Bausch & Lomb Corp financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Bausch & Lomb Corp 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

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	3,412	3,765	3,768	4,146	4,791	5,101
Research and development	253	271	307	324	343	371
Selling, general and administrative	1,253	1,389	1,478	1,736	2,082	2,234
Operating income	260	329	207	130	162	113
Interest expense	0	0	146	283	399	421
Interest income	3	0	6	15	15	12
Other non-operating income	-38	-17	-13	-74
Pre-tax income	290	318	73	-166	-234	-317
Income tax	307	125	58	82	71	35
Net income to minority interests	1	11	9	12	12	8
Net income	-18	182	6	-260	-317	-360
EBITDA	702	744	586	512	598	534
EPS, basic	-0.05	0.52	0.02	-0.74	-0.90	-1.02
EPS, diluted	-0.05	0.52	0.02	-0.74	-0.90	-1.02
Shares, basic (weighted)	350	350	350	351	352	354
Shares, diluted (weighted)	350	350	350	351	352	354

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	238	174	354	331	305	383
Receivables		721	724	839	1,026	1,221
Inventory		572	628	1,028	1,036	976
Other current assets		165	405	541	410	383
Total current assets		1,635	2,137	2,742	2,788	2,977
Property, plant and equipment		1,225	1,300	1,390	1,485	1,762
Lease right-of-use assets		112	119	114	151	160
Goodwill	4,685	4,586	4,507	4,575	4,523	4,758
Intangible assets		2,264	2,058	3,589	3,494	3,281
Other non-current assets		180	215	225	294	310
Total assets		10,823	11,144	13,442	13,469	14,022
Accounts payable		239	370	522	389	388
Accrued liabilities		860	901	1,027	1,309	1,493
Short-term debt		0	25	30	40	28
Total current liabilities		1,099	1,296	1,579	1,738	1,920
Long-term debt		0	2,411	4,532	4,744	5,020
Lease liabilities		92	92	87	120	125
Other non-current liabilities		298	329	397	430	521
Total liabilities		1,421	4,043	6,522	6,925	7,503
Total debt		0	2,436	4,562	4,784	5,048
Paid-in capital		0	8,285	8,349	8,429	8,563
Retained earnings		0	6	-254	-571	-931
Other comprehensive income		-1,035	-1,258	-1,245	-1,385	-1,184
Shareholders' equity		9,329	7,033	6,850	6,473	6,448
Minority interests		73	68	70	71	71
Total equity	9,988	9,402	7,101	6,920	6,544	6,519
Total liabilities and equity		10,823	11,144	13,442	13,469	14,022
Shares outstanding		350	350	351	352	354

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-17	193	15	-248	-305	-352
Depreciation and amortization	442	415	379	382	436	421
Stock-based compensation	50	62	62	74	92	149
Deferred income tax	152	-74	-13	11	-4	-35
Change in receivables	77	-107	-95	-121	-227	-148
Change in inventory	-32	-15	-106	-264	-147	38
Change in payables	-144	163	189	245	126	108
Cash from operations	522	873	345	-17	232	283
Capital expenditures	-253	-193	-175	-181	-291	-349
Purchases of investments	-6	-19	-17	-17	-12	-11
Sales and maturities of investments	9	14	22	16	14	8
Cash from investing	-256	-214	-215	-2,109	-412	-455
Debt issued	0	0	2,440	2,276	631	3,357
Debt repaid	0	0	-13	-161	-430	-3,096
Cash from financing	-232	-712	81	2,078	178	225
Exchange rate effect	12	-8	-8	2	-16	28
Net change in cash	46	-61	203	-46	-18	81
Free cash flow	269	680	170	-198	-59	-66
Interest paid	3	0	132	238	415	380
Income taxes paid	57	53	83	64	91	59

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 $16.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	6.1%	Operating income / revenue.
EBITDA margin	13.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.2%	Pre-tax income / revenue.
Net margin	-3.2%	Net income / revenue.
FCF margin	2.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.6%	Cash from operations / revenue.
Return on equity (ROE)	-2.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.2%	Net income / average total assets.
Return on invested capital (ROIC)	2.3%	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	7.6%	Research and development expense / revenue.
SG&A / revenue	41.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.0%	Capital expenditures / revenue.
D&A / revenue	7.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-30.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-18.3%	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	-15.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-10.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.3%	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	22.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.4%	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	-11.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.6%	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	0.3%	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	0.2%	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	1.55x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.80x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.6%	Total debt / total assets.
Liabilities / assets	53.5%	Total liabilities / total assets.
Net debt	$4.71B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.83x	Operating income / interest expense.
Working capital	$1.03B	Current assets - current liabilities.
Goodwill and intangibles / assets	56.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	2.96x	Revenue / average property, plant and equipment.
Receivables turnover	4.59x	Revenue / average receivables.
Days sales outstanding	80 days	365 x average receivables / revenue.
Capex / operating cash flow	70.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.48	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	$14.91	Revenue / diluted weighted shares.
FCF per share	$0.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.28	Cash from operations / diluted weighted shares.
Book value per share	$17.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.25	Tangible book value / shares outstanding.
Cash per share	$1.03	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.02B	Share price x shares outstanding.
Enterprise value	$10.73B	Market cap + total debt - cash - short-term investments.
P/S	1.13x	Market cap / revenue.
P/B	0.94x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	44.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.1x	Market cap / cash from operations, when positive.
EV/Sales	2.02x	Enterprise value / revenue.
EV/EBIT	33.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	78.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	-2.8%	Net income / market cap (the inverse of P/E).

What was Bausch & Lomb Corp's revenue in fiscal 2025?

Bausch & Lomb Corp reported revenue of $5.10B for fiscal 2025, 6.5% higher than the year before.

Was Bausch & Lomb Corp profitable in fiscal 2025?

No. It reported a net loss of $360.0M.

How much free cash flow did Bausch & Lomb Corp generate in fiscal 2025?

Cash from operations of $283.0M minus capital expenditures of $349.0M left free cash flow of -$66.0M.

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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