SIX$ALC

Alcon Inc. · Q2 2025 earnings

Q2 2025 earnings · · After market close · Investor relations

Briefing

Alcon Q2 2025: $2.6B sales (+4%) as Tryptyr launch and STAAR deal offset soft surgical market

Alcon Inc. reported second-quarter 2025 net sales of $2.577 billion, up 4% reported and 3% constant currency versus the prior year. Surgical net sales rose 2% to $1.455 billion while Vision Care grew 6% to $1.122 billion, led by consumables and contact lenses despite a relatively soft global surgical market. Operating income was $247 million (9.6% margin) compared with $318 million a year ago, reflecting $44 million of product discontinuation charges; core operating income was flat at $491 million (19.1% core margin). Net income was $176 million and diluted EPS was $0.35; core diluted EPS rose 3% to $0.76. First-half free cash flow was $681 million and the company returned $287 million to shareholders. Alcon launched Tryptyr for dry eye in the U.S. and agreed to acquire STAAR Surgical. Management trimmed 2025 cc net sales growth outlook to +4% to +5% and core diluted EPS to $3.00–$3.10.

  • Q2 net sales $2.577B (+4% reported, +3% cc); surgical $1.455B, vision care $1.122B.
  • Diluted EPS $0.35; core diluted EPS $0.76 (+3%); net income $176M.
  • Operating income $247M; core operating income $491M at 19.1% margin.
  • H1 free cash flow $681M; returned $287M to shareholders via buybacks/dividends.
  • Launched Tryptyr in U.S.; agreed to acquire STAAR Surgical; trimmed FY cc sales outlook to +4–5%.

Headline financials

Total Revenue

$2.58B

Previous: $2.48B+3.8%
EPS (adj)

$0.76

Previous: $0.74+2.7%
Core Operating Margin

19.1%

No prior period
H1 cash from operations

$889M

No prior period
Free Cash Flow

$681M

Previous: $403M+69.0%
Net Income

$176M

Previous: $223M-21.1%
Operating Income

$247M

Previous: $318M-22.3%

Revenue & EPS history

Alcon · Revenue · Quarterly

$2.58B

Q2 2025+3.8%vs Q2 2024
Beat estimate in 8 of 16 quarters(50%)
ActualEstimate

Revenue by segment

Alcon · $5.12B total across 6 segments · Q1 2026

  • Surgical
    $1.46B—
  • Vision Care
    $1.23B—
  • Surgical — Consumables
    $769M—
  • Vision Care — Contact lenses
    $738M—
  • Vision Care — Ocular health
    $487M—
  • Surgical — Implantables
    $438M—

Forward guidance

Alcon updated FY 2025 outlook: net sales $10.3–$10.4B (+4% to +5% cc vs prior year), core operating margin 19.5–20.5%, core diluted EPS $3.00–$3.10, and core effective tax rate ~18%.

Tailwinds

  • Tryptyr U.S. launch and STAAR Surgical acquisition expand growth platforms
  • Vision Care and consumables momentum offsetting soft implantables market

Headwinds

  • Reduced cc net sales growth outlook from prior +6–7% range
  • Product discontinuation charges and soft surgical market pressured reported operating margin

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q2 2025

Historical avgQ2 2025

+0.7%

Avg return

Earnings day

-1.8%

Avg return

5 days after

-1.5%

Avg return

30 days after

48%

13 / 27 earnings

Positive

+13.0%

Q2 2021

Best reaction

-8.9%

Q2 2025

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q2 2026———
Q1 2026+0.2%-34.4%-28.6%
Q3 2025+4.6%-1.0%+1.9%
Q2 2025-8.9%-10.4%-14.3%
Q1 2025+2.4%-4.2%-7.6%
Q3 2024-5.2%-7.7%-7.1%
Q2 2024-1.7%-0.2%+2.2%
Q1 2024+8.9%+8.3%+12.5%
Q4 2023+6.4%+7.7%+3.4%
Q3 2023-2.1%-2.1%+7.0%
Q2 2023-1.6%+1.4%+0.4%
Q1 2023+7.6%+6.0%+5.4%
Q4 2022-3.9%-3.7%-4.8%
Q3 2022+4.1%+3.1%+8.1%
Q2 2022-5.4%-7.9%-10.4%
Q1 2022+8.7%+10.0%+12.7%
Q4 2021+5.0%-0.6%-0.3%
Q3 2021-4.2%-5.9%-1.4%
Q2 2021+13.0%+13.9%+21.9%
Q1 2021-7.8%-7.6%-9.0%
Q4 2020-2.1%-4.4%-3.1%
Q3 2020-1.1%-0.3%-1.8%
Q2 2020-2.9%-4.9%-4.1%
Q1 2020+4.3%+5.0%+7.0%
Q4 2019+4.5%+1.4%-20.2%
Q3 2019-3.5%-3.8%-3.0%
Q2 2019-2.0%-5.1%-4.1%
Q1 2019+2.1%-0.4%-3.3%
Q4 2018———
Q3 2018———
Q2 2018———
Q1 2018———
Q4 2017———
Q4 2011———
Q3 2010———
Q2 2010———
Q1 2009———
Q1 2010———
Q4 2009———
Q4 2007———
Q3 2009———
Q3 2008———
Q4 2008———
Q2 2008———
Q2 2009———

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