Revenue growth remains stable at 10.5% in 2026Q1, yet gross margins have contracted significantly from over 70% in 2024 to 61.2% due to shifting product mixes.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 10.55B | 10.45B | 9.63B | 8.76B | 8.12B | 8.43B | 8.03B | 8.6B | 8.38B | 8.72B | 9.67B | 10.44B | 8.2B | 5.77B | 3.48B | 2.46B | 1.15B | 820.43M | 757.18M | 842.82M | 1.07B | 935.54M | 886.54M | 823.72M | 788.02M | 583.26M | 309.17M | 176.5M | 112.8M | 82.4M | 66.4M |
| Revenue Growth % | 8.52% | 8.53% | 9.91% | 7.79% | -3.68% | 5.07% | -6.67% | 2.64% | -3.94% | -9.82% | -7.35% | 27.34% | 42.22% | 65.66% | 41.28% | 114.94% | 39.7% | 8.35% | -10.16% | -21.27% | 14.42% | 5.53% | 7.63% | 4.53% | 35.11% | 88.65% | 75.17% | 56.47% | 36.89% | 24.1% | 222.33% |
| Cost of Goods Sold | 4.04B | 4.08B | 2.78B | 2.56B | 2.36B | 2.39B | 2.25B | 2.35B | 2.35B | 2.55B | 2.57B | 2.45B | 2.2B | 1.53B | 890.9M | 726.83M | 405.75M | 325.09M | 197.17M | 223.68M | 223.27M | 206.82M | 229.53M | 139.46M | 164.71M | 126M | 68.03M | 28.2M | 23.6M | 27.7M | 23.2M |
| COGS % of Revenue | - | 39.1% | 28.9% | 29.22% | 29.1% | 28.39% | 28.02% | 27.32% | 28.05% | 29.21% | 26.6% | 23.42% | 26.87% | 26.51% | 25.6% | 29.5% | 35.4% | 39.62% | 26.04% | 26.54% | 20.86% | 22.11% | 25.89% | 16.93% | 20.9% | 21.6% | 22% | 15.98% | 20.92% | 33.62% | 34.94% |
| Gross Profit | 6.51B | 6.36B | 6.84B | 6.2B | 5.76B | 6.04B | 5.78B | 6.25B | 6.03B | 6.18B | 7.1B | 8B | 6B | 4.24B | 2.59B | 1.74B | 740.38M | 495.34M | 560.01M | 619.14M | 847.21M | 728.72M | 657.01M | 684.27M | 623.32M | 457.27M | 241.14M | 148.3M | 89.2M | 54.7M | 43.2M |
| Gross Margin % | 61.67% | 60.9% | 71.1% | 70.78% | 70.9% | 71.61% | 71.98% | 72.68% | 71.95% | 70.79% | 73.4% | 76.58% | 73.13% | 73.49% | 74.4% | 70.5% | 64.6% | 60.38% | 73.96% | 73.46% | 79.14% | 77.89% | 74.11% | 83.07% | 79.1% | 78.4% | 78% | 84.02% | 79.08% | 66.38% | 65.06% |
| Gross Profit Growth % | - | -7.04% | 10.41% | 7.6% | -4.64% | 4.53% | -7.57% | 3.68% | -2.38% | -13.03% | -11.19% | 33.33% | 41.54% | 63.62% | 49.11% | 134.56% | 49.47% | -11.55% | -9.55% | -26.92% | 16.26% | 10.91% | -3.98% | 9.78% | 36.31% | 89.63% | 62.6% | 66.26% | 63.07% | 26.62% | 163.41% |
| Operating Expenses | 4.09B | 4.14B | 5.3B | 5.24B | 5.31B | 5.59B | 5.1B | 6.45B | 8.41B | 6.07B | 7.67B | 6.47B | 4B | 4.65B | 2.51B | 1.31B | 344.86M | 192.75M | 365.7M | 430.46M | 602.55M | 403.92M | 550.83M | 679.47M | 321.29M | 205.63M | 110.75M | 72.8M | 40.1M | 17.2M | 19.7M |
| OpEx % of Revenue | - | 39.62% | 55.03% | 59.78% | 65.31% | 66.28% | 63.56% | 75.04% | 100.39% | 69.62% | 79.25% | 61.95% | 48.73% | 80.59% | 72.06% | 53.02% | 30.09% | 23.49% | 48.3% | 51.07% | 56.29% | 43.18% | 62.13% | 82.49% | 40.77% | 35.26% | 35.82% | 41.25% | 35.55% | 20.87% | 29.67% |
| Selling, General & Admin | 3.44B | 3.5B | 3.28B | 2.9B | 2.53B | 2.49B | 2.37B | 2.55B | 2.47B | 2.58B | 2.78B | 2.7B | 2.03B | 1.31B | 756.1M | 584.31M | 329.16M | 178.6M | 188.92M | 161M | 238.43M | 231.11M | 274.55M | 242.77M | 165.7M | 110.1M | 58.09M | 29.6M | 17.6M | 14M | 10.2M |
| SG&A % of Revenue | - | 33.49% | 34.11% | 33.06% | 31.15% | 29.55% | 29.49% | 29.69% | 29.51% | 29.6% | 28.76% | 25.86% | 24.71% | 22.64% | 21.72% | 23.72% | 28.72% | 21.77% | 24.95% | 19.1% | 22.27% | 24.7% | 30.97% | 29.47% | 21.03% | 18.88% | 18.79% | 16.77% | 15.6% | 16.99% | 15.36% |
| Research & Development | 650.07M | 640.01M | 634M | 604M | 530M | 473M | 485M | 516M | 442M | 369M | 469M | 440M | 266M | 156.8M | 79.1M | 174.89M | 157.56M | 14.15M | 92.84M | 118.12M | 95.47M | 88.88M | 72.5M | 86.57M | 52.15M | 51.02M | 52.66M | 33.1M | 17.5M | 0 | 7.5M |
| R&D % of Revenue | - | 6.13% | 6.59% | 6.9% | 6.52% | 5.61% | 6.04% | 6% | 5.27% | 4.23% | 4.85% | 4.21% | 3.24% | 2.72% | 2.27% | 7.1% | 13.75% | 1.72% | 12.26% | 14.01% | 8.92% | 9.5% | 8.18% | 10.51% | 6.62% | 8.75% | 17.03% | 18.75% | 15.51% | - | 11.3% |
| Other Operating Expenses | 3 | 1 | 1.38B | 1.74B | 2.25B | 2.63B | 2.25B | 3.38B | 5.5B | 3.12B | 4.42B | 3.33B | 1.7B | 3.18B | 0 | 546.83M | -141.85M | 0 | 83.93M | 151.34M | 268.64M | 83.93M | 203.77M | 350.13M | 103.44M | 44.51M | 0 | 10.1M | 5M | 3.2M | 2M |
| Operating Income | 2.42B | 2.22B | 1.55B | 963M | 454M | 450M | 676M | -203M | -2.38B | 102M | -566M | 1.53B | 2B | -409.5M | 79.69M | 525.32M | -110.08M | 181.15M | 196.12M | 188.01M | 454.36M | 313.28M | 221.28M | 4.79M | 134.28M | 251.64M | 130.39M | 75.5M | 49.1M | 37.5M | 23.5M |
| Operating Margin % | 22.91% | 21.28% | 16.06% | 11% | 5.59% | 5.34% | 8.42% | -2.36% | -28.45% | 1.17% | -5.85% | 14.62% | 24.4% | -7.1% | 2.29% | 21.32% | -9.6% | 22.08% | 25.9% | 22.31% | 42.44% | 33.49% | 24.96% | 0.58% | 17.04% | 43.14% | 42.17% | 42.78% | 43.53% | 45.51% | 35.39% |
| Operating Income Growth % | - | 43.81% | 60.54% | 112.11% | 0.89% | -33.43% | 433% | 91.48% | -2437.25% | 118.02% | -137.07% | -23.69% | 588.64% | -613.9% | -84.83% | 577.19% | -160.77% | -7.63% | 4.31% | -58.62% | 45.03% | 41.58% | 4516.71% | -96.43% | -46.64% | 92.99% | 72.7% | 53.77% | 30.93% | 59.57% | 803.85% |
| EBITDA | 3.62B | 3.45B | 2.81B | 2.23B | 1.85B | 2B | 2.5B | 1.87B | 435M | 2.96B | 2.3B | 3.99B | 3.62B | 1B | 1.07B | 1.12B | 144.42M | 330.41M | 299.54M | 288.78M | 550.1M | 420.98M | 314.96M | 272.27M | 224.25M | 319.5M | 151.92M | 85.6M | 54.1M | 40.7M | 25.5M |
| EBITDA Margin % | 34.28% | 33.05% | 29.23% | 25.43% | 22.75% | 23.74% | 31.16% | 21.76% | 5.19% | 33.93% | 23.78% | 38.25% | 44.09% | 17.35% | 30.63% | 45.49% | 12.6% | 40.27% | 39.56% | 34.26% | 51.39% | 45% | 35.53% | 33.05% | 28.46% | 54.78% | 49.14% | 48.5% | 47.96% | 49.39% | 38.4% |
| EBITDA Growth % | 28.88% | 22.73% | 26.31% | 20.51% | -7.69% | -19.95% | 33.6% | 330.34% | -85.3% | 28.7% | -42.41% | 10.48% | 261.39% | -6.15% | -4.88% | 675.91% | -56.29% | 10.31% | 3.73% | -47.5% | 30.67% | 33.66% | 15.68% | 21.41% | -29.81% | 110.31% | 77.47% | 58.23% | 32.92% | 59.61% | 562.95% |
| D&A (Non-Cash Add-back) | 1.2B | 1.23B | 1.27B | 1.26B | 1.39B | 1.55B | 1.82B | 2.08B | 2.82B | 2.86B | 2.87B | 2.47B | 1.61B | 1.41B | 986.2M | 595.24M | 254.5M | 149.26M | 103.42M | 100.77M | 95.74M | 107.7M | 93.68M | 267.47M | 89.96M | 67.87M | 21.53M | 10.1M | 5M | 3.2M | 2M |
| EBIT | 2.42B | 2.22B | 1.87B | 1.62B | 1.48B | 1.71B | 1.31B | 1.34B | 500M | 555M | 1.21B | 2.64B | 2.3B | 1.44B | 803.1M | 306.11M | -151.96M | 199.84M | 127.92M | 188.68M | 253.99M | 333.09M | 229.92M | 4.79M | 302.03M | 251.64M | 130.39M | 75.5M | 49.1M | 37.5M | 23.5M |
| Net Interest Income | -1.64B | -1.59B | -1.35B | -1.3B | -1.45B | -1.42B | -1.52B | -1.6B | -1.67B | -1.83B | -1.83B | -1.56B | -966M | -836.3M | -475.6M | -330.44M | -83.01M | -23.76M | 8.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 47.05M | 48.84M | 33M | 26M | 14M | 7M | 13M | 12M | 11M | 12M | 8M | 3.3M | 5M | 8.02M | 6M | 0 | 1.29M | 1.12M | 9.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.69B | 1.64B | 1.39B | 1.33B | 1.46B | 1.43B | 1.53B | 1.61B | 1.69B | 1.84B | 1.84B | 1.56B | 971M | 844.32M | 481.6M | 330.44M | 84.31M | 25.42M | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3.34B | -1.85B | -1.38B | -1.35B | -583M | -1.47B | -1.61B | -1.63B | -1.77B | -1.84B | -1.87B | -1.68B | -947M | -904.95M | -473.91M | 0 | -126.18M | -6.2M | -86.42M | 20.73M | -230.22M | -33.71M | -46.12M | -49.14M | -24.99M | -148.91M | -205.47M | -8.8M | -1.7M | -400K | -100K |
| Pretax Income | -920.44M | 373.42M | 167M | -390M | -129M | -1.02B | -934M | -1.84B | -4.15B | -1.74B | -2.44B | -155M | 1.05B | -1.31B | -394.23M | -18M | -236.26M | 174.96M | 109.7M | 208.74M | 224.14M | 279.56M | 175.16M | -44.34M | 109.3M | 102.73M | -75.08M | 66.7M | 47.4M | 37.1M | 23.4M |
| Pretax Margin % | -8.72% | 3.57% | 1.74% | -4.45% | -1.59% | -12.14% | -11.64% | -21.36% | -49.57% | -19.96% | -25.17% | -1.48% | 12.85% | -22.8% | -11.33% | -0.73% | -20.61% | 21.32% | 14.49% | 24.77% | 20.94% | 29.88% | 19.76% | -5.38% | 13.87% | 17.61% | -24.28% | 37.79% | 42.02% | 45.02% | 35.24% |
| Income Tax | 286.17M | 251.32M | 239M | 221M | 83M | -87M | -375M | -54M | -10M | -4.14B | -27M | 133M | 174M | -450.78M | -278.2M | -177.56M | -28.07M | -1.5M | -73M | 13.2M | 14.13M | 22.55M | 8.95M | -4M | 21.5M | 15.29M | 9.36M | 4.2M | 2M | 1.9M | 700K |
| Effective Tax Rate % | -31.09% | 67.3% | 143.11% | -56.67% | -64.34% | 8.5% | 40.15% | 2.94% | 0.24% | 238.08% | 1.11% | -85.81% | 16.51% | 34.29% | 70.57% | 986.44% | 11.88% | -0.86% | -66.54% | 6.32% | 6.31% | 8.07% | 5.11% | 9.02% | 19.67% | 14.88% | -12.47% | 6.3% | 4.22% | 5.12% | 2.99% |
| Net Income | -1.19B | 159.75M | -46M | -592M | -225M | -948M | -559M | -1.78B | -4.15B | 2.4B | -2.41B | -268.66M | 881M | -866.14M | -116.03M | 159.56M | -208.19M | 176.46M | 199.9M | 195.54M | 210M | 246.44M | 160.99M | -40.34M | 87.8M | 87.45M | -147.98M | 62.5M | 45.4M | 35.2M | 22.7M |
| Net Margin % | -11.27% | 1.53% | -0.48% | -6.76% | -2.77% | -11.24% | -6.96% | -20.73% | -49.5% | 27.56% | -24.9% | -2.57% | 10.74% | -15.02% | -3.33% | 6.48% | -18.16% | 21.51% | 26.4% | 23.2% | 19.62% | 26.34% | 18.16% | -4.9% | 11.14% | 14.99% | -47.86% | 35.41% | 40.25% | 42.72% | 34.19% |
| Net Income Growth % | -2886.81% | 447.28% | 92.23% | -163.11% | 76.27% | -69.59% | 68.65% | 57.02% | -272.55% | 199.79% | -796.68% | -130.49% | 201.72% | -646.51% | -172.72% | 176.64% | -217.99% | -11.73% | 2.23% | -6.89% | -14.78% | 53.08% | 499.04% | -145.95% | 0.4% | 159.1% | -336.76% | 37.67% | 28.98% | 55.07% | 287.01% |
| Net Income (Continuing) | -1.21B | 122.1M | -72M | -611M | -212M | -937M | -559M | -1.78B | -4.14B | 2.4B | -2.41B | -265.07M | 880M | -863.6M | -116M | 159.56M | -208.19M | 176.46M | 199.9M | 195.54M | 210M | 257.01M | 166.21M | -40.34M | 87.8M | 87.45M | -84.44M | 62.5M | 45.4M | 35.2M | 22.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 977M | 929.31M | 957M | 940M | 952M | 72M | 70M | 73M | 82M | 95M | 106M | 119M | 122.3M | 114.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.19 | 0.43 | -0.13 | -1.62 | -0.62 | -2.61 | -1.57 | -5.06 | -11.86 | 8.59 | -6.94 | -0.77 | 3.10 | -2.70 | -0.38 | 0.50 | -1.06 | 1.16 | 1.52 | 1.21 | 1.54 | 1.79 | 1.20 | -0.17 | 0.87 | 0.92 | -1.03 | 0.68 | 0.65 | 0.50 | 0.32 |
| EPS Growth % | -2758.41% | 430.77% | 91.98% | -161.29% | 76.25% | -66.24% | 68.97% | 57.34% | -238.07% | 223.78% | -801.3% | -124.84% | 214.81% | -610.53% | -176% | 147.17% | -191.38% | -23.68% | 25.62% | -21.43% | -13.97% | 49.17% | 805.88% | -119.54% | -5.43% | 189.32% | -251.47% | 4.62% | 30% | 56.25% | 300% |
| EPS (Basic) | - | 0.43 | -0.13 | -1.62 | -0.62 | -2.61 | -1.57 | -5.06 | -11.86 | 8.63 | -6.94 | -0.78 | 3.16 | -2.70 | -0.38 | 0.53 | -1.06 | 1.16 | 1.52 | 1.21 | 1.54 | 1.79 | 1.20 | -0.17 | 0.91 | 1.02 | -1.15 | 0.72 | 0.65 | 0.50 | 0.32 |
| Diluted Shares Outstanding | 372.8M | 375M | 368M | 364.9M | 362M | 358.9M | 355M | 352.1M | 349.87M | 351.8M | 347.3M | 347.3M | 341.5M | 321M | 305.45M | 326.12M | 195.81M | 158.51M | 159.73M | 160.88M | 160.08M | 159.68M | 160.99M | 160.12M | 160.46M | 150.69M | 143.51M | 108.17M | 106.56M | 100.57M | 98.7M |
| Basic Shares Outstanding | 372.8M | 370.9M | 368M | 365.43M | 362M | 358.9M | 355M | 352.1M | 349.87M | 350.2M | 347.12M | 342.7M | 335.4M | 320.78M | 305.26M | 304.65M | 195.81M | 158.24M | 159.73M | 160.84M | 160.06M | 159.43M | 160.99M | 158.43M | 151.96M | 136.93M | 128.82M | 102.54M | 106.56M | 100.57M | 98.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 90.72% | 77.96% | 178.83% | 37.16% | 33.58% | - | - | - | - | - | - | - | - | - |
Debt service and litigation
According to recent financial filings, BHC has maintained a relatively consistent revenue growth trajectory, with quarterly figures hovering around the 10% mark, though the 2026Q1 revenue of $2.5B suggests that the company's top-line expansion remains sensitive to the ongoing integration and divestiture of its Bausch + Lomb assets.
The revenue growth appears to be supported by the recurring nature of the vision care portfolio, yet the volatility in quarterly performance indicates that transactional segments like surgical equipment remain susceptible to broader market conditions. Investors should monitor whether this growth is organic or driven by pricing adjustments, as the current pace may not be sufficient to offset the company's significant interest obligations.
As reported in historical income statements, BHC's gross margin has experienced a notable contraction from over 70% in 2024 to 61.2% in 2026Q1, reflecting potential shifts in product mix and increased manufacturing costs within the company's vertically integrated eye-health and specialty pharmaceutical segments.
The decline in gross margin suggests that the firm's pricing power may be under pressure, possibly due to increased competition or changes in the reimbursement landscape for its core GI assets. This compression warrants further investigation into whether the company can maintain its historical profitability levels without sacrificing market share in its high-margin specialty lines.
Based on reported figures, BHC's operating income of $513.8M in 2026Q1 highlights a persistent struggle to translate gross profit into bottom-line earnings, as the company's substantial interest expense continues to act as a primary drain on net profitability, resulting in a net margin of -56.4%.
The disparity between operating margins and net margins underscores the company's heavy reliance on debt financing, which appears to limit its ability to reinvest in R&D or pursue strategic growth initiatives. The current structure suggests that operational improvements are being largely neutralized by the cost of servicing the existing debt stack.
Analysis of the income statement reveals that BHC's net income is frequently impacted by significant non-operating items, as evidenced by the $1.4B net loss in 2026Q1, which contrasts sharply with the positive earnings reported in previous quarters, suggesting high sensitivity to accounting adjustments and impairment charges.
The inconsistency in EPS, ranging from significant losses to modest gains, indicates that the company's reported earnings may not be a reliable indicator of underlying operational health. Investors should be cautious of these fluctuations, as they appear to be driven more by financial restructuring and asset valuation changes than by core business performance.
As noted in recent regulatory disclosures, the ongoing patent litigation surrounding Xifaxan poses a material threat to BHC's future cash flows, potentially undermining the stability of the Salix segment, which currently serves as a critical profit engine for the entire organization's debt-servicing capabilities.
A negative outcome in these legal proceedings could force a rapid and painful deleveraging process, as the company would lose its most reliable source of high-margin revenue. The market's current valuation may be underestimating the binary risk associated with these patent challenges, which could fundamentally alter the company's long-term viability.
Quick answers to the most common questions about buying BHC stock.
For fiscal year 2025, Bausch Health Companies Inc. (BHC) reported total revenue of $10.45B. This represents a 15631.5% increase compared to $66.4M in 1996.
Bausch Health Companies Inc. (BHC) is profitable, generating $159.7M in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
Bausch Health Companies Inc. (BHC) reported an operating income of $2.22B, resulting in an operating profit margin of 21.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Bausch Health Companies Inc. (BHC) generated $6.36B in gross profit for the year, representing a gross profit margin of 60.9%. This demonstrates the company's core pricing power and production efficiency.