Alcon Inc. (ALC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.76	$0.84	+10.5%	—	$2.8B	—
Q1 26	$0.82	$0.85	+3.7%	—	$2.7B	—
Q4 25	$0.79	$0.78	-1.3%	—	$2.7B	—
Q3 25	$0.77	$0.79	+2.6%	—	$2.6B	—
Q2 25	$0.71	$0.76	+7.0%	—	$2.6B	—
Q1 25	$0.76	$0.73	-3.9%	—	$2.5B	—
Q4 24	$0.72	$0.72	0.0%	—	$2.5B	—
Q3 24	$0.74	$0.81	+9.5%	—	$2.5B	—
Q2 24	$0.73	$0.74	+1.4%	—	$2.5B	—
Q1 24	$0.73	$0.78	+6.8%	—	$2.5B	—
Q4 23	$0.68	$0.7	+2.9%	—	$2.4B	—
Q3 23	$0.67	$0.66	-1.5%	—	$2.3B	—
Q2 23	$0.64	$0.69	+7.8%	—	$2.4B	—
Q1 23	$0.6	$0.7	+16.7%	—	$2.4B	—
Q4 22	$0.42	$0.42	0.0%	—	$2.2B	—
Q3 22	$0.48	$0.5	+4.2%	—	$2.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.99	—	—	$10.4B	—
FY24	—	$2.06	—	—	$9.9B	—
FY23	—	$1.98	—	—	$9.5B	—
FY22	—	$0.68	—	—	$8.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.6B	$6.8B	$7.2B	$7.5B	$6.8B	$8.3B	$8.7B	$9.5B	$9.9B	$10.4B
YoY change	—	+2.97%	+5.32%	+4.96%	-8.99%	+21.3%	+5.14%	+8.47%	+4.82%	+4.94%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.6B	6.8B	7.2B	7.5B	6.8B	8.3B	8.7B	9.5B	9.9B	10.4B
Cost of revenue	3.5B	3.6B	4B	3.8B	3.9B	3.6B	4B	4.2B	4.4B	4.7B
Gross profit	3.1B	3.2B	3.2B	3.7B	2.9B	4.7B	4.7B	5.2B	5.5B	5.7B
Gross margin	47.2%	47.2%	44.6%	48.8%	43%	56.1%	54.5%	55.5%	55.6%	55.2%
Research & development	499M	584M	587M	656M	673M	842M	702M	828M	876M	990M
Selling, general & administrative	2.5B	2.6B	2.8B	2.8B	2.7B	3.1B	3.1B	3.2B	3.3B	3.4B
Operating expenses	3.1B	3.3B	3.4B	3.8B	3.4B	4.1B	4.1B	4.2B	4.1B	4.4B
Operating income	10M	-77M	-248M	-187M	-482M	580M	672M	1B	1.4B	1.4B
Operating margin	0.15%	-1.13%	-3.47%	-2.49%	-7.05%	7%	7.71%	11%	14.3%	13.1%
Non-operating income, net	-91M	-20M	-27M	-22M	-26M	-35M	-79M	-52M	-37M	-58M
Pretax income	-113M	-127M	-300M	-332M	-635M	418M	463M	832M	1.3B	1.2B
Income tax	57M	-383M	-73M	324M	-104M	42M	128M	-142M	238M	180M
Net income	-170M	256M	-227M	-656M	-531M	376M	335M	974M	1B	980M
Net margin	-2.58%	3.77%	-3.17%	-8.74%	-7.77%	4.54%	3.84%	10.3%	10.3%	9.42%
EBITDA	1.3B	1.2B	1.4B	1.2B	1.1B	1.8B	1.8B	2.3B	2.7B	2.7B
EPS	-0.35	0.52	-0.46	-1.34	-1.09	0.77	0.68	1.98	2.06	1.99
Diluted EPS	-0.35	0.52	-0.46	-1.34	-1.09	0.76	0.68	1.96	2.05	1.98

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.3B	2.4B	2.5B	2.5B	2.5B	2.5B	2.5B	2.6B	2.6B	2.7B	2.7B	2.8B
Cost of revenue	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.1B
Gross profit	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.7B
Gross margin	55.3%	54.8%	56.2%	55%	55.9%	55.4%	55.9%	53.5%	55.8%	55.8%	56.4%	59.3%
Research & development	201M	208M	199M	220M	225M	232M	222M	245M	250M	273M	245M	663M
Selling, general & administrative	798M	794M	802M	837M	809M	802M	813M	870M	865M	901M	882M	964M
Operating expenses	996M	1.1B	1B	1.1B	1B	990M	915M	1.1B	1.1B	1.2B	1.2B	1.7B
Operating income	293M	208M	368M	318M	332M	395M	468M	247M	332M	313M	292M	11M
Operating margin	12.6%	8.84%	15%	12.7%	13.5%	15.8%	18.9%	9.51%	12.7%	11.5%	10.8%	0.39%
Non-operating income, net	—	—	—	—	—	—	-14M	-1M	-1M	-42M	-2M	-4M
Pretax income	238M	168M	335M	280M	292M	349M	414M	199M	283M	264M	240M	-46M
Income tax	34M	-259M	87M	57M	29M	65M	64M	23M	46M	47M	51M	-46M
Net income	204M	427M	248M	223M	263M	284M	350M	176M	237M	217M	189M	0
Net margin	8.76%	18.2%	10.1%	8.93%	10.7%	11.4%	14.2%	6.78%	9.07%	7.98%	6.98%	0%
EBITDA	285M	215M	676M	330M	341M	397M	463M	612M	521M	793M	614M	800M
EPS	0.41	—	0.5	0.45	0.53	0.57	0.71	0.36	0.48	0.44	0.39	0
Diluted EPS	0.41	—	0.5	0.45	0.53	0.57	0.7	0.35	0.48	0.44	0.39	0

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	27.6B	32.3B	42.7B	33.7B	38.5B	42B	38.9B	31.5B
Enterprise value	—	—	—	30.6B	35.2B	45.6B	37.8B	42.5B	45.3B	37.8B	35B
Shares outstanding	488.7M	488.7M	488.7M	488.2M	489M	490M	491.4M	493M	494.4M	493.2M	493.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	113.5	100.6	39.5	41.2	39.7	49.3
P/S	—	—	—	3.68	4.72	5.15	3.86	4.07	4.23	3.74	2.88
P/B	—	—	—	1.43	1.71	2.22	1.71	1.87	1.95	1.77	1.45
EV/EBITDA	—	—	—	24.9	30.9	25.4	21	18.5	16.7	13.8	14.6
EV/Sales	—	—	—	4.07	5.15	5.5	4.33	4.5	4.57	3.63	3.22
Earnings yield	—	—	—	—	—	0.88%	0.99%	2.53%	2.43%	2.52%	2.03%
FCF yield	—	—	—	0.88%	0.79%	0.39%	1.4%	1.39%	3.35%	4.14%	4.03%
PEG	—	—	—	—	—	—	—	—	—	—	-0.49

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	47.2%	47.2%	44.6%	48.8%	43%	56.1%	54.5%	55.5%	55.6%	55.2%	59.3%
Operating margin	0.15%	-1.13%	-3.47%	-2.49%	-7.05%	7%	7.71%	11%	14.3%	13.1%	14.6%
Net margin	-2.58%	3.77%	-3.17%	-8.74%	-7.77%	4.54%	3.84%	10.3%	10.3%	9.42%	5.92%
ROE	—	1.11%	-1%	-3.4%	-2.82%	1.95%	1.7%	4.72%	4.72%	4.45%	2.94%
ROA	—	0.93%	-0.84%	-2.37%	-1.92%	1.34%	1.15%	3.29%	3.35%	3.11%	2.8%
ROIC	—	-0.33%	-1.1%	-0.84%	-2.22%	2.35%	2.05%	4.21%	4.61%	5.49%	3.23%
Return on tangible assets	—	-1.9%	1.88%	6.18%	6.32%	-5.12%	-4.15%	-15.3%	-21.6%	4.39%	-16.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.85	1.8	1.84	2.21	2.18	1.9	2.28	2.77	2.12	2.09
Quick ratio	—	1.12	1.03	1.19	1.48	1.41	1.13	1.34	1.77	1.33	1.3
Debt / equity	—	0.01	0.01	0.2	0.24	0.23	0.26	0.25	0.24	0.02	0.25
Debt / assets	—	0.01	0.01	0.14	0.16	0.16	0.17	0.17	0.17	0.01	0.17
Net debt / EBITDA	—	-0.02	-0.09	2.4	2.57	1.62	2.27	1.76	1.22	-0.4	1.41
Interest coverage	-2.65	-3.7	-11.5	-1.94	-4.12	4.48	4.46	5.4	7.54	6.69	4.55
Effective tax rate	0%	0%	0%	0%	0%	10%	27.6%	0%	18.9%	15.5%	13.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.5	13.9	14.6	15.4	14	16.9	17.7	19.2	20	21.1	22.2
EPS (basic)	-0.35	0.52	-0.46	-1.34	-1.09	0.77	0.68	1.98	2.06	1.99	1.99
EPS (diluted)	-0.35	0.52	-0.46	-1.34	-1.09	0.76	0.68	1.96	2.05	1.98	1.31
Book value per share	—	47.1	46.3	39.5	38.5	39.3	40	41.8	43.6	44.6	44.7
FCF per share	1.51	1.48	0.88	0.5	0.52	0.34	0.96	1.09	2.85	3.26	3.25
Cash per share	—	0.35	0.53	1.75	3.21	3.22	1.99	2.23	3.7	3.1	3.01
Capex per share	0.91	0.85	1.07	1.13	0.97	1.43	1.29	1.33	0.96	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.73%	6.1%	7.33%	7.37%	6.92%	8.44%	7.3%	6.96%	4.77%	—	—
Capex / operating cash flow	33.1%	35.4%	38.6%	47.3%	43.8%	45.1%	48.6%	38%	18.9%	—	—
Payout ratio	—	—	—	0%	0%	14.4%	29.9%	11.9%	12.8%	16.9%	27%
Dividend yield	—	—	—	0%	0%	0.13%	0.3%	0.3%	0.31%	0.43%	2.19%

Yield

2.19%

trailing twelve months

Frequency

Annual

Last dividend

$0.358

ex-dividend May 5, 2026

Payout ratio

27%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 5, 2026	$0.358
May 13, 2025	$0.331
May 14, 2024	$0.2644
May 10, 2023	$0.2356
May 3, 2022	$0.205
May 4, 2021	$0.0909

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.3B	$2.4B	$2.5B	$2.5B	$2.5B	$2.5B	$2.5B	$2.6B	$2.6B	$2.7B	$2.7B	$2.8B
YoY change	+8.83%	+8.34%	+4.55%	+3.06%	+5.37%	+6.38%	+0.57%	+4.01%	+6.52%	+8.63%	+9.42%	+8.74%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	172M	258M	855M	1.6B	1.6B	980M	1.1B	1.8B	1.5B
Receivables	1.5B	1.4B	1.5B	1.5B	1.6B	1.8B	1.9B	1.9B	—
Inventory	1.3B	1.4B	1.5B	1.6B	1.9B	2.1B	2.3B	2.3B	2.4B
Total current assets	3.3B	3.4B	4.2B	5B	5.4B	5.2B	5.6B	6.3B	6.4B
Property, plant & equipment	1.2B	1.3B	1.5B	1.6B	1.8B	2B	2.1B	2.1B	1.1B
Goodwill & intangibles	40.9B	39.2B	38.3B	36B	35.3B	37.2B	36B	35.1B	9.3B
Total assets	27.4B	27.1B	27.7B	27.6B	28B	29.2B	29.6B	30.3B	31.6B
Accounts payable	615M	663M	833M	876M	903M	861M	811M	773M	926M
Short-term debt	65M	47M	306M	232M	174M	168M	206M	161M	—
Total current liabilities	1.8B	1.9B	2.3B	2.3B	2.5B	2.7B	2.5B	2.3B	3B
Long-term debt	84M	89M	3.5B	4.3B	4.3B	4.9B	4.9B	5B	429M
Total liabilities	4.4B	4.4B	8.4B	8.8B	8.7B	9.5B	9B	8.8B	9.5B
Shareholders' equity	23B	22.6B	19.3B	18.8B	19.3B	19.7B	20.6B	21.6B	22B
Total debt	149M	136M	3.8B	4.5B	4.5B	5.1B	5.1B	5.1B	429M
Net debt	-23M	-91M	3B	2.9B	2.9B	4.1B	4B	3.5B	-1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 22	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	980M	1.1B	1.1B	1.4B	1.6B	1.8B	1.4B	1.4B	1.5B	1.5B	1.7B	1.5B
Receivables	1.8B	1.9B	1.8B	1.8B	—	1.9B	1.8B	2B	1.9B	—	2B	2.1B
Inventory	2.1B	2.3B	2.3B	2.3B	—	2.3B	2.3B	2.4B	2.4B	2.4B	2.4B	2.5B
Total current assets	5.2B	5.6B	5.7B	6B	—	6.3B	6.1B	6.3B	6.3B	6.4B	6.6B	6.6B
Property, plant & equipment	2B	2.1B	4.7B	4.7B	—	2.1B	4.9B	5.1B	5.1B	1.1B	5.2B	5.3B
Goodwill & intangibles	37.2B	36B	35.7B	35.4B	—	35.1B	37.1B	36.8B	36.9B	9.3B	36.3B	35.1B
Total assets	29.2B	29.6B	29.6B	29.7B	—	30.3B	31B	31.4B	31.5B	31.6B	31.6B	31.1B
Accounts payable	861M	811M	818M	868M	—	773M	842M	895M	895M	926M	919M	968M
Short-term debt	168M	206M	205M	195M	—	161M	170M	147M	647M	—	648M	648M
Total current liabilities	2.7B	2.5B	2.3B	2.3B	—	2.3B	2.2B	2.4B	3B	3B	3B	3.2B
Long-term debt	4.9B	4.9B	4.9B	4.9B	—	5B	5B	5.1B	4.6B	429M	4.6B	4.6B
Total liabilities	9.5B	9B	8.7B	8.8B	—	8.8B	9B	9.3B	9.4B	9.5B	9.5B	9.5B
Shareholders' equity	19.7B	20.6B	20.8B	20.9B	—	21.6B	22B	22.1B	22.1B	22B	22.1B	21.6B
Total debt	5.1B	5.1B	5.1B	5.1B	—	5.1B	5.2B	5.3B	5.2B	429M	5.3B	5.3B
Net debt	4.1B	4B	3.9B	3.7B	—	3.5B	3.8B	3.8B	3.7B	-1.1B	3.7B	3.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-170M	256M	-227M	-656M	-531M	376M	335M	974M	1B	980M
Depreciation & amortization	1.3B	1.3B	1.6B	1.4B	1.6B	1.2B	1.1B	1.2B	1.2B	1.3B
Stock-based compensation	—	0	0	83M	105M	138M	140M	144M	150M	162M
Change in working capital	181M	36M	80M	-48M	-45M	-314M	-522M	-404M	-189M	-240M
Operating cash flow	1.3B	1.2B	1.4B	1.2B	1.1B	1.6B	1.3B	1.7B	2.5B	2.3B
Capital expenditure	-444M	-414M	-524M	-553M	-473M	-700M	-636M	-658M	-473M	—
Investing cash flow	-781M	-598M	-813M	-888M	-484M	-718M	-1.8B	-901M	-970M	-686M
Dividends paid	—	—	—	0	0	-54M	-100M	-116M	-130M	-166M
Share repurchases	—	—	—	—	—	—	—	—	—	-676M
Financing cash flow	-435M	-539M	-78M	659M	466M	-166M	-50M	-245M	-322M	-1.1B
Net change in cash	125M	33M	467M	939M	1.1B	668M	-497M	585M	1.2B	466M
Free cash flow	739M	722M	428M	244M	256M	165M	472M	537M	1.4B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 22	Q1 23	Q2 23	Q1 24	Q2 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-97M	174M	169M	—	—	—	—	—	237M	217M	189M	0
Depreciation & amortization	276M	302M	297M	296M	311M	—	310M	362M	187M	476M	322M	793M
Stock-based compensation	37M	40M	34M	—	—	—	—	—	41M	44M	45M	42M
Change in working capital	-73M	-355M	—	—	—	—	—	—	—	—	-243M	-109M
Operating cash flow	206M	209M	428M	296M	311M	—	310M	362M	724M	658M	418M	510M
Capital expenditure	-239M	-104M	-117M	—	—	—	—	—	—	—	—	—
Investing cash flow	-351M	-130M	-306M	—	—	—	—	—	-128M	-99M	-27M	-82M
Dividends paid	0	—	—	—	—	—	—	—	0	0	—	—
Share repurchases	—	—	—	—	—	—	—	—	-253M	-307M	-75M	-278M
Financing cash flow	281M	-55M	-29M	—	—	—	—	—	-310M	-330M	-133M	-336M
Net change in cash	136M	24M	93M	296M	311M	—	310M	362M	286M	229M	258M	92M
Free cash flow	90M	-44M	101M	—	—	-211M	—	—	535M	457M	227M	370M

Alcon Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement