The table below presents information about Edwards Lifesciences' reportable segments (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Segment Net Sales | | | | | | | | | United States | $ | 1,003.5 | | | $ | 889.7 | | | $ | 1,941.1 | | | $ | 1,728.6 | | | Europe | 439.6 | | | 378.2 | | | 882.2 | | | 720.0 | | | Japan | 96.4 | | | 95.3 | | | 187.0 | | | 177.1 | | | Rest of World | 201.5 | | | 169.0 | | | 379.3 | | | 319.2 | | | Total segment net sales | $ | 1,741.0 | | | $ | 1,532.2 | | | $ | 3,389.6 | | | $ | 2,944.9 | | | Cost of Sales | | | | | | | | | United States | $ | 185.2 | | | $ | 167.5 | | | $ | 357.2 | | | $ | 313.5 | | | Europe | 93.4 | | | 84.8 | | | 187.0 | | | 167.0 | | | Japan | 15.3 | | | 13.6 | | | 29.6 | | | 25.9 | | | Rest of World | 55.2 | | | 43.9 | | | 102.8 | | | 83.7 | | | Total segment cost of sales | $ | 349.1 | | | $ | 309.8 | | | $ | 676.6 | | | $ | 590.1 | | | Selling, general, and administrative expenses | | | | | | | | | United States | $ | 164.7 | | | $ | 135.7 | | | $ | 318.8 | | | $ | 268.9 | | | Europe | 76.3 | | | 74.2 | | | 148.1 | | | 147.6 | | | Japan | 16.5 | | | 18.5 | | | 32.4 | | | 34.9 | | | Rest of World | 50.0 | | | 48.3 | | | 98.0 | | | 90.4 | | | Total segment selling, general, and administrative expenses | $ | 307.5 | | | $ | 276.7 | | | $ | 597.3 | | | $ | 541.8 | | | Other Segment Items | | | | | | | | | United States | $ | 0.7 | | | $ | 0.6 | | | $ | 1.5 | | | $ | 1.2 | | | Europe | 38.1 | | | 15.2 | | | 80.0 | | | 6.9 | | | Japan | (8.9) | | | (0.2) | | | (14.9) | | | (4.8) | | | Rest of World | (7.1) | | | (7.9) | | | (14.6) | | | (17.1) | | Total other segment items (a) | $ | 22.8 | | | $ | 7.7 | | | $ | 52.0 | | | $ | (13.8) | | | Segment Operating Income | | | | | | | | | United States | $ | 652.9 | | | $ | 585.9 | | | $ | 1,263.6 | | | $ | 1,145.0 | | | Europe | 231.8 | | | 204.0 | | | 467.1 | | | 398.5 | | | Japan | 73.5 | | | 63.4 | | | 139.9 | | | 121.1 | | | Rest of World | 103.4 | | | 84.7 | | | 193.1 | | | 162.2 | | | Total segment operating income | $ | 1,061.6 | | | $ | 938.0 | | | $ | 2,063.7 | | | $ | 1,826.8 | |
_______________________________________________________________________________ (a) Other segment items include research and development expenses and foreign currency. The table below presents a reconciliation of segment operating income to consolidated pre-tax income (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Pre-tax Income Reconciliation | | | | | | | | | Segment operating income | $ | 1,061.6 | | | $ | 938.0 | | | $ | 2,063.7 | | | $ | 1,826.8 | | | Unallocated amounts: | | | | | | | | | Corporate items | (538.3) | | | (505.2) | | | (1,033.1) | | | (991.4) | | Separation costs | — | | | (4.2) | | | — | | | (8.4) | | | | | | | | | | | Certain litigation expenses | (6.3) | | | (15.5) | | | (43.4) | | | (26.4) | | | | | | | | | | | Foreign currency | (3.8) | | | (1.9) | | | 3.6 | | | 5.4 | | | Consolidated operating income | 513.2 | | | 411.2 | | | 990.8 | | | 806.0 | | | Non-operating income (expense) | 6.6 | | | (11.0) | | | (12.0) | | | 28.1 | | | Consolidated pre-tax income | $ | 519.8 | | | $ | 400.2 | | | $ | 978.8 | | | $ | 834.1 | |
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