Revenue growth accelerated to 9.7% in 2026Q2 with gross margin expanding 210 bps year-over-year to 64.0%, while operating margin reached 35.0% from 26.3% in 2024Q2, reflecting strong operating leverage.
IDEXX Laboratories, Inc. (IDXX) 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 | 4.55B | 4.3B | 3.9B | 3.66B | 3.37B | 3.22B | 2.71B | 2.41B | 2.21B | 1.97B | 1.78B | 1.6B | 1.49B | 1.38B | 1.29B | 1.22B | 1.1B | 1.03B | 1.02B | 922.55M | 739.12M | 638.1M | 549.18M | 475.99M | 412.67M | 386.08M | 367.43M | 356.2M | 319.9M | 263M | 267.7M |
| Revenue Growth % | 12.77% | 10.42% | 6.46% | 8.72% | 4.73% | 18.79% | 12.45% | 8.75% | 12.4% | 10.91% | 10.83% | 7.81% | 7.9% | 6.47% | 6.13% | 10.45% | 6.96% | 0.74% | 11% | 24.82% | 15.83% | 16.19% | 15.38% | 15.34% | 6.89% | 5.08% | 3.15% | 11.35% | 21.63% | -1.76% | 41.94% |
| Cost of Goods Sold | 1.71B | 1.64B | 1.52B | 1.47B | 1.36B | 1.33B | 1.14B | 1.04B | 971.7M | 871.68M | 799.99M | 711.62M | 669.69M | 620.94M | 594.19M | 572.18M | 524.77M | 505.35M | 494.26M | 459.03M | 359.59M | 315.19M | 270.16M | 245.69M | 219.94M | 202.75M | 170.78M | 164.9M | 142.2M | 119.8M | 102.9M |
| COGS % of Revenue | - | 38.2% | 38.96% | 40.18% | 40.48% | 41.24% | 41.96% | 43.27% | 43.9% | 44.27% | 45.06% | 44.42% | 45.07% | 45.09% | 45.94% | 46.95% | 47.56% | 48.99% | 48.27% | 49.76% | 48.65% | 49.4% | 49.19% | 51.62% | 53.3% | 52.51% | 46.48% | 46.29% | 44.45% | 45.55% | 38.44% |
| Gross Profit | 2.84B | 2.66B | 2.38B | 2.19B | 2B | 1.89B | 1.57B | 1.37B | 1.24B | 1.1B | 975.44M | 890.27M | 816.12M | 756.12M | 699.15M | 646.51M | 578.62M | 526.28M | 529.77M | 463.52M | 379.53M | 322.9M | 279.02M | 230.3M | 192.72M | 183.33M | 196.66M | 191.3M | 177.7M | 143.2M | 164.8M |
| Gross Margin % | 62.45% | 61.8% | 61.04% | 59.82% | 59.52% | 58.76% | 58.04% | 56.73% | 56.1% | 55.73% | 54.94% | 55.58% | 54.93% | 54.91% | 54.06% | 53.05% | 52.44% | 51.01% | 51.73% | 50.24% | 51.35% | 50.6% | 50.81% | 48.38% | 46.7% | 47.49% | 53.52% | 53.71% | 55.55% | 54.45% | 61.56% |
| Gross Profit Growth % | - | 11.8% | 8.63% | 9.26% | 6.08% | 20.27% | 15.05% | 9.99% | 13.14% | 12.5% | 9.57% | 9.09% | 7.94% | 8.15% | 8.14% | 11.73% | 9.95% | -0.66% | 14.29% | 22.13% | 17.54% | 15.73% | 21.15% | 19.5% | 5.12% | -6.78% | 2.8% | 7.65% | 24.09% | -13.11% | 45.33% |
| Operating Expenses | 1.38B | 1.3B | 1.25B | 1.09B | 1.11B | 957.4M | 876.52M | 812.7M | 750.21M | 684.35M | 625.2M | 582.15M | 555.86M | 489.36M | 436.58M | 410.28M | 374.74M | 350.31M | 357.31M | 327.34M | 251.6M | 207.57M | 170.98M | 149.92M | 126.91M | 126.78M | 143.41M | 144.5M | 148.6M | 147.6M | 117.8M |
| OpEx % of Revenue | - | 30.2% | 32.09% | 29.85% | 32.83% | 29.78% | 32.38% | 33.77% | 33.9% | 34.76% | 35.21% | 36.34% | 37.41% | 35.54% | 33.76% | 33.67% | 33.96% | 33.96% | 34.89% | 35.48% | 34.04% | 32.53% | 31.13% | 31.5% | 30.75% | 32.84% | 39.03% | 40.57% | 46.45% | 56.12% | 44% |
| Selling, General & Admin | 1.12B | 1.05B | 1.03B | 901.89M | 850.75M | 796.39M | 735.27M | 679.51M | 632.34M | 575.17M | 524.08M | 482.46M | 457.6M | 401.35M | 354.57M | 334.24M | 306.14M | 285.19M | 285.28M | 260M | 197.98M | 166.62M | 135.58M | 117.6M | 97.58M | 98.35M | 95.63M | 100M | 111.2M | 116.1M | 95.2M |
| SG&A % of Revenue | - | 24.36% | 26.45% | 24.64% | 25.26% | 24.77% | 27.17% | 28.23% | 28.57% | 29.21% | 29.52% | 30.12% | 30.8% | 29.15% | 27.42% | 27.43% | 27.75% | 27.64% | 27.86% | 28.18% | 26.79% | 26.11% | 24.69% | 24.71% | 23.65% | 25.47% | 26.03% | 28.07% | 34.76% | 44.14% | 35.56% |
| Research & Development | 261.46M | 251.21M | 219.79M | 190.95M | 254.82M | 161.01M | 141.25M | 133.19M | 117.86M | 109.18M | 101.12M | 99.68M | 98.26M | 88M | 82.01M | 76.04M | 68.6M | 65.12M | 70.55M | 67.34M | 53.62M | 40.95M | 35.4M | 32.32M | 29.33M | 28.43M | 28.29M | 27.3M | 21.5M | 17.1M | 12.2M |
| R&D % of Revenue | - | 5.84% | 5.64% | 5.22% | 7.57% | 5.01% | 5.22% | 5.53% | 5.33% | 5.54% | 5.7% | 6.22% | 6.61% | 6.39% | 6.34% | 6.24% | 6.22% | 6.31% | 6.89% | 7.3% | 7.25% | 6.42% | 6.45% | 6.79% | 7.11% | 7.36% | 7.7% | 7.66% | 6.72% | 6.5% | 4.56% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 2.2M | 1.46M | 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 |
| Operating Income | 1.46B | 1.36B | 1.13B | 1.1B | 898.76M | 932.03M | 694.52M | 552.85M | 491.33M | 413.03M | 350.24M | 299.91M | 260.25M | 266.76M | 262.56M | 236.22M | 203.88M | 175.97M | 172.46M | 136.18M | 127.93M | 115.33M | 108.03M | 80.39M | 65.81M | 56.55M | 53.25M | 46.8M | 29.1M | -4.4M | 47M |
| Operating Margin % | 32.03% | 31.6% | 28.95% | 29.97% | 26.69% | 28.99% | 25.66% | 22.97% | 22.2% | 20.98% | 19.73% | 18.72% | 17.52% | 19.37% | 20.3% | 19.38% | 18.48% | 17.06% | 16.84% | 14.76% | 17.31% | 18.07% | 19.67% | 16.89% | 15.95% | 14.65% | 14.49% | 13.14% | 9.1% | -1.67% | 17.56% |
| Operating Income Growth % | - | 20.53% | 2.84% | 22.07% | -3.57% | 34.2% | 25.63% | 12.52% | 18.96% | 17.93% | 16.78% | 15.24% | -2.44% | 1.6% | 11.15% | 15.86% | 15.86% | 2.04% | 26.64% | 6.45% | 10.93% | 6.75% | 34.39% | 22.14% | 16.38% | 6.2% | 13.78% | 60.82% | 761.36% | -109.36% | 42.86% |
| EBITDA | 1.61B | 1.47B | 1.26B | 1.21B | 1.01B | 1.04B | 790.52M | 640.86M | 574.51M | 496.17M | 428.46M | 368.87M | 319.14M | 321.36M | 314.97M | 284.43M | 249.84M | 225.74M | 221.28M | 177.28M | 157.75M | 139.7M | 126.46M | 99.28M | 85.94M | 78.78M | 72.73M | 64M | 45M | 10M | 57.4M |
| EBITDA Margin % | 35.42% | 34.08% | 32.28% | 33.11% | 30.01% | 32.24% | 29.21% | 26.63% | 25.96% | 25.2% | 24.13% | 23.03% | 21.48% | 23.34% | 24.35% | 23.34% | 22.64% | 21.88% | 21.61% | 19.22% | 21.34% | 21.89% | 23.03% | 20.86% | 20.83% | 20.41% | 19.79% | 17.97% | 14.07% | 3.8% | 21.44% |
| EBITDA Growth % | 15.78% | 16.55% | 3.81% | 19.92% | -2.5% | 31.13% | 23.35% | 11.55% | 15.79% | 15.8% | 16.15% | 15.58% | -0.69% | 2.03% | 10.74% | 13.84% | 10.67% | 2.02% | 24.81% | 12.38% | 12.92% | 10.47% | 27.37% | 15.53% | 9.09% | 8.32% | 13.64% | 42.22% | 350% | -82.58% | 48.7% |
| D&A (Non-Cash Add-back) | 154.08M | 106.46M | 129.94M | 114.91M | 111.9M | 104.6M | 96M | 88.01M | 83.18M | 83.14M | 78.22M | 68.96M | 58.89M | 54.6M | 52.41M | 48.2M | 45.96M | 49.77M | 48.82M | 41.1M | 29.82M | 24.37M | 18.43M | 18.9M | 20.12M | 22.23M | 19.48M | 17.2M | 15.9M | 14.4M | 10.4M |
| EBIT | 1.46B | 1.36B | 1.14B | 1.1B | 899.83M | 932.46M | 695.11M | 553.27M | 492.49M | 418.28M | 353.89M | 302.38M | 261.98M | 268.65M | 264.46M | 237.97M | 204.54M | 176.46M | 174.78M | 136.18M | 127.93M | 115.33M | 108.03M | 80.39M | 65.81M | 56.55M | 53.25M | 46.8M | 29.2M | -4.4M | 47M |
| Net Interest Income | -36.72M | -35.84M | -18.51M | -35.95M | -38.79M | -29.37M | -32.54M | -30.63M | -33.59M | -31.97M | -28.39M | -26.77M | -13.7M | -3.5M | -1.95M | -1.8M | -1.75M | -1.43M | -2.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.37M | 2.42M | 12.7M | 5.63M | 1.06M | 434K | 586K | 427K | 1.15M | 5.25M | 3.66M | 2.47M | 1.73M | 1.89M | 1.9M | 0 | 0 | 0 | 2.32M | 0 | 0 | 3.14M | 3.07M | 2.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 39.09M | 38.27M | 31.2M | 41.58M | 39.86M | 29.81M | 33.13M | 31.05M | 34.74M | 37.23M | 32.05M | 29.24M | 15.43M | 5.39M | 3.85M | 1.8M | 1.75M | 1.43M | 4.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -34.18M | -35.84M | -18.51M | -35.95M | -38.79M | -29.37M | -32.54M | -30.63M | -33.59M | -31.97M | -28.39M | -26.77M | -13.7M | -3.5M | -1.95M | -1.8M | -1.75M | -1.43M | -2.27M | -1.34M | 2.82M | 3.14M | 3.07M | 2.87M | 2.96M | 2.23M | 5M | 5.8M | -30.4M | -27.8M | 8.3M |
| Pretax Income | 1.42B | 1.32B | 1.11B | 1.06B | 859.97M | 902.65M | 661.99M | 522.22M | 457.74M | 381.06M | 321.85M | 273.14M | 246.56M | 263.26M | 260.62M | 234.42M | 202.13M | 174.54M | 170.19M | 134.84M | 130.75M | 118.47M | 111.1M | 83.25M | 68.77M | 58.78M | 58.25M | 52.6M | -1.2M | -32.2M | 55.3M |
| Pretax Margin % | 31.28% | 30.77% | 28.48% | 28.99% | 25.54% | 28.07% | 24.46% | 21.7% | 20.68% | 19.35% | 18.13% | 17.05% | 16.59% | 19.12% | 20.15% | 19.24% | 18.32% | 16.92% | 16.62% | 14.62% | 17.69% | 18.57% | 20.23% | 17.49% | 16.66% | 15.22% | 15.85% | 14.77% | -0.38% | -12.24% | 20.66% |
| Income Tax | 284.76M | 264.73M | 221.96M | 216.13M | 180.88M | 157.81M | 79.85M | 94.43M | 80.69M | 117.79M | 99.79M | 81.01M | 64.6M | 75.47M | 82.33M | 72.67M | 60.81M | 52.3M | 54.02M | 40.83M | 37.22M | 40.67M | 33.16M | 26.28M | 23.38M | 21.16M | 21.61M | 20M | 14M | -11.1M | 22.7M |
| Effective Tax Rate % | 19.99% | 19.99% | 20% | 20.37% | 21.03% | 17.48% | 12.06% | 18.08% | 17.63% | 30.91% | 31.01% | 29.66% | 26.2% | 28.67% | 31.59% | 31% | 30.08% | 29.97% | 31.74% | 30.28% | 28.47% | 34.33% | 29.85% | 31.56% | 34% | 36% | 37.11% | 38.02% | -1166.67% | 34.47% | 41.05% |
| Net Income | 1.14B | 1.06B | 887.87M | 845.04M | 679.09M | 744.85M | 581.78M | 427.72M | 377.03M | 263.14M | 222.04M | 192.08M | 181.91M | 187.8M | 178.27M | 161.79M | 141.28M | 122.22M | 116.17M | 94.01M | 93.68M | 78.25M | 78.33M | 57.09M | 45.39M | 37.62M | 36.63M | 32.6M | -15.2M | -21.1M | 32.6M |
| Net Margin % | 25.03% | 24.62% | 22.78% | 23.08% | 20.17% | 23.17% | 21.49% | 17.77% | 17.04% | 13.36% | 12.51% | 11.99% | 12.24% | 13.64% | 13.78% | 13.28% | 12.8% | 11.85% | 11.34% | 10.19% | 12.67% | 12.26% | 14.26% | 11.99% | 11% | 9.74% | 9.97% | 9.15% | -4.75% | -8.02% | 12.18% |
| Net Income Growth % | 15.62% | 19.33% | 5.07% | 24.44% | -8.83% | 28.03% | 36.02% | 13.44% | 43.28% | 18.51% | 15.6% | 5.59% | -3.14% | 5.35% | 10.19% | 14.51% | 15.59% | 5.21% | 23.57% | 0.36% | 19.71% | -0.1% | 37.21% | 25.78% | 20.65% | 2.7% | 12.37% | 314.47% | 27.96% | -164.72% | 51.63% |
| Net Income (Continuing) | 1.14B | 1.06B | 887.87M | 845.04M | 679.09M | 744.84M | 582.13M | 427.79M | 377.05M | 263.27M | 222.05M | 192.13M | 181.95M | 187.79M | 178.29M | 161.75M | 141.32M | 122.23M | 116.17M | 94.01M | 93.68M | 78.25M | 77.94M | 57.09M | 45.39M | 37.62M | 36.63M | 32.6M | -15.2M | -21.1M | 32.6M |
| 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 | 707K | 352K | 280K | 264K | 139K | 130K | 73K | 28K | 34K | 14K | 46K | 10K | 0 | 0 | 0 | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 14.13 | 13.08 | 10.67 | 10.06 | 8.03 | 8.60 | 6.71 | 4.89 | 4.26 | 2.94 | 2.44 | 2.05 | 1.79 | 1.74 | 1.59 | 1.39 | 1.19 | 1.00 | 0.94 | 0.73 | 0.71 | 0.57 | 0.55 | 0.40 | 0.33 | 0.27 | 0.26 | 0.21 | -0.10 | -0.14 | 0.21 |
| EPS Growth % | 17.57% | 22.59% | 6.06% | 25.28% | -6.63% | 28.17% | 37.22% | 14.79% | 44.9% | 20.49% | 19.02% | 14.53% | 2.87% | 9.43% | 14.39% | 16.81% | 19% | 6.38% | 28.77% | 2.82% | 24.56% | 3.64% | 37.5% | 21.21% | 22.22% | 3.85% | 23.81% | 310% | 28.57% | -166.67% | 40% |
| EPS (Basic) | - | 13.17 | 10.77 | 10.17 | 8.12 | 8.74 | 6.82 | 4.97 | 4.34 | 3.00 | 2.47 | 2.07 | 1.82 | 1.77 | 1.62 | 1.43 | 1.23 | 1.04 | 0.97 | 0.77 | 0.75 | 0.60 | 0.57 | 0.42 | 0.34 | 0.28 | 0.27 | 0.21 | -0.10 | -0.14 | 0.22 |
| Diluted Shares Outstanding | 80.67M | 80.67M | 83.25M | 83.98M | 84.6M | 86.57M | 86.72M | 87.54M | 88.47M | 89.57M | 90.88M | 93.65M | 101.5M | 107.97M | 112.31M | 116.43M | 119.12M | 121.36M | 124.5M | 128.91M | 131.81M | 136.22M | 143.2M | 143.72M | 140.17M | 138.56M | 144.32M | 159.02M | 152M | 150.71M | 157.11M |
| Basic Shares Outstanding | 80.1M | 80.1M | 82.47M | 83.07M | 83.62M | 85.2M | 85.34M | 86.11M | 86.86M | 87.77M | 89.73M | 92.6M | 100.09M | 106.32M | 109.97M | 113.58M | 115.43M | 117.62M | 119.91M | 123.12M | 125.73M | 130.08M | 136.86M | 137.08M | 134.49M | 133.17M | 138.3M | 153.41M | 152M | 150.71M | 148.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying IDXX stock.
For fiscal year 2025, IDEXX Laboratories, Inc. (IDXX) reported total revenue of $4.30B. This represents a 1507.7% increase compared to $267.7M in 1996.
IDEXX Laboratories, Inc. (IDXX) is profitable, generating $1.06B in net income for the fiscal year ending 2025 with a net profit margin of 24.6%.
IDEXX Laboratories, Inc. (IDXX) reported an operating income of $1.36B, resulting in an operating profit margin of 31.6%. This margin reflects the operational efficiency of the business before interest and taxes.
IDEXX Laboratories, Inc. (IDXX) generated $2.66B in gross profit for the year, representing a gross profit margin of 61.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Macro pressure on pet spending
Metrics are mathematically derived from official filings.
Accelerating Momentum in Companion Diagnostics
Revenue growth accelerated to 9.7% in 2026Q2 from 6.4% a year earlier, driven by recurring diagnostic volume and premium test adoption, per the latest quarterly report.
The sequential acceleration from 3.6% in 2025Q1 to 14.3% in 2026Q1 and 9.7% in 2026Q2 suggests a durable uptick in core CAG demand, likely supported by Catalyst and inVue Dx placements. While the 2026Q2 growth rate dipped from the prior quarter, it remains above the 2024 average of ~6.5%, indicating a structural step-up in utilization rather than a one-off. Investors should monitor whether this pace is sustainable given the macro headwinds on discretionary pet spending.
Gross Margin Expansion Reflects Mix Shift
Gross margin reached 64.0% in 2026Q2, up 210 bps year-over-year, as reported in financial statements, suggesting a favorable mix toward consumables and software.
The expansion from 61.9% in 2024Q2 to 64.0% in 2026Q2 indicates that IDEXX is successfully shifting toward higher-margin recurring revenue streams, including SaaS and proprietary assays. This trend is supported by the company's integrated ecosystem, which reduces price competition. However, the sustainability of this margin expansion depends on the company's ability to offset rising labor and logistics costs, which could compress margins if input costs accelerate.
Operating Leverage Drives Margin Upside
Operating margin expanded to 35.0% in 2026Q2 from 26.3% in 2024Q2, as per income statement data, indicating that SG&A and R&D are scaling slower than gross profit.
The 870 bps improvement in operating margin over eight quarters highlights significant operating leverage, with SG&A as a percentage of revenue declining from ~30% in 2024Q2 to ~23.7% in 2026Q2. This suggests that the company is efficiently managing overhead while investing in R&D, which remained relatively stable at ~5.4% of revenue. The leverage is likely driven by the high fixed-cost base of the lab network, which allows incremental revenue to drop through at high margins. Investors should watch for any reacceleration in SG&A spending that could reverse this trend.
Earnings Quality Supported by Low SBC
Stock-based compensation averaged under 1.5% of revenue in 2026, with a negative SBC in 2025Q3, suggesting reported EPS is not significantly inflated by non-cash charges.
SBC as a percentage of revenue was 1.4% in 2026Q2, down from 1.6% in 2024Q2, and the negative SBC in 2025Q3 likely reflects a reversal or adjustment, which may have temporarily boosted EPS. Excluding this anomaly, the quality of earnings appears high, with net income growing faster than revenue due to margin expansion and a stable tax rate. However, the volatility in SBC warrants monitoring, as it can distort quarterly comparisons.
Cost Discipline Amidst Rising Input Pressures
COGS as a percentage of revenue fell to 36.0% in 2026Q2 from 38.1% in 2024Q2, per reported figures, indicating improved cost efficiency in consumables and lab operations.
The 210 bps reduction in COGS ratio suggests that IDEXX is benefiting from scale and pricing power, offsetting potential increases in raw material and labor costs. SG&A also declined as a percentage of revenue, from 30.0% in 2024Q2 to 23.7% in 2026Q2, reflecting disciplined overhead management. R&D spending has remained consistent at around 5.4% of revenue, indicating a continued commitment to innovation without over-spending. This cost discipline is a key driver of the margin expansion and supports the company's ability to maintain profitability even if revenue growth slows.
Potential Vulnerability to Corporate Consolidation
Despite strong margins, the shift toward large corporate veterinary groups could erode pricing power, as suggested by the company's reliance on fragmented independent clinics.
The recent earnings beat and raised guidance may mask the long-term risk of monopsony pressure from consolidators like Mars/VCA, which could demand volume discounts. If such pricing pressure materializes, gross margins could compress from current levels, challenging the sustainability of the 64% gross margin. Additionally, the market's premium valuation assumes continued growth, but any slowdown in clinic visit trends due to macro pressures could lead to a de-rating. Investors should monitor segment-level pricing and retention rates for early signs of this risk.