Boston Scientific (BSX) financial statements
Boston Scientific reported revenue of $20.1B in fiscal 2025, up 10.2% a year over 9 years.
Net income was $2.9B and the operating margin 18.0%, against 5.3% in 2016.
Free cash flow was $3.7B.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Boston Scientific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.4B | $9.0B | $9.8B | $10.7B | $9.9B | $11.9B | $12.7B | $14.2B | $16.7B | $20.1B |
| Cost of revenue | $2.4B | $2.6B | $2.8B | $3.1B | $3.5B | $3.7B | $4.0B | $4.3B | $5.3B | $6.2B |
| Gross profit | $6.0B | $6.5B | $7.0B | $7.6B | $6.4B | $8.2B | $8.7B | $9.9B | $11.5B | $13.9B |
| Research and development | $920M | $997M | $1.1B | $1.2B | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B | $2.1B |
| Selling, general and admin | $3.1B | $3.3B | $3.6B | $3.9B | $3.8B | $4.4B | $4.5B | $5.2B | $6.0B | $6.9B |
| Operating income | $447M | $1.3B | $1.5B | $1.5B | -$80M | $1.2B | $1.6B | $2.3B | $2.6B | $3.6B |
| Interest expense | $233M | $229M | $241M | $473M | $361M | $341M | $470M | $265M | $305M | $349M |
| Pre-tax income | $177M | $933M | $1.4B | $687M | -$79M | $1.1B | $1.1B | $2.0B | $2.3B | $3.4B |
| Income tax | -$170M | $828M | -$249M | -$4.0B | $2M | $36M | $443M | $393M | $436M | $493M |
| Net income | $347M | $104M | $1.7B | $4.7B | -$115M | $985M | $642M | $1.6B | $1.9B | $2.9B |
| EPS (diluted) | $0.25 | $0.08 | $1.19 | $3.33 | -$0.08 | $0.69 | $0.45 | $1.07 | $1.25 | $1.94 |
| Diluted shares | 1.38B | 1.39B | 1.40B | 1.41B | 1.42B | 1.43B | 1.44B | 1.46B | 1.49B | 1.49B |
| Gross margin | 71.1% | 71.3% | 71.4% | 71.0% | 65.0% | 68.8% | 68.8% | 69.5% | 68.6% | 69.0% |
| Operating margin | 5.3% | 14.2% | 15.3% | 14.1% | -0.8% | 10.1% | 13.0% | 16.5% | 15.5% | 18.0% |
| Net margin | 4.1% | 1.1% | 17.0% | 43.8% | -1.2% | 8.3% | 5.1% | 11.0% | 11.1% | 14.4% |
Balance sheet
Fiscal years, from Boston Scientific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $196M | $188M | $146M | $217M | $1.7B | $1.9B | $928M | $865M | $414M | $2.0B |
| 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 | $4.0B | $4.7B | $6.7B | $6.3B | $5.8B | $6.5B | $6.9B | $8.8B |
| Property, plant and equipment | $1.6B | $1.7B | $1.8B | $2.1B | $2.1B | $2.3B | $2.4B | $2.9B | $3.3B | $4.0B |
| Goodwill | $6.7B | $7.0B | $7.9B | $10.2B | $10.0B | $12.0B | $12.9B | $14.4B | $17.1B | $18.3B |
| Total assets | $18.1B | $19.0B | $21.0B | $30.6B | $30.8B | $32.2B | $32.5B | $35.1B | $39.4B | $43.7B |
| 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 | $8.6B | $9.1B | $8.8B | $8.9B | $8.6B | $9.0B | $11.1B |
| Total liabilities | $11.4B | $12.0B | $12.3B | $16.7B | $15.5B | $15.6B | $14.9B | $15.6B | $17.4B | $19.2B |
| Shareholders' equity | $6.7B | $7.0B | $8.7B | $13.9B | $15.3B | $16.6B | $17.6B | $19.3B | $21.8B | $24.2B |
| Net debt | $5.3B | $5.4B | $6.9B | $9.8B | $7.4B | $7.1B | $8.0B | $8.2B | $10.3B | $9.5B |
Cash flow
Fiscal years, from Boston Scientific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.4B | $310M | $1.8B | $1.5B | $1.9B | $1.5B | $2.5B | $3.4B | $4.5B |
| Capital spending | $376M | $319M | $316M | $461M | $376M | $554M | $588M | $711M | $790M | $876M |
| Free cash flow | $806M | $1.1B | -$6M | $1.4B | $1.1B | $1.3B | $938M | $1.8B | $2.6B | $3.7B |
| Stock-based compensation | $116M | $127M | $140M | $157M | $170M | $194M | $220M | $233M | $266M | $299M |
| Dividends paid | — | — | $0 | $0 | $28M | $55M | $55M | $28M | $0 | — |
| Share buybacks (net) | $0 | — | $0 | $0 | -$535M | $0 | $0 | — | — | — |
| Net borrowing | -$250M | $183M | -$581M | -$4.1B | -$714M | $0 | -$1M | -$4M | $187M | -$196M |
| Free cash flow margin | 9.6% | 12.2% | -0.1% | 12.8% | 11.4% | 11.1% | 7.4% | 12.6% | 15.8% | 18.2% |
| Dividends per share | — | — | — | — | $0.02 | $0.04 | $0.04 | $0.02 | — | — |
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Open BSX in InvestinglyQuestions
What was Boston Scientific's revenue in 2025?
$20.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Boston Scientific generate?
$3.7B in fiscal 2025 (operating cash flow minus capital spending).
From Boston Scientific's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.