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GOLD 4183.80 +0.3% SILVER 57.18 +0.0% COPPER 6.57 +0.1% OIL 98.49 +0.5% PALLADIUM 1115.50 −1.1% MON 0.385 −6.1% OMI 0.250 +0.0% BUFF 0.800 +2.6% FEO 0.650 +0.0% LIB 0.700 −2.8% NPR 0.620 +0.0% QZM 0.380 +0.0% BVA 0.770 +1.3% ONAU 0.530 +1.9% FMR 0.225 +0.0% GSVR 0.345 +1.5% PHNM 0.345 +1.5% SLG 5.54 −3.0% CASA 0.060 +0.0% DRY 0.220 +2.3% SOMA 0.570 +1.8% GOLD 4183.80 +0.3% SILVER 57.18 +0.0% COPPER 6.57 +0.1% OIL 98.49 +0.5% PALLADIUM 1115.50 −1.1% MON 0.385 −6.1% OMI 0.250 +0.0% BUFF 0.800 +2.6% FEO 0.650 +0.0% LIB 0.700 −2.8% NPR 0.620 +0.0% QZM 0.380 +0.0% BVA 0.770 +1.3% ONAU 0.530 +1.9% FMR 0.225 +0.0% GSVR 0.345 +1.5% PHNM 0.345 +1.5% SLG 5.54 −3.0% CASA 0.060 +0.0% DRY 0.220 +2.3% SOMA 0.570 +1.8%
Earnings

Bausch + Lomb Announces Fourth-Quarter and Full-Year 2025 Results, Provides 2026 Guidance

By The Northwire Desk — AI Analysis Feb 18, 2026 · 06:58 BLCO · 24.23 BAUSCH + LOMB CORPORATION
BLCO · Price

Executive Summary

  • Bausch + Lomb reported Q4 2025 revenue of $1.405 B (+10% YoY, +7% constant‑currency) and full‑year 2025 revenue of $5.101 B (+6% YoY, +5% constant‑currency).
  • GAAP net loss widened to $58 M in Q4 (vs. $3 M a year ago) and $360 M for the full year (vs. $317 M), driven by higher tax provision and refinancing fees.
  • Adjusted EBITDA grew to $326 M in Q4 (+$67 M YoY) and $858 M for FY2025 (essentially flat YoY), reflecting operating leverage despite a voluntary IOL recall.

Key Details

  • Revenue Highlights
  • Vision Care: $778 M Q4 (+8% reported, +5% constant‑currency); $2.923 B FY (+7% reported, +6% constant‑currency).
  • Surgical: $249 M Q4 (+8% reported, +3% constant‑currency); $894 M FY (+6% reported, +4% constant‑currency).

  • Pharmaceuticals: $378 M Q4 (+16% reported, +14% constant‑currency); $1.284 B FY (+6% both metrics).

  • Profitability

  • GAAP EPS Q4: $(0.16) vs. $(0.01) YoY; FY EPS: $(1.02) vs. $(0.90) YoY.

  • Adjusted EPS Q4: $0.32 vs. $0.25 YoY; FY Adjusted EPS: $0.43 vs. $0.58 YoY (down).

  • Operating Income

  • Q4 operating income $112 M vs. $87 M YoY (+$25 M).

  • FY operating income $113 M vs. $162 M YoY (‑$49 M).

  • Cash Flow

  • Cash flow from operations FY2025: $283 M vs. $232 M YoY (+$51 M).

  • Guidance for FY2026

  • Revenue forecast: $5.375 B – $5.475 B (≈5‑7% constant‑currency growth).

  • Adjusted EBITDA (ex‑Acquired IPR&D) target: $1.000 B – $1.050 B.

  • Segment Drivers

  • Dry eye portfolio (MIEBO®) sales $112 M Q4; total dry‑eye revenue $1.1 B FY2025.
  • Premium intra‑ocular lenses (enVista®) up 20% Q4, returning to early‑2025 levels.

  • All clinical trial enrollments on schedule (BL1107, enVista Beyond™, dual‑action therapeutic, BL1332).

  • Non‑GAAP Adjustments

  • Total non‑GAAP adjustments FY2025: $512 M (incl. restructuring, acquisition costs, share‑based comp).

  • Acquired IPR&D expense FY2025: $30 M; excluded from adjusted EBITDA target.

  • Balance Sheet Highlights

  • Cash & cash equivalents: $397 M as of Dec 31 2025.

  • Diluted weighted‑average shares FY2025: 357.0 M.

  • Conference Call

  • Date: Feb 18 2026, 8:00 a.m. ET (webcast link provided).

Notable Quotes

“We didn’t just grow in the fourth quarter – we grew smarter,” said Brent Saunders, Chairman & CEO. “Meaningful EBITDA margin expansion and operating leverage is a clear sign of our commitment to financial excellence…”

Read the original news release →

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