Boston Scientific
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Boston Scientific (BSX) investor relations material

Boston Scientific Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Q4 2025 net sales grew 15.9% reported, reaching $5.286B; full-year net sales were $20.074B, up 19.9% year-over-year.

  • Adjusted EPS was $0.80 in Q4 and $3.06 for the year, both exceeding guidance.

  • Major product launches and regulatory approvals included SEISMIQ M IVL System, FARAPOINT PFA Catheter, and TheraSphere 360 Y-90 Management Platform.

  • Six of eight business units outpaced market growth, with strong global performance in EP, Watchman, and cardiovascular segments.

  • Completed acquisition of Nalu Medical and announced agreements to acquire Valencia Technologies and Penumbra.

Financial highlights

  • Q4 gross margin was 69.6% as reported; adjusted gross margin 70.7%; Q4 operating margin was 15.6% as reported, adjusted operating margin 27.3%.

  • Full-year free cash flow was $3.66B, with 80% conversion.

  • Q4 adjusted net income was $1.201B; full-year adjusted net income was $4.574B.

  • Q4 GAAP net income was $672M; full-year GAAP net income was $2.898B.

  • Year-end cash on hand was $1.965B; year-end debt was $11.4B.

Outlook and guidance

  • FY 2026 net sales growth guidance: 10.5%-11.5% reported, 10.0%-11.0% organic; adjusted EPS guidance: $3.43-$3.49.

  • Q1 2026 net sales growth guidance: 10.5%-12.0% reported, 8.5%-10.0% organic; adjusted EPS guidance: $0.78-$0.80.

  • Estimated FY 2026 free cash flow is ~$4.2B.

  • Adjusted operating margin expected to expand 50-75 bps in 2026.

  • Long-range plan targets: 10%+ sales growth, 150 bps margin expansion, double-digit EPS growth through 2028.

How did ACURATE neo2T exit affect 2025 sales?
Quantify Q1 2026 acquisition growth impact.
Explain EMEA's Q4 2025 operational growth.
EP market growth: What drives your 15% view
CHAMPION trial: When will new indication impact
Non-EP/WATCHMAN growth drivers for H2 '26
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Frequently asked questions

Boston Scientific Corporation designs, develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. The company's products include heart valves, falls prevention and mobility solutions, peripheral intervention devices, endovascular systems and services, and electrophysiology products. The company also provides a range of minimally invasive surgical procedures based on its innovative tissue acquisition technologies to expand the therapeutic applications for new drug therapies for gastrointestinal tract disorders. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts.

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