Revenue growth accelerated to 7.3% and operating margin improved from -5.4% in 2025Q1 to 11.3% in 2026Q3, yet net margin of 2.3% and a 21% operating-to-net income conversion ratio suggest significant below-the-line drag persists.
Bausch + Lomb Corporation (BLCO) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 5.41B | 5.1B | 4.79B | 4.15B | 3.77B | 3.77B | 3.41B | 3.78B |
| Revenue Growth % | 8.78% | 6.47% | 15.56% | 10.03% | 0.08% | 10.35% | -9.69% | - |
| Cost of Goods Sold | 2.24B | 2.31B | 1.87B | 1.64B | 1.52B | 1.47B | 1.28B | 1.33B |
| COGS % of Revenue | - | 45.25% | 39.07% | 39.6% | 40.31% | 38.96% | 37.66% | 35.12% |
| Gross Profit | 3.17B | 2.79B | 2.92B | 2.5B | 2.25B | 2.3B | 2.13B | 2.45B |
| Gross Margin % | 58.62% | 54.75% | 60.93% | 60.4% | 59.69% | 61.04% | 62.34% | 64.88% |
| Gross Profit Growth % | - | -4.32% | 16.57% | 11.34% | -2.13% | 8.04% | -13.22% | - |
| Operating Expenses | 2.72B | 2.6B | 2.76B | 2.37B | 2.04B | 1.97B | 1.87B | 2.06B |
| OpEx % of Revenue | - | 51.07% | 57.55% | 57.26% | 54.19% | 52.3% | 54.72% | 54.39% |
| Selling, General & Admin | 2.25B | 2.23B | 2.08B | 1.74B | 1.48B | 1.39B | 1.25B | 1.38B |
| SG&A % of Revenue | - | 43.8% | 43.46% | 41.87% | 39.23% | 36.89% | 36.72% | 36.58% |
| Research & Development | 400M | 371M | 343M | 324M | 307M | 271M | 281M | 258M |
| R&D % of Revenue | - | 7.27% | 7.16% | 7.81% | 8.15% | 7.2% | 8.24% | 6.83% |
| Other Operating Expenses | 2M | 0 | 332M | 314M | 257M | 309M | 333M | 415M |
| Operating Income | 455M | 188M | 162M | 130M | 207M | 329M | 260M | 396M |
| Operating Margin % | 8.41% | 3.69% | 3.38% | 3.14% | 5.49% | 8.74% | 7.62% | 10.48% |
| Operating Income Growth % | - | 16.05% | 24.62% | -37.2% | -37.08% | 26.54% | -34.34% | - |
| EBITDA | 755M | 609M | 598M | 512M | 586M | 744M | 702M | 865M |
| EBITDA Margin % | 13.95% | 11.94% | 12.48% | 12.35% | 15.55% | 19.76% | 20.57% | 22.9% |
| EBITDA Growth % | 38.53% | 1.84% | 16.8% | -12.63% | -21.24% | 5.98% | -18.84% | - |
| D&A (Non-Cash Add-back) | 302M | 421M | 436M | 382M | 379M | 415M | 442M | 469M |
| EBIT | 384M | 114M | 165M | 117M | 219M | 318M | 290M | 467M |
| Net Interest Income | -375M | -419M | -384M | -268M | -140M | 0 | 3M | 1M |
| Interest Income | 13M | 12M | 15M | 15M | 6M | 0 | 3M | 1M |
| Interest Expense | 388M | 431M | 399M | 283M | 146M | 0 | 0 | 0 |
| Other Income/Expense | -459M | -505M | -396M | -296M | -134M | -11M | 30M | 3M |
| Pretax Income | -4M | -317M | -234M | -166M | 73M | 318M | 290M | 399M |
| Pretax Margin % | -0.07% | -6.21% | -4.88% | -4% | 1.94% | 8.45% | 8.5% | 10.56% |
| Income Tax | 99M | 35M | 71M | 82M | 58M | 125M | 307M | 96M |
| Effective Tax Rate % | -2475% | -11.04% | -30.34% | -49.4% | 79.45% | 39.31% | 105.86% | 24.06% |
| Net Income | -111M | -360M | -317M | -260M | 6M | 182M | -18M | 298M |
| Net Margin % | -2.05% | -7.06% | -6.62% | -6.27% | 0.16% | 4.83% | -0.53% | 7.89% |
| Net Income Growth % | 63.61% | -13.56% | -21.92% | -4433.33% | -96.7% | 1111.11% | -106.04% | - |
| Net Income (Continuing) | -103M | -352M | -305M | -248M | 15M | 193M | -17M | 303M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 71M | 71M | 71M | 70M | 68M | 73M | 70M | 73M |
| EPS (Diluted) | -0.31 | -1.02 | -0.90 | -0.74 | 0.04 | 0.52 | -0.05 | 0.85 |
| EPS Growth % | 64.18% | -13.33% | -21.62% | -1824.94% | -91.75% | 1169.96% | -105.72% | - |
| EPS (Basic) | - | -1.02 | -0.90 | -0.74 | 0.04 | 0.52 | -0.05 | 0.85 |
| Diluted Shares Outstanding | 361.5M | 353.8M | 351.8M | 350.5M | 350M | 350M | 350M | 350M |
| Basic Shares Outstanding | 357.6M | 353.8M | 351.8M | 350.5M | 350M | 350M | 350M | 350M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BLCO stock.
For fiscal year 2025, Bausch + Lomb Corporation (BLCO) reported total revenue of $5.10B. This represents a 35.0% increase compared to $3.78B in 2019.
Bausch + Lomb Corporation (BLCO) reported a net loss of $360.0M for the fiscal year ending 2025.
Bausch + Lomb Corporation (BLCO) reported an operating income of $188.0M, resulting in an operating profit margin of 3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Bausch + Lomb Corporation (BLCO) generated $2.79B in gross profit for the year, representing a gross profit margin of 54.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin GAAP profitability persistence
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerating Into Mid-Single Digits
Based on the reported quarterly figures, BLCO's revenue growth moved from 3.5% in 2025Q1 to 7.3% in 2026Q3, indicating a sustained recovery in top-line momentum over the past several quarters.
The acceleration from the low single digits toward high single digits suggests demand stabilization and possibly improved pricing or volume contribution, though the data does not separate these drivers. Investors should monitor whether growth holds above 7% through 2026 or reverts toward the 5% range seen in 2025Q2 and 2025Q3. Durability cannot be confirmed from income statement data alone.
Gross Margin Structurally Higher Than Peer Medtech Base
As reported in the income statement, BLCO's gross margin expanded from 51.7% in 2025Q1 to 60.5% in 2026Q3, approaching its 2024 level and reflecting improved unit economics.
Gross margin recovery to roughly 60% points to restored pricing discipline or favorable product mix after the 2025 trough. The company's margin profile sits well above the Henry Schein peer level of 29.1%, though the comparison is structurally distorted by differing business models. Warrants further investigation into whether mix shifts or cost normalization are driving the improvement.
Operating Leverage Emerging but Not Yet Decisive
Based on reported figures, operating margin improved from negative 5.4% in 2025Q1 to 11.3% in 2026Q3, while SG&A stayed in a relatively narrow band near $544M to $588M per quarter.
Operating income has grown much faster than SG&A, which suggests gross profit gains are flowing through to the operating line rather than being absorbed by overhead. The 2026Q3 quarter's 11.3% operating margin is the highest in the ten-quarter window, though a single quarter may not establish a durable trend. Continued SG&A discipline will be the key test of whether this leverage persists.
Net Income Lags Operating Recovery Materially
According to the reported statements, BLCO's 2026Q3 operating income of $155M converted to net income of only $32M, a conversion ratio of roughly 21%, suggesting significant below-the-line drag.
The gap between operating income and net income is large and implies material interest, tax, or other non-operating charges absorbing most of the operating gain. Net margin of 2.3% in the latest quarter remains far below the 11.3% operating margin, which warrants scrutiny of the debt-service burden. Investors should monitor whether the operating-to-net conversion improves as the top-line recovery matures.
Recovery Narrative Rests on Thin GAAP Earnings
Based on reported figures, BLCO has posted negative diluted EPS in six of the ten quarters shown, with the most recent positive quarter at $0.09, challenging the durability of the profitability recovery.
The bull case depends on margin expansion translating into sustained positive earnings, yet the record shows repeated quarterly losses even as operating margins improved. Stock-based compensation has remained between $22M and $38M per quarter, a non-trivial charge that weighs on reported earnings quality. A single profitable quarter may not be enough to validate a durable turnaround, and short-seller scrutiny would likely focus on whether recurring below-the-line costs keep net income structurally thin.