BHCMEDIUM SIGNALFINANCIAL10-K

BHC's balance sheet shows meaningful improvement with stockholders' equity deficit substantially reduced and current liabilities declining significantly, though operating cash flow weakened modestly.

The substantial improvement in stockholders' equity position from -$1.3B to -$554M suggests progress toward financial stabilization, potentially through debt reduction or improved retained earnings. However, the decline in operating cash flow despite higher operating income indicates potential working capital pressures or timing differences that warrant monitoring.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

BHC demonstrated mixed financial performance with operating income growing a solid 17.3% while operating cash flow declined 12.3%, suggesting potential working capital headwinds. The balance sheet showed notable strengthening with the stockholders' equity deficit improving substantially and current liabilities declining meaningfully by $2.6B. The increase in accounts receivable alongside modest cash growth indicates the company maintained liquidity while potentially extending customer payment terms or experiencing collection timing differences.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+56.7%
-$1.3B-$554.0M

Equity base grew 56.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Liabilities
Balance Sheet
-38.1%
$6.8B$4.2B

Current liabilities reduced — improved short-term financial position and working capital health.

Accounts Receivable
Balance Sheet
+29.4%
$2.1B$2.7B

Receivables grew 29.4% — monitor days sales outstanding for collection efficiency.

Operating Income
P&L
+17.3%
$1.5B$1.8B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Operating Cash Flow
Cash Flow
-12.3%
$1.6B$1.4B

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Cash & Equivalents
Balance Sheet
+10.8%
$1.2B$1.3B

Cash grew 10.8% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
The number of outstanding shares of the registrant s common stock as of February 13, 2026 was 370,562,428 .
Forward-looking statements can generally be identified by the use of words such as believe , anticipate , expect , intend , estimate , plan , continue , will , may , could , would , should , target , potential , opportunity , designed , create , predict , project , forecast , seek , strive , ongoing , likely , evolve , decrease or increase and variations or other similar expressions.
In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements.
These statements are based upon the current expectations and beliefs of management.
Readers are cautioned that actual results may vary from those in the forward-looking statements.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements.
The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta Medical aesthetic medical devices, outside the U.S.
of branded pharmaceutical products, branded generic pharmaceutical products and OTC products.
Business Segment Information and Note 23, SEGMENT INFORMATION to our audited Consolidated Financial Statements.
Segment Information Our revenues for 2025, 2024 and 2023 were $10,266 million, $9,625 million and $8,757 million, respectively.
REMOVED
The number of outstanding shares of the registrant s common stock as of February 14, 2025 was 367,933,897 .
Additional information about these statements and about the material factors or assumptions underlying such forward-looking statements may be found under Item 1A.
The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta Medical aesthetic medical devices, outside the U.S and Puerto Rico of branded pharmaceutical products, branded generic pharmaceutical products and OTC products.
Business Segment Information and Note 22, SEGMENT INFORMATION to our audited Consolidated Financial Statements for further details on these reportable segments.
Segment Information Our revenues for 2024, 2023 and 2022 were $9,625 million, $8,757 million and $8,124 million, respectively.
Currently, we have approximately 1,000 products in our portfolio of products, which fall into five reportable segments: (i) Salix, (ii) International, (iii) Solta Medical, (iv) Diversified and (v) Bausch + Lomb.
Segment revenues for the years 2024, 2023 and 2022 were as follows: 2024 2023 2022 (in millions) Amount Pct.
Salix $ 2,333 24 % $ 2,250 26 % $ 2,090 26 % International 1,111 12 % 1,071 12 % 988 12 % Solta Medical 440 5 % 347 4 % 300 4 % Diversified 950 10 % 943 11 % 978 12 % Bausch + Lomb 4,791 50 % 4,146 47 % 3,768 46 % Total revenues $ 9,625 100 % $ 8,757 100 % $ 8,124 100 % Comparative segment information for 2024, 2023 and 2022 is further presented in Note 22, SEGMENT INFORMATION to our audited Consolidated Financial Statements.
Our Xifaxan product accounted for revenues of $1,993 million, $1,810 million and $1,692 million for 2024, 2023 and 2022, respectively.
Our rifaximin soluble solid dispersion ( SSD ) formulation is under development for the prevention of OHE and other complications in patients with early decompensation in liver cirrhosis (RED-C).
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →