BHCHIGH SIGNALFINANCIAL10-K

BHC achieved a dramatic turnaround with revenue surging 293% to $8.7B and swinging from a $46M net loss to $157M profit, while significantly reducing current liabilities.

This represents a fundamental transformation of BHC's business scale and profitability profile, likely driven by major acquisitions or business expansion given the magnitude of revenue growth. The company has successfully reduced its debt burden while maintaining strong operational performance, though the negative stockholders' equity indicates ongoing balance sheet challenges from previous periods.

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

BHC delivered exceptional top-line growth with revenue nearly quadrupling to $8.7B while achieving profitability with $157M net income versus the prior year's loss. The company strengthened its balance sheet by reducing current liabilities 38% to $4.2B and maintained solid cash generation, though operating cash flow declined modestly to $1.4B. Despite the operational improvements, stockholders' equity remains negative at -$554M, reflecting legacy financial challenges, though this represents significant improvement from the previous -$1.3B position.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+441.3%
-$46.0M→$157.0M

Net income grew 441.3% — bottom-line growth signals improving overall business health.

Revenue
P&L
+293.2%
$2.2B→$8.7B

Strong top-line growth of 293.2% — accelerating demand or successful expansion into new markets.

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.
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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.
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