IDEXX LABORATORIES INC /DE financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IDEXX LABORATORIES INC /DE 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	1,775	1,969	2,213	2,407	2,707	3,215	3,367	3,661	3,898	4,304
Cost of revenue	800	872	972	1,041	1,136	1,326	1,363	1,471	1,519	1,644
Gross profit	975	1,097	1,242	1,366	1,571	1,889	2,004	2,190	2,379	2,660
Research and development	101	109	118	133	141	161	255	191	220	251
Selling and marketing	317	354	387	418	434	487	525	566	589	644
General and administrative	207	221	245	261	301	310	326	336	442	405
Operating expenses			750				1,106	1,093	1,251	1,300
Operating income	350	413	491	553	695	932	899	1,097	1,128	1,360
Interest expense	32	37.2	34.7	31.1	33.1	29.8	39.9	41.6	31.2	38.9
Pre-tax income	322	381	458	522	662	903	860	1,061	1,110	1,324
Income tax	99.8	118	80.7	94.4	79.9	158	181	216	222	265
Net income to minority interests	0.01	0.13	0.02	0.07	0.36	-0	0	0
Net income	222	263	377	428	582	745	679	845	888	1,059
EBITDA	428	496	575	641	791	1,037	1,011	1,212	1,258	1,505
EPS, basic	2.47	3.00	4.34	4.97	6.82	8.74	8.12	10.17	10.77	13.17
EPS, diluted	2.44	2.94	4.26	4.89	6.71	8.60	8.03	10.06	10.67	13.08
Shares, basic (weighted)	89.7	87.8	86.9	86.1	85.3	85.2	83.6	83.1	82.5	80.4
Shares, diluted (weighted)	90.9	89.6	88.5	87.5	86.7	86.6	84.6	84	83.2	81

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	155	188	124	90.3	384	144	113	454	288	180
Short-term investments	237	284	0
Receivables	204	235	249	269	331	368	401	457	474	552
Inventory	158	164	173	195	210	269	368	380	382	378
Other current assets	91.2	101	108	125	138	174	220	204	256	304
Total current assets	846	972	654	680	1,063	956	1,101	1,495	1,400	1,414
Property, plant and equipment	357	379	437	534	555	588	649	702	713	747
Lease right-of-use assets			0	80.6	91.2	105	119	115	116	123
Goodwill	178	200	214	240	243	359	362	366	405	414
Intangible assets	46.2	43.8	41.8	58.5	52.5	99	97.7	84.5	112	110
Other non-current assets	103	119	190	240	290	330	418	497	548	542
Total assets	1,531	1,713	1,537	1,832	2,295	2,437	2,747	3,260	3,293	3,351
Accounts payable	60.1	67	69.5	72.2	74.6	116	110	111	114	110
Accrued liabilities	236	253	261	323	416	459	434	479	502	530
Deferred revenue	27.4	29.2	41.3	41.5	42.6	40	37.9	37.2	33.8	35.3
Short-term debt				0	50	75	75	75	168	75
Total current liabilities	935	1,005	770	725	583	764	1,236	952	1,068	1,149
Long-term debt				699	858	775	694	623	450	375
Lease liabilities			0	67.5	77	87.4	101	99.7	97.8	101
Other non-current liabilities	38.9	95.7	84.8	81.2	85.6	70.9	67.6	65.5	44.3	56.5
Total liabilities	1,639	1,767	1,547	1,655	1,662	1,747	2,138	1,775	1,698	1,745
Total debt	594	607	602	699	909	851	770	698	618	450
Paid-in capital	1,012	1,074	1,138	1,214	1,295	1,377	1,463	1,570	1,674	1,827
Retained earnings	540	804	1,168	1,596	2,176	2,920	3,600	4,445	5,332	6,392
Treasury stock	-1,633	-1,912	-2,289	-2,601	-2,800	-3,571	-4,392	-4,475	-5,334	-6,561
Other comprehensive income	-43.1	-36.5	-41.8	-46.2	-53.6	-53.5	-77.8	-71.2	-93.6	-68.8
Shareholders' equity	-108	-54.1	-9.51	177	632	690	609	1,485	1,595	1,605
Minority interests	0.14	0.26	0.28	0.35	0.71	0
Total equity	-108	-53.8	-9.23	178	633	690	609	1,485	1,595	1,605
Total liabilities and equity	1,531	1,713	1,537	1,832	2,295	2,437	2,747	3,260	3,293	3,351
Shares outstanding		87.1	86.1	85.5	85.4	84.6	82.9	83	81.6	79.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	222	263	377	428	582	745	679	845	888	1,059
Depreciation and amortization	78.2	83.1	83.2	88	96	105	112	115	130	145
Stock-based compensation	19.9	23.5	25.2	39.3	31	37.8	49.8	59.7	60.3	60
Deferred income tax	20.6	-7.92	1.14	6.03	-36.7	-3.44	-34.9	-48.3	-24.2	131
Change in receivables	-22.6	-24.9	-18.4	-22.5	-60.7	-33.1	-41.4	-53.9	-28.3	-68.7
Change in inventory	7.65	-19.1	-25.6	-37.3	-18.9	-52.9	-122	-28.7	-28	-0.79
Change in payables							3.47	-0.56	8.09	-8.57
Cash from operations	339	373	400	459	648	756	543	907	929	1,182
Capital expenditures	-64.8	-74.4	-116	-155	-107	-120	-149	-134	-121	-125
Acquisitions	-1.96	-14.6	-22.5	-50.3	-1.5	-173	-11.5	0	-76.7	0
Purchases of investments	-228	-334	-0.09	0	0
Sales and maturities of investments	204	287	284	0	0
Cash from investing	-90.8	-139	139	-206	-109	-293	-195	-125	-207	-136
Debt issued		0	0	100	200	0	0
Debt repaid				0	0	-50	-75	-75	-75	-178
Share buybacks	-304	-283	-369	-302	-183	-747	-820	-71.9	-837	-1,217
Cash from financing	-222	-208	-598	-286	-248	-697	-371	-442	-878	-1,165
Exchange rate effect	-0.05	6.2	-4.77	-0.69	3.33	-4.64	-8.61	2.13	-9.53	11.2
Net change in cash	25.9	32.8	-63.9	-33.5	294	-239	-31.9	341	-166	-108
Free cash flow	274	299	284	304	541	636	394	773	808	1,057
Interest paid	31.8	37.6	34.7	29.7	32.4	30.5	40.3	41	33.8	37.7
Income taxes paid	74.7	81.2	69.7	88	111	162	240	193	307	167

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 $519.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.4%	Gross profit / revenue.
Operating margin	32.0%	Operating income / revenue.
EBITDA margin	35.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	31.3%	Pre-tax income / revenue.
Net margin	25.0%	Net income / revenue.
FCF margin	27.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.1%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	70.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	33.1%	Net income / average total assets.
Return on invested capital (ROIC)	62.6%	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	5.7%	Research and development expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.9%	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	11.1%	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	20.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.8%	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	14.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	22.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.3%	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	27.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.6%	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	12.8%	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	30.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	38.9%	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	14.3%	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	0.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	38.2%	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	20.5%	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	1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.8%	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	7.9%	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	-2.7%	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	-1.4%	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	-1.3%	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	1.17x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.1%	Total debt / total assets.
Liabilities / assets	53.2%	Total liabilities / total assets.
Net debt	$252.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	38.6x	Operating income / interest expense.
Working capital	$221.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.10B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.32x	Revenue / average total assets.
Fixed asset turnover	6.21x	Revenue / average property, plant and equipment.
Inventory turnover	4.37x	Cost of revenue / average inventory.
Days inventory	84 days	365 x average inventory / cost of revenue.
Receivables turnover	7.26x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	106 days	Days inventory + days sales outstanding - days payables.
FCF conversion	110.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$14.37	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	$57.41	Revenue / diluted weighted shares.
FCF per share	$15.82	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.29	Cash from operations / diluted weighted shares.
Book value per share	$20.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.99	Tangible book value / shares outstanding.
Cash per share	$2.50	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	93.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$40.91B	Share price x shares outstanding.
Enterprise value	$41.16B	Market cap + total debt - cash - short-term investments.
P/E	35.9x	Market cap / net income. Only when net income is positive.
P/S	8.98x	Market cap / revenue.
P/B	25.4x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	37.1x	Market cap / tangible book value, when positive.
P/FCF	32.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.8x	Market cap / cash from operations, when positive.
EV/Sales	9.04x	Enterprise value / revenue.
EV/EBIT	28.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.
PEG	2.03x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was IDEXX LABORATORIES INC /DE's revenue in fiscal 2025?

IDEXX LABORATORIES INC /DE reported revenue of $4.30B for fiscal 2025, 10.4% higher than the year before.

Was IDEXX LABORATORIES INC /DE profitable in fiscal 2025?

Yes. Net income was $1.06B, a net margin of 24.6%.

How much free cash flow did IDEXX LABORATORIES INC /DE generate in fiscal 2025?

Cash from operations of $1.18B minus capital expenditures of $124.7M left free cash flow of $1.06B.

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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