Boston Scientific Corporation (BSX) financials
NYSE · Healthcare · Medical - Devices · 59,000 employees · CEO Michael F. Mahoney
- Price
- $41.98 -1.66%
- Market cap
- $60.8B
- Enterprise value
- $72.9B
- Last report
- Q3 '26 filed 2026-09-30
- Next report
- 2027-02-03 EPS est. $0.79
Revenue (TTM)$21.1B+8.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)21.0%+3.7 pp vs a year agoOperating income $4.44B
Net income (TTM)$3.49B+25.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)–– vs a year agoCapex –
Diluted EPS (TTM)$2.36+26.8% vs a year agoSum of the last 4 quarters
Net cash-$12.1B-5.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $60.8B EV $72.9B
- Revenue
- $21.1B Trailing 12 months
- Revenue growth
- +5% FY2026 consensus
- Profit margin
- 16.6% Net income / revenue, TTM
- P/E
- 17.7× Forward 13.2× (FY2026)
- P/S
- 2.9× Price / sales, TTM
- EV / EBITDA
- 13.5× TTM
- Free cash flow
- – Trailing 12 months
- Net income
- $3.49B Trailing 12 months
- Revenue estimate
- $21B FY2026 consensus
- Earnings
- 2027-02-03 Revenue est. $5.2B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-28): revenue beat by 1.0%, EPS in lineRevenue $5.14B vs $5.09B expected (+1.0%); EPS $0.73 vs $0.73 (+0.4%).
- Revenue growth slowing: 1.4% year on yearQ3 '26 revenue $5.14B, against an average of 13.8% over the four quarters before.
- Operating margin 21.0% (TTM), +3.7 pp on a year agoOperating income grew 32.2% while revenue grew 8.9%.
- 21.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $3.66B vs operating income $4.44B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Diluted share count down 2.9% in a year1.45B diluted shares in Q3 '26, 1.5B a year earlier.
- Net debt $12.1BCash + short-term investments $539M, debt incl. leases $12.6B; a year ago net debt $11.5B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.14B | $5.07B | +1.4% |
| Gross margin | 66.7% | 69.9% | -3.2 pp |
| Operating income | $979M | $1.05B | -6.8% |
| Operating margin | 19.1% | 20.7% | -1.7 pp |
| Net income | $578M | $755M | -23.4% |
| Diluted EPS | $0.40 | $0.50 | -20.0% |
| Operating cash flow | – | $1.34B | – |
| Capex | – | $181M | – |
| Free cash flow | – | $1.16B | – |
| R&D | $520M | $514M | +1.2% |
| Stock-based compensation | – | $79M | – |
Reported vs consensus
2026-10-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $5.14B | $5.09B | +1.0% |
| EPS (as estimated) | $0.73 | $0.73 | +0.4% |
From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Cardiovascular | $3.62B | +8.3% | 66.6% | – | – | |
| MedSurg | $1.82B | +5.9% | 33.4% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $606M | -70.3% | 23.1% | – | – | |
| Non-US | $2.02B | +9.8% | 76.9% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '24
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Total Allocated To Reportable Segments | – | – | $1.35B | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Free cash flow
- –
- Returned to shareholders / FCF
- –
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 17.7× | 67.5× | 48.6× – 103.1× |
| EV / EBITDA | 13.5× | 29.4× | 26.8× – 36.1× |
| EV / Sales | 3.5× | 6.8× | 5.7× – 8.5× |
| Price / FCF | 16.8× | 51.2× | 38.6× – 72.4× |
| Price / Book | 2.4× | 4.7× | 3.6× – 6.0× |
| FCF yield | 6.0% | 2.0% | 1.4% – 2.6% |
| Return on invested capital | 10.5% | 6.2% | 3.9% – 8.8% |
| Return on equity | 14.2% | 7.8% | 4.0% – 11.9% |
Analysts
Consensus target $54.65 (+30.2%)
range $46.00 – $71.00 · rating Buy
Strong buy1
Buy33
Hold10
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $21B | +4.7% | $3.18 | +64.1% | 13.2× | 16 |
| FY2027 | $21B | +0.1% | $3.17 | -0.4% | 13.2× | 17 |
| FY2028 | $22.2B | +5.3% | $3.40 | +7.3% | 12.3× | 10 |
| FY2029 | $23.5B | +6.1% | $3.73 | +9.6% | 11.3× | 4 |
| FY2030 | $25.6B | +8.7% | $4.01 | +7.6% | 10.5× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 346 figures Boston Scientific Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $3.05B | $2.82B | +8.3% | $2.93B | $2.56B | +14.4% |
| Accounts Payable, Current | $1.23B | $962M | +28.0% | $1.14B | $960M | +19.2% |
| Accounts Receivable, Allowance for Credit Loss | $132M2025-12-31 | $109M | +21.1% | $132M | $109M | +21.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $135M | $112M | +20.5% | $132M | $109M | +21.1% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $33M | $43M | -23.3% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $3.18B | $2.93B | +8.8% | $3.06B | $2.67B | +14.7% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $56M | $41M | +36.6% |
| Accrued Income Taxes, Noncurrent | $403M2025-09-30 | $364M | +10.7% | $357M2024-12-31 | $470M | -24.0% |
| Accrued Liabilities, Current | $2.76B | $2.8B | -1.5% | $3.2B | $2.77B | +15.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $3.73B | $3.78B | -1.5% | $3.61B | $3.53B | +2.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$304M | -$722M | +57.9% | -$610M | $275M | -321.8% |
| Additional Paid in Capital, Common Stock | $21.7B | $21.2B | +2.3% | $21.5B | $21.1B | +2.1% |
| Amortization of Intangible Assets | $233M | $225M | +3.6% | $897M | $856M | +4.8% |
| Assets | $45.2B | $41.6B | +8.8% | $43.7B | $39.4B | +10.9% |
| Assets, Current | $7.97B | $7.12B | +12.0% | $8.79B | $6.92B | +27.1% |
| Assets, Fair Value Disclosure | $475M | – | – | – | – | – |
| Buildings and Improvements, Gross | $2.72B | $2.15B | +26.2% | $2.48B | $2.02B | +23.0% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -$16M | -$5M | -220.0% | $18M | -$5M | +460.0% |
| Business Combination, Contingent Consideration, Liability | $257M | $367M | -30.0% | $385M | $171M | +125.1% |
| Business Combination, Contingent Consideration, Liability, Current | $78M2025-09-30 | $62M | +25.8% | $63M2024-12-31 | $304M | -79.3% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $301M2025-09-30 | $109M | +176.1% | $108M2024-12-31 | $100M | +8.0% |
| Cash | $409M | $388M | +5.4% | $965M | $364M | +165.1% |
| Cash and Cash Equivalents, at Carrying Value | $539M | $534M | +0.9% | $1.97B | $414M | +374.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $753M | $741M | +1.6% | $2.15B | $606M | +254.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$890M | -$179M | -397.2% | $1.54B | -$450M | +442.4% |
| Common Stock, Capital Shares Reserved for Future Issuance | 132M2025-12-31 | 139M | -5.0% | 132M | 139M | -5.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 2B | 2B | 0.0% | 2B | 2B | 0.0% |
| Common Stock, Shares, Issued | 1.75B | 1.74B | +0.4% | 1.75B | 1.74B | +0.5% |
| Common Stock, Value, Issued | $17M | $17M | 0.0% | $17M | $17M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $2M | $1M | +100.0% | $6M | -$15M | +140.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1B | $103M | +870.9% | $2.01B | $2.08B | -3.2% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1B | $104M | +863.5% | $2.02B | $2.06B | -2.1% |
| Construction in Progress, Gross | $911M | $1.04B | -12.5% | $1.16B | $1.04B | +12.2% |
| Contract with Customer, Liability | $691M | $662M | +4.4% | $682M | $635M | +7.4% |
| Contract with Customer, Liability, Revenue Recognized | $63M2025-12-31 | $54M | +16.7% | $264M | $231M | +14.3% |
| Cost of Goods and Services Sold | $1.59B | $1.64B | -2.6% | $6.22B | $5.26B | +18.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $242M | $310M | -21.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $241M | $184M | +31.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $505M | $526M | -4.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $22M | $31M | -29.0% |
| Debt and Lease Obligation | $11.6B2025-09-30 | $10.9B | +6.6% | $10.7B2024-12-31 | $9.1B | +18.1% |
| Debt Instrument, Fair Value Disclosure | $12.3B | $11.3B | +8.4% | $11.2B | $10.3B | +8.0% |
| Debt, Current | $1.71B | $480M | +256.0% | $299M | $1.78B | -83.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$66M | -$131M | +49.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $107M | $92M | +16.3% |
| Deferred Income Tax Assets, Net | $3.91B | $3.78B | +3.5% | $3.68B | $3.66B | +0.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$12M | -$90M | +86.7% |
| Deferred Income Tax Liabilities, Net | $221M | $226M | -2.2% | $220M | $155M | +41.9% |
| Deferred Revenue | $359M2025-09-30 | $328M | +9.5% | $329M2024-12-31 | $311M | +5.8% |
| Deferred Revenue, Current | $313M2025-12-31 | $306M | +2.3% | $313M | $306M | +2.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$53M | -$52M | -1.9% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $2.9B2025-12-31 | $3.06B | -5.3% | $2.9B | $3.06B | -5.3% |
| Deferred Tax Assets, Gross | $4.86B2025-12-31 | $4.99B | -2.7% | $4.86B | $4.99B | -2.7% |
| Deferred Tax Assets, in Process Research and Development | $336M2025-12-31 | $329M | +2.1% | $336M | $329M | +2.1% |
| Deferred Tax Assets, Inventory | $52M2025-12-31 | $15M | +246.7% | $52M | $15M | +246.7% |
| Deferred Tax Assets, Net | $3.46B2025-12-31 | $3.5B | -1.3% | $3.46B | $3.5B | -1.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $3.66B2025-12-31 | $3.72B | -1.8% | $3.66B | $3.72B | -1.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $626M2025-12-31 | $774M | -19.1% | $626M | $774M | -19.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $529M2025-12-31 | $558M | -5.2% | $529M | $558M | -5.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01