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Boston Scientific delivered strong Q1 2026 results with revenue of $5.20B (+11.6% YoY), operating income of $1.10B (+19.5% YoY), and EPS nearly doubling to $0.90, though operating cash flow declined 35.7% to $348M.
营业收入
$5.2B
同比 ++11.58%
每股收益（基本）
$0.90
同比 ++95.65%
毛利率
69.5%
同比 ++0.62%
营业利润
$1.1B
同比 ++19.54%
提交于 · 来源: SEC EDGAR 10-Q 原文
Boston Scientific (BSX) Q1 FY2026 营收 $5.2B，同比增长 11.6%。 稀释每股收益 $0.90。 毛利率 69.5%。
Revenue grew 11.6% YoY to $5.20B in Q1 2026 from $4.66B in Q1 2025, reflecting continued strong demand across Boston Scientific's medical device portfolio. This growth rate outpaced cost of revenue growth of 9.4%, contributing to gross profit expansion.
来源: Source: 10-Q Income Statement
Gross margin improved to 69.5% from 68.8% YoY, while operating margin expanded 140 basis points to 21.2% from 19.8%. Operating income surged 19.5% to $1.10B, demonstrating meaningful operating leverage as revenue growth outpaced expense growth.
来源: Source: 10-Q Income Statement & Key Ratios
Basic and diluted EPS both reached $0.90 in Q1 2026, compared to $0.46 and $0.45 respectively in Q1 2025, representing approximately 95-100% YoY growth. This significant jump likely reflects both improved operating performance and potential non-recurring items or tax benefits.
来源: Source: 10-Q Income Statement
Total assets grew 10.5% to $44.35B, stockholders' equity increased 16.4% to $25.86B, and cash & equivalents doubled to $1.45B from $725M. The current ratio improved to 1.90 as current liabilities declined 9.6% to $4.57B, indicating a healthier near-term liquidity position.
来源: Source: 10-Q Balance Sheet
Operating cash flow fell 35.7% YoY to $348M from $541M, a notable divergence from the strong earnings growth. This gap between net income and operating cash flow may reflect working capital build-up or timing of cash collections, and warrants monitoring in subsequent quarters.
来源: Source: 10-Q Cash Flow Statement
Despite nearly doubling EPS to $0.90, operating cash flow declined sharply by 35.7% to $348M. This significant divergence between reported earnings and cash generation may indicate working capital pressures, deferred revenue recognition, or one-time non-cash items boosting net income. Sustained weakness in cash conversion could limit financial flexibility.
来源: Source: 10-Q Cash Flow Statement & Income Statement
SG&A expenses rose 11.5% YoY to $1.78B, nearly matching the revenue growth rate of 11.6%, which limits the degree of operating leverage achievable. At $1.78B, SG&A represents a substantial portion of revenue, and any deceleration in top-line growth without corresponding cost discipline could pressure margins.
来源: Source: 10-Q Income Statement
With total assets of $44.35B against stockholders' equity of $25.86B, a substantial portion of Boston Scientific's asset base likely consists of goodwill and intangible assets from acquisitions. Any impairment of these assets could materially impact reported equity and earnings, particularly in a slower growth environment.
来源: Source: 10-Q Balance Sheet
Investing cash outflows increased to -$591M from -$500M YoY, while operating cash flow declined to $348M, resulting in negative free cash flow of approximately -$243M for the quarter. Continued negative free cash flow could increase reliance on external financing and pressure the balance sheet over time.
来源: Source: 10-Q Cash Flow Statement
Financing cash flow swung dramatically from +$233M in Q1 2025 to -$260M in Q1 2026, a change of over $490M. This reversal may reflect debt repayments, share buybacks, or reduced borrowings, and combined with declining operating cash flow, could constrain capital allocation flexibility.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $0.80，分析师一致预期 $0.79，超预期 +0.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $5.2B | $4.66B | +11.58% |
营业成本 | $1.59B | $1.45B | +9.43% |
毛利润 | $3.61B | $3.21B | +12.59% |
营业利润 | $1.1B | $921M | +19.54% |
每股收益（基本） | $0.90 | $0.46 | +95.65% |
每股收益（稀释） | $0.90 | $0.45 | +100.00% |
销售及管理费用 | $1.78B | $1.6B | +11.52% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $44.35B | $40.14B | +10.49% |
流动资产 | $8.68B | $7.33B | +18.39% |
流动负债 | $4.57B | $5.06B | -9.63% |
股东权益 | $25.86B | $22.21B | +16.44% |
现金及等价物 | $1.45B | $725M | +100.41% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $348M | $541M | -35.67% |
投资活动现金流 | $-591M | $-500M | -18.20% |
筹资活动现金流 | $-260M | $233M | -211.59% |
折旧及摊销 | $351M | $325M | +8.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 69.5% | 68.8% | +0.62% |
营业利润率 | 21.2% | 19.8% | +1.41% |
流动比率 | $1.9 | — | — |
Boston Scientific reported diluted EPS of $0.90 in Q1 2026, nearly double the $0.45 reported in Q1 2025. Revenue also grew a strong 11.6% YoY to $5.20B, suggesting a robust quarter, though comparison to Wall Street consensus estimates requires external analyst data not included in the filing.
The headline takeaways from BSX Q1 2026 are: revenue grew 11.6% to $5.20B, EPS nearly doubled to $0.90, and operating margin expanded to 21.2%. However, operating cash flow declined sharply by 35.7% to $348M, creating a notable divergence between reported earnings and cash generation that investors should monitor.
Boston Scientific's revenue grew 11.6% year-over-year to $5.20B in Q1 2026, up from $4.66B in Q1 2025. This growth outpaced cost of revenue growth of 9.4%, enabling gross profit to expand 12.6% to $3.61B and gross margin to improve to 69.5%.
Boston Scientific's balance sheet appears healthy, with a current ratio of 1.90, cash & equivalents that doubled to $1.45B, and stockholders' equity growing 16.4% to $25.86B. The primary concern is the 35.7% decline in operating cash flow to $348M and negative free cash flow of approximately -$243M for the quarter.
Despite EPS nearly doubling to $0.90, Boston Scientific's operating cash flow fell 35.7% YoY to $348M in Q1 2026, and free cash flow turned negative at approximately -$243M. This divergence likely reflects working capital changes, timing of cash collections, or non-cash items boosting reported net income, and is a key area for investors to watch in coming quarters.