BIO BIO-RAD LABORATORIES, INC.

Overview and Growth

BIO-RAD LABORATORIES, INC. generated $2.58B of revenue in fiscal 2025, with net income of $759.90M and an operating cash inflow of $532.20M. At $2.58B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $2.57B in fiscal 2024, revenue recorded a 0.7% year-over-year increase. Diluted earnings per share were $27.85, translating the period’s attributable earnings into the amount reported for each diluted share. Asset turnover was 0.24x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $1.34B as gross profit before recognizing operating expenses and other items. Gross margin was 51.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $47.20M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 1.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $759.90M for the fiscal year. Net margin was 29.4%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $995.50M of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 38.5%, relating income before taxes directly to revenue. Income tax expense totaled $235.60M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 23.7%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

The company held $10.58B of assets against $3.12B of liabilities and $7.45B of equity, revealing how the asset base was financed. The near-term balance sheet paired $2.91B of current assets with $517.00M of current liabilities at the reporting date. The current ratio was 5.62x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $529.80M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 102.5%, excluding receivables and other current assets. Total debt was $1.20B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.16x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 11.4%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 29.5%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 5.0%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 12.9% higher than fiscal 2024 assets of $9.36B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Cash flow from operations was $532.20M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 0.7x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $157.60M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 29.6% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $374.60M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 14.5%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 3.5%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.