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Boston Scientific (BSX) delivered a strong FY2025 with revenue surging 19.9% to $20.1B, operating income jumping 38.8% to $3.6B, and EPS rising 55.6% to $1.96, driven by robust top-line growth and meaningful margin expansion.
营业收入
$20.07B
同比 ++19.87%
每股收益（基本）
$1.96
同比 ++55.56%
毛利率
69.0%
同比 ++0.41%
营业利润
$3.61B
同比 ++38.80%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Boston Scientific (BSX) FY2025 营收 $20.07B，同比增长 19.9%。 稀释每股收益 $1.94。 毛利率 69.0%。
BSX grew total revenue by 19.9% year-over-year to $20.1B in FY2025 (from $16.7B in the prior year), reflecting broad-based demand for its medical devices and continued market share gains in key therapeutic areas.
来源: Source: 10-K Income Statement
Operating income grew 38.8% to $3.6B, outpacing revenue growth and expanding operating margin by approximately 245 basis points to 18.0%, demonstrating meaningful operating leverage as the company scaled its revenue base while managing SG&A growth to 15.1%.
来源: Source: 10-K Income Statement
Gross margin improved modestly to 69.0% from 68.6% in the prior year, indicating stable pricing power and cost of revenue management even as cost of revenue rose 18.3% to $6.2B on higher volumes.
来源: Source: 10-K Income Statement & Key Ratios
Operating cash flow increased 32.0% to $4.5B, and cash & equivalents surged 374.6% to $2.0B from $414M, reflecting strong earnings conversion and a significant reduction in investing outflows (from -$5.7B to -$2.6B), suggesting lower acquisition spending compared to the prior year.
来源: Source: 10-K Cash Flow Statement
Current assets grew 27.1% to $8.8B while current liabilities fell 15.0% to $5.4B, pushing the current ratio to a healthy 1.62 and stockholders' equity up 11.3% to $24.2B, indicating a meaningfully improved near-term liquidity position.
来源: Source: 10-K Balance Sheet
BSX has historically grown through acquisitions, and the prior year's investing cash outflow of -$5.7B suggests significant M&A activity. Integrating acquired businesses carries risks of cost overruns, talent retention challenges, and failure to realize expected synergies, which could weigh on future margins.
来源: Source: 10-K Cash Flow Statement
SG&A expenses rose 15.1% to $6.9B in FY2025, representing a substantial portion of revenue. While this growth was below revenue growth, continued investment in sales force expansion and marketing to sustain top-line momentum could compress margins if revenue growth decelerates.
来源: Source: 10-K Income Statement
BSX achieved 19.9% revenue growth in FY2025, a pace that may be difficult to sustain as the business scales toward $20B. Slower growth in any key therapeutic segment or geographic market could disappoint investor expectations and pressure the stock.
来源: Source: 10-K Income Statement
Total assets of $43.7B significantly exceed stockholders' equity of $24.2B, implying meaningful debt on the balance sheet. Rising interest rates or refinancing needs could increase interest expense and reduce net income, particularly given the capital-intensive nature of medical device development and M&A.
来源: Source: 10-K Balance Sheet
As a medical device manufacturer, BSX faces ongoing risks from FDA regulatory actions, product recalls, and litigation related to device safety. Any adverse regulatory decision or significant product liability judgment could materially impact revenue and profitability.
来源: Source: 10-K (General Medical Device Industry Context)
FY2025 实际 EPS $0.80，分析师一致预期 $0.79，超预期 +1.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $20.07B | $16.75B | +19.87% |
营业成本 | $6.22B | $5.26B | +18.34% |
毛利润 | $13.85B | $11.49B | +20.57% |
营业利润 | $3.61B | $2.6B | +38.80% |
每股收益（基本） | $1.96 | $1.26 | +55.56% |
每股收益（稀释） | $1.94 | $1.25 | +55.20% |
销售及管理费用 | $6.89B | $5.98B | +15.09% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $43.67B | $39.4B | +10.86% |
流动资产 | $8.79B | $6.92B | +27.08% |
流动负债 | $5.44B | $6.4B | -15.00% |
股东权益 | $24.23B | $21.77B | +11.31% |
现金及等价物 | $1.97B | $414M | +374.64% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $4.53B | $3.44B | +31.99% |
投资活动现金流 | $-2.64B | $-5.69B | +53.58% |
筹资活动现金流 | $-395M | $1.81B | -121.78% |
折旧及摊销 | $1.37B | $1.27B | +7.80% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 69.0% | 68.6% | +0.41% |
营业利润率 | 18.0% | 15.5% | +2.46% |
流动比率 | $1.617 | — | — |
Health Care Equipment 行业其他公司
Boston Scientific grew revenue by 19.9% year-over-year to $20.1B in FY2025, up from $16.7B in the prior year. This strong top-line growth reflects broad-based demand for its medical devices and continued market penetration across its therapeutic segments.
The key takeaways from BSX's FY2025 results include: revenue of $20.1B (+19.9%), operating income of $3.6B (+38.8%), and EPS of $1.96 (+55.6%), all reflecting strong operating leverage and margin expansion. Operating cash flow also surged 32.0% to $4.5B, and cash on hand jumped from $414M to nearly $2.0B.
Yes, BSX expanded both gross and operating margins in FY2025. Gross margin improved to 69.0% from 68.6%, while operating margin expanded approximately 245 basis points to 18.0%, as revenue growth of 19.9% outpaced SG&A growth of 15.1%.
BSX's balance sheet is in solid shape, with a current ratio of 1.62, stockholders' equity of $24.2B (+11.3% YoY), and cash & equivalents of $2.0B — a 374.6% increase from $414M in the prior year. Operating cash flow of $4.5B provides ample liquidity to fund operations, debt service, and potential acquisitions.
Based on the financial data, key risks for BSX include integration risk from its historically acquisition-driven growth strategy (prior year investing outflows were -$5.7B), ongoing SG&A cost pressure ($6.9B in FY2025), and regulatory and product liability risks inherent to the medical device industry. Investors should review the full Risk Factors section of the 10-K for a comprehensive list.