IDEXX Laboratories, Inc. (NASDAQ: IDXX) reported fourth quarter 2025 income of $1.09 billion, a rise of 14% as reported and 12% organically in comparison with the prior yr interval. The Companion Animal Group phase led efficiency with $998 million in income, up 15% on a reported foundation.
Market Capitalization
IDEXX Laboratories has a market capitalization of roughly $51.6 billion as of February 3, 2026. The inventory trades on the NASDAQ underneath the ticker image IDXX.
This autumn 2025 Outcomes
Fourth quarter income reached $1,091 million, reflecting 14% reported development and 12% natural development. The Companion Animal Group (CAG) Diagnostics recurring income elevated 10% organically, supported by quantity development and 4% common world web value enchancment. Working revenue for This autumn reached $316 million, representing a 29% working margin with 150 foundation factors enlargement year-over-year. Gross revenue elevated 15% as reported and 13% on a comparable foundation, attaining 60.3% gross margin in This autumn.
IDEXX VetLab consumable revenues elevated 15% organically within the quarter. The corporate positioned 6,567 premium devices in This autumn, up 42% from the prior yr. International reference lab revenues expanded 9% organically. Water revenues elevated 10% organically with double-digit worldwide development. Livestock, Poultry, and Dairy revenues elevated 4% organically.
Full 12 months 2025 Outcomes
For full yr 2025, IDEXX achieved income of $4,304 million, representing 10% development each as reported and organically. CAG Diagnostics recurring revenues grew 8% organically for the total yr. The worldwide premium instrument put in base expanded 12% year-over-year, together with practically 6,400 inVue Dx devices. Working margins reached 31.6%, a rise of 90 foundation factors on a comparable foundation. Web earnings for 2025 was roughly $1,059 million. Free money circulate reached $1.1 billion, representing 100% conversion of web earnings.
Quarterly Income Pattern
3-Month Buying and selling Quantity Pattern
Enterprise and Operations Replace
IDEXX accomplished focused expansions of its industrial footprint in This autumn, with new crew members absolutely onboarded in Germany, the UK, Australia, and the USA. The corporate achieved file premium instrument placements for the yr, with roughly 22,500 placements together with practically 6,400 inVue Dx devices. The worldwide premium instrument put in base now contains practically 78,000 Catalyst analyzers.
In December, the corporate reached a milestone with the managed launch of Positive Needle Aspirate (FNA) functionality on inVue Dx. The IDEXX Most cancers Dx panel will increase to incorporate canine mast cell tumor detection, with availability anticipated mid-year 2026 in North America. Worldwide rollout of IDEXX Most cancers Dx is on monitor for Q1 2026. The corporate launched a sophisticated radiography system in early January 2026, combining picture high quality with decrease radiation doses.
Strategic Developments
IDEXX software program platforms ezyVet and Neo delivered double-digit put in base development, with specific power amongst multi-location practices and company clients. The Vello pet proprietor engagement platform grew its person base over 40% from the prior quarter and practically tripled year-over-year. Buyer retention stays within the excessive nineties for the worldwide CAG Diagnostics enterprise.
Analyst Protection
Fairness analysis protection displays a consensus “Reasonable Purchase” score with a median value goal of $763.50. Stifel reiterated a Purchase score with a $775 value goal. BTIG Analysis maintains a Purchase score with an $830 value goal. Morgan Stanley holds an Chubby score with an $805 value goal.
FY2026 Steering
IDEXX supplied preliminary 2026 steerage for income of $4,632 million to $4,720 million, reflecting 7.6% to 9.6% reported development and seven.0% to 9.0% natural development. CAG Diagnostics recurring revenues are anticipated to develop 8.0% to 10.0% organically. The corporate expects international alternate to supply roughly 60 foundation factors profit to full-year income development.
Working margin outlook for 2026 is 32.0% to 32.5%, reflecting 30 to 80 foundation factors enchancment on a comparable foundation. Free money circulate conversion is anticipated at 85% to 95% of web earnings, with capital spending of $180 million.
Efficiency Abstract
IDEXX Laboratories closed This autumn 2025 with 14% reported income development pushed by CAG Diagnostics power. Full-year income reached $4.3 billion with 31.6% working margins. The corporate tasks 7%-9% natural income development for FY2026 with continued margin enlargement. Premium instrument placements and software program platform development supported recurring income momentum.
Commercial
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