Revenue: As of FY2026 Q2, the actual value is USD 1.741 B, beating the estimate of USD 1.699 B.

EPS: As of FY2026 Q2, the actual value is USD 0.42, missing the estimate of USD 0.72.

EBIT: As of FY2026 Q2, the actual value is USD 489.8 M.

Consolidated Performance

Edwards Lifesciences Corporation reported total net sales of $1,741.0 million for the second quarter of 2026, an increase of 13.6% compared to $1,532.2 million in the prior year period, or 12.5% on a constant currency basis. For the six months ended June 30, 2026, total net sales were $3,389.6 million, up from $2,944.9 million for the same period in 2025, representing a 15.1% GAAP growth rate and 12.6% constant currency growth rate.

Segment Revenue

Transcatheter Aortic Valve Replacement (TAVR)

Sales reached $1,258.3 million in Q2 2026, growing 11.3% year-over-year, or 10.5% on a constant currency basis. For the year-to-date, TAVR sales were $2,455.6 million, an increase of 12.8% (10.7% constant currency) compared to $2,177.5 million in 2025.

Transcatheter Mitral and Tricuspid Therapies (TMTT)

Q2 2026 sales were $198.6 million, a substantial increase of 47.7% (45.2% constant currency) from $134.5 million in Q2 2025. Year-to-date TMTT sales were $373.7 million, up 49.6% (44.1% constant currency) from $249.7 million in 2025.

Surgical

Global sales for the second quarter of 2026 were $284.1 million, up 6.5% (5.0% constant currency) from $266.8 million in the prior year. Year-to-date Surgical sales were $560.3 million, an increase of 8.2% (5.5% constant currency) from $517.7 million in 2025.

Profitability Metrics

Gross Profit

Q2 2026 gross profit was $1,348.6 million, up from $1,187.8 million in Q2 2025. The gross profit margin remained consistent at 77.5% for both Q2 2026 and Q2 2025. For the six months ended June 30, 2026, gross profit was $2,634.6 million (77.7% margin), compared to $2,298.9 million (78.1% margin) in 2025.

Operating Expenses

Selling, general, and administrative expenses in Q2 2026 were $561.2 million, or 32.2% of sales, down from 32.8% of sales in Q2 2025. Research and development expenses were $278.9 million, or 16.0% of sales, compared to 18.0% in the prior year. For the six months ended June 30, 2026, SG&A expenses were $1,083.4 million (32.0% of sales), and R&D expenses were $542.2 million (16.0% of sales).

Operating Income

Net operating income for Q2 2026 was $513.2 million, an increase from $411.2 million in Q2 2025. The operating income margin improved to 29.5% in Q2 2026 from 26.8% in Q2 2025. For the six months, operating income was $990.8 million (29.2% margin) in 2026, compared to $806.0 million (27.4% margin) in 2025.

Net Income

Net income attributable to Edwards Lifesciences Corporation was $241.9 million in Q2 2026, a decrease from $333.2 million in Q2 2025. For the six months, net income attributable to Edwards Lifesciences Corporation was $622.6 million in 2026, down from $691.2 million in 2025.

Other Financial Data

Cash and Debt

As of June 30, 2026, cash and cash equivalents were approximately $2.9 billion, and total debt was approximately $600 million.

Share Repurchase Authorization

Edwards Lifesciences Corporation has approximately $1.5 billion remaining under its share repurchase authorization.

Effective Tax Rate

The GAAP effective tax rate for Q2 2026 was 53.6%, significantly higher than 16.1% in Q2 2025, primarily due to a $188.2 million valuation allowance against deferred tax assets related to California tax law changes.

Loss on Impairment

The company recorded a loss on impairment of - $40.0 million in Q2 2026, compared to - $47.1 million in Q2 2025. For the six months, the loss on impairment was - $163.6 million in 2026, compared to - $47.1 million in 2025.

2026 Outlook

Edwards Lifesciences Corporation is increasing its full-year 2026 sales growth rate guidance to 10% to 11% on a constant currency basis, with total company sales projected to be $6.6 billion to $6.9 billion at current exchange rates. The company also raised its TAVR constant currency sales growth guidance to 8% to 9% and TMTT sales guidance to $760 million to $780 million. Adjusted EPS guidance is reaffirmed at $2.95 to $3.05, growing 17% at the midpoint, despite an expected higher effective tax rate at the high end of the original 16% to 19% range.