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Charles River Laboratories International (CRL) FY2025 results: revenue $4.0 billion, down 0.9% on the year

Charles River Laboratories International, Inc. (CRL) reported revenue of $4.0 billion for fiscal 2025, the year ended 27 December 2025, down 0.9% on the year before. Net income was -$144 million, and diluted earnings per share $-2.91. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$4.0 billion
-0.9% on the year
FY2018FY2025
Operating margin
0.6%
5.6% a year earlier
FY2018FY2025
Net income
-$144 million
FY2018FY2025
Diluted EPS
-$2.91
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 10 new.

  • Fourth-quarter revenue declined organically: Fourth-quarter revenue was $994.2 million, down 0.8% reported and 2.6% organically, with foreign currency adding 1.9%. Full-year revenue was $4.02 billion, down 0.9%.
  • GAAP loss reflected non-cash impairments: Fourth-quarter GAAP loss per diluted share was $(5.62), including an $211.0 million intangible asset impairment and a $165.0 million goodwill impairment in Biologics Solutions.
  • Non-GAAP EPS fell 10.2% in quarter: Fourth-quarter non-GAAP diluted EPS was $2.39, down 10.2%, and non-GAAP net income was $118.8 million, down 13.0%, on lower revenue and operating margin.
  • DSA organic revenue fell 3.3%: DSA revenue was $591.6 million, down 2.0% reported and 3.3% organically, on lower discovery services volume and lower regulated safety assessment volume.
  • DSA bookings improved in fourth quarter: Management cited substantial improvement in DSA net bookings in the fourth quarter as evidence that the biopharmaceutical demand environment is stabilizing.
Read the Q4 FY2025 earnings call summary

From this 10-K

Charles River Laboratories is a non-clinical drug development partner. It breeds and supplies the research models that laboratories work with, runs the discovery and safety studies a drug candidate needs before it reaches people, and sells the testing products and manufacturing services drug makers use once a product exists. It began operating in 1947, was incorporated in 1994, completed its initial public offering in 2000, and is headquartered in Wilmington, Massachusetts. The fiscal year is typically 52 weeks, each quarter 13 weeks. There are three reportable segments.

Charles River Laboratories International, Inc., the 10-K for 2025

Charles River Laboratories is a non-clinical drug development partner. It breeds and supplies the research models that laboratories work with, runs the discovery and safety studies a drug candidate needs before it reaches people, and sells the testing products and manufacturing services drug makers use once a product exists. It began operating in 1947, was incorporated in 1994, completed its initial public offering in 2000, and is headquartered in Wilmington, Massachusetts. The fiscal year is typically 52 weeks, each quarter 13 weeks. There are three reportable segments.

Research Models and Services

Commercial production and sale of small research models, the supply of large research models, and the services built around them. Insourcing Solutions manages client colonies inside the client's own facilities and in the company's own vivarium space under the Charles River Accelerator and Development Lab name, covering recruitment, training, staffing and management. Genetically Engineered Models and Services performs contract breeding and related work on genetically engineered models, and Research Animal Diagnostic Services provides health monitoring and diagnostics for research models. Cell Solutions supplies customised primary cells and blood components drawn from normal and mobilised peripheral blood and bone marrow and from disease state donors.

Discovery and Safety Assessment

Regulated and non-regulated services supporting the discovery, development and regulatory-required safety testing of potential new drugs, both in vitro and in research models, with bioanalytical laboratory support, strategic non-clinical consulting and programme management. Discovery services run from identification and validation of novel targets, across small molecules, oligonucleotides, biotherapeutics and cell and gene therapies, through to candidates ready for safety assessment, using pharmacokinetics, pharmacology, non-GLP toxicity assays and predictive models to find safety problems early. During 2025 the company began combining its Discovery Services and Safety Assessment businesses into one organisation with a combined sales force.

Manufacturing Solutions

Two businesses sit here. Microbial Solutions sells in vitro methods for conventional and rapid quality control testing, including the lot release testing mandated worldwide for injectable products, through the Endosafe, Celsis and Accugenix businesses: endotoxin testing, microbial detection and identification kits, reagents, instruments, software, accessories and laboratory services for pharmaceutical, biotechnology, medical device and consumer products companies. Biologics Solutions performs specialised testing of biologics and provides contract development and manufacturing products and services.

Primates and investigations

The supply of non-human primates has been a running matter for the company. After a grand jury subpoena in February 2023, the Department of Justice and the U.S. Fish and Wildlife Service investigated several shipments of non-human primates from Cambodia in late 2022 and early 2023, with a parallel civil investigation alongside it. In the fourth quarter of fiscal 2024 the company recorded a $27 million charge reducing the carrying value of that inventory to zero. In July 2025 the Fish and Wildlife Service determined to clear the shipments for legal entry into the United States, and in August 2025 the Department of Justice advised that both the grand jury investigation and the civil investigation had been closed.

People

There were approximately 19,700 employees at 27 December 2025, among them approximately 2,400 science professionals holding advanced degrees, with approximately 18,300 full-time and approximately 1,400 part-time. Approximately 59% are in North America, 32% in Europe, 7% in Asia and 3% in other regions. Total headcount has been reduced by approximately 2% through selective hiring and restructuring, consolidating sites and reducing staffing to match the pace of demand.

From Charles River Laboratories' annual report on Form 10-K for the year ended 27 December 2025. The filing

Written from the 10-K filed 18 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
Revenue4,0154,0504,129-0.9%
Cost of revenue2,6922,7182,627-1.0%
Gross profit1,3231,3321,503-0.6%
Gross margin33.0%32.9%36.4%
Selling, general and administrative743751748-1.1%
Operating income25.2227617-88.9%
Operating margin0.6%5.6%14.9%
Interest expense107126137-15.3%
Pre-tax income-99.593.1581
Income tax42.767.8101-37.1%
Effective tax raten/a72.8%17.4%
Net income-14422.2475
Net margin-3.6%0.5%11.5%
Diluted EPS-$2.91$0.20$9.22
$ 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 flow738735684+0.4%
Capital expenditure219233319-5.9%
Free cash flow518502365+3.4%
Free cash flow margin12.9%12.4%8.8%
Cash from investing-209-245-563
Cash from financing-537-551-85.5
Depreciation and amortisation403362314+11.5%
Share-based compensation71.169.972.0+1.7%
Buybacks36111924.2+202.6%
Diluted shares, weighted50m52m51m-4.0%
Shares outstanding at period end49m51m51m-3.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,1653,4623,597-8.6%
Non-controlling interest5.35.45.4-2.7%
Redeemable equity41.341.156.7+0.3%
Debt2,1362,2402,647-4.6%
Operating lease liabilities434484419-10.3%
Finance lease liabilities24.625.726.2-4.0%
Other liabilities1,3291,2711,443+4.6%
Total liabilities and equity7,1357,5288,195-5.2%
Fixed assets1,6551,6041,640+3.2%
Goodwill2,7642,8473,095-2.9%
Intangible assets340723864-53.0%
Cash and equivalents214195277+9.8%
Receivables709721780-1.7%
Inventory299279380+7.4%
Other assets1,1541,1601,159-0.5%
Total assets7,1357,5288,195-5.2%

10-K for the year ended 27 December 2025, filed 18 February 2026: the filing.