Alcon
ALC NYSE Health Care Supplies Financials FY2010–FY2025
Alcon's revenue rose 4.9% to $10.4 billion in fiscal 2025. Its operating margin was 13.1%, down from 14.3% a year earlier. Free cash flow was $1.7 billion, up 7.7%. It paid out $842 million in dividends and buybacks, 49% of free cash flow. The diluted share count fell 0.3%.
Last close · Oct 23, 2026
$70.17
0.7%
Revenue
Total sales reported in the income statement.
$10.4B
4.9%
vs prior year
Operating margin
Operating income as a share of revenue.
13.1%
1.2 pts
Net income
Profit after all expenses, interest and tax.
$980M
3.7%
Free cash flow
Cash from operations minus capital spending.
$1.7B
7.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.6%
0.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$34.8B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
About these figures. Alcon is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.
What Alcon does
No business description yet.
- Legal name
- Alcon Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001167379-26-000014
0001167379
Revenue and margins
Alcon had $10.4B of revenue in fiscal 2025, up 4.9% on the year before.
FY10
Revenue $7.2B
FY17
Revenue $6.8B
FY18
Revenue $7.2B
FY19
Revenue $7.5B
FY20
Revenue $6.8B
FY21
Revenue $8.3B
FY22
Revenue $8.7B
FY23
Revenue $9.5B
FY24
Revenue $9.9B
FY25
Revenue $10.4B
FY10
Gross 76.7%
Operating 34.5%
Net 30.8%
FCF 28.8%
FY17
Gross 47.2%
Operating −1.1%
Net 3.8%
FCF 11.8%
FY18
Gross 44.6%
Operating −3.5%
Net −3.2%
FCF 8.6%
FY19
Gross 48.8%
Operating −2.5%
Net −8.7%
FCF 4.9%
FY20
Gross 43.0%
Operating −7.1%
Net −7.8%
FCF 5.0%
FY21
Gross 56.1%
Operating 7.0%
Net 4.5%
FCF 7.8%
FY22
Gross 54.5%
Operating 7.7%
Net 3.8%
FCF 6.7%
FY23
Gross 55.5%
Operating 11.0%
Net 10.3%
FCF 7.7%
FY24
Gross 55.6%
Operating 14.3%
Net 10.3%
FCF 16.2%
FY25
Gross 55.2%
Operating 13.1%
Net 9.4%
FCF 16.6%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2010 to 2025, diluted EPS grew −13.5% a year. Loss periods are shown in red.
FY10
Net income $2.2B
FY17
Net income $256M
FY18
Net income −$227M
FY19
Net income −$656M
FY20
Net income −$531M
FY21
Net income $376M
FY22
Net income $335M
FY23
Net income $974M
FY24
Net income $1.0B
FY25
Net income $980M
FY10
Diluted EPS $7.27
FY17
Diluted EPS $0.52
FY18
Diluted EPS −$0.46
FY19
Diluted EPS −$1.34
FY20
Diluted EPS −$1.09
FY21
Diluted EPS $0.76
FY22
Diluted EPS $0.68
FY23
Diluted EPS $1.96
FY24
Diluted EPS $2.05
FY25
Diluted EPS $1.98
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY10
Return on capital 59.2%
Return on equity 33.6%
Return on assets 23.6%
FY17
Return on capital —
Return on equity —
Return on assets —
FY18
Return on capital —
Return on equity —
Return on assets —
FY19
Return on capital −0.7%
Return on equity −3.1%
Return on assets −2.4%
FY20
Return on capital −1.8%
Return on equity −2.8%
Return on assets −1.9%
FY21
Return on capital 2.4%
Return on equity 2.0%
Return on assets 1.4%
FY22
Return on capital 2.2%
Return on equity 1.7%
Return on assets 1.2%
FY23
Return on capital 4.4%
Return on equity 4.8%
Return on assets 3.3%
FY24
Return on capital 4.7%
Return on equity 4.8%
Return on assets 3.4%
FY25
Return on capital 4.6%
Return on equity 4.5%
Return on assets 3.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $1.7B in fiscal 2025, 16.6% of revenue. Cash from operations minus capital spending.
FY10
Free cash flow $2.1B
FY17
Free cash flow $803M
FY18
Free cash flow $616M
FY19
Free cash flow $367M
FY20
Free cash flow $344M
FY21
Free cash flow $645M
FY22
Free cash flow $581M
FY23
Free cash flow $730M
FY24
Free cash flow $1.6B
FY25
Free cash flow $1.7B
FY10
Cash from operations $2.4B
Capital spending $309M
FY17
Cash from operations $1.2B
Capital spending $415M
FY18
Cash from operations $1.1B
Capital spending $524M
FY19
Cash from operations $920M
Capital spending $553M
FY20
Cash from operations $823M
Capital spending $479M
FY21
Cash from operations $1.3B
Capital spending $700M
FY22
Cash from operations $1.2B
Capital spending $636M
FY23
Cash from operations $1.4B
Capital spending $658M
FY24
Cash from operations $2.1B
Capital spending $473M
FY25
Cash from operations $2.3B
Capital spending $543M
Cash from operations
Capital spending
Dividends, buybacks and share count
Alcon returned $842M to shareholders in fiscal 2025, 49% of free cash flow. The diluted share count fell 0.3%.
FY10
Dividends $1.0B
Buybacks $33.0M
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $0.0M
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $54.0M
Buybacks $0.0M
FY22
Dividends $100M
Buybacks $0.0M
FY23
Dividends $116M
Buybacks $0.0M
FY24
Dividends $130M
Buybacks $0.0M
FY25
Dividends $166M
Buybacks $676M
Dividends
Buybacks
FY10
Diluted shares 0.30B
FY17
Diluted shares 0.49B
FY18
Diluted shares 0.49B
FY19
Diluted shares 0.49B
FY20
Diluted shares 0.49B
FY21
Diluted shares 0.49B
FY22
Diluted shares 0.49B
FY23
Diluted shares 0.50B
FY24
Diluted shares 0.50B
FY25
Diluted shares 0.50B
Balance sheet
Cash, debt and the ratios that show how comfortably Alcon can carry it.
FY10
Cash $3.4B
Debt $399M
FY17
Cash —
Debt —
FY18
Cash $227M
Debt $47.0M
FY19
Cash $822M
Debt $3.5B
FY20
Cash $1.6B
Debt $4.1B
FY21
Cash $1.6B
Debt $4.1B
FY22
Cash $980M
Debt $4.6B
FY23
Cash $1.1B
Debt $4.7B
FY24
Cash $1.7B
Debt $4.6B
FY25
Cash $1.5B
Debt $4.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $980M | $1.1B | $1.7B | $1.5B |
| Debt incl. finance leases | $4.1B | $4.6B | $4.7B | $4.6B | $4.7B |
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x |
| Interest coverage | 4.8x | 5.0x | 5.5x | 7.4x | 6.7x |
| Current ratio | 2.2x | 1.9x | 2.4x | 2.8x | 2.1x |
| Quick ratio | 1.4x | 1.1x | 1.4x | 1.8x | 1.3x |
| Total assets | $28.0B | $29.2B | $29.6B | $30.3B | $31.6B |
| Total liabilities | $8.7B | $9.5B | $9.0B | $8.8B | $9.5B |
| Shareholders' equity | $19.3B | $19.7B | $20.6B | $21.6B | $22.0B |
| Net debt (− = net cash) | $2.5B | $3.7B | $3.6B | $3.0B | $3.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 8 / 9 | 8 / 9 | 6 / 9 |
| Accruals ratio | −1.4% | −3.5% | −4.2% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Alcon ALC | $34.8B | 4.9% | 13.1% | 16.6% | 4.6% | — | 6 | |
| Cooper Companies COO | $11.8B | 5.1% | 16.7% | 10.6% | 4.3% | 21.0x | 5 | Compare → |
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| Dentsply Sirona XRAY | $1.9B | −3.0% | −11.5% | 2.8% | −9.9% | — | 6 | Compare → |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY10 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $7.2B | $6.8B | $7.2B | $7.5B | $6.8B | $8.3B | $8.7B | $9.5B | $9.9B | $10.4B |
| Gross profit | $5.5B | $3.2B | $3.2B | $3.7B | $2.9B | $4.7B | $4.7B | $5.2B | $5.5B | $5.7B |
| Research and development | $747M | $584M | $587M | $656M | $673M | $842M | $702M | $828M | $876M | $990M |
| Operating income | $2.5B | −$77.0M | −$248M | −$187M | −$482M | $580M | $672M | $1.0B | $1.4B | $1.4B |
| Interest expense | $9.0M | $27.0M | $24.0M | $113M | $124M | $120M | $134M | $189M | $192M | $204M |
| Pretax income | $2.5B | −$127M | −$300M | −$332M | −$635M | $418M | $463M | $832M | $1.3B | $1.2B |
| Income tax | $317M | −$383M | −$73.0M | $324M | −$104M | $42.0M | $128M | −$142M | $238M | $180M |
| Net income | $2.2B | $256M | −$227M | −$656M | −$531M | $376M | $335M | $974M | $1.0B | $980M |
| Diluted EPS | $7.27 | $0.52 | −$0.46 | −$1.34 | −$1.09 | $0.76 | $0.68 | $1.96 | $2.05 | $1.98 |
| Diluted shares | 0.30B | 0.49B | 0.49B | 0.49B | 0.49B | 0.49B | 0.49B | 0.50B | 0.50B | 0.50B |
| Cash flow | ||||||||||
| Cash from operations | $2.4B | $1.2B | $1.1B | $920M | $823M | $1.3B | $1.2B | $1.4B | $2.1B | $2.3B |
| Capital expenditure | $309M | $415M | $524M | $553M | $479M | $700M | $636M | $658M | $473M | $543M |
| Free cash flow | $2.1B | $803M | $616M | $367M | $344M | $645M | $581M | $730M | $1.6B | $1.7B |
| Depreciation and amortization | $272M | — | — | — | — | — | — | — | — | — |
| Stock-based compensation | $78.0M | $71.0M | $93.0M | $114M | $113M | $151M | $152M | $159M | $162M | $171M |
| Acquisitions | $529M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $33.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $676M |
| Dividends paid | $1.0B | $0.0M | $0.0M | $0.0M | $0.0M | $54.0M | $100M | $116M | $130M | $166M |
| Dividends and buybacks | $1.1B | $0.0M | $0.0M | $0.0M | $0.0M | $54.0M | $100M | $116M | $130M | $842M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.4B | — | $227M | $822M | $1.6B | $1.6B | $980M | $1.1B | $1.7B | $1.5B |
| Total debt | $399M | — | $47.0M | $3.5B | $4.1B | $4.1B | $4.6B | $4.7B | $4.6B | $4.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $6.1B | — | $3.4B | $4.2B | $5.0B | $5.4B | $5.2B | $5.6B | $6.3B | $6.4B |
| Current liabilities | $1.8B | — | $1.9B | $2.3B | $2.3B | $2.5B | $2.7B | $2.4B | $2.3B | $3.0B |
| Inventory | $693M | — | $1.4B | $1.5B | $1.6B | $1.9B | $2.1B | $2.3B | $2.3B | $2.4B |
| Property and equipment, net | $1.4B | — | $2.8B | $3.1B | $3.4B | $3.7B | $4.0B | $4.4B | $4.4B | $4.8B |
| Total assets | $10.1B | — | $27.1B | $27.7B | $27.6B | $28.0B | $29.2B | $29.6B | $30.3B | $31.6B |
| Total liabilities | $2.8B | — | $4.4B | $8.4B | $8.8B | $8.7B | $9.5B | $9.0B | $8.8B | $9.5B |
| Shareholders' equity | $7.3B | $23.0B | $22.6B | $19.3B | $18.8B | $19.3B | $19.7B | $20.6B | $21.6B | $22.0B |
| Margins | ||||||||||
| Gross margin | 76.7% | 47.2% | 44.6% | 48.8% | 43.0% | 56.1% | 54.5% | 55.5% | 55.6% | 55.2% |
| Operating margin | 34.5% | −1.1% | −3.5% | −2.5% | −7.1% | 7.0% | 7.7% | 11.0% | 14.3% | 13.1% |
| EBITDA margin | 38.3% | — | — | — | — | — | — | — | — | — |
| Net margin | 30.8% | 3.8% | −3.2% | −8.7% | −7.8% | 4.5% | 3.8% | 10.3% | 10.3% | 9.4% |
| FCF margin | 28.8% | 11.8% | 8.6% | 4.9% | 5.0% | 7.8% | 6.7% | 7.7% | 16.2% | 16.6% |
| Returns | ||||||||||
| Return on capital | 59.2% | — | — | −0.7% | −1.8% | 2.4% | 2.2% | 4.4% | 4.7% | 4.6% |
| Return on capital employed | 33.0% | — | — | −0.7% | −1.9% | 2.3% | 2.6% | 3.9% | 5.1% | 4.8% |
| Return on equity | 33.6% | — | — | −3.1% | −2.8% | 2.0% | 1.7% | 4.8% | 4.8% | 4.5% |
| Return on assets | 23.6% | — | — | −2.4% | −1.9% | 1.4% | 1.2% | 3.3% | 3.4% | 3.2% |
| Growth | ||||||||||
| Revenue growth | 10.5% | — | 5.3% | 5.0% | −9.0% | 21.3% | 5.1% | 8.5% | 4.8% | 4.9% |
| Net income growth | 10.1% | — | −188.7% | — | — | — | −10.9% | 190.8% | 4.5% | −3.7% |
| EPS growth | 9.2% | — | −188.5% | — | — | — | −10.5% | 188.2% | 4.6% | −3.4% |
| FCF growth | −0.4% | — | −23.3% | −40.4% | −6.3% | 87.5% | −9.9% | 25.7% | 119.7% | 7.7% |
| Share count change | 0.9% | — | 0.0% | 0.0% | 0.2% | 0.9% | 0.2% | 0.4% | 0.2% | −0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | −1.1x | — | — | — | — | — | — | — | — | — |
| Debt / equity | 0.1x | — | 0.0x | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x |
| Interest coverage | 275.0x | −2.9x | −10.3x | −1.7x | −3.9x | 4.8x | 5.0x | 5.5x | 7.4x | 6.7x |
| Current ratio | 3.4x | — | 1.8x | 1.8x | 2.2x | 2.2x | 1.9x | 2.4x | 2.8x | 2.1x |
| Quick ratio | 3.0x | — | 1.0x | 1.2x | 1.5x | 1.4x | 1.1x | 1.4x | 1.8x | 1.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.3% | 6.1% | 7.3% | 7.4% | 7.0% | 8.4% | 7.3% | 7.0% | 4.8% | 5.2% |
| Stock comp / revenue | 1.1% | 1.1% | 1.3% | 1.5% | 1.7% | 1.8% | 1.7% | 1.7% | 1.6% | 1.6% |
| Payouts / FCF | 51.8% | 0.0% | 0.0% | 0.0% | 0.0% | 8.4% | 17.2% | 15.9% | 8.1% | 48.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | — | — | — | 4.0 | 7.0 | 4.0 | 8.0 | 8.0 | 6.0 |
| Altman Z'' | 9.0 | — | — | — | — | — | — | — | — | — |
| Accruals ratio | −1.8% | — | — | −5.8% | −4.9% | −3.5% | −3.1% | −1.4% | −3.5% | −4.2% |
Source: SEC EDGAR XBRL filings (CIK 0001167379). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.