IDEXX Laboratories reported a strong finish to 2025 with robust revenue and EPS growth, driven by solid execution in its Companion Animal Group (CAG) Diagnostics segment and successful product innovations. The company is entering 2026 with positive momentum, an expanding installed base, and a promising innovation pipeline.
Fourth quarter revenue increased 14% as reported and 12% organically to $1,091 million, driven by CAG growth and Water revenue.
positiveFourth quarter EPS of $3.08 increased 18% as reported and 17% on a comparable basis.
positiveOperating margin expanded 150 basis points as reported and 120 basis points on a comparable basis in Q4.
positiveFull year revenue of $4,304 million increased 10% as reported and organically.
positiveFull year EPS of $13.08 increased 23% on a reported basis and 14% on a comparable basis.
positiveCAG Diagnostics recurring revenue grew 12% as reported and 10% organically in Q4.
positiveIDEXX VetLab consumables revenue grew 17% as reported and 15% organically.
positiveCAG Diagnostics capital instrument revenues expanded 76% as reported and 69% on an organic basis.
positiveRapid assay products revenues declined 2% as reported and 3% organically, impacted by the launch of the Catalyst™ Pancreatic Lipase Test.
attentionFull year 2025 EPS included a ~7% EPS growth benefit from comparison to the prior year's discrete litigation expense accrual.
attentionFull year 2025 EPS results included lapping a $0.56 negative impact in 2024 and an $0.08 positive impact in Q1 2025 from a discrete litigation expense accrual adjustment.
attentionInventories increased to $377.8 million in Q4 2025 from $381.9 million in Q4 2024, a slight decrease but inventory turns remained low at 1.6.
attentionCash and cash equivalents decreased to $180.1 million from $288.3 million year-over-year, a significant reduction.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
CAG | N/A | — | — | — | +12.8% |
Water | N/A | — | — | — | +9.5% |
LPD | N/A | — | — | — | +4.0% |
Other | N/A | — | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
IDEXX delivered a strong finish to 2025, supported by consistently high levels of execution by IDEXX teams around the world.
2025 was a pivotal year for the Company, marked by the successful launch of IDEXX Cancer Dx™ for canine lymphoma and meaningful adoption of IDEXX inVue Dx well ahead of our initial goals.
These innovations represent an important new phase of IDEXX’s growth, expanding the role of diagnostics in earlier disease detection while helping veterinarians improve efficiency and manage workflow complexity.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.