Edwards Lifesciences (EW) Q4 FY2025 earnings: revenue $1.6 billion, up 13.3% on the year

Edwards Lifesciences Corp. (EW) reported revenue of $1.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.3% on the same quarter a year earlier. Net income was $91 million, down 76.3% on the year, and diluted earnings per share $0.16. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$1.6 billion

+13.3% on the year · +1.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

9.6%

22.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$91 million

-76.3% on the year · -68.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.16

-75.4% on the year · -68.0% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 kept.

Q4 sales grew 13.3% reported: Fourth-quarter sales were $1.57 billion, up 13.3% reported and 11.6% in constant currency. Full-year 2025 sales grew 11.5%, or 10.7% in constant currency.
Q4 EPS $0.11 GAAP, $0.58 adjusted: Diluted EPS from continuing operations was $0.11 for the quarter and adjusted EPS was $0.58. Full-year 2025 adjusted diluted EPS was $2.56 per the reconciliation tables.
TAVR sales grew 12.0% in Q4: TAVR sales were $1.16 billion, up 12.0% reported and 10.6% in constant currency. Full-year 2025 global TAVR sales were $4.5 billion, up 8.6% in constant currency.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,570	1,553	1,386	+1.1%	+13.3%
Cost of revenue	343	345	292	-0.6%	+17.4%
Gross profit	1,227	1,208	1,094	+1.5%	+12.2%
Gross margin	78.1%	77.8%	78.9%
Research and development	268	281	271	-4.6%	-1.3%
Selling, general and administrative	603	515	492	+17.2%	+22.6%
Operating income	151	307	313	-50.8%	-51.7%
Operating margin	9.6%	19.8%	22.6%
Pre-tax income	90.4	348	390	-74.1%	-76.8%
Income tax	26.2	56.1	45.1	-53.3%	-41.9%
Effective tax rate	29.0%	16.1%	11.6%
Net income	91.2	291	386	-68.7%	-76.3%
Net margin	5.8%	18.7%	27.8%
Diluted EPS	$0.16	$0.50	$0.65	-68.0%	-75.4%

$ million except per share.

Fourth quarters are the year less the first three 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	451	574	-128	-21.4%
Capital expenditure	97.4	57.5	49.8	+69.4%	+95.6%
Free cash flow	354	516	-177	-31.5%
Free cash flow margin	22.5%	33.2%	-12.8%
Cash from investing	-198	-428	-577
Cash from financing	-11.4	-740	28.6
Depreciation and amortisation	42.7	39.2	42.6	+8.9%	+0.2%
Share-based compensation	39.2	41.1	31.7	-4.6%	+23.7%
Buybacks	40.6	589	100	-93.1%	-59.4%
Diluted shares, weighted	582m	586m	n/a	-0.7%
Shares outstanding at period end	581m	581m	589m	0.0%	-1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	10,338	10,205	9,998	+1.3%	+3.4%
Non-controlling interest	0.0	0.0	64.5
Debt	598	598	598	+0.0%	+0.1%
Operating lease liabilities	82.6	75.3	78.9	+9.7%	+4.7%
Other liabilities	2,679	2,394	2,316	+11.9%	+15.7%
Total liabilities and equity	13,697	13,272	13,055	+3.2%	+4.9%
Fixed assets	1,812	1,743	1,686	+3.9%	+7.5%
Goodwill	1,769	1,768	1,777	+0.0%	-0.5%
Intangible assets	1,128	1,131	1,177	-0.2%	-4.1%
Investments	1,567	1,431	1,239	+9.5%	+26.5%
Cash and equivalents	2,938	2,686	3,045	+9.4%	-3.5%
Receivables	660	693	609	-4.9%	+8.3%
Inventory	1,126	1,141	1,087	-1.3%	+3.6%
Other assets	2,698	2,679	2,436	+0.7%	+10.7%
Total assets	13,697	13,272	13,055	+3.2%	+4.9%

Questions

What was Edwards Lifesciences' revenue in Q4 FY2025?

Edwards Lifesciences (EW) reported revenue of $1.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.3% on the same quarter a year earlier.

How much did Edwards Lifesciences earn in Q4 FY2025?

Net income for Q4 FY2025 was $91 million, down 76.3% on the year, and diluted earnings per share $0.16.

When did Edwards Lifesciences report Q4 FY2025 results?

Edwards Lifesciences filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,330	1,341	1,374	1,319	1,348	1,221	1,279	1,243	1,266	1,330	1,369	1,354	1,386	1,413	1,532	1,553	1,570	1,649	1,741	1,716
Cost of revenue	310	299	269	254	258	330	257	251	357	287	276	263	292	302	344	345	343	363	392	369
Gross profit	1,020	1,042	1,104	1,065	1,090	992	1,031	993	1,015	1,043	1,094	1,092	1,094	1,111	1,188	1,208	1,227	1,286	1,349	1,346
Gross margin	77%	78%	80%	81%	81%	81%	81%	80%	80%	78%	80%	81%	79%	79%	78%	78%	78%	78%	77%	78%
R&D	233	229	251	234	232	261	244	243	270	257	272	253	271	255	276	281	268	263	279	281
SG&A	424	370	409	377	411	436	410	382	480	428	448	421	492	466	502	515	603	522	561	561
Operating income	374	439	460	402	448	388	264	366	400	349	366	351	313	395	411	307	151	478	513	299
Operating margin	28%	33%	33%	31%	33%	32%	21%	29%	32%	26%	27%	26%	23%	28%	27%	20%	10%	29%	29%	17%
Pre-tax income	376	436	465	407	459	399	275	388	422	371	384	403	390	434	400	348	90.4	459	520	363
Tax rate	11%	14%	13%	16%	13%	15%	8%	14%	12%	12%	5%	10%	12%	16%	16%	16%	29%	17%	54%	17%
Net income	335	374	406	344	398	340	307	385	370	352	366	3,071	386	358	333	291	91.2	381	242	308
Net margin	25%	28%	30%	26%	30%	28%	24%	31%	29%	26%	27%	227%	28%	25%	22%	19%	6%	23%	14%	18%
Diluted EPS	$0.53	$0.59	$0.65	$0.55	$0.65	$0.56	$0.50	$0.63	$0.61	$0.58	$0.61	$5.13	$0.65	$0.61	$0.56	$0.50	$0.16	$0.66	$0.42	$0.53
Operating cash flow	374	293	332	310	283	314	33.6	412	137	-53.5	372	352	-128	280	290	574	451	43.8	652	570
Capital expenditure	89.8	72.7	43.1	59.9	68.9	61.5	47.9	55.3	88.3	65.3	85.4	51.9	49.8	56.0	49.3	57.5	97.4	64.9	66.9	63.6
Free cash flow	284	221	289	250	214	253	-14.3	356	48.3	-119	286	300	-177	224	241	516	354	-21.1	585	507
Buybacks	96.5	406	355	100	866	249	7.5	174	448	0.2	158	901	100	259	5.5	589	40.6	422	153	139
Shares outstanding	624m	621m	620m	619m	608m	606m	608m	606m	601m	602m	602m	590m	589m	586m	588m	581m	581m	577m	577m	576m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.