Edwards Lifesciences Corp (EW) Earnings History
Edwards Lifesciences Corp - Q4 2025 Earnings
EXECUTIVE SUMMARY
Edwards Lifesciences reported a strong fourth quarter and full year 2025, driven by differentiated strategy and excellent execution across its structural heart portfolio. The company demonstrated robust sales growth, particularly in TAVR and TMTT, and increased confidence in its 2026 outlook, signaling a positive trajectory for sustainable growth and profitability.
POSITIVE HIGHLIGHTS
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Q4 sales grew 13.3% to $1.57 billion, with constant currency sales growing 11.6%.
positive - •
Q4 TAVR sales grew 12.0% to $1.16 billion, demonstrating continued strength in the core business.
positive - •
Q4 TMTT sales grew more than 40% to $156 million, highlighting significant expansion in this high-growth area.
positive - •
Full-year 2025 sales grew 11.5% (10.7% constant currency), indicating solid annual performance.
positive - •
Increased confidence in FY 2026 constant currency sales growth of 8-10% and adjusted EPS of $2.90-$3.05.
positive
CONCERNS & RISKS
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Selling, general, and administrative expenses increased to 38.4% of sales in Q4 2025, up from 35.5% in the prior year, due to strategic investments.
attention - •
Operating income margin for Q4 2025 was 9.6% on a GAAP basis, a significant decrease from 22.6% in Q4 2024, although adjusted operating margin was 23.7% compared to 25.6% in the prior year.
attention - •
GAAP diluted EPS for Q4 2025 was $0.11, a substantial decrease from $0.58 in Q4 2024, impacted by special items.
negative - •
Certain litigation expenses were $208.6 million in Q4 2025, a significant increase from $12.6 million in Q4 2024, impacting GAAP results.
negative - •
Loss on impairment of $99.8 million in Q4 2025 related to investment in JenaValve Technologies.
negative
FINANCIAL METRICS
MARGIN ANALYSIS
Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
REVENUE BY SEGMENT — Q4 2025 2025
VISUAL OVERVIEW
DETAILED BREAKDOWN
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Transcatheter Aortic Valve Replacement (TAVR) | N/A | — | — | — | +10.6% |
Transcatheter Mitral and Tricuspid Therapies (TMTT) | N/A | — | — | — | +53.1% |
Surgical Structural Heart | N/A | — | — | — | +2.2% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
MANAGEMENT GUIDANCE
FY2026
Q1 2026
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
SPECIAL ITEMS & ADJUSTMENTS
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
MANAGEMENT COMMENTARY
Edwards’ strong fourth quarter and full year performance in 2025 reflect our differentiated strategy with a clear vision around three key elements: focusing solely on structural heart, solving large, urgent and very complex patient needs, and pursuing unique opportunities to innovate and lead, all achieved through excellent execution by our deeply experienced teams.
Based on multiple catalysts and the company’s strong fourth quarter performance, we have increased confidence in our outlook for 2026 and believe that our 70 years of expertise in valve innovation and world-class evidence will create sustainable growth and expanded profitability.
These enduring catalysts benefitting Edwards in 2026 and the years ahead include distinguished long-term results unique to Edwards from the PARTNER 3 7-year and PARTNER 2 10-year trials, the impact of the practice-changing EARLY TAVR trial, new guidelines for treating aortic stenosis patients in Europe and the approvals of the first transcatheter mitral replacement therapy.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
OPERATIONAL METRICS
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.