NYSE : BSX
Boston Scientific Corporation — Financial statements
Healthcare · Medical Devices · United States
Last price 41.98 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 60.84B
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Financial statements
Boston Scientific Corporation (BSX) reported revenue of 21.07B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 21.07B | 20.07B | 16.75B | 14.24B | 12.68B | 11.89B |
| Cost of Revenue | 6.62B | 6.27B | 5.29B | 4.39B | 4.00B | 3.76B |
| Gross Profit | 14.45B | 13.81B | 11.46B | 9.85B | 8.68B | 8.13B |
| Selling, General & Admin | 7.10B | 6.89B | 5.98B | 5.19B | 4.52B | 4.36B |
| Research & Development | 2.16B | 2.05B | 1.61B | 1.41B | 1.32B | 1.20B |
| Amortization of Goodwill & Intangibles | 927.00M | 897.00M | 856.00M | 828.00M | 803.00M | 741.00M |
| Operating Expenses | 10.19B | 9.84B | 8.46B | 7.43B | 6.65B | 6.30B |
| Operating Income | 4.26B | 3.97B | 3.00B | 2.42B | 2.03B | 1.82B |
| Interest Expense | -375.00M | -349.00M | -305.00M | -265.00M | -470.00M | -341.00M |
| Interest & Investment Income | 29.00M | 29.00M | 107.00M | 22.00M | 10.00M | 4.00M |
| Currency Exchange Gain (Loss) | -12.00M | -12.00M | -16.00M | -41.00M | -31.00M | -27.00M |
| Other Non Operating Income (Expenses) | -30.00M | -34.00M | -31.00M | -15.00M | -14.00M | -7.00M |
| EBT Excluding Unusual Items | 3.88B | 3.60B | 2.76B | 2.12B | 1.53B | 1.45B |
| Merger & Restructuring Charges | -215.00M | -101.00M | -16.00M | -69.00M | -24.00M | -40.00M |
| Gain (Loss) on Sale of Investments | 314.00M | 139.00M | -79.00M | -59.00M | -1.00M | 250.00M |
| Gain (Loss) on Sale of Assets | -22.00M | 78.00M | ||||
| Asset Writedown | -39.00M | -46.00M | -386.00M | -58.00M | -132.00M | -370.00M |
| Legal Settlements | -351.00M | -194.00M | 111.00M | -173.00M | -430.00M | |
| Other Unusual Items | 71.00M | -18.00M | 5.00M | -58.00M | -35.00M | 136.00M |
| Pretax Income | 3.66B | 3.38B | 2.28B | 1.99B | 1.14B | 1.08B |
| Income Tax Expense | 162.00M | 493.00M | 436.00M | 393.00M | 443.00M | 36.00M |
| Earnings From Continuing Operations | 3.49B | 2.89B | 1.84B | 1.59B | 698.00M | 1.04B |
| Minority Interest in Earnings | 8.00M | 6.00M | 8.00M | 1.00M | ||
| Net Income | 3.50B | 2.90B | 1.85B | 1.59B | 698.00M | 1.04B |
| Preferred Dividends & Other Adjustments | 23.00M | 56.00M | 56.00M | |||
| Net Income to Common | 3.50B | 2.90B | 1.85B | 1.57B | 642.00M | 985.00M |
| Shares Outstanding (Basic) | 1.47B | 1.48B | 1.47B | 1.45B | 1.43B | 1.42B |
| Shares Outstanding (Diluted) | 1.48B | 1.49B | 1.49B | 1.46B | 1.44B | 1.43B |
| EPS (Basic) | 2.38 | 1.96 | 1.26 | 1.08 | 0.45 | 0.69 |
| EPS (Diluted) | 2.37 | 1.94 | 1.25 | 1.07 | 0.45 | 0.69 |
| Free Cash Flow | 3.66B | 2.65B | 1.79B | 938.00M | 1.32B | |
| Free Cash Flow Per Share | 2.45 | 1.78 | 1.22 | 0.65 | 0.92 | |
| Gross Margin | 68.58% | 68.78% | 68.41% | 69.16% | 68.44% | 68.37% |
| Operating Margin | 20.24% | 19.78% | 17.93% | 16.97% | 16.03% | 15.34% |
| Profit Margin | 16.62% | 14.44% | 11.06% | 11.03% | 5.06% | 8.29% |
| Free Cash Flow Margin | 18.22% | 15.79% | 12.58% | 7.40% | 11.07% | |
| EBITDA | 5.69B | 5.34B | 4.27B | 3.61B | 3.17B | 2.92B |
| EBITDA Margin | 27.02% | 26.60% | 25.50% | 25.37% | 24.99% | 24.54% |
| D&A For EBITDA | 1.43B | 1.37B | 1.27B | 1.20B | 1.14B | 1.09B |
| EBIT | 4.26B | 3.97B | 3.00B | 2.42B | 2.03B | 1.82B |
| EBIT Margin | 20.24% | 19.78% | 17.93% | 16.97% | 16.03% | 15.34% |
| Effective Tax Rate | 4.43% | 14.56% | 19.11% | 19.80% | 38.82% | 3.34% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.97B | 414.00M | 865.00M | 928.00M | 1.93B | |
| Cash & Short-Term Investments | 539.00M | 1.97B | 414.00M | 865.00M | 928.00M | 1.93B |
| Accounts Receivable | 2.93B | 2.56B | 2.23B | 1.97B | 1.78B | |
| Receivables | 2.93B | 2.56B | 2.23B | 1.97B | 1.78B | |
| Inventory | 2.94B | 2.81B | 2.48B | 1.87B | 1.61B | |
| Restricted Cash | 80.00M | 111.00M | 130.00M | 149.00M | 188.00M | |
| Other Current Assets | 880.00M | 1.03B | 807.00M | 846.00M | 816.00M | |
| Total Current Assets | 8.79B | 6.92B | 6.51B | 5.76B | 6.32B | |
| Property, Plant & Equipment | 4.50B | 3.74B | 3.30B | 2.83B | 2.69B | |
| Long-Term Investments | 682.00M | 555.00M | 413.00M | 407.00M | 411.00M | |
| Goodwill | 18.28B | 17.09B | 14.39B | 12.92B | 11.99B | |
| Other Intangible Assets | 7.02B | 6.68B | 6.00B | 5.97B | 6.24B | |
| Long-Term Deferred Tax Assets | 3.67B | 3.65B | 3.84B | 3.94B | 4.14B | |
| Other Long-Term Assets | 720.00M | 749.00M | 680.00M | 639.00M | 449.00M | |
| Total Assets | 43.67B | 39.40B | 35.14B | 32.47B | 32.23B | |
| Accounts Payable | 1.14B | 960.00M | 942.00M | 862.00M | 794.00M | |
| Accrued Expenses | 3.20B | 2.77B | 2.14B | 1.85B | 1.88B | |
| Current Portion of Long-Term Debt | 299.00M | 1.78B | 531.00M | 20.00M | 261.00M | |
| Current Portion of Leases | 90.00M | 81.00M | 76.00M | 61.00M | 71.00M | |
| Current Income Taxes Payable | 220.00M | 232.00M | 209.00M | |||
| Current Unearned Revenue | 313.00M | 306.00M | 266.00M | 220.00M | 208.00M | |
| Other Current Liabilities | 392.00M | 501.00M | 762.00M | 553.00M | 848.00M | |
| Total Current Liabilities | 5.44B | 6.40B | 4.93B | 3.80B | 4.27B | |
| Long-Term Debt | 11.01B | 8.84B | 8.57B | 8.91B | 8.80B | |
| Long-Term Leases | 571.00M | 527.00M | 395.00M | 352.00M | 395.00M | |
| Long-Term Unearned Revenue | 369.00M | 329.00M | 311.00M | 289.00M | 276.00M | |
| Long-Term Deferred Tax Liabilities | 220.00M | 155.00M | 134.00M | 144.00M | 310.00M | |
| Other Long-Term Liabilities | 1.59B | 1.14B | 1.27B | 1.40B | 1.55B | |
| Total Liabilities | 19.20B | 17.39B | 15.61B | 14.90B | 15.61B | |
| Common Stock | 17.00M | 17.00M | 17.00M | 17.00M | 17.00M | |
| Additional Paid-In Capital | 21.50B | 21.06B | 20.65B | 20.29B | 19.99B | |
| Retained Earnings | 5.57B | 2.67B | 819.00M | -750.00M | -1.39B | |
| Treasury Stock | -2.25B | -2.25B | -2.25B | -2.25B | -2.25B | |
| Comprehensive Income & Other | -609.00M | 275.00M | 50.00M | 268.00M | 262.00M | |
| Total Common Equity | 24.93B | 24.23B | 21.77B | 19.28B | 17.57B | 16.62B |
| Minority Interest | 239.00M | 233.00M | 248.00M | |||
| Shareholders' Equity | 25.17B | 24.47B | 22.00B | 19.53B | 17.57B | 16.62B |
| Total Liabilities & Equity | 43.67B | 39.40B | 35.14B | 32.47B | 32.23B | |
| Total Debt | 12.62B | 11.97B | 11.23B | 9.57B | 9.34B | 9.53B |
| Net Cash (Debt) | -12.09B | -10.01B | -10.81B | -8.70B | -8.41B | -7.60B |
| Net Cash Per Share | -8.17 | -6.70 | -7.28 | -5.95 | -5.84 | -5.30 |
| Filing Date Shares Outstanding | 1.45B | 1.48B | 1.48B | 1.47B | 1.43B | 1.43B |
| Total Common Shares Outstanding | 1.45B | 1.48B | 1.47B | 1.47B | 1.43B | 1.43B |
| Working Capital | 3.35B | 521.00M | 1.58B | 1.96B | 2.04B | |
| Book Value Per Share | 17.23 | 16.34 | 14.76 | 13.16 | 12.26 | 11.66 |
| Tangible Book Value | -628.00M | -1.07B | -2.00B | -1.11B | -1.32B | -1.60B |
| Tangible Book Value Per Share | -0.43 | -0.72 | -1.36 | -0.76 | -0.92 | -1.12 |
| Land | 173.00M | 144.00M | 140.00M | 137.00M | 109.00M | |
| Buildings | 2.48B | 2.02B | 1.84B | 1.70B | 1.52B | |
| Machinery | 3.83B | 3.63B | 3.50B | 3.30B | 3.29B | |
| Construction In Progress | 1.16B | 1.03B | 857.00M | 598.00M | 605.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.90B | 1.85B | 1.59B | 698.00M | 1.04B | |
| Depreciation & Amortization | 1.37B | 1.27B | 1.20B | 1.14B | 1.09B | |
| Loss (Gain) From Sale of Assets | 22.00M | -78.00M | ||||
| Asset Writedown & Restructuring Costs | 46.00M | 386.00M | 58.00M | 132.00M | 370.00M | |
| Loss (Gain) From Sale of Investments | -139.00M | 79.00M | 59.00M | 1.00M | -250.00M | |
| Stock-Based Compensation | 299.00M | 266.00M | 233.00M | 220.00M | 194.00M | |
| Other Operating Activities | 308.00M | 44.00M | 134.00M | 322.00M | -149.00M | |
| Change in Accounts Receivable | -269.00M | -351.00M | -238.00M | -220.00M | -279.00M | |
| Change in Inventory | -188.00M | -228.00M | -660.00M | -321.00M | -346.00M | |
| Change in Accounts Payable | 296.00M | 243.00M | 118.00M | -255.00M | 408.00M | |
| Change in Other Net Operating Assets | -85.00M | -126.00M | 10.00M | -209.00M | -134.00M | |
| Operating Cash Flow | 4.53B | 3.44B | 2.50B | 1.53B | 1.87B | |
| Capital Expenditures | -876.00M | -790.00M | -711.00M | -588.00M | -554.00M | |
| Sale of Property, Plant & Equipment | 12.00M | 14.00M | ||||
| Cash Acquisitions | -1.59B | -4.64B | -1.81B | -1.54B | -2.26B | |
| Divestitures | 5.00M | 826.00M | ||||
| Sale (Purchase) of Intangibles | 70.00M | 82.00M | ||||
| Investment in Securities | -254.00M | -280.00M | -89.00M | -24.00M | 279.00M | |
| Other Investing Activities | 83.00M | 23.00M | 37.00M | 56.00M | 14.00M | |
| Investing Cash Flow | -2.64B | -5.69B | -2.57B | -2.01B | -1.60B | |
| Short-Term Debt Issued | 187.00M | |||||
| Long-Term Debt Issued | 1.56B | 2.15B | 3.27B | |||
| Total Debt Issued | 1.56B | 2.33B | 3.27B | |||
| Short-Term Debt Repaid | -1.79B | -504.00M | -4.00M | -251.00M | ||
| Long-Term Debt Repaid | -258.00M | -25.00M | -3.18B | |||
| Total Debt Repaid | -2.05B | -529.00M | -4.00M | -3.44B | ||
| Net Debt Issued (Repaid) | -491.00M | 1.80B | -4.00M | -165.00M | ||
| Issuance of Common Stock | 282.00M | 230.00M | 182.00M | 136.00M | 110.00M | |
| Preferred Dividends Paid | -55.00M | -55.00M | ||||
| Dividends Paid | -55.00M | -55.00M | ||||
| Other Financing Activities | -186.00M | -219.00M | -173.00M | -464.00M | -150.00M | |
| Financing Cash Flow | -395.00M | 1.81B | 5.00M | -548.00M | -95.00M | |
| Foreign Exchange Rate Adjustments | 42.00M | -11.00M | -4.00M | -9.00M | -6.00M | |
| Miscellaneous Cash Flow Adjustments | -1.00M | 1.00M | ||||
| Net Cash Flow | 1.54B | -450.00M | -70.00M | -1.04B | 173.00M | |
| Free Cash Flow | 3.66B | 2.65B | 1.79B | 938.00M | 1.32B | |
| Free Cash Flow Margin | 18.22% | 15.79% | 12.58% | 7.40% | 11.07% | |
| Free Cash Flow Per Share | 2.45 | 1.78 | 1.22 | 0.65 | 0.92 | |
| Levered Free Cash Flow | 3.24B | 1.79B | 1.85B | 1.15B | 2.65B | |
| Unlevered Free Cash Flow | 3.46B | 1.98B | 2.02B | 1.45B | 2.87B | |
| Cash Interest Paid | 319.00M | 250.00M | 259.00M | 450.00M | 338.00M | |
| Cash Income Tax Paid | 561.00M | 656.00M | 512.00M | 662.00M | 302.00M | |
| Change in Working Capital | -246.00M | -462.00M | -770.00M | -1.00B | -351.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 63.77B | 141.35B | 131.64B | 84.69B | 66.27B | 60.53B |
| Enterprise Value | 75.85B | 152.36B | 140.65B | 93.28B | 74.87B | 68.05B |
| Last Close Price | 41.98 | 95.35 | 89.32 | 57.81 | 46.27 | 42.48 |
| PE Ratio | 18.58 | 48.77 | 71.04 | 53.94 | 103.23 | 61.46 |
| Forward PE | 14.31 | 28.71 | 33.08 | 26.76 | 24.51 | 23.73 |
| PS Ratio | 2.89 | 7.04 | 7.86 | 5.95 | 5.23 | 5.09 |
| PB Ratio | 2.44 | 5.78 | 5.98 | 4.34 | 3.77 | 3.64 |
| P/FCF Ratio | 16.78 | 38.64 | 49.77 | 47.26 | 70.65 | 46.00 |
| P/OCF Ratio | 13.43 | 31.18 | 38.32 | 33.84 | 43.43 | 32.37 |
| PEG Ratio | 1.32 | 1.65 | 2.42 | 2.19 | 2.30 | 1.64 |
| EV/Sales Ratio | 3.46 | 7.59 | 8.40 | 6.55 | 5.90 | 5.72 |
| EV/EBITDA Ratio | 12.81 | 28.54 | 32.93 | 25.82 | 23.62 | 23.33 |
| EV/EBIT Ratio | 17.10 | 38.37 | 46.85 | 38.59 | 36.83 | 37.31 |
| EV/FCF Ratio | 20.12 | 41.65 | 53.17 | 52.05 | 79.82 | 51.71 |
| Debt / Equity Ratio | 0.50 | 0.49 | 0.51 | 0.49 | 0.53 | 0.57 |
| Debt / EBITDA Ratio | 2.22 | 2.19 | 2.57 | 2.58 | 2.87 | 3.17 |
| Debt / FCF Ratio | 3.27 | 4.25 | 5.34 | 9.96 | 7.24 | |
| Net Debt / Equity Ratio | 0.48 | 0.41 | 0.49 | 0.45 | 0.48 | 0.46 |
| Net Debt / EBITDA Ratio | 2.12 | 1.87 | 2.53 | 2.41 | 2.65 | 2.60 |
| Net Debt / FCF Ratio | 2.74 | 4.09 | 4.86 | 8.97 | 5.78 | |
| Asset Turnover | 0.48 | 0.45 | 0.42 | 0.39 | 0.38 | |
| Inventory Turnover | 2.18 | 2.00 | 2.02 | 2.30 | 2.54 | |
| Quick Ratio | 0.90 | 0.46 | 0.63 | 0.76 | 0.87 | |
| Current Ratio | 1.62 | 1.08 | 1.32 | 1.51 | 1.48 | |
| Return on Equity (ROE) | 12.45% | 8.88% | 8.58% | 4.08% | 6.52% | |
| Return on Assets (ROA) | 5.98% | 5.04% | 4.47% | 3.93% | 3.62% | |
| Return on Invested Capital (ROIC) | 10.94% | 10.08% | 7.95% | 7.15% | 4.95% | 7.43% |
| Return on Capital Employed (ROCE) | 10.40% | 9.10% | 8.00% | 7.10% | 6.50% | |
| Earnings Yield | 5.38% | 2.05% | 1.41% | 1.88% | 1.05% | 1.72% |
| FCF Yield | 5.96% | 2.59% | 2.01% | 2.12% | 1.42% | 2.17% |
| Payout Ratio | 7.88% | 5.28% | ||||
| Buyback Yield / Dilution | 0.91% | -0.58% | -1.53% | -1.65% | -0.41% | -1.21% |