Edwards Lifesciences Corp (EW) Form 10-Q — Aug 4, 2026
Edwards Lifesciences reported Q2 2026 net sales of $1.74 billion, up 13.6% year over year, led by TAVR at $1.26 billion (+11.3%) and rapidly scaling TMTT at $198.6 million (+47.7%). Diluted EPS fell to $0.42 from $0.56 a year ago. The EPS decline was tax-driven, not operational: the effective tax rate jumped to 53.6% from 16.1% after a $188.2 million valuation allowance against California R&D credit carryforwards following June 2026 budget legislation, and OECD Pillar Two rules are expected to add roughly $50 million to 2026 tax expense.
Key figures
- Eps
- $0.42 diluted Q2 2026 (vs $0.56 Q2 2025); $1.07 diluted H1 2026 (vs $1.18)
- Revenue
- $1,741.0M Q2 2026; $3,389.6M H1 2026
- Net Income
- $241.4M Q2 2026 ($241.9M attributable to Edwards); $622.1M H1 2026
- Total Debt
- 598.7
- Revenue Yoy
- +13.6% Q2; +15.1% H1
- Shares Outstanding
- 576.4M as of July 31, 2026
- Tmtt q2 sales
- 198.6
- Tavr q2 growth
- 11.3%
- Tmtt q2 growth
- 47.7%
- Surgical q2 sales
- 284.1
- Consolidated vie iprd
- 161.5
- H1 2026 impairment loss
- 163.6
- Autus total consideration
- 128.9
- Consolidated vie goodwill
- 139.6
- Legal proceedings accrual
- 56.9
- Effective tax rate q2 2025
- 16.1%
- Effective tax rate q2 2026
- 53.6%
- H1 2026 treasury purchases
- 558.7
- Ceo 10b5 1 potential shares
- 145696
- H1 2026 operating cash flow
- 695.7
- Remaining buyback authority
- approximately $1.5 billion
- Gross uncertain tax positions
- 814
- California valuation allowance
- 188.2
- Consolidated vie total fair value
- 284.7
- Autus max contingent consideration
- 132.5
- Irs 2015 2017 additional tax sought
- 269.3
- Pillar two 2026 expected tax expense
- 50
- Irs final nopa proposed income increases musd
- [233.5,625.3,530.7,683.6]
Price after filing
Close on the filing date to close N calendar days later (from $89.60). Historical, not a forecast.
AI analysis
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