IDEXX Laboratories (IDXX) Q2 FY2026 earnings: revenue $1.2 billion, up 9.7% on the year

IDEXX Laboratories Inc. (IDXX) reported revenue of $1.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.7% on the same quarter a year earlier. Net income was $338 million, up 15.1% on the year, and diluted earnings per share $4.27. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$1.2 billion

+9.7% on the year · +6.6% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

35.0%

33.6% a year earlier

Q3 FY2024Q2 FY2026

Net income

$338 million

+15.1% on the year · +21.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$4.27

+17.6% on the year · +23.1% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 6 raised, 4 lowered, 7 narrowed.

Revenue grew 10% as reported: Revenue reached $1,217 million, up 10% as reported and 9% organic. CAG rose 9%, Water 15% and LPD 11%.
Diluted EPS rose to $4.27: Diluted EPS was $4.27, up 18% as reported and 15% comparable. It included $0.14 from share-based compensation tax benefits and $0.06 from currency.
Recurring revenue led CAG growth: CAG Diagnostics recurring revenue rose 11% as reported and 10% organic, the main driver of CAG growth.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	1,217	1,141	1,109	+6.6%	+9.7%
Cost of revenue	437	418	415	+4.6%	+5.5%
Gross profit	779	723	695	+7.8%	+12.1%
Gross margin	64.0%	63.4%	62.6%
Research and development	65.4	65.8	61.9	-0.5%	+5.7%
Operating income	426	363	373	+17.4%	+14.1%
Operating margin	35.0%	31.8%	33.6%
Interest expense	10.2	7.7	11.3	+31.5%	-10.1%
Pre-tax income	417	355	362	+17.4%	+15.1%
Income tax	78.8	77.0	68.4	+2.4%	+15.3%
Effective tax rate	18.9%	21.7%	18.9%
Net income	338	278	294	+21.5%	+15.1%
Net margin	27.8%	24.4%	26.5%
Diluted EPS	$4.27	$3.47	$3.63	+23.1%	+17.6%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	347	266	186	+30.4%	+86.9%
Capital expenditure	24.6	32.0	34.1	-22.9%	-27.7%
Free cash flow	323	234	152	+37.7%	+112.7%
Free cash flow margin	26.5%	20.5%	13.7%
Cash from investing	-25.5	-33.5	-33.6
Cash from financing	-325	-211	-166
Depreciation and amortisation	41.1	37.7	35.8	+8.9%	+14.8%
Share-based compensation	16.1	16.3	14.9	-1.5%	+8.1%
Buybacks	347	351	338	-1.2%	+2.6%
Diluted shares, weighted	79m	80m	81m	-1.1%	-2.1%
Shares outstanding at period end	79m	79m	80m	-0.5%	-1.6%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	1,613	1,556	1,459	+3.6%	+10.5%
Debt	969	980	1,104	-1.1%	-12.2%
Operating lease liabilities	101	98.7	108	+1.8%	-6.6%
Other liabilities	760	751	661	+1.3%	+15.1%
Total liabilities and equity	3,442	3,385	3,331	+1.7%	+3.3%
Fixed assets	733	740	740	-1.0%	-0.9%
Goodwill	411	412	414	-0.3%	-0.9%
Intangible assets	98.2	105	104	-6.3%	-5.4%
Cash and equivalents	197	201	165	-1.8%	+19.6%
Receivables	627	604	561	+3.9%	+11.9%
Inventory	392	382	393	+2.4%	-0.3%
Other assets	984	942	955	+4.5%	+3.1%
Total assets	3,442	3,385	3,331	+1.7%	+3.3%

Questions

What was IDEXX Laboratories' revenue in Q2 FY2026?

IDEXX Laboratories (IDXX) reported revenue of $1.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.7% on the same quarter a year earlier.

How much did IDEXX Laboratories earn in Q2 FY2026?

Net income for Q2 FY2026 was $338 million, up 15.1% on the year, and diluted earnings per share $4.27.

When did IDEXX Laboratories report Q2 FY2026 results?

IDEXX Laboratories filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 4 August 2026.

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-Q for the period ended 30 June 2026, filed 4 August 2026: the filing.