Revenue growth accelerated to 16.7% in 2026Q1, while the company maintained a resilient 78.2% gross margin despite ongoing R&D investments.
| 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 |
|---|
| Sales/Revenue | 6.3B | 6.07B | 5.44B | 5.01B | 5.38B | 5.23B | 4.39B | 4.35B | 3.72B | 3.44B | 2.96B | 2.49B | 2.32B | 2.05B | 1.9B | 1.68B | 1.45B | 1.32B | 1.24B | 1.09B | 1.04B | 997.9M | 931.5M | 860.5M | 704M | 692M | 804M | 905M |
| Revenue Growth % | 13.81% | 11.55% | 8.57% | -6.92% | 2.86% | 19.29% | 0.88% | 16.79% | 8.37% | 15.91% | 18.85% | 7.35% | 13.56% | 7.68% | 13.17% | 16.01% | 9.51% | 6.76% | 13.44% | 5.22% | 3.92% | 7.13% | 8.25% | 22.23% | 1.73% | -13.93% | -11.16% | - |
| Cost of Goods Sold | 1.39B | 1.33B | 1.12B | 1.04B | 1.17B | 1.23B | 1.1B | 1.16B | 922.1M | 882.9M | 805.8M | 684.3M | 631.2M | 543.9M | 506.8M | 460.8M | 410.1M | 404.1M | 408.9M | 381.3M | 383.3M | 374.6M | 370.2M | 359.4M | 299.1M | 324M | 423M | 466M |
| COGS % of Revenue | - | 21.87% | 20.54% | 20.7% | 21.69% | 23.43% | 25.06% | 26.57% | 24.77% | 25.7% | 27.19% | 27.44% | 27.17% | 26.59% | 26.68% | 27.45% | 28.34% | 30.58% | 33.04% | 34.95% | 36.96% | 37.54% | 39.74% | 41.77% | 42.49% | 46.82% | 52.61% | 51.49% |
| Gross Profit | 4.92B | 4.74B | 4.32B | 3.97B | 4.22B | 4.01B | 3.29B | 3.19B | 2.8B | 2.55B | 2.16B | 1.81B | 1.69B | 1.5B | 1.39B | 1.22B | 1.04B | 917.3M | 828.8M | 709.8M | 653.7M | 623.3M | 561.3M | 501.1M | 404.9M | 368M | 381M | 439M |
| Gross Margin % | 78.01% | 78.13% | 79.46% | 79.3% | 78.31% | 76.57% | 74.94% | 73.43% | 75.23% | 74.3% | 72.81% | 72.56% | 72.83% | 73.41% | 73.32% | 72.55% | 71.66% | 69.42% | 66.96% | 65.05% | 63.04% | 62.46% | 60.26% | 58.23% | 57.51% | 53.18% | 47.39% | 48.51% |
| Gross Profit Growth % | - | 9.69% | 8.79% | -5.75% | 5.21% | 21.88% | 2.96% | 14% | 9.73% | 18.28% | 19.26% | 6.96% | 12.66% | 7.81% | 14.37% | 17.45% | 13.04% | 10.68% | 16.77% | 8.58% | 4.88% | 11.05% | 12.01% | 23.76% | 10.03% | -3.41% | -13.21% | - |
| Operating Expenses | 3.18B | 3.1B | 2.94B | 2.55B | 2.51B | 2.4B | 1.99B | 1.99B | 1.71B | 1.54B | 1.34B | 1.23B | 1.2B | 1.07B | 996.1M | 888.7M | 754.4M | 684.3M | 619.8M | 540.3M | 490.2M | 447.7M | 406.9M | 362.7M | 352.8M | 344M | 286M | 322M |
| OpEx % of Revenue | - | 51.17% | 54.11% | 50.81% | 46.69% | 45.79% | 45.4% | 45.88% | 45.89% | 44.9% | 45.29% | 49.46% | 51.85% | 52.24% | 52.44% | 52.94% | 52.14% | 51.79% | 50.08% | 49.52% | 47.27% | 44.86% | 43.68% | 42.15% | 50.11% | 49.71% | 35.57% | 35.58% |
| Selling, General & Admin | 2.14B | 2.09B | 1.79B | 1.58B | 1.57B | 1.49B | 1.23B | 1.24B | 1.09B | 989.7M | 900.2M | 850.4M | 858M | 745.6M | 704.8M | 642.4M | 550M | 508.8M | 480.6M | 418M | 376M | 348.7M | 319.9M | 289.9M | 227.9M | 203M | 216M | 233M |
| SG&A % of Revenue | - | 34.37% | 32.89% | 31.59% | 29.12% | 28.54% | 28.06% | 28.57% | 29.18% | 28.81% | 30.37% | 34.1% | 36.94% | 36.45% | 37.1% | 38.27% | 38.01% | 38.5% | 38.83% | 38.31% | 36.26% | 34.94% | 34.34% | 33.69% | 32.37% | 29.34% | 26.87% | 25.75% |
| Research & Development | 1.09B | 1.08B | 1.05B | 962.9M | 945.2M | 903.1M | 760.7M | 752.7M | 622.2M | 552.6M | 442.2M | 383.1M | 346.5M | 323M | 291.3M | 246.3M | 204.4M | 175.5M | 139.2M | 122.3M | 114.2M | 99M | 87M | 72.8M | 65.2M | 55M | 55M | 55M |
| R&D % of Revenue | - | 17.79% | 19.36% | 19.22% | 17.56% | 17.26% | 17.34% | 17.31% | 16.71% | 16.09% | 14.92% | 15.36% | 14.92% | 15.79% | 15.33% | 14.67% | 14.13% | 13.28% | 11.25% | 11.21% | 11.01% | 9.92% | 9.34% | 8.46% | 9.26% | 7.95% | 6.84% | 6.08% |
| Other Operating Expenses | -4M | -59.9M | 101.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59.7M | 86M | 15M | 34M |
| Operating Income | 1.74B | 1.64B | 1.38B | 1.43B | 1.7B | 1.61B | 1.3B | 1.2B | 1.09B | 1.01B | 815.5M | 575.9M | 487.2M | 433M | 396.7M | 329.1M | 282.5M | 233M | 209M | 169.5M | 163.5M | 175.6M | 154.4M | 138.4M | 52.1M | 24M | 95M | 117M |
| Operating Margin % | 27.62% | 26.97% | 25.35% | 28.49% | 31.63% | 30.78% | 29.55% | 27.55% | 29.34% | 29.4% | 27.52% | 23.09% | 20.97% | 21.17% | 20.88% | 19.61% | 19.52% | 17.63% | 16.89% | 15.53% | 15.77% | 17.6% | 16.58% | 16.08% | 7.4% | 3.47% | 11.82% | 12.93% |
| Operating Income Growth % | - | 18.68% | -3.4% | -16.16% | 5.71% | 24.26% | 8.19% | 9.67% | 8.14% | 23.86% | 41.6% | 18.21% | 12.52% | 9.15% | 20.54% | 16.5% | 21.24% | 11.48% | 23.3% | 3.67% | -6.89% | 13.73% | 11.56% | 165.64% | 117.08% | -74.74% | -18.8% | - |
| EBITDA | 1.9B | 1.79B | 1.53B | 1.57B | 1.87B | 1.77B | 1.43B | 1.31B | 1.17B | 1.09B | 886.7M | 641.7M | 555.8M | 501.7M | 454M | 387.1M | 339M | 291.7M | 264.6M | 224.3M | 220.3M | 231.8M | 210.1M | 184M | 92.5M | 81M | 169M | 201M |
| EBITDA Margin % | 30.17% | 29.55% | 28.2% | 31.38% | 34.73% | 33.9% | 32.63% | 30.19% | 31.42% | 31.79% | 29.92% | 25.73% | 23.93% | 24.53% | 23.9% | 23.06% | 23.43% | 22.08% | 21.38% | 20.56% | 21.24% | 23.23% | 22.55% | 21.38% | 13.14% | 11.71% | 21.02% | 22.21% |
| EBITDA Growth % | 20.68% | 16.88% | -2.44% | -15.89% | 5.38% | 23.91% | 9.06% | 12.21% | 7.12% | 23.15% | 38.18% | 15.46% | 10.78% | 10.51% | 17.28% | 14.19% | 16.22% | 10.24% | 17.97% | 1.82% | -4.96% | 10.33% | 14.18% | 98.92% | 14.2% | -52.07% | -15.92% | - |
| D&A (Non-Cash Add-back) | 160.9M | 156.6M | 155.2M | 144.9M | 166.8M | 163.3M | 135.4M | 114.6M | 77.4M | 81.9M | 71.2M | 65.8M | 68.6M | 68.7M | 57.3M | 58M | 56.5M | 58.7M | 55.6M | 54.8M | 56.8M | 56.2M | 55.7M | 45.6M | 40.4M | 57M | 74M | 84M |
| EBIT | 1.26B | 1.27B | 1.57B | 1.39B | 1.79B | 1.73B | 938.9M | 1.19B | 794.8M | 1.06B | 755.9M | 640.8M | 1.17B | 521.1M | 395.5M | 286.7M | 270.6M | 307.1M | 171.6M | 158.9M | 182.8M | 129M | 44.3M | 138.4M | 52.1M | 24.1M | 95M | 117M |
| Net Interest Income | 145.4M | 148.4M | 100.5M | 49.6M | 9.3M | -7.4M | 1.2M | 4.9M | -1.4M | -2.9M | -7.2M | -10.5M | -15.2M | -1.2M | 400K | 300K | -1.5M | -1.1M | -1.1M | -1.4M | -2.7M | -9.7M | -14.2M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 145.4M | 148.4M | 120.3M | 67.2M | 35.5M | 17.4M | 23.4M | 32.2M | 32M | 20.3M | 10.8M | 7.9M | 6.4M | 4.6M | 4.8M | 3.4M | 900K | 1.6M | 6.1M | 7.7M | 7.8M | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 19.8M | 17.6M | 26.2M | 24.8M | 22.2M | 27.3M | 33.4M | 23.2M | 18M | 18.4M | 21.6M | 5.8M | 4.4M | 3.1M | 2.4M | 2.7M | 7.2M | 9.1M | 10.5M | 12.3M | 14.2M | 13.2M | 11.5M | 23M | 0 | 0 |
| Other Income/Expense | -443M | -363.3M | 169.4M | -54.9M | 65M | 91.6M | -379.3M | -31.4M | -330.9M | 24.8M | -77.6M | 46.5M | 656.8M | 82.3M | -5.6M | -45.5M | -14.3M | 71.4M | -44.6M | -19.7M | 8.8M | -58.9M | -124.3M | -45.6M | 3.9M | -33.1M | -354M | -4M |
| Pretax Income | 1.3B | 1.27B | 1.55B | 1.37B | 1.77B | 1.7B | 916.7M | 1.17B | 761.4M | 1.03B | 737.9M | 622.4M | 1.14B | 515.3M | 391.1M | 283.6M | 268.2M | 304.4M | 164.4M | 149.8M | 172.3M | 116.7M | 30.1M | 92.8M | 56M | -9M | -259M | 113M |
| Pretax Margin % | 20.59% | 20.98% | 28.46% | 27.39% | 32.84% | 32.53% | 20.9% | 26.83% | 20.45% | 30.13% | 24.9% | 24.96% | 49.25% | 25.19% | 20.59% | 16.89% | 18.53% | 23.04% | 13.28% | 13.73% | 16.62% | 11.69% | 3.23% | 10.78% | 7.95% | -1.3% | -32.21% | 12.49% |
| Income Tax | 224.9M | 216.9M | 152.1M | 152.4M | 245.5M | 198.9M | 93.3M | 119.6M | 39.2M | 451.3M | 168.4M | 127.5M | 332.9M | 123.6M | 97.9M | 46.9M | 50.2M | 75.3M | 35.5M | 36.8M | 41.8M | 37.4M | 28.4M | 13.8M | 300K | 1M | 13M | 31M |
| Effective Tax Rate % | 17.33% | 17.04% | 9.82% | 11.1% | 13.89% | 11.69% | 10.18% | 10.25% | 5.15% | 43.61% | 22.82% | 20.49% | 29.1% | 23.99% | 25.03% | 16.54% | 18.72% | 24.74% | 21.59% | 24.57% | 24.26% | 32.05% | 94.35% | 14.87% | 0.54% | -11.11% | -5.02% | 27.43% |
| Net Income | 1.09B | 1.07B | 4.17B | 1.4B | 1.52B | 1.5B | 823.4M | 1.05B | 722.2M | 622.1M | 569.5M | 494.9M | 811.1M | 391.7M | 293.2M | 236.7M | 218M | 229.1M | 128.9M | 113M | 130.5M | 79.3M | 1.7M | 79M | 55.7M | -12M | -272M | 82M |
| Net Margin % | 17.34% | 17.69% | 76.75% | 27.99% | 28.28% | 28.73% | 18.77% | 24.08% | 19.4% | 18.11% | 19.22% | 19.85% | 34.92% | 19.15% | 15.43% | 14.1% | 15.07% | 17.34% | 10.41% | 10.36% | 12.58% | 7.95% | 0.18% | 9.18% | 7.91% | -1.73% | -33.83% | 9.06% |
| Net Income Growth % | -73.84% | -74.28% | 197.68% | -7.85% | 1.25% | 82.55% | -21.35% | 44.96% | 16.09% | 9.24% | 15.07% | -38.98% | 107.07% | 33.59% | 23.87% | 8.58% | -4.84% | 77.73% | 14.07% | -13.41% | 64.56% | 4564.71% | -97.85% | 41.83% | 564.17% | 95.59% | -431.71% | - |
| Net Income (Continuing) | 1.07B | 1.06B | 1.4B | 1.22B | 1.52B | 1.5B | 823.4M | 1.05B | 722.2M | 583.6M | 569.5M | 494.9M | 811.1M | 391.7M | 293.2M | 236.7M | 218M | 229.1M | 128.9M | 113M | 130.5M | 79.3M | 1.7M | 79M | 55.7M | -9.9M | -272M | 82M |
| Discontinued Operations | -1000K | 13.4M | 2.77B | 179.4M | 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 | 0 | 0 | 64.5M | 69.4M | 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) | 1.88 | 1.83 | 6.97 | 2.30 | 2.44 | 2.38 | 1.30 | 1.64 | 1.13 | 0.96 | 0.87 | 0.75 | 1.25 | 0.57 | 0.41 | 0.33 | 0.31 | 0.33 | 0.18 | 0.16 | 0.18 | 0.11 | 0.00 | 0.11 | 0.08 | -0.02 | -0.39 | 0.12 |
| EPS Growth % | -73.14% | -73.74% | 203.04% | -5.74% | 2.52% | 83.08% | -20.73% | 45.13% | 17.71% | 10.34% | 16% | -40% | 119.3% | 39.02% | 24.24% | 6.45% | -6.06% | 83.33% | 12.5% | -11.11% | 63.64% | - | -97.73% | 45.12% | 545.88% | 95.64% | -425% | - |
| EPS (Basic) | - | 1.84 | 6.98 | 2.31 | 2.46 | 2.41 | 1.32 | 1.68 | 1.15 | 0.98 | 0.89 | 0.77 | 1.27 | 0.59 | 0.43 | 0.35 | 0.32 | 0.34 | 0.19 | 0.16 | 0.19 | 0.11 | 0.00 | 0.11 | 0.08 | -0.02 | -0.39 | 0.12 |
| Diluted Shares Outstanding | 580.7M | 585.8M | 599.3M | 609.4M | 624.2M | 631.2M | 631.9M | 636.6M | 640.8M | 647.7M | 653.4M | 660.9M | 651M | 682.8M | 709.8M | 716.4M | 715.2M | 704.4M | 715.2M | 752.4M | 766.8M | 747.6M | 744M | 733.2M | 735.6M | 706.8M | 697.07M | 697.07M |
| Basic Shares Outstanding | 579.2M | 584.8M | 597.7M | 606.7M | 619M | 623.3M | 622.6M | 624.9M | 627.6M | 632.7M | 639M | 646.5M | 639M | 670.2M | 689.4M | 687.6M | 682.2M | 675.6M | 669.6M | 687.6M | 702M | 715.2M | 715.2M | 709.2M | 708M | 706.8M | 697.07M | 697.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Reimbursement and clinical adoption
According to the most recent quarterly financial data, Edwards Lifesciences achieved a notable 16.7% revenue growth rate in 2026Q1, marking a clear acceleration from the 6.2% growth observed in 2025Q1 and suggesting that the company's core structural heart portfolio is successfully capturing broader patient populations.
The recent uptick in top-line performance appears to validate the company's strategic focus on TAVR indication expansion and the early commercial adoption of the TMTT platform. Investors should monitor whether this growth trajectory remains sustainable as the company transitions to a pure-play structural heart entity following the Critical Care divestiture.
As reported in financial statements, EW maintains a robust gross margin profile of 78.2% as of 2026Q1, which remains significantly higher than the peer group average and underscores the company's pricing power within the specialized medical device market for complex heart valve replacement procedures.
This high-margin profile is structurally supported by the intellectual property value of its bovine pericardium tissue valves and the high switching costs inherent in the SAPIEN ecosystem. While these margins appear stable, any future shift in product mix toward lower-priced emerging markets warrants further investigation by analysts.
Based on the provided income statement data, operating income reached $514.7 million in 2026Q1, reflecting an operating margin of 31.2% and demonstrating that the company is successfully scaling its operating leverage despite the heavy R&D requirements necessary to support its long-term innovation pipeline.
The ability to expand operating margins while simultaneously funding intensive clinical trials suggests disciplined expense management within the SG&A line. However, the company's reliance on specialized clinical support staff means that operating leverage remains sensitive to the efficiency of its direct sales force and procedure throughput.
Analysis of the reported figures reveals significant quarterly fluctuations in net income, such as the $91.2 million reported in 2025Q4 compared to $380.7 million in 2026Q1, indicating that non-operating items and one-time charges frequently obscure the underlying core earnings power of the business.
The wide variance in net income suggests that investors should focus on operating income and cash flow metrics to gauge true performance. The consistent level of stock-based compensation, averaging over $40 million per quarter, also warrants further investigation to ensure it does not disproportionately dilute shareholder value over time.
Quick answers to the most common questions about buying EW stock.
For fiscal year 2025, Edwards Lifesciences Corporation (EW) reported total revenue of $6.07B. This represents a 570.5% increase compared to $905.0M in 1999.
Edwards Lifesciences Corporation (EW) is profitable, generating $1.07B in net income for the fiscal year ending 2025 with a net profit margin of 17.7%.
Edwards Lifesciences Corporation (EW) reported an operating income of $1.64B, resulting in an operating profit margin of 27.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Edwards Lifesciences Corporation (EW) generated $4.74B in gross profit for the year, representing a gross profit margin of 78.1%. This demonstrates the company's core pricing power and production efficiency.