EWEdwards Lifesciences

Health care · Medical Devices · NYSE

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

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The biggest changes in the 10-K filed 2026-02-25, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Cash from operations

+194.2% Big change FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Net income

-74.3% Big change FY to 2025-12-31 vs 2024-12-31

“The decrease in our net income and diluted earnings per share in 2025 was driven primarily by increases in personnel-related costs, one-time charges related to impairments on our investments, and increased certain litigation expenses.”
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“Our effective tax rate for 2025 increased in comparison to 2024 primarily due to the impact of Pillar Two (see below), other local tax increases, and certain non-deductible litigation expenses.”
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Operating margin

25.3% → 20.8% (-4.5 pts) Big change FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Gross margin

79.5% → 78.0% (-1.4 pts) Big change FY to 2025-12-31 vs 2024-12-31

“Our gross profit increased in 2025, driven by our sales growth.”
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“Our gross profit increased in 2025 compared to 2024, driven by our sales growth discussed above.”
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Revenue

+11.5% Big change FY to 2025-12-31 vs 2024-12-31

“Our net sales for 2025 were $6.1 billion, representing an increase of $628.1 million over 2024, driven primarily by sales growth of our TAVR and TMTT products.”
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“Net sales of TAVR products increased in 2025, driven by higher sales of the Edwards SAPIEN platform in 2025, primarily due to higher sales of the Edwards SAPIEN 3 Ultra RESILIA valve in the United States and Europe.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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