Revenue has held near $650M per quarter with only 0.7% trailing growth while gross margin compressed from 55.6% to 50.1% and reported operating margin turned negative at -7.6% in Q3 2026, suggesting weak operating leverage.
Bio-Rad Laboratories, Inc. (BIO) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.59B | 2.58B | 2.57B | 2.67B | 2.8B | 2.92B | 2.55B | 2.31B | 2.29B | 2.16B | 2.07B | 2.02B | 2.18B | 2.13B | 2.07B | 2.07B | 1.93B | 1.78B | 1.76B | 1.46B | 1.27B | 1.18B | 1.09B | 1B | 892.72M | 817.51M | 725.88M | 549.5M | 441.9M | 426.9M | 418.8M |
| Revenue Growth % | 1.38% | 0.65% | -3.92% | -4.67% | -4.12% | 14.81% | 10.12% | 0.94% | 6.02% | 4.45% | 2.41% | -7.15% | 1.99% | 3.07% | -0.21% | 7.6% | 8.01% | 1.13% | 20.76% | 14.69% | 7.87% | 8.35% | 8.63% | 12.4% | 9.2% | 12.62% | 32.1% | 24.35% | 3.51% | 1.93% | 5.6% |
| Cost of Goods Sold | 1.26B | 1.24B | 1.19B | 1.24B | 1.23B | 1.28B | 1.11B | 1.05B | 1.07B | 972.75M | 930.09M | 897.77M | 996.53M | 954.22M | 908.19M | 895.64M | 835.63M | 784.4M | 801.84M | 669.69M | 561.39M | 534.5M | 479.94M | 437.99M | 383.24M | 356.33M | 300.06M | 227.7M | 181.5M | 169.9M | 164.1M |
| COGS % of Revenue | - | 47.99% | 46.27% | 46.58% | 44.07% | 43.95% | 43.52% | 45.62% | 46.54% | 45.03% | 44.97% | 44.46% | 45.82% | 44.74% | 43.89% | 43.19% | 43.36% | 43.96% | 45.45% | 45.84% | 44.07% | 45.26% | 44.03% | 43.65% | 42.93% | 43.59% | 41.34% | 41.44% | 41.07% | 39.8% | 39.18% |
| Gross Profit | 1.33B | 1.34B | 1.38B | 1.43B | 1.57B | 1.64B | 1.44B | 1.26B | 1.22B | 1.19B | 1.14B | 1.12B | 1.18B | 1.18B | 1.16B | 1.18B | 1.09B | 999.84M | 962.52M | 791.36M | 712.54M | 646.49M | 610.07M | 565.39M | 509.49M | 461.18M | 425.83M | 321.8M | 260.4M | 257M | 254.7M |
| Gross Margin % | 51.26% | 52.01% | 53.73% | 53.42% | 55.93% | 56.05% | 56.48% | 54.38% | 53.46% | 54.97% | 55.03% | 55.54% | 54.18% | 55.26% | 56.11% | 56.81% | 56.64% | 56.04% | 54.55% | 54.16% | 55.93% | 54.74% | 55.97% | 56.35% | 57.07% | 56.41% | 58.66% | 58.56% | 58.93% | 60.2% | 60.82% |
| Gross Profit Growth % | - | -2.56% | -3.37% | -8.96% | -4.32% | 13.92% | 14.39% | 2.67% | 3.11% | 4.33% | 1.46% | -4.82% | 0% | 1.5% | -1.43% | 7.92% | 9.17% | 3.88% | 21.63% | 11.06% | 10.22% | 5.97% | 7.9% | 10.97% | 10.47% | 8.3% | 32.33% | 23.58% | 1.32% | 0.9% | 5.51% |
| Operating Expenses | 1.21B | 1.08B | 1.11B | 1.09B | 1.08B | 1.14B | 1.02B | 1.03B | 1.03B | 1.06B | 1.02B | 954.96M | 1.03B | 1.01B | 896.94M | 882.73M | 807.48M | 765.05M | 808.34M | 648.51M | 562.33M | 531.19M | 486.61M | 419.63M | 372.11M | 349.15M | 359.06M | 273.2M | 229.4M | 230.4M | 213M |
| OpEx % of Revenue | - | 41.71% | 43.25% | 40.77% | 38.71% | 38.93% | 39.93% | 44.44% | 45.08% | 49.04% | 49.44% | 47.29% | 47.29% | 47.31% | 43.35% | 42.57% | 41.9% | 42.88% | 45.81% | 44.39% | 44.14% | 44.98% | 44.64% | 41.82% | 41.68% | 42.71% | 49.47% | 49.72% | 51.91% | 53.97% | 50.86% |
| Selling, General & Admin | 898.1M | 819.9M | 814M | 841.7M | 827.83M | 877.12M | 798.8M | 824.63M | 833.29M | 808.94M | 816.72M | 761.99M | 808.2M | 798.07M | 682.9M | 696.29M | 635.21M | 601.47M | 591.3M | 507.98M | 438.95M | 416.08M | 378.26M | 325.36M | 289.18M | 272.61M | 247.61M | 194.5M | 167M | 164.8M | 155.5M |
| SG&A % of Revenue | - | 31.74% | 31.72% | 31.51% | 29.54% | 30.01% | 31.38% | 35.67% | 36.39% | 37.45% | 39.49% | 37.73% | 37.16% | 37.42% | 33% | 33.58% | 32.96% | 33.71% | 33.51% | 34.77% | 34.46% | 35.23% | 34.7% | 32.43% | 32.39% | 33.35% | 34.11% | 35.4% | 37.79% | 38.6% | 37.13% |
| Research & Development | 261.2M | 256.9M | 295.9M | 247.43M | 256.89M | 260.64M | 217.76M | 202.71M | 199.2M | 250.3M | 205.86M | 192.97M | 220.33M | 210.95M | 214.04M | 186.44M | 172.27M | 163.59M | 159.52M | 140.53M | 123.38M | 115.1M | 108.34M | 94.27M | 82.94M | 76.54M | 68.14M | 51.2M | 41.4M | 46.1M | 39.6M |
| R&D % of Revenue | - | 9.95% | 11.53% | 9.26% | 9.17% | 8.92% | 8.55% | 8.77% | 8.7% | 11.59% | 9.95% | 9.56% | 10.13% | 9.89% | 10.34% | 8.99% | 8.94% | 9.17% | 9.04% | 9.62% | 9.68% | 9.75% | 9.94% | 9.4% | 9.29% | 9.36% | 9.39% | 9.32% | 9.37% | 10.8% | 9.46% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.31M | 27.5M | 21M | 19.5M | 17.9M |
| Operating Income | 118.9M | 270.5M | 269M | 337.8M | 482.62M | 500.34M | 421.33M | 229.66M | -108.64M | 116.65M | 53.19M | 166.71M | 149.98M | 169.46M | 264.11M | 295.16M | 284.01M | 230.99M | 182.94M | 135.19M | 146.11M | 115.3M | 108.84M | 145.76M | 137.38M | 112.03M | 66.77M | 48.6M | 31M | 26.6M | 41.7M |
| Operating Margin % | 4.59% | 10.47% | 10.48% | 12.65% | 17.22% | 17.12% | 16.55% | 9.93% | -4.74% | 5.4% | 2.57% | 8.26% | 6.9% | 7.95% | 12.76% | 14.23% | 14.74% | 12.95% | 10.37% | 9.25% | 11.47% | 9.76% | 9.99% | 14.53% | 15.39% | 13.7% | 9.2% | 8.84% | 7.02% | 6.23% | 9.96% |
| Operating Income Growth % | - | 0.56% | -20.37% | -30.01% | -3.54% | 18.75% | 83.46% | 311.39% | -193.13% | 119.29% | -68.09% | 11.15% | -11.49% | -35.84% | -10.52% | 3.92% | 22.95% | 26.26% | 35.32% | -7.47% | 26.72% | 5.93% | -25.33% | 6.11% | 22.63% | 67.79% | 37.38% | 56.77% | 16.54% | -36.21% | 5.04% |
| EBITDA | 713M | 435.9M | 420.6M | 483.7M | 619.92M | 637.94M | 559.93M | 363.86M | 29.46M | 265.35M | 196.09M | 298.56M | 299.87M | 316.61M | 394.53M | 416.11M | 392.92M | 332.67M | 280.03M | 202.49M | 201.51M | 176.3M | 165.04M | 187.76M | 175.38M | 153.33M | 110.08M | 76.1M | 52M | 46.1M | 59.6M |
| EBITDA Margin % | 27.5% | 16.87% | 16.39% | 18.11% | 22.12% | 21.83% | 22% | 15.74% | 1.29% | 12.28% | 9.48% | 14.78% | 13.79% | 14.85% | 19.07% | 20.07% | 20.39% | 18.64% | 15.87% | 13.86% | 15.82% | 14.93% | 15.14% | 18.71% | 19.65% | 18.76% | 15.16% | 13.85% | 11.77% | 10.8% | 14.23% |
| EBITDA Growth % | 79.27% | 3.64% | -13.04% | -21.97% | -2.82% | 13.93% | 53.88% | 1135.14% | -88.9% | 35.32% | -34.32% | -0.44% | -5.29% | -19.75% | -5.19% | 5.9% | 18.11% | 18.8% | 38.29% | 0.49% | 14.3% | 6.82% | -12.1% | 7.06% | 14.38% | 39.29% | 44.65% | 46.35% | 12.8% | -22.65% | 5.67% |
| D&A (Non-Cash Add-back) | 124.6M | 165.4M | 151.6M | 145.9M | 137.3M | 137.6M | 138.6M | 134.2M | 138.1M | 148.7M | 142.9M | 131.85M | 149.89M | 147.16M | 130.42M | 120.96M | 108.91M | 101.68M | 97.09M | 67.3M | 55.4M | 61M | 56.2M | 42M | 38M | 41.3M | 43.31M | 27.5M | 21M | 19.5M | 17.9M |
| EBIT | 1.36B | 1.04B | -2.29B | -800.66M | -4.67B | 5.45B | 4.94B | 2.28B | 536.62M | 120.82M | 64.94M | 167.54M | 153.69M | 173.66M | 281.02M | 298.98M | 284M | 232.86M | 174.96M | 152.45M | 174.05M | 115.3M | 117.55M | 147.43M | 138.19M | 112.03M | 66.77M | 48.6M | 31.14M | 26.6M | 39M |
| Net Interest Income | 47.6M | 46.5M | 33.1M | 51.46M | 19.89M | 17.35M | -3.66M | 7.08M | 2.64M | -3.91M | -8.68M | -11.59M | -8.63M | -47.87M | -39.71M | -44.94M | -58.52M | -47.02M | -32.11M | -31.61M | -32.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 84.3M | 95.5M | 82M | 100.9M | 58M | 18.9M | 18.2M | 30.5M | 26.6M | 19.1M | 14.7M | 10.1M | 13.5M | 13.4M | 11.4M | 8.2M | 5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 36.7M | 49M | 48.9M | 49.44M | 38.11M | 1.55M | 21.86M | 23.42M | 23.96M | 23.01M | 23.38M | 21.69M | 22.13M | 61.27M | 51.11M | 53.13M | 63.72M | 47.02M | 32.11M | 31.61M | 32.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.2B | 725M | -2.61B | -1.19B | -5.19B | 4.95B | 4.5B | 2.03B | 319.39M | -15.35M | -73.94M | -20.86M | -18.43M | -57.07M | -34.27M | -59.39M | -63.73M | -45.16M | -40.1M | -14.35M | -4.08M | -21.93M | -11.52M | -32.07M | -32.97M | -47.06M | -21.32M | -32.18M | 3.23M | -3.8M | -2.5M |
| Pretax Income | 1.32B | 995.5M | -2.34B | -850.1M | -4.7B | 5.45B | 4.92B | 2.26B | 507.36M | 97.81M | 41.56M | 145.85M | 131.56M | 112.39M | 231.58M | 235.76M | 220.28M | 185.83M | 142.84M | 120.84M | 142.03M | 93.37M | 97.33M | 113.69M | 104.41M | 64.97M | 45.44M | 16.4M | 34.2M | 22.8M | 36.5M |
| Pretax Margin % | 50.92% | 38.54% | -91.27% | -31.82% | -167.87% | 186.45% | 193.19% | 97.81% | 22.15% | 4.53% | 2.01% | 7.22% | 6.05% | 5.27% | 11.19% | 11.37% | 11.43% | 10.42% | 8.1% | 8.27% | 11.15% | 7.91% | 8.93% | 11.33% | 11.7% | 7.95% | 6.26% | 2.98% | 7.74% | 5.34% | 8.72% |
| Income Tax | 297.3M | 235.6M | -498.3M | -212.78M | -1.08B | 1.19B | 1.1B | 502.41M | 146.36M | -16.93M | 13.44M | 32.75M | 42.71M | 34.57M | 62.28M | 57.74M | 33.35M | 36.67M | 44.58M | 26.55M | 38.76M | 15.79M | 31.04M | 37.52M | 36.54M | 20.79M | 13.63M | 4.7M | 9.9M | 6.4M | 9.1M |
| Effective Tax Rate % | 22.52% | 23.67% | 21.27% | 25.03% | 22.89% | 21.93% | 22.44% | 22.22% | 28.85% | -17.32% | 32.33% | 22.46% | 32.47% | 30.76% | 26.89% | 24.49% | 15.14% | 19.73% | 31.21% | 21.97% | 27.29% | 16.91% | 31.89% | 33% | 35% | 32% | 30% | 28.66% | 28.95% | 28.07% | 24.93% |
| Net Income | 1.02B | 759.9M | -1.84B | -637.32M | -3.63B | 4.25B | 3.81B | 1.76B | 361M | 114.74M | 28.13M | 113.09M | 88.84M | 77.79M | 169.23M | 178.22M | 185.49M | 144.62M | 89.51M | 92.99M | 103.26M | 81.55M | 68.24M | 76.17M | 67.86M | 44.18M | 31.1M | 11.7M | 24.3M | 16.4M | 26.2M |
| Net Margin % | 39.45% | 29.42% | -71.86% | -23.86% | -129.45% | 145.57% | 149.83% | 76.08% | 15.76% | 5.31% | 1.36% | 5.6% | 4.08% | 3.65% | 8.18% | 8.6% | 9.63% | 8.11% | 5.07% | 6.36% | 8.11% | 6.91% | 6.26% | 7.59% | 7.6% | 5.4% | 4.28% | 2.13% | 5.5% | 3.84% | 6.26% |
| Net Income Growth % | 251.34% | 141.2% | -189.37% | 82.43% | -185.27% | 11.54% | 116.88% | 387.17% | 214.62% | 307.96% | -75.13% | 27.29% | 14.21% | -54.03% | -5.04% | -3.92% | 28.26% | 61.57% | -3.75% | -9.94% | 26.62% | 19.51% | -10.41% | 12.24% | 53.61% | 42.05% | 165.81% | -51.85% | 48.17% | -37.4% | 3.97% |
| Net Income (Continuing) | 1.02B | 759.9M | -1.84B | -637.32M | -3.63B | 4.25B | 3.81B | 1.76B | 365.61M | 122.25M | 26M | 113.09M | 88.84M | 77.81M | 165.55M | 178.02M | 186.94M | 149.16M | 98.26M | 94.3M | 103.26M | 77.58M | 66.29M | 77.3M | 68.53M | 44.18M | 31.81M | 11.72M | 24.3M | 16.4M | 27.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 535K | 445K | 3.82M | 19.49M | 29.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 37.96 | 27.87 | -65.36 | -21.82 | -121.79 | 140.83 | 126.20 | 58.27 | 11.94 | 4.07 | 0.88 | 3.71 | 3.05 | 2.69 | 5.78 | 6.29 | 6.59 | 5.20 | 3.24 | 3.41 | 3.83 | 3.06 | 2.58 | 2.90 | 2.61 | 1.74 | 1.27 | 0.48 | 0.99 | 0.66 | 1.05 |
| EPS Growth % | 256.19% | 142.64% | -199.54% | 82.08% | -186.48% | 11.59% | 116.58% | 388.02% | 193.37% | 362.5% | -76.28% | 21.64% | 13.38% | -53.46% | -8.11% | -4.55% | 26.73% | 60.49% | -4.99% | -10.97% | 25.16% | 18.6% | -11.03% | 11.11% | 50% | 37.01% | 164.58% | -51.52% | 50% | -37.14% | 1.94% |
| EPS (Basic) | - | 27.87 | -65.36 | -21.82 | -121.79 | 142.61 | 127.86 | 58.93 | 12.10 | 4.12 | 0.88 | 3.74 | 3.08 | 2.72 | 5.85 | 6.39 | 6.70 | 5.28 | 3.30 | 3.48 | 3.92 | 3.13 | 2.65 | 3.00 | 2.70 | 1.79 | 1.27 | 0.49 | 0.99 | 0.67 | 1.07 |
| Diluted Shares Outstanding | 26.95M | 27.28M | 28.21M | 29.21M | 29.79M | 30.21M | 30.16M | 30.18M | 30.23M | 30.03M | 29.65M | 29.41M | 29.13M | 28.91M | 28.64M | 28.47M | 28.15M | 27.83M | 27.64M | 27.29M | 26.95M | 26.66M | 26.49M | 26.31M | 26M | 25.44M | 24.57M | 24.33M | 24.72M | 24.85M | 24.95M |
| Basic Shares Outstanding | 26.78M | 27.26M | 28.21M | 29.21M | 29.79M | 29.83M | 29.77M | 29.84M | 29.84M | 29.66M | 29.44M | 29.19M | 28.88M | 28.59M | 28.29M | 28.03M | 27.66M | 27.4M | 27.11M | 26.72M | 26.38M | 26.06M | 25.72M | 25.42M | 25.13M | 24.65M | 24.42M | 24.22M | 24.53M | 24.66M | 24.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BIO stock.
For fiscal year 2025, Bio-Rad Laboratories, Inc. (BIO) reported total revenue of $2.58B. This represents a 516.8% increase compared to $418.8M in 1996.
Bio-Rad Laboratories, Inc. (BIO) is profitable, generating $759.9M in net income for the fiscal year ending 2025 with a net profit margin of 29.4%.
Bio-Rad Laboratories, Inc. (BIO) reported an operating income of $270.5M, resulting in an operating profit margin of 10.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Bio-Rad Laboratories, Inc. (BIO) generated $1.34B in gross profit for the year, representing a gross profit margin of 52.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Non-operating Sartorius volatility
Metrics are mathematically derived from official filings.
Flat Top Line Masks Quarterly Noise
Based on reported figures, Bio-Rad's trailing revenue growth of 0.7% year over year, with quarterly revenue holding near $650M, suggests the top line has plateaued rather than re-accelerated despite recent currency-neutral commentary.
Revenue has oscillated between roughly $585M and $693M across the ten quarters shown, with no sustained upward trend. The Q3 2026 currency-neutral growth narrative is encouraging but a single quarter does not establish durability. Investors should monitor whether Clinical Diagnostics and ddPCR demand translate into consecutive quarters of organic expansion.
Gross Margin Compressed Below Prior Peak
As reported in the income statement, gross margin has drifted from 55.6% in Q2 2024 to roughly 50% in Q3 2026, a decline of more than five points that appears to reflect mix and cost pressure rather than pricing alone.
The erosion in gross margin is consistent with a shift toward lower-margin diagnostic hardware and rising logistics costs, though the data alone cannot isolate each driver. Relative to the Life Science-heavy peer set, which often sustains gross margins above 45%, Bio-Rad's 50-52% range remains reasonable but offers less cushion. Continued compression would warrant closer scrutiny of pricing power in legacy diagnostic lines.
Operating Income Fails to Scale
Based on EDBL-style reporting logic applied here to BIO's figures, SG&A consumes roughly 35-40% of revenue, leaving operating margins near 10% in most quarters and negative in Q3 2026, indicating weak operating leverage.
Gross profit has broadly tracked revenue, yet operating income has not expanded proportionally, implying overhead and R&D absorb a growing share of the gross profit base. The negative operating margin reported in Q3 2026 sits uneasily alongside the EPS beat and should be treated as a flag rather than a trend. Without a clear path to SG&A efficiency, operating leverage is unlikely to materialize from current revenue levels.
Reported EPS Dominated by Non-Operating Swings
According to recent SEC filings, Bio-Rad's reported net income swings from negative $2.2 billion to over $650 million across these quarters, with EPS ranging from -76.26 to 26.65, and these movements appear driven by Sartorius mark-to-market effects rather than core operations.
The magnitude and sign changes in net income are far outside what operating performance could produce given stable revenue and operating income. This pattern suggests reported EPS is a poor proxy for earnings power, and analysts appear to need an adjusted core EPS to interpret the business. The Q3 2026 EPS of 17.02 against a much lower consensus warrants investigation into non-operating contributions before any conclusion about recurring profitability is drawn.
Headline Beats Lack Operational Confirmation
Bears would argue that the Q3 2026 EPS beat, with guidance held flat rather than raised, reflects non-recurring gains and that underlying operating margins of roughly 10% or below leave little room for error against a 0.7% revenue growth backdrop.
If the earnings upside is driven by mark-to-market gains on the Sartorius stake, it would not represent improved operating economics and could reverse with equity market moves. The absence of a guidance raise is consistent with management not treating the quarter as a durable inflection. Investors should weigh the risk that the apparent recovery is largely cosmetic until revenue growth and operating margins confirm it.