IDXX

MKT CAP:$45B

IDEXX Laboratories, Inc.

Market Cap

$45B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$565.48-$104.51 (-15.60%)

Apr 24, 2026

Company Details

IDEXX Laboratories, Inc. develops, manufactures, and distributes products and services primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide. The company operates through CAG; Water...

CEO

Jonathan J. Mazelsky

IPO Date

Jun 21, 1991

Website

www.idexx.com

Key Metrics TTM

Revenue

$4.3B

+10.4% YoY

Net Income

$1.1B

EPS (Diluted)

$13.07

Free Cash Flow

$1.1B

Revenue / Share

$53.35

Gross Margin

61.8%

Operating Margin

31.6%

Net Margin

24.6%

FCF Margin

24.5%

P/S

10.5x

P/E

42.5x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 20, 2026

$4.3B+10.4%EPS $13.08

Q4 2025

Feb 20, 2026

$1.1B+14.3%EPS $3.08

Q3 2025

Nov 3, 2025

$1.1B+13.3%EPS $3.40

Q2 2025

Aug 4, 2025

$1.1B+10.6%EPS $3.63

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$837M	$499M	$248M
Q2 22	$861M	$514M	$179M
Q3 22	$842M	$507M	$245M
Q4 22	$829M	$485M	$227M
Q1 23	$900M	$543M	$280M
Q2 23	$944M	$573M	$296M
Q3 23	$916M	$548M	$275M
Q4 23	$902M	$526M	$245M
Q1 24	$964M	$593M	$299M
Q2 24	$1.0B	$621M	$264M
Q3 24	$976M	$596M	$304M
Q4 24	$954M	$571M	$262M
Q1 25	$998M	$623M	$317M
Q2 25	$1.1B	$695M	$373M
Q3 25	$1.1B	$683M	$355M
Q4 25	$1.1B	$658M	$316M

Valuation

Quarter	P/S	P/E
Q1 22	13.9x	62.0x
Q2 22	9.1x	45.4x
Q3 22	8.4x	41.7x
Q4 22	11.0x	54.8x
Q1 23	11.8x	58.1x
Q2 23	11.6x	51.5x
Q3 23	10.0x	43.5x
Q4 23	12.3x	53.5x
Q1 24	11.8x	50.8x
Q2 24	10.4x	46.4x
Q3 24	10.8x	47.7x
Q4 24	8.7x	38.0x
Q1 25	8.6x	37.7x
Q2 25	10.6x	43.6x
Q3 25	12.1x	49.2x
Q4 25	12.8x	52.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$115M	$73M
Q2 22	$66M	$36M
Q3 22	$189M	$151M
Q4 22	$173M	$134M
Q1 23	$184M	$144M
Q2 23	$200M	$173M
Q3 23	$272M	$238M
Q4 23	$250M	$217M
Q1 24	$199M	$168M
Q2 24	$248M	$215M
Q3 24	$220M	$192M
Q4 24	$262M	$223M
Q1 25	$238M	$208M
Q2 25	$186M	$152M
Q3 25	$402M	$371M
Q4 25	$352M	$323M

Capital Expenditures

Quarter	CapEx
Q1 22	$42M
Q2 22	$30M
Q3 22	$38M
Q4 22	$39M
Q1 23	$40M
Q2 23	$27M
Q3 23	$34M
Q4 23	$33M
Q1 24	$30M
Q2 24	$33M
Q3 24	$28M
Q4 24	$39M
Q1 25	$30M
Q2 25	$34M
Q3 25	$31M
Q4 25	$29M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+7.6%	+11.0%
Q2 22	+4.2%	+20.2%
Q3 22	+3.9%	+2.1%
Q4 22	+3.4%	+0.0%
Q1 23	+7.6%	+5.4%
Q2 23	+9.7%	-5.0%
Q3 23	+8.8%	+7.3%
Q4 23	+8.8%	+9.0%
Q1 24	+7.1%	+7.3%
Q2 24	+6.4%	+14.3%
Q3 24	+6.6%	+4.9%
Q4 24	+5.8%	+5.5%
Q1 25	+3.6%	+2.5%
Q2 25	+10.6%	-0.5%
Q3 25	+13.3%	+11.7%
Q4 25	+14.3%	+11.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	1.3%
Q2 22	$12M	1.4%
Q3 22	$13M	1.5%
Q4 22	$13M	1.6%
Q1 23	$14M	1.5%
Q2 23	$15M	1.6%
Q3 23	$15M	1.7%
Q4 23	$15M	1.7%
Q1 24	$14M	1.5%
Q2 24	$16M	1.6%
Q3 24	$16M	1.6%
Q4 24	$14M	1.5%
Q1 25	$15M	1.5%
Q2 25	$29M	2.7%
Q3 25	-$44M	-4.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$40M	$78M	$132M
Q2 22	$123M	$81M	$130M
Q3 22	$48M	$84M	$130M
Q4 22	$43M	$83M	$132M
Q1 23	$45M	$70M	$148M
Q2 23	$47M	$90M	$141M
Q3 23	$48M	$89M	$136M
Q4 23	$52M	$87M	$142M
Q1 24	$53M	$92M	$149M
Q2 24	$55M	$157M	$143M
Q3 24	$54M	$92M	$146M
Q4 24	$58M	$101M	$150M
Q1 25	$59M	$92M	$156M
Q2 25	$62M	$99M	$161M
Q3 25	$63M	$106M	$159M
Q4 25	$67M	$109M	$167M

Revenue Segments

Quarter	Product	Service
Q1 24	$543M	$421M
Q2 24	$577M	$426M
Q3 24	$568M	$408M
Q4 24	$560M	$394M
Q1 25	$573M	$425M
Q2 25	$658M	$452M
Q3 25	$656M	$449M
Q4 25	$652M	$438M

Revenue by Geography

Quarter	Asia Pacific	Canada	Emea	Latin America	United States
Q1 22	$84M	$35M	$174M	$18M	$526M
Q2 22	$80M	$40M	$162M	$19M	$560M
Q3 22	$77M	$34M	$152M	$19M	$560M
Q4 22	$79M	$34M	$159M	$20M	$537M
Q1 23	$78M	$36M	$176M	$19M	$590M
Q2 23	$81M	$42M	$179M	$21M	$622M
Q3 23	$78M	$36M	$178M	$21M	$603M
Q1 24	$76M	$37M	$200M	$20M	$631M
Q2 24	$80M	$41M	$201M	$21M	$660M
Q3 24	$81M	$37M	$199M	$21M	$638M
Q4 24	$83M	$38M	$208M	$21M	$604M
Q1 25	$82M	$37M	$205M	—	$655M
Q2 25	$89M	$47M	$233M	$22M	$718M
Q3 25	$91M	$41M	$245M	$23M	$705M
Q4 25	$94M	$42M	$254M	$45M	$675M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$205M	$0	$205M
Q2 22	$114M	$0	$114M
Q3 22	$99M	$0	$99M
Q4 22	$113M	$0	$113M
Q1 23	$111M	$0	$111M
Q2 23	$133M	$0	$133M
Q3 23	$332M	$0	$332M
Q4 23	$454M	$0	$454M
Q1 24	$397M	$0	$397M
Q2 24	$402M	$0	$402M
Q3 24	$309M	$0	$309M
Q4 24	$288M	$0	$288M
Q1 25	$164M	$0	$164M
Q2 25	$165M	$0	$165M
Q3 25	$208M	$0	$208M
Q4 25	$180M	$0	$180M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	86M	-0.7%	-1.6%
Q2 22	85M	-0.8%	-2.1%
Q3 22	84M	-0.9%	-2.8%
Q4 22	84M	-0.4%	-2.7%
Q1 23	84M	+0.2%	-1.9%
Q2 23	84M	+0.0%	-1.0%
Q3 23	84M	+0.0%	-0.1%
Q4 23	84M	-0.1%	+0.1%
Q1 24	84M	+0.0%	-0.0%
Q2 24	83M	-0.7%	-0.7%
Q3 24	83M	-0.4%	-1.1%
Q4 24	83M	-0.6%	-1.7%
Q1 25	82M	-0.7%	-2.4%
Q2 25	81M	-1.1%	-2.9%
Q3 25	81M	-0.4%	-2.9%
Q4 25	81M	0.0%	-2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$80.8K	10K
Q2 22	$83.1K	10K
Q3 22	$81.3K	10K
Q4 22	$76.9K	11K
Q1 23	$83.5K	11K
Q2 23	$87.5K	11K
Q3 23	$84.9K	11K
Q4 23	$82.0K	11K
Q1 24	$87.6K	11K
Q2 24	$91.2K	11K
Q3 24	$88.7K	11K
Q4 24	$86.8K	11K
Q1 25	$90.8K	11K
Q2 25	$100.9K	11K
Q3 25	$100.5K	11K
Q4 25	$99.1K	11K

Revenue / Employee