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Stocks · Health care · Orthopedic, Prosthetic & Surgical Appliances & Supplies

Edwards Lifesciences

EW Clue Score50
United States Fiscal year ends December CIK 0001099800
$85.21 +1.15% Close, 9 Oct 2026
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Price $85.21 −21.46% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2.96Operating income0.75EPS, diluted2.61Fiscal year 2017Revenue3.44 +15.9%Operating income1.09EPS, diluted2.70Fiscal year 2018Revenue3.72 +8.4%Operating income0.75EPS, diluted1.13Fiscal year 2019Revenue4.35 +16.8%Operating income1.15EPS, diluted1.64Fiscal year 2020Revenue4.39 +0.9%Operating income0.90EPS, diluted1.30Fiscal year 2021Revenue5.23 +19.3%Operating income1.69Net income1.50EPS, diluted2.38Fiscal year 2022Revenue4.46 −14.7%Operating income1.50Net income1.52 +1.3%EPS, diluted2.44Fiscal year 2023Revenue5.01 +12.2%Operating income1.31Net income1.40 −7.9%EPS, diluted2.30Fiscal year 2024Revenue5.44 +8.6%Operating income1.38Net income4.17 +197.7%EPS, diluted6.97Fiscal year 2025Revenue6.07 +11.5%Operating income1.26Net income1.07 −74.3%EPS, diluted1.83
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2.96 3.44 3.72 4.35 4.39 5.23 4.46 5.01 5.44 6.07
Growth +15.9% +8.4% +16.8% +0.9% +19.3% −14.7% +12.2% +8.6% +11.5%
Operating income 0.75 1.09 0.75 1.15 0.90 1.69 1.50 1.31 1.38 1.26
Net income n/a n/a n/a n/a n/a 1.50 1.52 1.40 4.17 1.07
Growth +1.3% −7.9% +197.7% −74.3%
EPS, diluted 2.61 2.70 1.13 1.64 1.30 2.38 2.44 2.30 6.97 1.83

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin73.1%Operating margin25.3%Free cash flow margin17.8%Fiscal year 2017Gross margin74.5%Operating margin31.7%Free cash flow margin24.2%Fiscal year 2018Gross margin74.8%Operating margin20.1%Free cash flow margin18.5%Fiscal year 2019Gross margin74.4%Operating margin26.4%Free cash flow margin21.4%Fiscal year 2020Gross margin75.4%Operating margin20.5%Free cash flow margin14.8%Fiscal year 2021Gross margin76.1%Operating margin32.3%Net margin28.7%Free cash flow margin26.9%Fiscal year 2022Gross margin83.8%Operating margin33.6%Net margin34.1%Free cash flow margin21.8%Fiscal year 2023Gross margin80.5%Operating margin26.1%Net margin28.0%Free cash flow margin12.8%Fiscal year 2024Gross margin79.5%Operating margin25.3%Net margin76.7%Free cash flow margin5.3%Fiscal year 2025Gross margin78.0%Operating margin20.8%Net margin17.7%Free cash flow margin22.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 73.1% 74.5% 74.8% 74.4% 75.4% 76.1% 83.8% 80.5% 79.5% 78.0%
Operating margin 25.3% 31.7% 20.1% 26.4% 20.5% 32.3% 33.6% 26.1% 25.3% 20.8%
Net margin n/a n/a n/a n/a n/a 28.7% 34.1% 28.0% 76.7% 17.7%
Free cash flow margin 17.8% 24.2% 18.5% 21.4% 14.8% 26.9% 21.8% 12.8% 5.3% 22.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.70Capital expenditure−0.18Free cash flow0.53Buybacks−0.66Fiscal year 2017Operating cash flow1.00Capital expenditure−0.17Free cash flow0.83 +57.6%Buybacks−0.76Fiscal year 2018Operating cash flow0.93Capital expenditure−0.24Free cash flow0.69 −17.4%Buybacks−0.80Fiscal year 2019Operating cash flow1.18Capital expenditure−0.25Free cash flow0.93 +35.0%Buybacks−0.26Fiscal year 2020Operating cash flow1.05Capital expenditure−0.41Free cash flow0.65 −30.3%Buybacks−0.63Fiscal year 2021Operating cash flow1.73Capital expenditure−0.33Free cash flow1.41 +117.3%Buybacks−0.51Fiscal year 2022Operating cash flow1.22Capital expenditure−0.24Free cash flow0.97 −30.8%Buybacks−1.73Fiscal year 2023Operating cash flow0.90Capital expenditure−0.25Free cash flow0.64 −34.0%Buybacks−0.88Fiscal year 2024Operating cash flow0.54Capital expenditure−0.25Free cash flow0.29 −54.9%Buybacks−1.16Fiscal year 2025Operating cash flow1.60Capital expenditure−0.26Free cash flow1.34 +360.5%Buybacks−0.89
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.70 1.00 0.93 1.18 1.05 1.73 1.22 0.90 0.54 1.60
Capital expenditure −0.18 −0.17 −0.24 −0.25 −0.41 −0.33 −0.24 −0.25 −0.25 −0.26
Free cash flow 0.53 0.83 0.69 0.93 0.65 1.41 0.97 0.64 0.29 1.34
Growth +57.6% −17.4% +35.0% −30.3% +117.3% −30.8% −34.0% −54.9% +360.5%
Buybacks −0.66 −0.76 −0.80 −0.26 −0.63 −0.51 −1.73 −0.88 −1.16 −0.89

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.93Total debt0.82Net cash (debt)0.11Shareholders’ equity2.62Debt to equity0.31Fiscal year 2017Cash0.82Total debt1.04Net cash (debt)−0.22Shareholders’ equity2.96Debt to equity0.35Fiscal year 2018Cash0.71Total debt0.59Net cash (debt)0.12Shareholders’ equity3.14Debt to equity0.19Fiscal year 2019Cash1.18Total debt0.59Net cash (debt)0.58Shareholders’ equity4.15Debt to equity0.14Fiscal year 2020Cash1.18Total debt0.60Net cash (debt)0.59Shareholders’ equity4.57Debt to equity0.13Fiscal year 2021Cash0.86Total debt0.60Net cash (debt)0.27Shareholders’ equity5.84Debt to equity0.10Fiscal year 2022Cash0.77Total debt0.60Net cash (debt)0.17Shareholders’ equity5.81Debt to equity0.10Fiscal year 2023Cash1.13Total debt0.60Net cash (debt)0.54Shareholders’ equity6.65Debt to equity0.09Fiscal year 2024Cash3.05Total debt0.60Net cash (debt)2.45Shareholders’ equity10.00Debt to equity0.06Fiscal year 2025Cash2.94Total debt0.60Net cash (debt)2.34Shareholders’ equity10.34Debt to equity0.06
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.93 0.82 0.71 1.18 1.18 0.86 0.77 1.13 3.05 2.94
Total debt 0.82 1.04 0.59 0.59 0.60 0.60 0.60 0.60 0.60 0.60
Net cash (debt) 0.11 −0.22 0.12 0.58 0.59 0.27 0.17 0.54 2.45 2.34
Shareholders’ equity 2.62 2.96 3.14 4.15 4.57 5.84 5.81 6.65 10.00 10.34
Debt to equity 0.31 0.35 0.19 0.14 0.13 0.10 0.10 0.09 0.06 0.06

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018† 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
2.96 3.44 3.72 4.35 4.39 5.23 4.46 5.01 5.44 6.07
Growth +15.9% +8.4% +16.8% +0.9% +19.3% −14.7% +12.2% +8.6% +11.5%
0.80 0.88 0.94 1.11 1.08 1.25 0.72 0.98 1.12 1.33
2.17 2.56 2.78 3.23 3.31 3.98 3.74 4.03 4.32 4.73
Growth +18.2% +8.7% +16.2% +2.2% +20.5% −6.1% +7.8% +7.2% +9.5%
0.44 0.55 0.62 0.75 0.76 0.90 0.84 0.96 1.05 1.08
0.90 0.99 1.09 1.24 1.23 1.49 1.36 1.58 1.79 2.09
0.75 1.09 0.75 1.15 0.90 1.69 1.50 1.31 1.38 1.26
Growth +45.0% −31.3% +53.3% −21.7% +88.3% −11.4% −12.6% +5.3% −8.3%
0.74 1.03 0.76 1.17 0.92 1.70 1.52 1.37 1.55 1.27
0.17 0.45 0.04 0.12 0.09 0.20 0.20 0.15 0.15 0.22
n/a n/a n/a n/a n/a 1.50 1.52 1.40 4.17 1.07
Growth +1.3% −7.9% +197.7% −74.3%
Per share
2.67 2.77 1.15 1.68 1.32 2.41 2.46 2.31 6.98 1.84
2.61 2.70 1.13 1.64 1.30 2.38 2.44 2.30 6.97 1.83
Growth +3.4% −58.1% +45.1% −20.7% +83.1% +2.5% −5.7% +203.0% −73.7%
213.0 210.9 627.6 624.8 622.6 623.3 619.0 606.7 597.7 584.8
217.8 215.9 640.9 636.7 631.9 631.2 624.2 609.4 599.3 585.8
Growth −0.9% +196.9% −0.7% −0.8% −0.1% −1.1% −2.4% −1.7% −2.3%

† The diluted share count jumps at 2018, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 6.7% a year over five years.
  • Operating margin is flat at 20.8%.
  • Profitable in every one of the 5 years on file.