v3.25.4
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of the components and classification of share-based compensation expense
The components and classification of share-based compensation expense related to stock options, PSUs and RSUs directly attributable to those employees specifically identified as Bausch + Lomb employees for the Plan for the years 2025, 2024 and 2023 were as follows:
(in millions)202520242023
Stock options$14 $10 $11 
PSUs/RSUs135 82 63 
Share-based compensation expense$149 $92 $74 
Research and development expenses$$$
Selling, general and administrative expenses142 87 69 
Share-based compensation expense$149 $92 $74 
Schedule of assumptions used to calculate the fair values of stock options
The fair values of all stock options granted under the Plan for the years 2025, 2024 and 2023 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
202520242023
Expected stock option life (years)3.03.03.0
Expected volatility36.8 %35.1 %35.3 %
Risk-free interest rate3.8 %4.5 %4.6 %
Expected dividend yield— %— %— %
Schedule of stock option activity
The following table summarizes stock option activity under the Plan during 2025:
(in millions, except per share amounts)OptionsWeighted-
Average
Exercise
Price Per Share
Weighted-
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
Outstanding, January 1, 2025
9.0$17.90   
Granted1.4 $15.86   
Exercised— $—   
Expired or forfeited(0.4)$18.00   
Outstanding, December 31, 2025
10.0 $17.62 6.3$2.0 
Vested and expected to vest, December 31, 2025
9.6 $17.62 6.2$1.9 
Vested and exercisable, December 31, 2025
4.2 $17.97 4.7$0.1 
Schedule of non-vested RSU and PSU activity
The following table summarizes non-vested RSU activity under the Plan during 2025:
(in millions, except per share amounts)
Restricted Stock Units (RSUs)
Weighted-
Average
Grant-Date
Fair Value Per Share
Non-vested, January 1, 2025
6.2 $16.89 
Granted4.0 $15.47 
Vested(2.7)$17.04 
Forfeited(0.7)$15.98 
Non-vested, December 31, 2025
6.8 $16.08 
The following table summarizes the performance-based PSU activity during 2025:
(in millions, except per share amounts)
Performance-based RSUs
Weighted-
Average
Grant-Date
Fair Value Per Share
Non-vested, January 1, 2025
4.1 $20.61 
Granted1.2 $15.90 
Vested— $— 
Forfeited(0.2)$16.59 
Non-vested, December 31, 2025
5.1 $19.67 
Schedule of assumptions used to calculate the fair values of performance-based RSUs
The fair values of TSR PSUs and OPG PSUs granted during 2025, 2024 and 2023 were estimated with the following assumptions:
202520242023
Contractual term (years)3.03.03.6
Expected volatility36.7%35.1%35.4%
Risk-free interest rate3.8%4.5%4.5%