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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Bausch & Lomb reported revenue of $5.1B in the fiscal year ended Dec 2025, up 6.5% from the year before. Operating income was $113M, an operating margin of 2.2%, and net income was −$360M. Operating cash flow of $283M less capital expenditure of $349M left free cash flow of −$66M. Net debt was $4.7B.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,765 | 3,768 | 4,146 | 4,791 | 5,101 |
| Research & development | 271 | 307 | 324 | 343 | 371 |
| Selling, general & admin | 1,389 | 1,478 | 1,736 | 2,082 | 2,234 |
| Operating income | 329 | 207 | 130 | 162 | 113 |
| Interest expense | 0.0 | 146 | 283 | 399 | 421 |
| Pre-tax income | 318 | 73.0 | −166 | −234 | −317 |
| Income tax | 125 | 58.0 | 82.0 | 71.0 | 35.0 |
| Net income | 182 | 6.0 | −260 | −317 | −360 |
| Diluted EPS | 0.52 | 0.02 | −0.74 | −0.90 | −1.02 |
| Diluted shares | 350 | 350 | 351 | 352 | 354 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 174 | 354 | 331 | 305 | 383 |
| Receivables | 721 | 724 | 839 | 1,026 | 1,221 |
| Inventory | 572 | 628 | 1,028 | 1,036 | 976 |
| Current assets | 1,635 | 2,137 | 2,742 | 2,788 | 2,977 |
| Net PP&E | 1,225 | 1,300 | 1,390 | 1,485 | 1,762 |
| Goodwill | 4,586 | 4,507 | 4,575 | 4,523 | 4,758 |
| Total assets | 10,823 | 11,144 | 13,442 | 13,469 | 14,022 |
| Payables | 239 | 370 | 522 | 389 | 388 |
| Current liabilities | 1,099 | 1,296 | 1,579 | 1,738 | 1,920 |
| Short-term debt | 0.0 | 25.0 | 30.0 | 40.0 | 28.0 |
| Long-term debt | 0.0 | 2,411 | 4,532 | 4,744 | 5,020 |
| Total liabilities | 1,421 | 4,043 | 6,522 | 6,925 | 7,503 |
| Shareholders' equity | 9,329 | 7,033 | 6,850 | 6,473 | 6,448 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 873 | 345 | −17.0 | 232 | 283 |
| Capital expenditure | 193 | 175 | 181 | 291 | 349 |
| Free cash flow | 680 | 170 | −198 | −59.0 | −66.0 |
| Depreciation & amortisation | 415 | 379 | 382 | 436 | 421 |
| Stock-based compensation | 62.0 | 62.0 | 74.0 | 92.0 | 149 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.1% | 10.0% | 15.6% | 6.5% |
| Operating income growth (YoY) | – | −37.1% | −37.2% | 24.6% | −30.2% |
| EPS growth (YoY) | – | −96.2% | −3800.0% | – | – |
| Operating margin | 8.7% | 5.5% | 3.1% | 3.4% | 2.2% |
| Net margin | 4.8% | 0.2% | −6.3% | −6.6% | −7.1% |
| Return on equityBlank when equity is negative | 2.0% | 0.1% | −3.8% | −4.9% | −5.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.4% | 2.1% | 1.1% | 1.4% | 0.9% |
| Free cash flow margin | 18.1% | 4.5% | −4.8% | −1.2% | −1.3% |
| Cash conversion (CFO ÷ net income) | 4.80x | 57.5x | 0.07x | −0.73x | −0.79x |
| Receivable days | 70 | 70 | 74 | 78 | 87 |
| Interest cover | – | 1.42x | 0.46x | 0.41x | 0.27x |
| Debt ÷ equity | 0.00x | 0.35x | 0.67x | 0.74x | 0.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −174 | 2,082 | 4,231 | 4,479 | 4,665 |
| Current ratio | 1.49x | 1.65x | 1.74x | 1.60x | 1.55x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.