Bausch & Lomb Corp
BLCO NYSE Ophthalmic Goods Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$5.1B
6.5%
vs prior year
Operating margin
Operating income as a share of revenue.
2.2%
1.2 pts
Net income
Profit after all expenses, interest and tax.
−$360M
Free cash flow
Cash from operations minus capital spending.
−$66.0M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.8%
0.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.48 EPS (TTM)
What Bausch & Lomb Corp does
No business description yet.
- Legal name
- Bausch & Lomb Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001860742-26-000007
0001860742
Revenue and margins
Bausch & Lomb Corp had $5.1B of revenue in fiscal 2025, up 6.5% on the year before.
FY20
Revenue $3.4B
FY21
Revenue $3.8B
FY22
Revenue $3.8B
FY23
Revenue $4.1B
FY24
Revenue $4.8B
FY25
Revenue $5.1B
Q3 '23
Revenue $1.0B
Q4 '23
Revenue $1.2B
Q1 '24
Revenue $1.1B
Q2 '24
Revenue $1.2B
Q3 '24
Revenue $1.2B
Q4 '24
Revenue $1.3B
Q1 '25
Revenue $1.1B
Q2 '25
Revenue $1.3B
Q3 '25
Revenue $1.3B
Q4 '25
Revenue $1.4B
Q1 '26
Revenue $1.2B
Q2 '26
Revenue $1.4B
FY20
Gross —
Operating 7.6%
Net −0.5%
FCF 7.9%
FY21
Gross —
Operating 8.7%
Net 4.8%
FCF 18.1%
FY22
Gross —
Operating 5.5%
Net 0.2%
FCF 4.5%
FY23
Gross —
Operating 3.1%
Net −6.3%
FCF −4.8%
FY24
Gross —
Operating 3.4%
Net −6.6%
FCF −1.2%
FY25
Gross —
Operating 2.2%
Net −7.1%
FCF −1.3%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 4.0%
Net −8.3%
FCF 1.5%
Q4 '23
Gross —
Operating 4.2%
Net −4.6%
FCF −5.9%
Q1 '24
Gross —
Operating 0.5%
Net −15.2%
FCF −2.4%
Q2 '24
Gross —
Operating 2.1%
Net −12.4%
FCF −4.7%
Q3 '24
Gross —
Operating 3.6%
Net 0.3%
FCF 7.9%
Q4 '24
Gross —
Operating 6.8%
Net −0.2%
FCF −5.5%
Q1 '25
Gross —
Operating −7.3%
Net −18.6%
FCF −11.9%
Q2 '25
Gross —
Operating −0.9%
Net −4.9%
FCF −4.2%
Q3 '25
Gross —
Operating 7.4%
Net −2.2%
FCF 4.9%
Q4 '25
Gross —
Operating 8.0%
Net −4.1%
FCF 4.3%
Q1 '26
Gross —
Operating 2.7%
Net −5.7%
FCF −5.5%
Q2 '26
Gross —
Operating 6.0%
Net −1.0%
FCF 5.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$18.0M
FY21
Net income $182M
FY22
Net income $6.0M
FY23
Net income −$260M
FY24
Net income −$317M
FY25
Net income −$360M
Q3 '23
Net income −$84.0M
Q4 '23
Net income −$54.0M
Q1 '24
Net income −$167M
Q2 '24
Net income −$151M
Q3 '24
Net income $4.0M
Q4 '24
Net income −$3.0M
Q1 '25
Net income −$212M
Q2 '25
Net income −$62.0M
Q3 '25
Net income −$28.0M
Q4 '25
Net income −$58.0M
Q1 '26
Net income −$71.0M
Q2 '26
Net income −$14.0M
FY20
Diluted EPS −$0.05
FY21
Diluted EPS $0.52
FY22
Diluted EPS $0.02
FY23
Diluted EPS −$0.74
FY24
Diluted EPS −$0.90
FY25
Diluted EPS −$1.02
Q3 '23
Diluted EPS −$0.24
Q4 '23
Diluted EPS −$0.15
Q1 '24
Diluted EPS −$0.48
Q2 '24
Diluted EPS −$0.43
Q3 '24
Diluted EPS $0.01
Q4 '24
Diluted EPS $0.00
Q1 '25
Diluted EPS −$0.60
Q2 '25
Diluted EPS −$0.18
Q3 '25
Diluted EPS −$0.08
Q4 '25
Diluted EPS −$0.16
Q1 '26
Diluted EPS −$0.20
Q2 '26
Diluted EPS −$0.04
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity −0.2%
Return on assets —
FY21
Return on capital 2.3%
Return on equity 1.9%
Return on assets 1.7%
FY22
Return on capital 1.5%
Return on equity 0.1%
Return on assets 0.1%
FY23
Return on capital 0.9%
Return on equity −3.7%
Return on assets −2.1%
FY24
Return on capital 1.2%
Return on equity −4.8%
Return on assets −2.4%
FY25
Return on capital 0.8%
Return on equity −5.6%
Return on assets −2.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$66.0M in fiscal 2025, −1.3% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow $269M
FY21
Free cash flow $680M
FY22
Free cash flow $170M
FY23
Free cash flow −$198M
FY24
Free cash flow −$59.0M
FY25
Free cash flow −$66.0M
Q3 '23
Free cash flow $15.0M
Q4 '23
Free cash flow −$69.0M
Q1 '24
Free cash flow −$26.0M
Q2 '24
Free cash flow −$57.0M
Q3 '24
Free cash flow $94.0M
Q4 '24
Free cash flow −$70.0M
Q1 '25
Free cash flow −$135M
Q2 '25
Free cash flow −$54.0M
Q3 '25
Free cash flow $63.0M
Q4 '25
Free cash flow $60.0M
Q1 '26
Free cash flow −$68.0M
Q2 '26
Free cash flow $82.0M
FY20
Cash from operations $522M
Capital spending $253M
FY21
Cash from operations $873M
Capital spending $193M
FY22
Cash from operations $345M
Capital spending $175M
FY23
Cash from operations −$17.0M
Capital spending $181M
FY24
Cash from operations $232M
Capital spending $291M
FY25
Cash from operations $283M
Capital spending $349M
Cash from operations
Capital spending
Q3 '23
Cash from operations $48.0M
Capital spending $33.0M
Q4 '23
Cash from operations $15.0M
Capital spending $84.0M
Q1 '24
Cash from operations $41.0M
Capital spending $67.0M
Q2 '24
Cash from operations $15.0M
Capital spending $72.0M
Q3 '24
Cash from operations $154M
Capital spending $60.0M
Q4 '24
Cash from operations $22.0M
Capital spending $92.0M
Q1 '25
Cash from operations −$25.0M
Capital spending $110M
Q2 '25
Cash from operations $35.0M
Capital spending $89.0M
Q3 '25
Cash from operations $137M
Capital spending $74.0M
Q4 '25
Cash from operations $136M
Capital spending $76.0M
Q1 '26
Cash from operations $32.0M
Capital spending $100M
Q2 '26
Cash from operations $153M
Capital spending $71.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Bausch & Lomb Corp returned — to shareholders in fiscal 2025. The diluted share count rose 0.6%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.35B
FY21
Diluted shares 0.35B
FY22
Diluted shares 0.35B
FY23
Diluted shares 0.35B
FY24
Diluted shares 0.35B
FY25
Diluted shares 0.35B
Balance sheet
Cash, debt and the ratios that show how comfortably Bausch & Lomb Corp can carry it.
FY20
Cash $238M
Debt —
FY21
Cash $174M
Debt $0.0M
FY22
Cash $354M
Debt $2.4B
FY23
Cash $331M
Debt $4.6B
FY24
Cash $305M
Debt $4.8B
FY25
Cash $383M
Debt $5.0B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $174M | $354M | $331M | $305M | $383M |
| Debt incl. finance leases | $0.0M | $2.4B | $4.6B | $4.8B | $5.0B |
| Net debt / EBITDA | −0.2x | 3.6x | 8.3x | 7.5x | 8.7x |
| Debt / equity | 0.0x | 0.3x | 0.7x | 0.7x | 0.8x |
| Interest coverage | — | 1.4x | 0.5x | 0.4x | 0.3x |
| Current ratio | 1.5x | 1.6x | 1.7x | 1.6x | 1.6x |
| Quick ratio | 1.0x | 1.2x | 1.1x | 1.0x | 1.0x |
| Total assets | $10.8B | $11.1B | $13.4B | $13.5B | $14.0B |
| Total liabilities | $1.4B | $4.0B | $6.5B | $6.9B | $7.5B |
| Shareholders' equity | $9.3B | $7.0B | $6.9B | $6.5B | $6.4B |
| Net debt (− = net cash) | −$174M | $2.1B | $4.2B | $4.5B | $4.7B |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 4 | 4 / 8 | 2 / 8 | 3 / 8 | 3 / 8 |
| Accruals ratio | — | −6.4% | −3.1% | −2.0% | −4.1% | −4.7% |
| Altman Z'' | — | 7.42 | 2.45 | 1.67 | 1.44 | 1.23 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $3.4B | $3.8B | $3.8B | $4.1B | $4.8B | $5.1B |
| Research and development | $253M | $271M | $307M | $324M | $343M | $371M |
| Operating income | $260M | $329M | $207M | $130M | $162M | $113M |
| Interest expense | $0.0M | $0.0M | $146M | $283M | $399M | $421M |
| Pretax income | $290M | $318M | $73.0M | −$166M | −$234M | −$317M |
| Income tax | $307M | $125M | $58.0M | $82.0M | $71.0M | $35.0M |
| Net income | −$18.0M | $182M | $6.0M | −$260M | −$317M | −$360M |
| Diluted EPS | −$0.05 | $0.52 | $0.02 | −$0.74 | −$0.90 | −$1.02 |
| Diluted shares | 0.35B | 0.35B | 0.35B | 0.35B | 0.35B | 0.35B |
| Cash flow | ||||||
| Cash from operations | $522M | $873M | $345M | −$17.0M | $232M | $283M |
| Capital expenditure | $253M | $193M | $175M | $181M | $291M | $349M |
| Free cash flow | $269M | $680M | $170M | −$198M | −$59.0M | −$66.0M |
| Depreciation and amortization | $442M | $415M | $379M | $382M | $436M | $421M |
| Stock-based compensation | $50.0M | $62.0M | $62.0M | $74.0M | $92.0M | $149M |
| Balance sheet | ||||||
| Cash and short-term investments | $238M | $174M | $354M | $331M | $305M | $383M |
| Total debt | — | $0.0M | $2.4B | $4.6B | $4.8B | $5.0B |
| Finance lease liabilities | — | $0.0M | $0.0M | $0.0M | $0.0M | — |
| Current assets | — | $1.6B | $2.1B | $2.7B | $2.8B | $3.0B |
| Current liabilities | — | $1.1B | $1.3B | $1.6B | $1.7B | $1.9B |
| Inventory | — | $572M | $628M | $1.0B | $1.0B | $976M |
| Property and equipment, net | — | $1.2B | $1.3B | $1.4B | $1.5B | $1.8B |
| Goodwill | $4.7B | $4.6B | $4.5B | $4.6B | $4.5B | $4.8B |
| Intangible assets | — | $2.3B | $2.1B | $3.6B | $3.5B | $3.3B |
| Total assets | — | $10.8B | $11.1B | $13.4B | $13.5B | $14.0B |
| Total liabilities | — | $1.4B | $4.0B | $6.5B | $6.9B | $7.5B |
| Shareholders' equity | $10.0B | $9.3B | $7.0B | $6.9B | $6.5B | $6.4B |
| Margins | ||||||
| Operating margin | 7.6% | 8.7% | 5.5% | 3.1% | 3.4% | 2.2% |
| EBITDA margin | 20.6% | 19.8% | 15.6% | 12.3% | 12.5% | 10.5% |
| Net margin | −0.5% | 4.8% | 0.2% | −6.3% | −6.6% | −7.1% |
| FCF margin | 7.9% | 18.1% | 4.5% | −4.8% | −1.2% | −1.3% |
| Returns | ||||||
| Return on capital | — | 2.3% | 1.5% | 0.9% | 1.2% | 0.8% |
| Return on capital employed | — | 3.4% | 2.1% | 1.1% | 1.4% | 0.9% |
| Return on equity | −0.2% | 1.9% | 0.1% | −3.7% | −4.8% | −5.6% |
| Return on assets | — | 1.7% | 0.1% | −2.1% | −2.4% | −2.6% |
| Return on tangible equity | −0.3% | 7.3% | 1.3% | — | — | — |
| Growth | ||||||
| Revenue growth | — | 10.3% | 0.1% | 10.0% | 15.6% | 6.5% |
| Net income growth | — | — | −96.7% | −4,433.3% | — | — |
| EPS growth | — | — | −96.2% | −3,800.0% | — | — |
| FCF growth | — | 152.8% | −75.0% | −216.5% | — | — |
| Share count change | — | 0.0% | 0.1% | 0.1% | 0.4% | 0.6% |
| Financial health | ||||||
| Net debt / EBITDA | — | −0.2x | 3.6x | 8.3x | 7.5x | 8.7x |
| Debt / equity | — | 0.0x | 0.3x | 0.7x | 0.7x | 0.8x |
| Interest coverage | — | — | 1.4x | 0.5x | 0.4x | 0.3x |
| Current ratio | — | 1.5x | 1.6x | 1.7x | 1.6x | 1.6x |
| Quick ratio | — | 1.0x | 1.2x | 1.1x | 1.0x | 1.0x |
| Capital allocation | ||||||
| Capex / revenue | 7.4% | 5.1% | 4.6% | 4.4% | 6.1% | 6.8% |
| Stock comp / revenue | 1.5% | 1.6% | 1.6% | 1.8% | 1.9% | 2.9% |
| Quality scores | ||||||
| Piotroski F-score | — | — | 4.0 | 2.0 | 3.0 | 3.0 |
| Altman Z'' | — | 7.4 | 2.4 | 1.7 | 1.4 | 1.2 |
| Accruals ratio | — | −6.4% | −3.1% | −2.0% | −4.1% | −4.7% |
Source: SEC EDGAR XBRL filings (CIK 0001860742). Data updated October 24, 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.