10-KPeriod: FY2025

IDEXX LABORATORIES INC /DE Annual Report, Year Ended Dec 31, 2025

Filed February 20, 2026For Securities:IDXX

Summary

IDEXX Laboratories, Inc. (IDXX) reported strong financial performance for the year ended December 31, 2025, with total revenue reaching $4.30 billion, a 10.4% increase year-over-year. The Companion Animal Group (CAG) remains the primary revenue driver, contributing $3.95 billion, up 10.6% driven by strong recurring revenue from consumables and reference laboratory services. The company is strategically investing in Artificial Intelligence (AI) to enhance its diagnostic products and services, aiming to provide veterinarians with advanced tools for pet healthcare. Operational efficiency and strategic pricing contributed to a 11.8% increase in gross profit, with the gross profit margin improving to 61.8%. Despite inflationary pressures affecting product and labor costs, IDEXX demonstrated effective cost management, leading to a 20.5% increase in income from operations to $1.36 billion. The company also continued its share repurchase program, reflecting its commitment to returning value to shareholders. Looking ahead, IDEXX anticipates continued growth, though it acknowledges potential headwinds from macroeconomic factors and supply chain challenges, which it plans to manage through proactive strategies.

Financial Highlights

53 data points
Beta

Revenue

$4.30B

61.8% Gross Margin

Net Income

$1.06B

24.6% Net Margin

EPS (Diluted)

$13.08

Total Assets

$3.35B

Cash & Equivalents

$180.07M

Free Cash Flow

$1.06B

Financial Statements
Beta
Revenue$4.30B
Cost of Revenue$1.64B
Gross Profit$2.66B
R&D Expenses$251.21M
Operating Expenses$1.30B
Operating Income$1.36B
Net Income$1.06B
EPS (Basic)$13.17
EPS (Diluted)$13.08
Shares Outstanding (Basic)80.43M
Shares Outstanding (Diluted)81.03M

Key Highlights

  • 1Total revenue increased by 10.4% to $4.30 billion for the year ended December 31, 2025.
  • 2The Companion Animal Group (CAG) saw a 10.6% revenue increase, reaching $3.95 billion, driven by recurring revenue streams.
  • 3Gross profit rose by 11.8% to $2.66 billion, with the gross profit margin improving to 61.8%.
  • 4Income from operations grew by 20.5% to $1.36 billion.
  • 5The company continues to invest in Artificial Intelligence (AI) integration across its product and service offerings.
  • 6IDEXX repurchased approximately 2.4 million shares of its common stock during the year.
  • 7International revenue showed robust growth at 13.7%, indicating expanding global reach.

Frequently Asked Questions

IDEXX reported a 10.4% increase in total revenue, reaching $4.30 billion for the year ended December 31, 2025.

The Companion Animal Group (CAG) was the largest contributor, with revenue of $3.95 billion, representing a 10.6% increase year-over-year. This growth was primarily driven by recurring revenue from consumables and reference laboratory services.

IDEXX is integrating AI into its products and services, including diagnostic instruments and software. This aims to enhance diagnostic capabilities, improve operational efficiency, and provide veterinarians with more advanced tools for pet healthcare.

IDEXX continued its share repurchase program, buying back approximately 2.4 million shares during the year ended December 31, 2025. The company views this as a way to return value to shareholders and offset the dilutive effects of stock-based compensation.