Edwards Lifesciences Corporation (EW) Income Statement
EW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEW revenue and net income
Where EW's revenue goes
2025Each bar shows an amount and its share of revenue. EW kept 17.7% of revenue as net income.
EW profit margins
EW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.5% | +4.1% | +6.7% | +9.3% |
| Gross profit | +9.7% | +4.0% | +7.6% | +10.1% |
| Operating income | +18.7% | −1.3% | +4.8% | +11.0% |
| Net income | −74.3% | −11.0% | +5.4% | +8.1% |
| EPS (diluted) | −2.3% | +1.1% | +6.7% | +12.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EW quarterly EPS vs estimates
Edwards Lifesciences beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.73).
EW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.07B | $5.44B | $6.00B | $5.38B | $5.23B | $4.39B | $4.35B | $3.72B | $3.44B | $2.96B |
| Cost of revenue | $1.33B | $1.12B | $1.38B | $1.17B | $1.23B | $1.10B | $1.16B | $922.1M | $882.9M | $805.8M |
| Gross profit | $4.74B | $4.32B | $4.62B | $4.22B | $4.01B | $3.29B | $3.19B | $2.80B | $2.55B | $2.16B |
| Research & development | $1.08B | $1.05B | $1.07B | $945.2M | $903.1M | $760.7M | $752.7M | $622.2M | $552.6M | $442.2M |
| Sales, general & admin | $2.09B | $1.79B | $1.76B | $1.57B | $1.49B | $1.23B | $1.24B | $1.09B | $984.7M | $904.7M |
| Total operating expenses | $3.10B | $2.94B | $2.90B | $2.51B | $2.40B | $1.99B | $1.99B | $1.71B | $1.54B | $1.34B |
| Operating income | $1.64B | $1.38B | $1.53B | $1.70B | $1.61B | $1.30B | $1.20B | $1.09B | $1.01B | $815.5M |
| Interest income | $148.4M | $120.3M | $67.2M | $16.3M | $1.0M | $7.6M | $32.2M | $32.0M | $20.3M | $10.8M |
| Interest expense | $20.4M | $19.8M | $17.6M | $26.2M | $24.8M | $22.2M | $27.3M | $33.4M | $23.2M | $18.0M |
| Income before taxes | $1.27B | $1.55B | $1.60B | $1.77B | $1.70B | $916.7M | $1.17B | $761.4M | $1.03B | $737.9M |
| Income taxes | $216.9M | $152.1M | $198.7M | $245.5M | $198.9M | $93.3M | $119.6M | $39.2M | $451.3M | $168.4M |
| Net income | $1.07B | $4.17B | $1.40B | $1.52B | $1.50B | $823.4M | $1.05B | $722.2M | $622.1M | $569.5M |
| EBITDA | $1.43B | $1.72B | $1.53B | $1.93B | $1.86B | $1.05B | $1.28B | $872.2M | $1.14B | $827.1M |
| EPS (diluted) | $2.56 | $2.62 | $2.51 | $2.48 | $2.23 | $1.85 | $1.86 | $1.57 | $1.26 | $0.97 |
| Gross margin | 78.1% | 79.5% | 77.0% | 78.3% | 76.6% | 74.9% | 73.4% | 75.2% | 74.3% | 72.8% |
| Operating margin | 27.0% | 25.3% | 25.5% | 31.6% | 30.8% | 29.5% | 27.6% | 29.3% | 29.4% | 27.5% |
| Net margin | 17.7% | 76.7% | 23.4% | 28.3% | 28.7% | 18.8% | 24.1% | 19.4% | 18.1% | 19.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.74B | $1.65B | $1.57B | $1.55B | $1.53B | $1.41B | $1.39B | $1.35B | $1.39B | $1.33B | $1.27B | $1.24B |
| Cost of revenue | $390.6M | $359.3M | $340.6M | $345.2M | $342.6M | $301.6M | $292.2M | $262.9M | $297.8M | $289.3M | $251.0M | $272.2M |
| Gross profit | $1.35B | $1.29B | $1.23B | $1.21B | $1.19B | $1.11B | $1.09B | $1.09B | $1.09B | $1.04B | $1.02B | $971.2M |
| Research & development | $278.9M | $263.3M | $267.7M | $280.7M | $276.2M | $254.6M | $271.1M | $253.4M | $272.6M | $256.7M | $242.1M | $242.8M |
| Sales, general & admin | $561.2M | $522.2M | $602.9M | $514.6M | $502.0M | $465.7M | $491.9M | $421.4M | $450.8M | $489.7M | $478.8M | $439.6M |
| Total operating expenses | $830.9M | $774.6M | $858.7M | $784.5M | $758.7M | $716.3M | $781.0M | $740.9M | $723.4M | $685.1M | $658.7M | $624.7M |
| Operating income | $519.5M | $514.7M | $370.3M | $425.1M | $430.9M | $394.8M | $312.6M | $350.6M | $364.7M | $355.5M | $356.7M | $346.5M |
| Interest income | $30.0M | — | $35.9M | $38.6M | $37.4M | $36.5M | $64.0M | $24.3M | $15.5M | — | — | $15.1M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $27.8M | — |
| Income before taxes | $519.8M | $459.0M | $90.4M | $348.4M | $400.2M | $433.9M | $390.1M | $402.8M | $386.6M | $371.2M | $367.2M | $387.6M |
| Income taxes | $278.4M | $78.3M | $26.2M | $56.1M | $64.3M | $70.3M | $45.1M | $40.7M | $20.2M | $46.3M | $34.1M | $52.7M |
| Net income | $241.9M | $380.7M | $91.2M | $291.1M | $329.8M | $358.0M | $385.6M | $3.07B | $363.7M | $351.9M | $369.9M | $384.9M |
| EBITDA | $562.2M | $499.9M | $133.1M | $387.6M | $400.2M | $470.5M | $483.7M | $428.8M | $426.2M | $409.7M | $403.9M | $424.5M |
| EPS (diluted) | $0.78 | $0.78 | $0.58 | $0.67 | $0.67 | $0.64 | $0.59 | $0.67 | $0.70 | $0.66 | $0.64 | $0.59 |
| Gross margin | 77.6% | 78.2% | 78.3% | 77.9% | 77.6% | 78.7% | 78.9% | 80.6% | 78.5% | 78.2% | 80.2% | 78.1% |
| Operating margin | 29.8% | 31.2% | 23.6% | 27.4% | 28.1% | 27.9% | 22.6% | 25.9% | 26.3% | 26.7% | 28.2% | 27.9% |
| Net margin | 13.9% | 23.1% | 5.8% | 18.7% | 21.5% | 25.3% | 27.8% | 226.7% | 26.2% | 26.5% | 29.2% | 31.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EW's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EW financial results
In fiscal year 2025 (ended December 31, 2025), Edwards Lifesciences reported revenue of $6.1 billion, up 11.5% from the year before. It had net income of $1.1 billion (down 74.3%), a net profit margin of 17.7%. Diluted earnings per share came to $2.56. Over five years revenue grew at an average rate of 6.7% a year.
See the EW stock overview for the latest quote and news, or the EW chart for price history and technical indicators.
EW income statement FAQ
What is Edwards Lifesciences's annual revenue?
Edwards Lifesciences reported total revenue of $6.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 11.5% from $5.4 billion the previous year.
Is Edwards Lifesciences profitable?
Yes. Edwards Lifesciences reported net income of $1.1 billion in fiscal 2025, a net profit margin of 17.7%; its operating margin was 27.0%.
What is Edwards Lifesciences's gross margin?
Edwards Lifesciences's gross margin was 78.1% in fiscal 2025: for every $100 of revenue, Edwards Lifesciences kept $78 after the direct cost of its products and services.
How much does Edwards Lifesciences spend on research and development?
Edwards Lifesciences spent $1.1 billion on research and development in fiscal 2025, 17.8% of revenue.
How fast is Edwards Lifesciences growing?
Revenue grew 6.7% a year on average over the last five fiscal years, from $4.4 billion to $6.1 billion.
What are Edwards Lifesciences's earnings per share?
Edwards Lifesciences earned $2.56 per diluted share in fiscal 2025, compared with $2.62 a year earlier.
When will Edwards Lifesciences report its next earnings?
Edwards Lifesciences is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Edwards Lifesciences's fiscal year end?
Edwards Lifesciences's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.