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IDEXX Laboratories (IDXX) investor relations material
IDEXX Laboratories Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Q3 2025 revenue increased 13% as reported and 12% organic, reaching $1.11 billion, driven by strong CAG Diagnostics recurring revenue, premium instrument placements, and innovation in new diagnostic products.
Net income for Q3 was $274.6 million, with diluted EPS rising to $3.40, up 21% year-over-year, supported by margin expansion and tax benefits.
Gross profit margin improved to 61.8%, up 70–80 basis points, reflecting operational productivity and pricing benefits.
Strategic focus on global expansion, innovation pipeline, and cloud-based software adoption continued to drive results.
Financial highlights
Q3 revenue: $1.11 billion (+13% reported, +12% organic); CAG revenue up 12%–14%, Water up 7%–8%, LPD up 14%–17%.
Operating margin improved to 32%–32.1%, up 90–120 basis points year-over-year.
EPS for Q3: $3.40, up 15%–21% year-over-year; free cash flow for Q3: $371M, with 94% net income to free cash flow conversion.
Share repurchases totaled $242M in Q3, $979M–$985M year-to-date, reducing diluted shares outstanding by 2.5%–2.7%.
Cash flow from operations for nine months: $826M; capital expenditures for the first nine months: $95.2M.
Outlook and guidance
Full-year 2025 revenue guidance raised to $4,270M–$4,300M (9.6%–10.3% reported, 8.8%–9.5% organic growth).
CAG Diagnostics recurring revenue organic growth expected at 7.5%–8.2%.
Full-year EPS guidance increased to $12.81–$13.01, up $0.33 at midpoint, with 12%–14% comparable EPS growth.
Operating margin outlook for 2025: 31.6%–31.8%, with 80–280 basis points improvement.
Free cash flow conversion outlook updated to 95%–100% of net income; capital expenditures for 2025 estimated at $140M.
IDEXX inVue Dx impact on 2025 revenue outlook?
Why did rapid assay product revenue decline?
What drove Q3 operating margin expansion?
InVue Dx: What's next for menu expansion?
What drives IDEXX's U.S. visit growth premium?
International CAG recurring growth sustainability?
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Next IDEXX Laboratories earnings date
Q4 20252 Feb, 2026
Next IDEXX Laboratories earnings date
Q4 20252 Feb, 2026
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Frequently asked questions
IDEXX Laboratories, Inc. operates in four segments: Companion Animal Group, Water Quality Products, Livestock, Poultry and Dairy and Other. The CAG segment offers products and services primarily to veterinarians for the detection, diagnosis, treatment, monitoring and prevention of diseases and other conditions in dogs, cats, horses and other companion animals. The WQP segment offers on-site instruments, consumables, disinfectants, water quality testing services and related plate count products for the detection of total coliforms and Escherichia coli in drinking water.
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