Jun 2026 (Q2 FY26) — Jul 23, 2026
Edwards Lifesciences Q2 FY26 — Strong Sales Growth Across Portfolio, Raised Full-Year Outlook
Read the full callEdwards Lifesciences (EW) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Edwards Lifesciences earnings: last reported Thu, 23 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 | 1,741 | +13.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 29.5 | +2.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 242 | −27.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
36 of 39 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CFO transition completed | transition out of the CFO role by mid-2026, with a successor in place | Sep 2025 | Since joining in June, Doretta has quickly demonstrated her impact and valuable contribution as a member of the team | Achieved |
| Full-year adjusted earnings per share | $2.90 to $3.05 | Dec 2025 | We have confidence in delivering our previously increased full year adjusted EPS guidance of $2.95 to $3.05 despite now assuming our effective tax rate will be at the high end | Revised Up |
| Full-year adjusted gross profit margin | 78% to 79% | Dec 2025 | We now expect gross profit margin to be at the lower end of our full year 78% to 79% gross margin guidance, driven by the impacts of foreign exchange through our hedging program | On Track |
3 of Edwards Lifesciences Corp's 60 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 57 more targets are in the full ledger.
Claimed
- Total sales grew 12.5% year-over-year to $1.74 billion, exceeding expectations.
- TAVR global sales increased 10.5% to $1.3 billion, driven by clinical momentum and SAPIEN durability data.
- TMTT sales surged 44.8% year-over-year to $195.9 million, with strong adoption of PASCAL and EVOQUE.
- Full-year sales guidance for the total company raised to 10-11% growth, from 9-11%.
- Adjusted operating profit margin reached 30% in Q2, with full-year expected at the high end of 28-29% guidance.
Qualified
- Gross profit margin expected at the lower end of 78-79% full-year guidance due to foreign exchange headwinds through hedging.
- Full-year effective tax rate expected at the high end of 16-19% range due to Pillar Two impact and California R&D credit changes.
- Second half 2026 performance faces a higher comparable base from 2025, particularly in Q3.
- Foreign exchange is estimated to be a $35 million headwind in the second half of 2026.
Price
$87.22 +0.72% · +$0.62
Performance +16.9% 1Y
1Y: $74.64 on 17 Oct 2025 → $87.22. High $95.18 (6 Jul 2026), low $74.64 (17 Oct 2025).
- Previous close
- $86.6
- 52-week range
- $75.29 – $95.18
- One year
- +15.85%
Overview
- Symbol
- EW
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
36 of 39 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CFO transition completed | transition out of the CFO role by mid-2026, with a successor in place | Sep 2025 | Since joining in June, Doretta has quickly demonstrated her impact and valuable contribution as a member of the team | Achieved |
| Full-year adjusted earnings per share | $2.90 to $3.05 | Dec 2025 | We have confidence in delivering our previously increased full year adjusted EPS guidance of $2.95 to $3.05 despite now assuming our effective tax rate will be at the high end | Revised Up |
| Full-year adjusted gross profit margin | 78% to 79% | Dec 2025 | We now expect gross profit margin to be at the lower end of our full year 78% to 79% gross margin guidance, driven by the impacts of foreign exchange through our hedging program | On Track |
Claimed
- Total sales grew 12.5% year-over-year to $1.74 billion, exceeding expectations.
- TAVR global sales increased 10.5% to $1.3 billion, driven by clinical momentum and SAPIEN durability data.
- TMTT sales surged 44.8% year-over-year to $195.9 million, with strong adoption of PASCAL and EVOQUE.
- Full-year sales guidance for the total company raised to 10-11% growth, from 9-11%.
- Adjusted operating profit margin reached 30% in Q2, with full-year expected at the high end of 28-29% guidance.
Qualified
- Gross profit margin expected at the lower end of 78-79% full-year guidance due to foreign exchange headwinds through hedging.
- Full-year effective tax rate expected at the high end of 16-19% range due to Pillar Two impact and California R&D credit changes.
- Second half 2026 performance faces a higher comparable base from 2025, particularly in Q3.
- Foreign exchange is estimated to be a $35 million headwind in the second half of 2026.
The full ledger
Open Edwards Lifesciences Corp’s full ledger
A free account opens 5 company ledgers a month. All 60 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Edwards Lifesciences Q1 FY26 — 12.7% sales growth drives full-year guidance raise
Read the full callDec 2025 (Q4 FY25) — Feb 10, 2026
Edwards Lifesciences Q4 FY25 — Strong Growth Across All Product Groups and Increased Confidence in 2026 Guidance
Read the full callEvery analysed call
Edwards Lifesciences earnings calls (EW)
Financials
What the filings say
Net profit, year on year: −27% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,354 | 1,386 | 1,413 | 1,532 | 1,553 | 1,570 | 1,649 | 1,741 |
| Operating profit | 351 | 313 | 395 | 411 | 307 | 151 | 478 | 513 |
| Operating margin | 25.9% | 22.6% | 27.9% | 26.8% | 19.8% | 9.6% | 29.0% | 29.5% |
| Other income | 52 | 78 | 39 | -11 | 41 | -61 | -19 | 7 |
| Profit before tax | 403 | 390 | 434 | 400 | 348 | 90 | 459 | 520 |
| Tax rate | 10.1% | 11.6% | 16.2% | 16.1% | 16.1% | 29.0% | 17.1% | 53.6% |
| Net profit | 3,071 | 386 | 358 | 333 | 291 | 91 | 381 | 242 |
| EPS ($ per share) | 5.14 | 0.65 | 0.61 | 0.57 | 0.50 | — | 0.66 | 0.42 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 215 | 218 | 636 | 642 | 646 | 651 | 655 | 659 |
| Reserves | 2,695 | 3,742 | 4,565 | 6,068 | 7,590 | 8,992 | 13,167 | 14,241 |
| Total liabilities | 2,183 | 2,340 | 2,663 | 2,667 | 2,486 | 2,644 | 2,992 | 3,360 |
| Fixed assets | 868 | 1,060 | 1,395 | 1,547 | 1,633 | 1,591 | 1,686 | 1,812 |
| Investments | 242 | 338 | 219 | 604 | 446 | 501 | 931 | 1,288 |
| Total assets | 5,324 | 6,488 | 7,237 | 8,503 | 8,293 | 9,363 | 13,055 | 13,697 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 927 | 1,183 | 1,054 | 1,732 | 1,218 | 896 | 542 | 1,595 |
| Cash from investing | 77 | -596 | -531 | -1,722 | 252 | 174 | 2,313 | -713 |
| Cash from financing | -1,101 | -116 | -487 | -356 | -1,584 | -711 | -983 | -957 |
| Net cash flow | -104 | 469 | 16 | -333 | -95 | 375 | 1,911 | -119 |
| Capital expenditure | -239 | -254 | -407 | -326 | -245 | -253 | -252 | -260 |
| Free cash flow | 688 | 929 | 647 | 1,406 | 974 | 643 | 290 | 1,335 |
EW revenue by segment
Europe grew from 23% to 25% 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 |
|---|---|---|---|---|---|---|---|---|---|
| United States | 59% | 58% | 59% | 58% | 58% | 58% | 57% | 58% | +12.8% |
| Europe | 23% | 28% | 24% | 25% | 25% | 26% | 27% | 25% | +16.2% |
| Rest Of World | 11% | 8% | 11% | 11% | 11% | 11% | 11% | 12% | +19.2% |
| Japan | 6% | 4% | 6% | 6% | 6% | 6% | 6% | 6% | +1.2% |
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
EW operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Employees | 16KIt was a year of strong growth and meaningful progress for Edwards as our 16,000 employees advanced life-saving structural heart technologies for patients around the world.Source: earnings call transcript | 16KI'd like to thank our 16,000 global employees for their many contributions to advancing patient care.Source: earnings call transcript | 16KWe are confident that our unique innovation strategy supported by the many important catalysts across our portfolio and the exceptional work of our 16,000 employees around the world will deliver significant value to patients the health care ecosystem and shareholders.Source: earnings call transcript | 16KOur talented team of 16,000 employees create, develop and enable treatment of patients globally.Source: earnings call transcript | 16KWe've built a workplace where our 16,000 employees around the world can stay and grow with us.Source: earnings call transcript | 16KOur 16,000 employees around the world are aligned with our vision, inspired by their work and dedicated to delivering exceptional innovation for patients in need.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q3 FY2024 · share of revenue
- US 59% ↑ 1 pt
- Europe 24% ↑ 1 pt
- Rest Of World 11%
- JP 6% ↓ 1 pt
As EW cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
157 filings between Nov 10, 2025 and Oct 8, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$27.74M
54 sales by 9 insiders
59% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 22
- Award — granted as compensation
- 30
- Option exercise — converted options into shares
- 36
- Tax withheld — shares kept back by the company to cover tax
Also filed: 15 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| BOBO DONALD E JR | — | $11.15M | May 27, 2026 |
| Zovighian Bernard J | — | $7.00M | Jul 27, 2026 |
| Ullem Scott B. | — | $3.87M | Apr 9, 2026 |
| Chopra Daveen | — | $3.19M | Aug 26, 2026 |
| Markowitz Wayne | — | $1.04M | Aug 26, 2026 |
| Lippis Daniel J. | — | $924.6K | Oct 8, 2026 |
| Bruls Annette | — | $237.9K | Aug 28, 2026 |
| STONE HEISZ LESLIE | — | $218.1K | Dec 12, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 8, 2026 | Lippis Daniel J. CVP, TAVR | Option exercise 10b5-1 plan | 619 | $45.0K |
| Oct 8, 2026 | Lippis Daniel J. CVP, TAVR | Sale 10b5-1 plan | 619 | $53.0K |
| Sep 14, 2026 | Markowitz Wayne CVP, JAPAC | Tax withheld | 568 | $47.9K |
| Sep 13, 2026 | Dahl Andrew M. SVP, Corporate Controller | Tax withheld | 253 | $21.3K |
| Sep 11, 2026 | Markowitz Wayne CVP, JAPAC | Tax withheld | 355 | $30.8K |
| Sep 11, 2026 | Chopra Daveen CVP, TMTT, Surgical & IHFM | Tax withheld | 398 | $34.5K |
| Sep 11, 2026 | Lippis Daniel J. CVP, TAVR | Option exercise 10b5-1 plan | 619 | $45.0K |
| Sep 11, 2026 | Lippis Daniel J. CVP, TAVR | Sale 10b5-1 plan | 619 | $54.2K |
| Aug 31, 2026 | Dahl Andrew M. SVP, Corporate Controller | Sale | 544 | $49.5K |
| Aug 28, 2026 | Bruls Annette CVP, EMEACLA | Sale | 2,644 | $237.9K |
| Aug 26, 2026 | Chopra Daveen CVP, TMTT, Surgical & IHFM | Sale | 1,154 | $105.9K |
| Aug 26, 2026 | Chopra Daveen CVP, TMTT, Surgical & IHFM | Option exercise | 31,800 | $2.31M |
| Aug 26, 2026 | Markowitz Wayne CVP, JAPAC | Sale | 1,240 | $113.4K |
| Aug 26, 2026 | Chopra Daveen CVP, TMTT, Surgical & IHFM | Sale | 30,646 | $2.79M |
| Aug 11, 2026 | Lippis Daniel J. CVP, TAVR | Sale 10b5-1 plan | 619 | $57.0K |
| Aug 11, 2026 | Lippis Daniel J. CVP, TAVR | Option exercise 10b5-1 plan | 619 | $45.0K |
| Jul 30, 2026 | Markowitz Wayne CVP, JAPAC | Sale | 146 | $12.6K |
| Jul 28, 2026 | Markowitz Wayne CVP, JAPAC | Option exercise | 9,628 | $712.7K |
| Jul 28, 2026 | Markowitz Wayne CVP, JAPAC | Sale | 9,628 | $819.0K |
| Jul 27, 2026 | Zovighian Bernard J CEO | Sale | 2,921 | $245.1K |
| Jul 27, 2026 | Zovighian Bernard J CEO | Gift | 320 | $0 |
| Jul 27, 2026 | Zovighian Bernard J CEO | Gift | 320 | $0 |
| Jul 11, 2026 | Bruls Annette CVP, EMEACLA | Tax withheld | 109 | $10.1K |
| Jul 10, 2026 | Lippis Daniel J. CVP, TAVR | Option exercise 10b5-1 plan | 619 | $45.0K |
| Jul 10, 2026 | Lippis Daniel J. CVP, TAVR | Sale 10b5-1 plan | 619 | $56.8K |
| Jul 9, 2026 | Mistras Theodora CVP, Chief Financial Officer | Award | 12,325 | $0 |
| Jul 9, 2026 | Mistras Theodora CVP, Chief Financial Officer | Award | 87,595 | $0 |
| Jul 7, 2026 | Lippis Daniel J. CVP, TAVR | Tax withheld | 377 | $35.9K |
| Jun 30, 2026 | Lippis Daniel J. CVP, TAVR | Option exercise 10b5-1 plan | 619 | $45.0K |
| Jun 30, 2026 | Lippis Daniel J. CVP, TAVR | Sale 10b5-1 plan | 619 | $56.6K |
| Jun 17, 2026 | Zovighian Bernard J CEO | Sale 10b5-1 plan | 523 | $46.0K |
| May 29, 2026 | Dahl Andrew M. SVP, Corporate Controller | Sale | 568 | $48.9K |
| May 27, 2026 | BOBO DONALD E JR CVP,Strategy/Corp Development | Sale | 23,145 | $2.00M |
| May 22, 2026 | Chopra Daveen CVP, TMTT & Surgical | Sale | 1,500 | $126.9K |
| May 18, 2026 | Lippis Daniel J. CVP, TAVR | Sale 10b5-1 plan | 620 | $50.3K |
| May 18, 2026 | Lippis Daniel J. CVP, TAVR | Option exercise 10b5-1 plan | 620 | $45.1K |
| May 15, 2026 | BOBO DONALD E JR CVP,Strategy/Corp Development | Sale | 8,000 | $654.6K |
| May 15, 2026 | BOBO DONALD E JR CVP,Strategy/Corp Development | Sale | 9,968 | $818.1K |
| May 12, 2026 | Zovighian Bernard J CEO | Sale 10b5-1 plan | 35,506 | $2.77M |
| May 12, 2026 | Zovighian Bernard J CEO | Sale 10b5-1 plan | 845 | $66.3K |
| May 12, 2026 | Zovighian Bernard J CEO | Gift 10b5-1 plan | 26,640 | $0 |
| May 12, 2026 | Zovighian Bernard J CEO | Gift 10b5-1 plan | 26,640 | $0 |
| May 11, 2026 | Chopra Daveen CVP, TMTT & Surgical | Option exercise | 13,583 | $0 |
| May 11, 2026 | Chopra Daveen CVP, TMTT & Surgical | Tax withheld | 7,538 | $602.7K |
| May 11, 2026 | Zovighian Bernard J CEO | Tax withheld 10b5-1 plan | 26,198 | $2.09M |
| May 11, 2026 | Zovighian Bernard J CEO | Option exercise 10b5-1 plan | 47,207 | $0 |
| May 11, 2026 | BOBO DONALD E JR CVP,Strategy/Corp Development | Tax withheld | 7,469 | $597.2K |
| May 11, 2026 | BOBO DONALD E JR CVP,Strategy/Corp Development | Option exercise | 13,457 | $0 |
| May 11, 2026 | Zovighian Bernard J CEO | Gift | 5,489 | $0 |
| May 11, 2026 | Markowitz Wayne CVP, JAPAC | Sale | 593 | $47.3K |
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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