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.
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.
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.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 4,015 | 4,050 | 4,129 | -0.9% | |
| Cost of revenue | 2,692 | 2,718 | 2,627 | -1.0% | |
| Gross profit | 1,323 | 1,332 | 1,503 | -0.6% | |
| Gross margin | 33.0% | 32.9% | 36.4% | ||
| Selling, general and administrative | 743 | 751 | 748 | -1.1% | |
| Operating income | 25.2 | 227 | 617 | -88.9% | |
| Operating margin | 0.6% | 5.6% | 14.9% | ||
| Interest expense | 107 | 126 | 137 | -15.3% | |
| Pre-tax income | -99.5 | 93.1 | 581 | ||
| Income tax | 42.7 | 67.8 | 101 | -37.1% | |
| Effective tax rate | n/a | 72.8% | 17.4% | ||
| Net income | -144 | 22.2 | 475 | ||
| Net margin | -3.6% | 0.5% | 11.5% | ||
| Diluted EPS | -$2.91 | $0.20 | $9.22 |
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Free 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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 738 | 735 | 684 | +0.4% | |
| Capital expenditure | 219 | 233 | 319 | -5.9% | |
| Free cash flow | 518 | 502 | 365 | +3.4% | |
| Free cash flow margin | 12.9% | 12.4% | 8.8% | ||
| Cash from investing | -209 | -245 | -563 | ||
| Cash from financing | -537 | -551 | -85.5 | ||
| Depreciation and amortisation | 403 | 362 | 314 | +11.5% | |
| Share-based compensation | 71.1 | 69.9 | 72.0 | +1.7% | |
| Buybacks | 361 | 119 | 24.2 | +202.6% | |
| Diluted shares, weighted | 50m | 52m | 51m | -4.0% | |
| Shares outstanding at period end | 49m | 51m | 51m | -3.8% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 3,165 | 3,462 | 3,597 | -8.6% | |
| Non-controlling interest | 5.3 | 5.4 | 5.4 | -2.7% | |
| Redeemable equity | 41.3 | 41.1 | 56.7 | +0.3% | |
| Debt | 2,136 | 2,240 | 2,647 | -4.6% | |
| Operating lease liabilities | 434 | 484 | 419 | -10.3% | |
| Finance lease liabilities | 24.6 | 25.7 | 26.2 | -4.0% | |
| Other liabilities | 1,329 | 1,271 | 1,443 | +4.6% | |
| Total liabilities and equity | 7,135 | 7,528 | 8,195 | -5.2% | |
| Fixed assets | 1,655 | 1,604 | 1,640 | +3.2% | |
| Goodwill | 2,764 | 2,847 | 3,095 | -2.9% | |
| Intangible assets | 340 | 723 | 864 | -53.0% | |
| Cash and equivalents | 214 | 195 | 277 | +9.8% | |
| Receivables | 709 | 721 | 780 | -1.7% | |
| Inventory | 299 | 279 | 380 | +7.4% | |
| Other assets | 1,154 | 1,160 | 1,159 | -0.5% | |
| Total assets | 7,135 | 7,528 | 8,195 | -5.2% |
10-K for the year ended 27 December 2025, filed 18 February 2026: the filing.