Edwards Lifesciences Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Edwards Lifesciences 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	2,964	3,435	3,723	4,348	4,386	5,233	4,464	5,010	5,440	6,068
Cost of revenue	797	875	939	1,114	1,081	1,249	724	978	1,118	1,334
Gross profit	2,166	2,560	2,783	3,234	3,306	3,984	3,740	4,032	4,322	4,733
Research and development	442	553	622	753	761	903	844	963	1,053	1,079
Selling, general and administrative	905	991	1,089	1,242	1,228	1,494	1,358	1,583	1,789	2,085
Operating income	751	1,089	748	1,147	898	1,690	1,498	1,309	1,379	1,264
Interest expense	19.2	23.2	29.9	20.7	15.8	18.4	19.2	17.6	19.8	20.4
Interest income	10.8	20.3	32	32.2	23.4	17.4	35.5	67.2	120	169
Other non-operating income	-4.9	-1.4	4	8.2	11.5	12.7	21.1	63.5	169	8.7
Pre-tax income	738	1,035	761	1,167	917	1,702	1,520	1,372	1,548	1,273
Income tax	168	451	39.2	120	93.3	199	196	152	152	217
Income from continuing operations							1,324	1,223	1,401	1,060
Net income to minority interests						0	0	-3	-4.9	-4.1
Net income	570	584	722	1,047	823	1,503	1,522	1,402	4,175	1,074
EBITDA	822	1,171	826	1,236	1,005	1,825	1,638	1,454	1,534	1,421
EPS, basic	0.89	0.93	1.15	1.68	1.32	2.41	2.46	2.31	6.98	1.84
EPS, diluted	0.87	0.90	1.13	1.64	1.30	2.38	2.44	2.30	6.97	1.83
Shares, basic (weighted)	637	631	628	625	623	623	619	607	598	585
Shares, diluted (weighted)	651	646	641	637	632	631	624	609	599	586

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	930	818	714	1,179	1,183	863	769	1,132	3,045	2,938
Short-term investments	341	519	242	338	219	604	446	501	931	1,288
Receivables	366	439	457	544	515	582	643	772	609	660
Inventory	397	555	607	641	802	727	876	904	1,087	1,126
Other current assets	112	117	132	168	208	237	196	225	348	339
Total current assets	2,240	2,549	2,287	2,984	3,091	3,181	3,096	4,036	6,285	6,739
Property, plant and equipment	580	680	868	1,060	1,395	1,547	1,633	1,591	1,686	1,812
Lease right-of-use assets				80.1	94.2	92.1	92.3	84.4	98.2	103
Goodwill	626	1,127	1,112	1,168	1,173	1,168	1,065	1,145	1,777	1,769
Intangible assets	205	468	343	337	331	324	285	399	1,177	1,128
Long-term investments	532	567	506	586	802	1,834	1,239	584	308	279
Other non-current assets	123	109	33.6	102	120	111	299	463	722	730
Total assets	4,510	5,666	5,324	6,488	7,237	8,503	8,293	9,363	13,055	13,697
Accounts payable	97.1	117	134	180	197	205	202	187	197	228
Accrued liabilities	216	249	226	296	237	320	269	316	359	468
Short-term debt	0	598	0
Total current liabilities	533	1,420	877	902	894	1,032	1,022	1,195	1,505	1,814
Long-term debt	822	438	594	594	595	596	596	597	598	598
Lease liabilities				58.9	72.7	69.1	69.5	65.2	78.9	82.6
Other non-current liabilities	115	147	150	203	252	267	218	251	373	362
Total liabilities	1,891	2,710	2,183	2,340	2,663	2,667	2,486	2,644	2,992	3,360
Total debt	822	1,036	594	594	595	596	596	597	598	598
Paid-in capital	1,168	1,167	1,384	1,623	1,438	1,700	1,969	2,274	2,613	2,768
Retained earnings	3,906	1,962	2,695	3,742	4,565	6,068	7,590	8,992	13,167	14,241
Treasury stock	-2,499	-252	-1,015	-1,279	-1,904	-2,417	-4,144	-5,025	-6,192	-7,092
Other comprehensive income	-198	-133	-139	-156	-161	-158	-255	-243	-245	-238
Shareholders' equity	2,619	2,956	3,140	4,148	4,574	5,836	5,807	6,650	9,998	10,338
Minority interests							0	69.4	64.5	0
Total equity	2,619	2,956	3,140	4,148	4,574	5,836	5,807	6,719	10,063	10,338
Total liabilities and equity	4,510	5,666	5,324	6,488	7,237	8,503	8,293	9,363	13,055	13,697
Shares outstanding	633	627	208	209	624	624	608	601	589	581

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	570	584	722	1,047	823	1,503	1,522	1,399	4,170	1,069
Depreciation and amortization	71.2	81.9	77.4	89.3	107	135	140	145	155	157
Stock-based compensation	56.9	61.6	71	81.3	92.6	109	127	139	162	158
Deferred income tax	-24.5	27.1	-21.2	10.5	-52.2	-44	-262	-242	-163	-65.8
Change in inventory	-65.6	-124	-65.7	-105	-121	19	-213	-289	-256	50.7
Change in payables	77.7	93.8	12.5	117	-84.5	195	-21.4	146	89.5	395
Cash from operations	704	1,001	927	1,183	1,054	1,732	1,218	896	542	1,595
Capital expenditures	-176	-168	-239	-254	-407	-326	-245	-253	-252	-260
Acquisitions	0	-193	0	-100	0	0
Purchases of investments	-470	-530	-249	-438	-690	-1,629	-316	-9.1	-900	-3,092
Cash from investing	-212	-647	76.7	-596	-531	-1,723	252	174	2,313	-713
Debt issued	254	995	688	18.9	16.2	5.2	0	0
Stock issued	73.1	77.6	104	110	79.2	82.2	64.8	83.4	90.6	89.2
Share buybacks	-662	-763	-796	-263	-625	-513	-1,727	-880	-1,159	-893
Cash from financing	-269	-473	-1,101	-116	-487	-356	-1,585	-711	-983	-957
Exchange rate effect	-12.5	7.9	-6.5	-3	-20.5	13.9	19.2	16.8	38.6	-44.8
Net change in cash	212	-112	-104	469	15.8	-333	-94.8	375	1,911	-119
Free cash flow	528	833	688	929	647	1,406	974	643	290	1,335
Interest paid	16.1	19.9	30.1	19.9	19.9	20.2	19.3	19.9	19.6	20.2
Income taxes paid	99.9	144	224	61.5	198	183	504	470	1,196	490

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 $86.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.8%	Gross profit / revenue.
Operating margin	22.3%	Operating income / revenue.
EBITDA margin	24.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.8%	Pre-tax income / revenue.
Net margin	15.4%	Net income / revenue.
FCF margin	22.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.4%	Cash from operations / revenue.
Effective tax rate	31.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.2%	Net income / average total assets.
Return on invested capital (ROIC)	12.0%	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	16.7%	Research and development expense / revenue.
SG&A / revenue	33.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.2%	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	7.4%	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	-8.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-74.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-73.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	194.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.4%	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	8.6%	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	360.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.1%	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	15.6%	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	3.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	21.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.2%	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	13.6%	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	-2.3%	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	-2.1%	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	-1.5%	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	4.52x	Current assets / current liabilities.
Quick ratio	3.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.82x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.3%	Total debt / total assets.
Liabilities / assets	22.7%	Total liabilities / total assets.
Net debt	-$3.65B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$5.31B	Current assets - current liabilities.
Goodwill and intangibles / assets	24.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.28B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	3.54x	Revenue / average property, plant and equipment.
Inventory turnover	1.28x	Cost of revenue / average inventory.
Days inventory	286 days	365 x average inventory / cost of revenue.
Receivables turnover	8.45x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	276 days	Days inventory + days sales outstanding - days payables.
FCF conversion	142.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.74	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	$11.27	Revenue / diluted weighted shares.
FCF per share	$2.48	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.98	Cash from operations / diluted weighted shares.
Book value per share	$18.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.63	Tangible book value / shares outstanding.
Cash per share	$7.38	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	84.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$49.74B	Share price x shares outstanding.
Enterprise value	$46.08B	Market cap + total debt - cash - short-term investments.
P/E	49.5x	Market cap / net income. Only when net income is positive.
P/S	7.64x	Market cap / revenue.
P/B	4.68x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.83x	Market cap / tangible book value, when positive.
P/FCF	34.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.9x	Market cap / cash from operations, when positive.
EV/Sales	7.08x	Enterprise value / revenue.
EV/EBIT	31.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	28.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.

What was Edwards Lifesciences Corp's revenue in fiscal 2025?

Edwards Lifesciences Corp reported revenue of $6.07B for fiscal 2025, 11.5% higher than the year before.

Was Edwards Lifesciences Corp profitable in fiscal 2025?

Yes. Net income was $1.07B, a net margin of 17.7%.

How much free cash flow did Edwards Lifesciences Corp generate in fiscal 2025?

Cash from operations of $1.60B minus capital expenditures of $260.2M left free cash flow of $1.34B.

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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