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Edwards Lifesciences (EW) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Edwards Lifesciences (EW) Q3 2026 earnings results →

Q3 2026 Revenue up 10% year over year to $1.7B · 18¢ of every $1 of revenue kept as net profit · operating margin 17.4%

Edwards Lifesciences made $1.7B in Q3 2026 (+10% Y/Y): Transcatheter Aortic Valve Replacement $1.2B, Surgical $264M, Transcatheter Mitral and Tricuspid Therapies $210M. Operating margin 17.4%, net earnings $308M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$1.7B

Year over year+10%

Operating margin17.4%

Net earnings$308M

Operating cash flow$570M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $1.7B in Q3 2026, up 10% year over year and down 1% from the previous quarter. Transcatheter Aortic Valve Replacement was the largest line at 72% of revenue. Transcatheter Aortic Valve Replacement added $0.09B year over year (up 8%), 56% of the total change.

Gross margin was 78.5%, up 0.7 points from Q3 2025. Operating profit was $0.30B, a 17.4% margin (down 2.3 points year over year). Operating profit fell $0.01B even though revenue rose $0.16B versus Q3 2025, so costs grew faster than sales. Operating expenses grew 16% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+94%). Net earnings were $0.31B, up 6% year over year ($0.30B including minority interests, which bore $0.01B of losses). The effective tax rate was 17.0%.

Operating cash flow was $0.57B (down 1% year over year), 189% of net income including minority interests. Non-cash charges added back $0.04B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.18B. Capital expenditures of $0.06B left free cash flow of $0.51B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 4, 2026	$1.7B	+10%	17.4%	$308M	$570M
Q2 2026	10-Q	Aug 4, 2026	$1.7B	+14%	29.5%	$242M	$652M
Q1 2026	10-Q	May 6, 2026	$1.6B	+17%	29.0%	$381M	$43.8M
Q4 2025	10-K	Feb 25, 2026	$1.6B	+13%	9.6%	$91.2M	$451M
Q3 2025	10-Q	Nov 5, 2025	$1.6B	+15%	19.8%	$291M	$574M
Q2 2025	10-Q	Aug 6, 2025	$1.5B	+12%	26.8%	$333M	$290M
Q1 2025	10-Q	May 6, 2025	$1.4B	+6%	27.9%	$358M	$280M

Charts

Latest (Q3 2026): Y/Y +10%, Q/Q -1%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $301M, Operating cash flow $570M.

-7.3% since FY2020: buybacks shrank the count.

Orthopedic, Prosthetic & Surgical Appliances & Supplies; dot size is quarterly revenue; dashed lines are the industry's medians.