COOPER COMPANIES, INC.COO
COOPER COMPANIES, INC. Segments Disclosure
Note 12. Business Segment Information
The Company discloses information about its operating segments, which were established based on the way that our Chief Operating Decision Maker (CODM) organizes segments within the Company for making operating decisions and assessing financial performance. Our CODM is our Chief Executive Officer. The Company's two operating segments are described below.
•CooperVision. Competes in the worldwide contact lens market by developing, manufacturing and marketing a broad range of products for contact lens wearers, featuring advanced materials and optics.
•CooperSurgical. Competes in the fertility and women's health care market through its diversified portfolio of products and services, including fertility products and services, medical devices, cryostorage (such as cord blood and cord tissue storage) and contraception.
The CODM uses operating income, as presented in our financial reports, as the primary measure of segment profitability to assess the performance of the segments and make decisions on resource allocation across segments. The Company does not allocate costs from corporate functions to segment operating income. The Company uses the same accounting policies to generate segment results as it does for consolidated results.
No customers accounted for 10% or more of our consolidated net revenue in fiscal 2025, 2024 and 2023.
Total identifiable assets are those used in continuing operations except cash and cash equivalents, which the Company includes as corporate assets.
The following table presents a summary of our business segment net sales:
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| CooperVision net sales by category: | |||||||||||||||||
| Toric and multifocal | $ | 1,351.3 | $ | 1,257.2 | $ | 1,134.4 | |||||||||||
| Sphere, other | 1,392.5 | 1,352.2 | 1,289.3 | ||||||||||||||
| Total CooperVision net sales | 2,743.8 | 2,609.4 | 2,423.7 | ||||||||||||||
| CooperSurgical net sales by category: | |||||||||||||||||
| Office and surgical | 824.0 | 774.7 | 689.5 | ||||||||||||||
| Fertility | 524.6 | 511.3 | 480.0 | ||||||||||||||
| Total CooperSurgical net sales | 1,348.6 | 1,286.0 | 1,169.5 | ||||||||||||||
| Total net sales | $ | 4,092.4 | $ | 3,895.4 | $ | 3,593.2 | |||||||||||
Information by business segment for each of the years in the three-year period ended October 31, 2025, follows:
| (In millions) | CooperVision | CooperSurgical | Corporate (1) | Consolidated | |||||||||||||||||||
| 2025 | |||||||||||||||||||||||
| Net sales | $ | 2,743.8 | $ | 1,348.6 | $ | — | $ | 4,092.4 | |||||||||||||||
Cost of sales | 932.6 | 477.7 | — | 1,410.3 | |||||||||||||||||||
Amortization expense | 21.0 | 178.2 | — | 199.2 | |||||||||||||||||||
| Selling, general and administrative expense | 969.3 | 568.4 | 90.1 | 1,627.8 | |||||||||||||||||||
Research and development expense | 91.3 | 80.9 | — | 172.2 | |||||||||||||||||||
| Operating income (loss) | $ | 729.6 | $ | 43.4 | $ | (90.1) | $ | 682.9 | |||||||||||||||
| Interest expense | 100.0 | ||||||||||||||||||||||
| Other expense, net | 16.4 | ||||||||||||||||||||||
| Income before income taxes | $ | 566.5 | |||||||||||||||||||||
| Identifiable assets | $ | 7,604.4 | $ | 4,619.3 | $ | 171.1 | $ | 12,394.8 | |||||||||||||||
| Depreciation expense | $ | 153.2 | $ | 25.0 | $ | — | $ | 178.2 | |||||||||||||||
| Capital expenditures | $ | 322.9 | $ | 39.5 | $ | — | $ | 362.4 | |||||||||||||||
| 2024 | |||||||||||||||||||||||
| Net sales | $ | 2,609.4 | $ | 1,286.0 | $ | — | $ | 3,895.4 | |||||||||||||||
Cost of sales | 911.4 | 388.3 | — | 1,299.7 | |||||||||||||||||||
Amortization expense | 28.2 | 173.0 | — | 201.2 | |||||||||||||||||||
| Selling, general and administrative expense | 910.7 | 534.2 | 88.8 | 1,533.7 | |||||||||||||||||||
Research and development expense | 82.9 | 72.2 | — | 155.1 | |||||||||||||||||||
| Operating income (loss) | $ | 676.2 | $ | 118.3 | $ | (88.8) | $ | 705.7 | |||||||||||||||
| Interest expense | 114.3 | ||||||||||||||||||||||
| Other expense, net | 9.1 | ||||||||||||||||||||||
| Income before income taxes | $ | 582.3 | |||||||||||||||||||||
| Identifiable assets | $ | 7,285.1 | $ | 4,832.0 | $ | 198.1 | $ | 12,315.2 | |||||||||||||||
| Depreciation expense | $ | 151.8 | $ | 22.1 | $ | — | $ | 173.9 | |||||||||||||||
| Capital expenditures | $ | 388.6 | $ | 32.6 | $ | — | $ | 421.2 | |||||||||||||||
| 2023 | |||||||||||||||||||||||
| Net sales | $ | 2,423.7 | $ | 1,169.5 | $ | — | $ | 3,593.2 | |||||||||||||||
Cost of sales | 858.6 | 376.7 | — | 1,235.3 | |||||||||||||||||||
Amortization expense | 32.9 | 153.3 | — | 186.2 | |||||||||||||||||||
| Selling, general and administrative expense | 871.1 | 559.4 | 70.7 | 1,501.2 | |||||||||||||||||||
Research and development expense | 73.4 | 64.0 | — | 137.4 | |||||||||||||||||||
| Operating income (loss) | $ | 587.7 | $ | 16.1 | $ | (70.7) | $ | 533.1 | |||||||||||||||
| Interest expense | 105.3 | ||||||||||||||||||||||
| Other expense, net | 14.9 | ||||||||||||||||||||||
| Income before income taxes | $ | 412.9 | |||||||||||||||||||||
| Identifiable assets | $ | 7,044.0 | $ | 4,351.8 | $ | 263.1 | $ | 11,658.9 | |||||||||||||||
| Depreciation expense | $ | 156.9 | $ | 24.6 | $ | — | $ | 181.5 | |||||||||||||||
| Capital expenditures | $ | 364.4 | $ | 28.1 | $ | — | $ | 392.5 | |||||||||||||||
(1) Corporate SGA expenses are not allocated to the segments.
Information by geographical area by country of domicile for each of the years in the three-year period ended October 31, 2025, follows:
| (In millions) | United States | Europe | Rest of World, Other Eliminations & Corporate | Consolidated | |||||||||||||||||||
| 2025 | |||||||||||||||||||||||
| Net sales to unaffiliated customers | $ | 2,054.0 | $ | 1,253.2 | $ | 785.2 | $ | 4,092.4 | |||||||||||||||
| Sales between geographic areas | 679.0 | 1,124.8 | (1,803.8) | — | |||||||||||||||||||
| Net sales | $ | 2,733.0 | $ | 2,378.0 | $ | (1,018.6) | $ | 4,092.4 | |||||||||||||||
| Operating income | $ | 4.2 | $ | 662.1 | $ | 16.6 | $ | 682.9 | |||||||||||||||
| Long-lived assets | $ | 1,389.4 | $ | 429.1 | $ | 263.5 | $ | 2,082.0 | |||||||||||||||
| 2024 | |||||||||||||||||||||||
| Net sales to unaffiliated customers | $ | 1,965.9 | $ | 1,155.9 | $ | 773.6 | $ | 3,895.4 | |||||||||||||||
| Sales between geographic areas | 602.9 | 1,065.2 | (1,668.1) | — | |||||||||||||||||||
| Net sales | $ | 2,568.8 | $ | 2,221.1 | $ | (894.5) | $ | 3,895.4 | |||||||||||||||
| Operating income | $ | 74.2 | $ | 601.8 | $ | 29.7 | $ | 705.7 | |||||||||||||||
| Long-lived assets | $ | 1,188.8 | $ | 401.7 | $ | 272.9 | $ | 1,863.4 | |||||||||||||||
| 2023 | |||||||||||||||||||||||
| Net sales to unaffiliated customers | $ | 1,812.2 | $ | 1,041.2 | $ | 739.8 | $ | 3,593.2 | |||||||||||||||
| Sales between geographic areas | 563.1 | 1,016.7 | (1,579.8) | — | |||||||||||||||||||
| Net sales | $ | 2,375.3 | $ | 2,057.9 | $ | (840.0) | $ | 3,593.2 | |||||||||||||||
| Operating (loss) income | $ | — | $ | 516.2 | $ | 16.9 | $ | 533.1 | |||||||||||||||
| Long-lived assets | $ | 1,027.6 | $ | 325.9 | $ | 279.1 | $ | 1,632.6 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 5, 2025 | Showing above |
| 2021 | Dec 10, 2021 | |
| 2018 | Dec 21, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.