IDEXX Laboratories
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IDEXX Laboratories (IDXX) investor relations material

IDEXX Laboratories Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary2 Feb, 2026

Executive summary

  • Q4 2025 revenue grew 14% as reported and 12% organically, driven by strong CAG Diagnostics recurring revenue and record premium instrument placements.

  • Full-year 2025 revenue reached $4,304 million, up 10% year-over-year, with EPS of $13.08, a 23% increase as reported.

  • Expanded global commercial presence and launched key innovations, including inVue Dx and Cancer Dx, supporting recurring revenue and high customer retention.

Financial highlights

  • Q4 revenue: $1,091 million, up 14% reported and 12% organic; CAG revenue up 15% reported and 13% organic.

  • Q4 EPS: $3.08, up 18% year-over-year; full-year EPS: $13.08, up 23%.

  • Q4 operating profit was $316 million (29% of revenue); full-year operating margin: 31.6%.

  • Free cash flow for 2025 was $1.1 billion, 100% of net income; $1.2 billion allocated to share repurchases.

  • Gross margin for 2025 was 61.8%, up 80 basis points year-over-year.

Outlook and guidance

  • 2026 revenue guidance: $4,632–$4,720 million, up 7.6%–9.6% reported, 7%–9% organic.

  • 2026 EPS outlook: $14.29–$14.80, up 9%–13% reported and 10%–14% comparable.

  • Operating margin guidance for 2026: 32.0%–32.5%, with 30–90 basis points improvement.

  • CAG Diagnostics recurring revenue expected to grow 8%–10% organically in 2026.

  • Free cash flow conversion expected at 85%–95% of net income; $180 million in capital spending planned.

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Frequently asked questions

IDEXX Laboratories, Inc. operates in four segments: Companion Animal Group, Water Quality Products, Livestock, Poultry and Dairy and Other. The CAG segment offers products and services primarily to veterinarians for the detection, diagnosis, treatment, monitoring and prevention of diseases and other conditions in dogs, cats, horses and other companion animals. The WQP segment offers on-site instruments, consumables, disinfectants, water quality testing services and related plate count products for the detection of total coliforms and Escherichia coli in drinking water.

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