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Edwards Lifesciences vs Intuitive Surgical: revenue, profit, margins and growth compared

Edwards Lifesciences brought in $6.1B of revenue in fiscal 2025, Intuitive Surgical $10.1B in fiscal 2025. Revenue changed by +11.5% at Edwards Lifesciences and +20.5% at Intuitive Surgical on the year before, so Intuitive Surgical grew faster. Edwards Lifesciences kept 17.7% of its revenue as net profit, Intuitive Surgical 28.4%. Free cash flow was $1.3B at Edwards Lifesciences and $2.5B at Intuitive Surgical.

Side by side, latest fiscal year

EWISRG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$6.1B$10.1B
Revenue growth+11.5%+20.5%
Net income$1.1B$2.9B
Net margin17.7%28.4%
Free cash flow$1.3B$2.5B
Free cash flow margin22.0%24.7%
Earnings per share (diluted)$1.83$7.87
Cash$2.9B$3.4B
Debt$598.3Mn/a
Price to earnings47.151.5
Market value$49.7B$143.1B
Dividend yieldn/an/a
Rank by revenue in sector#54 of 523 · Health care#46 of 523 · Health care

Over the years

Revenue
EW FY2018: $3.7BEW FY2019: $4.3BEW FY2020: $4.4BEW FY2021: $5.2BEW FY2022: $4.5BEW FY2023: $5BEW FY2024: $5.4BEW FY2025: $6.1BISRG FY2018: $3.7BISRG FY2019: $4.5BISRG FY2020: $4.4BISRG FY2021: $5.7BISRG FY2022: $6.2BISRG FY2023: $7.1BISRG FY2024: $8.4BISRG FY2025: $10.1BFY18FY19FY20FY21FY22FY23FY24FY25
EW $6.1BISRG $10.1B
Net income
EW FY2018: $722.2MEW FY2019: $1BEW FY2020: $823.4MEW FY2021: $1.5BEW FY2022: $1.5BEW FY2023: $1.4BEW FY2024: $4.2BEW FY2025: $1.1BISRG FY2018: $1.1BISRG FY2019: $1.4BISRG FY2020: $1.1BISRG FY2021: $1.7BISRG FY2022: $1.3BISRG FY2023: $1.8BISRG FY2024: $2.3BISRG FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
EW $1.1BISRG $2.9B
Net margin
EW FY2018: 19.4%EW FY2019: 24.1%EW FY2020: 18.8%EW FY2021: 28.7%EW FY2022: 34.1%EW FY2023: 28.0%EW FY2024: 76.7%EW FY2025: 17.7%ISRG FY2018: 30.3%ISRG FY2019: 30.8%ISRG FY2020: 24.3%ISRG FY2021: 29.9%ISRG FY2022: 21.3%ISRG FY2023: 25.2%ISRG FY2024: 27.8%ISRG FY2025: 28.4%FY18FY19FY20FY21FY22FY23FY24FY25
EW 17.7%ISRG 28.4%
Revenue growth
EW FY2019: +16.8%EW FY2020: +0.9%EW FY2021: +19.3%EW FY2022: -14.7%EW FY2023: +12.2%EW FY2024: +8.6%EW FY2025: +11.5%ISRG FY2019: +20.3%ISRG FY2020: -2.7%ISRG FY2021: +31.0%ISRG FY2022: +9.0%ISRG FY2023: +14.5%ISRG FY2024: +17.2%ISRG FY2025: +20.5%FY19FY20FY21FY22FY23FY24FY25
EW +11.5%ISRG +20.5%
Free cash flow
EW FY2018: $688MEW FY2019: $928.5MEW FY2020: $647.3MEW FY2021: $1.4BEW FY2022: $973.6MEW FY2023: $642.8MEW FY2024: $289.9MEW FY2025: $1.3BISRG FY2018: $982.2MISRG FY2019: $1.2BISRG FY2020: $1.1BISRG FY2021: $1.7BISRG FY2022: $958.4MISRG FY2023: $749.6MISRG FY2024: $1.3BISRG FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
EW $1.3BISRG $2.5B

Fiscal years as each company reports them; the two may end in different months.

Questions about Edwards Lifesciences and Intuitive Surgical

Which is bigger by revenue, Edwards Lifesciences or Intuitive Surgical?

Intuitive Surgical is bigger by revenue: $10.1B in fiscal 2025, against $6.1B for Edwards Lifesciences in fiscal 2025.

Which keeps more of its revenue as profit, Edwards Lifesciences or Intuitive Surgical?

Edwards Lifesciences had a net margin of 17.7% in fiscal 2025; Intuitive Surgical had 28.4% in fiscal 2025.

Which grew revenue faster, Edwards Lifesciences or Intuitive Surgical?

In their latest fiscal years revenue changed by +11.5% at Edwards Lifesciences and +20.5% at Intuitive Surgical.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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