IDEXX Laboratories (IDXX) Q4 2025 Financial Results Summary

IDEXX Laboratories (IDXX) Q4 2025 Financial Results Summary

February 2, 2026 — IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced its financial results for the fourth quarter and the full year of 2025.

Financial Highlights

• Revenue:

• Q4 2025 revenue was $1,091 million, a 14% increase compared to Q4 2024.

  • Organic growth was 12%.
  • Revenue from the Companion Animal Group (CAG) grew 15% as reported and 13% organically.
  • Water revenue grew 12% as reported and 10% organically.

• Earnings Per Share (EPS):

• Q4 EPS was $3.08, marking an 18% increase as reported and 17% on a comparable basis.

• EPS improvement was aided by:

  • Operating margin expansion of 150 basis points as reported and 120 basis points on a comparable basis.
  • Q4 results included a $0.09 per share positive impact from currency changes and $0.07 from tax benefits related to share-based compensation.

• Full Year Revenue:

• The full year revenue for 2025 was $4,304 million, increasing by 10% both as reported and organically.

• CAG Diagnostics recurring revenue grew 9% as reported and 8% organically.

• Full Year EPS:

• EPS for the full year was $13.08, representing a 23% increase as reported and 14% on a comparable basis.

• EPS results benefited from a ~7% growth due to comparison with the prior year’s discrete litigation expense accrual.

• Gross and Operating Profits:

• Gross profit for Q4 was $658 million, an increase of 15% as reported, leading to a gross margin of 60.3% (up 50 basis points).
• Operating profit for Q4 was $315.6 million with a reported operating margin of 28.9% (up 150 basis points).

U.S. and International Performance

• Companion Animal Group:
• CAG Diagnostics recurring revenue grew 12% as reported and 10% organically.

• International CAG revenue grew 17% reported and 12% organic, while U.S. growth was 9% reported and organic.

• Water Revenue:

• Water revenues grew 12% reported and 10% organic for the quarter.

• Livestock, Poultry and Dairy (LPD):

• LPD revenues increased 8% reported and 4% organic for the quarter.

Outlook for 2026

• Revenue Guidance:
• IDEXX projects revenue in 2026 to be between $4,632 million and $4,720 million, reflecting a growth of 7.6% – 9.6% reported and 7.0% – 9.0% organically.

• Expected CAG Diagnostics recurring revenue growth is 8.6% – 10.6% as reported and 8.0% – 10.0% organically.

• EPS Guidance:

• EPS is projected at $14.29 – $14.80, an increase of 9% – 13% as reported and 10% – 14% on a comparable basis.

Returns on Investments and Other Financial Metrics

• Free Cash Flow: The company generated free cash flow of approximately $1,057 million for the year.
• Debt to Adjusted EBITDA: IDEXX maintains a strong capital structure with continued investments in innovative technologies and product development.
• Share Repurchases: During 2025, IDEXX repurchased shares costing approximately $1,216 million, reflecting ongoing commitment to returning value to shareholders.

Dividends and Share Repurchase

• IDEXX did not declare a quarterly dividend for this period.
• The company repurchased 2,427 thousand shares worth $1,227.6 million during the year, and 356 thousand shares in Q4 alone.

Summary of Key Percentages

• Revenue Growth:
• Q4 Revenue: 14%
• Full Year Revenue: 10%
• EPS Growth:
• Q4 EPS: 18%
• Full Year EPS: 23%
• Operating Margin Expansion:
• Q4: 150 basis points
• Full Year: 270 basis points

IDEXX Laboratories continues to show strong performance and strategic growth trajectory as it carries its successes into 2026, backed by innovation and expansive market reach.