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Edwards Lifesciences cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$507M in Q3 2026 · $1.4B over twelve months

Operating cash flow$570M
Capital spending−$63.6M
Free cash flow+$507M
Cash / net income1.9×
Cash conversion cycle276 days

Analysis

In Q3 2026, Edwards Lifesciences generated $570M of operating cash flow and spent $63.6M on capital projects, leaving free cash flow of $507M. That is $9.5M less than in Q3 2025 ($516M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.7B; the largest uses were buybacks ($755M), other investing ($448M), capital spending ($293M); besides operations, cash came from shares issued ($192M); the cash balance rose by $418M.

Operating cash flow was $570M against net income of $301M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: impairments +$220M, payables +$67.2M, stock-based pay +$46.0M.

Its cash conversion cycle was 276 days (receivables 42 + inventory 285 − payables 51).

Free cash flow

Edwards Lifesciences: free cash flow by quarterEdwards Lifesciences: free cash flow by quarter−$177MQ4 2024$224MQ1 2025$241MQ2 2025$516MQ3 2025$354MQ4 2025−$21.1MQ1 2026$585MQ2 2026$507MQ3 2026
Operating cash flow less capital spending.
Edwards Lifesciences: operating cash flow against capital spendingEdwards Lifesciences: operating cash flow against capital spendingOperating cash flowCapital spending−$128M$49.8MQ4 2024$280M$56.0MQ1 2025$290M$49.3MQ2 2025$574M$57.5MQ3 2025$451M$97.4MQ4 2025$43.8M$64.9MQ1 2026$652M$66.9MQ2 2026$570M$63.6MQ3 2026
Latest (Q3 2026): Operating cash flow $570M, Capital spending $63.6M.

Capital allocation, year by year

Edwards Lifesciences: where the cash came from (up) and went (down), by fiscal yearEdwards Lifesciences: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $1.7BFY2021: Net borrowing −$1.8MFY2021: Shares issued $82.2MFY2021: Capital spending −$326MFY2021: Buybacks −$513M$1.8BFY2021FY2022: Operating cash flow $1.2BFY2022: Net borrowing −$200KFY2022: Shares issued $64.8MFY2022: Capital spending −$245MFY2022: Buybacks −$1.7B$1.3BFY2022FY2023: Operating cash flow $896MFY2023: Net borrowing −$300KFY2023: Shares issued $83.4MFY2023: Capital spending −$253MFY2023: Buybacks −$880M$979MFY2023FY2024: Operating cash flow $542MFY2024: Shares issued $90.6MFY2024: Capital spending −$252MFY2024: Buybacks −$1.2B$633MFY2024FY2025: Operating cash flow $1.6BFY2025: Shares issued $89.2MFY2025: Asset sales $78.8MFY2025: Capital spending −$260MFY2025: Buybacks −$893M$1.8BFY2025
Over these 5 years operating cash flow totalled $6.0B; the largest uses were buybacks ($5.2B) and capital spending ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.6B
Debt$599M
Net cash$4.0B

Edwards Lifesciences funds itself: free cash flow was $1.4B over the last twelve months, and $4.6B of cash and investments stands against $599M of debt.

Where the cash came from and went

Edwards Lifesciences: sources (+) and uses (−) of cash, Q3 2026Edwards Lifesciences: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$570MCash drawn (+) / kept (−)−$203MOther investing−$193MBuybacks−$139MCapital spending−$63.6MShares issued$36.5MExchange rates−$10.4MOther financing$1.6M
Edwards Lifesciences: sources (+) and uses (−) of cash, TTM to Q3 2026Edwards Lifesciences: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.7BBuybacks−$755MOther investing−$448MCash drawn (+) / kept (−)−$418MCapital spending−$293MShares issued$192MExchange rates$5.1MOther financing−$600K

From profit to cash

Edwards Lifesciences: net income to operating cash flow, Q3 2026Edwards Lifesciences: net income to operating cash flow, Q3 2026Net income$301MDepreciation & amortization$44.9MStock-based pay$46.0MImpairments$220MOther non-cash$9.0MReceivables−$19.9MInventory−$24.6MPayables$67.2MPrepaid and other assets−$22.8MIncome taxes payable$43.8MOther operating capital−$9.4MOperating cash flow$570M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264228551276
Q2 20264026145256
Q1 20263927951267
Q4 20254030453291
Q3 20254130444302
Q2 20254129844294
Q1 20254132855314
Q4 20244434558331

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$570M−$63.6M−$139M$36.5M−$203M$507M
Q2 2026$652M−$66.9M−$153M$53.8M−$462M$585M
Q1 2026$43.8M−$64.9M−$422M$68.9M$492M−$21.1M
Q4 2025$451M−$97.4M−$40.6M$32.3M−$245M$354M
Q3 2025$574M−$57.5M−$589M$34.7M$595M$516M
Q2 2025$290M−$49.3M−$5.5M$57.2M−$141M$241M
Q1 2025$280M−$56.0M−$259M$49.9M−$90.0M$224M
Q4 2024−$128M−$49.8M−$100M$28.6M$625M−$177M

Edwards Lifesciences: income statement and cash flow

Edwards Lifesciences, Q3 2026: revenue $1.7B (+10% year over year), operating margin 17.4%. The chart follows the revenue to costs, profit and cash.

Edwards Lifesciences: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.