Company file · BSX

Boston Scientific

Boston Scientific's revenue rose 19.9% in FY2025, to $20.1B, and net income rose 56.7% to $2.9B

Revenue rose 19.9% to $20.1B in FY2025, from $16.7B in FY2024. Net income rose 56.7% to $2.9B. Cardiovascular was the largest segment, at 66% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 17, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 2, 2026) · Data pulled Nov 11, 2026

Key facts

Boston Scientific (NYSE: BSX) reported revenue of $20.1B for fiscal 2025, the year ended Dec 31, 2025, up 19.9% from fiscal 2024. Net income was $2.9B, up 56.7%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $5.1B, up 1.4% from the same quarter a year earlier, and net income was $580M. The largest piece by segment was Cardiovascular, at 66% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 2, 2026).

Revenue$20.1BFY2025 · +19.9% vs FY2024

Net income$2.9BFY2025 · +56.7% vs FY2024

Operating cash flow$4.5BFY2025 · +32.0% vs FY2024

Cash & equivalents$609Mat Sep 30, 2026 · −69.0% vs FY2025 end

Total debt$12.0Bat Sep 30, 2026 · +4.5% vs FY2025 end

Diluted shares1.49BFY2025 avg · +0.6% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 17, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 1, 2026 · 10-Q filed Aug 3, 2026 · 10-Q filed Nov 2, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Cardiovascular$13.2B66%+23.2%
MedSurg$6.8B34%+13.9%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Cardiovascular (66%) and MedSurg (34%), as shares of total revenue. Total revenue was $20.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

62%38%

FY2024

64%36%

FY2025

66%34%

CardiovascularMedSurg

Source: 10-K FY2025

By product or service, FY2025

Interventional Cardiology & Vascular Therapies$4.6B23%+10.5%

Electrophysiology (EP)$3.3B17%+74.6%

Global Endoscopy (Endo) Reporting Unit$2.9B15%+8.5%

Global Urology and Pelvic Health Reporting Unit$2.7B13%+23.1%

Cardiac Rhythm Management$2.3B12%+2.3%

Watchman$2.0B10%+29.2%

Global Neuromodulation (NM) Reporting Unit$1.2B6%+8.4%

Interventional Oncology & Embolization$996M5%+16.4%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$5.1B Q3 2026

$5.1B Q3 2025

1.4% increase

Net income

$580M Q3 2026

$755M Q3 2025

23.2% decrease

Source: Boston Scientific 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026

By segment

Cardiovascular

$3.4B Q3 2026

$3.3B Q3 2025

1.9% increase

MedSurg

$1.7B Q3 2026

$1.7B Q3 2025

0.6% increase

Source: Boston Scientific 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026

Cash & equivalents $609M at Sep 30, 2026, vs $2.0B at FY2025 end.
Total debt $12.0B at Sep 30, 2026, vs $11.4B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $2.9B vs $3.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 19.9% in FY2025 to $20.1B, from $16.7B a year earlier. 10-K, FY2025
Net income rose 56.7% in FY2025 to $2.9B, from $1.8B. 10-K, FY2025
Operating cash flow rose 32.0% in FY2025 to $4.5B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $5.1B, up 1.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Total debt rose 6.4% in FY2025 to $11.4B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Boston Scientific is in the health care equipment industry, part of the health care sector. The SEC files it under Surgical & Medical Instruments & Apparatus.

Boston Scientific reports 2 segments: Cardiovascular and MedSurg.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care equipment industry. They are not a summary of Boston Scientific’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$14.2B	$16.7B	$20.1B
Net income	$1.6B	$1.8B	$2.9B
Operating cash flow	$2.5B	$3.4B	$4.5B
Cash & equivalents (year end)	$865M	$414M	$2.0B
Total debt (year end)	$9.1B	$10.7B	$11.4B
Diluted shares	1.46B	1.49B	1.49B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income including the share that belongs to minority owners of subsidiaries.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.

Recent filings

Form	Filed	Period
10-Q	Nov 2, 2026	Sep 30, 2026
10-Q	Aug 3, 2026	Jun 30, 2026
10-Q	May 1, 2026	Mar 31, 2026
DEF 14A	Mar 18, 2026	Mar 18, 2026
10-K	Feb 17, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Boston Scientific

How does Boston Scientific make money?

Boston Scientific's revenue was $20.1B in fiscal 2025. By segment in FY2025: Cardiovascular (66%) and MedSurg (34%), as shares of total revenue. Total revenue was $20.1B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What was Boston Scientific's revenue in fiscal 2025?

$20.1B of revenue for the fiscal year ended Dec 31, 2025, up 19.9% from $16.7B in fiscal 2024. Fiscal 2023 was $14.2B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

Is Boston Scientific profitable?

Boston Scientific reported net income of $2.9B for fiscal 2025, up 56.7% from $1.8B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $580M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What did Boston Scientific report in its latest quarterly filing?

Revenue was $5.1B in the quarter ended Sep 30, 2026, up 1.4% from $5.1B a year earlier. Net income was $580M, down 23.2% from $755M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026.

How much cash and debt does Boston Scientific have?

Boston Scientific had $609M in cash and cash equivalents and $12.0B of total debt on Sep 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Nov 2, 2026.

What are the main risks Boston Scientific faces?

Boston Scientific's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 17, 2026. Risks that are common among companies in the health care equipment industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Boston Scientific numbers come from?

From Boston Scientific's own SEC filings: the 10-K for fiscal 2025 (filed Feb 17, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 2, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Boston Scientific

Two Sigma Investments: 19,359,023 shares, reported value $826.2M at Jun 30, 2026 (+105.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Maverick Capital: 5,937,553 shares, reported value $253.4M at Jun 30, 2026 (+41.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 4,987,748 shares, reported value $212.9M at Jun 30, 2026 (+18.3% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 5,437,567 shares, reported value $210.7M at Jun 30, 2026 (+25.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Renaissance Technologies: 2,412,005 shares, reported value $102.9M at Jun 30, 2026 (−23.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Bridgewater Associates: 442,036 shares, reported value $18.9M at Jun 30, 2026 (+474.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 365,241 shares, reported value $15.6M at Jun 30, 2026 (−90.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Polen Capital Management: 4,750 shares, reported value $0.2M at Jun 30, 2026 (−99.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 4, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in BSX: The editor holds no position in Boston Scientific (BSX). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell BSX from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 3, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold BSX, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Boston ScientificBSX	FY2025	$20.1B	+19.9%	$2.9B
AbbottABT	FY2025	$44.3B	+5.7%	$6.5B
Intuitive SurgicalISRG	FY2025	$10.1B	+20.5%	$2.9B
MedtronicMDT	FY2026	$36.4B	+8.4%	$4.8B
StrykerSYK	FY2025	$25.1B	+11.2%	$3.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.