The Cooper Companies (COO) Q2 2025 earnings summary

Executive summary

• Q2 2025 consolidated revenue grew 6% year-over-year to $1,002.3 million, led by double-digit growth in daily silicone hydrogel lenses and the office/surgical portfolio; CooperVision up 5%, CooperSurgical up 8%.

• Non-GAAP diluted EPS rose 14% to $0.96, while GAAP diluted EPS was $0.44, flat year-over-year.

• Gross margin improved to 68% from 67% year-over-year, driven by efficiency gains and favorable product mix.

• Operating income increased 14% to $184.8 million for Q2 2025.

• The company is navigating a complex global environment by focusing on execution, market share gains, product launches, and capacity expansion.

Financial highlights

• Q2 consolidated revenues were $1.002 billion, up 6% as reported and 7% organically.

• CooperVision revenues: $669.6 million, up 5% as reported and 7% organically; CooperSurgical revenues: $332.7 million, up 8% as reported and 7% organically.

• Free cash flow was $18.1 million with CapEx of $78.1 million; net debt increased slightly to $2.47 billion.

• Repurchased 537,000 shares for $40.6 million; $215.8 million remains under the $1 billion repurchase plan.

• Operating cash flow for the first six months was $286.8 million, up from $233.7 million year-over-year.

Outlook and guidance

• FY25 consolidated revenue guidance raised to $4,107–$4,146 million (up 5–6% as reported and organically).

• CooperVision revenue guidance: $2,759–$2,786 million (up 6–7% as reported and organically); CooperSurgical: $1,347–$1,359 million (up 5–6% as reported, 3.5–4.5% organically).

• Non-GAAP EPS guidance raised to $4.05–$4.11, up 10–11.5% year-over-year.

• Free cash flow expected at $350–$400 million for FY25; Q4 organic growth expected to be stronger than Q3.

• Tariffs expected to negatively impact FY25 cost of goods by $4 million and could impact FY26 EPS by ~3% pre-mitigation.