Alcon Inc. · Q2 2025 earnings

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

Revenue & EPS history

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%.