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Edwards Lifesciences (EW) investor relations material
Edwards Lifesciences Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 sales reached $1.57 billion, up 11.6% year-over-year; full-year sales grew 10.7%.
Strong performance driven by TAVR and TMTT segments, innovation, and global execution.
Entering 2026 with momentum and multiple growth catalysts across product lines.
Q4 EPS was $0.11; adjusted EPS $0.58, impacted by one-time charges and litigation.
Full-year 2025 adjusted EPS was $2.56.
Financial highlights
Q4 adjusted gross profit margin was 78.3%; full-year margin 78.0%.
Q4 adjusted operating profit margin was 23.7%; full-year 2025 margin was 27.1%.
Q4 SG&A expense was 38.4% of sales; R&D expense was 17.1% of sales.
Q4 net income from continuing operations was $64.2 million; full-year $1.06 billion.
Cash and equivalents at year-end were $3.0 billion; total debt $600 million.
Outlook and guidance
2026 sales growth guidance reaffirmed at 8%-10%, with adjusted EPS guidance of $2.90-$3.05.
Q1 2026 sales projected at $1.55-$1.63 billion; adjusted EPS expected at $0.70-$0.76.
TMTT segment projected to grow 35–45% in 2026, reaching $740–$780 million.
Expecting 150 basis points operating margin expansion in 2026 and 50-100 basis points annually beyond.
FX expected to provide a $40 million tailwind to 2026 sales.
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