10-Q · August 3, 2026
Boston Scientific delivered Q2 revenue of $5.442 billion, up 7.5% year over year, and GAAP diluted EPS of $0.61, up 15.2% year over year, while adjusted EPS reached $0.86. Gross margin improved sharply to 70.7%, and…
Earnings analysis · 10-Q
BSX earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
Boston Scientific reported third-quarter revenue of $5.138 billion and GAAP diluted EPS of $0.40, but the filing highlights a material August 25, 2026 cybersecurity incident that disrupted manufacturing and order…
Read full summary
Boston Scientific reported third-quarter revenue of $5.138 billion and GAAP diluted EPS of $0.40, but the filing highlights a material August 25, 2026 cybersecurity incident that disrupted manufacturing and order fulfillment and materially affected third-quarter results. Operations were restored, although the company may not recover all affected revenue and expects additional remediation and cybersecurity costs. Balance-sheet risk is moderated by $10.847 billion of fixed-rate debt representing approximately 91% of total debt, while cyber-related litigation, regulatory scrutiny, concentrated manufacturing, and future ERP-control changes remain significant risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.4
- Operating margin
- 16.1%
What stood out
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Disclosure controls remained effective
The company stated that disclosure controls and procedures were effective as of September 30, 2026, based on the CEO and CFO evaluation.
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Debt largely fixed-rate
Approximately 91% of total debt was at fixed interest rates as of September 30, 2026, with $10.847 billion of fixed-rate debt, limiting near-term interest-rate sensitivity.
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Expanded FX hedging
Currency derivative contract amounts increased to $17.138 billion as of September 30, 2026 from $12.726 billion at December 31, 2025, supporting management of foreign-exchange exposure.
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Operations restored after cyber incident
Management reported that operations affected by the August 25, 2026 cybersecurity incident had since been fully restored.
What to watch
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Cyberattack materially disrupted operations
The August 25, 2026 cybersecurity incident caused a global operational disruption that affected manufacturing and the processing and shipment of customer orders, and materially impacted third-quarter 2026 results. The company warned it may not recover all affected revenue and expects increased remediation and cybersecurity costs.
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Cyber-related litigation and scrutiny
Civil legal claims have been filed following the cybersecurity incident, and the company stated it may face regulatory scrutiny; it is unable to predict the outcome or timeline of these matters.
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Concentrated manufacturing risk
The company stated that manufacturing for many products is concentrated in one or a few locations and that future interruptions could impair production and distribution. It also noted that operations resumed within weeks of the August incident, but future interruptions may not be restored as quickly.
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ERP implementation control risk
The multi-year ERP implementation will continue over the next several years, and management expects future phases to have a material impact on internal controls over financial reporting.
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Material foreign-exchange exposure
Foreign-exchange exposure remains substantial: a 10% dollar appreciation would increase the fair value of currency derivatives by $895 million, while a 10% depreciation would decrease it by $1.097 billion as of September 30, 2026, although management expects corresponding hedge offsets.
Management's outlook
The provided 10-Q text does not include quantitative revenue or EPS guidance; outlook was provided in the October 28, 2026 earnings release rather than this filing.
Earlier filings 2
10-Q · May 1, 2026
Boston Scientific's Q1 2026 results showed strong revenue growth of 11.6% year-over-year, reaching $5.203 billion, primarily driven by strong performance in the Cardiovascular and Neuromodulation segments. Adjusted EPS…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.