Bio-Rad Laboratories (BIO) financial statements
Bio-Rad Laboratories reported revenue of $2.6B in fiscal 2025, up 2.5% a year over 9 years.
Net income was $760M and the operating margin 1.8%, against 2.7% in 2016.
Free cash flow was $375M, and the company returned $296M in net buybacks.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bio-Rad Laboratories's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $2.2B | $2.3B | $2.3B | $2.5B | $2.9B | $2.8B | $2.7B | $2.6B | $2.6B |
| Cost of revenue | $930M | $972M | $1.1B | $1.1B | $1.1B | $1.3B | $1.2B | $1.2B | $1.2B | $1.2B |
| Gross profit | $1.1B | $1.2B | $1.2B | $1.3B | $1.4B | $1.6B | $1.6B | $1.4B | $1.4B | $1.3B |
| Research and development | $206M | $250M | $199M | $203M | $218M | $261M | $257M | $247M | $296M | $276M |
| Selling, general and admin | $815M | $807M | $835M | $825M | $799M | $877M | $828M | $842M | $814M | $844M |
| Operating income | $56M | $119M | -$103M | $230M | $421M | $500M | $483M | $338M | $269M | $47M |
| Interest expense | $23M | $23M | $24M | $23M | $22M | $2M | $38M | $49M | $49M | $49M |
| Pre-tax income | $42M | $98M | $513M | $2.3B | $4.9B | $5.4B | -$4.7B | -$850M | -$2.3B | $996M |
| Income tax | $16M | -$24M | $147M | $502M | $1.1B | $1.2B | -$1.1B | -$213M | -$498M | $236M |
| Net income | $26M | $122M | $366M | $1.8B | $3.8B | $4.3B | -$3.6B | -$637M | -$1.8B | $760M |
| EPS (diluted) | $0.88 | $4.07 | $12.10 | $58.27 | $126.47 | $140.83 | -$121.79 | -$21.82 | -$65.36 | $27.85 |
| Diluted shares | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 29M | 28M | 27M |
| Gross margin | 55.0% | 55.0% | 53.4% | 54.4% | 56.5% | 56.1% | 55.9% | 53.4% | 53.7% | 51.9% |
| Operating margin | 2.7% | 5.5% | -4.5% | 9.9% | 16.6% | 17.1% | 17.2% | 12.6% | 10.5% | 1.8% |
| Net margin | 1.3% | 5.7% | 16.0% | 76.1% | 149.8% | 145.6% | -129.5% | -23.9% | -71.9% | 29.4% |
Balance sheet
Fiscal years, from Bio-Rad Laboratories's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $839M | $755M | $845M | $1.1B | $991M | $870M | $1.8B | $1.6B | $1.7B | $1.5B |
| Receivables | $372M | $465M | $392M | $393M | $419M | $424M | $495M | $489M | $452M | $461M |
| Inventory | $525M | $595M | $584M | $554M | $622M | $572M | $719M | $780M | $760M | $741M |
| Total current assets | $1.8B | $2.0B | $2.0B | $2.2B | $2.1B | $2.0B | $3.2B | $3.0B | $3.0B | $2.9B |
| Property, plant and equipment | $489M | $493M | $509M | $499M | $491M | $512M | $499M | $529M | $528M | $540M |
| Goodwill | $477M | $506M | $220M | $264M | $292M | $347M | $406M | $414M | $410M | $580M |
| Total assets | $3.9B | $4.3B | $5.6B | $8.0B | $13.0B | $17.8B | $13.5B | $12.3B | $9.4B | $10.6B |
| Total current liabilities | $471M | $503M | $451M | $905M | $632M | $681M | $569M | $523M | $468M | $517M |
| Long-term debt | $434M | $435M | $439M | $14M | $12M | $11M | $1.2B | $1.2B | $1.2B | $1.2B |
| Total liabilities | $1.3B | $1.3B | $1.6B | $2.3B | $3.1B | $4.1B | $3.9B | $3.6B | $2.8B | $3.1B |
| Shareholders' equity | $2.6B | $2.9B | $4.0B | $5.8B | $9.9B | $13.7B | $9.6B | $8.7B | $6.6B | $7.5B |
| Net debt | -$22M | $51M | $7M | -$647M | -$650M | -$460M | $764M | $795M | $712M | $672M |
Cash flow
Fiscal years, from Bio-Rad Laboratories's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $216M | $104M | $285M | $458M | $585M | $669M | $194M | $375M | $455M | $532M |
| Capital spending | $141M | $111M | $130M | $99M | $109M | $134M | $113M | $157M | $166M | $158M |
| Free cash flow | $75M | -$7M | $156M | $359M | $476M | $536M | $82M | $218M | $290M | $375M |
| Stock-based compensation | $20M | $23M | $28M | $36M | $42M | $51M | $61M | $61M | $62M | $58M |
| Share buybacks (net) | $0 | -$3M | -$49M | -$28M | -$100M | -$50M | -$216M | -$429M | -$204M | -$296M |
| Net borrowing | -$303,000 | -$316,000 | -$3M | -$643,000 | -$427M | -$3M | -$500,000 | -$500,000 | -$400,000 | -$500,000 |
| Free cash flow margin | 3.6% | -0.3% | 6.8% | 15.5% | 18.7% | 18.3% | 2.9% | 8.2% | 11.3% | 14.5% |
Questions
What was Bio-Rad Laboratories's revenue in 2025?
$2.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Bio-Rad Laboratories generate?
$375M in fiscal 2025 (operating cash flow minus capital spending).
From Bio-Rad Laboratories's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.