First quarter 2026 revenue of $1.024 billion, up 6%, or up 3% organically, from last year's first quarter.
First quarter 2026 GAAP diluted earnings per share (EPS) of $0.66, up $0.14 or 27% from last year's first quarter.
First quarter 2026 Non-GAAP diluted EPS of $1.10, up $0.18 or 20% from last year's first quarter. See "Reconciliation of Selected GAAP Results to Non-GAAP Results" below.
"We're pleased to report a strong start to the fiscal year, highlighted by product launches, outstanding profitability, and robust cash flow, all of which gives us the confidence to raise both earnings and free cash flow guidance. Revenue growth benefited from continued strength in our premium MyDay portfolio, and momentum is building from product launches including early traction from MyDay MiSight. Operating margins exceeded expectations, reflecting disciplined execution and the meaningful synergies delivered through last year's reorganization. These improvements are strengthening our foundation--enhancing efficiency, improving our cost structure, and enabling more targeted investment in our highest-return opportunities," said Al White, CooperCompanies' President and CEO.
"Our strong free cash flow also supported ongoing share repurchases, which remain a core element of our capital-allocation strategy. Combined with improved organizational alignment and progress across our key initiatives, we believe we are well positioned to build momentum as the year progresses. Importantly, we remain on track with our long-term outlook for generating more than $2.2 billion in free cash flow from 2026 through 2028, providing meaningful flexibility to invest in growth drivers, continue share repurchases, and reduce debt."
First Quarter Operating Results
Revenue of $1.024 billion, up 6% from last year's first quarter, up 3% in constant currency, up 3% organically.
Gross margin of 68% similar to last year's first quarter. On a non-GAAP basis, gross margin was down 60 basis points from last year to 68%. Excluding the impact of tariffs, gross margin would have been flat year over year.
Operating margin of 21% compared with 19% in last year's first quarter driven by operating expense leverage. On a non-GAAP basis, operating margin was up 180 basis points from last year to 27%, reflecting disciplined execution and meaningful synergies delivered through last year's reorganization, and leverage from last year's IT implementations.
Interest expense of $22.4 million compared with $26.0 million in last year's first quarter driven by lower average debt.
Cash provided by operations of $260.9 million, offset by capital expenditures of $102.2 million resulted in free cash flow of $158.7 million.
First Quarter CooperVision (CVI) Revenue
Revenue of $695.1 million, up 8% from last year's first quarter, up 3% in constant currency, up 3% organically.
Revenue by category:
% change y/y
(In millions)
Reported
Currency Impact
ConstantCurrency
Acquisitions and Divestitures
Organic
1Q26
Toric and multifocal
$
351.2
10
%
(4
)%
6
%
—
%
6
%
Sphere, other
343.9
5
%
(4
)%
1
%
—
%
1
%
Total
$
695.1
8
%
(5
)%
3
%
—
%
3
%
Revenue by geography:
% change y/y
(In millions)
Reported
Currency Impact
Constant Currency
Acquisitions and Divestitures
Organic
1Q26
Americas
$
289.0
7
%
(1
)%
6
%
—
%
6
%
EMEA
$
282.3
15
%
(11
)%
4
%
—
%
4
%
Asia Pacific
$
123.8
(4
)%
—
%
(4
)%
—
%
(4
)%
Total
$
695.1
8
%
(5
)%
3
%
—
%
3
%
First Quarter CooperSurgical (CSI) Revenue
Revenue of $329.0 million, up 3% from last year's first quarter, up 2% in constant currency, up 2% organically.
Revenue by category:
% change y/y
(In millions)
Reported
CurrencyImpact
Constant Currency
Acquisitions and Divestitures
Organic
1Q26
Office and surgical
$
202.4
2
%
(1
)%
1
%
1
%
2
%
Fertility
126.6
6
%
(3
)%
3
%
—
%
3
%
Total
$
329.0
3
%
(1
)%
2
%
—
%
2
%
Other
During the first quarter, the Company repurchased $92.5 million of common stock, approximately 1.1 million shares, at an average share price of $82.04. The program has $873.9 million of remaining availability.
Fiscal Year 2026 Financial Guidance
The Company updated its fiscal year 2026 financial guidance. Details are summarized as follows:
Fiscal 2026 total revenue of $4.306 - $4.346 billion (organic growth of 4.5% to 5.5%)
CVI revenue of $2.906 - $2.932 billion (organic growth of 4.5% to 5.5%)
CSI revenue of $1.400 - $1.413 billion (organic growth of 4.0% to 5.0%)
Fiscal 2026 non-GAAP diluted EPS of $4.58 - $4.66
Fiscal 2026 free cash flow of $600 - $625 million
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 SUBSIDIARIES
GAAP to Non-GAAP Reconciliation
Gross Margin, Operating Margin, and EPS
Three Months Ended January 31,
(In millions)
2026
Margin %
2025
Margin %
GAAP Gross Profit
$
695.2
68
%
$
660.2
68
%
Acquisition and integration-related charges (1)
—
—
%
1.6
1
%
Exit of business (2)
1.8
—
%
—
—
%
Medical device regulations (3)
0.7
—
%
0.6
—
%
