Edwards Lifesciences reports $1.72 billion revenue for Q3 2026

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For the Quarterly Period Ended June September 30, 2026

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investor_relations@edwards.com

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The number of shares outstanding of the registrant's common stock, $1.00 par value, as of July October 31, 2026 was 576.4 575.0 million.

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For the quarterly period ended June September 30, 2026

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Exhibits 1 change

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This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act" and together with the Securities Act, the "Acts"). We intend the forward-looking statements contained in this report to be covered by the safe harbor provisions of such Acts. All statements other than statements of historical or current fact in this report or referred to or incorporated by reference into this report are "forward-looking statements" for purposes of these safe harbor provisions. These statements can sometimes be identified by the use of the forward-looking words such as "may," "believe," "will," "expect," "project," "estimate," "should," "anticipate," "plan," "goal," "continue," "seek," "pro forma," "forecast," "intend," "guidance," "optimistic," "aspire," "confident," or other forms of these words or similar words or expressions or the negatives thereof. Statements regarding past performance, efforts, or results about which inferences or assumptions may be made can also be forward-looking statements and are not indicative of future performance or results; these statements can be identified by the use of words such as "preliminary," "initial," "potential," "possible," "early feedback," or other forms of these words or similar words or expressions or the negatives thereof. These forward-looking statements are subject to substantial risks and uncertainties that could cause our results or future business, financial condition, results of operations or performance to differ materially from our historical results or experiences or those expressed or implied in any forward-looking statements contained in this report. These risks and uncertainties include, but are not limited to: risks related to the failure to successfully innovate and market our products; unsuccessful clinical trials or procedures; manufacturing, logistics or quality issues; competition; dependence on key physicians, research institutions and hospital systems; public health crises; reliance on vendors, suppliers, and other third parties; use of, or failure to effectively and timely utilize, emerging technologies, including artificial intelligence; damage, failure, or interruption of our information technology systems, including due to cybersecurity attacks and breaches; failure to recruit and retain qualified talent or execute management succession plans; failure to integrate acquired businesses; risks associated with the sale of our Critical Care product group; risks associated with global, economic, political and social conditions; risks related to our international operations; the impact of tariffs or trade restrictions; inability to obtain governmental reimbursement or reductions in reimbursement levels; industry consolidation; inability to protect our intellectual property; inability to defend against intellectual property claims from third parties; reduced access and demand for our products as a result of, and compliance with, health care legislation and other government regulations; risks related to domestic and foreign income and non-income taxes; risks related to data privacy and security laws; losses from product liability claims; use of products in unapproved circumstances; substantial costs from environmental, health and safety regulations; climate change; risks relating to animal-borne illnesses; and other risks detailed under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on February 25, 2026, and as such risks and uncertainties may be further amended, supplemented or superseded from time to time by our subsequent reports on Forms 10-Q and 8-K we file with the SEC. These forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement, except as required by law. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections, except as required by law.

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Financial statements 449 changes

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Cash and cash equivalents $ 2,906.5 3,110.8 $ 2,938.0

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Other receivables 185.3 252.5

Accounts receivable, net of allowances of $ 16.0 17.0 and $ 15.0 , respectively

Other receivables 152.9 252.5

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Prepaid expenses 119.0 135.0

Prepaid expenses 147.2 135.0

Other current assets 360.3 358.4 339.3

Total current assets 6,818.9 7,247.5 6,738.9

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Property, plant, and equipment, net 1,841.8 1,858.3 1,811.9

Operating lease right-of-use assets 100.3 100.2 102.7

Goodwill 1,951.2 1,951.7 1,768.6

Other intangible assets, net 1,382.6 1,161.1 1,128.2

Deferred income taxes 911.8 929.4 1,138.1

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Total assets $ 13,867.1 $ 13,697.2

Total assets $ 14,144.4 $ 13,697.2

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Accounts payable $ 210.5 $ 227.5

Accounts payable $ 199.7 $ 227.5

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Other liabilities 381.8 362.3

Operating lease liabilities 24.1 24.9 24.5

Total current liabilities 1,507.9 1,576.7 1,813.7

Long-term debt 598.7 598.8 598.3

Operating lease liabilities 81.6 80.8 82.6

Uncertain tax positions 572.2 580.3 502.7

Other liabilities 346.3 362.3

Total liabilities 3,142.2 3,182.9 3,359.6

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Retained earnings 14,863.1 14,240.5

Common stock, $ 1.00 par value, 1,050.0 shares authorized, 661.7 662.3 and 658.7 shares issued, and 576.6 575.6 and 580.7 shares outstanding, respectively

Additional paid-in capital 2,975.9 3,057.6 2,768.4

Retained earnings 15,170.6 14,240.5

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Noncontrolling interest 106.9 —

Treasury stock, at cost, 85.1 86.7 and 78.0 shares, respectively

Total Edwards Lifesciences Corporation stockholders' equity 10,618.0 10,861.1 10,337.6

Noncontrolling interest 100.4 —

Total stockholders' equity 10,724.9 10,961.5 10,337.6

Total liabilities and equity $ 13,867.1 14,144.4 $ 13,697.2

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June 30, Six Months Ended

Net sales $ 1,741.0 $ 1,532.2 $ 3,389.6 $ 2,944.9

Cost of sales 392.4 344.4 755.0 646.0

Gross profit 1,348.6 1,187.8 2,634.6 2,298.9

Selling, general, and administrative expenses 561.2 502.0 1,083.4 967.7

Research and development expenses 278.9 276.2 542.2 530.8

Certain litigation expenses

Other operating income ( 11.0 ) ( 21.3 ) ( 25.2 ) ( 40.4 )

Operating income, net 513.2 411.2 990.8 806.0

Interest income, net ( 30.0 ) ( 37.4 ) ( 63.5 ) ( 73.9 )

September 30, Nine Months Ended

Net sales $ 1,715.5 $ 1,553.1 $ 5,105.1 $ 4,498.0

Cost of sales 369.2 345.2 1,124.2 991.2

Gross profit 1,346.3 1,207.9 3,980.9 3,506.8

Selling, general, and administrative expenses 560.9 514.6 1,644.3 1,482.3

Research and development expenses 281.4 280.7 823.6 811.5

Certain litigation (insurance recovery) expenses, net

Change in fair value of contingent consideration liabilities

Restructuring charges, separation costs, and other (Note 3)

Impairment of intangible and long-lived assets (Note 2)

Other operating income ( 13.3 ) ( 12.5 ) ( 38.5 ) ( 52.9 )

Operating income, net 299.1 307.1 1,289.9 1,113.1

Interest income, net ( 36.5 ) ( 38.6 ) ( 100.0 ) ( 112.5 )

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Other non-operating (income) expense, net (Note 7) ( 16.6 ) 1.3 ( 88.1 ) ( 1.3 )

Provision for income taxes 278.4 64.3 356.7 134.6

Net income from continuing operations 241.4 335.9 622.1 699.5

Other non-operating income, net (Note 7) ( 27.6 ) ( 2.7 ) ( 115.7 ) ( 4.0 )

Income from continuing operations before provision for income taxes 519.8 400.2 978.8 834.1 363.2 348.4 1,342.0 1,182.5

Provision for income taxes 61.8 56.1 418.5 190.7

Net income from continuing operations 301.4 292.3 923.5 991.8

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Net income 241.4 331.5 622.1 687.9

Net income 301.4 290.3 923.5 978.2

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Net income attributable to Edwards Lifesciences Corporation $ 241.9 $ 333.2 $ 622.6 $ 691.2

Net income attributable to Edwards Lifesciences Corporation $ 307.5 $ 291.1 $ 930.1 $ 982.3

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Continuing operations $ 0.42 $ 0.58 $ 1.08 $ 1.20

Basic earnings per share $ 0.42 $ 0.57 $ 1.08 $ 1.18

Continuing operations $ 0.42 $ 0.57 $ 1.07 $ 1.20

Diluted earnings per share $ 0.42 $ 0.56 $ 1.07 $ 1.18

Continuing operations $ 0.53 $ 0.50 $ 1.61 $ 1.70

Discontinued operations $ — $ — 0.01 ) $ — $ ( 0.02 )

Basic earnings per share $ 0.53 $ 0.50 $ 1.61 $ 1.68

Continuing operations $ 0.53 $ 0.50 $ 1.61 $ 1.70

Discontinued operations $ — $ — 0.01 ) $ — $ ( 0.02 0.03 )

Diluted earnings per share $ 0.53 $ 0.50 $ 1.61 $ 1.67

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Basic 576.4 587.0 577.8 586.9

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and 369 more changes in the filing

MD&A 69 changes

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Our net sales for the first six nine months of 2026 were $3.4 $5.1 billion, representing an increase of $444.7 $607.1 million compared to the first six nine months of 2025, driven primarily by sales of our TAVR and TMTT products.

Our gross profit increased in the six nine months ended June September 30, 2026, driven primarily by our sales growth. Gross profit as a percentage of sales decreased primarily due to was consistent with the impact from foreign currency rate fluctuations partially offset by lower manufacturing expenses. same period last year. The decrease in our diluted earnings per share in the six nine months ended June September 30, 2026, was driven primarily by an increase in our tax expense and certain impairment charges, partially offset by our aforementioned operational performance.

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June 30, Six Months Ended

September 30, Nine Months Ended

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United States $ 1,003.5 $ 889.7 $ 113.8 12.8 % $ 1,941.1 $ 1,728.6 $ 212.5 12.3 %

Europe 439.6 378.2 61.4 16.2 % 882.2 720.0 162.2 22.5 %

Japan 96.4 95.3 1.1 1.1 % 187.0 177.1 9.9 5.6 %

Rest of World 201.5 169.0 32.5 19.3 % 379.3 319.2 60.1 18.8 %

Outside of the United States 737.5 642.5 95.0 14.8 % 1,448.5 1,216.3 232.2 19.1 %

Total net sales $ 1,741.0 $ 1,532.2 $ 208.8 13.6 % $ 3,389.6 $ 2,944.9 $ 444.7 15.1 %

United States $ 1,007.6 $ 907.5 $ 100.1 11.0 % $ 2,948.7 $ 2,636.1 $ 312.6 11.9 %

Europe 414.6 387.9 26.7 6.9 % 1,296.8 1,107.9 188.9 17.0 %

Japan 92.0 90.1 1.9 2.2 % 279.0 267.2 11.8 4.4 %

Rest of World 201.3 167.6 33.7 20.2 % 580.6 486.8 93.8 19.3 %

Outside of the United States 707.9 645.6 62.3 9.7 % 2,156.4 1,861.9 294.5 15.8 %

Total net sales $ 1,715.5 $ 1,553.1 $ 162.4 10.5 % $ 5,105.1 $ 4,498.0 $ 607.1 13.5 %

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June 30, Six Months Ended

September 30, Nine Months Ended

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Transcatheter Aortic Valve Replacement $ 1,258.3 $ 1,130.9 $ 127.4 11.3 % $ 2,455.6 $ 2,177.5 $ 278.1 12.8 %

Transcatheter Mitral and Tricuspid Therapies 198.6 134.5 64.1 47.7 % 373.7 249.7 124.0 49.6 %

Total net sales $ 1,741.0 $ 1,532.2 $ 208.8 13.6 % $ 3,389.6 $ 2,944.9 $ 444.7 15.1 %

Transcatheter Aortic Valve Replacement $ 1,241.6 $ 1,149.9 $ 91.7 8.0 % $ 3,697.2 $ 3,327.4 $ 369.8 11.1 %

Transcatheter Mitral and Tricuspid Therapies 209.5 145.2 64.3 44.3 % 583.2 394.9 188.3 47.7 %

Total net sales $ 1,715.5 $ 1,553.1 $ 162.4 10.5 % $ 5,105.1 $ 4,498.0 $ 607.1 13.5 %

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Net sales of TAVR products increased for the three and six nine months ended June September 30, 2026, driven by higher sales of the Edwards SAPIEN platform in 2026, primarily due to higher sales of the Edwards SAPIEN 3 Ultra RESILIA valve in the United States, Europe, and Japan. In addition, during the three and six months ended June 30, 2026, foreign currency exchange rate fluctuations increased net sales outside of the United States by $8.4 million and $40.4 $32.5 million respectively, during the nine months ended September 30, 2026, primarily due to the strengthening of the Euro partially offset by weakening of the Japanese Yen against the United States dollar.

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In September 2026, the Centers for Medicare & Medicaid Services issued an updated National Coverage Determination for TAVR, expanding Medicare coverage to certain asymptomatic severe aortic stenosis patients and reducing prior coverage restrictions for symptomatic patients.

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Net sales of TMTT products increased for the three and six nine months ended June September 30, 2026, primarily due to higher sales of our PASCAL transcatheter edge-to-edge repair system ("TEER"), EVOQUE tricuspid valve replacement system, and SAPIEN M3 mitral valve replacement system in the United States and Europe.

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In August and September 2026, we received CE Mark and FDA approval, respectively, for EVOQUE for trans-jugular access, enabling patients with complex femoral access to benefit from the EVOQUE procedure.

In September 2026, we received FDA approval for the PASCAL Ace with Capture Clarity System , making it the first TEER device to deliver real-time indication of leaflet capture.

In October 2026, we received FDA approval for the PASCAL Precision System for tricuspid valve repair to support patients with symptomatic severe tricuspid regurgitation.

Net sales of Surgical products increased for the three and six nine months ended June September 30, 2026, primarily due to higher sales of the INSPIRIS RESILIA aortic valve, the MITRIS RESILIA valve, and KONECT RESILIA tissue valved conduit, and the MITRIS RESILIA valve in the United States and Europe.

In May 2026, we received the FDA approval for TRIFORMIS RESILIA , the first-ever surgical tricuspid valve replacement designed specifically for patients with tricuspid valve disease.

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In October 2026, we received FDA approval for AUTUS Size-Adjustable Valve , a surgical pulmonary valve designed specifically for pediatric patients with congenital heart disease who require pulmonary valve replacement.

Our gross profit increased in the three and six nine months ended June September 30, 2026, primarily driven by our sales growth discussed above. The change in gross profit as a percentage of net sales for the three and six months ended June September 30, 2026 was primarily driven by a 0.7 percentage point lower manufacturing expenses and a positive 0.5 percentage point negative impact respectively, from foreign currency rate fluctuations, including the settlement of foreign currency hedging contracts. partially offset by lower manufacturing expenses.

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SG&A expenses increased for the three and six nine months ended June September 30, 2026, primarily due to higher headcount related expenses and commercial activities to support patient care. Foreign currency exchange rate fluctuations increased expenses by $6.0 million and $20.6 $20.4 million during the three and six months ended June 30, 2026, respectively, primarily due to the weakening of the United States dollar against the Euro during the nine months ended September 30, 2026.

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Certain Litigation Expenses

R&D expenses increased for the three and six nine months ended June September 30, 2026, primarily due to increased investments in aortic transcatheter valve and mechanical circulatory support system technology, partially offset by lower headcount related expenses and lower investments in transcatheter valve innovations. For the nine months ended September 30, 2026, the increase also included investments in implantable heart failure management and advanced technology innovation.

Certain Litigation (Insurance Recovery) Expenses, net

We incurred recognized a net insurance recovery of $12.7 million and certain litigation expenses related to legal proceedings, intellectual property litigation and tax litigation of $6.3 million and $15.5 $30.7 million during the three and nine months ended June September 30, 2026, and 2025, respectively, and $43.4 certain litigation expenses of $90.4 million and $26.4 $116.8 million during the six three and nine months ended June September 30, 2026 and 2025, respectively, related to legal proceedings, intellectual property litigation, tax litigation, and associated insurance recoveries (see Note 12 to the Condensed Consolidated Financial Statements ).

Restructuring Charges, Separation Costs, and Other

We recognized an expense of $2.0 million related to severance associated with realignment initiatives and $8.7 million related to the termination of certain contracts associated with our acquisitions during the three and nine months ended September 30, 2026. We recognized expenses of $0.1 million and $8.5 million during the three and nine months ended September 30, 2025, respectively, primarily related to costs incurred for professional advisory services associated with the sale of Critical Care.

Impairment of Intangible and Long-lived Assets

Intangible and long-lived assets impairment charges of $220.2 million during the three and nine months ended September 30, 2026 were primarily related to the full impairment of a certain in-process research and development asset. Intangible assets impairment charge of $40.0 million during the three and nine months ended September 30, 2025 related to the full impairment of a certain developed technology asset.

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Other operating income of $11.0 $13.3 million and $25.2 $38.5 million in the three and six nine months ended June September 30, 2026, included income from transition services agreements of $11.5 $12.5 million and $24.7 $37.2 million, respectively (see Note 4 to the Condensed Consolidated Financial Statements ).

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Interest income, net was $30.0 $36.5 million and $63.5 $100.0 million for the three and six nine months ended June September 30, 2026, respectively, and $37.4 $38.6 million and $73.9 $112.5 million for the three and six nine months ended June September 30, 2025, respectively. The decrease in interest income was primarily due to a lower average investment balance and lower yield on invested cash balances during the three and six nine months ended June September 30, 2026.

Loss on impairment of $40.0 million and $163.6 million in during the three and six nine months ended June September 30, 2026 respectively, were due related to the termination of the option agreement to acquire one of our VIE investments VIEs and the carrying amount of another VIE investment not being recoverable, and $47.1 million during the nine months ended September 30, 2025 related to our determination to not exercise an option to acquire one of our VIEs (see Note 6 to the Condensed Consolidated Financial Statements). ).

Other non-operating income, expense, net

Other non-operating income, net was $16.6 $27.6 million and $88.1 $115.7 million for the three and six nine months ended June September 30, 2026, respectively. The increase in other non-operating income was driven primarily by a gain gains from the remeasurement of our previously held interest upon acquisition of Autus and the Consolidated VIE and an unrealized gain on a marketable equity security investment (see Note 5 and Note 7 to the Condensed Consolidated Financial Statements ).

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Our effective income tax rate attributable to continuing operations was 53.6% 17.0% and 16.1% for the three months ended June September 30, 2026 and 2025, respectively and 36.4% 31.2% and 16.1% for the six nine months ended June September 30, 2026 and 2025, respectively. The increase in the effective rate between the six nine months ended June September 30, 2026 and 2025 was primarily due to (1) a $188.2 $174.4 million valuation allowance recorded against certain deferred tax assets in the second quarter and third quarters of 2026 as a result of enactment of California budget legislation on June 29, 2026, which, as noted below, permanently limits the utilization of most business tax credits, including carryovers of research and development tax credits, (2) a decrease partially offset by (1) an increase in the benefit from foreign earnings taxed at lower rates, and (3) an increase including a decrease in global minimum tax ("Pillar Two," as noted below), partially offset by (4) and (2) an increase in the tax benefit from employee share-based compensation. As a result, the effective tax rate for the six nine months ended June September 30, 2026 was higher than the federal statutory rate of 21.0%. For the six nine months ended June September 30, 2025, the effective tax rate was lower than the federal statutory rate of 21.0% primarily due to (1) foreign earnings taxed at lower rates, (2) United States federal and California research and development credits, and (3) the tax benefit from foreign-derived deduction eligible income.

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Many countries are implementing some or all of the Organisation for Economic Co-operation and Development's ("OECD") Base Erosion and Profit Shifting Pillar Two ("Pillar Two") rules that impose a global minimum tax of 15.0% on reported profits. Although Pillar Two provides a framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two. In January 2026, the OECD released its Side-by-Side Safe Harbour package, intended to reduce double taxation and compliance burdens by deeming Pillar Two top-up tax to be zero under the Income Inclusion Rule ("IIR") and Undertaxed Profits Rule ("UTPR") for groups headquartered in the United States while preserving application of local Qualified Domestic Minimum Top-up Taxes ("QDMTT"). As countries continue to enact and refine the Pillar Two rules, including jurisdictional enactment of the Side-by-Side Safe Harbour through the course of 2026, we will evaluate the potential effects of Pillar Two on our effective tax rate. In 2026, we expect the Pillar Two provisions to result in additional tax expense of approximately $50.0 million prior to offsets under current law. As countries enact the Side-by-Side Safe Harbour, the Pillar Two UTPR tax expense will be reduced accordingly.

Safe Harbour through the course of 2026, we will evaluate the potential effects of Pillar Two on our effective tax rate. In 2026, we expect the Pillar Two provisions to result in additional tax expense of approximately $45.0 million prior to offsets under current law. As countries enact the Side-by-Side Safe Harbour, the Pillar Two UTPR tax expense will be reduced accordingly.

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At June September 30, 2026, all material state, local, and foreign income tax matters have been concluded for years through 2019. 2022.

In the normal course of business, the Internal Revenue Service ("IRS") and other taxing authorities are in different stages of examining various years of our tax filings. During these audits, we may receive proposed audit adjustments that could be material. Therefore, there is a possibility that an adverse outcome in these audits could have a material effect on our financial condition and results of operations. We strive to resolve open matters with each tax authority at the examination level and could reach an agreement with a tax authority at any time. While we have accrued for matters we believe are more likely than not to require settlement, the final outcome with a tax authority may result in a tax liability that is materially different from that reflected in the consolidated financial statements. Furthermore, we may later decide to challenge any assessments, if made, and may exercise our right to appeal. The uncertain tax positions are reviewed quarterly and adjusted as events occur that affect potential liabilities for additional taxes, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, negotiations between tax authorities, identification of new issues, and issuance of new legislation, regulations, or case law. We believe that adequate amounts of tax and related penalty penalties and interest have been provided for any adjustments that may result from our uncertain tax positions.

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Surgical/TAVR intercompany royalty transactions covering tax years 2018 through 2026 remain subject to IRS examination, and those transactions and related tax positions remain uncertain as of June September 30, 2026. We have considered this information, as well as information regarding the NOD and other proceedings described above, in our evaluation of our uncertain tax positions. The impact of these unresolved transfer pricing matters, net of any correlative tax adjustments, could have a material impact on our consolidated financial statements. Based on the information currently available and numerous possible outcomes, we cannot reasonably estimate what, if any, changes in our existing uncertain tax positions may occur in the next 12 months and, therefore, have continued to record the uncertain tax positions as a long-term liability.

During the second quarter of 2026, we received two draft Notices of Proposed Adjustment that were issued as final (the "Final ("NOPAs") prior to the end of for the second quarter. 2018 through 2020 tax years. The first of the Final NOPAs NOPA relates to certain tax elections made in 2018 and proposes an increase to our U.S. taxable income in the amount of approximately $233.5 million for 2018. The second of the Final NOPAs NOPA relates to the transfer pricing of certain intercompany license transactions related to our Surgical and TAVR product groups and proposes increases to our U.S. taxable income for 2018, 2019, and 2020 in the amounts of $625.3 million, $530.7 million, and $683.6 million, respectively. During the third quarter of 2026, we and engaged with the IRS examination function ("Exam") continue to engage in discussions and have adjusted the audit timeline to accommodate a potential resolution. If we do not good-faith effort to reach a principled resolution with Exam, we expect the IRS related to issue another NOPA in the NOPAs but were unsuccessful. As a result, Exam issued a third quarter of 2026 NOPA imposing 40% transfer pricing penalties on the tax underpayments attributable to the increased taxable income resulting from the IRS's proposed transfer pricing adjustments received for 2018, 2019, and 2020 in the second quarter amounts of $52.5 million, $44.6 million, and $55.9 million, respectively. In early October 2026, We also anticipate receiving the related Exam issued its Revenue Agent's Agent Report by the end of ("RAR"), which included increases in tax for 2018, 2019, and 2020 in the third quarter amounts of 2026. With respect to any unagreed issues, we intend to pursue all available remedies, including administrative appeals $167.0 million, $112.5 million, and litigation, which could extend over several years. $144.5 million, respectively, and a 30-day letter. We believe that the amounts previously accrued related to these uncertain tax positions are adequate requested and accordingly, no additional amounts have been recorded. However, received an adverse outcome could have a material adverse impact extension until November 20, 2026, to submit our consolidated financial statements protest in response to the period of resolution. RAR.

We believe that the adjustments reflected in the RAR significantly overstate our potential tax liability because Exam did not take into account applicable correlative adjustments, related offsetting deductions, and the reconciliation of mutually exclusive adjustments. Because the proposed transfer pricing penalties are based on tax liabilities the Company believes are overstated, the proposed penalties are likewise overstated. We intend to pursue all available remedies with respect to any unagreed issues, including administrative appeals and, if necessary, litigation, a process that could extend over several years. We believe that the amounts previously accrued related to these uncertain tax positions are adequate and, accordingly, have not recorded any additional amounts. However, an adverse outcome could have a material adverse impact on our consolidated financial statements in the period of resolution.

During the first quarter of 2024, we received a notice of assessment from the Israel Tax Authority (the "ITA") wherein the ITA claimed that we owe approximately $110.0 million of tax excluding interest and penalties in connection with a claimed 2017 transfer of intellectual property. On July 31, 2025, the ITA formally informed us that it agreed that intellectual property was withdrawing its not transferred in 2017 and withdrew its assessment but reserves the right to evaluate whether intellectual property was transferred in later years. We maintain that we did not transfer intellectual property outside of Israel and would vigorously defend that position through administrative proceedings including with appeals if the issue is raised in later years. If necessary, we expect to defend that position through judicial proceedings. During the fourth quarter of 2024, we received a notice of assessment from the ITA claiming that we owe additional tax of approximately $16.0 million excluding interest and penalties for the 2018 through 2022 tax years based entirely on the collateral impacts of the 2017 assessment. We filed a formal appeal In the first quarter of 2025. In the third quarter of 2025, 2026, we were notified that the ITA agreed that intellectual property was not transferred in 2017 and withdrew had withdrawn its assessment for the 2018 and 2019 taxable years. In the first third quarter of 2026, we were notified that the ITA had withdrawn its assessment for the 2018 and 2019 taxable years. For taxable years 2020 through 2022 the ITA has until the expiration of each taxable years. respective statute of limitations to respond to our appeal. If the 2020 through 2022 assessments are not withdrawn, we will defend our position through judicial proceedings.

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As of June September 30, 2026, cash and cash equivalents, and short-term investments held in the United States and outside of the United States were $3.7 $4.1 billion and $540.5 $511.0 million, respectively.

We have a five-year Credit Agreement (the "Credit Agreement") which provides for a $750.0 million multi-currency unsecured revolving credit facility and matures on July 15, 2027. We may increase the amount available under the Credit Agreement by up to an additional $250.0 million in the aggregate and extend the maturity date for an additional year, subject to the agreement of the lenders. As of June September 30, 2026, no amounts were outstanding under the Credit Agreement.

In June 2018, we issued $600.0 million of 4.3% fixed-rate unsecured senior notes (the "2018 Notes") due June 15, 2028. We may redeem the 2018 Notes, in whole or in part, at any time and from time to time at specified redemption prices. As of June September 30, 2026, we have not elected to redeem any of the 2018 Notes. As of June September 30, 2026, the carrying value of the 2018 Notes was $598.7 $598.8 million.

From time to time, we repurchase shares of our common stock under share repurchase programs authorized by the Board of Directors. We consider several factors in determining when to execute share repurchases, including, among other things, expected dilution from stock plans, cash capacity, and the market price of our common stock. During the six nine months ended June September 30, 2026, under the Board-authorized repurchase program, we repurchased a total of 6.9 8.5 million shares at an aggregate cost of $558.7 $696.6 million, including pursuant to a $500.0 million accelerated share repurchase agreements agreement executed during the period (see Note 11 to the Condensed Consolidated Financial Statements ). As of June September 30, 2026, we had remaining authority to purchase approximately $1.5 $1.3 billion of our common stock under the share repurchase program.

In February 2026, we completed the acquisition of Autus for total consideration of $128.9 million, which included cash consideration of $35.1 million and was funded using our existing cash. As of June September 30, 2026, the potential future payments upon achievement of certain regulatory, performance, and sales milestones pursuant to our business acquisition agreements could aggregate up to a total of $332.5 million.

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At June September 30, 2026, there had been no material changes in our cash requirements from known contractual and other obligations, including commitments for capital expenditures, as disclosed in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations , of our Annual Report on Form 10-K for the year ended December 31, 2025.

Consolidated Cash Flows — For the six nine months ended June September 30, 2026 and 2025:

Net cash flows provided by operating activities of $695.7 $1,266.0 million for the six nine months ended June September 30, 2026, increased $125.1 $121.7 million over the same period last year primarily due to lower tax payments during the six nine months ended June September 30, 2026, compared to the six nine months ended June September 30, 2025, which primarily included $160.0 million of local tax payments associated with the sale of Critical Care and higher tax payments related to the U.S. repatriation tax and federal and state estimated taxes, partially offset by higher working capital needs.

Net cash used in investing activities of $286.0 $542.4 million for the six nine months ended June September 30, 2026, consisted primarily of net purchases of investments of $249.7 million, capital expenditures of $131.8 $195.4 million, issuance of notes receivable of $53.2 $55.2 million, and net payments of $33.7 million related to business combinations. partially offset by net purchases of investments of $63.0 million.

Net cash used in investing activities of $86.8 $514.6 million for the six nine months ended June September 30, 2025, consisted primarily of net purchases of investments of $198.5 million, capital expenditures of $105.3 $162.8 million, issuance of notes receivable of $70.6 $93.4 million, a payment for a net working capital adjustment of $36.3 million related to the sale of Critical Care, and payment of acquisition options of $17.0 million, partially offset by net proceeds from investments of $145.8 $19.6 million.

Net cash used in financing activities of $451.5 $552.3 million for the six nine months ended June September 30, 2026, consisted primarily of purchases of treasury stock of $575.1 $714.0 million, partially offset by proceeds from stock plans of $122.7 $159.2 million.

Net cash used in financing activities of $205.3 $945.4 million for the six nine months ended June September 30, 2025, consisted primarily of purchases of treasury stock of $314.1 $852.8 million and purchase of the remaining noncontrolling interest in a subsidiary of $233.7 million, partially offset by proceeds from stock plans of $107.1 $141.8 million.

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Market risk 1 change

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We are exposed to investment risks related to changes in the underlying financial condition and credit capacity of certain of our investments. As of June September 30, 2026, we had $1,389.0 $1,574.7 million of investments in debt securities, of which $42.8 $40.8 million were long-term. In addition, we had $201.3 $221.8 million of investments in equity instruments of public and private companies. Should these companies experience a decline in financial performance, financial condition or credit capacity, or fail to meet certain development milestones, a decline in the investments' value may occur, resulting in unrealized or realized losses. See Note 5 to the Condensed Consolidated Financial Statements for additional information.

Controls and procedures 2 changes

Evaluation of Disclosure Controls and Procedures. Our management, including the Chief Executive Officer and the Chief Financial Officer, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of June September 30, 2026. Based on their evaluation, the Chief Executive Officer and Chief Financial Officer have concluded as of June September 30, 2026, that our disclosure controls and procedures are designed at a reasonable assurance level and effective in providing reasonable assurance that the information we are required to disclose in the reports we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting. There have been no changes in our internal control over financial reporting during the quarter ended June September 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 8 changes

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(in millions) (a) (b)

June 1, 2026 through June 30, 2026

Total 1,945,635 1,945,635

May July 1, 2026 through May July 31, 2026

August 1, 2026 through August 31, 2026

April September 1, 2026 through April September 30, 2026

Total 1,593,034 1,593,034

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(b) In February 2026, we entered into a $500.0 million accelerated share repurchase ("ASR") agreement and received, on February 26, 2026, an initial delivery of 4.7 million shares of our common stock, representing approximately 80 percent of the total contract value. The ASR agreement concluded on April 15, 2026 and we received an additional 1.5 million shares.

Other information 18 changes

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As previously disclosed, on July 28, 2026 , Bernard J. Zovighian , Chief Executive Officer and Director , entered into a 10b5-1 trading plan (the "Plan") intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The Plan provides for the potential sale of 145,696 shares of the Company's stock commencing November 9, 2026. The Plan terminates on the earlier of May 14, 2027 or the date all shares are sold.

During the second quarter of 2026, Other than as noted above, none of our directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements during the third quarter of 2026.

Executive Severance Plan

On November 3, 2026, the Compensation and Governance Committee of the Company's Board of Directors (the "Committee") approved the Edwards Lifesciences Corporation Executive Severance Plan (the "Severance Plan") and approved the participation in the Severance Plan of each Corporate Vice President or more senior officer of the Company (including all of the Company's named executive officers currently employed with the Company). As to each eligible executive who was previously covered by a Change-in-Control Severance Agreement with the Company (each, a "CIC Agreement"), the executive's participation in the Severance Plan was conditioned on the executive's agreement to terminate the executive's CIC Agreement, and all of the Company's CIC Agreements with eligible executives will be so terminated as executives accept participation in the Severance Plan.

The Severance Plan provides for certain severance benefits if a participant's employment with the Company and its subsidiaries is terminated by the participant's employer other than for "Cause" (as defined in the Severance Plan) or by the participant for "Good Reason" (as defined in the Severance Plan).

If such a termination of a participant's employment occurs, and the participant timely provides the Company with a general release of claims, the participant will receive the following benefits:

• a pro-rated target annual incentive for the year in which such termination of employment occurred;

• a lump sum severance benefit equal to the sum of (a) the participant's annual base salary rate multiplied by the participant's Severance Multiplier, plus (b) the participant's target annual incentive amount under the bonus plan in which he or she participates multiplied by the participant's Severance Multiplier; and

• payment or reimbursement of the participant's premiums to continue healthcare coverage under COBRA for a number of months up to 12 months multiplied by the participant's Severance Multiplier.

However, if such a termination of a participant's employment occurs in the period of time (1) commencing on the earlier of six months before a Change in Control (as such term is defined in the Severance Plan) of the Company or the date a definitive agreement is entered into by the Company for a transaction that results in such a Change in Control (but not more than 18 months before such a Change in Control) and (2) ending 24 months after such a Change in Control, and provided the participant timely provides the Company with a general release of claims, the participant will receive the following benefits instead of the benefits described in the preceding paragraph:

• a pro-rated target annual incentive for the year in which such termination of employment occurred;

• a lump sum severance benefit equal to (a) the sum of the participant's annual base salary rate (at the highest rate in effect with the Company in the preceding 12 months) plus the participant's target annual incentive amount under the bonus plan in which he or she participates (or, if greater, the participant's actual annual incentive amount for the preceding fiscal year under the bonus plan in which he or she participates), multiplied by (b) the participant's Change in Control Severance Multiplier;

• payment or reimbursement of the participant's premiums to continue healthcare coverage under COBRA for a number of months up to 12 months multiplied by the participant's Change in Control Severance Multiplier;

• certain outplacement services not to exceed $50,000; and

• all long-term incentive awards granted by the Company to the participant that are outstanding and unvested immediately prior to such termination of the participant's employment shall become fully-vested, provided that any long-term incentive award which includes performance-based (in addition to time-based) vesting requirements may include specific provisions regarding a termination of employment in connection with a Change in Control or similar event and, in such event, such specific provisions applicable to the award will control.

As to the Company's Chief Executive Officer, Chief Financial Officer, and its other named executive officers who are still employed with the Company, the applicable severance multipliers are as follows: for Bernard J. Zovighian, the Company's Chief Executive Officer, his Severance Multiplier is 2.0 and his Change in Control Severance Multiplier is 3.0; for Doretta Mistras, the Company's Corporate Vice President, Chief Financial Officer, and for each of the Company's other named executive officers participating in the Severance Plan (other than Mr. Bobo), their Severance Multiplier is 1.0 and their Change in Control Severance Multiplier is 2.0; for Donald E. Bobo, Jr., the Company's Corporate Vice President, Strategy & Corporate Development, his Severance Multiplier is 1.37 (set higher than the Severance Multiplier for other named executive officers generally because of the level of severance benefits that would apply to him under the Company's general severance policy based on his years of service to the Company, and provided that his Severance Multiplier for purposes of calculating the target annual incentive component of his lump sum severance benefit is 1.0) and his Change in Control Severance Multiplier is 2.0.

The Severance Plan does not include a tax "gross-up" provision. Instead, if any payment or benefit received by a participant in the Severance Plan in connection with a change in control of the Company would have been subject to excise taxes under Section 280G of the Internal Revenue Code, such payments and benefits will either be reduced (but not below zero) as necessary to avoid the participant incurring any such excise tax or be paid in full (with the participant paying any excise tax due), whichever places the participant in the best after-tax position (taking into account federal, state and local income taxes and the excise tax).

The Severance Plan has an initial three-year term set to expire on November 3, 2029; provided (1) on November 3, 2028 and each anniversary of that date, the term of the Severance Plan will be extended for an additional year unless the Company has provided notice to the Plan participants that the term will not be extended (or further extended, as the case may be), and (2) if a Change in Control occurs during the term of the Severance Plan then in effect, the term of the plan will not terminate earlier than the second anniversary of such Change in Control. The Committee may amend the Severance Plan at any time, but no amendment may materially and adversely affect the rights of a participant without the participant's consent.