Revenue reached about $2.9B in 2026Q3 with operating margin of 33.4%, but quarterly gross margins swung from 57.6% to 99.0% and net margin ranged from -56.4% to 14.8%, suggesting results remain highly sensitive to reporting and mix effects.
Bausch Health Companies Inc. (BHC) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 11.11B | 10.27B | 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 % | 10.81% | 6.66% | 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 | 3.04B | 3.01B | 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 | - | 29.35% | 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 | 8.07B | 7.25B | 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 % | 72.62% | 70.65% | 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 % | - | 5.99% | 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 | 4.96B | 5.07B | 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 | - | 49.37% | 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 | 3.48B | 3.44B | 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 | 528M | 629M | 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 | 4M | 1B | 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 | 3.11B | 2.19B | 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 % | 27.97% | 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 % | - | 41.33% | 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 | 4.26B | 3.39B | 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 % | 38.32% | 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 % | 34.41% | 20.62% | 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) | 1.15B | 1.21B | 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 | 1.24B | 1.97B | 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 | -1.55B | -1.56B | -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 | 43M | 48M | 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 | 1.59B | 1.6B | 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 | -3.46B | -1.82B | -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 | -353M | 367M | 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 % | -3.18% | 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 | 475M | 247M | 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 % | -134.56% | 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 | -841M | 157M | -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 % | -7.57% | 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 % | -332.32% | 441.3% | 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) | -828M | 120M | -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 | 987M | 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) | -2.21 | 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 % | -336.46% | 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 | 380.7M | 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 | 375.5M | 370.9M | 368M | 364.9M | 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% | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BHC stock.
For fiscal year 2025, Bausch Health Companies Inc. (BHC) reported total revenue of $10.27B. This represents a 15360.8% increase compared to $66.4M in 1996.
Bausch Health Companies Inc. (BHC) is profitable, generating $157.0M 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 $2.19B, 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 $7.25B in gross profit for the year, representing a gross profit margin of 70.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile Net Income Swings
Metrics are mathematically derived from official filings.
Revenue Recovery Remains Uneven Across Quarters
Based on reported quarterly figures, BHC's revenue grew 10.9% year over year in 2026Q3 to roughly $2.9B, but the series remains uneven, with a -28.5% decline in 2026Q2 signaling that top-line durability is not yet established.
The 2026Q3 rebound follows a sharp sequential drop in 2026Q2, suggesting that quarterly revenue is sensitive to timing effects or portfolio changes rather than a steady compounding trend. Investors should monitor whether the 2026Q3 level holds in subsequent periods before treating the recovery as structural. The multi-quarter pattern warrants further investigation into the drivers of the volatility.
Gross Margin Swings Signal Mix Sensitivity
As reported in financial statements, BHC's gross margin ranged from 57.6% in 2025Q1 to 99.0% in 2026Q2, a spread that appears driven by cost-of-goods reporting variability rather than stable pricing power.
The gross margin series moves between roughly 60% and above 70%, with the 2026Q2 reading of 99.0% reflecting a near-zero reported COGS figure that is difficult to reconcile with the surrounding quarters. This pattern suggests that margin comparisons across periods may be distorted by classification or timing effects. Until the cost base is consistently presented, the margin trend should be treated with caution.
Operating Margin Recovers but Lags Sales Growth
Based on BHC's reported figures, operating margin improved to 33.4% in 2026Q3 from 12.9% in 2025Q1, indicating that operating income is scaling faster than revenue in recent periods.
SG&A has remained elevated near $800M to $900M per quarter, so the operating margin expansion appears driven more by fluctuations in cost of sales than by disciplined overhead reduction. This suggests the operating leverage observed may not be durable if the gross profit base reverts. Investors should monitor whether SG&A absorption improves as revenue scales.
Net Income Volatility Obscures Underlying Earnings
According to reported quarterly results, BHC posted a net loss of $1.4B in 2026Q1 and $113.7M in 2025Q4, while 2026Q3 net income reached $436.0M, a range that makes the earnings base difficult to assess.
The gap between operating income and net income in several quarters, including 2026Q1 where operating income was $513.8M against a net loss of $1.4B, suggests material non-operating items or financing costs. These items are not itemized in the supplied data, so their nature cannot be confirmed. The resulting EPS swings from -3.79 to 1.15 warrant further investigation before the earnings run-rate is relied upon.
Peer Margins Expose Relative Profitability Gap
Based on peer context, Prestige Consumer Healthcare reports a 28.4% operating margin and a 17.5% net margin, figures that exceed BHC's reported quarterly net margins in most periods and suggest a weaker earnings profile.
The comparison suggests BHC's net profitability has been inconsistent relative to a peer with more stable margins, which may point to higher financing or restructuring costs. Short-side arguments would likely focus on the net loss quarters and the reliance on operating income that does not translate into net income. This inference should be weighed against the limited peer dataset provided.