Edwards Lifesciences earnings
Edwards Lifesciences' next results are expected on November 4, 2026. The main thing to watch is whether Edwards Lifesciences turns regulatory access and clinical evidence into hospital adoption.
What has Edwards Lifesciences guided for 2026?
After a stronger second quarter, management raised its full-year constant-currency sales-growth outlook to 10.0%–11.0% and its TAVR growth outlook to 8.0%–9.0%. It also lifted its TMTT sales outlook to $760–$780 million. Constant currency estimates growth as if exchange rates had not changed, so it gives a clearer view of underlying demand.
But Edwards kept its adjusted EPS outlook at $2.95–$3.05. EPS is profit per share after costs and taxes, so sales can rise without earnings rising equally. The company said its effective tax rate would be at the high end of its earlier range. Its adjusted figure also excludes selected items such as some litigation costs, intangible-asset amortization and impairment losses; GAAP profit remains the accounting result investors must examine.
Edwards expects R&D to remain about 17% of sales in 2026 and forecasts 150 basis points of constant-currency operating-margin expansion. The investment goes toward clinical evidence, new structural-heart products and existing therapies. That spending is the price of the growth promise, which makes analysts’ lower earnings expectations the next question.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| total company constant currency sales growth | Year to Dec 2026 | 10.0% | 11.0% | Jul 23, 2026 |
| TAVR constant currency sales growth | Year to Dec 2026 | 8.0% | 9.0% | Jul 23, 2026 |
| TMTT sales | Year to Dec 2026 | 760.0 | 780.0 | Jul 23, 2026 |
| adjusted EPS (full year) | Year to Dec 2026 | 2.95 | 3.05 | Jul 23, 2026 |
| constant currency operating margin expansion (basis points) | Year to Dec 2026 | 150 | 150 | Jul 23, 2026 |
What were Edwards Lifesciences' last eight quarters?
The best reading is therefore three-part: procedure-led sales momentum looks real, the tax write-down was largely discrete, and higher future taxes plus uneven cash flow still require several more quarters before the latest result becomes a firm new baseline.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,741.0 | 1,648.6 | 1,569.6 | 1,553.1 | 1,532.2 | 1,412.7 | 1,385.8 | 1,354.4 |
| Gross margin | 77.5% | 78.0% | 78.1% | 77.8% | 77.5% | 78.7% | 78.9% | 80.6% |
| Operating income | 513.2 | 477.6 | 151.1 | 307.1 | 411.2 | 394.8 | 312.6 | 350.6 |
| Net income | 241.9 | 380.7 | 64.2 | 293.1 | 337.6 | 365.2 | 346.3 | 363.5 |
| EPS, diluted | 0.42 | 0.66 | 0.11 | 0.50 | 0.57 | 0.62 | 0.58 | 0.61 |
| = Free cash flow | 585.0 | -21.1 |
What this means. Free cash flow is shown for only the latest two quarters because older cash-flow details were not available, and it includes cash from businesses the company has sold.
What should I watch in Edwards Lifesciences' next results?
Edwards still expected several fourth-quarter milestones: U.S. FDA approval of PASCAL for tricuspid regurgitation, a next-generation PASCAL system with Capture Clarity, a U.S. tricuspid PASCAL launch and PROGRESS results at TCT. The company also scheduled an investor Q&A at TCT for November 2, 2026, and its third-quarter earnings call for November 4, 2026. Those events will show whether the pipeline is becoming a business, not merely an approved idea.