$COO · COOPER COMPANIES, INC.
CooperCompanies reported Q3 FY2026 results with revenue of $1.066B (+1% YoY), GAAP EPS of $2.24 (inflated by a $307.2M U.K. tax benefit), and non-GAAP EPS of $1.15 (+4% YoY). CooperVision revenue was flat at $717M as the company proactively reduced U.S. channel inventory. CooperSurgical grew 2% to $349.2M, with fertility up 5% organically. The company issued Q4 guidance below expectations: total revenue of $1.057-$1.080B and non-GAAP EPS of $1.05-$1.09, with CVI organic growth guided to -2% to 0%.
- Q3 revenue of $1.066B grew only 1% YoY, with CooperVision flat at $717M.
- GAAP EPS of $2.24 included a $307.2M discrete tax benefit from a U.K. tax examination.
- Non-GAAP EPS of $1.15 beat expectations, up 4% from $1.10 in the prior year.
- Q4 guidance implies CVI organic growth of -2% to 0% due to proactive U.S. channel inventory reduction.
- Free cash flow surged 66% to $273M; $339.1M in stock repurchased (~4.9M shares at $69.16 avg).
Stock fell 6.22% in the regular session to $63.48, with the decline driven by weak Q4 guidance — CVI organic growth guided to -2% to 0% and Q4 non-GAAP EPS of $1.05-$1.09 below the $1.15 Q3 run-rate.
A guidance cut at the largest contact lens segment, combined with a 6%+ stock drop, signals the market is pricing in more than a temporary inventory adjustment.
CooperVision's flat organic growth contrasts with the broader contact lens market's mid-single-digit expansion, suggesting potential share loss or destocking that peers like Alcon and J&J Vision may not be experiencing.
The proactive U.S. channel inventory reduction at CooperVision will continue to pressure Q4 results, and the company flagged ongoing foreign exchange headwinds and higher manufacturing costs compressing non-GAAP gross margin by 60 bps YoY.
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