financial statements

The full income statement, balance sheet, and cash-flow statement for Edwards Lifesciences Corporation (EW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	6.07B YoY+11.5%	5.44B YoY+8.6%	5.01B YoY+12.2%	4.46B YoY-14.7%	5.23B YoY+19.3%
	4.73B YoY+9.5%	4.32B YoY+7.2%	4.03B YoY+7.8%	3.74B YoY-6.1%	3.98B YoY+20.5%
Cost of revenue	1.33B YoY+19.4%	1.12B YoY+14.2%	978M YoY+35.2%	724M YoY-42.1%	1.25B YoY+15.6%
Research & development	1.08B YoY+2.5%	1.05B YoY+9.4%	963M YoY+14.1%	844M YoY-6.6%	903M YoY+18.7%
Selling, general & administrative	2.09B YoY+16.5%	1.79B YoY+13.1%	1.58B YoY+16.6%	1.36B YoY-9.1%	1.49B YoY+21.6%
Restructuring	13.1M YoY-60.2%	32.9M	—	—	—
Amortization of intangibles	8.40M YoY+50.0%	5.60M YoY+154.5%	2.20M YoY-4.3%	2.30M YoY-70.1%	7.70M YoY+42.6%
Operating income	1.26B YoY-8.3%	1.38B YoY+5.3%	1.31B YoY-12.6%	1.50B YoY-11.4%	1.69B YoY+88.3%
Interest expense	20.4M YoY+3.0%	19.8M YoY+12.5%	17.6M YoY-8.3%	19.2M YoY+4.3%	18.4M YoY+16.5%
Interest & investment income	169M YoY+40.3%	120M YoY+79.0%	67.2M YoY+89.3%	35.5M YoY+104.0%	17.4M YoY-25.6%
Net interest income	-20.4M YoY-3.0%	-19.8M YoY-12.5%	-17.6M	—	—
Other non-operating income	7.20M YoY-89.6%	68.9M YoY+395.7%	13.9M YoY+189.6%	4.80M YoY-62.2%	12.7M YoY+10.4%
Pre-tax income	1.27B YoY-17.8%	1.55B YoY+12.8%	1.37B YoY-9.7%	1.52B YoY-10.7%	1.70B YoY+85.7%
Income tax	217M YoY+42.6%	152M YoY-0.2%	152M YoY-22.0%	196M YoY-1.7%	199M YoY+113.2%
	1.07B YoY-74.3%	4.17B YoY+197.7%	1.40B YoY-7.9%	1.52B YoY+1.3%	1.50B
Income from continuing operations	1.06B YoY-24.3%	1.40B YoY+14.5%	1.22B YoY-7.6%	1.32B	—
Discontinued operations	13.4M YoY-99.5%	2.77B YoY+1446.1%	179M YoY-9.3%	198M	—
Net income to non-controlling interest	-4.10M YoY+16.3%	-4.90M YoY-63.3%	-3.00M	0.00	0.00
Net income to common	—	—	1.40B YoY-7.9%	1.52B YoY+1.3%	1.50B YoY+82.5%
	$1.83 YoY-73.7%	$6.97 YoY+203.0%	$2.30 YoY-5.7%	$2.44 YoY+2.5%	$2.38 YoY+83.1%
EPS (basic)	$1.84 YoY-73.6%	$6.98 YoY+202.2%	$2.31 YoY-6.1%	$2.46 YoY+2.1%	$2.41 YoY+82.6%
Weighted-avg shares (basic)	585M YoY-2.2%	598M YoY-1.5%	607M YoY-2.0%	619M YoY-0.7%	623M YoY+0.1%
Weighted-avg shares (diluted)	586M YoY-2.3%	599M YoY-1.7%	609M YoY-2.4%	624M YoY-1.1%	631M YoY-0.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.74B YoY+7.2%	6.29B YoY+55.7%	4.04B YoY+30.4%	3.10B YoY-2.7%	3.18B YoY+2.9%
Cash & equivalents	2.94B YoY-3.5%	3.05B YoY+168.9%	1.13B YoY+47.2%	769M YoY-10.9%	863M YoY-27.1%
Short-term investments	1.29B YoY+38.4%	931M YoY+86.0%	501M YoY+12.1%	446M YoY-26.1%	604M YoY+175.3%
Accounts receivable	660M YoY+8.3%	609M YoY-21.0%	772M YoY+20.0%	643M YoY+10.4%	582M YoY+13.1%
Inventory	1.13B YoY+3.6%	1.09B YoY+20.3%	904M YoY+3.2%	876M YoY+20.5%	727M YoY-9.4%
Prepaid expenses	135M YoY+11.6%	121M YoY-6.1%	129M YoY+17.1%	110M YoY+29.1%	85.2M YoY+13.4%
Other current assets	339M YoY-2.4%	348M YoY+54.6%	225M YoY+14.8%	196M YoY-17.4%	237M YoY+13.9%
	13.7B YoY+4.9%	13.1B YoY+39.4%	9.36B YoY+12.9%	8.29B YoY-2.5%	8.50B YoY+17.5%
Property, plant & equipment	1.81B YoY+7.5%	1.69B YoY+6.0%	1.59B YoY-2.6%	1.63B YoY+5.6%	1.55B YoY+10.9%
Operating lease right-of-use	103M YoY+4.6%	98.2M YoY+16.4%	84.4M YoY-8.6%	92.3M YoY+0.2%	92.1M YoY-2.2%
Goodwill	1.77B YoY-0.5%	1.78B YoY+55.2%	1.15B YoY+7.5%	1.06B YoY-8.8%	1.17B YoY-0.5%
Intangible assets	1.13B YoY-4.1%	1.18B YoY+194.6%	399M YoY+40.0%	285M YoY-11.9%	324M YoY-2.4%
Long-term investments	279M YoY-9.5%	308M YoY-47.3%	584M YoY-52.9%	1.24B YoY-32.5%	1.83B YoY+128.8%
Deferred tax assets	1.14B YoY+14.7%	992M YoY+32.4%	749M YoY+54.8%	484M YoY+96.2%	247M YoY+6.8%
Other non-current assets	730M YoY+1.2%	722M YoY+55.8%	463M YoY+54.9%	299M YoY+169.9%	111M YoY-7.4%
	1.81B YoY+20.5%	1.51B YoY+25.9%	1.20B YoY+16.9%	1.02B YoY-1.0%	1.03B YoY+15.5%
Accounts payable	228M YoY+15.2%	197M YoY+5.8%	187M YoY-7.6%	202M YoY-1.3%	205M YoY+4.1%
Accrued liabilities	861M YoY+0.0%	861M YoY+0.0%	861M YoY+0.0%	861M YoY+0.0%	861M YoY-0.6%
Short-term & current debt	0.00	0.00	0.00	0.00	0.00
Current lease liability	24.5M YoY+4.7%	23.4M YoY+2.2%	22.9M YoY-10.2%	25.5M YoY+0.0%	25.5M YoY-6.3%
	3.36B YoY+12.3%	2.99B YoY+13.2%	2.64B YoY+6.4%	2.49B YoY-6.8%	2.67B YoY+0.1%
Long-term debt	598M YoY+0.1%	598M YoY+0.1%	597M YoY+0.1%	596M YoY+0.1%	596M YoY+0.1%
Non-current lease liability	82.6M YoY+4.7%	78.9M YoY+21.0%	65.2M YoY-6.2%	69.5M YoY+0.6%	69.1M YoY-5.0%
Deferred tax liabilities	36.6M YoY+0.0%	36.6M YoY+0.0%	36.6M YoY+0.0%	36.6M YoY+0.0%	36.6M YoY+0.0%
Other non-current liabilities	362M YoY-2.9%	373M YoY+48.5%	251M YoY+15.5%	218M YoY-18.6%	267M YoY+5.9%
	10.3B YoY+3.4%	10.00B YoY+50.4%	6.65B YoY+14.5%	5.81B YoY-0.5%	5.84B YoY+27.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	659M YoY+0.6%	655M YoY+0.7%	651M YoY+0.6%	646M YoY+0.7%	642M YoY+0.9%
Additional paid-in capital	2.77B YoY+5.9%	2.61B YoY+14.9%	2.27B YoY+15.5%	1.97B YoY+15.8%	1.70B YoY+18.2%
Retained earnings	14.2B YoY+8.2%	13.2B YoY+46.4%	8.99B YoY+18.5%	7.59B YoY+25.1%	6.07B YoY+32.9%
Treasury stock	7.09B YoY+14.5%	6.19B YoY+23.2%	5.02B YoY+21.2%	4.14B YoY+71.5%	2.42B YoY+26.9%
Accumulated other comprehensive income	-238M YoY+2.5%	-245M YoY-0.7%	-243M YoY+4.7%	-255M YoY-61.6%	-158M YoY+2.1%
Non-controlling interest	0.00 YoY-100.0%	64.5M YoY-7.1%	69.4M	0.00	—
Total equity incl. non-controlling	10.3B YoY+2.7%	10.1B YoY+49.8%	6.72B YoY+15.7%	5.81B YoY-0.5%	5.84B YoY+27.6%
Total liabilities & equity	13.7B YoY+4.9%	13.1B YoY+39.4%	9.36B YoY+12.9%	8.29B YoY-2.5%	8.50B YoY+17.5%
Common shares issued	659M YoY+0.6%	655M YoY+0.7%	651M YoY+0.6%	646M YoY+0.7%	642M YoY+0.9%
Common shares outstanding	581M YoY-1.3%	589M YoY-2.1%	601M YoY-1.2%	608M YoY-2.5%	624M YoY-0.0%
Shares outstanding (cover)	580M YoY-1.6%	590M YoY-2.8%	607M YoY-1.9%	618M YoY-1.0%	624M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.60B YoY+194.2%	542M YoY-39.5%	896M YoY-26.5%	1.22B YoY-29.7%	1.73B YoY+64.3%
Depreciation & amortization	157M YoY+0.9%	155M YoY+7.1%	145M YoY+3.8%	140M YoY+3.6%	135M YoY+25.7%
Share-based compensation	158M YoY-2.6%	162M YoY+16.4%	139M YoY+9.9%	127M YoY+16.0%	109M YoY+18.0%
Deferred income taxes	-65.8M YoY+59.6%	-163M YoY+32.8%	-242M YoY+7.4%	-262M YoY-494.8%	-44.0M YoY+15.7%
Change in inventory	-50.7M YoY-119.8%	256M YoY-11.4%	289M YoY+35.4%	213M YoY+1223.2%	-19.0M YoY-115.8%
	-713M YoY-130.8%	2.31B YoY+1230.8%	174M YoY-31.1%	252M YoY+114.6%	-1.72B YoY-224.3%
Capital expenditure	260M YoY+3.1%	252M YoY-0.2%	253M YoY+3.4%	245M YoY-24.9%	326M YoY-20.0%
Other investing activities	7.40M YoY-41.3%	12.6M YoY+481.8%	-3.30M YoY-111.5%	28.8M YoY-35.1%	44.4M YoY+266.9%
	-957M YoY+2.7%	-983M YoY-38.3%	-711M YoY+55.1%	-1.58B YoY-344.7%	-356M YoY+26.8%
Long-term debt issued	—	—	0.00	0.00 YoY-100.0%	5.20M YoY-67.9%
Common stock repurchased	893M YoY-22.9%	1.16B YoY+31.8%	880M YoY-49.1%	1.73B YoY+236.8%	513M YoY-18.0%
Other financing activities	-3.80M YoY-22.6%	-3.10M YoY-138.5%	-1.30M YoY+65.8%	-3.80M YoY-1166.7%	-300K YoY+75.0%
FX effect on cash	-44.8M YoY-216.1%	38.6M YoY+129.8%	16.8M YoY-12.5%	19.2M YoY+38.1%	13.9M YoY+167.8%
Net change in cash	-119M YoY-106.2%	1.91B YoY+409.0%	375M YoY+496.0%	-94.8M YoY+71.5%	-333M YoY-2206.3%
Interest paid	20.2M YoY+3.1%	19.6M YoY-1.5%	19.9M YoY+3.1%	19.3M YoY-4.5%	20.2M YoY+1.5%
Income taxes paid	490M YoY-59.0%	1.20B YoY+154.4%	470M YoY-6.7%	504M YoY+176.2%	183M YoY-7.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	49.5B YoY+13.3%	43.7B YoY-5.6%	46.2B YoY+0.3%	46.1B YoY-43.0%	80.9B YoY+42.3%
P/E	46.1× YoY+340.6%	10.5× YoY-67.7%	32.4×	—	—
P/S	8.2× YoY+1.6%	8.0× YoY-27.7%	11.1× YoY+28.8%	8.6× YoY-44.2%	15.5× YoY+19.2%
P/B	4.8× YoY+9.6%	4.4× YoY-37.3%	7.0× YoY-6.4%	7.4× YoY-46.3%	13.9× YoY+11.5%
P/FCF	37.1× YoY-75.4%	150.6× YoY+162.7%	57.3× YoY+29.4%	44.3× YoY-22.9%	57.5× YoY-34.5%
Earnings yield	2.2% YoY-77.3%	9.6% YoY+209.7%	3.1%	—	—
FCF yield	2.7% YoY+306.4%	0.7% YoY-61.9%	1.7% YoY-22.7%	2.3% YoY+29.8%	1.7% YoY+52.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: EW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all EW filings on SEC EDGAR → Not investment advice.

EW▼ financial statements

About this data

financial statements