Filing Flows › Edwards Lifesciences (EW) › Q2 2025
Edwards Lifesciences (EW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Edwards Lifesciences (EW) reported revenue of $1.5B for the second quarter 2025 (Q2 2025), +12% from a year earlier and +8% from the quarter before. Operating margin was 26.8%, net earnings $333M (21.7% of revenue).
Edwards Lifesciences, Q2 2025: revenue $1.5B (+12% year over year), operating margin 26.8%, net earnings $333M, operating cash flow $290M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +8% | +12% |
| Gross profit | $1.2B | +7% | +9% |
| Operating profit | $411M | +4% | +12% |
| Net earnings | $333M | -7% | -9% |
| Operating cash flow | $290M | +3% | -22% |
| Free cash flow | $241M | +7% | -16% |
What changed
Revenue was $1.5B in Q2 2025, up 12% year over year and up 8% from the previous quarter. Transcatheter Aortic Valve Replacement was the largest line at 74% of revenue. Transcatheter Aortic Valve Replacement added $0.09B year over year (up 9%), 57% of the total change.
Gross margin was 77.5%, down 2.4 points from a year earlier. Operating profit was $0.41B, a 26.8% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 27% margin then. Operating expenses grew 7% against revenue growth of 12%. The fastest-growing cost line was SG&A (+12%). Net earnings were $0.33B, down 9% year over year ($0.33B including minority interests, which bore $1.7M of losses). The effective tax rate was 16.2%.
Operating cash flow was $0.29B (down 22% year over year), 88% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.05B left free cash flow of $0.24B.
Questions
What was Edwards Lifesciences' revenue in the second quarter 2025?
Edwards Lifesciences (EW) reported revenue of $1.5B for the second quarter 2025 (Q2 2025), +12% from a year earlier and +8% from the quarter before.
Was Edwards Lifesciences profitable in the second quarter 2025?
Operating profit was $411M (26.8% of revenue) and net earnings $333M.