Filing Flows › Bausch Health Companies (BHC) › Q4 2025
Bausch Health Companies (BHC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Bausch Health Companies (BHC) reported revenue of $2.8B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before. Operating margin was 17.0%, net loss $103M (3.7% of revenue).
Bausch Health Companies, Q4 2025: revenue $2.8B (+9% year over year), operating margin 17.0%, net loss $103M, operating cash flow $495M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | +4% | +9% |
| Operating profit | $474M | -23% | — |
| Net earnings | −$103M | -158% | — |
| Operating cash flow | $495M | +22% | -18% |
| Free cash flow | $403M | +28% | -19% |
What changed
Revenue was $2.8B in Q4 2025, up 9% year over year and up 4% from the previous quarter. Product sales was the largest line at 99% of revenue.
Operating profit was $0.47B, a 17.0% margin (down 4.9 points year over year). Operating profit fell $0.08B even though revenue rose $0.24B versus a year earlier, so costs grew faster than sales. Total costs grew 16% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+26%). The quarter ended with a net loss of $0.10B, after a profit of $0.18B the previous quarter. Net interest and other expense of $0.42B was the main reason.
Operating cash flow was $0.49B (down 18% year over year). Non-cash charges added back $0.29B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.22B. Capital expenditures of $0.09B left free cash flow of $0.40B.
Questions
What was Bausch Health Companies' revenue in the fourth quarter 2025?
Bausch Health Companies (BHC) reported revenue of $2.8B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before.
Was Bausch Health Companies profitable in the fourth quarter 2025?
Operating profit was $474M (17.0% of revenue) and net loss $103M.