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.

Cochlear our mission 

HY 2026 earnings expectations

As we approach the HY 2026 release, the market will be closely watching how Cochlear evolves its growth strategy. With FY 2025 underlying net profit growing only 1%, investors are focused on the company's ability to re-accelerate earnings growth.

• Sales revenue: ~$1.23 billion (up from $1.172 billion in the prior corresponding period)
• Underlying net profit: ~$203 million (down from $205 million in the prior corresponding period)
• Interim dividend: ~$2.17 per share (up from $2.15 per share in the prior corresponding period)

Cochlear net profit chart

Key focus areas

FY 2026 guidance reinforcement

Management's FY 2026 underlying net profit guidance of $435 - $460 million (an 11% - 17% increase from FY 2025) is ambitious. Investors will demand strong confirmation of this outlook, especially after the more modest FY 2025 profit growth.

Revenue mix

The 10% decline in services revenue in FY 2025 will be scrutinised. Has this trend stabilised or reversed? Strong revenue growth from the new Nucleus Nexa implant in developed markets is anticipated, but any continued moderation in emerging markets will be noted.

Margin and costs

With underlying net profit margin at 17% and gross margin 1 percentage point below its long-term target in FY 2025, how has Cochlear managed its cost base in an inflationary environment? Any further pressure here would concern investors.

Implant volume trajectory

The strong 12% growth in implant units in FY 2025 is positive. Has this momentum continued, or are there new pressures or accelerations in key markets?

Is Cochlear a buy or a sell?

Cochlear currently holds a TipRanks Smart Score of '7 neutral', consisting of 2 'buy', 3 'hold', and 1 'sell' ratings as of 11 February 2026.

Cochlear TipRanks Smart Score chart

Cochlear technical analysis

Cochlear has spent the past 18 months trading in a broad $75 range between $320 and $245.

Currently trading at $254.56, the price is near the lower end of this well-defined range. A strong earnings result could trigger a meaningful rebound, potentially testing resistance around $280. A sustained push beyond this level could lead to a move towards the $320 range high.

Conversely, earnings disappointment could cause a breakdown through immediate support at $246.13, heading towards the $237.69 low of October 2023 before reaching the $225 - $220 support zone.

Cochlear weekly candlestick chart

• _{Source: TradingView. The figures stated are as of 11 February 2026. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}