QuidelOrtho (QDEL) FY2025 results: revenue $2.7 billion, down 1.9% on the year
QuidelOrtho Corp. (QDEL) reported revenue of $2.7 billion for fiscal 2025, the year ended 28 December 2025, down 1.9% on the year before. Net income was -$1.1 billion, and diluted earnings per share $-16.69. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$2.7 billion
-1.9% on the year
FY2020FY2025
Operating margin
-33.7%
-70.5% a year earlier
FY2020FY2025
Net income
-$1.1 billion
FY2020FY2025
Diluted EPS
-$16.69
FY2020FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 6 new.
Fourth-quarter revenue of $724 million: Fourth-quarter total revenue was $724 million, as reported, with non-respiratory revenue of $600 million and respiratory revenue of $123 million.
Goodwill impairment drove full-year GAAP loss: GAAP net loss was $1.13 billion for 2025, including a non-cash goodwill impairment charge of $701 million recorded in the third quarter, tied to prior acquisition accounting.
Adjusted EBITDA margin up 240 basis points: Full-year adjusted EBITDA margin was 22%, a 240 basis point improvement, with adjusted EBITDA of $597 million.
Full-year free cash flow negative: Full-year free cash flow was $(77) million, including one-time ERP investments; operating cash flow was $105 million.
2026 revenue and EBITDA targets: Full-year 2026 guidance is total revenues of $2.7 to $2.9 billion, adjusted EBITDA of $630 to $670 million and an adjusted EBITDA margin of 23.3%.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
105
83.0
280
+26.7%
Capital expenditure
188
195
209
-3.5%
Free cash flow
-83.0
-112
70.9
Free cash flow margin
-3.0%
-4.0%
2.4%
Cash from investing
-193
-150
-188
Cash from financing
156
48.8
-266
+219.3%
Depreciation and amortisation
442
453
457
-2.5%
Share-based compensation
45.9
42.1
51.6
+9.0%
Buybacks
0.0
0.0
7.2
Diluted shares, weighted
68m
67m
67m
+0.9%
Shares outstanding at period end
68m
67m
67m
+0.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,920
2,984
5,006
-35.7%
Debt
2,698
2,489
2,423
+8.4%
Operating lease liabilities
154
167
173
-7.7%
Finance lease liabilities
n/a
7.9
0.4
Other liabilities
997
775
961
+28.5%
Total liabilities and equity
5,769
6,424
8,563
-10.2%
Fixed assets
n/a
n/a
1,444
Goodwill
0.0
650
2,492
Intangible assets
2,564
2,736
2,934
-6.3%
Investments
n/a
0.0
55.8
Cash and equivalents
170
98.3
119
+72.7%
Receivables
417
282
303
+47.7%
Inventory
578
534
578
+8.2%
Other assets
2,041
2,124
637
-3.9%
Total assets
5,769
6,424
8,563
-10.2%
10-K for the year ended 28 December 2025, filed 19 February 2026: the filing.