Bausch Health Companies Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Bausch Health Companies 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,674	8,724	8,380	8,601	8,027	8,434	8,124	8,757	9,625	10,266
Cost of revenue	2,572	2,506
Gross profit	7,102	6,218
Research and development	421	361	413	471	452	465	529	604	616	629
Selling, general and administrative	2,810	2,582	2,473	2,554	2,367	2,624	2,625	2,917	3,296	3,438
Operating income	-566	102	-2,384	-203	676	450	454	963	1,546	1,813
Interest expense	1,836	1,840	1,685	1,612	1,534	1,426	1,464	1,328	1,388	1,604
Interest income	8	12	11	12	13	7	14	26	33	48
Other non-operating income	-73	348	20	-1,426	-502	-373	-35	-28	-247	-142
Pre-tax income	-2,435	-1,741	-4,154	-1,837	-934	-1,024	-129	-390	167	367
Income tax	-27	-4,145	-10	-54	-375	-87	83	221	239	247
Net income to minority interests	1	0	4	5	1	11	13	-19	-26	-37
Net income	-2,409	2,404	-4,148	-1,788	-560	-948	-225	-592	-46	157
EBITDA	2,300	2,960	435	1,872	2,501	2,002	1,848	2,227	2,813	3,021
EPS, basic	-6.94	6.86	-11.81	-5.08	-1.58	-2.64	-0.62	-1.62	-0.13	0.42
EPS, diluted	-6.94	6.83	-11.81	-5.08	-1.58	-2.64	-0.62	-1.62	-0.13	0.42
Shares, basic (weighted)	347	350	351	352	355	359	362	365	368	371
Shares, diluted (weighted)	347	352	351	352	355	359	362	365	368	375

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	542	720	721	3,243	605	582	564	947	1,181	1,309
Receivables	2,517	2,130	1,865	1,839	1,577	1,775	1,790	1,998	2,140	2,351
Inventory	1,061	1,048	934	1,107	1,094	993	1,090	1,544	1,595	1,629
Other current assets	696	771	689	779	855	720	776	1,092	838	852
Total current assets	5,077	4,746	4,211	6,969	5,342	5,607	4,247	5,596	5,774	6,157
Property, plant and equipment	1,312	1,403	1,353	1,466	1,567	1,598	1,600	1,707	1,780	2,074
Lease right-of-use assets				271	259	247	221	185	211	215
Goodwill	15,794	15,593	13,142	13,126	13,044	12,457	11,547	11,183	11,087	11,271
Intangible assets	18,884	15,211	12,001	10,201	8,445	6,948	5,800	6,456	5,551	4,643
Other non-current assets	184	111	109	411	664	340	326	307	363	378
Total assets	43,529	37,497	32,492	33,863	31,199	29,202	25,686	27,350	26,523	26,366
Accounts payable	324	365	411	503	337	407	521	719	589	600
Accrued liabilities	3,227	3,694	3,197	4,511	4,576	4,791	2,988	3,133	3,489	3,344
Short-term debt	1	209	228	1,234	0	0	432	450	2,674	225
Total current liabilities	3,609	4,268	3,836	6,248	4,913	5,198	3,941	4,302	6,752	4,180
Long-term debt	29,845	25,235	24,077	24,661	23,925	22,654	20,334	21,938	18,942	20,592
Lease liabilities				240	227	214	184	148	165	167
Other non-current liabilities	486	526	581	851	1,012	653	741	776	713	793
Total liabilities	40,271	31,553	29,677	32,727	30,594	29,236	25,426	27,432	26,845	25,989
Total debt	29,846	25,444	24,305	25,895	23,925	22,654	20,766	22,388	21,616	20,817
Paid-in capital	351	380	413	429	454	462	159	214	234	357
Retained earnings	-5,129	-2,725	-5,664	-7,452	-8,013	-8,961	-9,186	-9,778	-9,824	-9,667
Other comprehensive income	-2,108	-1,896	-2,137	-2,086	-2,133	-1,924	-2,056	-1,881	-2,179	-1,760
Shareholders' equity	3,152	5,849	2,733	1,063	535	-106	-692	-1,022	-1,279	-554
Minority interests	106	95	82	73	70	72	952	940	957	931
Total equity	3,258	5,944	2,815	1,136	605	-34	260	-82	-322	377
Total liabilities and equity	43,529	37,497	32,492	33,863	31,199	29,202	25,686	27,350	26,523	26,366
Shares outstanding	348	349	350	353	355	359	362	365	368	371

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2,408	2,404	-4,144	-1,783	-559	-937	-212	-611	-72	120
Depreciation and amortization	2,866	2,858	2,819	2,075	1,825	1,552	1,394	1,264	1,267	1,208
Stock-based compensation	165	87	87	102	105	128	126	132	150	216
Deferred income tax	-268	-4,311	-337	-182	-599	-36	-188	6	69	132
Change in receivables	-34	417	216	39	170	-229	-57	-195	-216	-134
Change in inventory	-164	7	-5	-209	-77	-16	-198	-322	-267	-12
Change in payables	-144	387	-121	-149	-471	121	-75	158	357	-76
Cash from operations	2,087	2,290	1,501	1,501	1,111	1,426	-728	1,032	1,597	1,400
Capital expenditures	-235	-171	-157	-270	-302	-269	-218	-215	-337	-397
Acquisitions	-19	0	5	-180	0	0	-45	-1,890
Purchases of investments	-1	-7	-7	-16	-4	-19	-17	-27	-12	-11
Sales and maturities of investments	17	2	7	10	8	15	22	26	14	8
Cash from investing	-125	2,887	-196	-419	-261	409	-303	-2,145	-454	-595
Debt issued	1,220	9,424	8,944	5,960	3,455	2,100	6,836	3,291	661	10,554
Debt repaid	-2,436	-14,203	-10,101	-4,406	-5,642	-3,440	-7,846	-1,710	-1,460	-11,191
Stock issued	0	0	2
Share buybacks	0	0
Cash from financing	-1,963	-4,963	-1,353	1,443	-2,294	-1,513	-474	1,475	-868	-742
Exchange rate effect		41	-26	-4	16	-19	-23	9	-36	61
Net change in cash	-55	255	-74	2,521	-1,428	303	-1,528	371	239	124
Free cash flow	1,852	2,119	1,344	1,231	809	1,157	-946	817	1,260	1,003
Interest paid	1,718	1,708	1,665	1,537	1,474	1,419	1,540	1,533	1,674	1,810
Income taxes paid	149	179	138	172	162	240	266	237	61	163

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	8.1%	Operating income / revenue.
EBITDA margin	18.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.7%	Pre-tax income / revenue.
Net margin	-10.1%	Net income / revenue.
FCF margin	13.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.6%	Cash from operations / revenue.
Return on assets (ROA)	-4.4%	Net income / average total assets.
Return on invested capital (ROIC)	4.1%	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	6.1%	Research and development expense / revenue.
SG&A / revenue	31.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	10.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	58.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	4.7%	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	-20.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	4.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.9%	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	-3.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.44x	Current assets / current liabilities.
Quick ratio	0.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.40x	(Cash + short-term investments) / current liabilities.
Debt / assets	83.7%	Total debt / total assets.
Liabilities / assets	103.2%	Total liabilities / total assets.
Net debt	$18.92B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	9.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.55x	Operating income / interest expense.
Working capital	$1.98B	Current assets - current liabilities.
Goodwill and intangibles / assets	56.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$15.74B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	5.18x	Revenue / average property, plant and equipment.
Receivables turnover	4.80x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Capex / operating cash flow	20.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.90	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.
Revenue per share	$28.70	Revenue / diluted weighted shares.
FCF per share	$3.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.76	Cash from operations / diluted weighted shares.
Book value per share	-$4.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$42.10	Tangible book value / shares outstanding.
Cash per share	$4.88	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.13B	Share price x shares outstanding.
Enterprise value	$21.04B	Market cap + total debt - cash - short-term investments.
P/S	0.20x	Market cap / revenue.
P/FCF	1.49x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.18x	Market cap / cash from operations, when positive.
EV/Sales	1.94x	Enterprise value / revenue.
EV/EBIT	23.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	67.2%	Free cash flow / market cap.
Earnings yield	-51.6%	Net income / market cap (the inverse of P/E).

What was Bausch Health Companies Inc.'s revenue in fiscal 2025?

Bausch Health Companies Inc. reported revenue of $10.27B for fiscal 2025, 6.7% higher than the year before.

Was Bausch Health Companies Inc. profitable in fiscal 2025?

Yes. Net income was $157.0M, a net margin of 1.5%.

How much free cash flow did Bausch Health Companies Inc. generate in fiscal 2025?

Cash from operations of $1.40B minus capital expenditures of $397.0M left free cash flow of $1.00B.

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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