Revenue growth accelerated to 8.7% YoY in 2026Q2 with gross margin expanding to 59.1% from 53.7% a year earlier, though net losses persist at -$10M for the quarter.
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 | 5.32B | 5.1B | 4.79B | 4.15B | 3.77B | 3.77B | 3.41B | 3.78B |
| Revenue Growth % | 8.75% | 6.47% | 15.56% | 10.03% | 0.08% | 10.35% | -9.69% | - |
| Cost of Goods Sold | 2.27B | 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 | 3.04B | 2.79B | 2.92B | 2.5B | 2.25B | 2.3B | 2.13B | 2.45B |
| Gross Margin % | 57.23% | 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 | 2.66B | 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 | 2.22B | 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 | 404M | 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 | 1000K | 0 | 332M | 314M | 257M | 309M | 333M | 415M |
| Operating Income | 380M | 188M | 162M | 130M | 207M | 329M | 260M | 396M |
| Operating Margin % | 7.14% | 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 | 791M | 609M | 598M | 512M | 586M | 744M | 702M | 865M |
| EBITDA Margin % | 14.87% | 11.94% | 12.48% | 12.35% | 15.55% | 19.76% | 20.57% | 22.9% |
| EBITDA Growth % | 55.4% | 1.84% | 16.8% | -12.63% | -21.24% | 5.98% | -18.84% | - |
| D&A (Non-Cash Add-back) | 411M | 421M | 436M | 382M | 379M | 415M | 442M | 469M |
| EBIT | 331M | 114M | 165M | 117M | 219M | 318M | 290M | 467M |
| Net Interest Income | -382M | -419M | -384M | -268M | -140M | 0 | 3M | 1M |
| Interest Income | 14M | 12M | 15M | 15M | 6M | 0 | 3M | 1M |
| Interest Expense | 396M | 431M | 399M | 283M | 146M | 0 | 0 | 0 |
| Other Income/Expense | -445M | -505M | -396M | -296M | -134M | -11M | 30M | 3M |
| Pretax Income | -65M | -317M | -234M | -166M | 73M | 318M | 290M | 399M |
| Pretax Margin % | -1.22% | -6.21% | -4.88% | -4% | 1.94% | 8.45% | 8.5% | 10.56% |
| Income Tax | 102M | 35M | 71M | 82M | 58M | 125M | 307M | 96M |
| Effective Tax Rate % | -156.92% | -11.04% | -30.34% | -49.4% | 79.45% | 39.31% | 105.86% | 24.06% |
| Net Income | -167M | -360M | -317M | -260M | 6M | 182M | -18M | 298M |
| Net Margin % | -3.14% | -7.06% | -6.62% | -6.27% | 0.16% | 4.83% | -0.53% | 7.89% |
| Net Income Growth % | 38.83% | -13.56% | -21.92% | -4433.33% | -96.7% | 1111.11% | -106.04% | - |
| Net Income (Continuing) | -167M | -352M | -305M | -248M | 15M | 193M | -17M | 303M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 68M | 71M | 71M | 70M | 68M | 73M | 70M | 73M |
| EPS (Diluted) | -0.47 | -1.02 | -0.90 | -0.74 | 0.04 | 0.52 | -0.05 | 0.85 |
| EPS Growth % | 38.37% | -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 | 357.1M | 353.8M | 351.8M | 350.5M | 350M | 350M | 350M | 350M |
| Basic Shares Outstanding | 357.1M | 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
Persistent net losses despite growth
Metrics are mathematically derived from official filings.
Revenue Momentum Building Steadily
BLCO's revenue grew 8.7% year-over-year in 2026Q2, accelerating from 5.1% in 2025Q2, according to the latest quarterly report, suggesting sustained demand across its portfolio.
The sequential acceleration from 5.1% to 8.7% over four quarters indicates improving commercial execution, likely driven by new product launches and market share gains in vision care. However, growth remains below the 17-19% rates seen in early 2024, implying a normalization from post-pandemic rebound to a more sustainable mid-single-digit to low-double-digit trajectory. Investors should monitor whether this pace can be maintained without additional M&A.
Gross Margin Recovery Underway
Gross margin expanded to 59.1% in 2026Q2 from 53.7% a year earlier, as reported in financial statements, reflecting improved product mix and cost efficiencies, though still below the 61% peak of 2024.
The 540 basis point year-over-year improvement suggests pricing power and favorable mix shifts toward higher-margin surgical and vision care products. However, the margin remains below the 60.9-61.4% range achieved in early 2024, indicating lingering input cost pressures or competitive discounting. The sustainability of this recovery hinges on raw material costs and the ability to pass through price increases without volume loss.
Operating Leverage Emerging but Inconsistent
Operating income swung from a -$61M loss in 2025Q1 to $83M in 2026Q2, per SEC filings, as revenue growth outpaced SG&A growth, but the 6.0% operating margin remains thin.
The positive operating leverage is evident: revenue grew 8.7% while SG&A grew only 1.6% year-over-year in 2026Q2, driving a dramatic improvement in operating income. However, the operating margin is still below the 11.2% achieved in 2025Q4, suggesting that cost control is not yet consistent. The company appears to be in a transition phase where fixed costs are being absorbed, but any revenue hiccup could quickly erode profitability.
Net Losses Persist Despite Operational Gains
BLCO reported a net loss of -$10M in 2026Q2, improving from -$62M a year earlier, but still negative, as per the income statement, indicating below-the-line items continue to weigh on profitability.
Despite positive operating income of $83M, net income remains negative, suggesting significant interest expense, taxes, or other non-operating charges. The diluted EPS of -$0.04 is a marked improvement from -$0.18, but the persistent losses imply that the company's capital structure or legacy liabilities are absorbing operational gains. Investors should scrutinize the interest coverage and any one-time charges that may be masking underlying earnings power.
SG&A Efficiency Driving Margin Expansion
SG&A as a percentage of revenue fell to 42.9% in 2026Q2 from 45.5% in 2025Q2, based on reported figures, indicating disciplined overhead management despite revenue growth.
The 260 basis point reduction in SG&A intensity suggests management is successfully leveraging its cost base, possibly through restructuring or digital initiatives. R&D spending increased 18.8% year-over-year, signaling continued investment in innovation, which is positive for long-term growth but pressures near-term margins. The balance between cost discipline and R&D investment will be critical to sustaining margin improvement.
2025Q1 Marks the Trough
The most significant inflection occurred in 2025Q1, when operating income hit -$61M and net margin was -18.6%, as per financial statements, followed by a sharp recovery to positive operating income by 2025Q2.
This quarter appears to have been a nadir, likely due to one-time charges or operational disruptions, after which the company staged a robust recovery. The subsequent quarters show a clear upward trend in both gross and operating margins, suggesting that the company addressed structural issues. The lasting impact is a more cost-efficient operating model, but the volatility in 2025Q1 underscores the fragility of the earnings profile.
Persistent Losses Undermine Growth Story
Despite revenue growth and margin expansion, BLCO has not reported a profitable quarter since 2024Q3, with cumulative net losses exceeding $600M over the last eight quarters, per income statement data.
Short-sellers would argue that the company's inability to convert operational improvements into net income signals deeper issues, such as excessive debt or legacy liabilities. The negative EPS in most quarters, despite positive operating income, suggests that interest expenses or other non-operating costs are eroding shareholder value. If these below-the-line costs persist, the stock may remain undervalued, but the risk of dilution or balance sheet restructuring could further pressure equity holders.