Filing Flows › Boston Scientific (BSX) › Q4 2025
Boston Scientific (BSX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Boston Scientific (BSX) reported revenue of $5.3B for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and +4% from the quarter before. Operating margin was 15.6%, net earnings $670M (12.7% of revenue).
Boston Scientific, Q4 2025: revenue $5.3B (+16% year over year), operating margin 15.6%, net earnings $670M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.3B | +4% | +16% |
| Gross profit | $3.7B | +4% | +19% |
| Operating profit | $825M | -21% | +22% |
| Net earnings | $670M | -11% | +19% |
| Operating cash flow | $1.4B | +2% | -6% |
| Free cash flow | $1.0B | -13% | -14% |
What changed
Revenue was $5.3B in Q4 2025, up 16% year over year and up 4% from the previous quarter.
Gross margin was 69.6%, up 1.7 points from a year earlier. Operating profit was $0.82B, a 15.6% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 21% reached operating profit, above the 15% margin then. Operating expenses grew 18% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+29%). Net earnings were $0.67B, up 19% year over year. The effective tax rate was 4.3%.
Operating cash flow was $1.4B (down 6% year over year), 204% of net earnings. Non-cash charges added back $0.36B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $0.26B. Capital expenditures of $0.35B left free cash flow of $1.0B.
Questions
What was Boston Scientific's revenue in the fourth quarter 2025?
Boston Scientific (BSX) reported revenue of $5.3B for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and +4% from the quarter before.
Was Boston Scientific profitable in the fourth quarter 2025?
Operating profit was $825M (15.6% of revenue) and net earnings $670M.
Source: Boston Scientific 10-K on SEC EDGAR.