Bausch + Lomb Corporation (NYSE: BLCO), a global eye health company, reported its financial results for the fourth quarter and full year ended December 31, 2025. Shares of the company, listed on the New York Stock Exchange and Toronto Stock Exchange, closed today at $17.74 reflecting an intraday increase of 4.17%. The company’s market capitalization stands at approximately $6.28 billion.
Fourth-Quarter 2025 Results
Bausch + Lomb reported consolidated revenue of $1.38 billion for the fourth quarter of 2025, an 8.2% increase compared to $1.28 billion in the prior-year period. On a constant currency basis, revenue growth for the quarter was approximately 11%. The company recorded a GAAP net loss attributable to Bausch + Lomb Corporation of $2 million compared to a net loss of $3 million in the fourth quarter of 2024. Adjusted EBITDA for the quarter reached $268 million.
Quarterly revenue showed increases across each segment compared to Q4 2024. Vision Care revenues of $778 million were up from $723 million. Surgical revenues rose to $249 million from $231 million. Pharmaceuticals revenue was $378 million, up from $326 million.
Operating income for the quarter was $112 million, compared with $87 million in the year-ago period. GAAP basic and diluted earnings per share for the quarter were negative $0.16, compared with negative $0.01 in Q4 2024.
Full-Year 2025 Results
For the full year, Bausch + Lomb reported revenue of $5.101 billion, up from $4.791 billion in 2024, indicating an annual increase in total sales. The net loss attributable to the corporation was $360 million, versus a $317 million loss in 2024.
Annual segment revenue figures showed expansion across each business unit. Vision Care revenue increased to $2.923 billion from $2.739 billion. Surgical revenue grew to $894 million from $843 million. Pharmaceuticals revenue rose to $1.284 billion from $1.209 billion.
Operating income for the full year was $113 million, down from $162 million in 2024. Adjusted net income (non-GAAP) declined year-over-year while adjusted EBITDA excluding acquired IPR&D showed a slight increase.
Business & Operations Update
Bausch + Lomb continued to report activity across its Vision Care, Surgical and Pharmaceuticals units. In Vision Care, growth in contact lenses and demand for over-the-counter dry eye products and eye vitamins contributed to revenue increases in Q4 and for the full year. Surgical segment revenue was supported by increased demand for consumables, implantables and equipment sales; this was partly offset by the effect of a voluntary recall of some enVista intraocular lens products. Pharmaceuticals growth in Q4 was attributed to sales of products such as MIEBO and international pharmaceuticals, although U.S. generics declines tempered full-year performance.
The company provided operational details around product performance, including contact lens business expansion and LUMIFY and dry eye portfolio demand.
Equity Analyst Commentary
Institutional research notes following the release indicated revenue results slightly above expectations, with commentary noting key product portfolio contributions and mixed earnings outcomes relative to forecasts. Analysts highlighted revenue growth in core segments alongside continued net loss widening.
Guidance & Outlook
For fiscal 2026, Bausch + Lomb issued full-year revenue guidance in the range of $5.375 billion to $5.475 billion and projected adjusted EBITDA excluding acquired IPR&D of $1.00 billion to $1.05 billion, noting expected constant currency growth. The company characterized these ranges as what to watch for in 2026 performance.
Performance Summary
BLCO stock rose modestly on release of results. Q4 revenue and full-year revenue showed year-over-year increases. Segment revenues in Vision Care, Surgical and Pharmaceuticals expanded in 2025. Full-year net loss widened compared with 2024.