IDEXX Laboratories (IDXX) financial statements
IDEXX Laboratories reported revenue of $4.3B in fiscal 2025, up 10.3% a year over 9 years.
Net income was $1.1B and the operating margin 31.6%, against 19.7% in 2016.
Free cash flow was $1.1B, and the company returned $1.2B in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from IDEXX Laboratories's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.0B | $2.2B | $2.4B | $2.7B | $3.2B | $3.4B | $3.7B | $3.9B | $4.3B |
| Cost of revenue | $800M | $872M | $972M | $1.0B | $1.1B | $1.3B | $1.4B | $1.5B | $1.5B | $1.6B |
| Gross profit | $975M | $1.1B | $1.2B | $1.4B | $1.6B | $1.9B | $2.0B | $2.2B | $2.4B | $2.7B |
| Research and development | $101M | $109M | $118M | $133M | $141M | $161M | $255M | $191M | $220M | $251M |
| Selling, general and admin | $524M | $575M | $632M | $680M | $735M | $796M | $851M | $902M | $1.0B | $1.0B |
| Operating income | $350M | $413M | $491M | $553M | $695M | $932M | $899M | $1.1B | $1.1B | $1.4B |
| Interest expense | $32M | $37M | $35M | $31M | $33M | $30M | $40M | $42M | $31M | $39M |
| Pre-tax income | $322M | $381M | $458M | $522M | $662M | $903M | $860M | $1.1B | $1.1B | $1.3B |
| Income tax | $100M | $118M | $81M | $94M | $80M | $158M | $181M | $216M | $222M | $265M |
| Net income | $222M | $263M | $377M | $428M | $582M | $745M | $679M | $845M | $888M | $1.1B |
| EPS (diluted) | $2.44 | $2.94 | $4.26 | $4.89 | $6.71 | $8.60 | $8.03 | $10.06 | $10.67 | $13.08 |
| Diluted shares | 91M | 90M | 88M | 88M | 87M | 87M | 85M | 84M | 83M | 81M |
| Gross margin | 54.9% | 55.7% | 56.1% | 56.7% | 58.0% | 58.8% | 59.5% | 59.8% | 61.0% | 61.8% |
| Operating margin | 19.7% | 21.0% | 22.2% | 23.0% | 25.7% | 29.0% | 26.7% | 30.0% | 29.0% | 31.6% |
| Net margin | 12.5% | 13.4% | 17.0% | 17.8% | 21.5% | 23.2% | 20.2% | 23.1% | 22.8% | 24.6% |
Balance sheet
Fiscal years, from IDEXX 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 | $392M | $472M | $124M | $90M | $384M | $144M | $113M | $454M | $288M | $180M |
| Receivables | $204M | $235M | $249M | $269M | $331M | $368M | $401M | $457M | $474M | $552M |
| Inventory | $158M | $164M | $173M | $195M | $210M | $269M | $368M | $380M | $382M | $378M |
| Total current assets | $846M | $972M | $654M | $680M | $1.1B | $956M | $1.1B | $1.5B | $1.4B | $1.4B |
| Property, plant and equipment | $357M | $379M | $437M | $534M | $555M | $588M | $649M | $702M | $713M | $747M |
| Goodwill | $178M | $200M | $214M | $240M | $243M | $359M | $362M | $366M | $405M | $414M |
| Total assets | $1.5B | $1.7B | $1.5B | $1.8B | $2.3B | $2.4B | $2.7B | $3.3B | $3.3B | $3.4B |
| Total current liabilities | $935M | $1.0B | $770M | $725M | $583M | $764M | $1.2B | $952M | $1.1B | $1.1B |
| Long-term debt | — | — | — | $699M | $858M | $775M | $694M | $623M | $450M | $375M |
| Total liabilities | $1.6B | $1.8B | $1.5B | $1.7B | $1.7B | $1.7B | $2.1B | $1.8B | $1.7B | $1.7B |
| Shareholders' equity | -$108M | -$54M | -$10M | $177M | $632M | $690M | $609M | $1.5B | $1.6B | $1.6B |
| Net debt | -$155M | -$188M | -$124M | $609M | $525M | $706M | $657M | $244M | $329M | $270M |
Cash flow
Fiscal years, from IDEXX Laboratories's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $339M | $373M | $400M | $459M | $648M | $756M | $543M | $907M | $929M | $1.2B |
| Capital spending | $65M | $74M | $116M | $155M | $107M | $120M | $149M | $134M | $121M | $125M |
| Free cash flow | $274M | $299M | $284M | $304M | $541M | $636M | $394M | $773M | $808M | $1.1B |
| Stock-based compensation | $20M | $24M | $25M | $39M | $31M | $38M | $50M | $60M | $60M | $60M |
| Share buybacks (net) | -$304M | -$283M | -$369M | -$302M | -$183M | -$747M | -$820M | -$72M | -$837M | -$1.2B |
| Free cash flow margin | 15.4% | 15.2% | 12.8% | 12.6% | 20.0% | 19.8% | 11.7% | 21.1% | 20.7% | 24.6% |
Questions
What was IDEXX Laboratories's revenue in 2025?
$4.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does IDEXX Laboratories generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From IDEXX Laboratories's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.