Bio-Rad Laboratories
BIO · NYSELaboratory Analytical Instruments · Fiscal year ends Dec 31
Bio-Rad Laboratories reported revenue of $2.6B in the fiscal year ended Dec 2025, up 0.7% from the year before. Operating income was $47M, an operating margin of 1.8%, and net income was $760M. Operating cash flow of $532M less capital expenditure of $158M left free cash flow of $375M. Net debt was $672M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $2.8B | $2.7B | $2.6B | $2.6B |
| Cost of revenue | $1.3B | $1.2B | $1.2B | $1.2B | $1.2B |
| Gross profit | $1.6B | $1.6B | $1.4B | $1.4B | $1.3B |
| Research & development | $261M | $257M | $247M | $296M | $276M |
| Selling, general & admin | $877M | $828M | $842M | $814M | $844M |
| Operating income | $500M | $483M | $338M | $269M | $47M |
| Interest expense | $2M | $38M | $49M | $49M | $49M |
| Pre-tax income | $5.4B | −$4.7B | −$850M | −$2.3B | $996M |
| Income tax | $1.2B | −$1.1B | −$213M | −$498M | $236M |
| Net income | $4.3B | −$3.6B | −$637M | −$1.8B | $760M |
| Diluted EPS | 140.83 | −121.79 | −21.82 | −65.36 | 27.85 |
| Diluted shares | 30M | 30M | 29M | 28M | 27M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $471M | $434M | $404M | $488M | $530M |
| Receivables | $424M | $495M | $489M | $453M | $461M |
| Inventory | $572M | $719M | $781M | $760M | $741M |
| Current assets | $2B | $3.2B | $3B | $3B | $2.9B |
| Net PP&E | $512M | $499M | $529M | $528M | $540M |
| Goodwill | $347M | $407M | $414M | $411M | $580M |
| Total assets | $17.8B | $13.5B | $12.3B | $9.4B | $10.6B |
| Payables | $142M | $135M | $145M | $122M | $129M |
| Deferred revenue | $51M | $52M | $51M | $48M | $49M |
| Current liabilities | $681M | $569M | $523M | $468M | $517M |
| Long-term debt | $11M | $1.2B | $1.2B | $1.2B | $1.2B |
| Total liabilities | $4.1B | $3.9B | $3.6B | $2.8B | $3.1B |
| Shareholders' equity | $13.7B | $9.6B | $8.7B | $6.6B | $7.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $669M | $194M | $375M | $455M | $532M |
| Capital expenditure | $134M | $113M | $157M | $166M | $158M |
| Free cash flow | $536M | $82M | $218M | $290M | $375M |
| Depreciation & amortisation | $138M | $137M | $146M | $152M | $165M |
| Stock-based compensation | $51M | $61M | $61M | $62M | $58M |
| Share buybacks | $50M | $216M | $429M | $204M | $296M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −4.1% | −4.7% | −3.9% | 0.7% |
| Operating income growth (YoY) | – | −3.5% | −30.0% | −20.4% | −82.5% |
| EPS growth (YoY) | – | −186.5% | – | – | – |
| Gross margin | 56.1% | 55.9% | 53.4% | 53.7% | 51.9% |
| Operating margin | 17.1% | 17.2% | 12.6% | 10.5% | 1.8% |
| Net margin | 145.6% | −129.5% | −23.9% | −71.9% | 29.4% |
| Return on equityBlank when equity is negative | 31.1% | −37.7% | −7.3% | −28.1% | 10.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.9% | 3.7% | 2.9% | 3.0% | 0.5% |
| Free cash flow margin | 18.3% | 2.9% | 8.2% | 11.3% | 14.5% |
| Cash conversion (CFO ÷ net income) | 0.16x | −0.05x | −0.59x | −0.25x | 0.70x |
| Receivable days | 53 | 64 | 67 | 64 | 65 |
| Inventory days | 163 | 213 | 229 | 234 | 217 |
| Payable days | 40 | 40 | 42 | 38 | 38 |
| Interest cover | 323x | 12.7x | 6.84x | 5.50x | 0.96x |
| Debt ÷ equity | 0.00x | 0.12x | 0.14x | 0.18x | 0.16x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$460M | $764M | $795M | $712M | $672M |
| Current ratio | 2.92x | 5.55x | 5.83x | 6.48x | 5.62x |
Recent filings
More in Laboratory Analytical Instruments
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.