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Edwards LifesciencesEW

Legal name
Edwards Lifesciences Corporation
Sector
Other
Industry
Orthopedic, Prosthetic & Surgical Appliances & Supplies
Exchange
NYSE

Stock Price $EW

Latest filings

You are here#28 of 52 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K88

EW filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 88 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’17Jan ’17
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · May ’21May ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $6.07B
YoY changeLargest recent move+19.3%in FY21Latest +11.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All EW Financial Metrics60 metrics

Income Statement15

Balance Sheet27

Cash Flow14

Per Share4

02—Overview

Edwards Lifesciences Financial Overview 2021–2025

Updated Nov 3, 2026

By shedding its legacy Critical Care business for $4.2 billiona in FY2024, Edwards Lifesciences transformed into a pure-play structural heart powerhouse. This strategic pivot underscores a bold investment thesis: trading short-term transition noise to capture specialized growth in next-generation transcatheter therapies.

The company maintained a consistent top-line trajectory through this restructuring, with net sales climbing from $5.2 billion in FY2021 to $6.1 billionb in FY2025. This expansion is anchored by the Transcatheter Aortic Valve Replacement (TAVR) franchise, which swelled to command 74% of net sales by FY2025. Meanwhile, the emerging Transcatheter Mitral and Tricuspid Therapies (TMTT) segment serves as a secondary growth engine, posting 56.4% growth in FY2025. To defend its clinical moat, Edwards relentlessly funnels capital into innovation, dedicating 18% of net sales to research and development.

Bottom-line performance has been volatile as operations shift. The divestiture artificially spiked diluted earnings to $6.97 per sharec in FY2024, but subsequent profitability normalized downward, pressured by $325.4 million in litigation and intellectual property expenses. Still, the market awarded the streamlined business a substantial premium. At the close of FY2025, the stock traded at 46.6x earnings with a share price of $85.25, securing a $49.5 billion market capitalization. This high multiple reflects market conviction that aggressive share repurchases and clinical portfolio expansions will ultimately outpace the company's lingering IRS and antitrust hurdles.

Recent Developments (Q1 and Q2 2026)

Edwards raised its full-year outlook after Q2 2026 net sales hit $1.74 billiond, up 13.6% year-over-year. TMTT grew 47.3% to $195.9 million, and TAVR rose 11.3% to $1.26 billion. Total sales growth guidance moved to 10% to 11% constant currency. Adjusted EPS was $0.78 versus $0.67, but GAAP EPS fell to $0.42 from $0.57 on a $188.2 million California-related tax valuation allowance. The effective tax rate reached 36.4% for the first half. Edwards bought Autus Valve Technologies for $128.9 million in Q1 2026, named Theodora Mistras CFO effective May 29, 2026, and announced strategy chief Donald Bobo's planned 2027 retirement.

The bull case: guidance was raised, operating cash flow reached $695.7 millione in the first half, and about $1.5 billion of buyback capacity remains. The bear case: gross margin is now expected at the low end of 78% to 79%, taxes are rising, and the stock traded at 49.0x earnings as of the August 3, 2026 report date, not today.

What to watch: tax rate trajectory against the 16% to 19% guidance range; Mistras's first guidance and capital allocation decisions

03—Filings

Recent SEC Filings

  1. 8-KEdwards Lifesciences 8-K Report, Executive Changes (Aug 28, 2026)Edwards Lifesciences Corporation (EW) has announced the upcoming retirement of Donald E. Bobo, Jr., Corporate Vice President of Strategy and Corporate Development. Mr. Bobo intends to retire by mid-year 2027, with a transition of his duties expected to occur during 2027. The company has initiated a search process to identify his successor. Following his retirement, Mr. Bobo is expected to continue contributing to the company as a consultant until the end of 2027, ensuring a smooth handover and continued strategic support.
  2. 8-KEdwards Lifesciences 8-K Report, Financial Results (Jul 23, 2026)Edwards Lifesciences (EW) reported second-quarter 2026 results that beat expectations on the top line and raised its sales guidance. Q2 net sales rose 13.6% to $1.74 billion (12.5% constant currency), with TAVR up 11.3% to $1.26 billion and TMTT up 47.3% to $195.9 million (about $198.6 million including Implantable Heart Failure Management revenue, per the sales reconciliation table). Surgical grew 6.5% to $284 million. Management attributes TAVR strength to heightened focus on aortic stenosis, the exit of a competitor in Q2 2025, and SAPIEN durability data, and notes stable average selling prices. EVOQUE and PASCAL are cited as key TMTT growth drivers, with SAPIEN M3 in a measured launch. Profitability was mixed. GAAP diluted EPS fell to $0.42 from $0.57 because of a $188.2 million non-cash valuation allowance on R&D tax credits, triggered by California budget legislation enacted June 29, 2026, and a 53.6% quarterly effective tax rate. Adjusted EPS was $0.78 versus $0.67 a year earlier, helped by stronger topline and planned phasing of R&D and SG&A investments. Gross margin was 77.5% (77.6% adjusted), and management now expects gross margin at the low end of its 78% to 79% full-year range because of FX hedging costs. The company also guided the 2026 effective tax rate to the high end of its previous 16% to 19% range. Edwards raised full-year 2026 total company constant currency sales growth guidance to 10% to 11% (from 9% to 11%), TAVR growth to 8% to 9%, and TMTT sales to $760 to $780 million. It reaffirmed adjusted EPS guidance of $2.95 to $3.05, and expects Q3 2026 sales of $1.63 to $1.71 billion and adjusted EPS of $0.71 to $0.77. Near-term catalysts include a CMS final decision memo on the TAVR National Coverage Determination expected in September, TCT presentations (PROGRESS and CLASP IITR) and expected Q4 approvals of next-generation PASCAL and the PASCAL tricuspid indication.
  3. 8-KEdwards Lifesciences 8-K Report, Executive Changes (May 8, 2026)Edwards Lifesciences Corporation (EW) held its Annual Meeting of Stockholders on May 7, 2026, where key proposals related to executive compensation and corporate governance were voted upon. The most significant outcome for investors is the approval of the Amended and Restated Long-Term Stock Incentive Compensation Program. This program amendment includes an increase of 7,000,000 shares available for issuance, bringing the total to 341,500,000 shares. This expansion of the equity pool is crucial for future employee and executive compensation, potentially influencing long-term shareholder value through incentive alignment. Additionally, all director nominees were elected, and stockholders approved the advisory proposal on executive compensation and the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm. The overwhelming approval of these proposals suggests continued confidence from shareholders in the company's leadership, compensation strategies, and financial oversight.
  4. 8-KEdwards Lifesciences 8-K Report, Executive Changes (May 4, 2026)Edwards Lifesciences (EW) filed an 8-K on May 4, 2026 announcing that Theodora ("Doretta") Mistras will become Corporate Vice President and Chief Financial Officer, effective May 29, 2026, succeeding Scott Ullem, who had announced his planned transition in October 2025 and will remain on as a strategic advisor. Mistras comes from Viatris, where she has been CFO since March 2024, and previously spent time as a managing director in healthcare investment banking at Citigroup and Goldman Sachs. The appointment is a planned, orderly leadership transition rather than a response to a performance issue, and the filing discloses no changes to guidance or financial results. The compensation package is substantial and signals the company's intent to secure a seasoned finance leader. It includes a base salary of $925,000, a target annual bonus of at least 100% of base salary, a $2,013,000 sign-on bonus subject to a 24-month clawback for voluntary resignation or termination for misconduct, and an initial RSU grant with a $8,000,000 grant-date value vesting 43.75%, 50%, and 6.25% over three years. She is also slated for a fiscal 2026 annual equity award with a $4,500,000 grant-date value. Full vesting of the initial RSUs is triggered by termination without Cause, resignation for Good Reason, or death or disability, which are standard protections for executive retention. For investors, the key takeaways are continuity in financial leadership through a planned handover, a new CFO with a deep capital markets and healthcare investment banking background, and a compensation structure that aligns her incentives with multi-year stock performance. The filing does not disclose any financial metrics, guidance, or reasons beyond the stated transition, so the market impact is likely to be limited absent further commentary from management.
  5. 8-KEdwards Lifesciences 8-K Report, Financial Results (Apr 23, 2026)Edwards Lifesciences (NYSE: EW) reported first-quarter 2026 results that beat its internal expectations, with net sales of $1.65 billion, up 16.7% reported and 12.7% on a constant-currency basis. TAVR sales of $1.20 billion grew 11.0% constant currency, driven by SAPIEN growth in the U.S. and faster growth outside the U.S., with stable global average selling prices. TMTT sales were $173 million (adjusted, excluding $2.0 million of heart failure revenue), and Surgical sales were $276 million, up 5.9% constant currency. Management cited the EARLY TAVR data and European guideline updates as drivers of a shift toward earlier intervention in severe aortic stenosis, and noted that CMS is reconsidering the TAVR National Coverage Determination. GAAP diluted EPS was $0.66, while adjusted EPS was $0.78. The GAAP figure was pressured by a $123.6 million pre-tax ($99.0 million after-tax) impairment on a VIE investment and $37.1 million of litigation expenses, partly offset by a $65.2 million remeasurement gain. Gross margin was 78.0% GAAP (78.2% adjusted), down from 78.7% due to a weaker dollar and new-therapy manufacturing costs. SG&A fell to 31.7% of sales and R&D to 16.0%, and GAAP operating margin rose to 29.0% (31.4% adjusted). The company ended the quarter with about $2.4 billion in cash against roughly $600 million of total debt, and it completed a $500 million accelerated share repurchase with about $1.5 billion remaining under its authorization. Management raised full-year 2026 guidance: constant-currency sales growth to 9%-11% (from 8%-10%), TAVR growth to 7%-9% (from 6%-8%), and adjusted EPS to $2.95-$3.05 (the low end was raised from $2.90 and the midpoint moved to $3.00). Implied total sales are $6.5-$6.9 billion and TAVR sales $4.7-$5.0 billion, with TMTT guidance held at $740-$780 million and Surgical guidance held at mid-single-digit growth. Q2 2026 guidance calls for sales of $1.66-$1.74 billion and adjusted EPS of $0.70-$0.76.
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04—See also

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