Filing Flows › Edwards Lifesciences (EW) › Q2 2026 › vs Q2 2025
Edwards Lifesciences (EW) Q2 2026 vs Q2 2025 (year over year)
Edwards Lifesciences's revenue rose $209M (+14%) from $1.5B in Q2 2025 to $1.7B in Q2 2026. The biggest changes: Transcatheter Aortic Valve Replacement +$127M (+11%); Transcatheter Mitral and Tricuspid Therapies +$64.1M (+48%); Surgical +$17.3M (+6%). Gross margin 77.5% against 77.5% (-0.1 pts).
Edwards Lifesciences, Q2 2026: revenue $1.7B (+14% year over year), operating margin 29.5%, net earnings $242M, operating cash flow $652M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 77.5% | 77.5% | -0.1 pts |
| Operating margin | 29.5% | 26.8% | +2.6 pts |
| Net margin | 13.9% | 21.7% | -7.9 pts |
| Free cash flow margin | 33.6% | 15.7% | +17.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Transcatheter Aortic Valve Replacement | $1.3B | $1.1B | $127M | +11% |
| Surgical | $284M | $267M | $17.3M | +6% |
| Transcatheter Mitral and Tricuspid Therapies | $199M | $134M | $64.1M | +48% |
| Revenue | $1.7B | $1.5B | $209M | +14% |
| Gross profit | $1.3B | $1.2B | $161M | +14% |
| Cost of revenue | $392M | $344M | $48.0M | +14% |
| Other income, net | $6.6M | −$15.4M | $22.0M | — |
| Operating profit | $513M | $411M | $102M | +25% |
| Operating expenses | $835M | $777M | $58.8M | +8% |
| Pre-tax earnings | $520M | $396M | $124M | +31% |
| Loss borne by minority interests | $500K | $1.7M | −$1.2M | -71% |
| Net earnings | $242M | $333M | −$91.3M | -27% |
| Income tax | $278M | $64.3M | $214M | +333% |
| Depreciation & amortization | $42.7M | $38.1M | $4.6M | +12% |
| Share-based compensation | $42.2M | $37.5M | $4.7M | +13% |
| Working capital & other | $325M | −$119M | $444M | — |
| Operating cash flow | $652M | $290M | $362M | +125% |
| Free cash flow (OCF − capex) | $585M | $241M | $344M | +143% |
| Capital expenditures | $66.9M | $49.3M | $17.6M | +36% |
Questions
How much did Edwards Lifesciences's revenue grow year over year in Q2 2026?
Edwards Lifesciences's revenue rose $209M (+14%) from $1.5B in Q2 2025 to $1.7B in Q2 2026.
What drove Edwards Lifesciences's revenue change in Q2 2026?
Transcatheter Aortic Valve Replacement +$127M (+11%); Transcatheter Mitral and Tricuspid Therapies +$64.1M (+48%); Surgical +$17.3M (+6%).