BIO-RAD LABORATORIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BIO-RAD LABORATORIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,068	2,160	2,289	2,312	2,546	2,923	2,802	2,671	2,567	2,583
Cost of revenue	930	972	1,066	1,055	1,108	1,284	1,235	1,244	1,188	1,243
Gross profit	1,138	1,188	1,223	1,257	1,438	1,638	1,567	1,427	1,379	1,340
Research and development	206	250	199	203	218	261	257	247	296	276
Selling, general and administrative	815	807	835	825	799	877	828	842	814	844
Operating income	55.7	119	-103	230	421	500	483	338	269	47.2
Interest expense	23.4	23	24	23.4	21.9	1.55	38.1	49.4	48.9	49
Interest income	14.7	19.1	26.6	30.5	18.2	18.9	58.1	101	82	95.5
Other non-operating income	0	10.7	36.6	26.1	24.5	26.8	44.7	107	90.3	90.3
Pre-tax income	41.6	97.8	513	2,261	4,918	5,449	-4,704	-850	-2,343	996
Income tax	15.6	-24.4	147	502	1,104	1,195	-1,077	-213	-498	236
Net income	26	122	366	1,759	3,814	4,254	-3,628	-637	-1,844	760
EBITDA	199	268	34.8	364	560	638	620	484	421	213
EPS, basic	0.88	4.12	12.25	58.93	128.13	142.61	-121.79	-21.82	-65.36	27.87
EPS, diluted	0.88	4.07	12.10	58.27	126.47	140.83	-121.79	-21.82	-65.36	27.85
Shares, basic (weighted)	29.4	29.7	29.8	29.8	29.8	29.8	29.8	29.2	28.2	27.3
Shares, diluted (weighted)	29.6	30	30.2	30.2	30.2	30.2	29.8	29.2	28.2	27.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	456	384	432	661	662	471	434	404	488	530
Short-term investments	383	371	413	454	329	399	1,356	1,203	1,176	1,011
Receivables	372	465	392	393	419	424	495	489	453	461
Inventory	525	595	584	554	622	572	719	781	760	741
Other current assets	12.2	10.3	9.62	10.9	10.9	10.1	23.6	26.1	30.7	27.7
Total current assets	1,845	1,977	2,023	2,180	2,140	1,990	3,158	3,048	3,030	2,906
Property, plant and equipment	489	493	509	499	491	512	499	529	528	540
Lease right-of-use assets			0	202	202	205	181	195	161	170
Goodwill	477	506	220	264	292	347	407	414	411	580
Intangible assets	162	174	133	146	199	254	332	321	294	174
Long-term investments	831	1,028	2,656	4,638	9,561	14,387	8,831	7,698	4,839	6,104
Other non-current assets	47.9	94.9	70.3	79.6	86.7	104	94.6	94.9	102	103
Total assets	3,851	4,273	5,611	8,009	12,973	17,799	13,502	12,299	9,364	10,577
Accounts payable	133	135	122	107	139	142	135	145	122	129
Accrued liabilities	163	172	144	180	223	277	195	140	124	172
Deferred revenue	31	28.2	26.9	33.7	42.5	50.9	52.2	51.1	47.8	48.9
Total current liabilities	471	503	451	905	632	681	569	523	468	517
Long-term debt	434	435	439	13.6	12.3	10.5	1,198	1,199	1,200	1,202
Lease liabilities			0	176	175	176	154	166	131	146
Other non-current liabilities	141	183	148	161	197	182	196	195	177	199
Total liabilities	1,271	1,343	1,591	2,254	3,093	4,114	3,886	3,558	2,795	3,123
Total debt	435	435	439	440	14.1	10.5	1,198	1,210	1,200	1,203
Paid-in capital	333	361	394	410	429	442	447	449	463	476
Retained earnings	1,829	1,830	3,722	5,471	9,268	13,525	9,898	9,261	7,416	8,176
Treasury stock							-264	-633	-772	-1,010
Other comprehensive income	418	739	-47	-87.3	282	-176	-467	-336	-538	-189
Shareholders' equity	2,579	2,930	4,020	5,757	9,890	13,685	9,615	8,741	6,569	7,454
Total equity	2,579	2,930	4,020	5,757	9,890	13,685	9,615	8,741	6,569	7,454
Total liabilities and equity	3,851	4,273	5,611	8,009	12,973	17,799	13,502	12,299	9,364	10,577

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26	122	366	1,759	3,814	4,254	-3,628	-637	-1,844	760
Depreciation and amortization	143	149	138	134	139	138	137	146	152	165
Stock-based compensation	19.7	23.4	27.8	35.6	41.6	51.2	60.9	61.3	62.3	58
Deferred income tax	-51.2	-84.8	121	450	981	1,085	-1,242	-323	-627	171
Change in receivables	12.5	-64.1	59.7	1.6	-15	-20.4	-87.4	11.4	16.2	19.6
Change in inventory	-57.1	-47.7	-12.9	24.2	-52.1	46.1	-159	-46.3	8.5	68.9
Cash from operations	216	104	285	458	585	669	194	375	455	532
Capital expenditures	-141	-111	-130	-98.5	-109	-134	-113	-157	-166	-158
Purchases of investments	-278	-283	-371	-371	-248	-852	-2,060	-689	-1,277	-669
Sales and maturities of investments	143	202	225	227	278	341	358	361	199	62
Cash from investing	-214	-176	-187	-209	-69.9	-797	-1,208	20.2	-160	-190
Debt repaid	-0.3	-0.32	-2.96	-0.64	-427	-3.02	-0.5	-0.5	-0.4	-0.5
Stock issued	11.3	4.49	5.27	5.02	7.27	-1.85	3.4
Share buybacks	0	-2.92	-48.9	-28	-100	-50	-216	-429	-204	-296
Cash from financing	9.02	0.34	-48.7	-22.8	-523	-55.4	974	-426	-219	-283
Exchange rate effect	-12.9	-1.09	-0.66	2.24	12.4	-12.6
Net change in cash	-1.29	-72.4	49.2	228	4.46	-196	-36.6	-30.1	85.4	42.4
Free cash flow	74.6	-7.2	156	359	476	536	81.6	218	290	375
Interest paid	22.8	22.2	22.7	22.3	21.6	2.25	24.4	47.5	46.5	46.6
Income taxes paid	38.4	52.1	62.4	45.1	65.2	135	158	130	99.4	61.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $381.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.9%	Gross profit / revenue.
Operating margin	2.1%	Operating income / revenue.
Pre-tax margin	13.5%	Pre-tax income / revenue.
Net margin	8.6%	Net income / revenue.
FCF margin	13.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.0%	Cash from operations / revenue.
Effective tax rate	36.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.2%	Net income / average total assets.
Return on invested capital (ROIC)	0.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.3%	Research and development expense / revenue.
SG&A / revenue	32.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-82.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-53.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-35.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-49.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-30.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-17.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-27.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-26.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	39.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	29.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	66.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-4.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.14x	Current assets / current liabilities.
Quick ratio	2.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.68x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.7%	Total debt / total assets.
Liabilities / assets	30.0%	Total liabilities / total assets.
Net debt	-$414.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	1.09x	Operating income / interest expense.
Working capital	$2.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.44B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.25x	Revenue / average total assets.
Fixed asset turnover	5.00x	Revenue / average property, plant and equipment.
Inventory turnover	1.60x	Cost of revenue / average inventory.
Days inventory	229 days	365 x average inventory / cost of revenue.
Receivables turnover	5.86x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	249 days	Days inventory + days sales outstanding - days payables.
FCF conversion	158.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$96.57	Revenue / diluted weighted shares.
FCF per share	$13.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.37	Cash from operations / diluted weighted shares.
Book value per share	$267.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$240.16	Tangible book value / shares outstanding.
Cash per share	$60.36	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	37.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.19B	Share price x shares outstanding.
Enterprise value	$9.77B	Market cap + total debt - cash - short-term investments.
P/E	45.8x	Market cap / net income. Only when net income is positive.
P/S	3.93x	Market cap / revenue.
P/B	1.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.58x	Market cap / tangible book value, when positive.
P/FCF	28.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.7x	Market cap / cash from operations, when positive.
EV/Sales	3.77x	Enterprise value / revenue.
EV/EBIT	184x	Enterprise value / operating income, when both are positive.
EV/FCF	27.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.

What was BIO-RAD LABORATORIES, INC.'s revenue in fiscal 2025?

BIO-RAD LABORATORIES, INC. reported revenue of $2.58B for fiscal 2025, 0.7% higher than the year before.

Was BIO-RAD LABORATORIES, INC. profitable in fiscal 2025?

Yes. Net income was $759.9M, a net margin of 29.4%.

How much free cash flow did BIO-RAD LABORATORIES, INC. generate in fiscal 2025?

Cash from operations of $532.2M minus capital expenditures of $157.6M left free cash flow of $374.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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