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How Edwards Lifesciences (EW) makes money
Edwards Lifesciences (EW) made $1.7B of revenue in the third quarter 2026 (Q3 2026), +10% from a year earlier. Transcatheter Aortic Valve Replacement brought in $1.2B (72%); Surgical brought in $264M (15%); Transcatheter Mitral and Tricuspid Therapies brought in $210M (12%). Of every dollar of revenue, 78¢ was left as gross profit, 17¢ was left as operating profit, 18¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Transcatheter Aortic Valve Replacement | $1.2B | 72.4% | -1% | +8% |
| Surgical | $264M | 15.4% | -7% | +2% |
| Transcatheter Mitral and Tricuspid Therapies | $210M | 12.2% | +5% | +44% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.7B | 100.0% |
| Cost of revenue | $369M | 21.5% |
| Gross profit | $1.3B | 78.5% |
| Operating expenses | $1.0B | 61.0% |
| Operating profit | $299M | 17.4% |
| Income tax | $61.8M | 3.6% |
| Net earnings | $308M | 17.9% |
| Operating cash flow | $570M | 33.2% |
| Free cash flow | $507M | 29.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.7B | +10% |
| Q2 2026 | $1.7B | +14% |
| Q1 2026 | $1.6B | +17% |
| Q4 2025 | $1.6B | +13% |
| Q3 2025 | $1.6B | +15% |
| Q2 2025 | $1.5B | +12% |
| Q1 2025 | $1.4B | +6% |
From Edwards Lifesciences' 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does Edwards Lifesciences make money?
Edwards Lifesciences (EW) made $1.7B of revenue in the third quarter 2026 (Q3 2026), +10% from a year earlier. Transcatheter Aortic Valve Replacement brought in $1.2B (72%); Surgical brought in $264M (15%); Transcatheter Mitral and Tricuspid Therapies brought in $210M (12%). Of every dollar of revenue, 78¢ was left as gross profit, 17¢ was left as operating profit, 18¢ was left as net earnings.
What is Edwards Lifesciences' biggest business?
Transcatheter Aortic Valve Replacement: $1.2B in the third quarter 2026, 72% of revenue, +8% from a year earlier.
What is Edwards Lifesciences' profit margin?
Net earnings were $308M, 17.9% of revenue, in the third quarter 2026; the operating margin was 17.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.