Short answer
Boston Scientific (BSX) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $20.1B (+19.9% year over year) and net income of $2.9B.
- Top risk flagged: Leverage ratio maximum 4.50x as of December 31, 2025, up from 3.75x pre-Axonics acquisition in November 2024
FY2025 key financial metrics · XBRL
- Revenue
- $20.1B
- +19.9% YoY
- Net income
- $2.9B
- +56.4% YoY
- Operating margin
- 18.0%
- +2.5 pp YoY
- Gross margin
- 69.0%
- +0.4 pp YoY
- EPS (diluted)
- $1.94
- +55.2% YoY
- ROE
- 12.0%
- +3.4 pp YoY
- Operating cash flow
- $4.5B
- +32.0% YoY
Source: XBRL data from the Boston Scientific (BSX) FY2025 10-K on SEC EDGAR. USD.
Boston Scientific FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Medical devices portfolio across Endoscopy, Urology, Neuromodulation, MedSurg, and Cardiovascular segments
- Cardiovascular strategic shift: Discontinued ACURATE Neo2/Prime Aortic Valve sales globally, ceased pursuit of FDA and other approvals in 2025
- Notable new acquisitions emphasized: Axonics (Urology), Silk Road Medical and Intera (Cardiovascular), Braun vacuum therapy (Endoscopy)
- Quantitative highlight: Net sales increased 19.9% to $20.1B in 2025, R&D spend rose 27% to $2.05B, SG&A expenses up 15%
- Unusual fact: $194 million litigation charge in 2025 due to resolution of legacy IP claim tied to acquisition
Management Discussion & Analysis
- No revenue, profitability, segment, or cash flow data disclosed in provided MD&A section
- Management implementing new global ERP affecting internal controls, phased rollout began August 2025 in EMEA
- Senior HR officer initiated a Rule 10b5-1 trading plan for sale of 14,912 shares, effective through Dec 31, 2026
- No forward-looking guidance, risks, or financial outlook information included in the disclosed text
Risk Factors
- Leverage ratio maximum 4.50x as of December 31, 2025, up from 3.75x pre-Axonics acquisition in November 2024
- Total debt $11.436B at end of 2025, up from $10.746B in 2024, fixed-rate debt $11.393B versus variable $43M
- No restructuring charge exclusion remaining after using $500M limit; litigation exclusion $1.160B remaining under credit agreement
- Qualified Acquisition leverage step-down schedule triggered by $1B+ Axonics purchase with elevated ratios through seven quarters
- Current debt $299M sharply down from $1.778B in 2024, reflecting liability management or refinancing activities
Generated from the filing text; verify against the original. How to read a 10-K
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