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Stocks / United States / BSX · Surgical & Medical Instruments & Apparatus · NYSE

Boston Scientific Corp. (BSX)

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Boston Scientific Corp. (BSX) reported revenue of $5.4 billion for Q2 FY2026, the quarter ended 30 June 2026, up 7.5% on the same quarter a year earlier. Net income was $907 million, up 13.8% on the year, and diluted earnings per share $0.61. The figures are the company's own, from the 10-Q it filed with the SEC on 3 August 2026.

Revenue$5.4 billionup 7.5%
Net income$907 millionup 13.8%
Diluted EPS$0.61
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE14.7%
ROCE11.6%
Operating margin19.8%
Net margin17.5%
FCF margin17.3%
Interest cover11.44
Debt to equity0.44
Cash conversion1.23
Share count, 1 year-2.2%
Sales CAGR, 3 years16.5%
Profit CAGR, 3 years65.3%
EPS, TTM$2.47

At the close of 21 September 2026

Price$43.72
Market cap$63.4 billion
Stock P/E17.70
Price to book2.54
EV / EBITDA13.25
Dividend yieldn/a
Market cap / sales3.02
52-week high$104.98
52-week low$42.63
Price, 1 year-55.3%
Price CAGR, 3 years-6.6%
Price CAGR, 5 years-0.3%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the one borrowings figure Boston Scientific Corp. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on BSX

Filings30 in twelve months: 18 current reports (8-K), about 5 other events; 4 results of operations; 4 officer or director change; 2 material agreement; 2 regulation fd disclosure
Planned insider sales6 Form 144 notices in twelve months, $28.0 million; latest 2 February 2026
Options tapeput/call 0.34 by open interest on 23 September 2026; the straddle prices a 3.0% move to 25 September 2026
Holders11 of the followed funds hold it; largest FMR LLC; 4 Schedule 13D or 13G filings in twelve months
Insider trading11 sales and 10 purchases on Form 4 in twelve months
Congress6 House trades disclosed in six months
Short interest48.2 million shares short, 2.29 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue3,5273,7253,8564,1204,2094,5624,6635,0615,0655,2855,2035,442
Cost of revenue1,1011,1461,2091,2701,3121,4661,4531,6371,5231,6081,5901,594
Gross profit2,4262,5792,6482,8502,8973,0953,2103,4243,5423,6783,6143,848
Gross margin69%69%69%69%69%68%69%68%70%70%69%71%
R&D356362366383407459443526514569516554
SG&A1,2421,3791,3641,4461,5621,6121,5971,7161,7411,8331,7811,803
Operating income6935846755207336759218191,0488251,1011,178
Operating margin20%16%18%13%17%15%20%16%21%16%21%22%
Interest expense66.064.069.077.079.080.082.090.087.090.090.096.0
Pre-tax income6105056084206695858059419397001,1621,060
Tax rate17%0%19%23%30%4%17%16%19%4%-15%15%
Net income5055044953244695656747977556721,341907
Net margin14%14%13%8%11%12%14%16%15%13%26%17%
Diluted EPS$0.34$0.34$0.33$0.22$0.32$0.38$0.45$0.53$0.51$0.45$0.90$0.61
Operating cash flow6989571648131,0021,4565411,2861,3431,3643481,474
Capital expenditure190267179155179277187157181351177195
Free cash flow508690-15.06588231,1793541,1291,1621,0131711,279
Dividends paid0.00.00.00.00.00.0n/an/an/an/an/an/a
Shares outstanding1,465m1,467m1,470m1,473m1,474m1,476m1,479m1,482m1,482m1,484m1,486m1,449m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015 FY2016 FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue7,4628,0689,0769,0489,82310,7359,91311,88812,68214,24016,74720,07420,995
Cost of revenue2,2102,1732,4242,5932,8133,1163,4653,7113,9564,3455,2576,2216,315
Gross profit5,1705,3045,9626,4557,0117,6206,4488,1778,7279,89611,49013,85414,682
Gross margin69.3%65.7%65.7%71.3%71.4%71.0%65.0%68.8%68.8%69.5%68.6%69.0%69.9%
Research and development8178769209971,1131,1741,1431,2041,3231,4141,6152,0522,153
Selling, general and administrative2,9022,8733,0993,2943,5693,9413,7874,3594,5205,1905,9846,8877,158
Operating income-301-2834471,2851,5061,518-80.01,1991,6492,3432,6033,6134,152
Operating margin-4.0%-3.5%4.9%14.2%15.3%14.1%-0.8%10.1%13.0%16.5%15.5%18.0%19.8%
Interest expense216284233229241473361341470265305349363
Pre-tax income-509-6501779331,422687-79.01,0761,1411,9852,2823,3853,861
Income tax-390-411-170828-249-4,0132.036.0443393436493193
Effective tax raten/an/a-96.0%88.7%-17.5%-584.1%n/a3.3%38.8%19.8%19.1%14.6%5.0%
Net income-119-2393471041,6714,700-1159856421,5701,8532,8983,675
Net margin-1.6%-3.0%3.8%1.1%17.0%43.8%-1.2%8.3%5.1%11.0%11.1%14.4%17.5%
Diluted EPS-$0.09-$0.18$0.25$0.08$1.19$3.33-$0.08$0.69$0.45$1.07$1.25$1.94$2.47
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015 FY2016 FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow1,2696911,1821,4263101,8361,5081,8701,5262,5033,4354,5344,529
Capital expenditure259247376319316461376554588711790876904
Free cash flow1,0104448061,107-6.01,3751,1321,3169381,7922,6453,6583,625
Free cash flow margin13.5%5.5%8.9%12.2%-0.1%12.8%11.4%11.1%7.4%12.6%15.8%18.2%17.3%
Depreciation and amortisation7257698158448941,0111,1231,0931,1361,1961,2691,3681,413
Share-based compensation103107116127140157170194220233266299320
Buybacks1250.00.0n/a0.00.05350.00.0n/an/an/an/a
Dividends paidn/an/an/an/a0.00.028.055.055.028.00.0n/an/a
Diluted shares, weighted1,324m1,341m1,377m1,393m1,401m1,411m1,417m1,434m1,440m1,464m1,486m1,494m1,475m
Shares outstanding at period end1,327m1,347m1,362m1,373m1,385m1,395mn/an/an/an/an/an/a1,449m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015 FY2016 FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Total assets17,04218,13318,09619,04220,99930,56530,77732,22932,46935,13639,39543,67345,216
Cash and equivalents5873191961881462171,7341,9259288654141,965539
Inventory9461,0169551,0781,1661,5791,3511,6101,8672,4842,8102,9433,235
Goodwill5,8986,4736,6786,9987,91110,1769,95111,98812,92014,38717,08918,28218,640
Long-term debt4,2005,6505,4203,815n/an/an/an/an/an/an/an/an/a
Long-term debt including finance leases3,8415,6745,4203,8154,8038,5929,1308,8048,9158,5718,96811,13710,915
Operating lease liabilitiesn/an/an/an/a0.0276401389347390401446n/a
Finance lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a122n/a
Shareholders' equity6,4576,3206,7337,0128,72613,87715,32616,62217,57319,28221,77024,23324,930
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded9.5%15.2%16.5%13.5%
Profit growth, compoundedn/an/a65.3%46.7%
Return on equity, average9.7%7.6%9.5%12.0%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Surgical & Medical Instruments & Apparatus

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Stryker Corp. SYK$105.2 billion28.4115.5%21.4%8.5%0.621.3%
3M Co. MMM$85.1 billion29.30101.5%18.4%2.3%3.691.8%
Boston Scientific Corp. BSX$63.4 billion17.7014.7%19.8%13.5%0.44n/a
Becton Dickinson & Co. BDX$49.2 billion54.593.9%9.6%-2.6%0.552.3%
Dexcom Inc. DXCM$33.7 billion35.3838.1%22.9%15.5%0.03n/a
Resmed Inc. RMD$32.3 billion21.4423.1%33.4%9.9%0.101.1%
West Pharmaceutical Services Inc. WST$25.5 billion46.3218.9%20.5%12.4%0.070.2%
Solventum Corp. SOLV$15.1 billion10.8529.9%25.0%-0.9%1.06n/a
Baxter International Inc. BAX$11.9 billionn/a-17.1%-2.4%5.4%1.542.3%
Insulet Corp. PODD$9.7 billion26.3726.4%16.9%29.4%0.65n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 20263 August 2026EDGAR
10-Q31 March 20261 May 2026EDGAR
10-K31 December 202517 February 2026EDGAR
10-Q30 September 20253 November 2025EDGAR
10-Q30 June 20251 August 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202418 February 2025EDGAR
10-Q30 September 20241 November 2024EDGAR
10-Q30 June 20241 August 2024EDGAR
10-Q31 March 20241 May 2024EDGAR

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