Edwards Lifesciences Corporation
As of Fiscal Year 2025 (ended December 31, 2025)
Key KPIs at a Glance
| Metric | Value |
|---|---|
| Total net sales (FY2025) | $6,067.6 million, up 11.5% year-over-year (+10.7% constant currency) |
| TAVR sales (FY2025) | $4,487.7 million, 73.9% of total sales, +8.6% constant currency |
| Surgical Structural Heart sales (FY2025) | $1,029.3 million, 17.0% of total sales, +4.3% constant currency |
| TMTT sales (FY2025) | $550.6 million, 9.1% of total sales, +53.1% constant currency -- fastest-growing product group |
| Gross margin (GAAP, FY2025) | 78.0% of sales (78.1% adjusted), down from 79.5% in FY2024 |
| R&D expense (FY2025) | $1,079.2 million, or 17.8% of sales (vs. $1,053.0 million / 19.4% of sales in FY2024) |
| Operating income (GAAP, FY2025) | $1,264.2 million (20.8% operating margin), down from $1,378.7 million (25.3% margin) in FY2024, due in part to $325.4 million of IP litigation/settlement charges and $146.9 million of impairment charges (incl. $99.8M JenaValve investment write-off) |
| Net income, continuing operations (GAAP, FY2025) | $1,056.0 million, down from $1,396.0 million in FY2024, largely on the litigation and impairment charges above and a higher 17.0% effective tax rate (vs. 9.8% in FY2024) |
| Diluted EPS, continuing operations (GAAP, FY2025) | $1.81 per share, vs. $2.34 in FY2024 |
| Adjusted diluted EPS (non-GAAP, FY2025) | $2.56 per share, vs. $2.43 in FY2024 (+5.3%) |
| Share repurchases (FY2025) | More than $800 million of common stock repurchased, including a $500 million accelerated share repurchase announced August 19, 2025. Edwards pays no common stock dividend. |
| Employees | Approximately 16,000 worldwide as of December 31, 2025 (FY2025 Form 10-K) |
| FY2026 company guidance | 8-10% constant-currency sales growth; adjusted EPS of $2.90-$3.05; TAVR sales of $4.6-$4.9 billion; TMTT sales of $740-$780 million (35-45% growth) |
| Structural heart addressable patient population | Company cites more than 20 million structural heart disease patients worldwide as its long-term addressable opportunity (CEO commentary on 2026 outlook; a characterization, not a sized-dollar market estimate or formal 10-K disclosure) |
Sources: All figures are company-disclosed, drawn from Edwards Lifesciences' Q4/FY2025 earnings release (SEC Form 8-K, Exhibit 99.1, filed February 10, 2026) and the FY2025 Form 10-K, unless flagged otherwise. Edwards reports as a single operating segment under ASC 280 and does not disclose operating profit/margin by product group, so no segment-profit pie is included (segment data is in the KPI table instead). Product-group sales for FY2025/FY2024 (TAVR, TMTT, Surgical Structural Heart) are continuing-operations figures following the September 3, 2024 divestiture of the Critical Care business to Becton, Dickinson and Company (BD) for $4.2 billion in cash. By contrast, FY2021-FY2023 total revenue in the growth chart is AS ORIGINALLY REPORTED and still includes Critical Care (which was part of Edwards for the entirety of those years); the apparent decline from $6,004.8M in 2023 to $5,439.5M in 2024 is therefore a reporting-basis step-down from the divestiture, not organic contraction -- Edwards' underlying (continuing-operations) business grew throughout. The '20 million structural heart patients worldwide' figure is a company characterization of the addressable patient population from CEO commentary, not a sized dollar market estimate or a 10-K line item, and is labeled as such below.