Jun 2026 (Q2 FY26) — Jul 29, 2026
Boston Scientific Q2 FY26 — Guidance Cut on WATCHMAN and EP Headwinds, Restructuring for 2028+ Growth
Read the full callBoston Scientific (BSX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Boston Scientific earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,442 | +7.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.6 | +5.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
48 of 50 judged targets kept · 38 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EPS | $0.82 to $0.84 | Mar 2026 | Q2 adjusted EPS of $0.86 grew 15% and exceeded the high end of the guidance range of $0.82 to $0.84, driven primarily by some favorable tax results. | Achieved |
| Adjusted below-the-line expense | approximately $440 million | Dec 2025 | We now expect full year 2026 adjusted below the line expense to be approximately $485 million, reflecting the financing impact associated with our strategic investment in [ Mirus ] in our accelerated share repurchase agreement. | Revised Down |
| Adjusted EPS growth | limited | Jun 2026 | While we are sharpening our forecasting processes and taking action to address controllable headwinds, our underlying assumptions that these dynamics continue in '27. Resulting in revenue growth below our WAMGR and limited adjusted EPS growth. | New |
2 of BOSTON SCIENTIFIC CORP's 88 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 85 more targets are in the full ledger.
Claimed
- Total company organic sales grew 7% versus guidance of 5% to 7%.
- Adjusted EPS of $0.86 grew 15% and exceeded the high end of guidance ($0.82-$0.84).
- Neuromodulation sales grew 12% with double-digit growth in both pain and brain.
- Interventional Cardiology and Vascular Therapies grew 12%, with Interventional Cardiology growing 15%.
- Interventional Oncology and Embolization business grew 12%.
Qualified
- Full year 2026 organic revenue guidance updated to 5-6% (from previous higher range).
- Full year 2026 adjusted EPS guidance updated to $3.28-$3.32 (from previous higher range).
- WATCHMAN global growth outlook updated to flat to low single digits for full year, with mid- to high single-digit decline in H2 2026.
- EP global growth outlook updated to flat for H2 2026, with U.S. Q3 sales declining mid-single digits sequentially.
- Urology growth expected to be flat to low single digits for full year.
Price
$45.05 +1.49% · +$0.66
Performance −54.6% 1Y
1Y: $99.24 on 17 Oct 2025 → $45.05. High $104.98 (13 Nov 2025), low $41.58 (7 Oct 2026).
- Previous close
- $44.39
- 52-week range
- $41.58 – $104.98
- One year
- −55.19%
Overview
- Symbol
- BSX
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
48 of 50 judged targets kept · 38 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EPS | $0.82 to $0.84 | Mar 2026 | Q2 adjusted EPS of $0.86 grew 15% and exceeded the high end of the guidance range of $0.82 to $0.84, driven primarily by some favorable tax results. | Achieved |
| Adjusted below-the-line expense | approximately $440 million | Dec 2025 | We now expect full year 2026 adjusted below the line expense to be approximately $485 million, reflecting the financing impact associated with our strategic investment in [ Mirus ] in our accelerated share repurchase agreement. | Revised Down |
| Adjusted EPS growth | limited | Jun 2026 | While we are sharpening our forecasting processes and taking action to address controllable headwinds, our underlying assumptions that these dynamics continue in '27. Resulting in revenue growth below our WAMGR and limited adjusted EPS growth. | New |
Claimed
- Total company organic sales grew 7% versus guidance of 5% to 7%.
- Adjusted EPS of $0.86 grew 15% and exceeded the high end of guidance ($0.82-$0.84).
- Neuromodulation sales grew 12% with double-digit growth in both pain and brain.
- Interventional Cardiology and Vascular Therapies grew 12%, with Interventional Cardiology growing 15%.
- Interventional Oncology and Embolization business grew 12%.
Qualified
- Full year 2026 organic revenue guidance updated to 5-6% (from previous higher range).
- Full year 2026 adjusted EPS guidance updated to $3.28-$3.32 (from previous higher range).
- WATCHMAN global growth outlook updated to flat to low single digits for full year, with mid- to high single-digit decline in H2 2026.
- EP global growth outlook updated to flat for H2 2026, with U.S. Q3 sales declining mid-single digits sequentially.
- Urology growth expected to be flat to low single digits for full year.
The full ledger
Open BOSTON SCIENTIFIC CORP’s full ledger
A free account opens 5 company ledgers a month. All 88 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Boston Scientific Q1 FY26 — Solid 9.4% organic growth undercut by a rare full-year guidance cut on WATCHMAN, EP and Urology headwinds
Read the full callDec 2025 (Q4 FY25) — Feb 4, 2026
Boston Scientific Q4 FY25 — Strong Organic Growth and Differentiated Performance
Read the full callEvery analysed call
Boston Scientific earnings calls (BSX)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,209 | 4,562 | 4,663 | 5,061 | 5,065 | 5,285 | 5,203 | 5,442 |
| Operating profit | 733 | 675 | 921 | 819 | 1,048 | 825 | 1,101 | 1,178 |
| Operating margin | 17.4% | 14.8% | 19.8% | 16.2% | 20.7% | 15.6% | 21.2% | 21.6% |
| Other income | -65 | — | — | — | — | — | — | — |
| Interest | 79 | 80 | 82 | 90 | 87 | 90 | 90 | 96 |
| Profit before tax | 669 | 585 | 805 | 941 | 939 | 700 | 1,162 | 1,060 |
| Tax rate | 29.9% | 3.9% | 16.5% | 15.5% | 19.5% | 4.4% | −15.2% | 14.6% |
| EPS ($ per share) | 0.32 | — | 0.46 | 0.54 | 0.51 | — | 0.90 | 0.62 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 16 | 16 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | -6,953 | -2,253 | -2,378 | -1,392 | -750 | 819 | 2,673 | 5,571 |
| Total liabilities | 12,273 | 16,688 | 15,451 | 15,607 | 14,896 | 15,606 | 17,392 | 19,201 |
| Fixed assets | 1,782 | 2,079 | 2,084 | 2,252 | 2,446 | 2,859 | 3,294 | 4,036 |
| Total assets | 20,999 | 30,565 | 30,777 | 32,229 | 32,469 | 35,136 | 39,395 | 43,673 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 310 | 1,836 | 1,508 | 1,870 | 1,526 | 2,503 | 3,435 | 4,534 |
| Cash from investing | -1,921 | -5,041 | -411 | -1,597 | -2,011 | -2,574 | -5,687 | -2,640 |
| Cash from financing | 1,432 | 2,973 | 293 | -95 | -548 | 5 | 1,814 | -395 |
| Net cash flow | -188 | -222 | 1,388 | 173 | -1,042 | -70 | -450 | 1,541 |
| Capital expenditure | -316 | -461 | -376 | -554 | -588 | -711 | -790 | -876 |
| Free cash flow | -6 | 1,375 | 1,132 | 1,316 | 938 | 1,792 | 2,645 | 3,658 |
BSX revenue by segment
Medsurg shrank from 35% to 33% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Cardiovascular | 65% | 64% | 66% | 66% | 66% | 66% | 67% | 67% | +8.3% |
| Medsurg | 35% | 35% | 34% | 34% | 34% | 34% | 33% | 33% | +5.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 63% ↑ 1 pt
- EMEA 17% ↓ 1 pt
- Asia Pacific 16%
- Latin America and Canada 4%
As BSX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
133 filings between Oct 27, 2025 and Sep 2, 2026.
Open market
decisions to buy or sellPurchases
$10.04M
10 purchases by 5 insiders
Sales
$24.35M
9 sales by 4 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 20
- Award — granted as compensation
- 44
- Option exercise — converted options into shares
- 37
- Tax withheld — shares kept back by the company to cover tax
Also filed: 7 gifts, 5 I filings, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Mahoney Michael F | $9.00M | $15.04M | Aug 3, 2026 |
| Fitzgerald Joseph Michael | — | $4.97M | Nov 3, 2025 |
| Zane Ellen M | — | $2.57M | Nov 6, 2025 |
| Butcher Arthur C | — | $1.76M | Dec 1, 2025 |
| LUDWIG EDWARD J | $430.3K | — | Jul 31, 2026 |
| Habiger David C | $407.9K | — | Aug 5, 2026 |
| Morano Susan E | $100.4K | — | Aug 25, 2026 |
| Pegus Cheryl | $100.0K | — | May 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 2, 2026 | O'Connor Padraig Andrew EVP, Global Operations | Option exercise | 1,171 | $0 |
| Sep 2, 2026 | O'Connor Padraig Andrew EVP, Global Operations | Tax withheld | 567 | $27.4K |
| Aug 25, 2026 | Morano Susan E Director | Purchase | 2,040 | $100.4K |
| Aug 11, 2026 | Woodworth Emily SVP, Global Controller and CAO | Code I | 2,930 | $150.0K |
| Aug 10, 2026 | Monson Jonathan EVP and CFO | Code I | 9,908 | $500.0K |
| Aug 5, 2026 | Habiger David C Director | Purchase | 2,100 | $99.9K |
| Aug 4, 2026 | Habiger David C Director | Purchase | 140 | $6.8K |
| Aug 3, 2026 | Mahoney Michael F Chairman, President & CEO | Code I | 22,119 | $1.07M |
| Aug 3, 2026 | Habiger David C Director | Purchase | 1,042 | $50.1K |
| Aug 3, 2026 | Mahoney Michael F Chairman, President & CEO | Purchase | 186,240 | $9.00M |
| Jul 31, 2026 | LUDWIG EDWARD J Director | Purchase | 5,000 | $227.4K |
| Jul 31, 2026 | Fitzgerald Joseph Michael EVP & Group Pres, Cardiology | Code I | 64,198 | $3.00M |
| Jul 1, 2026 | Monson Jonathan EVP and CFO | Option exercise | 2,087 | $0 |
| Jul 1, 2026 | Monson Jonathan EVP and CFO | Tax withheld | 1,010 | $43.5K |
| May 28, 2026 | Mahoney Michael F Chairman, President & CEO | Gift | 386,755 | $0 |
| May 20, 2026 | Habiger David C Director | Purchase | 2,250 | $125.8K |
| May 20, 2026 | Pegus Cheryl Director | Purchase | 1,770 | $100.0K |
| May 20, 2026 | LUDWIG EDWARD J Director | Purchase | 3,580 | $202.9K |
| May 19, 2026 | Habiger David C Director | Purchase | 2,200 | $125.3K |
| May 7, 2026 | Morano Susan E Director | Award | 3,800 | $0 |
| May 7, 2026 | Zane Ellen M Director | Award | 3,800 | $0 |
| May 7, 2026 | WICHMANN DAVID S Director | Award | 3,800 | $0 |
| May 7, 2026 | Weber Christophe Pierre Director | Award | 1,140 | $0 |
| May 7, 2026 | Weber Christophe Pierre Director | Award | 1,767 | $0 |
| May 7, 2026 | Morano Susan E Director | Award | 1,281 | $0 |
| May 7, 2026 | Mega Jessica L Director | Award | 3,800 | $0 |
| May 7, 2026 | LUDWIG EDWARD J Director | Award | 3,800 | $0 |
| May 7, 2026 | Habiger David C Director | Award | 3,800 | $0 |
| May 2, 2026 | O'Connor Padraig Andrew EVP, Global Operations | Tax withheld | 872 | $49.3K |
| May 2, 2026 | O'Connor Padraig Andrew EVP, Global Operations | Option exercise | 1,802 | $0 |
| May 2, 2026 | Butcher Arthur C EVP& Grp Pres, MedSurg & APAC | Tax withheld | 1,007 | $56.9K |
| May 2, 2026 | Butcher Arthur C EVP& Grp Pres, MedSurg & APAC | Option exercise | 2,102 | $0 |
| Mar 2, 2026 | Weber Christophe Pierre Director | Award | 556 | $0 |
| Mar 2, 2026 | Morano Susan E Director | Award | 24 | $0 |
| Mar 2, 2026 | Weber Christophe Pierre Director | Award | 323 | $0 |
| Mar 1, 2026 | Woodworth Emily SVP, Global Controller and CAO | Tax withheld | 372 | $28.6K |
| Mar 1, 2026 | Woodworth Emily SVP, Global Controller and CAO | Option exercise | 838 | $0 |
| Feb 19, 2026 | Butcher Arthur C EVP& Grp Pres, MedSurg & APAC | Code I | 6,851 | $519.0K |
| Feb 16, 2026 | Brown Vance R EVP, GC and Corp. Secretary | Tax withheld | 890 | $66.5K |
| Feb 16, 2026 | Brown Vance R EVP, GC and Corp. Secretary | Option exercise | 1,839 | $0 |
| Feb 16, 2026 | O'Sullivan Miriam SVP, Chief HR Officer | Option exercise | 990 | $0 |
| Feb 16, 2026 | Monson Jonathan EVP and CFO | Option exercise | 990 | $0 |
| Feb 16, 2026 | Mahoney Michael F Chairman, President & CEO | Option exercise | 16,265 | $0 |
| Feb 16, 2026 | Monson Jonathan EVP and CFO | Tax withheld | 440 | $32.9K |
| Feb 16, 2026 | Fitzgerald Joseph Michael EVP & Group Pres, Cardiology | Option exercise | 3,960 | $0 |
| Feb 16, 2026 | Mahoney Michael F Chairman, President & CEO | Tax withheld | 7,865 | $587.8K |
| Feb 16, 2026 | Butcher Arthur C EVP& Grp Pres, MedSurg & APAC | Option exercise | 2,546 | $0 |
| Feb 16, 2026 | Butcher Arthur C EVP& Grp Pres, MedSurg & APAC | Tax withheld | 1,229 | $91.8K |
| Feb 16, 2026 | O'Connor Padraig Andrew EVP, Global Operations | Option exercise | 905 | $0 |
| Feb 16, 2026 | Fitzgerald Joseph Michael EVP & Group Pres, Cardiology | Tax withheld | 1,806 | $135.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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