BOSTON SCIENTIFIC CORP FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$20.1B
Gross margin	69.0%
Operating income	$3.6B
Net income	— not reported
Diluted EPS	$1.94
Cash & equivalents	$2.0B
Total assets	$43.7B
Long-term debt	$11.1B

Key takeaway

Reported net sales grew 19.9% to $20.07B and net income attributable to common stockholders rose 56.4% to $2.898B, led by the Cardiovascular segment (up 23.2%) and its Electrophysiology/Farapulse franchise.

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Beneath the surface

Despite $1.965B in cash, total debt of $11.436B leaves the company net-debt negative by roughly $9.5B, and management is already planning to add ~$11B more debt for the pending Penumbra deal, which would sharply increase leverage from the current 1.92x ratio (covenant cap 4.50x).

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