ALCON INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ALCON INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2010	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,179	6,792	7,153	7,508	6,833	8,291	8,717	9,455	9,911	10,401
Cost of revenue	1,675	3,588	3,961	3,719	3,830	3,577	3,910	4,141	4,328	4,592
Gross profit	5,504	3,204	3,192	3,662	2,940	4,652	4,748	5,247	5,512	5,745
Research and development	747	584	587	656	673	842	702	828	876	990
Selling, general and administrative		2,596	2,801	2,847	2,694	3,076	3,068	3,209	3,250	3,449
Operating income	2,475	-77	-248	-187	-482	580	672	1,039	1,413	1,360
Interest expense	9
Interest income	29
Other non-operating income	35
Pre-tax income	2,527	-127	-300	-332	-635	418	463	832	1,256	1,160
Income tax	317	-383	-73	324	-104	42	128	-142	238	180
Net income to minority interests								0	0	0
Net income	2,210	256	-227	-656	-531	376	335	974	1,018	980
EBITDA	2,687
EPS, basic	7.34	0.52	-0.46	-1.34	-1.09	0.77	0.68	1.98	2.06	1.99
EPS, diluted	7.27	0.52	-0.46	-1.34	-1.09	0.76	0.68	1.96	2.05	1.98
Shares, basic (weighted)	301
Shares, diluted (weighted)	304

Balance sheet

	FY2010	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,525	172	227	822	1,557	1,575	980	1,094	1,676	1,527
Short-term investments	889				0	3	0
Receivables	1,483
Inventory	693		1,440	1,505	1,644	1,899	2,109	2,322	2,268	2,391
Other current assets	307
Total current assets	6,069		3,399	4,236	4,987	5,386	5,193	5,647	6,309	6,449
Property, plant and equipment	1,388		2,800	3,113	3,425	3,711	4,025	4,369	4,389	4,774
Lease right-of-use assets			79	324	358	372	391	354	449	447
Goodwill	833		8,899	8,905	8,905	8,905	8,926	8,926	8,946	9,256
Intangible assets	953		10,679	10,231	9,097	8,765	9,689	9,060	8,587	9,006
Long-term investments	398
Other non-current assets	171
Total assets	10,073		27,062	27,655	27,600	27,999	29,165	29,614	30,347	31,555
Accounts payable	370
Short-term debt	62
Total current liabilities	1,791		1,893	2,300	2,258	2,472	2,738	2,398	2,278	3,049
Long-term debt	0
Lease liabilities			89	280	315	339	359	335	429	429
Other non-current liabilities	965
Total liabilities	2,821		4,423	8,352	8,778	8,743	9,488	8,990	8,794	9,520
Total debt	62		47	3,479	4,118	4,080	4,648	4,739	4,643	4,737
Paid-in capital	1,669
Retained earnings	5,706
Treasury stock	-263
Other comprehensive income	98
Shareholders' equity									21,553	22,034
Minority interests									0	1
Total equity	7,252	23,029	22,639	19,303	18,822	19,256	19,677	20,624	21,553	22,035
Total liabilities and equity	10,073		27,062	27,655	27,600	27,999	29,165	29,614	30,347	31,555
Shares outstanding	302

Cash flow statement

	FY2010	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,210	256	-227	-656	-531	376	335	974	1,018	980
Depreciation and amortization	212
Stock-based compensation	78
Deferred income tax	4
Change in receivables	129
Change in inventory	54
Change in payables	49
Cash from operations	2,375	1,218	1,140	920	823	1,345	1,217	1,388	2,077	2,271
Capital expenditures	-309	-415	-524	-553	-479	-700	-636	-658	-473	-543
Acquisitions	-529
Purchases of investments	-2,881
Sales and maturities of investments	2,149
Cash from investing	-1,705	-679	-1,001	-1,011	-572	-1,198	-1,865	-1,094	-1,167	-1,344
Debt issued					0	0	2,586	69	59	59
Debt repaid	0				0	0	-2,267	-34	-47	-112
Stock issued	169
Share buybacks	-33							0	0	-676
Dividends paid	-1,037			0	0	-54	-100	-116	-130	-166
Cash from financing	-1,150	-539	-78	659	466	-123	-8	-211	-322	-1,119
Exchange rate effect	-2	10	-6	27	18	-6	61	31	-6	43
Net change in cash	-482	10	55	595	735	18	-595	114	582	-149
Free cash flow	2,066	803	616	367	344	645	581	730	1,604	1,728
Interest paid	9	13	10	67	105	108	111	176	182	190
Income taxes paid	284	84	203	224	97	175	178	255	326	107

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $64.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.2%	Gross profit / revenue.
Operating margin	13.1%	Operating income / revenue.
Pre-tax margin	11.2%	Pre-tax income / revenue.
Net margin	9.4%	Net income / revenue.
FCF margin	16.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.8%	Cash from operations / revenue.
Effective tax rate	15.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.2%	Net income / average total assets.
Return on invested capital (ROIC)	4.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.5%	Research and development expense / revenue.
SG&A / revenue	33.2%	Selling, general and administrative expense / revenue.
Capex / revenue	5.2%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-3.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	43.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-3.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	42.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	7.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	43.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	38.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.2%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.12x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.50x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.0%	Total debt / total assets.
Liabilities / assets	30.2%	Total liabilities / total assets.
Net debt	$3.21B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$3.40B	Current assets - current liabilities.
Goodwill and intangibles / assets	57.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.77B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	2.27x	Revenue / average property, plant and equipment.
Inventory turnover	1.97x	Cost of revenue / average inventory.
Days inventory	185 days	365 x average inventory / cost of revenue.
FCF conversion	176.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.99	Net income per basic share, as reported (split-adjusted).
Payout ratio	16.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	9.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	39.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$32.22B	Share price x shares outstanding.
Enterprise value	$35.43B	Market cap + total debt - cash - short-term investments.
P/E	32.9x	Market cap / net income. Only when net income is positive.
P/S	3.10x	Market cap / revenue.
P/B	1.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.54x	Market cap / tangible book value, when positive.
P/FCF	18.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.2x	Market cap / cash from operations, when positive.
EV/Sales	3.41x	Enterprise value / revenue.
EV/EBIT	26.0x	Enterprise value / operating income, when both are positive.
EV/FCF	20.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.4%	Free cash flow / market cap.
Earnings yield	3.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.77x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ALCON INC's revenue in fiscal 2025?

ALCON INC reported revenue of $10.40B for fiscal 2025, 4.9% higher than the year before.

Was ALCON INC profitable in fiscal 2025?

Yes. Net income was $980.0M, a net margin of 9.4%.

How much free cash flow did ALCON INC generate in fiscal 2025?

Cash from operations of $2.27B minus capital expenditures of $543.0M left free cash flow of $1.73B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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