Bausch Health Companies (BHC) financial statements
Bausch Health Companies reported revenue of $10.3B in fiscal 2025, up 0.7% a year over 9 years.
Net income was $157M and the operating margin 17.7%, against -5.9% in 2016.
Free cash flow was $1.0B.
The diluted share count rose 8% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bausch Health Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.7B | $8.7B | $8.4B | $8.6B | $8.0B | $8.4B | $8.1B | $8.8B | $9.6B | $10.3B |
| Cost of revenue | $2.6B | $2.5B | — | — | — | — | — | — | — | — |
| Gross profit | $7.1B | $6.2B | — | — | — | — | — | — | — | — |
| Research and development | $421M | $361M | $413M | $471M | $452M | $465M | $529M | $604M | $616M | $629M |
| Selling, general and admin | $2.8B | $2.6B | $2.5B | $2.6B | $2.4B | $2.6B | $2.6B | $2.9B | $3.3B | $3.4B |
| Operating income | -$566M | $102M | -$2.4B | -$203M | $676M | $450M | $454M | $963M | $1.5B | $1.8B |
| Interest expense | $1.8B | $1.8B | $1.7B | $1.6B | $1.5B | $1.4B | $1.5B | $1.3B | $1.4B | $1.6B |
| Pre-tax income | -$2.4B | -$1.7B | -$4.2B | -$1.8B | -$934M | -$1.0B | -$129M | -$390M | $167M | $367M |
| Income tax | -$27M | -$4.1B | -$10M | -$54M | -$375M | -$87M | $83M | $221M | $239M | $247M |
| Net income | -$2.4B | $2.4B | -$4.1B | -$1.8B | -$560M | -$948M | -$225M | -$592M | -$46M | $157M |
| EPS (diluted) | -$6.94 | $6.83 | -$11.81 | -$5.08 | -$1.58 | -$2.64 | -$0.62 | -$1.62 | -$0.13 | $0.42 |
| Diluted shares | 347M | 352M | 351M | 352M | 355M | 359M | 362M | 365M | 368M | 375M |
| Gross margin | 73.4% | 71.3% | — | — | — | — | — | — | — | — |
| Operating margin | -5.9% | 1.2% | -28.4% | -2.4% | 8.4% | 5.3% | 5.6% | 11.0% | 16.1% | 17.7% |
| Net margin | -24.9% | 27.6% | -49.5% | -20.8% | -7.0% | -11.2% | -2.8% | -6.8% | -0.5% | 1.5% |
Balance sheet
Fiscal years, from Bausch Health Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $542M | $720M | $721M | $3.2B | $605M | $582M | $564M | $947M | $1.2B | $1.3B |
| Receivables | $2.5B | $2.1B | $1.9B | $1.8B | $1.6B | $1.8B | $1.8B | $2.0B | $2.1B | $2.4B |
| Inventory | $1.1B | $1.0B | $934M | $1.1B | $1.1B | $993M | $1.1B | $1.5B | $1.6B | $1.6B |
| Total current assets | $5.1B | $4.7B | $4.2B | $7.0B | $5.3B | $5.6B | $4.2B | $5.6B | $5.8B | $6.2B |
| Property, plant and equipment | $1.3B | $1.4B | $1.4B | $1.5B | $1.6B | $1.6B | $1.6B | $1.7B | $1.8B | $2.1B |
| Goodwill | $15.8B | $15.6B | $13.1B | $13.1B | $13.0B | $12.5B | $11.5B | $11.2B | $11.1B | $11.3B |
| Total assets | $43.5B | $37.5B | $32.5B | $33.9B | $31.2B | $29.2B | $25.7B | $27.4B | $26.5B | $26.4B |
| Total current liabilities | $3.6B | $4.3B | $3.8B | $6.2B | $4.9B | $5.2B | $3.9B | $4.3B | $6.8B | $4.2B |
| Long-term debt | $29.8B | $25.2B | $24.1B | $24.7B | $23.9B | $22.7B | $20.3B | $21.9B | $18.9B | $20.6B |
| Total liabilities | $40.3B | $31.6B | $29.7B | $32.7B | $30.6B | $29.2B | $25.4B | $27.4B | $26.8B | $26.0B |
| Shareholders' equity | $3.2B | $5.8B | $2.7B | $1.1B | $535M | -$106M | -$692M | -$1.0B | -$1.3B | -$554M |
| Net debt | $29.3B | $24.7B | $23.6B | $22.7B | $23.3B | $22.1B | $20.2B | $21.4B | $20.4B | $19.5B |
Cash flow
Fiscal years, from Bausch Health Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $2.3B | $1.5B | $1.5B | $1.1B | $1.4B | -$728M | $1.0B | $1.6B | $1.4B |
| Capital spending | $235M | $171M | $157M | $270M | $302M | $269M | $218M | $215M | $337M | $397M |
| Free cash flow | $1.9B | $2.1B | $1.3B | $1.2B | $809M | $1.2B | -$946M | $817M | $1.3B | $1.0B |
| Stock-based compensation | $165M | $87M | $87M | $102M | $105M | $128M | $126M | $132M | $150M | $216M |
| Share buybacks (net) | $0 | $0 | — | — | — | — | — | — | — | — |
| Net borrowing | -$1.2B | -$4.8B | -$1.2B | $1.6B | -$2.2B | -$1.3B | -$1.0B | $1.6B | -$799M | -$637M |
| Free cash flow margin | 19.1% | 24.3% | 16.0% | 14.3% | 10.1% | 13.7% | -11.6% | 9.3% | 13.1% | 9.8% |
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Open BHC in InvestinglyQuestions
What was Bausch Health Companies's revenue in 2025?
$10.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Bausch Health Companies generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Bausch Health Companies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.