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Screener / SEC EDGAR /CIK 0001099800 /10-K filed Feb 25, 2026, compared with Feb 28, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
WATRMDEWSTEAINCY
NYSE Health care · Medical Devices

Edwards Lifesciences EW

EW quote by TradingView

Edwards Lifesciences Corporation is the leading global structural heart innovation company, driven by a passion to improve patient lives. 10-K, Item 1

Employees
16,000
Headquarters
Irvine, CA
CEO
Bernard J. Zovighian
Next results
around Feb 9, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $6.1B through the costs to a net profit of $1.1B · income statement of the 10-K

21% operating margin
Revenue to Gross profit: $4.7BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $3.5BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $190.7MOperating expenses to R&D: $1.1BOperating expenses to Sales, admin & other: $2.4B Revenue: $6.1B REVENUE $6.1B +12% Y/Y Gross profit: $4.7B · 78% margin GROSS PROFIT $4.7B 78% margin · +10% Y/Y Cost of revenue: $1.3B · 22% of revenue COST OF REVENUE $1.3B 22% of revenue Operating profit: $1.3B · 21% margin OPERATING PROFIT $1.3B 21% margin · −8% Y/Y Operating expenses: $3.5B · 57% of revenue OPERATING EXPENSES $3.5B 57% of revenue Net profit: $1.1B · 18% margin NET PROFIT $1.1B 18% margin · −74% Y/Y Tax & other: $190.7M · 3% of revenue TAX & OTHER $190.7M 3% of revenue R&D: $1.1B · 18% of revenue R&D $1.1B 18% of revenue Sales, admin & other: $2.4B · 39% of revenue SALES, ADMIN & OTHER $2.4B 39% of revenue
Gross profit $4.7B 78% margin · +10% Y/Y
Operating profit $1.3B 21% margin · −8% Y/Y
Net profit $1.1B 18% margin · −74% Y/Y
The full income statement, year by year

EW among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 11.5%, above 78% of 59 peers (their median 7.1%) REVENUE GROWTH 11.5% · above 78% Gross margin: 78.0%, above 88% of 50 peers (their median 64.2%) GROSS MARGIN 78.0% · above 88% Operating margin: 21.6%, above 78% of 50 peers (their median 13.4%) OPERATING MARGIN 21.6% · above 78% Net margin: 15.3%, above 68% of 59 peers (their median 9.5%) NET MARGIN 15.3% · above 68% FCF margin: 21.3%, above 75% of 55 peers (their median 15.2%) FCF MARGIN 21.3% · above 75% Return on capital: 9.2%, above 51% of 41 peers (their median 9.0%) RETURN ON CAPITAL 9.2% · above 51%
EW Peer median Below the median

What changed

11 new risk paragraphs. 10-K filed Feb 25, 2026 against Feb 28, 2025.

Risk factors
11 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
11 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
6 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 11 checks found nothing to note

  • Receivables +8.3% vs revenue +11.5% (-3.3 pts)
  • Cash from operations $1.6B vs net income $1.1B (FY ending Dec 31, 2025)
  • Inventory +3.6% vs revenue +11.5% (-7.9 pts)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No longer listed: Acquisition of Endotronix, Inc. - Valuation of the Developed Technology; Acquisition of Innovalve Bio Medical Ltd. - Valuation of the IPR&D. Same as last year: Uncertain Tax Positions Related to Intercompany Transfer Pricing
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

11 paragraphs in Risk Factors that were not in the 10-K filed Feb 28, 2025. Quoted as filed.

All 11 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    Our use of, or our failure to effectively and timely utilize, emerging technologies, including AI, could adversely impact our business and financial results. We use AI and other emerging technologies in various facets of our operations and our business. The legal and regulatory landscape surrounding AI technologies is rapidly evolving…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    We may be adversely impacted by global economic, political and social conditions.
  3. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    Additionally, the U.S. Department of Commerce recently initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into (among other things) imports of personal protective equipment, medical consumables and medical equipment (including devices), to determine whether they threaten U.S. national security,…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    Health care legislation and other regulations may adversely impact access to and demand for our products.

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$4.5B$5.0B$5.4B$6.1B
Net income$1.5B$1.4B$4.2B$1.1B
Operating cash flow$1.2B$895.8M$542.3M$1.6B
Free cash flow$973.6M$642.8M$289.9M$1.3B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$6.1B ▲ 11.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

6 filings in the last 30 days · SEC EDGAR

All filings
1 more

About the company

Edwards Lifesciences, Irvine, CA · from the 10-K filed Feb 25, 2026

Edwards Lifesciences Corporation is the leading global structural heart innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence, and meaningful partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. Edwards Lifesciences has been a leader in our field for over six decades. Since our founder, Miles “Lowell” Edwards, first dreamed of using engineering to address diseases of the human heart, we have steadily built a company on the premise of imagining, building, and realizing a better future for patients.

Headquarters
Irvine, CA
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 4, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had approximately 16,000 employees worldwide, the majority of whom were located in the United States, Singapore, and Costa Rica" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 28, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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