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Edwards Lifesciences vs Smith & Nephew: revenue, profit, margins and growth compared

Edwards Lifesciences brought in $6.1B of revenue in fiscal 2025, Smith & Nephew $6.2B in fiscal 2025. Revenue changed by +11.5% at Edwards Lifesciences and +6.1% at Smith & Nephew on the year before, so Edwards Lifesciences grew faster. Edwards Lifesciences kept 17.7% of its revenue as net profit, Smith & Nephew 10.1%.

Side by side, latest fiscal year

EWSNN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$6.1B$6.2B
Revenue growth+11.5%+6.1%
Net income$1.1B$625M
Net margin17.7%10.1%
Free cash flow$1.3Bn/a
Free cash flow margin22.0%n/a
Earnings per share (diluted)$1.83$0.72
Cash$2.9B$557M
Debt$598.3M$3.1B
Price to earnings47.5n/a
Market value$50B$11.5B
Dividend yieldn/an/a
Rank by revenue in sector#57 of 742 · Health care#56 of 742 · 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: $6.1BSNN FY2018: $4.9BSNN FY2019: $5.1BSNN FY2020: $4.6BSNN FY2021: $5.2BSNN FY2022: $5.2BSNN FY2023: $5.5BSNN FY2024: $5.8BSNN FY2025: $6.2BFY18FY19FY20FY21FY22FY23FY24FY25
EW $6.1BSNN $6.2B
Net income
EW FY2018: $722.2MEW FY2019: $1BEW FY2020: $823.4MEW FY2021: $1.5BEW FY2022: $1.5BEW FY2023: $1.4BEW FY2024: $4.2BEW FY2025: $1.1BSNN FY2018: $663MSNN FY2019: $600MSNN FY2020: $448MSNN FY2021: $524MSNN FY2022: $223MSNN FY2023: $263MSNN FY2024: $412MSNN FY2025: $625MFY18FY19FY20FY21FY22FY23FY24FY25
EW $1.1BSNN $625M
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%SNN FY2018: 13.5%SNN FY2019: 11.7%SNN FY2020: 9.8%SNN FY2021: 10.1%SNN FY2022: 4.3%SNN FY2023: 4.7%SNN FY2024: 7.1%SNN FY2025: 10.1%FY18FY19FY20FY21FY22FY23FY24FY25
EW 17.7%SNN 10.1%
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%SNN FY2019: +4.8%SNN FY2020: -11.2%SNN FY2021: +14.3%SNN FY2022: +0.1%SNN FY2023: +6.4%SNN FY2024: +4.7%SNN FY2025: +6.1%FY19FY20FY21FY22FY23FY24FY25
EW +11.5%SNN +6.1%
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: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
EW $1.3BSNN

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

Questions about Edwards Lifesciences and Smith & Nephew

Which is bigger by revenue, Edwards Lifesciences or Smith & Nephew?

Smith & Nephew is bigger by revenue: $6.2B in fiscal 2025, against $6.1B for Edwards Lifesciences in fiscal 2025.

Which keeps more of its revenue as profit, Edwards Lifesciences or Smith & Nephew?

Edwards Lifesciences had a net margin of 17.7% in fiscal 2025; Smith & Nephew had 10.1% in fiscal 2025.

Which grew revenue faster, Edwards Lifesciences or Smith & Nephew?

In their latest fiscal years revenue changed by +11.5% at Edwards Lifesciences and +6.1% at Smith & Nephew.

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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