Filing Flows › Edwards Lifesciences (EW) › Q3 2025
Edwards Lifesciences (EW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Edwards Lifesciences (EW) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +1% from the quarter before. Operating margin was 19.8%, net earnings $291M (18.7% of revenue).
Edwards Lifesciences, Q3 2025: revenue $1.6B (+15% year over year), operating margin 19.8%, net earnings $291M, operating cash flow $574M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +1% | +15% |
| Gross profit | $1.2B | +2% | +11% |
| Operating profit | $307M | -25% | -12% |
| Net earnings | $291M | -13% | -91% |
| Operating cash flow | $574M | +98% | +63% |
| Free cash flow | $516M | +114% | +72% |
What changed
Revenue was $1.6B in Q3 2025, up 15% year over year and up 1% from the previous quarter. Transcatheter Aortic Valve Replacement was the largest line at 74% of revenue. Transcatheter Aortic Valve Replacement added $0.13B year over year (up 12%), 64% of the total change.
Gross margin was 77.8%, down 2.8 points from a year earlier. Operating profit was $0.31B, a 19.8% margin (down 6.1 points year over year). Operating profit fell $0.04B even though revenue rose $0.20B versus a year earlier, so costs grew faster than sales. Operating expenses grew 22% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+60%). Net earnings were $0.29B, down 91% year over year. The effective tax rate was 16.2%.
Operating cash flow was $0.57B (up 63% year over year), 198% 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 added $0.20B. Capital expenditures of $0.06B left free cash flow of $0.52B.
Questions
What was Edwards Lifesciences' revenue in the third quarter 2025?
Edwards Lifesciences (EW) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +1% from the quarter before.
Was Edwards Lifesciences profitable in the third quarter 2025?
Operating profit was $307M (19.8% of revenue) and net earnings $291M.