Friday 6 November 2026 Export EW’s income statement to Excel — free account

Edwards Lifesciences Corporation

Edwards Lifesciences Corporation’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 11.5% from fiscal 2024.

Revenue: +10.5%
EPS: +6.00%
Free cash flow: −1.84%
Total debt: +0.10%

Quarter to September 2026, against a year earlier

101.78 0.96 +0.95%

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Market cap: $58.1B
P/E: 56.7×
Fwd P/E: 36.5×
Dividend yield: —
F-score: 5/9
Altman Z: 11.54
Beneish M: −2.48
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Edwards Lifesciences Corporation (EW) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
United States	3,543	58.39%
Europe	1,518	25.01%
Rest of World	652	10.75%
Japan	355	5.85%
Gross margin		78.01%
Operating margin		20.84%
Pre-tax margin		20.98%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Transcatheter Aortic Valve Replacement	4,488 73.96%	4,106 75.49%	3,880 77.44%	3,518 78.81%	3,423 65.41%	2,857 65.14%	2,738 62.97%	2,284 61.35%	2,024 58.91%	1,629 54.95%	1,180 47.33%	944 40.62%	708 34.60%	552 29.06%	334 19.89%	206 14.26%	—	—
Surgical	1,029 16.96%	981 18.04%	933 18.61%	830 18.59%	889 16.99%	762 17.37%	842 19.36%	762 20.46%	807 23.49%	775 26.15%	785 31.48%	826 35.56%	801 39.17%	788 41.46%	784 46.73%	732 50.59%	—	—
Transcatheter Mitral and Tricuspid Therapies	551 9.07%	352 6.47%	198 3.94%	116 2.60%	86 1.64%	42 0.95%	28 0.65%	3 0.08%	3 0.10%	—	—	—	—	—	—	—	—	—
Critical Care	—	—	—	—	835 15.96%	725 16.54%	740 17.02%	675 18.12%	601 17.49%	560 18.91%	528 21.19%	553 23.82%	537 26.23%	560 29.48%	560 33.38%	509 35.14%	453 34.24%	452 36.50%
Heart Valve Therapy	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	715 54.10%	607 49.07%
Cardiac Surgery Systems	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	93 7.02%	89 7.21%
Vascular	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	61 4.63%	89 7.21%
Revenue	6,068	5,440	5,010	4,464	5,233	4,386	4,348	3,723	3,435	2,964	2,494	2,323	2,046	1,900	1,679	1,447	1,321	1,238

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Shipping and Handling	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
United States	3,543 58.39%	3,206 58.94%	2,948 58.84%	2,628 58.88%	2,963 56.63%	2,517 57.38%	2,533 58.25%	2,055 55.21%	1,908 55.53%	1,616 54.52%	1,263 50.64%	1,047 45.09%	940 45.93%	812 42.75%	606 36.08%
Europe	1,518 25.01%	1,322 24.30%	1,180 23.56%	1,040 23.30%	1,100 21.01%	945 21.55%	926 21.30%	826 22.20%	801 23.31%	746 25.17%	843 33.80%	741 31.92%	622 30.42%	577 30.37%	549 32.73%
Rest of World	652 10.75%	572 10.52%	531 10.60%	436 9.77%	533 10.19%	452 10.29%	433 9.97%	396 10.64%	357 10.40%	304 10.24%	315 12.64%	285 12.27%	253 12.36%	236 12.42%	201 11.96%
Japan	355 5.85%	340 6.25%	351 7.00%	360 8.05%	528 10.09%	449 10.23%	441 10.15%	398 10.70%	357 10.38%	280 9.43%	297 11.92%	271 11.66%	294 14.36%	293 15.45%	227 13.51%
Other, not broken out	—	—	—	—	109 2.08%	24 0.55%	—	47 1.26%	—	19 0.64%	—	—	—	—	96 5.72%
Eliminations	—	—	—	—	—	—	—	—	—	—	(224) (9.00%)	(22) (0.93%)	(63) (3.07%)	(19) (0.99%)	—
Revenue	6,068	5,440	5,010	4,464	5,233	4,386	4,348	3,723	3,435	2,964	2,494	2,323	2,046	1,900	1,679

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
United States	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rest of World	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Japan	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.