Edwards Lifesciences (EW)

NYSE Health Care Health Care Equipment S&P 500

$102.14

+1.32 (+1.31%)

Close of Nov 06, 2026 · end-of-day data

Source: Edwards Lifesciences's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$2.96B	$3.44B	$3.72B	$4.35B	$4.39B	$5.23B	$4.46B	$5.01B	$5.44B	$6.07B
Cost of revenue	$797.40M	$875.30M	$939.40M	$1.11B	$1.08B	$1.25B	$723.70M	$978.40M	$1.12B	$1.33B
Gross profit	$2.17B	$2.56B	$2.78B	$3.23B	$3.31B	$3.98B	$3.74B	$4.03B	$4.32B	$4.73B
Research & development	$442.20M	$552.60M	$622.20M	$752.70M	$760.70M	$903.10M	$843.60M	$962.90M	$1.05B	$1.08B
Selling, general & admin	$904.70M	$990.80M	$1.09B	$1.24B	$1.23B	$1.49B	$1.36B	$1.58B	$1.79B	$2.09B
Operating income	$751.20M	$1.09B	$748.20M	$1.15B	$897.60M	$1.69B	$1.50B	$1.31B	$1.38B	$1.26B
Interest expense	$19.20M	$23.20M	$29.90M	$20.70M	$15.80M	$18.40M	$19.20M	$17.60M	$19.80M	$20.40M
Pre-tax income	$737.90M	$1.03B	$761.40M	$1.17B	$916.70M	$1.70B	$1.52B	$1.37B	$1.55B	$1.27B
Income tax	$168.40M	$451.30M	$39.20M	$119.60M	$93.30M	$198.90M	$195.50M	$152.40M	$152.10M	$216.90M
Net income	$569.50M	$583.60M	$722.20M	$1.05B	$823.40M	$1.50B	$1.52B	$1.40B	$4.17B	$1.07B
EBITDA	$822.40M	$1.17B	$825.60M	$1.24B	$1.00B	$1.83B	$1.64B	$1.45B	$1.53B	$1.42B
EPS (basic)	$2.67	$2.77	$1.15	$1.68	$1.32	$2.41	$2.46	$2.31	$6.98	$1.84
EPS (diluted)	$2.61	$2.70	$1.13	$1.64	$1.30	$2.38	$2.44	$2.30	$6.97	$1.83
Diluted shares	217.80M	215.90M	640.90M	636.70M	631.90M	631.20M	624.20M	609.40M	599.30M	585.80M
Gross margin	73.1%	74.5%	74.8%	74.4%	75.4%	76.1%	83.8%	80.5%	79.5%	78.0%
Operating margin	25.3%	31.7%	20.1%	26.4%	20.5%	32.3%	33.6%	26.1%	25.3%	20.8%
Net margin	19.2%	17.0%	19.4%	24.1%	18.8%	28.7%	34.1%	28.0%	76.7%	17.7%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$930.10M	$818.30M	$714.10M	$1.18B	$1.18B	$862.80M	$769.00M	$1.13B	$3.05B	$2.94B
Short-term investments	$341.00M	$519.20M	$242.40M	$337.80M	$219.40M	$604.00M	$446.30M	$500.50M	$930.70M	$1.29B
Receivables	$365.50M	$438.70M	$456.90M	$543.60M	$514.60M	$582.20M	$643.00M	$771.50M	$609.10M	$659.60M
Inventory	$396.60M	$554.90M	$607.00M	$640.90M	$802.30M	$726.70M	$875.50M	$903.50M	$1.09B	$1.13B
Total current assets	$2.24B	$2.55B	$2.29B	$2.98B	$3.09B	$3.18B	$3.10B	$4.04B	$6.29B	$6.74B
Goodwill	$626.10M	$1.13B	$1.11B	$1.17B	$1.17B	$1.17B	$1.06B	$1.15B	$1.78B	$1.77B
Total assets	$4.51B	$5.67B	$5.32B	$6.49B	$7.24B	$8.50B	$8.29B	$9.36B	$13.06B	$13.70B
Total current liabilities	$532.50M	$1.42B	$876.60M	$902.40M	$893.90M	$1.03B	$1.02B	$1.20B	$1.51B	$1.81B
Short-term debt	$0	$598.00M	$0	—	—	—	—	—	—	—
Long-term debt	$822.30M	$438.40M	$593.80M	$594.40M	$595.00M	$595.70M	$596.30M	$597.00M	$597.70M	$598.30M
Total debt	$822.30M	$1.04B	$593.80M	$594.40M	$595.00M	$595.70M	$596.30M	$597.00M	$597.70M	$598.30M
Total liabilities	$1.89B	$2.71B	$2.18B	$2.34B	$2.66B	$2.67B	$2.49B	$2.64B	$2.99B	$3.36B
Shareholders' equity	$2.62B	$2.96B	$3.14B	$4.15B	$4.57B	$5.84B	$5.81B	$6.65B	$10.00B	$10.34B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$704.40M	$1.00B	$926.70M	$1.18B	$1.05B	$1.73B	$1.22B	$895.80M	$542.30M	$1.60B
Capital expenditures	$176.10M	$168.10M	$238.70M	$254.40M	$407.00M	$325.80M	$244.60M	$253.00M	$252.40M	$260.20M
Free cash flow	$528.30M	$832.60M	$688.00M	$928.50M	$647.30M	$1.41B	$973.60M	$642.80M	$289.90M	$1.33B
Investing cash flow	-$211.70M	-$647.20M	$76.70M	-$595.80M	-$531.10M	-$1.72B	$252.30M	$173.80M	$2.31B	-$712.90M
Financing cash flow	-$268.50M	-$473.20M	-$1.10B	-$115.60M	-$486.90M	-$356.30M	-$1.58B	-$711.00M	-$983.00M	-$956.80M
Share buybacks	$662.30M	$763.30M	$795.50M	$263.30M	$625.40M	$512.80M	$1.73B	$879.60M	$1.16B	$893.40M
Stock-based compensation	$56.90M	$61.60M	$71.00M	$81.30M	$92.60M	$109.30M	$126.80M	$139.40M	$162.30M	$158.10M
Depreciation & amortization	$71.20M	$81.90M	$77.40M	$89.30M	$107.20M	$134.80M	$139.60M	$144.90M	$155.20M	$156.60M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$1.27B	$1.33B	$1.37B	$1.35B	$1.39B	$1.41B	$1.53B	$1.55B	$1.57B	$1.65B	$1.74B	$1.72B
Cost of revenue	$251.00M	$286.90M	$275.50M	$262.90M	$292.20M	$301.60M	$344.40M	$345.20M	$343.00M	$362.60M	$392.40M	$369.20M
Gross profit	$1.02B	$1.04B	$1.09B	$1.09B	$1.09B	$1.11B	$1.19B	$1.21B	$1.23B	$1.29B	$1.35B	$1.35B
Research & development	$242.10M	$256.70M	$271.80M	$253.40M	$271.10M	$254.60M	$276.20M	$280.70M	$267.70M	$263.30M	$278.90M	$281.40M
Selling, general & admin	$416.60M	$428.40M	$447.50M	$421.40M	$491.90M	$465.70M	$502.00M	$514.60M	$602.90M	$522.20M	$561.20M	$560.90M
Operating income	$346.80M	$349.00M	$366.50M	$350.60M	$312.60M	$394.80M	$411.20M	$307.10M	$151.10M	$477.60M	$513.20M	$299.10M
Pre-tax income	$367.20M	$371.20M	$384.00M	$402.80M	$390.10M	$433.90M	$400.20M	$348.40M	$90.40M	$459.00M	$519.80M	$363.20M
Income tax	$34.10M	$46.30M	$20.00M	$40.70M	$45.10M	$70.30M	$64.30M	$56.10M	$26.20M	$78.30M	$278.40M	$61.80M
Net income	$369.90M	$351.90M	$366.30M	$3.07B	$385.60M	$358.00M	$333.20M	$291.10M	$91.20M	$380.70M	$241.90M	$307.50M
EBITDA	$383.50M	$387.50M	$406.10M	$385.10M	$355.20M	$431.40M	$449.30M	$346.30M	$193.80M	$518.50M	$555.90M	$344.00M
EPS (basic)	$0.61	$0.58	$0.61	$5.14	$0.65	$0.61	$0.57	$0.50	$0.16	$0.66	$0.42	$0.53
EPS (diluted)	$0.61	$0.58	$0.61	$5.13	$0.65	$0.61	$0.56	$0.50	$0.16	$0.66	$0.42	$0.53
Diluted shares	-800.00K	604.10M	604.30M	598.10M	-2.90M	587.80M	587.90M	585.70M	-1.40M	580.70M	577.60M	577.60M
Gross margin	80.2%	78.4%	79.9%	80.6%	78.9%	78.7%	77.5%	77.8%	78.1%	78.0%	77.5%	78.5%
Operating margin	27.4%	26.2%	26.8%	25.9%	22.6%	27.9%	26.8%	19.8%	9.6%	29.0%	29.5%	17.4%
Net margin	29.2%	26.5%	26.7%	226.7%	27.8%	25.3%	21.7%	18.7%	5.8%	23.1%	13.9%	17.9%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$1.13B	$1.22B	$1.64B	$3.68B	$3.05B	$3.14B	$3.27B	$2.69B	$2.94B	$2.45B	$2.91B	$3.11B
Short-term investments	$500.50M	$473.00M	$345.30M	$769.70M	$930.70M	$757.90M	$789.40M	$1.16B	$1.29B	$1.23B	$1.35B	$1.53B
Receivables	$771.50M	$817.60M	$778.30M	$716.00M	$609.10M	$669.20M	$697.00M	$693.30M	$659.60M	$775.70M	$770.40M	$784.90M
Inventory	$903.50M	$1.21B	$1.02B	$1.10B	$1.09B	$1.11B	$1.14B	$1.14B	$1.13B	$1.12B	$1.13B	$1.16B
Total current assets	$4.04B	$4.17B	$4.52B	$6.73B	$6.29B	$6.21B	$6.58B	$6.36B	$6.74B	$6.23B	$6.82B	$7.25B
Goodwill	$1.15B	$1.25B	$1.15B	$1.61B	$1.78B	$1.78B	$1.78B	$1.77B	$1.77B	$1.82B	$1.95B	$1.95B
Total assets	$9.36B	$9.74B	$10.10B	$12.97B	$13.06B	$13.02B	$13.49B	$13.27B	$13.70B	$13.32B	$13.87B	$14.14B
Total current liabilities	$1.20B	$1.11B	$1.22B	$1.94B	$1.51B	$1.39B	$1.40B	$1.59B	$1.81B	$1.41B	$1.51B	$1.58B
Long-term debt	$597.00M	$597.20M	$597.30M	$597.50M	$597.70M	$597.80M	$598.00M	$598.20M	$598.30M	$598.50M	$598.70M	$598.80M
Total debt	$597.00M	$597.20M	$597.30M	$597.50M	$597.70M	$597.80M	$598.00M	$598.20M	$598.30M	$598.50M	$598.70M	$598.80M
Total liabilities	$2.64B	$2.55B	$2.59B	$3.36B	$2.99B	$2.83B	$2.88B	$3.07B	$3.36B	$2.99B	$3.14B	$3.18B
Shareholders' equity	$6.65B	$7.12B	$7.44B	$9.55B	$10.00B	$10.13B	$10.55B	$10.21B	$10.34B	$10.33B	$10.62B	$10.86B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$136.60M	-$53.50M	$371.50M	$351.80M	-$127.50M	$280.40M	$290.20M	$573.70M	$450.90M	$43.80M	$651.90M	$570.30M
Capital expenditures	$88.30M	$65.30M	$85.40M	$51.90M	$49.80M	$56.00M	$49.30M	$57.50M	$97.40M	$64.90M	$66.90M	$63.60M
Free cash flow	$48.30M	-$118.80M	$286.10M	$299.90M	-$177.30M	$224.40M	$240.90M	$516.20M	$353.50M	-$21.10M	$585.00M	$506.70M
Investing cash flow	$14.10M	$63.10M	$124.80M	$2.70B	-$576.70M	$85.30M	-$172.10M	-$427.80M	-$198.30M	-$92.80M	-$193.20M	-$256.40M
Financing cash flow	-$413.20M	$61.70M	-$96.60M	-$976.70M	$28.60M	-$258.00M	$52.70M	-$740.10M	-$11.40M	-$451.20M	-$300.00K	-$100.80M
Share buybacks	$448.40M	$200.00K	$158.10M	$901.00M	$100.10M	$258.60M	$5.50M	$588.70M	$40.60M	$421.80M	$153.30M	$138.90M
Stock-based compensation	$30.50M	$44.60M	$43.90M	$42.10M	$31.70M	$40.20M	$37.50M	$41.20M	$39.20M	$45.40M	$42.20M	$46.00M
Depreciation & amortization	$36.70M	$38.50M	$39.60M	$34.50M	$42.60M	$36.60M	$38.10M	$39.20M	$42.70M	$40.90M	$42.70M	$44.90M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.