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Edwards Lifesciences (EW) FY2025 results: revenue $6.1 billion, up 11.5% on the year

Edwards Lifesciences Corp. (EW) reported revenue of $6.1 billion for fiscal 2025, the year ended 31 December 2025, up 11.5% on the year before. Net income was $1.1 billion, down 74.3%, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$6.1 billion
+11.5% on the year
FY2018FY2025
Operating margin
20.8%
25.3% a year earlier
FY2018FY2025
Net income
$1.1 billion
-74.3% on the year
FY2018FY2025
Diluted EPS
$1.83
-73.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • TMTT sales grew over 40% in Q4: TMTT sales were $156 million in the quarter. Global adoption of PASCAL and EVOQUE contributed, and the company continues to expand centers and physician training.
  • SAPIEN M3 launch starts at ENCIRCLE sites: Edwards is initially opening sites that were previously in the ENCIRCLE pivotal trial. Management said physician focus and interest in the technology is growing.
Read the Q4 FY2025 earnings call summary

From this 10-K

Edwards Lifesciences makes repair and replacement technologies for the aortic, mitral, tricuspid and pulmonic heart valves, through both surgery and catheter-based therapies. The filing describes it as the leading global structural heart innovation company, in the field for over six decades since its founder, Miles Lowell Edwards, first dreamed of using engineering to address diseases of the human heart. Executive offices are in Irvine, California, and there were approximately 16,000 employees worldwide at the end of 2025, most of them in the United States, Singapore and Costa Rica. Products sell in approximately 100 countries. There are three product groups. The choice for a patient is surgery or a catheter: a surgeon may remove a faulty valve and replace it with a bioprosthetic tissue valve or reshape it with an annuloplasty ring, or a transcatheter valve or repair system can go in through a catheter, which needs no open-heart surgery and is done while the heart keeps beating.

Edwards Lifesciences Corp., the 10-K for 2025

Edwards Lifesciences makes repair and replacement technologies for the aortic, mitral, tricuspid and pulmonic heart valves, through both surgery and catheter-based therapies. The filing describes it as the leading global structural heart innovation company, in the field for over six decades since its founder, Miles Lowell Edwards, first dreamed of using engineering to address diseases of the human heart. Executive offices are in Irvine, California, and there were approximately 16,000 employees worldwide at the end of 2025, most of them in the United States, Singapore and Costa Rica. Products sell in approximately 100 countries. There are three product groups. The choice for a patient is surgery or a catheter: a surgeon may remove a faulty valve and replace it with a bioprosthetic tissue valve or reshape it with an annuloplasty ring, or a transcatheter valve or repair system can go in through a catheter, which needs no open-heart surgery and is done while the heart keeps beating.

Transcatheter aortic valve replacement

This is the bulk of the business, 74 percent of net sales in 2025 against 75 percent in 2024 and 77 percent in 2023. The SAPIEN family treats severe aortic stenosis, delivered while the heart is beating, and the filing states most such procedures happen without general anaesthesia. The valves were first commercialised in Europe in 2007, the United States in 2011 and Japan in 2013. The SAPIEN 3 platform was the first transcatheter heart valve to carry an indication for placing a second valve inside an existing one, for patients at high surgical risk. The company reports EARLY TAVR data from 2024 demonstrating the superiority of early intervention over clinical surveillance on that platform, and records over 15 years of trials involving more than 10,000 patients and 1.2 million patients treated. The SAPIEN 3 and Alterra systems also offer minimally invasive pulmonary valve replacement for congenital heart disease.

Transcatheter mitral and tricuspid therapies

This group was 9 percent of net sales in 2025, up from 7 percent in 2024 and 4 percent in 2023. Three systems are commercially available: PASCAL, in Europe, the United States and Japan, which treats mitral or tricuspid regurgitation by leaflet approximation; EVOQUE, in Europe and the United States, which replaces the native tricuspid valve and which the filing calls the world's first such therapy to win regulatory approval; and SAPIEN M3, also in Europe and the United States, a mitral replacement built on the SAPIEN valve.

Surgical structural heart

RESILIA is the company's own tissue technology, and the filing cites published clinical data showing over 99 percent freedom from structural valve deterioration through eight years. INSPIRIS RESILIA is the aortic valve, combining RESILIA tissue with VFit technology, and the filing calls it the leading aortic surgical valve in the world. KONECT RESILIA is an aortic valved conduit, described as the first pre-assembled, ready-to-implant tissue valved conduit for complex combined procedures, launched in Europe in 2025. MITRIS RESILIA is the mitral valve, available in the United States, Europe, Japan, China and elsewhere.

Who it sells to

Distribution runs through several direct sales forces plus independent distributors. In the United States substantially all products go through the direct force, and the United States was 58 percent of net sales in 2025. The other 42 percent came from outside it, of which 60 percent was Europe, 14 percent Japan and 26 percent the rest of the world, sold mostly through direct sales and consignment arrangements. No single customer reached 10 percent of net sales in 2025. Beyond physicians and nurses, customers include service line leaders, material managers, hospital administrators and ministries of health, and the company seeks approval as a qualified supplier to hospital group purchasing organisations. Field clinical specialists routinely attend procedures where the products are used, to guide their use.

Where it is made

TAVR, TMTT and surgical products are manufactured primarily in the United States, Singapore, Costa Rica and Ireland. Non-implantable products come from fabricated materials including resins, chemicals, electronics and metals; most replacement valves are made from natural animal tissue. Some supplies come from single sources, either because that is the only source or because of regulatory constraints. Bovine tissue for the pericardial tissue valve products comes only from the United States and Australia, and only from tissue types that global health and regulatory organisations consider to have shown no risk of infectibility.

From Edwards Lifesciences' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,0685,4405,010+11.5%
Cost of revenue1,3341,118978+19.4%
Gross profit4,7334,3224,032+9.5%
Gross margin78.0%79.5%80.5%
Research and development1,0791,053963+2.5%
Selling, general and administrative2,0851,7891,582+16.5%
Operating income1,2641,3791,309-8.3%
Operating margin20.8%25.3%26.1%
Interest expense20.419.817.6+3.0%
Pre-tax income1,2731,5481,372-17.8%
Income tax217152152+42.6%
Effective tax rate17.0%9.8%11.1%
Net income1,0744,1751,402-74.3%
Net margin17.7%76.7%28.0%
Diluted EPS$1.83$6.97$2.30-73.7%
$ million except per share.
Read moreFree 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.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,595542896+194.2%
Capital expenditure260252253+3.1%
Free cash flow1,335290643+360.5%
Free cash flow margin22.0%5.3%12.8%
Cash from investing-7132,313174
Cash from financing-957-983-711
Depreciation and amortisation157155145+0.9%
Share-based compensation158162139-2.6%
Buybacks8931,159880-22.9%
Diluted shares, weighted586m599m609m-2.3%
Shares outstanding at period end581m589m601m-1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity10,3389,9986,650+3.4%
Non-controlling interest0.064.569.4
Debt598598597+0.1%
Operating lease liabilities82.678.965.2+4.7%
Other liabilities2,6792,3161,982+15.7%
Total liabilities and equity13,69713,0559,363+4.9%
Fixed assets1,8121,6861,591+7.5%
Goodwill1,7691,7771,145-0.5%
Intangible assets1,1281,177399-4.1%
Investments1,5671,2391,084+26.5%
Cash and equivalents2,9383,0451,132-3.5%
Receivables660609772+8.3%
Inventory1,1261,087904+3.6%
Other assets2,6982,4362,336+10.7%
Total assets13,69713,0559,363+4.9%

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