Filing Flows › Edwards Lifesciences (EW) › Q4 2025
Edwards Lifesciences (EW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Edwards Lifesciences (EW) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +1% from the quarter before. Operating margin was 9.6%, net earnings $91.2M (5.8% of revenue).
Edwards Lifesciences, Q4 2025: revenue $1.6B (+13% year over year), operating margin 9.6%, net earnings $91.2M, operating cash flow $451M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +1% | +13% |
| Gross profit | $1.2B | +2% | +12% |
| Operating profit | $151M | -51% | -52% |
| Net earnings | $91.2M | -69% | -76% |
| Operating cash flow | $451M | -21% | — |
| Free cash flow | $354M | -32% | — |
What changed
Revenue was $1.6B in Q4 2025, up 13% year over year and up 1% from the previous quarter. Transcatheter Aortic Valve Replacement was the largest line at 74% of revenue.
Gross margin was 78.1%, down 0.8 points from a year earlier. Operating profit was $0.15B, a 9.6% margin (down 12.9 points year over year). Operating profit fell $0.16B even though revenue rose $0.18B versus a year earlier, so costs grew faster than sales. Operating expenses grew 38% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+1038%). Net earnings were $0.09B, down 76% year over year. The effective tax rate was 22.3%.
Operating cash flow was $0.45B, 494% 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 $0.28B. Capital expenditures of $0.10B left free cash flow of $0.35B.
Questions
What was Edwards Lifesciences' revenue in the fourth quarter 2025?
Edwards Lifesciences (EW) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +1% from the quarter before.
Was Edwards Lifesciences profitable in the fourth quarter 2025?
Operating profit was $151M (9.6% of revenue) and net earnings $91.2M.