For the year ending 2025-12-31, EW had -$119,300K decrease in cash & cash equivalents over the period. $1,335,000K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,069,400 | 4,169,700 | 1,399,400 | 1,521,900 |
| Depreciation and amortization | 156,600 | 155,200 | 144,900 | 139,600 |
| Non-cash operating lease cost | 25,900 | 27,800 | 28,200 | 27,200 |
| Stock-based compensation (note 2 and note 16) | 158,100 | 162,300 | 139,400 | 126,800 |
| (gain) loss on investments, net | - | 5,200 | -100 | -51,500 |
| Gain on sale of product groups (note 5) | 33,900 | 3,348,200 | - | - |
| Deferred income taxes | 117,600 | 323,400 | 272,100 | 254,500 |
| Change in fair value of contingent consideration liabilities (note 13) | -12,500 | 0 | -26,200 | -35,800 |
| Gain on remeasurement of previously held equity interest upon acquisition (note 10) | 0 | 55,000 | - | - |
| Loss on impairment and intangible assets impairment charges (note 11 and note 9) | 186,900 | 0 | 0 | 55,100 |
| Other | -7,700 | -18,400 | -8,400 | -7,800 |
| Accounts and other receivables, net | 23,000 | -121,200 | 141,200 | 84,100 |
| Inventories | -50,700 | 256,100 | 289,000 | 213,400 |
| Prepaid expenses and other current assets | 23,700 | -22,700 | 81,800 | -100 |
| Accounts payable and accrued liabilities | 395,100 | 89,500 | 146,000 | -21,400 |
| Intellectual property agreement accrual | -76,500 | -36,800 | -33,000 | -45,000 |
| Income taxes | -141,800 | -186,700 | -5,800 | -5,600 |
| Long-term prepaid royalties (note 3) | -8,300 | -8,300 | 109,900 | - |
| Other | 34,500 | 21,400 | 11,600 | 52,000 |
| Net cash provided by operating activities | 1,595,200 | 542,300 | 895,800 | 1,218,200 |
| Capital expenditures | 260,200 | 252,400 | 253,000 | 244,600 |
| Investments in unconsolidated entities (note 8) | 64,800 | - | - | - |
| Purchases of held-to-maturity investments (note 8) | 43,300 | 45,900 | 66,400 | 353,500 |
| Proceeds from sales and maturities of held-to-maturity investments (note 8) | 62,100 | 57,500 | 97,900 | 419,500 |
| Purchases of available-for-sale investments (note 8) | 3,091,800 | 899,900 | 9,100 | 315,800 |
| Proceeds from sales and maturities of available-for-sale investments (note 8) | 2,816,000 | 800,100 | 617,900 | 939,600 |
| Business combinations, net of cash (note 10) | 0 | 1,061,800 | 95,200 | - |
| Payments for acquisition options (note 9) | 25,100 | 46,200 | 30,000 | 109,600 |
| Issuances of notes receivable | 140,900 | 63,000 | 62,500 | 52,300 |
| Collections of notes receivable | - | 0 | 0 | 18,000 |
| Investments in intangible assets | 0 | 30,000 | 13,300 | 20,200 |
| Payment for working capital adjustment and proceeds from sale of critical care (note 5) | 36,300 | - | - | - |
| Proceeds from sale of non-core product group (note 5) | 78,800 | 3,927,400 | - | - |
| Other | 7,400 | 72,900 | 12,500 | 28,800 |
| Net cash (used in) provided by investing activities | -712,900 | 2,312,900 | 173,800 | 252,300 |
| Proceeds from issuance of debt | - | - | 0 | 0 |
| Payments on debt and finance lease obligations | - | - | 300 | 200 |
| Purchase of remaining noncontrolling interest in subsidiary (note 9) | 233,700 | - | - | - |
| Purchases of treasury stock | 893,400 | 1,159,400 | 879,600 | 1,727,100 |
| Proceeds from stock plans | 174,100 | 179,500 | 169,900 | 146,400 |
| Other | -3,800 | -3,100 | -1,000 | -3,600 |
| Net cash used in financing activities | -956,800 | -983,000 | -711,000 | -1,584,500 |
| Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash | -44,800 | 38,600 | 16,800 | 19,200 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | -119,300 | 1,910,800 | 375,400 | -94,800 |
| Cash, cash equivalents, and restricted cash at beginning of year | 3,058,800 | 1,148,000 | 772,600 | 867,400 |
| Cash, cash equivalents, and restricted cash at end of year (note 6) | 2,939,500 | 3,058,800 | 1,148,000 | 772,600 |
Edwards Lifesciences Corp (EW)
Edwards Lifesciences Corp (EW)