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▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
Fiscal 2025 results for IDEXX LABORATORIES INC /DE combined $4.30B of revenue with net income of $1.06B and an operating cash inflow of $1.18B. At $4.30B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 10.4% above fiscal 2024 revenue of $3.90B, marking a year-over-year increase. The company reported diluted EPS of $13.08, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $10.67 in fiscal 2024, the current result was 22.6% higher. Revenue equaled 1.28x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.Profitability
The first profit layer was $2.66B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 61.8% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $1.36B, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 31.6% 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 $1.06B for the fiscal year. Measured against reported revenue, net income produced a 24.6% margin after operating costs and the remaining recognized items. The earnings statement records $1.32B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 30.8%, adding a pre-tax profitability layer between revenue and net income. The company recognized $264.73M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 20.0% of pretax income, showing the tax burden absorbed by the year’s earnings.Liquidity and Capital Structure
At period end, the $3.35B asset base was financed through $1.75B of liabilities and $1.61B of equity. Current assets were $1.41B against $1.15B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.23x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $180.07M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 15.7% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $449.84M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.28x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 13.4%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 52.1%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 5.4%, comparing reported cash and equivalents with the full positive asset balance. Compared with $3.29B in fiscal 2024, the current asset base moved 1.7% and finished higher.Cash Flow and Earnings Quality
Operating activities produced a cash inflow of $1.18B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 1.12x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $124.68M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 10.5% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $1.06B, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 24.6%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 31.5%, comparing post-investment cash with the balance-sheet asset base.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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