BSX · 10-Q · 2026Q3 · Full report

Liquidity and Capital Position

BOSTON SCIENTIFIC CORP · 2026-11-02 · Importance 13 · Surprise 6

At September 30, 2026, Boston Scientific held $609 million of unrestricted cash and cash equivalents. It had $1.029 billion outstanding under its commercial-paper program, no borrowings under its $3.0 billion revolving credit agreement, and $1.971 billion of additional liquidity available under that facility. The company also had no amounts outstanding under its $2.0 billion 364-day revolver or $6.0 billion delayed-draw term-loan agreement, both arranged to support the pending Penumbra acquisition. Its actual leverage ratio was 1.95 times against a 3.75-times covenant maximum, and it reported compliance with the covenant.

Key facts

• Boston Scientific's $3.000 billion revolving credit agreement matures February 26, 2031; on September 30, 2026, $1.029 billion of commercial paper was outstanding, no revolver borrowings were outstanding, and $1.971 billion of additional liquidity remained available. source
• As of September 30, 2026, Boston Scientific had no borrowings under its $2.000 billion 364-day revolving credit agreement or $6.000 billion term loan agreement; the term loan permits delayed draws of up to $1.000 billion and $5.000 billion, available only upon closing the Penumbra acquisition. source
• Boston Scientific had $609 million of unrestricted cash and cash equivalents on September 30, 2026, including $181 million in money market funds and time deposits and $428 million in bank accounts. source
• The credit agreements permit a maximum leverage ratio of 4.75 times for four quarters following a qualifying acquisition exceeding $1.000 billion, stepping down to 4.50, 4.25, and 4.00 times in the fifth, sixth, and seventh succeeding quarters, then 3.75 times. source
• Boston Scientific had $1.128 billion remaining of its $1.160 billion permitted exclusion for net cash litigation payments as of September 30, 2026. source
• Boston Scientific's maximum permitted leverage ratio was 3.75 times and actual leverage was 1.95 times on September 30, 2026; the company was in covenant compliance. source
• Boston Scientific believed its cash, operating cash generation, capital-market access, and credit facilities were sufficient for the next 12 months and foreseeable future to fund operations, investment, legal liabilities, taxes, debt service, and possible acquisitions. source