Alcon Inc. (ALC) Balance Sheet

NYSE: ALCAssets, liabilities, debt and equity over 10 years.

ALC balance sheet, 2025

December 31, 2025 · U.S. dollars

$31.55B assets = $9.52B liabilities + $22.04B equity

Both columns are drawn to the same scale: what ALC owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ALC financial health

Current ratio2.12

Comfortable · current assets cover current liabilities 2.12×

Debt / equity0.24

Low leverage · $0.24 of debt for each $1 of equity

Equity / assets69.8%

Equity-funded · of assets funded by shareholders

Cash / debt30.6%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles57.9%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

ALC balance sheet trends, 2016–2025

Alcon Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$27.74B2016	$31.55B2025	+1.4%/yr
Total liabilities	$4.73B2016	$9.52B2025	+8.1%/yr
Shareholders’ equity	$23.01B2016	$22.03B2025	−0.5%/yr
Cash & short-term investments	$162.0M2016	$1.61B2025	+29.0%/yr
Total debt	$249.0M2016	$5.25B2025	+40.3%/yr
Net cash (debt)	−$87.0M2016	−$3.64B2025	−$3.6B
Working capital	$1.35B2016	$3.40B2025	+$2.0B
Book value per share	$47.092016	$44.412025	−0.6%/yr
Current ratio	1.812016	2.122025	+0.30
Debt / equity	0.012016	0.242025	+0.23
Shares outstanding	488.7M2016	496.2M2025	+0.2%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ALC assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ALC liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ALC debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ALC balance sheet

Alcon Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.61B	$1.83B	$1.10B	$980.0M	$1.58B	$1.57B	$855.0M	$258.0M	$172.0M	$162.0M
Cash & equivalents	$1.53B	$1.68B	$1.09B	$980.0M	$1.57B	$1.56B	$822.0M	$227.0M	$172.0M	$162.0M
Short-term investments	$80.0M	$154.0M	$7.0M	−$179.0M	$3.0M	$12.0M	$33.0M	$31.0M	—	—
Receivables	$1.94B	$2.08B	$1.89B	$1.99B	$1.59B	$1.47B	$1.51B	$1.41B	$1.52B	$1.40B
Inventory	$2.39B	$2.27B	$2.32B	$2.11B	$1.90B	$1.64B	$1.50B	$1.44B	$1.30B	$1.21B
Other current assets	$509.0M	$129.0M	$338.0M	$115.0M	$316.0M	$306.0M	$364.0M	$295.0M	$294.0M	$247.0M
Total current assets	$6.45B	$6.31B	$5.65B	$5.19B	$5.39B	$4.99B	$4.24B	$3.40B	$3.29B	$3.02B
Property, plant & equipment (net)	$5.22B	$4.84B	$4.72B	$4.42B	$4.08B	$3.78B	$3.44B	$2.88B	$2.56B	$2.29B
Goodwill & intangible assets	$18.26B	$17.53B	$17.99B	$18.66B	$17.67B	$18.00B	$19.14B	$19.58B	$20.44B	$21.27B
Long-term investments	$0	$751.0M	$319.0M	$108.0M	$52.0M	$40.0M	$59.0M	$46.0M	$51.0M	$0
Other non-current assets	$1.62B	$916.0M	$939.0M	$833.0M	$808.0M	$788.0M	$787.0M	$1.16B	$1.05B	$1.17B
Total assets	$31.55B	$30.35B	$29.61B	$29.21B	$28.00B	$27.60B	$27.66B	$27.06B	$27.39B	$27.74B
Liabilities
Accounts payable	$926.0M	$773.0M	$811.0M	$861.0M	$903.0M	$876.0M	$833.0M	$663.0M	$672.0M	$607.0M
Short-term debt	$655.0M	$169.0M	$119.0M	$168.0M	$174.0M	$239.0M	$322.0M	$47.0M	$65.0M	$170.0M
Deferred revenue	—	$72.8M	$78.0M	$89.0M	$108.0M	$110.0M	$97.0M	$94.0M	$138.0M	$156.0M
Total current liabilities	$3.05B	$2.28B	$2.40B	$2.74B	$2.47B	$2.26B	$2.30B	$1.89B	$1.78B	$1.67B
Long-term debt	$0	$4.54B	$4.59B	$4.54B	$4.30B	$4.26B	$3.50B	$89.0M	$84.0M	$0
Lease obligations	$509.0M	$497.0M	$406.0M	$430.0M	$406.0M	$385.0M	$341.0M	—	$84.0M	—
Other long-term liabilities	$6.47B	$1.98B	$2.00B	$2.21B	$1.97B	$2.26B	$2.55B	$2.44B	$2.50B	$3.06B
Total liabilities	$9.52B	$8.79B	$8.99B	$9.53B	$8.74B	$8.78B	$8.35B	$4.42B	$4.36B	$4.73B
Shareholders' equity
Common stock & paid-in capital	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M	$22.64B	—	—
Retained earnings (deficit)	—	—	—	—	$19.36B	$18.90B	−$547.0M	$22.65B	$22.94B	$23.17B
Accumulated other comprehensive income	$22.01B	$21.53B	$20.60B	$19.66B	$19.24B	$18.80B	$19.28B	−$11.0M	$87.0M	−$154.0M
Minority interest	$1.0M	$0	—	—	—	—	—	—	—	—
Total shareholders' equity	$22.03B	$21.55B	$20.62B	$19.68B	$19.26B	$18.82B	$19.30B	$22.64B	$23.03B	$23.01B
Key figures
Total debt	$5.25B	$5.14B	$5.13B	$5.07B	$4.48B	$4.50B	$3.80B	$136.0M	$149.0M	$249.0M
Net cash (debt)	−$3.64B	−$3.31B	−$4.03B	−$4.09B	−$2.90B	−$2.93B	−$2.95B	$122.0M	$23.0M	−$87.0M
Working capital	$3.40B	$4.03B	$3.25B	$2.46B	$2.91B	$2.73B	$1.94B	$1.51B	$1.51B	$1.35B
Tangible book value	$3.77B	$4.02B	$2.64B	$1.02B	$1.59B	$820.0M	$167.0M	$3.06B	$2.59B	$1.75B
Book value per share	$44.41	$43.32	$41.54	$39.80	$39.03	$38.49	$39.54	$46.32	$47.12	$47.09
Shares outstanding	496.2M	497.5M	496.5M	494.4M	493.4M	489.0M	488.2M	488.7M	488.7M	488.7M
Current ratio	2.12	2.77	2.35	1.90	2.18	2.21	1.84	1.80	1.85	1.81
Quick ratio	1.16	1.72	1.25	1.08	1.28	1.34	1.03	0.88	0.95	0.94
Debt / equity	0.24	0.24	0.25	0.26	0.23	0.24	0.20	0.01	0.01	0.01
Equity / assets	69.8%	71.0%	69.6%	67.4%	68.8%	68.2%	69.8%	83.7%	84.1%	83.0%

Alcon Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.46B	$1.67B	$1.61B	$1.50B	$1.41B	$1.41B	$1.83B	$1.99B	$1.37B	$1.14B	$1.10B	$1.05B
Cash & equivalents	$1.35B	$1.59B	$1.53B	$1.50B	$1.41B	$1.41B	$1.68B	$1.57B	$1.37B	$1.14B	$1.09B	$1.05B
Short-term investments	$101.0M	$81.4M	$80.0M	$0	$0	$0	$154.0M	$420.0M	$2.0M	$6.0M	$7.0M	$999,236
Receivables	$2.08B	$2.02B	$1.94B	$1.94B	$2.02B	$1.86B	$2.08B	$1.74B	$2.06B	$2.01B	$1.89B	$1.96B
Inventory	$2.51B	$2.45B	$2.39B	$2.43B	$2.39B	$2.34B	$2.27B	$2.38B	$2.33B	$2.32B	$2.32B	$2.32B
Other current assets	$578.0M	$515.8M	$509.0M	$462.5M	$489.0M	$455.0M	$129.0M	$214.0M	$220.0M	$232.2M	$337.2M	$207.8M
Total current assets	$6.62B	$6.66B	$6.45B	$6.33B	$6.31B	$6.07B	$6.31B	$6.32B	$5.99B	$5.70B	$5.65B	$5.54B
Property, plant & equipment (net)	$5.26B	$5.25B	$5.22B	$5.14B	$5.08B	$4.90B	$4.84B	$4.84B	$4.68B	$4.68B	$4.72B	$4.48B
Goodwill & intangible assets	$17.53B	$18.23B	$18.26B	$18.41B	$18.38B	$18.56B	$17.53B	$17.66B	$17.69B	$17.85B	$17.98B	$18.13B
Long-term investments	$768.0M	$800.0M	$0	$740.0M	$763.0M	$498.0M	$751.0M	$0	$412.0M	$389.0M	$319.0M	$0
Other non-current assets	$920.0M	$848.9M	$1.62B	$874.3M	$867.0M	$981.0M	$916.0M	$1.54B	$949.3M	$942.0M	$935.5M	$1.19B
Total assets	$31.10B	$31.79B	$31.55B	$31.49B	$31.39B	$31.01B	$30.35B	$30.36B	$29.72B	$29.57B	$29.60B	$29.35B
Liabilities
Accounts payable	$968.0M	$924.0M	$926.0M	$894.1M	$895.0M	$842.0M	$773.0M	$849.0M	$868.0M	$818.0M	$811.0M	$894.0M
Short-term debt	$651.0M	$660.6M	$655.0M	$648.3M	$147.0M	$170.0M	$169.0M	$191.0M	$208.0M	$192.0M	$134.0M	$203.0M
Deferred revenue	—	—	—	—	—	—	$72.8M	—	$186.9M	$142.0M	$78.0M	$137.9M
Total current liabilities	$3.17B	$3.02B	$3.05B	$2.99B	$2.42B	$2.25B	$2.28B	$2.46B	$2.34B	$2.27B	$2.40B	$2.50B
Long-term debt	$4.15B	$4.16B	$0	$4.16B	$4.66B	$4.60B	$4.54B	$0	$4.55B	$4.55B	$4.59B	$0
Lease obligations	$580.0M	$528.0M	$509.0M	$507.0M	$516.0M	$501.0M	$497.0M	—	$403.0M	$395.0M	$406.0M	—
Other long-term liabilities	$2.19B	$2.36B	$6.47B	$2.28B	$2.17B	$2.15B	$1.98B	$6.52B	$1.89B	$1.91B	$2.00B	$6.71B
Total liabilities	$9.50B	$9.54B	$9.52B	$9.43B	$9.26B	$8.99B	$8.79B	$8.97B	$8.78B	$8.74B	$8.99B	$9.21B
Shareholders' equity
Common stock & paid-in capital	$20.0M	$20.1M	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M	$20.0M
Accumulated other comprehensive income	$21.57B	$22.23B	$22.01B	$22.04B	$22.09B	$21.98B	$21.53B	$21.37B	$20.91B	$20.81B	$20.60B	$20.12B
Minority interest	$1.0M	$1.0M	$1.0M	$2.0M	$16.0M	—	—	—	—	—	—	—
Total shareholders' equity	$21.59B	$22.25B	$22.03B	$22.06B	$22.11B	$22.00B	$21.55B	$21.39B	$20.93B	$20.83B	$20.62B	$20.14B
Key figures
Total debt	$5.30B	$5.29B	$5.25B	$5.23B	$5.25B	$5.19B	$5.14B	$5.12B	$5.09B	$5.09B	$5.14B	$5.11B
Net cash (debt)	−$3.84B	−$3.62B	−$3.64B	−$3.74B	−$3.84B	−$3.78B	−$3.31B	−$3.14B	−$3.71B	−$3.94B	−$4.04B	−$4.05B
Working capital	$3.46B	$3.64B	$3.40B	$3.34B	$3.88B	$3.82B	$4.03B	$3.86B	$3.65B	$3.43B	$3.25B	$3.04B
Tangible book value	$4.07B	$4.02B	$3.77B	$3.65B	$3.74B	$3.44B	$4.02B	$3.73B	$3.24B	$2.98B	$2.63B	$2.01B
Book value per share	$44.19	$45.39	$44.76	$44.49	$44.41	$44.18	$43.32	$42.98	$42.11	$41.94	$41.80	$40.57
Shares outstanding	488.7M	490.2M	492.3M	495.9M	497.9M	498.0M	497.5M	497.7M	497.0M	496.6M	493.2M	496.3M
Current ratio	2.09	2.20	2.12	2.12	2.60	2.70	2.77	2.57	2.56	2.51	2.35	2.21
Quick ratio	1.12	1.22	1.16	1.15	1.41	1.46	1.72	1.52	1.47	1.39	1.25	1.20
Debt / equity	0.25	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.25	0.25
Equity / assets	69.4%	70.0%	69.8%	70.1%	70.5%	71.0%	71.0%	70.4%	70.4%	70.4%	69.6%	68.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.

ALC financial position

At the end of fiscal 2025 (December 31, 2025), Alcon had total assets of $31.6 billion (up 4.0% from a year earlier), total liabilities of $9.5 billion and shareholders' equity of $22.0 billion. It held $1.6 billion in cash and short-term investments against $5.2 billion of debt, net debt of $3.6 billion. Its current ratio was 2.12. In the latest quarter (ended June 30, 2026) total assets were $31.1 billion and equity $21.6 billion.

Related: ALC income statement, ALC cash flow statement, ALC key metrics. See the ALC stock overview for the latest quote and news.

ALC balance sheet FAQ

What are Alcon's total assets?

Alcon reported total assets of $31.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $30.3 billion a year earlier.

How much debt does Alcon have?

Alcon had $5.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.24.

How much cash does Alcon have?

Alcon held $1.6 billion in cash and short-term investments at the end of fiscal 2025; with $5.2 billion of debt that is net debt of $3.6 billion.

What is Alcon's book value?

Alcon's shareholders' equity (book value) was $22.0 billion at the end of fiscal 2025, or $44.41 per share.

What is Alcon's current ratio?

Alcon had current assets of $6.4 billion and current liabilities of $3.0 billion, a current ratio of 2.12 (it can cover its short-term obligations).

How much goodwill does Alcon have?

Alcon carried $18.3 billion of goodwill and intangible assets, 57.9% of total assets, at the end of fiscal 2025.