	817.6M	778.3M	716M	609.1M	669.2M	697M	693.3M	659.6M	775.7M	770.4M
Inventory	1B	1.2B	1.2B	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Total current assets	4.1B	4B	4.2B	4.5B	6.7B	6.3B	6.2B	6.6B	6.4B	6.7B	6.2B	6.8B
Property, plant & equipment	1.8B	609.2M	1.9B	1.7B	1.8B	444.4M	1.8B	1.8B	1.8B	521.3M	1.9B	1.9B
Goodwill & intangibles	3.5B	3.4B	3.4B	3.1B	5.1B	5.9B	5.9B	5.9B	5.8B	5.8B	6.1B	6.7B
Total assets	9.4B	9.4B	9.7B	10.1B	13B	13.1B	13B	13.5B	13.3B	13.7B	13.3B	13.9B
Accounts payable	190.6M	201.4M	212.3M	185.9M	172.8M	197.4M	172.4M	162.1M	165M	227.5M	181.1M	210.5M
Short-term debt	24.3M	24.9M	24.8M	21.5M	24.2M	23.4M	23.7M	25.9M	26.8M	24.5M	24.3M	24.1M
Total current liabilities	1.2B	1.2B	1.1B	1.2B	1.9B	1.5B	1.4B	1.4B	1.6B	1.8B	1.4B	1.5B
Long-term debt	666.8M	670M	674.4M	671.5M	682.5M	676.6M	675.7M	676.7M	673.5M	680.9M	678.6M	680.3M
Total liabilities	2.6B	2.6B	2.5B	2.6B	3.4B	3B	2.8B	2.9B	3.1B	3.4B	3B	3.1B
Shareholders' equity	6.7B	6.7B	7.2B	7.5B	9.6B	10.1B	10.2B	10.6B	10.2B	10.3B	10.3B	10.7B
Total debt	691.1M	694.9M	699.2M	693M	706.7M	700M	699.4M	702.6M	700.3M	705.4M	702.9M	704.4M
Net debt	-719M	-449.1M	-525.4M	-951.5M	-3B	-2.3B	-2.4B	-2.6B	-2B	-2.2B	-1.7B	-2.2B

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	569.5M	583.6M	722.2M	1B	823.4M	1.5B	1.5B	1.4B	4.2B	1.1B
Depreciation & amortization	71.2M	81.9M	77.4M	89.3M	107.2M	134.8M	139.6M	144.9M	155.2M	156.6M
Stock-based compensation	56.9M	61.6M	71M	81.3M	92.6M	109.3M	126.8M	139.4M	162.3M	158.1M
Change in working capital	77.6M	244.1M	-238.3M	-14M	-199.8M	166.6M	-376.5M	-301.6M	-253.5M	246.5M
Operating cash flow	781.3M	979.6M	612.3M	1.3B	833.5M	1.8B	1.2B	1.1B	553.3M	1.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	-260.2M
Investing cash flow	5.7M	-471.7M	318.4M	-317.4M	-123.8M	-1.4B	517.1M	440.1M	2.6B	-712.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-662.3M	-763.3M	-795.5M	-263.3M	-625.4M	-512.8M	-1.7B	-879.6M	-1.2B	-893.4M
Financing cash flow	-268.5M	-473.2M	-1.1B	-115.6M	-627.4M	-514.9M	-1.7B	-880.9M	-1.2B	-1.1B
Net change in cash	518.5M	34.7M	-170.5M	823M	82.3M	-121.4M	-57.3M	679.6M	2B	-248.6M
Free cash flow	487M	825.2M	685M	904.5M	647M	1.4B	953.4M	629.5M	259.9M	1.3B

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	383.7M	369.7M	351M	365M	3.1B	384.3M	356.4M	331.5M	290.3M	91.2M	380.7M	241.4M
Depreciation & amortization	36.9M	36.7M	38.5M	39.6M	34.5M	42.6M	36.6M	38.1M	39.2M	42.7M	40.9M	42.7M
Stock-based compensation	32.6M	30.5M	44.6M	43.9M	42.1M	31.7M	40.2M	37.5M	41.2M	39.2M	45.4M	42.2M
Change in working capital	17.5M	-193M	-480.9M	-31.4M	702.6M	-448M	-124.6M	-115.3M	219.4M	267M	-442.8M	-21.3M
Operating cash flow	441.2M	164M	-75.4M	359.9M	3.7B	-3.4B	294M	282M	573.7M	450.9M	43.8M	651.9M
Capital expenditure	—	—	—	—	—	—	—	—	-57.5M	-97.4M	-64.9M	-66.9M
Investing cash flow	144.3M	115.7M	148.4M	210.2M	2.8B	-522.3M	141.3M	-122.8M	-427.8M	-198.3M	-92.8M	-193.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-174.4M	-448.4M	-200K	-158.1M	-901M	-100.1M	-258.6M	-5.5M	-588.7M	-40.6M	-421.8M	-153.3M
Financing cash flow	-177.3M	-446.1M	-400K	-150.9M	-1B	0	-307.9M	-4.5M	-774.8M	-43.7M	-520.1M	-54.1M
Net change in cash	408.2M	-166.4M	72.6M	419.2M	5.5B	-4B	127.4M	154.7M	-628.9M	208.9M	-569.1M	404.6M
Free cash flow	356.2M	35M	-138.8M	286.1M	294.5M	-181.9M	224.4M	240.9M	516.2M	353.5M	-21.1M	585M

Edwards Lifesciences Corporation 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