Idexx Laboratories
IDXX · NasdaqIn Vitro & In Vivo Diagnostic Substances · Fiscal year ends Dec 31
Idexx Laboratories reported revenue of $4.3B in the fiscal year ended Dec 2025, up 10.4% from the year before. Operating income was $1.4B, an operating margin of 31.6%, and net income was $1.1B. Operating cash flow of $1.2B less capital expenditure of $125M left free cash flow of $1.1B. Net debt was $270M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.2B | $3.4B | $3.7B | $3.9B | $4.3B |
| Cost of revenue | $1.3B | $1.4B | $1.5B | $1.5B | $1.6B |
| Gross profit | $1.9B | $2B | $2.2B | $2.4B | $2.7B |
| Research & development | $161M | $255M | $191M | $220M | $251M |
| Operating income | $932M | $899M | $1.1B | $1.1B | $1.4B |
| Interest expense | $30M | $40M | $42M | $31M | $39M |
| Pre-tax income | $903M | $860M | $1.1B | $1.1B | $1.3B |
| Income tax | $158M | $181M | $216M | $222M | $265M |
| Net income | $745M | $679M | $845M | $888M | $1.1B |
| Diluted EPS | 8.60 | 8.03 | 10.06 | 10.67 | 13.08 |
| Diluted shares | 87M | 85M | 84M | 83M | 81M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $144M | $113M | $454M | $288M | $180M |
| Receivables | $368M | $401M | $457M | $474M | $552M |
| Inventory | $269M | $368M | $380M | $382M | $378M |
| Current assets | $956M | $1.1B | $1.5B | $1.4B | $1.4B |
| Net PP&E | $588M | $649M | $702M | $713M | $747M |
| Goodwill | $359M | $362M | $366M | $405M | $414M |
| Total assets | $2.4B | $2.7B | $3.3B | $3.3B | $3.4B |
| Payables | $116M | $110M | $111M | $114M | $110M |
| Deferred revenue | $40M | $38M | $37M | $34M | $35M |
| Current liabilities | $764M | $1.2B | $952M | $1.1B | $1.1B |
| Short-term debt | $75M | $75M | $75M | $168M | $75M |
| Long-term debt | $775M | $694M | $623M | $450M | $375M |
| Total liabilities | $1.7B | $2.1B | $1.8B | $1.7B | $1.7B |
| Shareholders' equity | $690M | $609M | $1.5B | $1.6B | $1.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $756M | $543M | $907M | $929M | $1.2B |
| Capital expenditure | $120M | $149M | $134M | $121M | $125M |
| Free cash flow | $636M | $394M | $773M | $808M | $1.1B |
| Depreciation & amortisation | $105M | $112M | $115M | $130M | $145M |
| Stock-based compensation | $38M | $50M | $60M | $60M | $60M |
| Acquisitions | $173M | $12M | $0 | $77M | $0 |
| Share buybacks | $747M | $820M | $72M | $837M | $1.2B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.7% | 8.7% | 6.5% | 10.4% |
| Operating income growth (YoY) | – | −3.6% | 22.1% | 2.8% | 20.5% |
| EPS growth (YoY) | – | −6.6% | 25.3% | 6.1% | 22.6% |
| Gross margin | 58.8% | 59.5% | 59.8% | 61.0% | 61.8% |
| Operating margin | 29.0% | 26.7% | 30.0% | 29.0% | 31.6% |
| Net margin | 23.2% | 20.2% | 23.1% | 22.8% | 24.6% |
| Return on equityBlank when equity is negative | 107.9% | 111.6% | 56.9% | 55.7% | 66.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 55.7% | 59.5% | 47.5% | 50.7% | 61.8% |
| Free cash flow margin | 19.8% | 11.7% | 21.1% | 20.7% | 24.6% |
| Cash conversion (CFO ÷ net income) | 1.01x | 0.80x | 1.07x | 1.05x | 1.12x |
| Receivable days | 42 | 43 | 46 | 44 | 47 |
| Inventory days | 74 | 99 | 94 | 92 | 84 |
| Payable days | 32 | 30 | 27 | 27 | 25 |
| Interest cover | 31.3x | 22.5x | 26.4x | 36.2x | 35.0x |
| Debt ÷ equity | 1.23x | 1.26x | 0.47x | 0.39x | 0.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $706M | $657M | $244M | $329M | $270M |
| Current ratio | 1.25x | 0.89x | 1.57x | 1.31x | 1.23x |
Recent filings
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.