Company financials

Edwards Lifesciences

Health Care Health Care Equipment Irvine, California Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$6.1B
                    3y CAGR +10.8%
                    
                    P78
                    
                    +11.5%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +17.7%
                    
                    P72
                    
                    -74.3%
                    
                    Total assets
                    FY2025
                
$13.7B
                    ROA +7.8%
                    
                    P67
                    
                    +4.9%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    FCF margin +22.0%
                    
                    P80
                    
                    +194.2%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $13.7B

Total liabilities $3.4B

Shareholders equity $10.3B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$2.9B -3.5%	$3.0B 166.2%	$1.1B 48.8%	$769.0M -10.9%	$862.8M
Short Term Investments	$1.3B 38.4%	$930.7M 86.0%	$500.5M 12.1%	$446.3M -26.1%	$604.0M
Accounts Receivable	$659.6M 8.3%	$609.1M -21.4%	$775.1M 20.5%	$643.0M 10.4%	$582.2M
Inventory	$1.1B 3.6%	$1.1B -7.0%	$1.2B 33.4%	$875.5M 20.5%	$726.7M
Prepaid Expenses	$135.0M 11.6%	$121.0M -17.6%	$146.8M 33.5%	$110.0M 29.1%	$85.2M
Other Current Assets	$339.3M -2.4%	$347.6M 45.3%	$239.3M 22.2%	$195.9M -17.4%	$237.1M
Total Current Assets	$6.7B 7.2%	$6.3B 55.7%	$4.0B 30.4%	$3.1B -2.7%	$3.2B
Property,Plant and Equipment	$1.8B 7.5%	$1.7B -3.6%	$1.7B 7.1%	$1.6B 5.6%	$1.5B
Operating Lease Assets	$102.7M 4.6%	$98.2M 4.5%	$94.0M 1.8%	$92.3M 0.2%	$92.1M
Goodwill	$1.8B -0.5%	$1.8B 55.2%	$1.1B -1.6%	$1.2B -0.3%	$1.2B
Intangible Assets	$1.1B -4.1%	$1.2B 174.6%	$428.4M 50.2%	$285.2M -11.9%	$323.6M
Long Term Investments	$278.6M -9.5%	$307.9M -47.3%	$583.9M -52.9%	$1.2B -32.5%	$1.8B
Deferred Tax Assets	$1.1B 14.7%	$992.1M 31.5%	$754.6M 55.9%	$484.0M 96.2%	$246.7M
Other Noncurrent Assets	$730.2M 1.2%	$721.6M 55.6%	$463.7M 55.0%	$299.1M 169.9%	$110.8M
Total Assets	$13.7B 4.9%	$13.1B 39.4%	$9.4B 12.9%	$8.3B -2.5%	$8.5B
Liabilities
Accounts Payable	$227.5M 15.2%	$197.4M -2.0%	$201.4M -0.2%	$201.9M -1.3%	$204.5M
Accrued Liabilities	$122.6M 27.2%	$96.4M 7.3%	$89.8M 11.4%	$80.6M -8.0%	$87.6M
Operating Lease Liabilities	$24.5M 4.7%	$23.4M -6.0%	$24.9M -2.4%	$25.5M 0.0%	$25.5M
Other Current Liabilities	$25.3M 204.8%	$8.3M -67.1%	$25.2M 21.7%	$20.7M 430.8%	$3.9M
Total Current Liabilities	$1.8B 20.5%	$1.5B 25.9%	$1.2B 16.9%	$1.0B -1.0%	$1.0B
Long Term Debt	$598.3M 0.1%	$597.7M 0.1%	$597.0M 0.1%	$596.3M 0.1%	$595.7M
Operating Lease Liabilities Noncurrent	$82.6M 4.7%	$78.9M 8.1%	$73.0M 5.0%	$69.5M 0.6%	$69.1M
Other Noncurrent Liabilities	$362.3M 1.3%	$357.5M 35.3%	$264.3M 21.5%	$217.5M -18.6%	$267.3M
Total Liabilities	$3.4B 12.3%	$3.0B 13.2%	$2.6B 6.4%	$2.5B -6.8%	$2.7B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$658.7M 0.6%	$654.8M 0.7%	$650.5M 0.6%	$646.3M 0.7%	$642.0M
Additional Paid In Capital	$2.8B 5.9%	$2.6B 14.9%	$2.3B 15.5%	$2.0B 15.8%	$1.7B
Retained Earnings	$14.2B 8.2%	$13.2B 46.4%	$9.0B 18.5%	$7.6B 25.1%	$6.1B
Treasury Stock	$7.1B 14.5%	$6.2B 23.2%	$5.0B 21.2%	$4.1B 71.5%	$2.4B
Accumulated Other Comprehensive Income	$-238.3M 2.5%	$-244.5M -0.7%	$-242.8M 4.7%	$-254.9M -61.6%	$-157.7M
Total Stockholders Equity	$10.3B 3.4%	$10.0B 50.4%	$6.7B 14.5%	$5.8B -0.5%	$5.8B
Total Liabilitiesand Equity	$13.7B 4.9%	$13.1B 39.4%	$9.4B 12.9%	$8.3B -2.5%	$8.5B

Income Statement

Revenue, expense, and profitability

20 accounts · 5 years

Revenue $6.1B

Operating income $1.3B

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$6.1B 11.5%	$5.4B 8.6%	$5.0B 12.2%	$4.5B -14.7%	$5.2B
Expenses Cost of Revenue	$1.3B 19.4%	$1.1B 14.2%	$978.4M 35.2%	$723.7M -42.1%	$1.2B
Expenses Research and Development	$1.1B 2.5%	$1.1B 9.4%	$962.9M 14.1%	$843.6M -6.6%	$903.1M
Expenses Selling,General and Administrative	$2.1B 16.5%	$1.8B 13.1%	$1.6B 16.6%	$1.4B -9.1%	$1.5B
Expenses Depreciation and Amortization	$156.6M 0.9%	$155.2M 7.1%	$144.9M 3.8%	$139.6M 3.6%	$134.8M
Expenses Share Based Compensation	$158.1M -2.6%	$162.3M 16.4%	$139.4M 9.9%	$126.8M 16.0%	$109.3M
Expenses Restructuring and Asset Impairment	$13.1M -60.2%	$32.9M	—	—	—
Other Income Expense Gross Profit	$4.7B 9.5%	$4.3B 7.2%	$4.0B 7.8%	$3.7B -6.1%	$4.0B
Other Income Expense Operating Income	$1.3B -8.3%	$1.4B 5.3%	$1.3B -12.6%	$1.5B -11.4%	$1.7B
Other Income Expense Interest Income	$168.8M 40.3%	$120.3M 79.0%	$67.2M 89.3%	$35.5M 104.0%	$17.4M
Other Income Expense Interest Expense	$20.4M 3.0%	$19.8M 12.5%	$17.6M -8.3%	$19.2M 4.3%	$18.4M
Other Income Expense Other Income/expense	$7.2M -89.6%	$68.9M 395.7%	$13.9M 189.6%	$4.8M -62.2%	$12.7M
Other Income Expense Income Before Tax	$1.3B -17.8%	$1.5B 12.8%	$1.4B -9.7%	$1.5B -10.7%	$1.7B
Income Tax Income Tax Expense	$216.9M 42.6%	$152.1M -0.2%	$152.4M -22.0%	$195.5M -1.7%	$198.9M
net Income net Income	$1.1B -74.3%	$4.2B 197.7%	$1.4B -7.9%	$1.5B 1.3%	$1.5B
net Income Comprehensive Income	$1.1B -74.1%	$4.2B 195.0%	$1.4B -0.7%	$1.4B -5.4%	$1.5B
Earnings Per Share Basic Eps	$2 -73.6%	$7 202.2%	$2 -6.1%	$2 2.1%	$2
Earnings Per Share Diluted Eps	$2 -73.7%	$7 203.0%	$2 -5.7%	$2 2.5%	$2
Earnings Per Share Weighted Average Shares Basic	$584.8M -2.2%	$597.7M -1.5%	$606.7M -2.0%	$619.0M -0.7%	$623.3M
Earnings Per Share Weighted Average Shares Diluted	$585.8M -2.3%	$599.3M -1.7%	$609.4M -2.4%	$624.2M -1.1%	$631.2M

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $1.6B

Investing cash flow $-712.9M

Financing cash flow $-956.8M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.1B -74.3%	$4.2B 197.7%	$1.4B -7.9%	$1.5B 1.3%	$1.5B
Operating Activities Depreciation and Amortization	$148.2M 7.7%	$137.6M 14.8%	$119.9M 4.7%	$114.5M -9.8%	$127.0M
Operating Activities Stock Based Compensation	$158.1M -2.6%	$162.3M 16.4%	$139.4M 9.9%	$126.8M 16.0%	$109.3M
Operating Activities Deferred Income Taxes	$-65.8M 59.6%	$-162.8M 32.8%	$-242.4M 7.4%	$-261.7M -494.8%	$-44.0M
Operating Activities Changes In Operating Assets and Liabilities	$-27.0M -111.6%	$233.4M -37.1%	$370.8M 73.8%	$213.3M 892.9%	$-26.9M
Operating Activities net Cash From Operating Activities	$1.6B 194.2%	$542.3M -39.5%	$895.8M -26.5%	$1.2B -29.7%	$1.7B
Investing Activities Capital Expenditures	$260.2M 3.1%	$252.4M -0.2%	$253.0M 3.4%	$244.6M -24.9%	$325.8M
Investing Activities Purchases of Investments	$3.1B 243.6%	$899.9M 9789.0%	$9.1M -97.1%	$315.8M -80.6%	$1.6B
Investing Activities Proceeds From Sale of Investments	$2.8B 252.0%	$800.1M 29.5%	$617.9M -34.2%	$939.6M 140.2%	$391.2M
Investing Activities Other Investing Activities	$7.4M -41.3%	$12.6M 481.8%	$-3.3M -111.5%	$28.8M -35.1%	$44.4M
Investing Activities net Cash From Investing Activities	$-712.9M -130.8%	$2.3B 1230.8%	$173.8M -31.1%	$252.3M 114.6%	$-1.7B
Financing Activities Repurchase of Common Stock	$893.4M -22.9%	$1.2B 31.8%	$879.6M -49.1%	$1.7B 236.8%	$512.8M
Financing Activities Proceeds From Stock Issuance	$89.2M -1.5%	$90.6M 8.6%	$83.4M 28.7%	$64.8M -21.2%	$82.2M
Financing Activities Other Financing Activities	$-3.8M -22.6%	$-3.1M -138.5%	$-1.3M 65.8%	$-3.8M -1166.7%	$-300.0K
Financing Activities net Cash From Financing Activities	$-956.8M 2.7%	$-983.0M -38.3%	$-711.0M 55.1%	$-1.6B -344.7%	$-356.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$-44.8M -216.1%	$38.6M 129.8%	$16.8M -12.5%	$19.2M 38.1%	$13.9M
Cash Reconciliation net Change In Cash	$-119.3M -106.2%	$1.9B 409.0%	$375.4M 496.0%	$-94.8M 71.5%	$-332.8M
Cash Reconciliation Cash At Beginning of Period	$2.9B -3.9%	$3.1B 166.4%	$1.1B 48.6%	$772.6M -10.9%	$867.4M
Cash Reconciliation Cash At End of Period	$2.9B -3.9%	$3.1B 166.4%	$1.1B 48.6%	$772.6M -10.9%	$867.4M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+78.0%	+79.5%	+80.5%	+83.8%	+76.1%
Operating margin	+20.8%	+25.3%	+26.1%	+33.6%	+32.3%
Net margin	+17.7%	+76.7%	+28.0%	+34.1%	+28.7%
FCF margin	+22.0%	+5.3%	+12.8%	+21.8%	+26.9%
Growth
Revenue CAGR (3y)	+10.8%	+1.3%	+4.5%	+0.9%	+12.0%
Returns
ROE	+10.4%	+41.8%	+21.1%	+26.2%	+25.8%
ROA	+7.8%	+32.0%	+15.0%	+18.4%	+17.7%
ROIC	+13.1%	+16.5%	+19.1%	+23.2%	+26.8%
Liquidity
Current ratio	3.72x	4.18x	3.38x	3.03x	3.08x
Quick ratio	1.98x	2.43x	1.61x	1.38x	1.40x
Leverage
D/E	0.32x	0.30x	0.40x	0.43x	0.46x
Interest coverage	61.97x	69.63x	74.37x	78.04x	91.86x
Efficiency
Asset turnover	0.44x	0.42x	0.54x	0.54x	0.62x
Cash conversion cycle	+286d	+331d	+417d	+392d	+193d

Valuation

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FY2025 fundamentals · no price

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Edwards Lifesciences

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