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Bausch + Lomb
Bausch + Lomb (BLCO) investor relations material
Bausch + Lomb Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved record Q4 and full year results, with Q4 revenue of $1.405 billion (up 10% year-over-year, 7% constant currency) and full-year revenue of $5.101 billion (up 6%, 5% constant currency), driven by strong operating leverage and execution of strategic initiatives.
Adjusted EBITDA reached $330 million in Q4 (up 27% year-over-year) and $891 million for the year, both all-time highs, with significant margin expansion.
GAAP net loss for FY25 was $360 million, with a net loss margin of 7.1%.
Strong growth in Vision Care, premium IOLs, and dry eye portfolio, with MIEBO sales of $112 million in Q4 and $316 million for the year.
Executed on 3-year plan, achieving 2025 targets for revenue and margin expansion.
Financial highlights
Q4 revenue: $1.405 billion, up 7–10% year-over-year; full year revenue: $5.101 billion, up 5–6%.
Q4 adjusted EBITDA: $330 million, up 27% year-over-year; full year adjusted EBITDA: $891 million.
Q4 adjusted EBITDA margin: 23.5%, up 330 basis points year-over-year; full year margin: 17.5%.
Adjusted EPS: $0.32 in Q4, $0.43 for the year; GAAP net loss for FY25 was $360 million.
Adjusted cash flow from operations: $152 million in Q4, $381 million for the year; capex: $349 million for the year.
Outlook and guidance
2026 revenue guidance: $5.375–$5.475 billion, representing 5–7% constant currency growth.
Adjusted EBITDA guidance: $1.0–$1.05 billion, ~19% margin at midpoint, ~15% year-over-year growth.
Adjusted gross margin expected at ~62%; R&D investment at 7.5–8% of revenue; CapEx projected at $285 million.
Seasonality expected to be more pronounced, with Q1 lowest and Q4 highest due to dry eye franchise growth.
Foreign exchange tailwinds expected to add $30 million to revenue; nominal impact on adjusted EBITDA.
MIEBO's impact on FY25 operating income?
Surgical segment recovery post-enVista recall?
Q4 EBITDA leverage vs. full-year trend?
Miebo's profitability and investment strategy
Operating leverage drivers for 2026 EBITDA growth
Outperforming market in competitive segments
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Next Bausch + Lomb earnings date
Q1 202629 Apr, 2026
Bausch + Lomb
Next Bausch + Lomb earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Bausch + Lomb Corporation is a global healthcare company specializing in eye health products. The company offers a wide range of products across three primary segments: Vision Care, Ophthalmic Pharmaceuticals, and Surgical. Its portfolio includes contact lenses, lens care solutions, prescription eye medications, over-the-counter eye care products, and surgical devices for cataract, vitreoretinal, and refractive procedures. The company is headquartered in Vaughan, Canada, and its shares are listed on the NYSE (New York Stock Exchange).
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