IDEXX Laboratories (IDXX) Q4 FY2025 earnings: revenue $1.1 billion, up 14.3% on the year

IDEXX Laboratories Inc. (IDXX) reported revenue of $1.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 14.3% on the same quarter a year earlier. Net income was $248 million, up 14.8% on the year, and diluted earnings per share $3.08. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue

$1.1 billion

+14.3% on the year · -1.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

28.9%

27.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

$248 million

+14.8% on the year · -9.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.08

+17.6% on the year · -9.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 11 new.

Fourth-quarter revenue up 14%: Revenue was $1,091 million, up 14% as reported and 12% organic, with CAG up 15% reported and Water up 12%.
Fourth-quarter EPS rose 18%: Diluted EPS was $3.08, up 18% as reported and 17% on a comparable basis. Currency added $0.09 and share-based tax benefits added $0.07.
Full-year revenue of $4,304 million: Full-year revenue was $4,304 million, up 10% as reported and organically, above the $4,270 million to $4,300 million range given in the third quarter release.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,091	1,105	954	-1.3%	+14.3%
Cost of revenue	432	422	384	+2.5%	+12.7%
Gross profit	658	683	571	-3.7%	+15.3%
Gross margin	60.3%	61.8%	59.8%
Research and development	66.8	63.4	57.7	+5.4%	+15.8%
Operating income	316	355	262	-11.1%	+20.6%
Operating margin	28.9%	32.1%	27.4%
Interest expense	9.2	10.7	7.5	-13.6%	+22.8%
Pre-tax income	307	345	256	-11.0%	+19.7%
Income tax	58.8	70.2	40.2	-16.2%	+46.1%
Effective tax rate	19.2%	20.4%	15.7%
Net income	248	275	216	-9.6%	+14.8%
Net margin	22.8%	24.8%	22.7%
Diluted EPS	$3.08	$3.40	$2.62	-9.4%	+17.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	356	402	262	-11.6%	+35.8%
Capital expenditure	29.4	31.1	29.3	-5.4%	+0.6%
Free cash flow	326	371	233	-12.1%	+40.2%
Free cash flow margin	29.9%	33.6%	24.4%
Cash from investing	-28.1	-44.9	-39.8
Cash from financing	-356	-313	-233
Depreciation and amortisation	38.7	36.6	33.7	+5.7%	+14.9%
Share-based compensation	16.1	14.4	14.3	+11.8%	+12.6%
Buybacks	238	240	246	-1.0%	-3.3%
Diluted shares, weighted	80m	81m	83m	-0.2%	-2.5%
Shares outstanding at period end	80m	80m	82m	-0.4%	-2.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	1,605	1,561	1,595	+2.8%	+0.6%
Debt	848	980	868	-13.5%	-2.3%
Operating lease liabilities	101	106	97.8	-5.0%	+3.4%
Other liabilities	796	739	733	+7.7%	+8.7%
Total liabilities and equity	3,351	3,387	3,293	-1.1%	+1.7%
Fixed assets	747	739	713	+1.1%	+4.8%
Goodwill	414	414	405	+0.1%	+2.2%
Intangible assets	110	115	112	-4.3%	-1.6%
Cash and equivalents	180	208	288	-13.5%	-37.5%
Receivables	552	567	474	-2.6%	+16.6%
Inventory	378	392	382	-3.5%	-1.1%
Other assets	969	952	920	+1.8%	+5.4%
Total assets	3,351	3,387	3,293	-1.1%	+1.7%

Questions

What was IDEXX Laboratories' revenue in Q4 FY2025?

IDEXX Laboratories (IDXX) reported revenue of $1.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 14.3% on the same quarter a year earlier.

How much did IDEXX Laboratories earn in Q4 FY2025?

Net income for Q4 FY2025 was $248 million, up 14.8% on the year, and diluted earnings per share $3.08.

When did IDEXX Laboratories report Q4 FY2025 results?

IDEXX Laboratories filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	801	837	861	842	829	900	944	916	902	964	1,004	976	954	998	1,109	1,105	1,091	1,141	1,217	1,214
Cost of revenue	345	338	347	335	344	357	371	368	375	371	384	380	384	375	415	422	432	418	437	450
Gross profit	456	499	514	507	485	543	573	548	526	593	619	596	571	623	695	683	658	723	779	764
Gross margin	57%	60%	60%	60%	59%	60%	61%	60%	58%	62%	62%	61%	60%	62%	63%	62%	60%	63%	64%	63%
R&D	45.3	40.2	123	48.0	43.4	44.7	46.5	48.0	51.8	52.6	55.5	54.0	57.7	59.1	61.9	63.4	66.8	65.8	65.4	68.8
Operating income	199	248	179	245	227	280	296	275	245	299	264	304	262	317	373	355	316	363	426	402
Operating margin	25%	30%	21%	29%	27%	31%	31%	30%	27%	31%	26%	31%	27%	32%	34%	32%	29%	32%	35%	33%
Interest expense	7.5	7.0	8.3	11.0	13.5	13.1	10.5	8.6	9.3	7.9	8.1	7.7	7.5	7.7	11.3	10.7	9.2	7.7	10.2	7.5
Pre-tax income	192	241	171	234	213	268	286	268	240	295	259	299	256	310	362	345	307	355	417	399
Tax rate	15%	20%	23%	23%	19%	20%	22%	21%	19%	20%	22%	22%	16%	22%	19%	20%	19%	22%	19%	21%
Net income	163	194	132	181	172	214	224	212	195	236	203	233	216	243	294	275	248	278	338	317
Net margin	20%	23%	15%	21%	21%	24%	24%	23%	22%	24%	20%	24%	23%	24%	26%	25%	23%	24%	28%	26%
Diluted EPS	$1.88	$2.27	$1.56	$2.15	$2.05	$2.55	$2.67	$2.53	$2.32	$2.81	$2.44	$2.80	$2.62	$2.96	$3.63	$3.40	$3.08	$3.47	$4.27	$4.01
Operating cash flow	210	115	65.8	189	173	184	200	272	250	199	248	220	262	238	186	402	356	266	347	450
Capital expenditure	31.8	31.8	30.1	37.7	49.2	39.5	27.5	34.1	32.6	30.3	33.3	28.1	29.3	30.0	34.1	31.1	29.4	32.0	24.6	28.9
Free cash flow	178	82.9	35.8	151	124	144	173	238	217	168	215	192	233	208	152	371	326	234	323	421
Buybacks	245	266	307	173	74.0	0.0	0.0	35.1	36.9	155	216	221	246	401	338	240	238	351	347	112
Shares outstanding	85m	84m	83m	83m	83m	83m	83m	83m	83m	83m	82m	82m	82m	81m	80m	80m	80m	79m	79m	79m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 20 February 2026: the filing.