Cochlear HY 2026 earnings preview


When will Cochlear report its latest earnings?

Cochlear Limited is scheduled to report its results for the half-year (HY) ending 31 December 2025 on Friday, 13 February 2026.

Company backdrop

Cochlear is a leading provider of implantable hearing solutions. From its iconic Nucleus cochlear implant to the Baha bone conduction system, the company offers not just medical devices, but transformative hearing solutions. Cochlear holds a dominant market position, serving hundreds of thousands of people worldwide.

Cochlear heads into this earnings report after a fulll year (FY) 2025 (ending June 2025) that delivered a solid performance on the surface. However, deeper examination reveals evolving dynamics within its core growth areas.

FY 2025 highlights

  • Sales revenue: climbed 4% to $2.356 billion, driven by strong uptake of the Nucleus 8 Sound Processor and healthy demand for cochlear implants in developed markets
  • Underlying net profit: increased a modest 1% to $392 million, with statutory net profit up 9% to $389 million. The underlying net profit margin stood at 17% (18% pre-cloud investment), slightly below the long-term gross margin target of 74%
  • Dividends: shareholders received a final dividend of $2.15 per share, bringing the full-year total to $4.30 per share, an increase of 5% from the prior year
  • Cochlear implant units: shipped 53,968 units, up 12%, indicating healthy demand for its core implant products.

The market reaction:

Despite robust implant unit growth and substantial sales revenue, the market’s initial reception to these FY 2025 figures was more reserved than expected. While $2.356 billion in sales is impressive, the growth rate of 4%, and just 1% in underlying net profit, suggest a potential moderation compared to previous high-growth years. The decline in services revenue also raised concerns, suggesting uneven performance across segments.

Since that August report, Cochlear’s share price has navigated a complex environment, including headwinds from a stronger Australian dollar, and a broader market rotation away from ASX-listed healthcare stocks due to volatile earnings, macroeconomic uncertainty, and company-specific issues.

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