Edwards Lifesciences (EW) Financials

$79.07 +1.90 (+2.46%)

As of 11:09 AM Eastern

Annual Income Statements for Edwards Lifesciences

This table shows Edwards Lifesciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	495	570	584	722	1,047	823	1,503	1,522	1,402	4,175	1,074
Consolidated Net Income / (Loss)	495	570	584	722	1,047	823	1,503	1,522	1,399	4,170	1,069
Net Income / (Loss) Continuing Operations	495	570	584	722	1,047	823	1,503	1,324	1,220	1,396	1,056
Total Pre-Tax Income	622	738	1,035	761	1,167	917	1,702	1,520	1,372	1,548	1,273
Total Operating Income	636	751	1,089	748	1,147	898	1,690	1,498	1,309	1,379	1,264
Total Gross Profit	1,877	2,166	2,560	2,783	3,234	3,306	3,984	3,740	4,032	4,322	4,733
Total Revenue	2,494	2,964	3,435	3,723	4,348	4,386	5,233	4,464	5,010	5,440	6,068
Operating Revenue	2,494	2,964	3,435	3,723	4,348	4,386	5,233	4,464	5,010	5,440	6,068
Total Cost of Revenue	617	797	875	939	1,114	1,081	1,249	724	978	1,118	1,334
Operating Cost of Revenue	617	797	875	939	1,114	1,081	1,249	724	978	1,118	1,334
Total Operating Expenses	1,241	1,415	1,471	2,035	2,087	2,408	2,293	2,242	2,723	2,943	3,469
Selling, General & Admin Expense	851	905	991	1,089	1,242	1,228	1,494	1,358	1,583	1,789	2,085
Research & Development Expense	383	442	553	622	753	761	903	844	963	1,053	1,079
Other Operating Expenses / (Income)	-	0.00	0.70	-	-	-	-	0.00	0.00	-0.30	-67
Impairment Charge	-	-	-	-	-	-	-	-	0.00	0.00	40
Restructuring Charge	-	-	-	-	-	-	-	61	0.00	61	19
Other Special Charges / (Income)	7.20	68	-74	325	92	419	-104	-20	177	40	313
Total Other Income / (Expense), net	-13	-13	-55	13	20	19	12	21	64	169	8.70
Interest Expense	17	19	23	30	21	16	18	19	18	20	20
Interest & Investment Income	7.90	11	20	32	32	23	17	36	67	120	169
Other Income / (Expense), net	-4.00	-4.90	-52	11	8.20	12	13	4.80	14	69	-140
Income Tax Expense	128	168	451	39	120	93	199	196	152	152	217
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	198	179	2,774	13
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	0.00	0.00	-3.00	-4.90	-4.10
Basic Earnings per Share	$2.30	$2.67	$2.77	$1.15	$1.68	$1.32	$2.41	$2.46	$2.31	$6.98	$1.84
Weighted Average Basic Shares Outstanding	215.50M	213M	210.90M	627.60M	624.80M	622.60M	623.30M	619M	606.70M	597.70M	584.80M
Diluted Earnings per Share	$2.25	$2.61	$2.70	$1.13	$1.64	$1.30	$2.38	$2.44	$2.30	$6.97	$1.83
Weighted Average Diluted Shares Outstanding	220.30M	217.80M	215.90M	640.90M	636.70M	631.90M	631.20M	624.20M	609.40M	599.30M	585.80M
Weighted Average Basic & Diluted Shares Outstanding	215.20M	213.30M	210.70M	209.30M	209.12M	624.52M	623.21M	608.31M	601.30M	587.90M	580.80M

This table shows Edwards Lifesciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	385	370	352	366	3,071	386	358	333	291	91	381
Consolidated Net Income / (Loss)	384	370	351	365	3,069	384	356	332	290	91	381
Net Income / (Loss) Continuing Operations	335	290	325	364	362	317	364	336	292	64	381
Total Pre-Tax Income	388	311	371	384	403	349	434	400	348	90	459
Total Operating Income	366	291	349	367	351	272	395	411	307	151	478
Total Gross Profit	993	870	1,043	1,094	1,092	917	1,111	1,188	1,208	1,227	1,286
Total Revenue	1,243	1,012	1,330	1,369	1,354	1,101	1,413	1,532	1,553	1,570	1,649
Operating Revenue	1,243	1,012	1,330	1,369	1,354	1,101	1,413	1,532	1,553	1,570	1,649
Total Cost of Revenue	251	141	287	276	263	184	302	344	345	343	363
Operating Cost of Revenue	251	141	287	276	263	184	302	344	345	343	363
Total Operating Expenses	627	579	694	727	741	646	716	824	901	1,028	808
Selling, General & Admin Expense	382	354	428	448	421	427	466	502	515	603	522
Research & Development Expense	243	215	257	272	253	242	255	276	281	268	263
Other Operating Expenses / (Income)	0.00	-	0.00	0.00	22	-	-19	-21	-13	-14	-14
Restructuring Charge	0.00	-	0.00	0.00	33	-	4.20	4.20	0.10	11	0.00
Other Special Charges / (Income)	2.20	9.90	8.90	8.10	11	-29	11	16	78	209	37
Total Other Income / (Expense), net	22	20	22	18	52	78	39	36	41	-108	-19
Interest & Investment Income	-	-	17	16	24	-	37	37	39	56	34
Other Income / (Expense), net	6.60	3.20	5.70	2.00	28	34	2.60	-1.30	2.70	-144	-52
Income Tax Expense	53	21	46	20	41	33	70	64	56	26	78
Net Income / (Loss) Discontinued Operations	49	-	26	1.00	2,707	-	-7.20	-4.40	-2.00	27	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.20	-0.20	-0.90	-1.30	-1.40	-1.30	-1.60	-1.70	-0.80	-	0.00
Basic Earnings per Share	$0.63	$0.61	$0.58	$0.61	$5.14	$0.65	$0.61	$0.57	$0.50	$0.16	$0.66
Weighted Average Basic Shares Outstanding	607M	606.70M	601.60M	602.10M	597.20M	597.70M	586.90M	587M	584.70M	584.80M	579.20M
Diluted Earnings per Share	$0.63	$0.61	$0.58	$0.61	$5.13	$0.65	$0.61	$0.56	$0.50	$0.16	$0.66
Weighted Average Diluted Shares Outstanding	609.50M	609.40M	604.10M	604.30M	598.10M	599.30M	587.80M	587.90M	585.70M	585.80M	580.70M
Weighted Average Basic & Diluted Shares Outstanding	606.50M	601.30M	602.60M	602.40M	589.80M	587.90M	586.60M	587.10M	580.30M	580.80M	575.80M

This table details how cash moves in and out of Edwards Lifesciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	65	212	-120	-104	469	16	-333	-95	375	1,911	-119
Net Cash From Operating Activities	550	704	1,001	927	1,183	1,054	1,732	1,218	896	542	1,595
Net Cash From Continuing Operating Activities	550	704	1,001	927	1,183	1,054	1,732	1,218	896	542	1,595
Net Income / (Loss) Continuing Operations	495	570	584	722	1,047	823	1,503	1,522	1,399	4,170	1,069
Consolidated Net Income / (Loss)	495	570	584	722	1,047	823	1,503	1,522	1,399	4,170	1,069
Depreciation Expense	66	71	82	77	89	107	135	140	145	155	157
Non-Cash Adjustments To Reconcile Net Income	20	35	93	383	36	388	85	223	143	-3,237	268
Changes in Operating Assets and Liabilities, net	-31	29	242	-256	-15	-264	9.00	-667	-792	-546	101
Net Cash From Investing Activities	-316	-212	-647	77	-596	-531	-1,723	252	174	2,313	-713
Net Cash From Continuing Investing Activities	-316	-212	-647	77	-596	-531	-1,723	252	174	2,313	-713
Purchase of Property, Plant & Equipment	-103	-176	-168	-239	-254	-407	-326	-245	-253	-252	-260
Acquisitions	-335	-49	-225	-3.00	-159	-10	-17	-130	-139	-1,138	-25
Purchase of Investments	-1,309	-1,075	-1,335	-459	-568	-852	-1,879	-669	-91	-1,006	-3,200
Divestitures	3.00	1.90	-	-	-	-	-	0.00	0.00	0.00	79
Sale and/or Maturity of Investments	1,440	1,085	1,103	801	410	777	549	1,377	716	858	2,878
Other Investing Activities, net	-12	1.20	-23	-24	-24	-39	-50	-81	-59	3,852	-185
Net Cash From Financing Activities	-159	-269	-473	-1,101	-116	-487	-356	-1,585	-711	-983	-957
Net Cash From Continuing Financing Activities	-159	-269	-473	-1,101	-116	-487	-356	-1,585	-711	-983	-957
Repayment of Debt	-38	-27	-818	-1,126	-32	-18	-7.30	-3.80	-1.30	-3.10	-3.80
Repurchase of Common Equity	-280	-662	-763	-796	-263	-625	-513	-1,727	-880	-1,159	-893
Issuance of Common Equity	87	103	114	147	161	141	159	146	170	180	174
Other Financing Activities, net	41	64	0.00	-15	-	-	-	-	0.00	0.00	-234
Effect of Exchange Rate Changes	-10	-13	-	-6.50	-3.00	-21	14	19	17	39	-45

This table details how cash moves in and out of Edwards Lifesciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	366	-266	81	429	2,025	-625	90	141	-595	245	-492
Net Cash From Operating Activities	412	137	-54	372	352	-128	280	290	574	451	44
Net Cash From Continuing Operating Activities	412	137	-54	372	352	-128	280	290	574	451	44
Net Income / (Loss) Continuing Operations	384	370	351	365	3,069	384	356	332	290	91	381
Consolidated Net Income / (Loss)	384	370	351	365	3,069	384	356	332	290	91	381
Depreciation Expense	37	37	39	40	35	43	37	38	39	43	41
Non-Cash Adjustments To Reconcile Net Income	38	31	47	47	-3,325	-5.30	26	71	70	102	64
Changes in Operating Assets and Liabilities, net	-47	-301	-490	-80	573	-549	-138	-150	175	215	-442
Net Cash From Investing Activities	89	14	63	125	2,702	-577	85	-172	-428	-198	-93
Net Cash From Continuing Investing Activities	89	14	63	125	2,702	-577	85	-172	-428	-198	-93
Purchase of Property, Plant & Equipment	-55	-88	-65	-85	-52	-50	-56	-49	-58	-97	-65
Acquisitions	-	126	-31	-	-774	-333	-3.00	-14	-2.60	-5.50	-35
Purchase of Investments	-9.60	-44	-2.60	-13	-539	-391	-647	-679	-1,032	-842	-660
Sale and/or Maturity of Investments	180	137	167	247	176	268	846	626	692	715	723
Other Investing Activities, net	-27	-118	-4.80	-24	-36	-72	-54	-56	-27	-47	-56
Net Cash From Financing Activities	-143	-413	62	-97	-977	29	-258	53	-740	-11	-451
Net Cash From Continuing Financing Activities	-143	-413	62	-97	-977	29	-258	53	-740	-11	-451
Repayment of Debt	-2.90	2.00	-0.20	7.20	-10	0.10	0.70	1.00	-2.40	-3.10	1.70
Repurchase of Preferred Equity	-	-	0.00	-	-	-	-50	-	50	-	-100
Repurchase of Common Equity	-174	-448	-0.20	-158	-901	-100	-259	-5.50	-589	-41	-422
Issuance of Common Equity	34	33	62	54	35	29	50	57	35	32	69
Effect of Exchange Rate Changes	9.20	-3.40	9.70	29	-52	51	-18	-30	-1.00	3.50	8.20

This table presents Edwards Lifesciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,056	4,510	5,666	5,324	6,488	7,237	8,503	8,293	9,363	13,055	13,697
Total Current Assets	2,048	2,240	2,549	2,287	2,984	3,091	3,181	3,096	4,036	6,285	6,739
Cash & Equivalents	718	930	818	714	1,179	1,183	863	769	1,132	3,045	2,938
Short-Term Investments	506	341	519	242	338	219	604	446	501	931	1,288
Accounts Receivable	372	415	479	537	599	603	665	699	828	727	912
Inventories, net	340	397	555	607	641	802	727	876	904	1,087	1,126
Prepaid Expenses	45	46	61	54	59	75	85	110	129	121	135
Other Current Assets	66	112	117	132	168	208	237	196	225	348	339
Plant, Property, & Equipment, net	483	580	680	868	1,060	1,395	1,547	1,633	1,591	1,686	1,812
Total Noncurrent Assets	1,526	1,690	2,438	2,169	2,444	2,751	3,775	3,564	3,737	5,084	5,146
Long-Term Investments	380	532	567	506	586	802	1,834	1,239	584	308	279
Goodwill	628	626	1,127	1,112	1,168	1,173	1,168	1,164	1,145	1,777	1,769
Intangible Assets	205	205	468	343	337	331	324	285	399	1,177	1,128
Noncurrent Deferred & Refundable Income Taxes	181	204	167	174	172	231	247	484	749	992	1,138
Other Noncurrent Operating Assets	132	123	109	34	182	214	203	391	548	820	833
Total Liabilities & Shareholders' Equity	4,056	4,510	5,666	5,324	6,488	7,237	8,503	8,293	9,363	13,055	13,697
Total Liabilities	1,553	1,891	2,710	2,183	2,340	2,663	2,667	2,486	2,644	2,992	3,360
Total Current Liabilities	476	533	1,420	877	902	894	1,032	1,022	1,195	1,505	1,814
Accounts Payable	64	97	117	134	180	197	205	202	187	197	228
Accrued Expenses	412	435	654	743	697	670	802	795	856	1,282	1,562
Other Current Liabilities	-	-	-	-	26	27	26	26	23	23	25
Total Noncurrent Liabilities	1,077	1,359	1,290	1,307	1,437	1,769	1,634	1,463	1,448	1,487	1,546
Long-Term Debt	597	822	438	594	594	595	596	596	597	598	598
Capital Lease Obligations	-	-	-	-	59	73	69	70	65	79	83
Noncurrent Deferred & Payable Income Tax Liabilities	195	230	165	125	172	214	259	268	335	385	503
Other Noncurrent Operating Liabilities	285	306	687	588	612	654	519	387	332	373	362
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,503	2,619	2,956	3,140	4,148	4,574	5,836	5,807	6,719	10,063	10,338
Total Preferred & Common Equity	2,503	2,619	2,956	3,140	4,148	4,574	5,836	5,807	6,650	9,998	10,338
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,503	2,619	2,956	3,140	4,148	4,574	5,836	5,807	6,650	9,998	10,338
Common Stock	1,186	1,410	1,379	1,600	1,841	2,075	2,342	2,616	2,925	3,268	3,427
Retained Earnings	3,337	3,906	1,962	2,695	3,742	4,565	6,068	7,590	8,992	13,167	14,241
Treasury Stock	-1,837	-2,499	-252	-1,015	-1,279	-1,904	-2,417	-4,144	-5,025	-6,192	-7,092
Accumulated Other Comprehensive Income / (Loss)	-183	-198	-133	-139	-156	-161	-158	-255	-243	-245	-238

This table presents Edwards Lifesciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	9,004	9,371	9,363	9,736	10,099	12,971	13,055	13,022	13,489	13,272	13,321
Total Current Assets	3,647	4,068	4,036	4,171	4,516	6,728	6,285	6,213	6,577	6,359	6,229
Cash & Equivalents	1,043	1,410	1,132	1,225	1,645	3,676	3,045	3,141	3,273	2,686	2,446
Short-Term Investments	467	454	501	473	345	770	931	758	789	1,156	1,226
Accounts Receivable	817	802	828	877	834	812	727	752	903	893	973
Inventories, net	980	1,032	904	1,207	1,025	1,104	1,087	1,114	1,142	1,141	1,119
Prepaid Expenses	123	133	129	138	110	115	121	111	110	125	136
Other Current Assets	217	236	225	251	252	231	348	305	314	323	330
Plant, Property, & Equipment, net	1,662	1,681	1,591	1,768	1,640	1,676	1,686	1,698	1,727	1,743	1,823
Total Noncurrent Assets	3,695	3,622	3,737	3,798	3,943	4,568	5,084	5,111	5,185	5,170	5,269
Long-Term Investments	856	705	584	456	353	320	308	278	299	275	286
Goodwill	1,300	1,297	1,145	1,253	1,151	1,605	1,777	1,779	1,777	1,769	1,820
Intangible Assets	431	430	399	447	417	956	1,177	1,175	1,173	1,131	1,228
Noncurrent Deferred & Refundable Income Taxes	611	652	749	777	833	888	992	1,028	1,082	1,100	1,098
Other Noncurrent Operating Assets	497	538	548	866	883	788	820	840	842	881	838
Total Liabilities & Shareholders' Equity	9,004	9,371	9,363	9,736	10,099	12,971	13,055	13,022	13,489	13,272	13,321
Total Liabilities	2,558	2,644	2,644	2,550	2,595	3,360	2,992	2,831	2,882	3,067	2,994
Total Current Liabilities	1,157	1,239	1,195	1,111	1,217	1,944	1,505	1,395	1,405	1,588	1,409
Accounts Payable	193	191	187	212	186	173	197	172	162	165	181
Accrued Expenses	940	1,024	856	874	902	1,745	1,282	1,196	1,214	1,394	1,204
Other Current Liabilities	24	24	23	25	22	24	23	24	26	27	24
Total Noncurrent Liabilities	1,400	1,405	1,448	1,439	1,378	1,416	1,487	1,436	1,478	1,479	1,585
Long-Term Debt	597	597	597	597	597	598	598	598	598	598	599
Capital Lease Obligations	64	70	65	77	74	85	79	78	79	75	80
Noncurrent Deferred & Payable Income Tax Liabilities	304	312	335	337	343	346	385	403	422	443	555
Other Noncurrent Operating Liabilities	324	322	332	346	258	324	373	358	379	363	351
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,447	6,727	6,719	7,186	7,505	9,611	10,063	10,192	10,607	10,205	10,328
Total Preferred & Common Equity	6,376	6,658	6,650	7,118	7,437	9,546	9,998	10,129	10,545	10,205	10,328
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,376	6,658	6,650	7,118	7,437	9,546	9,998	10,129	10,545	10,205	10,328
Common Stock	2,795	2,861	2,925	3,032	3,130	3,106	3,268	3,309	3,408	3,356	3,442
Retained Earnings	8,238	8,623	8,992	9,344	9,711	12,781	13,167	13,525	13,858	14,149	14,621
Treasury Stock	-4,401	-4,576	-5,025	-5,025	-5,183	-6,090	-6,192	-6,451	-6,456	-7,050	-7,514
Accumulated Other Comprehensive Income / (Loss)	-256	-250	-243	-233	-220	-253	-245	-255	-264	-250	-221

This table displays calculated financial ratios and metrics derived from Edwards Lifesciences' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.35%	18.85%	15.91%	8.37%	16.79%	0.88%	19.29%	-14.69%	12.23%	8.57%	11.55%
EBITDA Growth	-42.99%	17.20%	36.97%	-25.27%	51.74%	-19.95%	80.83%	-10.61%	-10.66%	9.20%	-20.07%
EBIT Growth	-45.30%	18.14%	39.06%	-26.84%	52.11%	-21.29%	87.33%	-11.73%	-12.00%	9.43%	-22.32%
NOPAT Growth	-38.67%	14.70%	5.96%	15.52%	45.03%	-21.66%	85.15%	-12.54%	-10.88%	6.85%	-15.64%
Net Income Growth	-38.98%	15.07%	2.48%	23.75%	44.96%	-21.35%	82.55%	1.25%	-8.05%	197.96%	-74.35%
EPS Growth	-39.84%	16.00%	3.45%	23.75%	44.96%	-20.73%	83.08%	2.52%	-5.74%	203.04%	-73.74%
Operating Cash Flow Growth	-46.23%	28.14%	42.06%	-7.39%	27.65%	-10.87%	64.29%	-29.67%	-26.47%	-39.46%	194.15%
Free Cash Flow Firm Growth	-86.58%	264.60%	-74.23%	413.24%	4.04%	-22.24%	184.59%	-63.40%	0.79%	-199.00%	296.54%
Invested Capital Growth	34.75%	9.54%	30.63%	6.15%	18.83%	12.54%	5.33%	25.58%	16.74%	36.87%	1.46%
Revenue Q/Q Growth	2.18%	3.37%	3.64%	2.45%	4.73%	0.40%	2.71%	-16.78%	-6.30%	-14.27%	3.12%
EBITDA Q/Q Growth	-50.87%	4.73%	8.89%	-26.14%	37.18%	2.60%	1.13%	-9.37%	-9.60%	-11.54%	-20.90%
EBIT Q/Q Growth	-53.21%	4.52%	9.41%	-27.97%	37.47%	5.13%	1.20%	-10.28%	-10.62%	-12.93%	-23.14%
NOPAT Q/Q Growth	-52.47%	2.85%	-21.24%	-0.61%	35.99%	3.79%	1.93%	-10.00%	-9.10%	-14.21%	-13.46%
Net Income Q/Q Growth	6.80%	3.23%	-21.65%	1.38%	35.31%	3.69%	1.75%	4.33%	-2.01%	0.35%	-21.51%
EPS Q/Q Growth	4.65%	0.77%	-23.51%	1.38%	35.31%	1.56%	0.42%	3.83%	-1.71%	0.58%	-21.12%
Operating Cash Flow Q/Q Growth	1.97%	16.03%	19.43%	-7.12%	10.25%	-0.29%	-1.49%	-6.94%	-14.03%	-32.75%	56.88%
Free Cash Flow Firm Q/Q Growth	-82.54%	25.28%	-17.75%	15.24%	16.00%	-8.91%	-4.00%	-35.00%	127.33%	-162.71%	27,602.75%
Invested Capital Q/Q Growth	6.07%	0.83%	-5.64%	-8.42%	-0.71%	1.87%	4.56%	6.83%	-2.79%	16.74%	-3.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.25%	73.09%	74.52%	74.77%	74.37%	75.36%	76.13%	83.79%	80.47%	79.46%	78.01%
EBITDA Margin	27.97%	27.58%	32.59%	22.48%	29.20%	23.17%	35.12%	36.80%	29.30%	29.47%	21.11%
Operating Margin	25.49%	25.35%	31.71%	20.10%	26.38%	20.46%	32.30%	33.57%	26.13%	25.35%	20.84%
EBIT Margin	25.33%	25.18%	30.21%	20.40%	26.56%	20.73%	32.55%	33.67%	26.40%	26.61%	18.53%
Profit (Net Income) Margin	19.85%	19.22%	16.99%	19.40%	24.08%	18.77%	28.73%	34.09%	27.93%	76.66%	17.62%
Tax Burden Percent	79.51%	77.18%	56.39%	94.85%	89.75%	89.82%	88.31%	100.16%	101.97%	269.34%	84.01%
Interest Burden Percent	98.53%	98.87%	99.72%	100.28%	101.00%	100.84%	99.94%	101.08%	103.75%	106.94%	113.20%
Effective Tax Rate	20.49%	22.82%	43.61%	5.15%	10.25%	10.18%	11.69%	12.87%	11.10%	9.82%	17.04%
Return on Invested Capital (ROIC)	38.81%	37.00%	32.52%	32.18%	41.41%	28.11%	47.86%	36.18%	26.72%	22.38%	16.22%
ROIC Less NNEP Spread (ROIC-NNEP)	39.82%	38.04%	35.94%	30.69%	39.89%	26.96%	47.37%	26.40%	14.36%	-80.82%	15.67%
Return on Net Nonoperating Assets (RNNOA)	-17.72%	-14.77%	-11.59%	-8.48%	-12.69%	-9.23%	-18.99%	-10.03%	-4.38%	27.31%	-5.73%
Return on Equity (ROE)	21.08%	22.24%	20.94%	23.69%	28.73%	18.88%	28.88%	26.14%	22.34%	49.69%	10.48%
Cash Return on Invested Capital (CROIC)	9.20%	27.90%	5.96%	26.21%	24.20%	16.30%	42.67%	13.50%	11.27%	-8.75%	14.77%
Operating Return on Assets (OROA)	16.67%	17.42%	20.40%	13.82%	19.56%	13.25%	21.64%	17.90%	14.98%	12.91%	8.41%
Return on Assets (ROA)	13.06%	13.30%	11.47%	13.14%	17.73%	12.00%	19.10%	18.12%	15.85%	37.20%	7.99%
Return on Common Equity (ROCE)	21.08%	22.24%	20.94%	23.69%	28.73%	18.88%	28.88%	26.14%	22.22%	49.30%	10.45%
Return on Equity Simple (ROE_SIMPLE)	19.77%	21.74%	19.74%	23.00%	25.24%	18.00%	25.76%	26.21%	21.04%	41.70%	0.00%
Net Operating Profit after Tax (NOPAT)	505	580	614	710	1,029	806	1,493	1,306	1,164	1,243	1,049
NOPAT Margin	20.27%	19.56%	17.88%	19.06%	23.67%	18.38%	28.53%	29.25%	23.22%	22.86%	17.29%
Net Nonoperating Expense Percent (NNEP)	-1.01%	-1.03%	-3.42%	1.49%	1.53%	1.15%	0.50%	9.78%	12.36%	103.20%	0.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	20.17%	15.76%	11.58%	9.52%
Cost of Revenue to Revenue	24.75%	26.91%	25.48%	25.23%	25.63%	24.64%	23.87%	16.21%	19.53%	20.54%	21.99%
SG&A Expenses to Revenue	34.11%	30.53%	28.84%	29.24%	28.57%	28.01%	28.55%	30.41%	31.59%	32.89%	34.37%
R&D to Revenue	15.35%	14.92%	16.09%	16.71%	17.31%	17.34%	17.26%	18.90%	19.22%	19.36%	17.79%
Operating Expenses to Revenue	49.76%	47.75%	42.81%	54.67%	47.99%	54.90%	43.83%	50.22%	54.35%	54.11%	57.18%
Earnings before Interest and Taxes (EBIT)	632	746	1,038	759	1,155	909	1,703	1,503	1,323	1,448	1,125
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	698	818	1,120	837	1,270	1,016	1,838	1,643	1,468	1,603	1,281
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.81	7.65	8.07	10.20	11.73	12.43	13.86	7.94	6.95	4.37	4.79
Price to Tangible Book Value (P/TBV)	10.21	11.20	17.52	19.00	18.40	18.52	18.62	10.59	9.06	6.20	6.65
Price to Revenue (P/Rev)	6.83	6.76	6.94	8.60	11.19	12.96	15.46	10.33	9.23	8.03	8.15
Price to Earnings (P/E)	34.42	35.18	40.87	44.34	46.48	69.05	53.81	30.31	32.98	10.46	46.08
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.90%	2.84%	2.45%	2.26%	2.15%	1.45%	1.86%	3.30%	3.03%	9.56%	2.17%
Enterprise Value to Invested Capital (EV/IC)	10.72	11.63	10.77	13.71	17.49	18.21	24.45	11.03	9.54	6.25	7.01
Enterprise Value to Revenue (EV/Rev)	6.43	6.43	6.71	8.37	10.86	12.61	14.95	9.93	8.93	7.38	7.52
Enterprise Value to EBITDA (EV/EBITDA)	22.98	23.31	20.57	37.23	37.18	54.44	42.58	26.99	30.50	25.03	35.63
Enterprise Value to EBIT (EV/EBIT)	25.37	25.53	22.20	41.03	40.87	60.85	45.95	29.50	33.84	27.72	40.59
Enterprise Value to NOPAT (EV/NOPAT)	31.71	32.86	37.50	43.89	45.87	68.62	52.42	33.96	38.47	32.27	43.52
Enterprise Value to Operating Cash Flow (EV/OCF)	29.16	27.05	23.02	33.62	39.91	52.47	45.17	36.40	49.97	73.98	28.62
Enterprise Value to Free Cash Flow (EV/FCFF)	133.71	43.59	204.52	53.89	78.49	118.30	58.79	91.03	91.17	0.00	47.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.24	0.31	0.37	0.19	0.16	0.15	0.11	0.11	0.10	0.07	0.07
Long-Term Debt to Equity	0.24	0.31	0.15	0.19	0.16	0.15	0.11	0.11	0.10	0.07	0.07
Financial Leverage	-0.45	-0.39	-0.32	-0.28	-0.32	-0.34	-0.40	-0.38	-0.30	-0.34	-0.37
Leverage Ratio	1.61	1.67	1.83	1.80	1.62	1.57	1.51	1.44	1.41	1.34	1.31
Compound Leverage Factor	1.59	1.65	1.82	1.81	1.64	1.59	1.51	1.46	1.46	1.43	1.48
Debt to Total Capital	19.25%	23.90%	26.90%	15.90%	13.61%	12.74%	10.23%	10.29%	8.97%	6.30%	6.18%
Short-Term Debt to Total Capital	0.00%	0.00%	16.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	19.25%	23.90%	10.84%	15.90%	13.61%	12.74%	10.23%	10.29%	8.97%	6.30%	6.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.94%	0.60%	0.00%
Common Equity to Total Capital	80.75%	76.11%	73.10%	84.10%	86.39%	87.26%	89.77%	89.71%	90.09%	93.10%	93.82%
Debt to EBITDA	0.86	1.01	0.97	0.71	0.51	0.66	0.36	0.41	0.45	0.42	0.53
Net Debt to EBITDA	-1.44	-1.20	-0.73	-1.04	-1.14	-1.51	-1.43	-1.09	-1.06	-2.25	-2.98
Long-Term Debt to EBITDA	0.86	1.01	0.39	0.71	0.51	0.66	0.36	0.41	0.45	0.42	0.53
Debt to NOPAT	1.18	1.42	1.77	0.84	0.63	0.83	0.45	0.51	0.57	0.54	0.65
Net Debt to NOPAT	-1.99	-1.69	-1.33	-1.22	-1.41	-1.91	-1.77	-1.37	-1.34	-2.90	-3.65
Long-Term Debt to NOPAT	1.18	1.42	0.71	0.84	0.63	0.83	0.45	0.51	0.57	0.54	0.65
Altman Z-Score	9.33	9.23	7.22	11.00	14.93	15.08	20.78	13.85	13.21	11.39	11.44
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.55%	0.80%	0.32%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.30	4.21	1.80	2.61	3.31	3.46	3.08	3.03	3.38	4.18	3.72
Quick Ratio	3.35	3.17	1.28	1.70	2.34	2.24	2.07	1.87	2.06	3.12	2.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	120	437	113	578	601	468	1,331	487	491	-486	955
Operating Cash Flow to CapEx	535.25%	400.00%	595.30%	388.23%	464.98%	259.04%	531.65%	498.04%	354.07%	214.86%	613.07%
Free Cash Flow to Firm to Interest Expense	6.97	22.76	4.85	19.33	29.05	29.60	72.33	25.37	27.90	-24.55	46.83
Operating Cash Flow to Interest Expense	31.96	36.69	43.13	30.99	57.14	66.73	94.14	63.45	50.90	27.39	78.20
Operating Cash Flow Less CapEx to Interest Expense	25.99	27.52	35.89	23.01	44.86	40.97	76.43	50.71	36.52	14.64	65.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.69	0.68	0.68	0.74	0.64	0.66	0.53	0.57	0.49	0.45
Accounts Receivable Turnover	7.16	7.54	7.69	7.32	7.65	7.30	8.26	6.55	6.56	6.99	7.40
Inventory Turnover	1.94	2.17	1.84	1.62	1.79	1.50	1.63	0.90	1.10	1.12	1.21
Fixed Asset Turnover	5.39	5.58	5.45	4.81	4.51	3.57	3.56	2.81	3.11	3.32	3.47
Accounts Payable Turnover	10.11	9.91	8.19	7.50	7.09	5.73	6.23	3.56	5.04	5.82	6.28
Days Sales Outstanding (DSO)	50.99	48.43	47.49	49.84	47.70	50.01	44.22	55.76	55.63	52.19	49.31
Days Inventory Outstanding (DIO)	188.27	168.56	198.39	225.73	204.36	243.74	223.43	404.04	331.84	325.02	302.69
Days Payable Outstanding (DPO)	36.10	36.85	44.56	48.68	51.49	63.65	58.60	102.48	72.47	62.71	58.12
Cash Conversion Cycle (CCC)	203.16	180.14	201.32	226.88	200.57	230.09	209.05	357.32	315.00	314.50	293.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,495	1,638	2,140	2,271	2,699	3,038	3,200	4,018	4,691	6,420	6,514
Invested Capital Turnover	1.91	1.89	1.82	1.69	1.75	1.53	1.68	1.24	1.15	0.98	0.94
Increase / (Decrease) in Invested Capital	386	143	502	132	428	339	162	819	673	1,729	94
Enterprise Value (EV)	16,029	19,053	23,035	31,151	47,208	55,322	78,246	44,340	44,761	40,120	45,647
Market Capitalization	17,037	20,034	23,852	32,020	48,657	56,859	80,883	46,128	46,246	43,663	49,471
Book Value per Share	$23.21	$12.25	$13.97	$15.02	$19.89	$7.34	$9.35	$9.39	$10.96	$16.95	$17.81
Tangible Book Value per Share	$15.48	$8.36	$6.43	$8.06	$12.68	$4.93	$6.96	$7.05	$8.42	$11.94	$12.82
Total Capital	3,100	3,441	4,044	3,734	4,802	5,242	6,501	6,473	7,382	10,740	11,019
Total Debt	597	822	1,088	594	653	668	665	666	662	677	681
Total Long-Term Debt	597	822	438	594	653	668	665	666	662	677	681
Net Debt	-1,008	-981	-816	-869	-1,449	-1,537	-2,636	-1,789	-1,555	-3,607	-3,824
Capital Expenditures (CapEx)	103	176	168	239	254	407	326	245	253	252	260
Debt-free, Cash-free Net Working Capital (DFCFNWC)	347	436	441	454	565	795	682	858	1,208	804	699
Debt-free Net Working Capital (DFNWC)	1,572	1,708	1,779	1,410	2,082	2,197	2,148	2,073	2,840	4,780	4,925
Net Working Capital (NWC)	1,572	1,708	1,129	1,410	2,082	2,197	2,148	2,073	2,840	4,780	4,925
Net Nonoperating Expense (NNE)	11	10	31	-13	-18	-17	-10	-216	-236	-2,926	-21
Net Nonoperating Obligations (NNO)	-1,008	-981	-816	-869	-1,449	-1,537	-2,636	-1,789	-2,029	-3,643	-3,824
Total Depreciation and Amortization (D&A)	66	71	82	77	115	107	135	140	145	155	157
Debt-free, Cash-free Net Working Capital to Revenue	13.92%	14.72%	12.85%	12.19%	12.99%	18.11%	13.03%	19.22%	24.10%	14.79%	11.52%
Debt-free Net Working Capital to Revenue	63.03%	57.61%	51.78%	37.88%	47.87%	50.09%	41.06%	46.45%	56.69%	87.88%	81.17%
Net Working Capital to Revenue	63.03%	57.61%	32.87%	37.88%	47.87%	50.09%	41.06%	46.45%	56.69%	87.88%	81.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.77	$0.89	$0.92	$1.15	$1.68	$1.32	$2.41	$2.46	$2.31	$6.98	$1.84
Adjusted Weighted Average Basic Shares Outstanding	646.50M	639M	632.70M	627.60M	624.90M	622.60M	623.30M	619M	606.70M	597.70M	584.80M
Adjusted Diluted Earnings per Share	$0.75	$0.87	$0.90	$1.13	$1.64	$1.30	$2.38	$2.44	$2.30	$6.97	$1.83
Adjusted Weighted Average Diluted Shares Outstanding	660.90M	653.40M	647.70M	640.80M	636.60M	631.90M	631.20M	624.20M	609.40M	599.30M	585.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	643.79M	637.49M	630.07M	623.30M	627.37M	624.52M	623.21M	608.31M	601.30M	587.90M	580.80M
Normalized Net Operating Profit after Tax (NOPAT)	511	632	573	1,017	1,112	1,183	1,401	1,341	1,321	1,335	1,357
Normalized NOPAT Margin	20.50%	21.34%	16.68%	27.33%	25.57%	26.96%	26.78%	30.04%	26.37%	24.54%	22.37%
Pre Tax Income Margin	24.96%	24.90%	30.13%	20.45%	26.83%	20.90%	32.53%	34.04%	27.39%	28.46%	20.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	36.73	38.87	44.73	25.39	55.80	57.54	92.55	78.29	75.16	73.11	55.12
NOPAT to Interest Expense	29.39	30.20	26.48	23.74	49.72	51.03	81.13	68.00	66.11	62.79	51.41
EBIT Less CapEx to Interest Expense	30.76	29.70	37.49	17.41	43.51	31.78	74.85	65.55	60.78	60.36	42.37
NOPAT Less CapEx to Interest Expense	23.42	21.02	19.23	15.75	37.43	25.27	63.42	55.26	51.74	50.04	38.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	56.60%	116.30%	130.79%	110.15%	25.15%	75.95%	34.12%	113.48%	62.86%	27.81%	83.54%

This table displays calculated financial ratios and metrics derived from Edwards Lifesciences' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	580,800,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	580,800,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.66
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.73%	135.29%	9.50%	6.98%	8.93%	8.85%	6.23%	11.89%	14.67%	13.26%	16.70%
EBITDA Growth	-6.06%	38.55%	1.46%	35.95%	0.88%	5.05%	10.38%	9.78%	-15.50%	-87.10%	7.47%
EBIT Growth	-6.97%	44.62%	0.74%	39.51%	1.61%	3.67%	12.04%	11.23%	-18.15%	-97.86%	7.07%
NOPAT Growth	-6.84%	44.92%	0.13%	43.67%	-0.31%	-9.47%	8.30%	-0.66%	-18.25%	-61.19%	19.74%
Net Income Growth	11.70%	-7.20%	3.08%	19.48%	699.95%	3.95%	1.54%	-9.18%	-90.54%	-76.27%	6.82%
EPS Growth	14.55%	-6.15%	3.57%	22.00%	714.29%	6.56%	5.17%	-8.20%	-90.25%	-75.38%	8.20%
Operating Cash Flow Growth	32.78%	-51.70%	-117.03%	1,005.65%	-14.51%	-193.34%	624.11%	-21.88%	63.08%	453.65%	-84.38%
Free Cash Flow Firm Growth	-106.63%	36.47%	-42.37%	70.29%	52.01%	-270.02%	38.92%	-329.98%	-166.84%	100.95%	99.23%
Invested Capital Growth	28.29%	16.74%	29.61%	13.03%	13.97%	36.87%	16.48%	28.12%	22.10%	1.46%	6.03%
Revenue Q/Q Growth	-4.02%	-18.65%	-9.65%	-13.28%	-2.27%	-18.71%	28.31%	8.46%	1.36%	1.06%	5.03%
EBITDA Q/Q Growth	35.52%	-19.15%	-14.57%	-4.80%	0.56%	-15.81%	24.82%	3.23%	-22.10%	-85.64%	830.94%
EBIT Q/Q Growth	40.04%	-20.99%	-16.10%	-5.55%	1.99%	-19.39%	30.25%	3.15%	-24.42%	-97.61%	5,650.00%
NOPAT Q/Q Growth	29.85%	-14.05%	-17.46%	5.29%	-9.90%	-21.95%	34.48%	4.32%	-25.35%	-58.35%	269.15%
Net Income Q/Q Growth	25.60%	-3.65%	-5.06%	3.99%	740.93%	-87.48%	-7.26%	-6.99%	-12.43%	-68.58%	317.43%
EPS Q/Q Growth	26.00%	-3.17%	-4.92%	5.17%	740.98%	-87.33%	-6.15%	-8.20%	-10.71%	-68.00%	312.50%
Operating Cash Flow Q/Q Growth	1,124.70%	-66.80%	-139.17%	794.39%	-5.30%	-136.24%	319.92%	3.50%	97.69%	-21.40%	-90.29%
Free Cash Flow Firm Q/Q Growth	17.02%	46.40%	-232.52%	72.44%	-34.03%	-313.26%	58.89%	-90.53%	17.56%	101.44%	-133.84%
Invested Capital Q/Q Growth	1.78%	-2.79%	21.11%	-6.11%	2.63%	16.74%	3.55%	3.27%	-2.20%	-3.00%	8.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.85%	86.02%	75.87%	79.41%	80.59%	83.32%	78.65%	77.52%	77.77%	78.15%	78.01%
EBITDA Margin	32.93%	32.72%	26.99%	29.63%	30.49%	31.58%	30.72%	29.24%	22.47%	3.19%	28.29%
Operating Margin	29.43%	28.78%	24.25%	26.63%	25.89%	24.66%	27.95%	26.84%	19.77%	9.63%	28.97%
EBIT Margin	29.96%	29.10%	24.58%	26.78%	27.95%	27.71%	28.13%	26.75%	19.95%	0.47%	25.81%
Profit (Net Income) Margin	30.86%	36.55%	21.96%	26.34%	226.62%	34.90%	25.23%	21.64%	18.69%	5.81%	23.09%
Tax Burden Percent	98.99%	118.84%	85.74%	94.41%	762.02%	110.02%	82.14%	82.83%	83.32%	100.89%	82.94%
Interest Burden Percent	104.05%	105.71%	104.20%	104.18%	106.42%	114.49%	109.18%	97.63%	112.46%	1,221.62%	107.87%
Effective Tax Rate	13.60%	6.65%	14.26%	5.23%	10.10%	9.39%	16.20%	16.07%	16.10%	28.98%	17.06%
Return on Invested Capital (ROIC)	31.66%	30.91%	25.26%	31.16%	28.60%	21.88%	20.93%	20.95%	15.98%	6.41%	22.12%
ROIC Less NNEP Spread (ROIC-NNEP)	28.56%	25.77%	24.06%	30.37%	-63.00%	17.00%	19.92%	21.41%	15.12%	6.85%	22.57%
Return on Net Nonoperating Assets (RNNOA)	-9.62%	-7.85%	-5.70%	-8.38%	23.19%	-5.75%	-5.76%	-6.96%	-5.80%	-2.51%	-7.50%
Return on Equity (ROE)	22.05%	23.05%	19.56%	22.77%	51.79%	16.13%	15.18%	13.99%	10.18%	3.91%	14.61%
Cash Return on Invested Capital (CROIC)	5.03%	11.27%	0.79%	16.48%	15.01%	-8.75%	5.31%	-3.87%	-0.06%	14.77%	10.41%
Operating Return on Assets (OROA)	17.79%	16.51%	16.43%	17.48%	15.87%	13.45%	13.65%	12.90%	8.94%	0.21%	12.35%
Return on Assets (ROA)	18.32%	20.74%	14.68%	17.19%	128.72%	16.94%	12.24%	10.43%	8.38%	2.64%	11.05%
Return on Common Equity (ROCE)	21.93%	22.93%	19.34%	22.55%	51.36%	16.00%	15.06%	13.89%	10.15%	3.90%	14.57%
Return on Equity Simple (ROE_SIMPLE)	21.45%	0.00%	19.81%	19.76%	43.53%	0.00%	41.22%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	316	272	332	350	315	246	331	345	258	107	396
NOPAT Margin	25.43%	26.86%	20.79%	25.24%	23.27%	22.34%	23.42%	22.53%	16.59%	6.84%	24.03%
Net Nonoperating Expense Percent (NNEP)	3.10%	5.13%	1.20%	0.79%	91.60%	4.88%	1.02%	-0.46%	0.86%	-0.43%	-0.45%
Return On Investment Capital (ROIC_SIMPLE)	-	3.68%	-	-	-	2.29%	3.04%	3.06%	2.37%	0.97%	3.60%
Cost of Revenue to Revenue	20.15%	13.98%	24.13%	20.59%	19.41%	16.68%	21.35%	22.48%	22.23%	21.85%	21.99%
SG&A Expenses to Revenue	30.71%	34.99%	30.64%	32.53%	31.11%	38.81%	32.97%	32.76%	33.13%	38.41%	31.68%
R&D to Revenue	19.53%	21.28%	17.85%	19.67%	18.71%	21.96%	18.02%	18.03%	18.07%	17.06%	15.97%
Operating Expenses to Revenue	50.42%	57.24%	51.63%	52.78%	54.70%	58.66%	50.70%	53.76%	58.00%	65.52%	49.04%
Earnings before Interest and Taxes (EBIT)	373	294	393	371	379	305	397	410	310	7.40	426
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	409	331	431	411	413	348	434	448	349	50	466
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.33	6.95	8.14	7.48	4.16	4.37	4.21	4.35	4.47	4.79	4.50
Price to Tangible Book Value (P/TBV)	8.54	9.06	10.70	9.48	5.69	6.20	5.94	6.04	6.25	6.65	6.39
Price to Revenue (P/Rev)	7.88	9.23	9.43	8.93	6.27	8.03	7.72	8.07	7.76	8.15	7.38
Price to Earnings (P/E)	29.43	32.98	40.99	37.79	9.56	10.46	10.19	11.06	33.38	46.08	42.43
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.40%	3.03%	2.44%	2.65%	10.46%	9.56%	9.81%	9.04%	3.00%	2.17%	2.36%
Enterprise Value to Invested Capital (EV/IC)	8.35	9.54	9.91	10.09	6.50	6.25	5.89	6.15	6.29	7.01	6.13
Enterprise Value to Revenue (EV/Rev)	7.53	8.93	9.20	8.67	5.63	7.38	7.09	7.43	7.17	7.52	6.86
Enterprise Value to EBITDA (EV/EBITDA)	24.81	30.50	33.27	29.90	19.72	25.03	23.83	25.10	26.07	35.63	32.91
Enterprise Value to EBIT (EV/EBIT)	27.22	33.84	36.45	32.63	21.49	27.72	26.29	27.59	28.86	40.59	37.51
Enterprise Value to NOPAT (EV/NOPAT)	31.47	38.47	42.09	37.28	24.66	32.27	30.88	33.27	34.83	43.52	38.82
Enterprise Value to Operating Cash Flow (EV/OCF)	38.66	49.97	107.06	62.42	44.31	73.98	44.71	53.16	41.52	28.62	31.82
Enterprise Value to Free Cash Flow (EV/FCFF)	186.53	91.17	1,422.09	64.95	46.10	0.00	119.37	0.00	0.00	47.78	60.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.10	0.10	0.09	0.09	0.07	0.07	0.07	0.06	0.07	0.07	0.07
Long-Term Debt to Equity	0.10	0.10	0.09	0.09	0.07	0.07	0.07	0.06	0.07	0.07	0.07
Financial Leverage	-0.34	-0.30	-0.24	-0.28	-0.37	-0.34	-0.29	-0.33	-0.38	-0.37	-0.33
Leverage Ratio	1.39	1.41	1.39	1.37	1.37	1.34	1.31	1.30	1.32	1.31	1.28
Compound Leverage Factor	1.45	1.49	1.45	1.43	1.46	1.53	1.43	1.27	1.49	16.02	1.38
Debt to Total Capital	9.02%	8.97%	8.58%	8.21%	6.63%	6.30%	6.22%	6.00%	6.19%	6.18%	6.17%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	9.02%	8.97%	8.58%	8.21%	6.63%	6.30%	6.22%	6.00%	6.19%	6.18%	6.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.94%	0.94%	0.87%	0.82%	0.64%	0.60%	0.58%	0.54%	0.00%	0.00%	0.00%
Common Equity to Total Capital	90.04%	90.09%	90.55%	90.97%	92.73%	93.10%	93.20%	93.46%	93.81%	93.82%	93.83%
Debt to EBITDA	0.41	0.45	0.40	0.37	0.38	0.42	0.41	0.40	0.42	0.53	0.52
Net Debt to EBITDA	-1.17	-1.06	-0.87	-0.92	-2.25	-2.25	-2.13	-2.19	-2.13	-2.98	-2.50
Long-Term Debt to EBITDA	0.41	0.45	0.40	0.37	0.38	0.42	0.41	0.40	0.42	0.53	0.52
Debt to NOPAT	0.52	0.57	0.50	0.46	0.47	0.54	0.53	0.53	0.56	0.65	0.61
Net Debt to NOPAT	-1.49	-1.34	-1.10	-1.15	-2.82	-2.90	-2.76	-2.90	-2.84	-3.65	-2.94
Long-Term Debt to NOPAT	0.52	0.57	0.50	0.46	0.47	0.54	0.53	0.53	0.56	0.65	0.61
Altman Z-Score	11.91	12.84	16.12	15.35	9.51	11.10	11.45	11.97	11.38	11.17	11.87
Noncontrolling Interest Sharing Ratio	0.54%	0.55%	1.15%	0.99%	0.83%	0.80%	0.76%	0.71%	0.33%	0.32%	0.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.28	3.38	3.75	3.71	3.46	4.18	4.45	4.68	4.00	3.72	4.42
Quick Ratio	2.15	2.06	2.32	2.32	2.70	3.12	3.33	3.53	2.98	2.83	3.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-748	-401	-972	-268	-359	-1,483	-610	-1,162	-958	14	-4.67
Operating Cash Flow to CapEx	744.12%	154.70%	-81.93%	435.01%	677.84%	-256.02%	500.71%	588.64%	997.74%	462.94%	67.49%
Free Cash Flow to Firm to Interest Expense	0.00	-7.95	0.00	0.00	0.00	-19.49	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	2.71	0.00	0.00	0.00	-1.68	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.96	0.00	0.00	0.00	-2.33	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.57	0.67	0.65	0.57	0.49	0.49	0.48	0.45	0.45	0.48
Accounts Receivable Turnover	7.31	6.56	7.42	7.55	7.86	6.99	6.78	6.55	6.90	7.40	7.31
Inventory Turnover	1.22	1.10	1.35	1.46	1.38	1.12	0.98	1.11	1.14	1.21	1.25
Fixed Asset Turnover	3.29	3.11	3.60	3.78	3.78	3.32	3.19	3.38	3.44	3.47	3.58
Accounts Payable Turnover	6.34	5.04	7.31	7.73	8.13	5.82	5.89	6.90	7.60	6.28	7.89
Days Sales Outstanding (DSO)	49.95	55.63	49.20	48.34	46.41	52.19	53.83	55.76	52.86	49.31	49.94
Days Inventory Outstanding (DIO)	298.39	331.84	269.65	249.88	264.07	325.02	374.16	329.17	319.25	302.69	292.08
Days Payable Outstanding (DPO)	57.59	72.47	49.96	47.22	44.91	62.71	62.01	52.88	48.04	58.12	46.24
Cash Conversion Cycle (CCC)	290.76	315.00	268.89	251.00	265.57	314.50	365.97	332.06	324.08	293.89	295.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,825	4,691	5,708	5,359	5,500	6,420	6,648	6,866	6,715	6,514	7,049
Invested Capital Turnover	1.25	1.15	1.22	1.23	1.23	0.98	0.89	0.93	0.96	0.94	0.92
Increase / (Decrease) in Invested Capital	1,064	673	1,304	618	674	1,729	941	1,507	1,215	94	401
Enterprise Value (EV)	40,284	44,761	56,547	54,058	35,735	40,120	39,173	42,255	42,216	45,647	43,232
Market Capitalization	42,116	46,246	57,957	55,662	39,752	43,663	42,611	45,878	45,659	49,471	46,510
Book Value per Share	$10.95	$10.96	$11.83	$12.34	$15.85	$16.95	$17.23	$17.98	$17.38	$17.81	$17.78
Tangible Book Value per Share	$8.11	$8.42	$9.01	$9.74	$11.59	$11.94	$12.20	$12.95	$12.44	$12.82	$12.53
Total Capital	7,394	7,382	7,861	8,176	10,294	10,740	10,867	11,283	10,879	11,019	11,006
Total Debt	667	662	674	672	683	677	676	677	674	681	679
Total Long-Term Debt	667	662	674	672	683	677	676	677	674	681	679
Net Debt	-1,902	-1,555	-1,479	-1,672	-4,083	-3,607	-3,501	-3,684	-3,443	-3,824	-3,279
Capital Expenditures (CapEx)	55	88	65	85	52	50	56	49	58	97	65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	965	1,208	1,362	1,309	338	804	919	1,110	929	699	1,148
Debt-free Net Working Capital (DFNWC)	2,829	2,840	3,060	3,299	4,784	4,780	4,818	5,173	4,771	4,925	4,820
Net Working Capital (NWC)	2,829	2,840	3,060	3,299	4,784	4,780	4,818	5,173	4,771	4,925	4,820
Net Nonoperating Expense (NNE)	-68	-98	-19	-15	-2,754	-138	-26	14	-33	16	15
Net Nonoperating Obligations (NNO)	-1,902	-2,029	-1,479	-2,146	-4,112	-3,643	-3,543	-3,741	-3,490	-3,824	-3,279
Total Depreciation and Amortization (D&A)	37	37	39	40	35	43	37	38	39	43	41
Debt-free, Cash-free Net Working Capital to Revenue	18.04%	24.10%	22.17%	21.00%	5.32%	14.79%	16.65%	19.53%	15.79%	11.52%	18.22%
Debt-free Net Working Capital to Revenue	52.90%	56.69%	49.80%	52.92%	75.39%	87.88%	87.24%	90.98%	81.09%	81.17%	76.46%
Net Working Capital to Revenue	52.90%	56.69%	49.80%	52.92%	75.39%	87.88%	87.24%	90.98%	81.09%	81.17%	76.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.63	$0.61	$0.58	$0.61	$5.14	$0.65	$0.61	$0.57	$0.50	$0.16	$0.66
Adjusted Weighted Average Basic Shares Outstanding	607M	606.70M	601.60M	602.10M	597.20M	597.70M	586.90M	587M	584.70M	584.80M	579.20M
Adjusted Diluted Earnings per Share	$0.63	$0.61	$0.58	$0.61	$5.13	$0.65	$0.61	$0.56	$0.50	$0.16	$0.66
Adjusted Weighted Average Diluted Shares Outstanding	609.50M	609.40M	604.10M	604.30M	598.10M	599.30M	587.80M	587.90M	585.70M	585.80M	580.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	606.50M	601.30M	602.60M	602.40M	589.80M	587.90M	586.60M	587.10M	580.30M	580.80M	575.80M
Normalized Net Operating Profit after Tax (NOPAT)	318	281	375	357	354	220	343	401	357	263	427
Normalized NOPAT Margin	25.58%	27.78%	23.48%	25.79%	26.17%	19.98%	24.31%	26.18%	22.96%	16.75%	25.89%
Pre Tax Income Margin	31.17%	30.76%	25.62%	27.90%	29.74%	31.73%	30.71%	26.12%	22.43%	5.76%	27.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	5.84	0.00	0.00	0.00	4.01	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	5.39	0.00	0.00	0.00	3.23	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	4.09	0.00	0.00	0.00	3.35	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	3.64	0.00	0.00	0.00	2.58	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	90.83%	62.86%	44.72%	53.16%	36.29%	27.81%	33.96%	30.55%	69.94%	83.54%	96.61%

Financials Breakdown Chart

Key Financial Trends

Edwards Lifesciences (NYSE: EW) shows a multi-year view of growth and profitability in its quarterly statements. Here are the key trends observed from the last four years of EW’s reported data, with a focus on the latest four quarters.

Revenue growth in 2025: Q4 2025 operating revenue was 1.5696B, up from 1.5531B in Q3 2025 and 1.5322B in Q2 2025, with Q1 2025 at 1.4127B. This indicates continued quarterly growth through 2025.
Gross margin remains robust: Total Gross Profit for Q4 2025 was 1.2266B on 1.5696B in revenue, roughly a 78% gross margin, consistent with EW’s historically high gross profitability.
Solid operating cash flow: Net cash from continuing operating activities was 450.9M in Q4 2025, evidencing strong cash generation even as the quarter fluctuates.
Strong balance sheet position: As of Q3 2025, EW carried about 2.69B in cash & equivalents, total current assets near 6.36B, total assets around 13.27B, and total equity near 10.21B, signaling ample liquidity and a solid equity base.
Active capital allocation via buybacks: EW continued share repurchases in 2025, with approximately 58.9M spent in Q3 2025 and about 40.6M in Q4 2025, supporting per-share metrics alongside other capital returns.
Ongoing R&D and SG&A investment: R&D was about 267.7M (Q4 2025) and SG&A around 603M, reflecting continued investment in product development and sales/marketing to sustain long-term growth.
Earnings exhibit quarterly volatility: Net income shows swings across quarters (e.g., Q3 2025 net income 290.3M vs Q4 2025 91.2M; earnings per share drops from 0.50 to 0.16).
Quarterly cash flow from operations cooled in Q4 2025: Net cash from continuing operating activities declined from 573.7M in Q3 2025 to 450.9M in Q4 2025, indicating shorter-term variability in operating performance.
Near-term profitability softness in Q4 2025: Net income and EPS dropped in Q4 2025 (Net income attributable to common shareholders around 91.2M; Basic EPS about 0.16; Diluted EPS 0.16) after stronger results in Q3 2025.

05/12/26 09:10 AM ETAI Generated. May Contain Errors.

Edwards Lifesciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Edwards Lifesciences' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Edwards Lifesciences' net income appears to be on an upward trend, with a most recent value of $1.07 billion in 2025, rising from $494.90 million in 2015. The previous period was $4.17 billion in 2024. See Edwards Lifesciences' forecast for analyst expectations on what's next for the company.

Edwards Lifesciences' total operating income in 2025 was $1.26 billion, based on the following breakdown:

Total Gross Profit: $4.73 billion
Total Operating Expenses: $3.47 billion

Over the last 10 years, Edwards Lifesciences' total revenue changed from $2.49 billion in 2015 to $6.07 billion in 2025, a change of 143.3%.

Edwards Lifesciences' total liabilities were at $3.36 billion at the end of 2025, a 12.3% increase from 2024, and a 116.3% increase since 2015.

In the past 10 years, Edwards Lifesciences' cash and equivalents has ranged from $714.10 million in 2018 to $3.05 billion in 2024, and is currently $2.94 billion as of their latest financial filing in 2025.

Over the last 10 years, Edwards Lifesciences' book value per share changed from 23.21 in 2015 to 17.81 in 2025, a change of -23.2%.

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Financial statements for NYSE:EW last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Edwards Lifesciences (EW) Financials

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Edwards Lifesciences (EW) Financials

Annual Income Statements for Edwards Lifesciences

Quarterly Income Statements for Edwards Lifesciences

Annual Cash Flow Statements for Edwards Lifesciences

Quarterly Cash Flow Statements for Edwards Lifesciences

Annual Balance Sheets for Edwards Lifesciences

Quarterly Balance Sheets for Edwards Lifesciences

Annual Metrics And Ratios for Edwards Lifesciences

Quarterly Metrics And Ratios for Edwards Lifesciences

Financials Breakdown Chart

Key Financial Trends

Edwards Lifesciences Financials - Frequently Asked Questions

When does Edwards Lifesciences' fiscal year end?

How has Edwards Lifesciences' net income changed over the last 10 years?

What is Edwards Lifesciences' operating income?

How has Edwards Lifesciences' revenue changed over the last 10 years?

How much debt does Edwards Lifesciences have?

How much cash does Edwards Lifesciences have?

How has Edwards Lifesciences' book value per share changed over the last 10 years?

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