EarningsQ3 2026 Earnings Report
MX:COO Q3 2026 EPS Results
Actual EPS$20.81
Consensus EPS$20.34
Beat/MissBeat by +$0.47
One Year Ago EPS$19.90
MX:COO Q3 2026 Revenue Results
Actual Revenue$19.29B
Expected Revenue$19.88B
Beat/MissMissed by -$582.78M
YoY Revenue Growth+0.56%
Earnings Announcement Details
QuarterQ3 2026
Date09/09/2026
TimeAfter Close
Conference CallWednesday, September 9, 2026
MX:COO Upcoming Earnings
Cooper Co's next earnings date is estimated for December 3, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:COO Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: the company delivered an earnings beat, record quarterly free cash flow, an 86% year-to-date free cash flow increase, a favorable tax resolution, substantial share repurchases and continued fertility and product momentum. These strengths were tempered by flat CooperVision revenue, U.S. channel destocking that will continue into Q4, legacy hydrogel declines, China and Asia Pacific challenges, near-term margin pressure and a higher expected fiscal 2027 tax rate. Management expressed confidence that inventory actions will be completed in Q4 and that increased commercial investment will support improved growth.Company Guidance
Earnings Beat Expectations
Non-GAAP EPS increased 4% year-over-year to $1.15, including approximately $0.03 from tariff refunds. This was the company's 11th consecutive quarter exceeding consensus earnings expectations.
Record Free Cash Flow
Third-quarter free cash flow was $273 million, the highest quarterly level in Cooper's history. Year-to-date free cash flow reached $528 million, up 86% from last year, driven by strong operating performance, improving working capital trends and declining CapEx.
Favorable HMRC Tax Resolution
Cooper recognized a sizable discrete tax benefit of approximately $307 million following the favorable completion of HMRC's examination of its fiscal 2021 transfer of intellectual property and related assets to the U.K. The closure provides clarity and certainty and is expected to extend meaningful non-GAAP tax benefits for at least an additional 10 years.
Strong Capital Returns and Balance Sheet
The company repurchased $339 million of shares during the quarter and $445 million fiscal year-to-date while maintaining leverage below 2x. The Board approved a $1 billion increase to the share repurchase authorization, bringing remaining capacity to approximately $1.5 billion.
CooperSurgical Organic Growth
CooperSurgical revenue was $349 million, up 3% organically. Fertility revenue increased 5% to $141 million, while office and surgical revenue was $208 million, up 2%; medical devices grew 4%.
Fertility Market Share and Innovation Momentum
Fertility growth was supported by broad-based strength across the global portfolio, robust genomics demand, continued adoption of RI Witness, new clinic wins, expansion within existing accounts and recently launched products and services. Management stated that these factors resulted in continued global market share gains.
CooperSurgical Operating Leverage
CooperSurgical delivered another quarter of strong operating leverage, reflecting improved profitability and cash generation from its streamlined business model.
Strategic Review Concluded with CooperSurgical Retained
Following a comprehensive evaluation and significant interest from potential buyers, the Board unanimously determined that shareholders were better served by continued ownership of CooperSurgical at this time. Management said the review provided valuable insights into profitability by product, geography and relationship and will support continued focus on profitable organic growth and disciplined capital allocation.
Healthy Underlying U.S. CooperVision Demand
Although reported CooperVision revenue was essentially flat year-over-year at $717 million, U.S. consumption increased at a mid-single-digit rate during the quarter and in the first month of the fourth quarter. Management said the reduction in second-half CooperVision guidance was entirely related to channel destocking.
Commercial Execution Investments
CooperVision is investing in expanded sales coverage, increased customer marketing programs and enhanced commercial execution capabilities, including AI-driven targeting and analytics tools. The U.S. sales force expansion is expected to add coverage for approximately 5,000 additional doors, while new commercial leadership is fully in place in Asia Pacific.
Private Label and Distribution Expansion
New private label account wins and SKU introductions are expanding CooperVision's customer footprint and deepening penetration within existing accounts. The company is also investing in distribution infrastructure, including a new Puerto Rico packaging facility to expand direct-to-consumer and direct-to-customer fulfillment capabilities.
MyDay Franchise Growth
The MyDay franchise continued to perform well, with double-digit growth in EMEA and double-digit consumption growth in the Americas. MyDay toric, MyDay multifocal and MyDay Energys each delivered another quarter of double-digit growth, supported by expanded parameters, optical design, premium product adoption and customer partnerships.
Myopia Management Momentum
MiSight delivered another strong quarter with 20% organic growth, led by EMEA and the Americas. Momentum was also growing in Japan following its launch earlier in the year, and Canada launched MyDay MiSight in August with excellent customer feedback. Management expects MiSight growth in the low teens in Q4, roughly 20% growth for the full year and continued momentum in fiscal 2027, including the upcoming MyDay MiSight toric launch.
Global Vision Innovation Investment
CooperVision is accelerating new product development and will open its Global Vision Center in the U.K. later this month. The facility will combine R&D, next-generation technical manufacturing and commercial teams to accelerate innovation, enhance collaboration and enable greater speed to market.
Fertility Investment and Pipeline Expansion
CooperSurgical is continuing to invest in fertility, including R&D under a new R&D leader, with new genomics launches and expanded products being pulled forward. Management identified fertility as the company's second investment priority after CooperVision organic growth.
Positive Long-Term Fertility Market Fundamentals
Management cited delayed family formation, expanding access to care, increasing treatment utilization, fertility-clinic investments and favorable government support as durable long-term growth drivers. Examples included Denmark expanding publicly funded fertility coverage from 3 cycles to 6, improving access in Japan and new IVF coverage requirements for certain large group health plans in California.
MX:COO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed