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Alcon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 net sales reached $2.6 billion, up 6% year-over-year, with strong momentum in Equipment and Ocular Health, and successful launches of Unity VCS and PanOptix Pro.
Contact lens business outpaced the market, especially in toric modalities, and Ocular Health saw high single-digit growth, led by Systane and the launch of Tryptyr.
Core operating margin for Q3 2025 was 20.2%, down 40 bps year-over-year; core diluted EPS was $0.79.
Free cash flow for the first nine months was $1.2 billion, with cash from operations at $1.6 billion.
Net income for Q3 was $237 million, down 10% year-over-year, mainly due to higher tax expense.
Financial highlights
Q3 sales reached $2.6 billion, up 6% year-over-year; Surgical revenue was $1.4 billion (+6%), Vision Care $1.2 billion (+7%).
Core gross margin was 62.9%, down 50 bps year-over-year; operating margin was 12.8%, down 80 bps.
Core diluted EPS was $0.79, down 4% year-over-year; Q3 EPS was $0.48, down from $0.53.
Free cash flow for the first nine months was $1.2 billion; capex was $374 million.
9M25 net sales were $7.6 billion, up 4% year-over-year.
Outlook and guidance
Full-year 2025 sales guidance reaffirmed at $10.3–10.4 billion, with 4–5% constant currency growth.
Core operating margin outlook is 19.5–20.5%; core diluted EPS guidance is $3.05–3.15, up 0–2%.
Management expects to offset the estimated $100 million gross impact of new tariffs in 2025 through FX and operational actions.
2026 expected to see continued acceleration from new launches, but incremental tariff impact of $50–100 million and 40 bps margin pressure from Aurion and clinical trial investments.
Unity VCS pricing premium?
Tryptyr uptake not in audited data explain
2026 incremental tariff impact on gross margin
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Alcon Inc specializes in eye care products, including surgical equipment, ophthalmic pharmaceuticals, and vision care products such as contact lenses and lens care solutions. The company serves healthcare professionals and consumers globally through its network of manufacturing and distribution facilities. The company is headquartered in Geneva, Switzerland, and its shares are listed on the SIX.
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