Edwards Lifesciences develops surgical and catheter-delivered treatments for structural heart disease. Its continuing product groups are transcatheter aortic valve replacement (TAVR), transcatheter mitral and tricuspid therapies (TMTT), and Surgical Structural Heart. It sells in approximately 100 countries, supported by clinical specialists who assist hospitals and train physicians.
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A snapshot of what Edwards Lifesciences Corp owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001099800-24-000004 | Feb 12, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001099800-25-000005 | Feb 28, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001099800-26-000009 | Feb 25, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Edwards has become a more focused structural-heart company following its completed disposals. Continuing sales reached $6.07 billion in 2025, but higher operating costs, litigation, investment impairments and taxes reduced earnings. First-half 2026 sales and operating income strengthened, while a California deferred-tax charge pushed GAAP net income lower. Cash generation improved partly because prior-year tax payments did not repeat, rather than because profit increased. TAVR remains the principal revenue engine; faster-growing TMTT broadens the portfolio but competes for the same hospital resources. Substantial cash and investments support development and repurchases, although technology investments, tax disputes and litigation remain material exposures. The latest supplied quarterly evidence covers June 30, 2026; subsequent governance disclosures extend through August 28, not through every development that may have occurred since.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-23 · 8-K · 2026-08-25
Edwards earns nearly all revenue from direct product sales and consignment arrangements. Direct sales are recognized on delivery; consigned devices become revenue only when implanted or used. Clinical support, physician training, evidence of durability and reimbursement therefore matter alongside the device itself. TAVR generated 74% of continuing sales in 2025. Its declining share reflects faster growth elsewhere, not falling TAVR revenue. TMTT reached 9% of sales, expanding through PASCAL repair and EVOQUE replacement. No individual customer represented 10% of sales, but hospitals' staffing, catheterization laboratories and purchasing power remain important dependencies.
Sources: 10-K · 2025-12-31
Continuing revenue increased 11.5% to $6,067.6 million in 2025. Management attributed growth principally to SAPIEN 3 Ultra RESILIA, PASCAL, EVOQUE and the surgical RESILIA portfolio. Nevertheless, GAAP operating income declined to $1,264.2 million from $1,378.7 million. Higher operational expenses compressed gross margin, while commercial spending and intellectual-property and litigation expense increased. The latter reached $325.4 million, versus $40.4 million in 2024. Continuing diluted EPS fell to $1.81 from $2.34 despite fewer diluted shares. Total 2024 earnings are an unsuitable recurring benchmark because they included the large Critical Care disposal gain.
Sources: 10-K · 2025-12-31
The August 4, 2026 quarterly filing reports first-half sales of $3,389.6 million, up 15.1%, and operating income of $990.8 million versus $806.0 million. The July 23 release reports 12.6% constant-currency sales growth, showing that currency helped the reported comparison. Parent-attributable net income nevertheless declined to $622.6 million from $691.2 million. California legislation enacted June 29 caused a $188.2 million deferred-tax valuation allowance: a noncash reduction in expected tax-asset realization, not an equivalent immediate tax payment. First-half investment impairments of $163.6 million were partly offset by $85.1 million of acquisition-related remeasurement gains. Adjusted continuing income was $903.1 million, a non-GAAP measure excluding specified items rather than a replacement for GAAP earnings.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-23
Operating cash flow recovered to $1,595.2 million in 2025 from $542.3 million, helped by lower tax payments and working-capital movements. These consolidated cash flows include discontinued operations and are not directly comparable with continuing earnings. First-half 2026 operating cash flow rose to $695.7 million from $570.6 million, principally because cash taxes fell; receivables, inventory and settlement of accrued liabilities absorbed cash. Capital expenditure was $131.8 million. At June 30, cash and equivalents were $2,906.5 million and short-term investments were separately $1,346.2 million. Neither balance establishes recurring cash generation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Edwards spent $575.1 million on treasury-stock purchases in first-half 2026. The board-program subset cost $558.7 million and included the $500 million accelerated repurchase settled April 15; these are overlapping measures. Remaining authorization of $1,455.0 million is permission, not a purchase obligation. Funded debt comprised $600 million principal of 4.3% notes due June 2028. The $750 million revolver was undrawn and matures in July 2027; it is borrowing capacity, not cash. The latest quarter does not establish quantified covenant headroom or a specific compliance representation. Development investments also expose capital to write-offs before commercial returns emerge.
Sources: 10-Q · 2026-06-30
Hospital staffing and procedure capacity constrain actual sales, including competition among Edwards' own therapies for facilities. Clinical success, regulatory permission and reimbursement are separate requirements. Manufacturing quality, sole-source supplies and tariff uncertainty add execution risk. Tax disputes remain material, including new proposed U.S. taxable-income adjustments that are not themselves tax bills. In July, management raised 2026 constant-currency sales-growth guidance to 10%–11% but retained adjusted EPS guidance of $2.95–$3.05 because tax and margin pressures offset stronger sales. These were dated expectations, with no GAAP guidance reconciliation; the supplied evidence does not establish their eventual achievement.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-23
USD 6.0676 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 6.0676 bn | — |
GAAP consolidated net sales from continuing operations; discontinued product groups excluded.
Sources: 10-K · 2025-12-31
USD 5.4395 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 5.4395 bn | 8.6% |
| 2023 | USD 5.01 bn | — |
GAAP consolidated net sales from continuing operations, as reclassified in the 2025 annual report.
Sources: 10-K · 2025-12-31
USD 1.0735 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.0735 bn | — |
| 2023 | USD 1.4024 bn | — |
GAAP net income attributable to the parent, including continuing and discontinued operations.
Sources: 10-K · 2025-12-31
USD 4.1746 bn
FY2024 · GAAP · consolidated · Attribution: parent · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 4.1746 bn | — |
GAAP parent-attributable net income including discontinued operations and the Critical Care disposal gain.
Sources: 10-K · 2025-12-31
USD 1.5952 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.5952 bn | — |
| 2023 | USD 895.8 m | — |
GAAP consolidated operating cash flow, including cash flows attributable to discontinued operations.
Sources: 10-K · 2025-12-31
USD 542.3 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 542.3 m | — |
GAAP consolidated operating cash flow, including discontinued operations and sale-related and disputed-tax payments.
Sources: 10-K · 2025-12-31
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