BOSTON SCIENTIFIC CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BOSTON SCIENTIFIC CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,076	9,048	9,823	10,735	9,913	11,888	12,682	14,240	16,747	20,074
Cost of revenue	2,424	2,593	2,813	3,116	3,465	3,711	3,956	4,345	5,257	6,221
Gross profit	5,962	6,455	7,011	7,620	6,448	8,177	8,727	9,896	11,490	13,854
Research and development	920	997	1,113	1,174	1,143	1,204	1,323	1,414	1,615	2,052
Selling, general and administrative	3,099	3,294	3,569	3,941	3,787	4,359	4,520	5,190	5,984	6,887
Operating expenses	5,515	5,170	5,504	6,102	6,528	6,978	7,078	7,553	8,887	10,241
Operating income	447	1,285	1,506	1,518	-80	1,199	1,649	2,343	2,603	3,613
Interest expense	233	229	241	473	361	341	470	265	305	349
Other non-operating income	-270	-353	-85	-831	1	-123	-508	-358	-321	-228
Pre-tax income	177	933	1,422	687	-79	1,076	1,141	1,985	2,282	3,385
Income tax	-170	828	-249	-4,013	2	36	443	393	436	493
Net income to minority interests						0	0	-1	-8	-6
Net income	347	104	1,671	4,700	-115	985	642	1,570	1,853	2,898
EBITDA	1,262	2,129	2,400	2,529	1,043	2,292	2,785	3,539	3,872	4,981
EPS, basic	0.26	0.08	1.21	3.38	-0.08	0.69	0.45	1.08	1.26	1.96
EPS, diluted	0.25	0.08	1.19	3.33	-0.08	0.69	0.45	1.07	1.25	1.94
Shares, basic (weighted)	1,358	1,370	1,381	1,392	1,417	1,422	1,431	1,453	1,472	1,480
Shares, diluted (weighted)	1,377	1,393	1,401	1,411	1,417	1,434	1,440	1,464	1,486	1,495

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	196	188	146	217	1,734	1,925	928	865	414	1,965
Receivables	1,472	1,548	1,608	1,828	1,531	1,778	1,970	2,228	2,558	2,926
Inventory	955	1,078	1,166	1,579	1,351	1,610	1,867	2,484	2,810	2,943
Other current assets	240	942	921	880	751	799	731	621	831	660
Total current assets	3,239	3,822	4,003	4,699	6,694	6,317	5,760	6,514	6,920	8,794
Property, plant and equipment	1,630	1,697	1,782	2,079	2,084	2,252	2,446	2,859	3,294	4,036
Lease right-of-use assets		0	0	336	458	435	386	439	449	465
Goodwill	6,678	6,998	7,911	10,176	9,951	11,988	12,920	14,387	17,089	18,282
Intangible assets	5,883	5,837	6,372	7,886	5,917	6,121	5,902	6,003	6,684	7,019
Other non-current assets	666	688	845	1,529	1,921	1,410	1,500	1,531	1,754	1,185
Total assets	18,096	19,042	20,999	30,565	30,777	32,229	32,469	35,136	39,395	43,673
Accounts payable	447	530	349	542	513	794	862	942	960	1,144
Accrued liabilities	2,312	2,456	2,246	2,109	2,197	2,436	2,160	2,646	2,773	3,201
Deferred revenue			115	144	138	208	220	266	306	313
Short-term debt	64	1,801	2,253	1,416	13	261	20	531	1,778	299
Total current liabilities	3,587	5,654	5,260	4,866	3,681	4,274	3,803	4,933	6,399	5,439
Long-term debt	5,420	3,815	4,803	8,592	9,130	8,804	8,915	8,571	8,968	11,137
Lease liabilities			0	276	401	389	347	390	401	446
Other non-current liabilities	2,338	2,370	1,882	2,635	2,309	2,220	2,035	1,967	1,870	2,405
Total liabilities	11,363	12,030	12,273	16,688	15,451	15,607	14,896	15,606	17,392	19,201
Total debt	5,420	3,815	7,056	10,008	9,143	9,065	8,935	9,102	10,746	11,137
Paid-in capital	17,014	17,161	17,346	17,561	19,732	19,986	20,289	20,647	21,056	21,505
Retained earnings	-8,581	-8,390	-6,953	-2,253	-2,378	-1,392	-750	819	2,673	5,571
Treasury stock	-1,717	-1,717	-1,717	-1,717	-2,251	-2,251	-2,251	-2,251	-2,251	-2,251
Other comprehensive income	1	-59	33	270	207	263	269	49	275	-610
Shareholders' equity						16,622	17,573	19,282	21,770	24,233
Minority interests							0	248	233	239
Total equity	6,733	7,012	8,726	13,877	15,326	16,622	17,573	19,530	22,003	24,472
Total liabilities and equity	18,096	19,042	20,999	30,565	30,777	32,229	32,469	35,136	39,395	43,673
Shares outstanding	1,362	1,373	1,385	1,395

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	347	104	1,671	4,700	-82	1,041	698	1,592	1,846	2,892
Depreciation and amortization	815	844	894	1,011	1,123	1,093	1,136	1,196	1,269	1,368
Stock-based compensation	116	127	140	157	170	194	220	233	266	299
Deferred income tax	-343	244	-162	-4,288	-85	-142	-7	73	-90	-12
Change in receivables	-216	-30	-110	-130	335	-279	-220	-238	-351	-269
Change in inventory	40	-107	-83	-290	-65	-346	-321	-660	-228	-188
Change in payables	553	195	-640	79	-28	408	-255	118	243	296
Cash from operations	1,182	1,426	310	1,836	1,508	1,870	1,526	2,503	3,435	4,534
Capital expenditures	-376	-319	-316	-461	-376	-554	-588	-711	-790	-876
Acquisitions	-408	-560	-1,448	-4,382	-3	-2,258	-1,542	-1,811	-4,640	-1,593
Purchases of investments	-132	-131	-172	-149	-146
Cash from investing	-887	-1,010	-1,921	-5,041	-411	-1,597	-2,011	-2,574	-5,687	-2,640
Debt issued			987	7,229	1,683	0	3,270	0	2,145	1,558
Debt repaid	-250	-1,000	-602	-3,560	-1,260	0	-3,184	0	0
Stock issued	111	85	0	0	975	0	0
Share buybacks	0		0	0	-535	0	0
Dividends paid			0	0	-28	-55	-55	-28	0
Cash from financing	-206	110	1,432	2,973	293	-95	-548	5	1,814	-395
Exchange rate effect	-2	4	-8	10	-2	-6	-9	-4	-11	42
Net change in cash	-123	530	-188	-222	1,388	173	-1,042	-70	-450	1,541
Free cash flow	806	1,107	-6	1,375	1,132	1,316	938	1,792	2,645	3,658
Interest paid	233	235	262	449	359	338	450	259	250	319
Income taxes paid	94	42	1,037	242	207	302	662	512	656	561

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $43.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.9%	Gross profit / revenue.
Operating margin	19.8%	Operating income / revenue.
EBITDA margin	25.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.4%	Pre-tax income / revenue.
Net margin	17.5%	Net income / revenue.
FCF margin	17.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.6%	Cash from operations / revenue.
Effective tax rate	5.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.1%	Net income / average total assets.
Return on invested capital (ROIC)	11.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.3%	Research and development expense / revenue.
SG&A / revenue	34.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	38.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	29.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	28.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	36.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	56.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	65.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	55.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	62.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	32.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	43.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	38.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	57.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	26.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	10.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.24x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.1%	Total debt / total assets.
Liabilities / assets	44.3%	Total liabilities / total assets.
Net debt	$10.38B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.94x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	11.4x	Operating income / interest expense.
Working capital	$1.54B	Current assets - current liabilities.
Goodwill and intangibles / assets	56.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$628.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	5.09x	Revenue / average property, plant and equipment.
Inventory turnover	1.95x	Cost of revenue / average inventory.
Days inventory	187 days	365 x average inventory / cost of revenue.
Receivables turnover	6.89x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	71 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	169 days	Days inventory + days sales outstanding - days payables.
FCF conversion	98.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.49	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.24	Revenue / diluted weighted shares.
FCF per share	$2.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.07	Cash from operations / diluted weighted shares.
Book value per share	$16.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.43	Tangible book value / shares outstanding.
Cash per share	$0.37	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$63.65B	Share price x shares outstanding.
Enterprise value	$74.03B	Market cap + total debt - cash - short-term investments.
P/E	17.3x	Market cap / net income. Only when net income is positive.
P/S	3.03x	Market cap / revenue.
P/B	2.55x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.1x	Market cap / cash from operations, when positive.
EV/Sales	3.53x	Enterprise value / revenue.
EV/EBIT	17.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.7%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
PEG	0.28x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BOSTON SCIENTIFIC CORP's revenue in fiscal 2025?

BOSTON SCIENTIFIC CORP reported revenue of $20.07B for fiscal 2025, 19.9% higher than the year before.

Was BOSTON SCIENTIFIC CORP profitable in fiscal 2025?

Yes. Net income was $2.90B, a net margin of 14.4%.

How much free cash flow did BOSTON SCIENTIFIC CORP generate in fiscal 2025?

Cash from operations of $4.53B minus capital expenditures of $876.0M left free cash flow of $3.66B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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