Edwards Lifesciences Corp
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
EW$104.01-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $1,069.4 | $4,169.7 | $1,399.4 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 156.6 | 155.2 | 144.9 |
| Non-cash operating lease cost | 25.9 | 27.8 | 28.2 |
| Stock-based compensation (Note 2 and Note 16) | 158.1 | 162.3 | 139.4 |
| Gain on sale of product groups (Note 5) | (33.9) | (3,348.2) | — |
| Deferred income taxes | (117.6) | (323.4) | (272.1) |
| Change in fair value of contingent consideration liabilities (Note 13) | (12.5) | — | (26.2) |
| Gain on remeasurement of previously held equity interest upon acquisition (Note 10) | — | (55.0) | — |
| Loss on impairment and intangible assets impairment charges (Note 11 and Note 9) | 186.9 | — | — |
| Other | 7.7 | 13.2 | 8.5 |
| Changes in operating assets and liabilities: | |||
| Accounts and other receivables, net | (23.0) | 121.2 | (141.2) |
| Inventories | 50.7 | (256.1) | (289.0) |
| Prepaid expenses and other current assets | (23.7) | 22.7 | (81.8) |
| Accounts payable and accrued liabilities | 395.1 | 89.5 | 146.0 |
| Intellectual property agreement accrual | (76.5) | (36.8) | (33.0) |
| Income taxes | (141.8) | (186.7) | (5.8) |
| Long-term prepaid royalties (Note 3) | 8.3 | 8.3 | (109.9) |
| Other | (34.5) | (21.4) | (11.6) |
| Net cash provided by operating activities | 1,595.2 | 542.3 | 895.8 |
| Cash flows from investing activities | |||
| Capital expenditures | (260.2) | (252.4) | (253.0) |
| Investments in unconsolidated entities (Note 8) | (64.8) | (60.3) | (15.8) |
| Purchases of held-to-maturity investments (Note 8) | (43.3) | (45.9) | (66.4) |
| Proceeds from sales and maturities of held-to-maturity investments (Note 8) | 62.1 | 57.5 | 97.9 |
| Purchases of available-for-sale investments (Note 8) | (3,091.8) | (899.9) | (9.1) |
| Proceeds from sales and maturities of available-for-sale investments (Note 8) | 2,816.0 | 800.1 | 617.9 |
| Business combinations, net of cash (Note 10) | — | (1,061.8) | (95.2) |
| Payments for acquisition options (Note 9) | (25.1) | (46.2) | (30.0) |
| Issuances of notes receivable | (140.9) | (63.0) | (62.5) |
| Investments in intangible assets | — | (30.0) | (13.3) |
| Payment for working capital adjustment and proceeds from sale of Critical Care (Note 5) | (36.3) | 3,927.4 | — |
| Proceeds from sale of non-core product group (Note 5) | 78.8 | — | — |
| Other | (7.4) | (12.6) | 3.3 |
| Net cash (used in) provided by investing activities | (712.9) | 2,312.9 | 173.8 |
| Cash flows from financing activities | |||
| Purchase of remaining noncontrolling interest in subsidiary (Note 9) | (233.7) | — | — |
| Purchases of treasury stock | (893.4) | (1,159.4) | (879.6) |
| Proceeds from stock plans | 174.1 | 179.5 | 169.9 |
| Other | (3.8) | (3.1) | (1.3) |
| Net cash used in financing activities | (956.8) | (983.0) | (711.0) |
| Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash | (44.8) | 38.6 | 16.8 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (119.3) | 1,910.8 | 375.4 |
| Cash, cash equivalents, and restricted cash at beginning of year | 3,058.8 | 1,148.0 | 772.6 |
| Cash, cash equivalents, and restricted cash at end of year (Note 6) | $2,939.5 | $3,058.8 | $1,148.0 |
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