Filing Flows › Edwards Lifesciences (EW) › Q3 2026 › vs Q2 2026
Edwards Lifesciences (EW) Q3 2026 vs Q2 2026 (quarter over quarter)
Edwards Lifesciences's revenue fell $25.5M (-1%) from $1.7B in Q2 2026 to $1.7B in Q3 2026. The biggest changes: Surgical −$19.7M (-7%); Transcatheter Aortic Valve Replacement −$16.7M (-1%); Transcatheter Mitral and Tricuspid Therapies +$10.9M (+5%). Gross margin 78.5% against 77.5% (+1.0 pts).
Edwards Lifesciences, Q3 2026: revenue $1.7B (+10% year over year), operating margin 17.4%, net earnings $308M, operating cash flow $570M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 78.5% | 77.5% | +1.0 pts |
| Operating margin | 17.4% | 29.5% | -12.0 pts |
| Net margin | 17.9% | 13.9% | +4.0 pts |
| Free cash flow margin | 29.5% | 33.6% | -4.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Transcatheter Aortic Valve Replacement | $1.2B | $1.3B | −$16.7M | -1% |
| Surgical | $264M | $284M | −$19.7M | -7% |
| Transcatheter Mitral and Tricuspid Therapies | $210M | $199M | $10.9M | +5% |
| Revenue | $1.7B | $1.7B | −$25.5M | -1% |
| Gross profit | $1.3B | $1.3B | −$2.3M | -0.2% |
| Cost of revenue | $369M | $392M | −$23.2M | -6% |
| Other income, net | $64.1M | $6.6M | $57.5M | +871% |
| Operating profit | $299M | $513M | −$214M | -42% |
| Operating expenses | $1.0B | $835M | $212M | +25% |
| Pre-tax earnings | $363M | $520M | −$157M | -30% |
| Loss borne by minority interests | $6.1M | $500K | $5.6M | 12× |
| Net earnings | $308M | $242M | $65.6M | +27% |
| Income tax | $61.8M | $278M | −$217M | -78% |
| Depreciation & amortization | $44.9M | $42.7M | $2.2M | +5% |
| Share-based compensation | $46.0M | $42.2M | $3.8M | +9% |
| Working capital & other | $172M | $325M | −$153M | -47% |
| Operating cash flow | $570M | $652M | −$81.6M | -13% |
| Free cash flow (OCF − capex) | $507M | $585M | −$78.3M | -13% |
| Capital expenditures | $63.6M | $66.9M | −$3.3M | -5% |
Questions
How much did Edwards Lifesciences's revenue grow quarter over quarter in Q3 2026?
Edwards Lifesciences's revenue fell $25.5M (-1%) from $1.7B in Q2 2026 to $1.7B in Q3 2026.
What drove Edwards Lifesciences's revenue change in Q3 2026?
Surgical −$19.7M (-7%); Transcatheter Aortic Valve Replacement −$16.7M (-1%); Transcatheter Mitral and Tricuspid Therapies +$10.9M (+5%).