EW Edwards Lifesciences
FY2025 10-K
Edwards Lifesciences (EW) filed its fiscal year 2025 10-K annual report with the SEC on Feb 25, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Structural heart pure-play: TAVR, TMTT, and Surgical segments targeting aortic, mitral, tricuspid, and pulmonic valve disease
- • TMTT fastest-growing segment: revenue share expanded to 9% in FY2025 vs 7% in FY2024 and 4% in FY2023
Management Discussion & Analysis
- • Revenue $6.07B, up $628.1M (+11.5% YoY); TMTT best-performing segment +56.4% to $550.6M; Surgical weakest at +4.9% to $1.03B
- • Gross profit as % of net sales decreased due to higher operational expenses; litigation expenses surged to $325.4M in 2025 vs $40.4M in 2024; effective tax rate 17.0% vs 9.8%
Risk Factors
- • Section 232 investigation by U.S. Dept. of Commerce into medical device imports could impose tariffs, raising manufacturing costs and disrupting Edwards' supply chain
- • EU MDR compliance risk: unresolved EU-Switzerland Mutual Recognition Agreement may block Edwards from placing devices on EU market via Swiss operations
Financial SummaryXBRL
Revenue
$6.1B
Net Income
$1.1B
Gross Margin
78.0%
Operating Margin
20.8%
Net Margin
17.7%
ROE
10.4%
Total Assets
$13.7B
EPS (Diluted)
$1.83
Operating Cash Flow
$1.6B
Source: XBRL data from Edwards Lifesciences FY2025 10-K filing on SEC EDGAR. All figures in USD.
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