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Bio-Rad Laboratories (BIO) FY2025 results: revenue $2.6 billion, up 0.7% on the year

Bio-Rad Laboratories, Inc. (BIO) reported revenue of $2.6 billion for fiscal 2025, the year ended 31 December 2025, up 0.7% on the year before. Net income was $760 million, and diluted earnings per share $27.85. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$2.6 billion
+0.7% on the year
FY2018FY2025
Operating margin
1.8%
10.5% a year earlier
FY2018FY2025
Net income
$760 million
FY2018FY2025
Diluted EPS
$27.85
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 new.

  • Fourth-quarter sales rose 3.9 percent: Fourth-quarter net sales were $693.2 million, up 3.9 percent reported and 1.7 percent currency neutral, with the gain in Clinical Diagnostics.
  • Sartorius gain lifted full-year net income: Full-year net income was $759.9 million, or $27.85 per diluted share. A fair-value gain on the Sartorius AG investment drove it, partly offset by an intangibles impairment.
  • Fourth-quarter GAAP operating loss: Fourth-quarter GAAP operating loss was $118.9 million, after a $172.8 million impairment of purchased intangibles and related items. Full-year GAAP operating income was $47.2 million.
  • Life Science fourth-quarter sales fell: Life Science fourth-quarter net sales were $267.9 million, down 2.6 percent reported.
  • Gross margin fell year on year: Fourth-quarter GAAP gross margin was 49.8 percent, against 51.2 percent a year earlier. Non-GAAP gross margin was 52.5 percent, against 53.9 percent.
Read the Q4 FY2025 earnings call summary

From this 10-K

Bio-Rad Laboratories develops, manufactures and markets instruments, systems, reagents and consumables for life science research and clinical diagnostics. It sells more than 12,000 products and services and has direct operations in over 36 countries outside the United States. About 40% of its 2025 consolidated net sales came from the U.S. and about 60% from international locations, with Europe the largest international region.

Bio-Rad Laboratories, Inc., the 10-K for 2025

Bio-Rad Laboratories develops, manufactures and markets instruments, systems, reagents and consumables for life science research and clinical diagnostics. It sells more than 12,000 products and services and has direct operations in over 36 countries outside the United States. About 40% of its 2025 consolidated net sales came from the U.S. and about 60% from international locations, with Europe the largest international region.

Life Science

The Life Science segment, about 40% of 2025 net sales, makes tools used to separate, purify, characterize and quantify biological materials, including cells, proteins and nucleic acids. They are used in research and biopharmaceutical laboratories, in biopharmaceutical manufacturing and quality control, in food safety testing and in science education. The company estimates worldwide sales of products in the markets this segment serves at approximately $19 billion. Principal customers include universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology companies, and food producers and testing laboratories. The filing names Becton Dickinson, Danaher, Merck KGaA, Qiagen and Thermo Fisher Scientific as major competitors here.

Clinical Diagnostics

The Clinical Diagnostics segment, about 60% of 2025 net sales, supplies diagnostic test systems, informatics, test kits and quality controls to clinical laboratories. It supplies several thousand products supporting more than 300 clinical diagnostic tests in the in vitro diagnostics market, meaning tests run outside the body on patient tissue, blood or urine. The company estimates worldwide sales of products in the markets it serves at approximately $16 billion. Reagents, instruments and software are typically provided together as integrated systems. Laboratories generally standardize on one supplier's platform, so an installed base of systems generates continuing sales of test kits and consumables for each sample processed. Principal customers are hospital laboratories, diagnostic reference laboratories, transfusion laboratories and physician office laboratories. Quality control and blood typing products drove the segment's currency neutral sales increase in 2025. Competitors named include Abbott Laboratories, Roche, Siemens Healthineers, bioMérieux, DiaSorin, Werfen, QuidelOrtho and Tosoh.

How it sells

The company sells mainly through its own commercial organization of approximately 770 sales and sales management personnel at December 31, 2025, organized by segment. In international markets it also uses distributors, agents, brokers and resellers. A number of customers, particularly in Life Science, depend on government grants and research contracts for their funding, and in Clinical Diagnostics sales are constrained by government reimbursement for many products. The European custom of summer vacations usually tempers third quarter sales volume.

Research, patents and people

At December 31, 2025 the company had approximately 790 employees focused on research and development and owned over 2,100 U.S. and international patents. It had approximately 7,450 employees in total, working in 37 countries: roughly 46% in the Americas, 36% in Europe, the Middle-East and Africa, and 18% in Asia Pacific.

The Sartorius stake

Bio-Rad holds an investment in Sartorius AG, a laboratory and process technology provider for the biotech, pharmaceutical and food industries, headquartered in Gottingen, Germany. As of December 31, 2025 it owned approximately 38% of Sartorius's outstanding ordinary shares and 28% of its preference shares. It carries the investment at fair market value and does not consolidate Sartorius's results.

From Bio-Rad Laboratories' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,5832,5662,671+0.7%
Cost of revenue1,2431,1881,244+4.7%
Gross profit1,3401,3791,427-2.8%
Gross margin51.9%53.7%53.4%
Research and development276296247-6.9%
Selling, general and administrative844814842+3.7%
Operating income47.2269338-82.5%
Operating margin1.8%10.5%12.6%
Interest expense49.048.949.4+0.2%
Pre-tax income996-2,342-850
Income tax236-498-213
Effective tax rate23.7%n/an/a
Net income760-1,844-637
Net margin29.4%-71.9%-23.9%
Diluted EPS$27.85-$65.36-$21.82
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow532455375+16.9%
Capital expenditure158166157-4.8%
Free cash flow375290218+29.4%
Free cash flow margin14.5%11.3%8.2%
Cash from investing-190-16020.2
Cash from financing-283-219-426
Depreciation and amortisation165152146+9.1%
Share-based compensation58.062.361.3-6.9%
Buybacks296204429+45.1%
Diluted shares, weighted27m28m29m-3.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity7,4546,5698,741+13.5%
Debt1,2031,2001,210+0.2%
Operating lease liabilities146131165+10.9%
Finance lease liabilities8.79.29.6-5.4%
Other liabilities1,7661,4542,173+21.4%
Total liabilities and equity10,5769,36412,299+12.9%
Fixed assets540528529+2.2%
Goodwill580410414+41.2%
Intangible assets174294321-40.6%
Investments7,1146,0168,901+18.3%
Trading assets373318326+17.6%
Cash and equivalents530488404+8.5%
Receivables461452489+1.8%
Inventory741760781-2.5%
Other assets63.598.2136-35.3%
Total assets10,5769,36412,299+12.9%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.