Revenue growth remains strong at 11.6% year-over-year as of 2026Q1, supported by a structural expansion in gross margins that peaked at 74.5% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 20.61B | 20.07B | 16.75B | 14.24B | 12.68B | 11.89B | 9.91B | 10.73B | 9.82B | 9.05B | 8.39B | 7.48B | 7.38B | 7.14B | 7.25B | 7.62B | 7.81B | 8.19B | 8.05B | 8.36B | 7.82B | 6.28B | 5.62B | 3.48B | 2.92B | 2.67B | 2.66B | 2.84B | 2.23B | 1.87B | 1.46B |
| Revenue Growth % | 17.44% | 19.87% | 17.61% | 12.29% | 6.68% | 19.92% | -7.66% | 9.28% | 8.57% | 7.89% | 12.16% | 1.31% | 3.32% | -1.46% | -4.89% | -2.36% | -4.67% | 1.71% | -3.67% | 6.85% | 24.48% | 11.72% | 61.8% | 19.08% | 9.2% | 0.34% | -6.26% | 27.24% | 19.3% | 28.06% | 32.07% |
| Cost of Goods Sold | 6.1B | 6.22B | 6.48B | 5.41B | 4.97B | 4.43B | 4.34B | 3.86B | 3.35B | 3.18B | 3.04B | 2.83B | 2.72B | 2.61B | 2.69B | 2.94B | 3.02B | 3.01B | 2.96B | 2.96B | 2.74B | 1.54B | 1.35B | 961M | 870M | 919M | 742M | 900M | 658.9M | 463.7M | 339.6M |
| COGS % of Revenue | - | 30.99% | 38.69% | 37.98% | 39.17% | 37.24% | 43.75% | 35.92% | 34.06% | 35.11% | 36.29% | 37.92% | 36.86% | 36.51% | 37.09% | 38.57% | 38.68% | 36.79% | 36.77% | 35.4% | 35% | 24.48% | 23.95% | 27.65% | 29.8% | 34.38% | 27.85% | 31.67% | 29.5% | 24.77% | 23.23% |
| Gross Profit | 14.52B | 13.85B | 10.27B | 8.83B | 7.71B | 7.46B | 5.58B | 6.88B | 6.48B | 5.87B | 5.34B | 4.56B | 4.59B | 4.54B | 4.56B | 4.68B | 4.79B | 5.18B | 5.09B | 5.4B | 5.08B | 4.75B | 4.28B | 2.52B | 2.05B | 1.75B | 1.92B | 1.94B | 1.57B | 1.41B | 1.12B |
| Gross Margin % | 70.41% | 69.01% | 61.31% | 62.02% | 60.83% | 62.76% | 56.25% | 64.08% | 65.94% | 64.89% | 63.71% | 61.04% | 62.17% | 63.49% | 62.91% | 61.43% | 61.32% | 63.21% | 63.23% | 64.6% | 65% | 75.52% | 76.05% | 72.35% | 70.2% | 65.62% | 72.15% | 68.33% | 70.5% | 75.23% | 76.77% |
| Gross Profit Growth % | - | 34.93% | 16.26% | 14.48% | 3.39% | 33.81% | -18.94% | 6.21% | 10.32% | 9.88% | 17.07% | -0.52% | 1.17% | -0.55% | -2.61% | -2.19% | -7.52% | 1.69% | -5.72% | 6.2% | 7.14% | 10.94% | 70.06% | 22.74% | 16.82% | -8.74% | -1.03% | 23.33% | 11.79% | 25.5% | 35.23% |
| Operating Expenses | 10.37B | 9.88B | 7.63B | 6.65B | 5.89B | 5.54B | 4.97B | 5.17B | 4.74B | 4.35B | 4.11B | 3.77B | 3.74B | 3.66B | 3.57B | 3.56B | 3.71B | 3.87B | 3.79B | 4.22B | 3.85B | 2.72B | 2.51B | 1.78B | 1.35B | 1.37B | 1.25B | 1.22B | 1.8B | 993.8M | 780.6M |
| OpEx % of Revenue | - | 49.23% | 45.57% | 46.7% | 46.44% | 46.59% | 50.19% | 48.13% | 48.25% | 48.03% | 48.97% | 50.47% | 50.72% | 51.3% | 49.19% | 46.69% | 47.58% | 47.3% | 47.14% | 50.48% | 49.21% | 43.31% | 44.56% | 51.24% | 46.39% | 51.33% | 46.81% | 42.82% | 80.46% | 53.08% | 53.39% |
| Selling, General & Admin | 7.07B | 6.89B | 5.98B | 5.19B | 4.52B | 4.29B | 3.79B | 3.93B | 3.56B | 3.28B | 3.08B | 2.85B | 2.88B | 2.65B | 2.52B | 2.48B | 2.58B | 2.62B | 2.56B | 2.9B | 2.61B | 1.81B | 1.74B | 1.17B | 1B | 961M | 867M | 842M | 786.3M | 710.4M | 719.2M |
| SG&A % of Revenue | - | 34.31% | 35.73% | 36.45% | 35.64% | 36.05% | 38.2% | 36.59% | 36.21% | 36.26% | 36.76% | 38.08% | 39% | 37.11% | 34.75% | 32.58% | 32.99% | 32.01% | 31.78% | 34.76% | 33.37% | 28.87% | 30.97% | 33.69% | 34.33% | 35.95% | 32.55% | 29.63% | 35.2% | 37.94% | 49.19% |
| Research & Development | 2.13B | 2.05B | 1.61B | 1.41B | 1.32B | 1.2B | 1.14B | 1.17B | 1.11B | 997M | 920M | 876M | 817M | 861M | 886M | 895M | 939M | 1.03B | 999M | 1.09B | 1.01B | 680M | 569M | 452M | 343M | 275M | 199M | 197M | 882.2M | 196.7M | 0 |
| R&D % of Revenue | - | 10.22% | 9.64% | 9.93% | 10.43% | 10.13% | 11.53% | 10.94% | 11.33% | 11.02% | 10.97% | 11.72% | 11.07% | 12.05% | 12.22% | 11.74% | 12.03% | 12.6% | 12.41% | 13.03% | 12.89% | 10.82% | 10.12% | 13% | 11.75% | 10.29% | 7.47% | 6.93% | 39.5% | 10.51% | - |
| Other Operating Expenses | 4M | 943M | 33M | 46M | 47M | 49M | 45M | 65M | 70M | 68M | 104M | 51M | 48M | 152M | 161M | 181M | 200M | 220M | 238M | 225M | 231M | 227M | 195M | 158M | 9M | 136M | 181M | 178M | 128.6M | 86.7M | 61.4M |
| Operating Income | 4.15B | 3.97B | 2.63B | 2.18B | 1.82B | 1.92B | 601M | 1.71B | 1.74B | 1.52B | 1.24B | 790M | 845M | 871M | 994M | 1.12B | 1.07B | 1.3B | 1.29B | 1.18B | 1.24B | 2.02B | 1.77B | 697M | 610M | 100M | 675M | 725M | -222.4M | 414.8M | 341.8M |
| Operating Margin % | 20.12% | 19.78% | 15.73% | 15.32% | 14.38% | 16.17% | 6.06% | 15.95% | 17.68% | 16.85% | 14.74% | 10.57% | 11.45% | 12.19% | 13.71% | 14.73% | 13.75% | 15.91% | 16.09% | 14.12% | 15.79% | 32.21% | 31.49% | 20.05% | 20.9% | 3.74% | 25.34% | 25.51% | -9.96% | 22.15% | 23.38% |
| Operating Income Growth % | - | 50.7% | 20.82% | 19.57% | -5.1% | 219.8% | -64.89% | -1.44% | 13.9% | 23.38% | 56.46% | -6.51% | -2.99% | -12.37% | -11.49% | 4.66% | -17.65% | 0.62% | 9.75% | -4.45% | -38.98% | 14.29% | 154.09% | 14.26% | 510% | -85.19% | -6.9% | 425.99% | -153.62% | 21.36% | 19.93% |
| EBITDA | 5.54B | 5.34B | 3.9B | 3.38B | 2.96B | 3.02B | 1.72B | 2.72B | 2.63B | 2.37B | 2.05B | 1.56B | 1.57B | 1.56B | 1.68B | 1.84B | 1.89B | 2.14B | 2.16B | 2.12B | 2.02B | 2.34B | 2.05B | 893M | 771M | 332M | 856M | 903M | -93.8M | 501.5M | 403.2M |
| EBITDA Margin % | 26.88% | 26.6% | 23.31% | 23.71% | 23.34% | 25.36% | 17.38% | 25.36% | 26.78% | 26.18% | 24.46% | 20.85% | 21.27% | 21.84% | 23.13% | 24.14% | 24.2% | 26.1% | 26.82% | 25.36% | 25.78% | 37.21% | 36.38% | 25.69% | 26.41% | 12.42% | 32.13% | 31.77% | -4.2% | 26.79% | 27.58% |
| EBITDA Growth % | 32.02% | 36.76% | 15.61% | 14.09% | -1.82% | 74.99% | -36.7% | 3.46% | 11.06% | 15.5% | 31.56% | -0.7% | 0.64% | -6.98% | -8.86% | -2.59% | -11.61% | -1.02% | 1.89% | 5.11% | -13.77% | 14.27% | 129.12% | 15.82% | 132.23% | -61.21% | -5.2% | 1062.69% | -118.7% | 24.38% | 24.06% |
| D&A (Non-Cash Add-back) | 1.39B | 1.37B | 1.27B | 1.2B | 1.14B | 1.09B | 1.12B | 1.01B | 894M | 844M | 815M | 769M | 725M | 689M | 683M | 717M | 816M | 834M | 864M | 939M | 781M | 314M | 275M | 196M | 161M | 232M | 181M | 178M | 128.6M | 86.7M | 61.4M |
| EBIT | 4.27B | 3.73B | 2.67B | 2.26B | 1.6B | 1.43B | 389M | 1.2B | 1.69B | 1.16B | 411M | -409M | -292M | 32M | -3.84B | 918M | -667M | -942M | -1.56B | 1M | -3.1B | 981M | 1.56B | 734M | 695M | 382M | 675M | 725M | 491M | 422M | 345.5M |
| Net Interest Income | -357M | -349M | -280M | -250M | -454M | -345M | -465M | -483M | -266M | -225M | -229M | -236M | -212M | -249M | -258M | -269M | -383M | -359M | -421M | -491M | -368M | -54M | -64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 107M | 22M | 10M | 4M | 3M | 30M | 3M | 5M | 5M | 5M | 5M | 6M | 5M | 7M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 357M | 349M | 387M | 272M | 464M | 349M | 468M | 513M | 269M | 230M | 234M | 241M | 217M | 255M | 263M | 276M | 396M | 366M | 468M | 570M | 435M | 90M | 64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -405M | -586M | -353M | -196M | -683M | -846M | -680M | -1.02B | -315M | -592M | -1.06B | -1.44B | -1.35B | -1.09B | -5.1B | -481M | -2.14B | -2.61B | -3.33B | -1.75B | -4.77B | -1.13B | -277M | -54M | -61M | -56M | -148M | -163M | -766M | -207M | -38.5M |
| Pretax Income | 3.74B | 3.38B | 2.28B | 1.99B | 1.14B | 1.08B | -79M | 687M | 1.42B | 933M | 177M | -650M | -509M | -223M | -4.11B | 642M | -1.06B | -1.31B | -2.03B | -569M | -3.54B | 891M | 1.49B | 643M | 549M | 44M | 527M | 562M | -275.3M | 258.7M | 297M |
| Pretax Margin % | 18.15% | 16.86% | 13.63% | 13.94% | 9% | 9.05% | -0.8% | 6.4% | 14.48% | 10.31% | 2.11% | -8.69% | -6.9% | -3.12% | -56.66% | 8.42% | -13.62% | -15.97% | -25.23% | -6.81% | -45.2% | 14.18% | 26.56% | 18.5% | 18.81% | 1.65% | 19.78% | 19.77% | -12.33% | 13.82% | 20.31% |
| Income Tax | 184M | 493M | 436M | 393M | 443M | 36M | 2M | -4.01B | -249M | 828M | -170M | -411M | -176M | -102M | -39M | 201M | 2M | -283M | 10M | -74M | 42M | 263M | 432M | 171M | 176M | 98M | 154M | 191M | -10.9M | 98.3M | 129.9M |
| Effective Tax Rate % | 4.92% | 14.56% | 19.11% | 19.8% | 38.83% | 3.35% | -2.53% | -584.13% | -17.51% | 88.75% | -96.05% | 63.23% | 34.58% | 45.74% | 0.95% | 31.31% | -0.19% | 21.64% | -0.49% | 13.01% | -1.19% | 29.52% | 28.92% | 26.59% | 32.06% | 222.73% | 29.22% | 33.99% | 3.96% | 38% | 43.74% |
| Net Income | 3.55B | 2.89B | 1.85B | 1.59B | 698M | 1.04B | -82M | 4.7B | 1.67B | 104M | 347M | -239M | -119M | -121M | -4.07B | 441M | -1.06B | -1.02B | -2.04B | -495M | -3.58B | 628M | 1.06B | 472M | 373M | -54M | 373M | 371M | -264.4M | 139.3M | 167.1M |
| Net Margin % | 17.23% | 14.38% | 11.07% | 11.19% | 5.5% | 8.75% | -0.83% | 43.78% | 17.01% | 1.15% | 4.14% | -3.2% | -1.61% | -1.69% | -56.12% | 5.79% | -13.64% | -12.52% | -25.29% | -5.92% | -45.74% | 10% | 18.88% | 13.58% | 12.78% | -2.02% | 14% | 13.05% | -11.84% | 7.44% | 11.43% |
| Net Income Growth % | 74.77% | 55.66% | 16.38% | 128.22% | -32.88% | 1368.29% | -101.74% | 181.27% | 1506.73% | -70.03% | 245.19% | -100.84% | 1.65% | 97.03% | -1022.45% | 141.41% | -3.9% | 49.66% | -311.31% | 86.16% | -669.59% | -40.87% | 125% | 26.54% | 790.74% | -114.48% | 0.54% | 240.32% | -289.81% | -16.64% | 1988.75% |
| Net Income (Continuing) | 3.56B | 2.89B | 1.85B | 1.59B | 698M | 1.04B | -81M | 4.7B | 1.67B | 104M | 347M | -239M | -119M | -121M | -4.07B | 441M | -1.06B | -1.02B | -2.04B | -495M | -3.58B | 628M | 1.06B | 472M | 373M | -54M | 373M | 371M | -264M | 131M | 167.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 240M | 239M | 233M | 248M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.38 | 1.94 | 1.25 | 1.07 | 0.45 | 0.69 | -0.08 | 3.33 | 1.19 | 0.07 | 0.25 | -0.18 | -0.09 | -0.09 | -2.89 | 0.29 | -0.70 | -0.68 | -1.36 | -0.33 | -2.81 | 0.75 | 1.24 | 0.56 | 0.45 | -0.07 | 0.45 | 0.45 | -0.34 | 0.17 | 0.21 |
| EPS Growth % | 74.38% | 55.2% | 16.52% | 140.59% | -35.09% | 946.06% | -102.44% | 179.99% | 1493.04% | -70.12% | 238.89% | -100% | 0% | 96.89% | -1096.55% | 141.43% | -2.94% | 50% | -312.12% | 88.26% | -474.67% | -39.52% | 121.43% | 24.44% | 792.31% | -114.44% | 0% | 232.35% | -300% | -19.05% | 1826.61% |
| EPS (Basic) | - | 1.96 | 1.26 | 1.08 | 0.45 | 0.69 | -0.08 | 3.38 | 1.21 | 0.08 | 0.26 | -0.18 | -0.09 | -0.09 | -2.89 | 0.29 | -0.70 | -0.68 | -1.36 | -0.33 | -2.81 | 0.76 | 1.27 | 0.57 | 0.46 | -0.07 | 0.46 | 0.46 | -0.34 | 0.18 | 0.22 |
| Diluted Shares Outstanding | 1.5B | 1.49B | 1.49B | 1.46B | 1.44B | 1.43B | 1.42B | 1.41B | 1.4B | 1.39B | 1.38B | 1.34B | 1.35B | 1.34B | 1.41B | 1.52B | 1.52B | 1.51B | 1.5B | 1.49B | 1.27B | 837.33M | 856.45M | 842.86M | 828.89M | 830.77M | 819.78M | 824.44M | 776.47M | 799.55M | 795.71M |
| Basic Shares Outstanding | 1.48B | 1.48B | 1.47B | 1.45B | 1.43B | 1.42B | 1.42B | 1.39B | 1.38B | 1.37B | 1.36B | 1.33B | 1.32B | 1.34B | 1.41B | 1.51B | 1.52B | 1.51B | 1.5B | 1.49B | 1.27B | 826.32M | 836.22M | 828.07M | 810.87M | 830.77M | 810.87M | 806.52M | 776.47M | 778.29M | 777.21M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory M&A scrutiny
According to the provided quarterly income statements, Boston Scientific has demonstrated consistent top-line expansion, with revenue climbing from $3.7 billion in 2023Q4 to $5.2 billion by 2026Q1, reflecting a robust growth trajectory that appears to be outpacing broader medical device industry benchmarks during this period.
The consistent revenue growth suggests that the company's procedural-based sales model is successfully capturing market share, likely driven by the adoption of high-innovation platforms like Farapulse. Investors should monitor whether this growth remains organic or if it is increasingly reliant on the integration of recent acquisitions, which could introduce volatility in future reporting periods.
As reported in financial statements, Boston Scientific's gross margin profile has shown significant improvement, expanding from 62.1% in 2023Q4 to a peak of 74.5% in 2025Q4, which indicates a strengthening ability to command premium pricing for its specialized medical device portfolio across key segments.
This margin expansion suggests that the company is successfully shifting its product mix toward higher-value, proprietary technologies that carry less pricing pressure from hospital procurement groups. The sustainability of these margins warrants further investigation, particularly if competitive entrants begin to challenge the company's dominant position in structural heart and electrophysiology markets.
Based on the company's reported figures, operating income has scaled from $558 million in 2023Q4 to $1.1 billion in 2026Q1, demonstrating that the firm is effectively managing its cost-to-serve while simultaneously investing heavily in the clinical sales force required to maintain its procedural dominance in the operating room.
The ability to grow operating income faster than revenue in several quarters suggests that the company is achieving meaningful economies of scale within its SG&A infrastructure. However, the high fixed-cost nature of the business means that any deceleration in procedural volume could lead to rapid operating margin contraction, a risk that investors should carefully weigh.
Analysis of the income statement reveals that net income remains subject to significant quarterly fluctuations, such as the variance between $668 million in 2025Q4 and $1.3 billion in 2026Q1, which appears largely driven by non-operating items and the accounting treatment of acquisition-related intangible asset amortization.
The volatility in net income suggests that headline EPS figures may not always reflect the underlying operational health of the core business. Analysts should focus on adjusted metrics that strip out these non-cash charges to better understand the true cash-generating capability of the company's primary cardiovascular and MedSurg franchises.
Quick answers to the most common questions about buying BSX stock.
For fiscal year 2025, Boston Scientific Corporation (BSX) reported total revenue of $20.07B. This represents a 1273.1% increase compared to $1.46B in 1996.
Boston Scientific Corporation (BSX) is profitable, generating $2.89B in net income for the fiscal year ending 2025 with a net profit margin of 14.4%.
Boston Scientific Corporation (BSX) reported an operating income of $3.97B, resulting in an operating profit margin of 19.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Boston Scientific Corporation (BSX) generated $13.85B in gross profit for the year, representing a gross profit margin of 69.0%. This demonstrates the company's core pricing power and production efficiency.