01—Abstract
Summary
Summary of the 10-K filed February 17, 2026. Cited figures are marked; the original filing is the authoritative source.
Boston Scientific Corporation (BSX) reported a strong financial performance for the year ended December 31, 2025, with reported net sales increasing by 19.9% to $20.074 billiona and reported net income attributable to common stockholders growing by 56.4% to $2.898 billion.
This growth was primarily driven by robust commercial execution across its key business segments, particularly the Electrophysiology unit, fueled by the continued success of the FARAPULSE™ Pulsed Field Ablation System. The company also saw significant contributions from its Cardiovascular and Urology segments. Looking ahead, Boston Scientific announced its definitive agreement to acquire Penumbra, Inc. for approximately $14.5 billionb, a strategic move expected to enhance its presence in the thrombectomy market.
The company also completed several key acquisitions during the year, including Bolt Medical, SoniVie Ltd., and Intera Oncology, Inc., further strengthening its product portfolio and market position. With a solid cash position and access to credit facilities, the company believes it has sufficient liquidity to fund its operations, strategic initiatives, and upcoming acquisitions.
02—Key points
Key Highlights
- Reported net sales increased by 19.9% to $20.074 billion in 2025, driven by strong performance across all segments.
- Reported net income attributable to common stockholders rose 56.4% to $2.898 billion, demonstrating significant profitability growth.
- The Electrophysiology business, led by the FARAPULSE™ Pulsed Field Ablation System, was a key growth driver.
- Announced a definitive agreement to acquire Penumbra, Inc. for approximately $14.5 billion, subject to closing conditions.
- Completed multiple strategic acquisitions in 2025, including Bolt Medical, SoniVie Ltd., and Intera Oncology, Inc., to expand its product offerings.
- Maintained a strong liquidity position with $1.965 billion in unrestricted cash and cash equivalents.
- Repurchased no shares of common stock in 2025 and 2024, retaining a $1 billion authorization for future repurchases.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Boston Scientific Corp kept $0.14.
- Revenue$20.07B100.0%
- Cost of revenue−$6.22B31.0%
- Gross profit$13.85B69.0%
- Operating costs−$10.24B51.0%
- Operating income$3.61B18.0%
- Interest, other & tax−$715.0M3.6%
- Net income$2.90B14.4%
Where FY2025 revenue went
$20.07B- SG&A: $6.89B, 34% of revenue
- Cost of revenue: $6.22B, 31% of revenue
- Other operating costs: $3.35B, 17% of revenue
- Net income: $2.90B, 14% of revenue
- Interest, other & tax: $715.0M, 3.6% of revenue
Kept 14% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 17, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $20.07B$16.75B | +19.9% |
| Cost of Revenue | $6.22B$5.26B | +18.3% |
| Gross Profit | $13.85B$11.49B | +20.6% |
| SG&A Expenses | $6.89B$5.98B | +15.1% |
| Operating Expenses | $10.24B$8.89B | +15.2% |
| Operating Income | $3.61B$2.60B | +38.8% |
| Interest Expense | $349.00M$305.00M | +14.4% |
| Net Income | $2.90B$1.85B | +56.4% |
| EPS (Basic) | $1.96$1.26 | +55.6% |
| EPS (Diluted) | $1.94$1.25 | +55.2% |
| Shares Outstanding (Basic) | 1.48B1.47B | +0.6% |
| Shares Outstanding (Diluted) | 1.49B1.49B | +0.6% |
05—Questions
Frequently Asked Questions
What were the primary drivers of Boston Scientific's net sales growth in 2025?
Boston Scientific's net sales grew by 19.9% in 2025, primarily driven by strong commercial execution and product innovation. Key contributors included the Electrophysiology business, particularly the FARAPULSE™ Pulsed Field Ablation System, and robust performance in the Cardiovascular and Urology segments. Acquisitions also played a role in the overall sales increase.
What is the significance of the announced acquisition of Penumbra, Inc.?
The announced acquisition of Penumbra, Inc. for approximately $14.5 billion is a significant strategic move that will expand Boston Scientific's portfolio in the peripheral vascular procedures market, particularly in thrombectomy products for the removal of blood clots and blockages. This acquisition is expected to strengthen the company's presence in the Cardiovascular division.
How did Boston Scientific manage its debt and liquidity in 2025?
Boston Scientific maintained a strong liquidity position with $1.965 billion in unrestricted cash and cash equivalents as of December 31, 2025. The company also had $2.750 billion of available liquidity under its revolving credit facility. The company's debt obligations totaled $11.436 billion, and it remained in compliance with its financial covenants, including a maximum leverage ratio of 1.92 times against a covenant requirement of 4.50 times as of December 31, 2025.
What impact did restructuring and acquisition-related costs have on the company's financial results?
The company incurred significant restructuring charges, including approximately $343 million in restructuring and restructuring-related charges in 2025, primarily related to its global restructuring program and the discontinuation of the ACURATE aortic valve systems. Acquisition/divestiture-related costs also impacted results, totaling $245 million in 2025. These costs are typically excluded from the company's non-GAAP measures of adjusted net income.
06—Continue