Edwards Lifesciences

EW · Health Care · Market cap $49.6B

Q1 FY26 Mar 31, 2026 reported May 6, 2026

Revenue$1.6B +17% year over year

Gross profit$1.3B

Operating profit$0.5B

Net profit$0.4B 23% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	1.6	100%	+17%
Transcatheter Aortic Valve…	1.2	75%	+14%
Surgical	0.3	19%	+10%
Transcatheter Mitral and…	0.2	12%	+52%
Cost of revenue	−0.4	25%
Gross profit	1.3	78% margin	−1pp
Research & development	−0.3	16%	−2pp
SG&A	−0.5	32%	−1pp
Operating profit	0.5	29% margin	+1pp
Tax	−0.1
Net profit	0.4	23%	−2pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	1.6	100%	+13%
Transcatheter Aortic Valve…	1.2	75%	+12%
Surgical Heart Valve Therapy	0.3	19%	+4%
Transcatheter Mitral and…	0.2	12%	+48%
Cost of revenue	−0.3	19%
Gross profit	1.2	78% margin	−1pp
Research & development	−0.3	17%	+0pp
SG&A	−0.6	38%	+0pp
Other	−0.2	13%	+0pp
Operating profit	0.2	10% margin	+0pp
Net profit	0.1	6%	−22pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	1.5	100%	+12%
Transcatheter Aortic Valve…	1.1	73%	+9%
Surgical Heart Valve Therapy	0.3	20%	+8%
Transcatheter Mitral and…	0.1	7%	+62%
Cost of revenue	−0.3	20%
Gross profit	1.2	78% margin	−2pp
Research & development	−0.3	18%	−2pp
SG&A	−0.5	33%	+0pp
Operating profit	0.4	27% margin	+0pp
Tax	−0.1
Net profit	0.3	22%	−5pp

All figures in billions of U.S. dollars, for Q3 FY24 (period ends Sep 30, 2024).
Item	Value	Share of revenue	Year over year
Revenue	1.4	100%	+9%
Transcatheter Aortic Valve…	1	71%	+6%
Surgical Heart Valve Therapy	0.2	14%	+4%
Transcatheter Mitral and…	0.1	7%	+74%
Cost of revenue	−0.3	21%
Gross profit	1.1	81% margin	+1pp
Research & development	−0.3	19%	−1pp
SG&A	−0.4	31%	+0pp
Other	−0.1	5%	+0pp
Operating profit	0.4	26% margin	−4pp
Net profit	3.1	227%	+196pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q1 FY26	Mar 31, 2026	May 6, 2026	$1.6B	+17%	31%	$0.4B	23%
Q4 FY25	Oct 1 – Dec 31, 2025	Feb 25, 2026	$1.6B	+13%	12%	$0.1B	6%
Q2 FY25	Apr 1 – Jun 30, 2025	Aug 6, 2025	$1.5B	+12%	27%	$0.3B	22%
Q3 FY24	Jul 1 – Sep 30, 2024	Nov 6, 2024	$1.4B	+9%	29%	$3.1B	227%