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IDXXIdexx Laboratories

Health care · Diagnostics · Nasdaq
Compare with peers → Embed
FY2025 at a glance

Sales up 10.4%, free cash flow up to $1.1B

XBRL, from each 10-K
$4.3B
from $3.9B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.1B
from $887.9M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.1B
from $808.1M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$13.08
from $10.67 in FY2024
FY2016FY2025
Operating marginStatements ↓
31.6%
from 29.0% in FY2024
FY2016FY2025
Total debtStatements ↓
$450.0M
from $617.8M in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)14.84Sales (ttm)4.7BNet income (ttm)1.2BSales growth+10.4%EPS growth+22.6%Sales Q/Q+9.9%
Free cash flow1.3BGross margin62.7%Oper. margin32.3%Net margin25.4%FCF margin28.0%ROE63.2%
ROA31.9%R&D / sales5.8%Dividend-Debt/Eq0.20Curr. ratio1.19Cash197.5M
Op. cash flow (ttm)1.4BEBITDA1.5BEBITDA margin35.0%Net debt177.3MQuick ratio0.89Interest cover35.01
ROIC48.5%Tax rate20.0%Stock pay / sales1.4%Shares out.78.8MShares Y/Y-2.7%Book / share23.72
Cash / share2.51Sales / share59.18Asset turnover1.26Inventory turns4.35Days sales out.47Sales 3Y CAGR+8.5%
Sales 5Y CAGR+9.7%EPS 3Y CAGR+17.7%EPS 5Y CAGR+14.3%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 31%$808.1M → $1.1B · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin widened to 31.6%29.0% → 31.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

IDXX against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
IDXXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+10.4%17th of 60 · median +7.1%
Net margin
25.4%8th of 60 · median 9.6%
Return on equity
63.2%5th of 54 · median 13.1%
Free cash flow margin
28.0%5th of 56 · median 15.5%
Debt / equity (less is better)
0.207th of 49 · median 0.66
IDXX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
IDXX Idexx Laboratories$4.7B +10.4%62.7%25.4%63.2%28.0%0.20
DXCM Dexcom$5.1B +15.6%63.4%19.4%39.1%21.5%-
ILMN Illumina, Inc.$4.5B -0.7%67.9%19.7%28.5%23.3%0.57
COO Cooper Companies$4.2B +5.1%65.9%13.5%6.8%16.0%0.31
MTD Mettler Toledo$4.2B +4.0%60.4%22.2%-20.7%-
ALGN Align Technology$4.2B +0.9%69.1%11.8%11.4%14.5%-
Where each dollar goes

From $3.2B of sales to $744.8M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.9BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $932.0MGross profit to Operating expenses: $957.4MOperating profit to Net profit: $744.8MOperating profit to Tax & other: $187.2MOperating expenses to R&D: $161.0MOperating expenses to Sales, admin & other: $796.4M Revenue: $3.2B Revenue$3.2B +19% Y/Y Gross profit: $1.9B · 59% margin Gross profit$1.9B59% margin +20% Y/Y Cost of revenue: $1.3B · 41% of revenue Cost of revenue$1.3B41% of revenue Operating profit: $932.0M · 29% margin Operating profit$932.0M29% margin +34% Y/Y Operating expenses: $957.4M · 30% of revenue Operating expenses$957.4M30% of revenue Net profit: $744.8M · 23% margin Net profit$744.8M23% margin +28% Y/Y Tax & other: $187.2M · 6% of revenue Tax & other$187.2M6% of revenue R&D: $161.0M · 5% of revenue R&D$161.0M5% of revenue Sales, admin & other: $796.4M · 25% of revenue Sales, admin & other$796.4M25% of revenue

Swipe sideways for the whole flow →

From $3.4B of sales to $679.1M of profit

FY2022, from the 10-K income statement and revenue by product
Product revenue to Revenue: $1.9BService revenue to Revenue: $1.4BRevenue to Gross profit: $2.0BRevenue to Cost of revenue: $1.4BGross profit to Operating profit: $898.8MGross profit to Operating expenses: $1.1BOperating profit to Net profit: $679.1MOperating profit to Tax & other: $219.7MOperating expenses to R&D: $254.8MOperating expenses to Sales, admin & other: $850.8M Product revenue: $1.9B · 57% Product revenue$1.9B57% Service revenue: $1.4B · 43% Service revenue$1.4B43% Revenue: $3.4B Revenue$3.4B +5% Y/Y Gross profit: $2.0B · 60% margin Gross profit$2.0B60% margin +6% Y/Y Cost of revenue: $1.4B · 40% of revenue Cost of revenue$1.4B40% of revenue Operating profit: $898.8M · 27% margin Operating profit$898.8M27% margin −4% Y/Y Operating expenses: $1.1B · 33% of revenue Operating expenses$1.1B33% of revenue Net profit: $679.1M · 20% margin Net profit$679.1M20% margin −9% Y/Y Tax & other: $219.7M · 7% of revenue Tax & other$219.7M7% of revenue R&D: $254.8M · 8% of revenue R&D$254.8M8% of revenue Sales, admin & other: $850.8M · 25% of revenue Sales, admin & other$850.8M25% of revenue

Swipe sideways for the whole flow →

From $3.7B of sales to $845.0M of profit

FY2023, from the 10-K income statement and revenue by product
Product revenue to Revenue: $2.1BService revenue to Revenue: $1.6BRevenue to Gross profit: $2.2BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.1BOperating profit to Net profit: $845.0MOperating profit to Tax & other: $252.1MOperating expenses to R&D: $191.0MOperating expenses to Sales, admin & other: $901.9M Product revenue: $2.1B · 57% Product revenue$2.1B57% Service revenue: $1.6B · 43% Service revenue$1.6B43% Revenue: $3.7B Revenue$3.7B +9% Y/Y Gross profit: $2.2B · 60% margin Gross profit$2.2B60% margin +9% Y/Y Cost of revenue: $1.5B · 40% of revenue Cost of revenue$1.5B40% of revenue Operating profit: $1.1B · 30% margin Operating profit$1.1B30% margin +22% Y/Y Operating expenses: $1.1B · 30% of revenue Operating expenses$1.1B30% of revenue Net profit: $845.0M · 23% margin Net profit$845.0M23% margin +24% Y/Y Tax & other: $252.1M · 7% of revenue Tax & other$252.1M7% of revenue R&D: $191.0M · 5% of revenue R&D$191.0M5% of revenue Sales, admin & other: $901.9M · 25% of revenue Sales, admin & other$901.9M25% of revenue

Swipe sideways for the whole flow →

From $3.9B of sales to $887.9M of profit

FY2024, from the 10-K income statement and revenue by product
Product revenue to Revenue: $2.2BService revenue to Revenue: $1.6BRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.3BOperating profit to Net profit: $887.9MOperating profit to Tax & other: $240.5MOperating expenses to R&D: $219.8MOperating expenses to Sales, admin & other: $1.0B Product revenue: $2.2B · 58% Product revenue$2.2B58% Service revenue: $1.6B · 42% Service revenue$1.6B42% Revenue: $3.9B Revenue$3.9B +6% Y/Y Gross profit: $2.4B · 61% margin Gross profit$2.4B61% margin +9% Y/Y Cost of revenue: $1.5B · 39% of revenue Cost of revenue$1.5B39% of revenue Operating profit: $1.1B · 29% margin Operating profit$1.1B29% margin +3% Y/Y Operating expenses: $1.3B · 32% of revenue Operating expenses$1.3B32% of revenue Net profit: $887.9M · 23% margin Net profit$887.9M23% margin +5% Y/Y Tax & other: $240.5M · 6% of revenue Tax & other$240.5M6% of revenue R&D: $219.8M · 6% of revenue R&D$219.8M6% of revenue Sales, admin & other: $1.0B · 26% of revenue Sales, admin & other$1.0B26% of revenue

Swipe sideways for the whole flow →

From $4.3B of sales to $1.1B of profit

FY2025, from the 10-K income statement and revenue by product
Product revenue to Revenue: $2.5BService revenue to Revenue: $1.8BRevenue to Gross profit: $2.7BRevenue to Cost of revenue: $1.6BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $1.3BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $300.6MOperating expenses to R&D: $251.2MOperating expenses to Sales, admin & other: $1.0B Product revenue: $2.5B · 59% Product revenue$2.5B59% Service revenue: $1.8B · 41% Service revenue$1.8B41% Revenue: $4.3B Revenue$4.3B +10% Y/Y Gross profit: $2.7B · 62% margin Gross profit$2.7B62% margin +12% Y/Y Cost of revenue: $1.6B · 38% of revenue Cost of revenue$1.6B38% of revenue Operating profit: $1.4B · 32% margin Operating profit$1.4B32% margin +21% Y/Y Operating expenses: $1.3B · 30% of revenue Operating expenses$1.3B30% of revenue Net profit: $1.1B · 25% margin Net profit$1.1B25% margin +19% Y/Y Tax & other: $300.6M · 7% of revenue Tax & other$300.6M7% of revenue R&D: $251.2M · 6% of revenue R&D$251.2M6% of revenue Sales, admin & other: $1.0B · 24% of revenue Sales, admin & other$1.0B24% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median25.4% vs 9.6%
  • ✓
    Gross margin up over 5 years58.0% → 61.8%
  • ✓
    Return on equity above 15%63.2%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 12.5% → 24.6%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 35.0× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.20 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.19
  • ✓
    Net debt under 3 years of free cash flow$177.3M net debt, 0.1 years
Debt / equity at each year end, FY2016 to FY2025: 3.94 → 0.28
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.1B last year
  • ✓
    Share count down over 5 years−6.6%
  • ✓
    Cash from operations above net income$1.2B vs $1.1B
Free cash flow, FY2016 to FY2025: 274.2M → 1.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$450.0M of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 4.3B Net income 1.1B
FY2016 revenue 1.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-19-000004 FY2016 net income 222.0M · NetIncomeLoss, 0000874716-19-000004 1.8B FY2016 FY2017 revenue 2.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-20-000006 FY2017 net income 263.1M · NetIncomeLoss, 0000874716-20-000006 2.0B FY2017 FY2018 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-21-000008 FY2018 net income 377.0M · NetIncomeLoss, 0000874716-21-000008 2.2B FY2018 FY2019 revenue 2.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-22-000007 FY2019 net income 427.7M · NetIncomeLoss, 0000874716-22-000007 2.4B FY2019 FY2020 revenue 2.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-23-000006 FY2020 net income 581.8M · NetIncomeLoss, 0000874716-23-000006 2.7B FY2020 FY2021 revenue 3.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-24-000057 FY2021 net income 744.8M · NetIncomeLoss, 0000874716-24-000057 3.2B FY2021 FY2022 revenue 3.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-25-000037 FY2022 net income 679.1M · NetIncomeLoss, 0000874716-25-000037 3.4B FY2022 FY2023 revenue 3.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-26-000038 FY2023 net income 845.0M · NetIncomeLoss, 0000874716-26-000038 3.7B FY2023 FY2024 revenue 3.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-26-000038 FY2024 net income 887.9M · NetIncomeLoss, 0000874716-26-000038 3.9B FY2024 FY2025 revenue 4.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000874716-26-000038 FY2025 net income 1.1B · NetIncomeLoss, 0000874716-26-000038 4.3B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

IDXX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue4.3B
FY2016: 1.8BFY2017: 2.0BFY2018: 2.2BFY2019: 2.4BFY2020: 2.7BFY2021: 3.2BFY2022: 3.4BFY2023: 3.7BFY2024: 3.9BFY2025: 4.3B FY2017FY2019FY2021FY2023FY2025
Net income1.1B
FY2016: 222.0MFY2017: 263.1MFY2018: 377.0MFY2019: 427.7MFY2020: 581.8MFY2021: 744.8MFY2022: 679.1MFY2023: 845.0MFY2024: 887.9MFY2025: 1.1B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.1B
FY2016: 274.2MFY2017: 298.9MFY2018: 284.3MFY2019: 304.2MFY2020: 541.1MFY2021: 636.0MFY2022: 394.1MFY2023: 772.9MFY2024: 808.1MFY2025: 1.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)13.08
FY2016: 2.44FY2017: 2.94FY2018: 4.26FY2019: 4.89FY2020: 6.71FY2021: 8.60FY2022: 8.03FY2023: 10.06FY2024: 10.67FY2025: 13.08 FY2017FY2019FY2021FY2023FY2025
Diluted shares81.0M
FY2016: 90.9MFY2017: 89.6MFY2018: 88.5MFY2019: 87.5MFY2020: 86.7MFY2021: 86.6MFY2022: 84.6MFY2023: 84.0MFY2024: 83.2MFY2025: 81.0M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Companion Animal Group 4.0B91.9% +10.6%
Water 201.1M4.7% +8.7%
Livestock And Poultry Diagnostics 131.8M3.1% +8.0%

10-K 0000874716-26-000038, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Product revenue 2.5B59.0% +12.9%
Service revenue 1.8B41.0% +7.0%

10-K 0000874716-26-000038, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Americas 3.0B70.0% +8.7%
United States 2.8B64.0% +8.7%
Europe, the Middle East, and Africa 937.3M21.8% +16.2%
Asia Pacific 355.9M8.3% +10.9%
Other 230.0M5.3% +17.2%
Germany 206.8M4.8% +19.0%
Canada 167.3M3.9% +9.4%
United Kingdom 154.4M3.6% +14.7%
France 126.0M2.9% +13.7%
Other 124.4M2.9% +13.0%
Australia 112.2M2.6% +10.1%
Latin America & Caribbean 90.4M2.1% +8.0%
Japan 83.4M1.9% +14.0%
Spain 71.0M1.6% +14.7%
Italy 66.9M1.6% +14.8%
Switzerland 41.7M1.0% +12.1%
Netherlands 40.5M0.9% +19.0%
China 36.0M0.8% +0.4%

10-K 0000874716-26-000038, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.8B2.0B2.2B2.4B2.7B3.2B3.4B3.7B3.9B4.3B
Cost of revenue800.0M871.7M971.7M1.0B1.1B1.3B1.4B1.5B1.5B1.6B
Gross profit975.4M1.1B1.2B1.4B1.6B1.9B2.0B2.2B2.4B2.7B
R&D101.1M109.2M117.9M133.2M141.2M161.0M254.8M191.0M219.8M251.2M
SG&A207.0M220.9M244.9M261.3M300.8M309.7M326.2M335.8M442.3M404.8M
Operating income350.2M413.0M491.3M552.8M694.5M932.0M898.8M1.1B1.1B1.4B
Interest expense32.0M37.2M34.7M31.1M33.1M29.8M39.9M41.6M31.2M38.9M
Pretax income321.8M381.1M457.7M522.2M662.0M902.7M860.0M1.1B1.1B1.3B
Income tax99.8M117.8M80.7M94.4M79.9M157.8M180.9M216.1M222.0M264.7M
Net income222.0M263.1M377.0M427.7M581.8M744.8M679.1M845.0M887.9M1.1B
EPS (diluted)2.442.944.264.896.718.608.0310.0610.6713.08
Diluted shares90.9M89.6M88.5M87.5M86.7M86.6M84.6M84.0M83.2M81.0M
Depreciation & amortization78.2M83.1M83.2M88.0M96.0M104.6M111.9M114.9M129.9M145.2M
EBITDA428.5M496.2M574.5M640.9M790.5M1.0B1.0B1.2B1.3B1.5B
Gross margin54.9%55.7%56.1%56.7%58.0%58.8%59.5%59.8%61.0%61.8%
Operating margin19.7%21.0%22.2%23.0%25.7%29.0%26.7%30.0%29.0%31.6%
Net margin12.5%13.4%17.0%17.8%21.5%23.2%20.2%23.1%22.8%24.6%
Revenue growth-+10.9%+12.4%+8.8%+12.5%+18.8%+4.7%+8.7%+6.5%+10.4%
EPS growth-+20.5%+44.9%+14.8%+37.2%+28.2%-6.6%+25.3%+6.1%+22.6%

Cash flow

From EDGAR

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)19.9M23.5M25.2M39.3M31.0M37.8M49.8M59.7M60.3M60.0M
Stock-based pay / revenue1.1%1.2%1.1%1.6%1.1%1.2%1.5%1.6%1.5%1.4%
Operating lease cash paid---20.0M19.6M24.2M25.0M27.5M27.9M33.4M
Right-of-use assets--080.6M91.2M105.1M118.6M115.5M116.1M123.2M
Operating lease liabilities--082.8M94.8M107.3M121.7M119.5M119.4M128.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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