Fourth quarter 2025 revenue of $1,065.2 million, up 5%, or up 3% organically. Fiscal year 2025 revenue of $4.1 billion, up 5%, or up 4% organically.
Fourth quarter 2025 GAAP diluted earnings per share (EPS) of $0.43, down 27%. Fiscal 2025 GAAP diluted EPS of $1.87, down 4%.
Fourth quarter 2025 non-GAAP diluted EPS of $1.15, up 11%. Fiscal 2025 non-GAAP diluted EPS of $4.13, up 12%. See "Reconciliation of Selected GAAP Results to Non-GAAP Results" below.
"We closed fiscal 2025 ahead of consensus revenue, earnings, and free cash flow expectations, and we enter 2026 with clear priorities to drive long-term shareholder value: accelerating top-line growth, improving profitability, accelerating cash generation, and continuing share repurchases," said Al White, CooperCompanies' President and CEO. "CooperVision is building momentum with MyDay contract wins, with MiSight up 37% in Q4, and with upcoming product launches rolling out globally. CooperSurgical also finished the year strong delivering revenue at the high end of our guidance, and we're optimistic that 2026 will be supported by a much stronger year for our fertility business."
"Our disciplined execution has delivered eight consecutive quarters of earnings beats, and our new guidance is above expectations supported by successful Q4 reorganization activity. Importantly, these efforts are translating into improved cash flow, and we expect this momentum to continue with updated guidance of more than $2.2 billion in free cash flow from 2026 through 2028. This positions us to fund share repurchases, reduce debt and pursue strategic investments that reinforce our commitment to long-term shareholder returns."
Fourth Quarter Operating Results
Revenue of $1,065.2 million, up 5% from last year's fourth quarter, up 3% in constant currency, up 3% organically.
Gross margin of 61% compared with 67% in last year's fourth quarter driven by costs primarily related to the reorganization activity. On a non-GAAP basis, gross margin was down 70 basis points from last year at 66%, primarily from tariffs and mix.
Operating margin of 13% compared with 19% in last year's fourth quarter driven by costs related to the reorganization activity. On a non-GAAP basis, operating margin was up 110 basis points from last year to 27% driven by operating expense leverage.
Interest expense of $24.4 million compared with $27.0 million in last year's fourth quarter driven by lower average interest rates and lower average debt. On a non-GAAP basis, interest expense was $23.7 million, down from $25.6 million.
Cash provided by operations of $247.8 million offset by capital expenditures of $98.0 million resulted in free cash flow of $149.8 million.
Fourth Quarter CooperVision (CVI) Revenue
Revenue of $709.6 million, up 5% from last year's fourth quarter, up 3% in constant currency, up 3% organically.
Revenue by category:
% change y/y
(In millions)
Reported
Currency Impact
Constant Currency
Acquisitions and Divestitures
Organic
4Q25
Toric and multifocal
$
344.6
7%
(2)%
5%
—%
5%
Sphere, other
365.0
3%
(1)%
2%
—%
2%
Total
$
709.6
5%
(2)%
3%
—%
3%
Revenue by geography:
% change y/y
(In millions)
Reported
Currency Impact
Constant Currency
Acquisitionsand Divestitures
Organic
4Q25
Americas
$
285.1
5%
—%
5%
—%
5%
EMEA
277.1
8%
(5)%
3%
—%
3%
Asia Pacific
147.4
(1)%
1%
—%
—%
—%
Total
$
709.6
5%
(2)%
3%
—%
3%
Fourth Quarter CooperSurgical (CSI) Revenue
Revenue of $355.6 million, up 4% from last year's fourth quarter, up 4% in constant currency, up 4% organically.
Revenue by category:
% change y/y
(In millions)
Reported
Currency Impact
Constant Currency
Acquisitions and Divestitures
Organic
4Q25
Office and surgical
$
214.6
6%
—%
6%
—%
6%
Fertility
141.0
1%
—%
1%
—%
1%
Total
$
355.6
4%
—%
4%
—%
4%
Fiscal Year 2025 Operating Results
Revenue of $4,092.4 million, up 5% from fiscal 2024, up 5% in constant currency, up 4% organically.
CVI revenue of $2,743.8 million, up 5% from fiscal 2024, up 5% in constant currency, up 5% organically, and CSI revenue $1,348.6 million, up 5% from fiscal 2024, up 5% in constant currency, up 3% organically.
Gross margin of 66% compared with 67% in fiscal 2024. Non-GAAP gross margin was 68% compared with 67% in fiscal 2024.
Operating margin of 17% compared with 18% in fiscal 2024. Non-GAAP operating margin was 26% compared with 25% in fiscal 2024.
Cash provided by operations of $796.1 million offset by capital expenditures of $362.4 million resulted in free cash flow of $433.7 million.
Other
During the fourth quarter, the Company repurchased $197.3 million of common stock, approximately 2.9 million shares, at an average share price of $67.48. For the fiscal year 2025, the Company repurchased $290.1 million of common stock, approximately 4.1 million shares, at an average price of $69.30.
In September, the Board of Directors expanded the share repurchase program by $1 billion, bringing the total authorization to $2 billion. At quarter-end, nearly $1 billion remained available for additional repurchases.
During the fourth quarter, the Company completed significant reorganization and integration activity. These efforts began in early Q3 and advanced quickly with a clear focus on improving operational efficiency and reducing back-office costs. By leveraging prior IT investments and AI capabilities, key support functions were integrated unlocking meaningful productivity gains. At the same time, acquisition-related integration work was completed strengthening our platform for scalable growth. In total, this activity resulted in approximately $89 million in cash and non-cash charges, and we expect annual pre-tax savings of approximately $50 million beginning in fiscal 2026.
Fiscal Year 2026 Financial Guidance
The Company initiated its fiscal year 2026 financial guidance. Details are summarized as follows:
Fiscal first quarter 2026 total revenue of $1,019 - $1,030 million (organic growth of 3% to 4%)
CVI revenue of $693 - $700 million (organic growth of 3.5% to 4.5%)
CSI revenue of $327 - $330 million (organic growth of 2% to 3%)
Fiscal first quarter 2026 non-GAAP diluted earnings per share of $1.02 - $1.04
Fiscal 2026 total revenue of $4,299 - $4,338 million (organic growth of 4.5% to 5.5%)
CVI revenue of $2,900 - $2,925 million (organic growth of 4.5% to 5.5%)
CSI revenue of $1,399 - $1,413 million (organic growth of 4% to 5%)
Fiscal 2026 non-GAAP diluted earnings per share of $4.45 - $4.60
Fiscal 2026 free cash flow of $575 - $625 million and updated long-term free cash flow objective of more than $2.2 billion from fiscal 2026 to fiscal 2028
Non-GAAP diluted earnings per share guidance excludes amortization and impairment of intangible assets, and certain income or gains and charges or expenses including acquisition and integration costs which we may incur as part of our continuing operations.
With respect to the Company's guidance expectations, the Company has not reconciled non-GAAP diluted earnings per share guidance to GAAP diluted earnings per share due to the inherent difficulty in forecasting acquisition-related, integration and restructuring charges and expenses, which are reconciling items between the non-GAAP and GAAP measures. Due to the unknown effect, timing and potential significance of such charges and expenses that impact GAAP diluted earnings per share, the Company is not able to provide such guidance.
Reconciliation of Selected GAAP Results to Non-GAAP Results To supplement our financial results and guidance presented on a GAAP basis, we provide non-GAAP measures such as non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted earnings per share, as well as constant currency and organic revenue growth because we believe they are helpful for the investors to understand our consolidated operating results. Management uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, to make operating decisions, and to plan and forecast for future periods. The non-GAAP measures exclude costs which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. We provide further details of the non-GAAP adjustments made to arrive at our non-GAAP measures in the GAAP to non-GAAP reconciliations below. Our non-GAAP financial results and guidance are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
To present constant currency revenue growth, current period revenue for entities reporting in currencies other than the United States dollar are converted into United States dollars at the average foreign exchange rates for the corresponding period in the prior year. To present organic revenue growth, we excluded the effect of foreign currency fluctuations and the impact of any acquisitions, divestitures and discontinuations that occurred in the comparable period.
We define the non-GAAP measure of free cash flow as cash provided by operating activities less capital expenditures. We believe free cash flow is useful for investors as an additional measure of liquidity because it represents cash that is available to grow the business, make strategic acquisitions, repay debt, or buyback common stock. Management uses free cash flow internally to understand, manage, make operating decisions and evaluate our business. In addition, we use free cash flow to help plan and forecast future periods.
Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.
THE COOPER COMPANIES, INC. AND SUBSIDIARIESGAAP to Non-GAAP ReconciliationGross Margin, Operating Margin, and EPS
Three Months Ended October 31,
Twelve Months Ended October 31,
(In millions)
2025
Margin %
2024
Margin %
2025
Margin %
2024
Margin %
GAAP Gross Profit
$
650.8
61
%
$
677.7
67
%
$
2,682.1
66
%
$
2,595.7
67
%
Acquisition and integration-related charges (1)
13.2
1
%
2.9
—
%
21.9
1
%
4.3
—
%
Exit of business (2)
24.6
3
%
—
—
%
40.4
1
%
2.8
—
%
Medical device regulations (3)
1.9
—
%
0.4
—
%
3.9
—
%
3.2
—
%
Business optimization charges (4)
14.2
1
%
0.6
—
%
14.2
—
%
5.0
—
%
Total
53.9
5
%
3.9
—
%
80.4
2
%
15.3
—
%
Non-GAAP Gross Profit
$
704.7
66
%
$
681.6
67
%
$
2,762.5
68
%
$
2,611.0
67
%
