10-K · February 19, 2026
Bausch Health reported multi-year revenue growth to $10,266 million in 2025 (2024: $9,625M; 2023: $8,757M) while executing portfolio actions including the September 2025 acquisition of DURECT and maintaining a large…
Earnings analysis · 10-Q
BHC earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Bausch Health Companies Inc. reported stronger-than-expected Q1 2026 results, with revenues of $2.52 billion, exceeding estimates by $279 million, and an adjusted diluted EPS of $0.78, surpassing expectations of $0.72.…
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Bausch Health Companies Inc. reported stronger-than-expected Q1 2026 results, with revenues of $2.52 billion, exceeding estimates by $279 million, and an adjusted diluted EPS of $0.78, surpassing expectations of $0.72. Despite a net loss due to a goodwill impairment charge, adjusted EPS demonstrated a 32% increase compared to the prior year, reflecting operational strength in key segments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.78
- Operating margin
- 31.5%
- Segment
- Salix
- Segment
- International
- Segment
- Solta Medical
- Segment
- Diversified
- Segment
- Bausch + Lomb
What stood out
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Significant Revenue Beat
Actual revenue for Q1 2026 was $2.52 billion, beating estimates by approximately $279 million.
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Strong Adjusted EPS Performance
Adjusted diluted EPS was reported at $0.78, exceeding estimates of $0.72 and up 32% from the same period last year.
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Operating Margins Improved
Operating margin increased to 31.5%, up from 22.0% in the previous quarter (Q4 2025).
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Free Cash Flow Recovery
Free cash flow improved significantly to $495 million compared to $190 million in Q4 2025.
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Refinancing Initiatives
Successfully reduced near-term debt maturities by refinancing approximately $6.87 billion worth of obligations.
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Segment Growth in Salix
Salix segment, driven by GI products, continues to be a strong revenue generator, contributing significantly to the overall revenue growth.
What to watch
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Goodwill Impairment Charge
The company incurred a substantial net loss of $1,423 million due to a goodwill impairment charge affecting investor perception.
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Concentration Risk in Salix Segment
Revenue from the Salix segment is highly concentrated, with approximately 85% derived from Xifaxan, exposing the company to risks associated with this product.
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Future Cash Flow Challenges
Management highlighted ongoing challenges regarding cash flow generation and the need to access liquidity for upcoming debt maturities.
Management's outlook
Management reaffirmed full-year guidance for revenue and adjusted EBITDA but did not provide specific numerical targets in the 10-Q.
Earlier filings 4
10-Q · May 1, 2025
Bausch Health reported Q1 2025 revenue of $2,259 million (up $106 million vs. Q1 2024's $2,153 million) with gross profit of $1,558 million (implying a ~69.0% gross margin). Operating income was $276 million (operating…
10-Q · October 31, 2024
Bausch Health reported Q3 2024 revenue of $2,510 million, up from $2,238 million in Q3 2023, with gross margin of ~72.3% and operating income rising to $318 million (vs. $14 million a year ago). Despite improved…
10-Q · August 1, 2024
Bausch Health reported Q2 revenue of $2,403 million, up $236 million (+10.9%) versus Q2 2023 and up $250 million (+11.6%) versus Q1 2024. GAAP diluted EPS for the quarter was $0.03; operating income was $389 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.