Alcon AG (ALC) financial statements
Alcon AG reported revenue of $10.4B in fiscal 2025, up 4.2% a year over 9 years.
Net income was $980M and the operating margin 13.1%, against 34.5% in 2010.
Free cash flow was $1.6B, and the company returned $166M in dividends and $676M in net buybacks.
The diluted share count rose 63% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Alcon AG's 10-K filings with the SEC.
| Fiscal year | 2010 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.2B | $6.8B | $7.2B | $7.5B | $6.8B | $8.3B | $8.7B | $9.5B | $9.9B | $10.4B |
| Cost of revenue | $1.7B | $3.6B | $4.0B | $3.7B | $3.8B | $3.6B | $3.9B | $4.1B | $4.3B | $4.6B |
| Gross profit | $5.5B | $3.2B | $3.2B | $3.7B | $2.9B | $4.7B | $4.7B | $5.2B | $5.5B | $5.7B |
| Research and development | $747M | $584M | $587M | $656M | $673M | $842M | $702M | $828M | $876M | $990M |
| Selling, general and admin | — | $2.6B | $2.8B | $2.8B | $2.7B | $3.1B | $3.1B | $3.2B | $3.2B | $3.4B |
| Operating income | $2.5B | -$77M | -$248M | -$187M | -$482M | $580M | $672M | $1.0B | $1.4B | $1.4B |
| Interest expense | $9M | $27M | $24M | $113M | $124M | $120M | $134M | $189M | $192M | $204M |
| Pre-tax income | $2.5B | -$127M | -$300M | -$332M | -$635M | $418M | $463M | $832M | $1.3B | $1.2B |
| Income tax | $317M | -$383M | -$73M | $324M | -$104M | $42M | $128M | -$142M | $238M | $180M |
| Net income | $2.2B | $256M | -$227M | -$656M | -$531M | $376M | $335M | $974M | $1.0B | $980M |
| EPS (diluted) | $7.27 | $0.52 | -$0.46 | -$1.34 | -$1.09 | $0.76 | $0.68 | $1.96 | $2.05 | $1.98 |
| Diluted shares | 304M | 488M | 488M | 488M | 489M | 493M | 494M | 496M | 498M | 496M |
| Gross margin | 76.7% | 47.2% | 44.6% | 48.8% | 43.0% | 56.1% | 54.5% | 55.5% | 55.6% | 55.2% |
| Operating margin | 34.5% | -1.1% | -3.5% | -2.5% | -7.1% | 7.0% | 7.7% | 11.0% | 14.3% | 13.1% |
| Net margin | 30.8% | 3.8% | -3.2% | -8.7% | -7.8% | 4.5% | 3.8% | 10.3% | 10.3% | 9.4% |
Balance sheet
Fiscal years, from Alcon AG's 10-K filings with the SEC.
| Fiscal year | 2010 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.4B | $172M | $227M | $822M | $1.6B | $1.6B | $980M | $1.1B | $1.7B | $1.5B |
| Receivables | $1.5B | — | $1.3B | $1.4B | $1.4B | $1.5B | $1.7B | $1.8B | $1.7B | $1.9B |
| Inventory | $693M | — | $1.4B | $1.5B | $1.6B | $1.9B | $2.1B | $2.3B | $2.3B | $2.4B |
| Total current assets | $6.1B | — | $3.4B | $4.2B | $5.0B | $5.4B | $5.2B | $5.6B | $6.3B | $6.4B |
| Property, plant and equipment | $1.4B | — | $2.8B | $3.1B | $3.4B | $3.7B | $4.0B | $4.4B | $4.4B | $4.8B |
| Goodwill | $833M | — | $8.9B | $8.9B | $8.9B | $8.9B | $8.9B | $8.9B | $8.9B | $9.3B |
| Total assets | $10.1B | — | $27.1B | $27.7B | $27.6B | $28.0B | $29.2B | $29.6B | $30.3B | $31.6B |
| Total current liabilities | $1.8B | — | $1.9B | $2.3B | $2.3B | $2.5B | $2.7B | $2.4B | $2.3B | $3.0B |
| Long-term debt | $0 | — | $0 | $3.2B | $3.9B | $4.0B | $4.5B | $4.7B | $4.5B | $4.2B |
| Total liabilities | $2.8B | — | $4.4B | $8.4B | $8.8B | $8.7B | $9.5B | $9.0B | $8.8B | $9.5B |
| Shareholders' equity | $7.3B | $23.0B | $22.6B | $19.3B | $18.8B | $19.3B | $19.7B | $20.6B | $21.6B | $22.0B |
| Net debt | -$2.5B | -$172M | -$180M | $2.7B | $2.6B | $2.5B | $3.7B | $3.6B | $3.0B | $3.2B |
Cash flow
Fiscal years, from Alcon AG's 10-K filings with the SEC.
| Fiscal year | 2010 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.4B | $1.2B | $1.1B | $920M | $823M | $1.3B | $1.2B | $1.4B | $2.1B | $2.3B |
| Capital spending | $309M | $496M | $712M | $676M | $567M | $1.2B | $745M | $851M | $670M | $663M |
| Free cash flow | $2.1B | $722M | $428M | $244M | $256M | $165M | $472M | $537M | $1.4B | $1.6B |
| Stock-based compensation | $78M | — | — | — | — | — | — | — | — | — |
| Dividends paid | $1.0B | — | — | $0 | $0 | $54M | $100M | $116M | $130M | $166M |
| Share buybacks (net) | -$33M | — | — | — | — | — | — | $0 | $0 | -$676M |
| Net borrowing | -$306M | $0 | $0 | $3.2B | $0 | $0 | $319M | $35M | $12M | -$53M |
| Free cash flow margin | 28.8% | 10.6% | 6.0% | 3.2% | 3.7% | 2.0% | 5.4% | 5.7% | 14.2% | 15.5% |
| Dividends per share | $3.41 | — | — | — | — | $0.11 | $0.20 | $0.23 | $0.26 | $0.33 |
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Open ALC in InvestinglyQuestions
What was Alcon AG's revenue in 2025?
$10.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Alcon AG generate?
$1.6B in fiscal 2025 (operating cash flow minus capital spending).
From Alcon AG's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.