Edwards Lifesciences (EW) financial statements

Healthcare · Medical Devices · Market cap $49.5B

Edwards Lifesciences reported revenue of $6.1B in fiscal 2025, up 8.3% a year over 9 years.

Net income was $1.1B and the operating margin 20.8%, against 25.3% in 2016.

Free cash flow was $1.3B, and the company returned $893M in net buybacks.

The diluted share count fell 10% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

024682016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Edwards Lifesciences's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$3.0B$3.4B$3.7B$4.3B$4.4B$5.2B$4.5B$5.0B$5.4B$6.1B
Cost of revenue$797M$875M$939M$1.1B$1.1B$1.2B$724M$978M$1.1B$1.3B
Gross profit$2.2B$2.6B$2.8B$3.2B$3.3B$4.0B$3.7B$4.0B$4.3B$4.7B
Research and development$442M$553M$622M$753M$761M$903M$844M$963M$1.1B$1.1B
Selling, general and admin$905M$991M$1.1B$1.2B$1.2B$1.5B$1.4B$1.6B$1.8B$2.1B
Operating income$751M$1.1B$748M$1.1B$898M$1.7B$1.5B$1.3B$1.4B$1.3B
Interest expense$19M$23M$30M$21M$16M$18M$19M$18M$20M$20M
Pre-tax income$738M$1.0B$761M$1.2B$917M$1.7B$1.5B$1.4B$1.5B$1.3B
Income tax$168M$451M$39M$120M$93M$199M$196M$152M$152M$217M
Net income$570M$584M$722M$1.0B$823M$1.5B$1.5B$1.4B$4.2B$1.1B
EPS (diluted)$0.87$0.90$1.13$1.64$1.30$2.38$2.44$2.30$6.97$1.83
Diluted shares653M648M641M637M632M631M624M609M599M586M
Gross margin73.1%74.5%74.8%74.4%75.4%76.1%83.8%80.5%79.5%78.0%
Operating margin25.3%31.7%20.1%26.4%20.5%32.3%33.6%26.1%25.3%20.8%
Net margin19.2%17.0%19.4%24.1%18.8%28.7%34.1%28.0%76.7%17.7%

Balance sheet

Fiscal years, from Edwards Lifesciences's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$1.3B$1.3B$956M$1.5B$1.4B$1.5B$1.2B$1.6B$4.0B$4.2B
Receivables$366M$439M$457M$544M$515M$582M$643M$772M$609M$660M
Inventory$397M$555M$607M$641M$802M$727M$876M$904M$1.1B$1.1B
Total current assets$2.2B$2.5B$2.3B$3.0B$3.1B$3.2B$3.1B$4.0B$6.3B$6.7B
Property, plant and equipment$580M$680M$868M$1.1B$1.4B$1.5B$1.6B$1.6B$1.7B$1.8B
Goodwill$626M$1.1B$1.1B$1.2B$1.2B$1.2B$1.1B$1.1B$1.8B$1.8B
Total assets$4.5B$5.7B$5.3B$6.5B$7.2B$8.5B$8.3B$9.4B$13.1B$13.7B
Total current liabilities$532M$1.4B$877M$902M$894M$1.0B$1.0B$1.2B$1.5B$1.8B
Long-term debt$822M$438M$594M$594M$595M$596M$596M$597M$598M$598M
Total liabilities$1.9B$2.7B$2.2B$2.3B$2.7B$2.7B$2.5B$2.6B$3.0B$3.4B
Shareholders' equity$2.6B$3.0B$3.1B$4.1B$4.6B$5.8B$5.8B$6.7B$10.0B$10.3B
Net debt-$108M$218M-$120M-$585M-$588M-$267M-$173M-$535M-$2.4B-$2.3B

Cash flow

Fiscal years, from Edwards Lifesciences's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$704M$1.0B$927M$1.2B$1.1B$1.7B$1.2B$896M$542M$1.6B
Capital spending$176M$168M$239M$254M$407M$326M$245M$253M$252M$260M
Free cash flow$528M$833M$688M$928M$647M$1.4B$974M$643M$290M$1.3B
Stock-based compensation$57M$62M$71M$81M$93M$109M$127M$139M$162M$158M
Share buybacks (net)-$662M-$763M-$796M-$263M-$625M-$513M-$1.7B-$880M-$1.2B-$893M
Net borrowing$254M$995M$688M$19M$16M$5M$0$0——
Free cash flow margin17.8%24.2%18.5%21.4%14.8%26.9%21.8%12.8%5.3%22.0%
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Questions

What was Edwards Lifesciences's revenue in 2025?

$6.1B in fiscal 2025, from its 10-K filing.

How much free cash flow does Edwards Lifesciences generate?

$1.3B in fiscal 2025 (operating cash flow minus capital spending).

From Edwards Lifesciences's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.