Edwards Lifesciences (EW) Q4 2025 earnings summary

Executive summary

• Q4 2025 sales rose 13.3% to $1.57B; constant currency sales up 11.6%.

• Full-year 2025 sales increased 11.5% to $6.07B; constant currency growth 10.7%.

• Achieved strong performance driven by TAVR and TMTT segments, with robust global adoption and new product launches.

• Entering 2026 with global momentum and multiple growth catalysts, including new clinical evidence and product launches in TAVR and TMTT.

• Increased confidence in meeting 2026 guidance for 8%-10% sales growth and EPS of $2.90-$3.05.

Financial highlights

• Q4 total sales reached $1.57 billion, up 11.6% year-over-year.

• Adjusted EPS was $0.58; GAAP EPS was $0.11, impacted by one-time charges from the JenaValve acquisition and litigation.

• Q4 gross profit margin was 78.1% (78.3% adjusted); full-year margin 78.0%.

• Q4 operating profit margin 9.6% (23.7% adjusted); full-year 20.8% (27.1% adjusted).

• Cash and cash equivalents at year-end $3.0B; total debt $600M.

Outlook and guidance

• 2026 full-year sales growth guidance reaffirmed at 8%-10%, with EPS guidance of $2.90-$3.05.

• Q1 2026 sales projected at $1.55-$1.63 billion, with adjusted EPS of $0.70-$0.76.

• TMTT segment projected to grow 35–45% in 2026, reaching $740–$780M.

• Expecting 150 basis points of operating margin expansion in 2026 and 50-100 basis points annually beyond.

• FX expected to provide a $40 million tailwind to 2026 sales.