EW

MKT CAP:$48B

Edwards Lifesciences Corporation

Market Cap

$48B

Healthcare·Medical - Devices·🇺🇸 United States·NYSE

Healthcare·Medical - Devices·🇺🇸·NYSE

Stock Price

$83.73-$1.60 (-1.88%)

Apr 24, 2026

Company Details

Edwards Lifesciences Corporation provides products and technologies for structural heart disease, and critical care and surgical monitoring in the United States, Europe, Japan, and internationally. It offers transcatheter heart valve replac...

CEO

Bernard J. Zovighian

IPO Date

Mar 27, 2000

Website

www.edwards.com

Key Metrics TTM

Revenue

$6.1B

+11.2% YoY

Net Income

$1.1B

EPS (Diluted)

$1.83

Free Cash Flow

$1.3B

Revenue / Share

$10.43

Gross Margin

78.1%

Operating Margin

26.7%

Net Margin

17.6%

FCF Margin

22.0%

P/S

8.0x

P/E

45.1x

Earnings Reports

FY 2025

Feb 25, 2026

$6.1B+11.5%EPS $1.83

Q4 2025

Feb 25, 2026

$1.6B+13.3%EPS $0.16

Q3 2025

Nov 5, 2025

$1.6B+14.7%EPS $0.50

Q2 2025

Aug 6, 2025

$1.5B+10.6%EPS $0.56

Q1 2025

May 6, 2025

$1.4B+6.2%EPS $0.61

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.3B	$1.0B	$436M
Q2 22	$1.4B	$1.1B	$428M
Q3 22	$1.3B	$1.0B	$427M
Q4 22	$1.3B	$1.1B	$410M
Q1 23	$1.5B	$1.1B	$403M
Q2 23	$1.3B	$1.0B	$371M
Q3 23	$1.2B	$971M	$347M
Q4 23	$1.3B	$1.0B	$357M
Q1 24	$1.3B	$1.0B	$356M
Q2 24	$1.4B	$1.1B	$365M
Q3 24	$1.4B	$1.1B	$351M
Q4 24	$1.4B	$1.1B	$313M
Q1 25	$1.4B	$1.1B	$395M
Q2 25	$1.5B	$1.2B	$431M
Q3 25	$1.6B	$1.2B	$425M
Q4 25	$1.6B	$1.2B	$370M

Valuation

Quarter	P/S	P/E
Q1 22	13.3x	46.1x
Q2 22	11.2x	41.3x
Q3 22	9.8x	35.9x
Q4 22	8.6x	30.5x
Q1 23	9.1x	33.5x
Q2 23	10.2x	40.0x
Q3 23	7.8x	29.3x
Q4 23	8.6x	32.5x
Q1 24	11.1x	40.1x
Q2 24	10.3x	36.7x
Q3 24	7.3x	9.4x
Q4 24	8.0x	10.5x
Q1 25	7.7x	10.2x
Q2 25	8.1x	11.1x
Q3 25	7.7x	33.2x
Q4 25	8.4x	47.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$293M	$221M
Q2 22	$332M	$289M
Q3 22	$310M	$250M
Q4 22	$283M	$194M
Q1 23	$314M	$253M
Q2 23	$34M	-$14M
Q3 23	$412M	$356M
Q4 23	$137M	$35M
Q1 24	-$54M	-$139M
Q2 24	$372M	$286M
Q3 24	$352M	$320M
Q4 24	-$128M	-$177M
Q1 25	$280M	$224M
Q2 25	$290M	$241M
Q3 25	$574M	$516M
Q4 25	$451M	$354M

Capital Expenditures

Quarter	CapEx
Q1 22	$73M
Q2 22	$43M
Q3 22	$60M
Q4 22	$89M
Q1 23	$62M
Q2 23	$48M
Q3 23	$55M
Q4 23	$102M
Q1 24	$85M
Q2 24	$85M
Q3 24	$32M
Q4 24	$50M
Q1 25	$56M
Q2 25	$49M
Q3 25	$58M
Q4 25	$97M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.2%	+9.7%
Q2 22	-0.2%	+2.2%
Q3 22	+0.7%	-1.2%
Q4 22	+1.4%	-3.0%
Q1 23	+8.8%	+16.7%
Q2 23	-5.7%	-2.2%
Q3 23	-5.7%	+0.6%
Q4 23	-6.1%	-3.1%
Q1 24	-8.9%	-7.8%
Q2 24	+7.0%	+10.4%
Q3 24	+8.9%	+11.9%
Q4 24	+9.4%	+18.0%
Q1 25	+6.2%	+4.5%
Q2 25	+10.6%	+7.8%
Q3 25	+14.7%	+12.4%
Q4 25	+13.3%	+11.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$32M	2.4%
Q2 22	$36M	2.6%
Q3 22	$30M	2.3%
Q4 22	$28M	2.1%
Q1 23	$39M	2.7%
Q2 23	$37M	2.9%
Q3 23	$33M	2.6%
Q4 23	$31M	2.4%
Q1 24	$45M	3.4%
Q2 24	$44M	3.2%
Q3 24	$42M	3.1%
Q4 24	$51M	3.7%
Q1 25	$40M	2.8%
Q2 25	$38M	2.4%
Q3 25	$41M	2.7%
Q4 25	$39M	2.5%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$229M	$370M
Q2 22	$251M	$409M
Q3 22	$234M	$377M
Q4 22	$232M	$411M
Q1 23	$261M	$436M
Q2 23	$244M	$410M
Q3 23	$243M	$382M
Q4 23	$242M	$417M
Q1 24	$257M	$428M
Q2 24	$273M	$451M
Q3 24	$253M	$421M
Q4 24	$271M	$492M
Q1 25	$255M	$466M
Q2 25	$276M	$502M
Q3 25	$281M	$515M
Q4 25	$268M	$603M

Revenue Segments

Quarter	Critical Care	Surgical Heart Valve Therapy	Transcatheter Heart Valves	Transcatheter Mitral And Tricuspid Therapies
Q1 22	$212M	$221M	$881M	$27M
Q2 22	$211M	$229M	$907M	$28M
Q3 22	$207M	$220M	$862M	$30M
Q4 22	$225M	$224M	$868M	$32M
Q1 23	$222M	$248M	$948M	$42M
Q2 24	—	$264M	$1.0B	$83M
Q3 24	—	$240M	$1.0B	$91M
Q4 24	—	$211M	$1.0B	$105M
Q1 25	—	$251M	$1.0B	$115M
Q2 25	—	$267M	$1.1B	$135M
Q3 25	—	$258M	$1.1B	$145M
Q4 25	—	$254M	$1.2B	$156M

Revenue by Geography

Quarter	Europe	Japan	Rest of World	United States
Q1 22	$311M	$136M	$145M	$750M
Q2 22	$303M	$123M	$147M	$801M
Q3 22	$270M	$104M	$158M	$787M
Q4 22	$291M	$111M	$151M	$796M
Q1 23	$331M	$114M	$165M	$849M
Q2 24	$336M	$87M	$146M	$817M
Q3 24	$320M	$81M	$149M	$805M
Q1 25	$342M	$82M	$150M	$839M
Q2 25	$378M	$95M	$169M	$890M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.0B	$465M	$1.5B
Q2 22	$1.2B	$318M	$1.5B
Q3 22	$1.2B	$491M	$1.7B
Q4 22	$769M	$446M	$1.2B
Q1 23	$873M	$382M	$1.3B
Q2 23	$1.0B	$467M	$1.5B
Q3 23	$1.4B	$454M	$1.9B
Q4 23	$1.1B	$501M	$1.6B
Q1 24	$1.2B	$473M	$1.7B
Q2 24	$1.6B	$345M	$2.0B
Q3 24	$3.7B	$770M	$4.4B
Q4 24	$3.0B	$931M	$4.0B
Q1 25	$3.1B	$758M	$3.9B
Q2 25	$3.3B	$789M	$4.1B
Q3 25	$2.7B	$1.2B	$3.8B
Q4 25	$2.9B	$1.3B	$4.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	629M	-0.4%	-0.3%
Q2 22	627M	-0.4%	-0.5%
Q3 22	625M	-0.4%	-1.1%
Q4 22	616M	-1.3%	-2.5%
Q1 23	611M	-0.9%	-2.9%
Q2 23	610M	-0.1%	-2.6%
Q3 23	610M	-0.1%	-2.4%
Q4 23	607M	-0.4%	-1.5%
Q1 24	604M	-0.5%	-1.1%
Q2 24	604M	+0.0%	-1.0%
Q3 24	598M	-1.0%	-1.9%
Q4 24	591M	-1.3%	-2.7%
Q1 25	588M	-0.5%	-2.7%
Q2 25	588M	+0.0%	-2.7%
Q3 25	586M	-0.4%	-2.1%
Q4 25	582M	-0.7%	-1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$85.4K	16K
Q2 22	$87.5K	16K
Q3 22	$84.0K	16K
Q4 22	$77.9K	17K
Q1 23	$84.4K	17K
Q2 23	$74.9K	17K
Q3 23	$71.9K	17K
Q4 23	$64.0K	20K
Q1 24	$67.2K	20K
Q2 24	$70.0K	20K
Q3 24	$68.4K	20K
Q4 24	$87.7K	16K
Q1 25	$89.4K	16K
Q2 25	$97.0K	16K
Q3 25	$98.3K	16K
Q4 25	$98.1K	16K

Revenue / Employee