IDEXX Laboratories (IDXX) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 14% as reported and 12% organically, driven by strong CAG Diagnostics recurring revenue and record premium instrument placements.

• Full-year 2025 revenue reached $4,304 million, up 10% year-over-year, with EPS of $13.08, a 23% increase as reported.

• Strategic international expansion and successful launches of new platforms like inVue Dx and Cancer Dx supported growth and set a strong foundation for 2026.

Financial highlights

• Q4 revenue: $1,091 million, up 14% reported and 12% organic; CAG Diagnostics recurring revenue up 10% organically.

• Q4 EPS was $3.08, up 18% year-over-year; full-year EPS reached $13.08, up 23%.

• Q4 operating profit was $316 million (29% margin); full-year operating margin reached 31.6%.

• Full-year free cash flow was $1.1 billion, or 100% of net income; $1.2 billion allocated to share repurchases.

Outlook and guidance

• 2026 revenue guidance: $4,632–$4,720 million, up 7.6%–9.6% reported, 7%–9% organic.

• 2026 EPS outlook: $14.29–$14.80, up 10%–14% on a comparable basis.

• Operating margin guidance for 2026: 32.0%–32.5%, with 40–90 basis points improvement.

• CAG Diagnostics recurring revenue expected to grow 8%–10% organically in 2026.

• Free cash flow conversion expected at 85%–95% of net income; capital spending of $180 million planned.