IDEXX LABORATORIES INC (NASDAQ: IDEXX): Corporate Profile & Financials
Source: Form 10-K Annual Report For the Fiscal Year Ended December 31, 2025
Quick Facts / Company Snapshot
| Company Name | IDEXX LABORATORIES INC /DE |
| Headquarters | Westbrook, Maine |
| Country of Incorporation | Delaware |
| Founded | 1983 |
| What the Company Does | Develops, manufactures, and distributes products and provides services primarily for the companion animal veterinary, livestock, poultry and dairy, and water testing industries, and manufactures and sells human medical point-of-care diagnostic products. |
| Exchange and Ticker | NASDAQ Global Select Market: IDXX |
| Business Segments | Companion Animal Group (CAG), Water quality products, Livestock, Poultry and Dairy (LPD), and Other |
| Products & Services | Point-of-care veterinary diagnostic instruments, consumables, rapid assay test kits; veterinary reference laboratory diagnostic and consulting services; practice management systems, software, and diagnostic imaging systems; water microbiology testing products; livestock, poultry, and dairy diagnostic tests; human medical point-of-care diagnostic products |
| Employees | Approximately 11,000 regular full-time and part-time employees in approximately 34 countries |
| Countries & Regions Served | More than 175 countries |
| CEO & Board Chairperson | Jonathan J. Mazelsky (President and Chief Executive Officer); Lawrence D. Kingsley (Non-Executive Board Chair) |
| Annual Revenue | 4,303,702 ($ in thousands) (+10.4%) |
| Net Income | 1,059,464 ($ in thousands) (+19.3%) |
| Total Assets | 3,350,759 ($ in thousands) (+1.7%) |
| Total Liabilities | 1,745,376 ($ in thousands) (+2.8%) |
Company Overview
IDEXX Laboratories, Inc., incorporated in Delaware in 1983, develops, manufactures, and distributes products and provides services primarily for the companion animal veterinary, livestock, poultry and dairy, and water testing industries. The company also manufactures and sells human medical point-of-care diagnostic products. Operating through three reportable business segments—Companion Animal Group, Water quality products, and Livestock, Poultry and Dairy—alongside an Other operating segment combining human medical diagnostics and out-licensing arrangements, IDEXX serves customers across more than 175 countries.
The company’s primary business activities involve supplying veterinarians with point-of-care diagnostic solutions, outside reference laboratory services, and veterinary software, practice management systems, and diagnostic imaging systems. IDEXX markets and services its products worldwide through marketing, customer service, sales, and technical service groups, as well as through independent distributors and other resellers. The parent company, IDEXX Laboratories, Inc., operates alongside all subsidiaries consolidated under U.S. GAAP.
Business Segments
IDEXX operates primarily through three reportable business segments and an Other operating category:
Companion Animal Group (CAG)
The CAG segment provides diagnostic and information management products and services for the companion animal veterinary industry, including point-of-care diagnostic solutions, outside reference laboratory services, and veterinary software and services. For the year ended December 31, 2025, CAG generated $3,953,285 thousand in net revenue ($2,619,461 thousand in the United States and $1,333,824 thousand internationally).
Water Quality Products (Water)
The Water segment provides innovative testing solutions and related instrumentation for easy, rapid, and accurate detection and quantification of various microbiological parameters in water. For the year ended December 31, 2025, Water generated $201,149 thousand in net revenue ($101,314 thousand in the United States and $99,835 thousand internationally).
Livestock, Poultry and Dairy (LPD)
The LPD segment provides diagnostic tests, services, and related instrumentation that are used to manage the health status of livestock and poultry, to improve producer efficiency, and to measure the quality and safety of milk. For the year ended December 31, 2025, LPD generated $131,787 thousand in net revenue ($25,453 thousand in the United States and $106,334 thousand internationally).
Other
The Other operating segment combines and presents the human medical diagnostic products business with an out-licensing arrangement. For the year ended December 31, 2025, Other generated $17,481 thousand in net revenue.
History and Evolution
IDEXX Laboratories, Inc. was incorporated in Delaware in 1983. Over its operating history, the company has expanded its technological and geographic footprint through internal research and development, strategic product launches, and business acquisitions. Key milestones include the development of proprietary point-of-care instrument platforms such as the Catalyst and ProCyte families, the introduction of cloud-enabled software ecosystems like VetConnect PLUS and ezyVet, the expansion of its reference laboratory network to approximately 80 laboratories globally, and targeted acquisitions such as software and data platform businesses in North America.
Products and Services
IDEXX organizes its offerings into several distinct product and service categories across its primary industries:
- Point-of-Care Veterinary Diagnostic Solutions: Comprising the IDEXX VetLab suite of chemistry, hematology, immunoassay, electrolyte, urinalysis, cytology/morphology (such as the IDEXX inVue Dx Cellular Analyzer), blood gas, and coagulation analyzers, along with associated consumables. It also includes single-use IDEXX SNAP rapid assay test kits (such as SNAP 4Dx Plus and SNAP Heartworm RT) and the SNAP Pro Analyzer.
- Veterinary Reference Laboratory Diagnostic and Consulting Services: Commercial reference laboratory testing and consulting services offered through a network of approximately 80 laboratories worldwide, encompassing specialized test menus, specialized diagnostics (including the IDEXX Cancer Dx Panel), and IDEXX Telemedicine services (such as IDEXX Web PACS and VetMedStat).
- Veterinary Software, Services, and Diagnostic Imaging Systems: Practice management systems (including ezyVet, Animana, IDEXX Neo, and Cornerstone), workflow applications (SmartFlow and VetRadar), client communication tools (Vello and Pet Health Network Pro), and digital diagnostic imaging systems (such as ImageVue DR50, DR30, and DR50 Plus).
- Water Quality Testing Products: Colilert, Colilert-18, Colisure, Enterolert, Pseudalert, Filta-Max, Legiolert, Quanti-Tray, SimPlate, and IDEXX Tecta Systems for detecting microbiological contaminants in water.
- Livestock, Poultry and Dairy Products: Diagnostic tests for BVDV, PRRS, TSE, Alertys pregnancy tests, and dairy antibiotic residue tests (such as SNAP Beta-Lactam ST and SNAPduo ST Plus).
- Human Medical Diagnostics: Point-of-care analyzers and related consumables measuring electrolytes, blood gases, acid-base balance, glucose, lactate, blood urea nitrogen, and ionized calcium for human medical hospitals and clinics.
Brand Portfolio
IDEXX owns and utilizes various registered trademarks and brands in its operations, including IDEXX, Catalyst, Catalyst One, Catalyst Dx, ProCyte One, ProCyte Dx, SediVue Dx, IDEXX inVue Dx, SNAP, SNAP Pro, VetConnect PLUS, DecisionIQ, VetLab Station, IVLS, ezyVet, Animana, Cornerstone, SmartFlow, VetRadar, Vello, Pet Health Network Pro, Petly Plans, rVetLink, ImageVue, Web PACS, Colilert, Colilert-18, Colisure, Enterolert, Pseudalert, Filta-Max, Filta-Max xpress, Legiolert, Quanti-Tray, SimPlate, Tecta, Tectalert, Alertys, and VetStat. Trademarks referenced from other parties include VetAutoread (a trademark of QBC Diagnostics) and SimPlate (a trademark of Merck KGaA or its affiliates, though IDEXX also utilizes SimPlate in its water testing products).
Geographical Presence
IDEXX markets, sells, and services its products worldwide, maintaining a sales presence in the United States and major regions including Africa, Asia Pacific, Canada, Europe, and Latin America. The company operates approximately 80 reference laboratories worldwide, including over 50 in the United States and over 25 internationally across Europe, Canada, Australia, New Zealand, Asia, and South Africa. Major manufacturing and distribution facilities are located in Westbrook, Maine; Scarborough, Maine; Roswell, Georgia; Memphis, Tennessee; Hoofddorp, Netherlands; Baar, Switzerland; Bern, Switzerland; Montpellier, France; Newmarket, United Kingdom; and Wetherby, United Kingdom. For the year ended December 31, 2025, international sales accounted for approximately 36% of consolidated revenue.
Competitor Analysis
The companion animal healthcare, water testing, and livestock diagnostics industries are highly competitive. IDEXX competes with numerous companies ranging from large human and animal health pharmaceutical and medical diagnostics companies to small businesses focused on animal health, corporate hospital chains operating reference laboratories, and academic or public research organizations.
- Companion Animal Diagnostic Offerings: Competers include Mars, Incorporated brands (such as Antech Diagnostics, Heska, scil animal care, Antech-Asia Veterinary Diagnostics, and VCA Inc.) and Zoetis Inc. (including Abaxis, Inc.). Additional international competitors include Fujifilm Holdings Corporation, Arkray, Inc., Mindray, and BioNote, Inc. Competition centers on ease of use, speed, diagnostic accuracy, product quality, breadth of product line and services, differentiated product innovations, fully integrated technology, information management capabilities, and pricing.
- Water, Livestock, Poultry and Dairy Testing: Competitors include Neogen Corporation, Charm Sciences, Inc., BioChek, Innovative Diagnostics, and Thermo Fisher Scientific Inc.
- Veterinary Software, Services, and Diagnostic Imaging Systems: Competitors include Covetrus, Inc., as well as numerous smaller companies offering cloud-based solutions. Competitors in diagnostic imaging systems include Sound-Eklin, Antech Diagnostics, FUJIFILM, and Heska.
Operating Performance and Business Drivers
For the fiscal year ended December 31, 2025, total consolidated revenue reached $4,303,702 thousand, representing a 10.4% increase compared to $3,897,504 thousand for the year ended December 31, 2024. Organic revenue growth for the total company was 9.6% for 2025. Growth was driven primarily by CAG Diagnostics recurring revenue gains, which rose 8.9% (8.1% organic) to $3,407,199 thousand, supported by higher volumes of IDEXX VetLab consumables and reference laboratory testing, price realizations, and 12% growth in the installed base of premium instruments to 78,000 Catalyst units and 56,000 premium hematology units. Instrument revenues increased 51.8% (49.3% organic) to $200,206 thousand, primarily driven by placements of the new IDEXX inVue Dx Cellular Analyzer. Water segment revenue increased 8.7% (8.0% organic) to $201,149 thousand, and LPD revenue grew 8.0% (6.1% organic) to $131,787 thousand.
Gross profit for 2025 increased 11.8% to $2,659,579 thousand, with gross margin expanding by 80 basis points to 61.8%, reflecting recurring revenue scale and operational productivity. Income from operations grew 20.5% to $1,360,031 thousand, representing an operating margin of 31.6%, compared to 29.0% in 2024. Net income for 2025 was $1,059,464 thousand, resulting in diluted earnings per share of $13.08.
Board of Directors and Leadership Team
The company’s executive leadership and board of directors as verified in the filing include:
- Jonathan J. Mazelsky – President, Chief Executive Officer and Director
- Andrew J. Emerson – Executive Vice President, Chief Financial Officer and Treasurer
- Lawrence D. Kingsley – Non-Executive Board Chair
- Irene Chang Britt – Director
- Bruce L. Claflin – Director
- Stuart M. Essig, PhD – Director
- Joseph L. Hooley – Director
- Daniel M. Junius – Director
- Karen Peacock – Director
- Sam A. Samad – Director
- M. Anne Szostak – Director
- Sophie V. Vandebroek, PhD – Director
Future Strategy and Business Priorities
IDEXX’s stated strategy focuses on creating long-term value for customers, employees, and stockholders by enhancing the health and well-being of pets, people, and livestock through differentiated product and service innovation. Strategic priorities include developing, manufacturing, and marketing innovative point-of-care laboratory analyzers; expanding reference laboratory test menus; advancing cloud-based software solutions (such as ezyVet, VetConnect PLUS, and IDEXX DecisionIQ); responsibly incorporating artificial intelligence, machine learning, and automation across products and internal operations; scaling global reference laboratory operations through lean processing and hub consolidation; and maintaining disciplined capital allocation, including share repurchases and projected 2026 capital expenditures of approximately $180.0 million.
Key Strengths
Key Challenges and Risks
Conclusion and Strategic Outlook
IDEXX Laboratories occupies a leading position in companion animal diagnostics, water quality testing, and livestock diagnostics, underpinned by a high-margin recurring revenue model and a fully integrated technology ecosystem. While facing ongoing macroeconomic sensitivities, sector capacity constraints, and complex regulatory dynamics, the company remains focused on driving sustainable top-line growth, expanding operating margins through operational efficiencies, and delivering innovative diagnostic and software solutions to veterinary professionals worldwide.
Official Site
Financial Statements
Currency: USD, Scale: in thousands, except per share amounts. Periods: Years ended December 31, 2025 and 2024.
Income Statement
| Line item | 2025 | 2024 | YoY Growth (%) |
|---|---|---|---|
| Product revenue | 2,539,210 | 2,248,178 | +12.95% |
| Service revenue | 1,764,492 | 1,649,326 | +6.98% |
| Total revenue | 4,303,702 | 3,897,504 | +10.42% |
| Cost of product revenue | 804,616 | 716,078 | +12.36% |
| Cost of service revenue | 839,507 | 802,499 | +4.61% |
| Total cost of revenue | 1,644,123 | 1,518,577 | +8.27% |
| Gross profit | 2,659,579 | 2,378,927 | +11.80% |
| Sales and marketing | 643,547 | 588,507 | +9.35% |
| General and administrative | 404,794 | 442,291 | -8.48% |
| Research and development | 251,207 | 219,792 | +14.29% |
| Total operating expenses | 1,299,548 | 1,250,590 | +3.91% |
| Income from operations | 1,360,031 | 1,128,337 | +20.53% |
| Interest expense | (38,852) | (31,205) | +24.51% |
| Interest income | 3,010 | 12,699 | -76.30% |
| Income before provision for income taxes | 1,324,189 | 1,109,831 | +19.31% |
| Provision for income taxes | 264,725 | 221,964 | +19.26% |
| Net income | 1,059,464 | 887,867 | +19.33% |
| Basic earnings per share | 13.17 | 10.77 | +22.28% |
| Diluted earnings per share | 13.08 | 10.67 | +22.59% |
Balance Sheet
| Line item | December 31, 2025 | December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Cash and cash equivalents | 180,070 | 288,266 | -37.53% |
| Accounts receivable, net of allowance of $11,304 in 2025 and $12,585 in 2024 | 552,378 | 473,575 | +16.64% |
| Inventories | 377,756 | 381,877 | -1.08% |
| Other current assets | 303,623 | 256,179 | +18.52% |
| Total current assets | 1,413,827 | 1,399,897 | +1.00% |
| Property and equipment, net | 747,380 | 713,123 | +4.80% |
| Operating lease right-of-use assets | 123,228 | 116,129 | +6.11% |
| Goodwill | 414,004 | 405,100 | +2.20% |
| Intangible assets, net | 109,843 | 111,676 | -1.64% |
| Other long-term assets | 542,477 | 547,518 | -0.92% |
| Total long-term assets | 1,936,932 | 1,893,546 | +2.29% |
| TOTAL ASSETS | 3,350,759 | 3,293,443 | +1.74% |
| Accounts payable | 110,408 | 114,211 | -3.33% |
| Accrued liabilities | 530,147 | 502,119 | +5.58% |
| Credit Facility | 398,000 | 250,000 | +59.20% |
| Current portion of long-term debt | 74,995 | 167,787 | -55.30% |
| Current portion of deferred revenue | 35,264 | 33,799 | +4.33% |
| Total current liabilities | 1,148,814 | 1,067,916 | +7.58% |
| Deferred income tax liabilities | 31,865 | 11,312 | +181.69% |
| Long-term debt, net of current portion | 374,842 | 449,786 | -16.66% |
| Long-term deferred revenue, net of current portion | 32,177 | 26,939 | +19.44% |
| Long-term operating lease liabilities, net of current portion | 101,151 | 97,836 | +3.39% |
| Other long-term liabilities | 56,527 | 44,341 | +27.48% |
| Total long-term liabilities | 596,562 | 630,214 | -5.34% |
| Total liabilities | 1,745,376 | 1,698,130 | +2.78% |
| Common stock, $0.10 par value | 10,837 | 10,784 | +0.49% |
| Additional paid-in capital | 1,826,750 | 1,673,863 | +9.13% |
| Deferred stock units | 6,094 | 5,885 | +3.55% |
| Retained earnings | 6,391,902 | 5,332,438 | +19.87% |
| Accumulated other comprehensive loss | (68,844) | (93,645) | -26.48% |
| Treasury stock, at cost | (6,561,356) | (5,334,012) | +23.01% |
| Total IDEXX Laboratories, Inc. stockholders’ equity | 1,605,383 | 1,595,313 | +0.63% |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 3,350,759 | 3,293,443 | +1.74% |
Cash Flow Statement
| Line item | 2025 | 2024 | YoY Growth (%) |
|---|---|---|---|
| Net income | 1,059,464 | 887,867 | +19.33% |
| Depreciation and amortization | 145,183 | 129,936 | +11.73% |
| Provision for uncollectible accounts | 8,429 | 6,867 | +22.75% |
| Deferred income taxes | 131,204 | (24,194) | N/M |
| Share-based compensation expense | 60,013 | 60,295 | -0.47% |
| Other | 5,026 | 1,468 | +242.37% |
| Accounts receivable | (68,722) | (28,280) | +143.01% |
| Inventories | (789) | (28,001) | -97.18% |
| Accounts payable | (8,573) | 8,086 | N/M |
| Deferred revenue | 6,929 | (4,378) | N/M |
| Other assets and liabilities | (156,359) | (80,665) | +93.84% |
| Net cash provided by operating activities | 1,181,805 | 929,001 | +27.21% |
| Purchases of property and equipment | (124,676) | (120,922) | +3.10% |
| Acquisitions of intangible assets | (13,550) | (10,000) | +35.50% |
| Equity investments | (756) | (1,004) | -24.70% |
| Acquisitions of businesses, net of cash acquired | — | (76,694) | – |
| Proceeds from net investment hedges | 2,743 | 1,558 | +76.06% |
| Net cash used by investing activities | (136,239) | (207,062) | -34.20% |
| Borrowings (payments) on revolving credit facility, net | 148,000 | — | – |
| Payments of senior notes | (178,385) | (75,000) | +137.85% |
| Borrowings on term loan | 250,000 | — | – |
| Payments of term loan | (250,000) | — | – |
| Debt issuance costs | (3,738) | — | – |
| Repurchases of common stock | (1,216,964) | (837,034) | +45.39% |
| Proceeds from exercises of stock options and employee stock purchase plans | 93,362 | 44,492 | +109.84% |
| Shares withheld for statutory tax withholding payments on restricted stock | (7,239) | (10,531) | -31.26% |
| Net cash used by financing activities | (1,164,964) | (878,073) | +32.67% |
| Net effect of changes in exchange rates on cash | 11,202 | (9,532) | N/M |
| Net increase (decrease) in cash and cash equivalents | (108,196) | (165,666) | -34.69% |
| Cash and cash equivalents at beginning of period | 288,266 | 453,932 | -36.50% |
| Cash and cash equivalents at end of period | 180,070 | 288,266 | -37.53% |
Subsidiaries & Joint Ventures
The source filing does not provide a comprehensive table of all subsidiaries, but lists material operating entities and borrowers under credit agreements, such as IDEXX Distribution, Inc., IDEXX Operations, Inc., OPTI Medical Systems, Inc., IDEXX Laboratories Canada Corporation, IDEXX B.V., IDEXX Laboratories B.V., IDEXX Laboratories GmbH, and IDEXX Holdings II GmbH, which are wholly owned consolidated subsidiaries.
Other Investments & Holdings
The filing discloses equity investments of $31,800 thousand as of December 31, 2025, and $31,004 thousand as of December 31, 2024, recorded at cost in other long-term assets. Specific investee names are not individually detailed as material standalone investments in the notes.
Physical Properties
| Location | Functions | Own/Lease |
|---|---|---|
| Westbrook, Maine | Worldwide Headquarters, principal executive offices, and CAG manufacturing | Own |
| Hoofddorp, Netherlands | Distribution center, warehousing, International administrative offices | Lease |
| Baar, Switzerland | EMEA administrative offices | Lease |
| Scarborough, Maine | Water, LPD and Supply Chain | Own |
| Memphis, Tennessee | Distribution center, warehousing, and Reference Lab | Lease |
| North Grafton, Massachusetts | Reference Lab | Own |
| West Sacramento, California | Reference Lab | Own |
| Kornwestheim, Germany | Reference Lab | Own |
| Wetherby, United Kingdom | Reference Lab | Own |
| Markham, Ontario, Canada | Reference Lab | Lease |
| Elmhurst, Illinois | Reference Lab | Lease |
| Newmarket, United Kingdom | Water manufacturing | Lease |
| Bern, Switzerland | LPD manufacturing | Lease |
| Montpellier, France | LPD manufacturing | Lease |
| Roswell, Georgia | CAG and other manufacturing | Lease |
Additionally, the company maintains over 50 reference laboratories throughout the United States and over 25 internationally, mostly leased with the remainder owned.
Investments and Capital Expenditure
| Expenditure Category | Amount / Details |
|---|---|
| Purchases of property and equipment (2025 actual cash) | $124,676 thousand |
| Purchases of property and equipment (2024 actual cash) | $120,922 thousand |
| Purchases of property and equipment (2023 actual cash) | $133,631 thousand |
| Projected capital expenditures for 2026 | Estimated to be approximately $180,000 thousand |
| Research and development expense (2025) | $251,207 thousand |
| Research and development expense (2024) | $219,792 thousand |
| Research and development expense (2023) | $190,951 thousand |
Share Capital and Outstanding Shares
| Share Class or Item | Reported Amount or Number | Reporting Date / Basis |
|---|---|---|
| Common stock authorized | 120,000 shares (in thousands) | Par value $0.10 per share |
| Common stock issued | 108,369 shares (in thousands) | December 31, 2025 |
| Common stock issued | 107,836 shares (in thousands) | December 31, 2024 |
| Common stock outstanding | 79,712 shares (in thousands) | December 31, 2025 |
| Common stock outstanding | 81,604 shares (in thousands) | December 31, 2024 |
| Common stock outstanding | 79,624,034 shares | February 13, 2026 |
| Treasury stock | 28,657 shares (in thousands) | December 31, 2025 |
| Treasury stock | 26,232 shares (in thousands) | December 31, 2024 |
| Weighted average shares – Basic (2025) | 80,427 shares (in thousands) | Year ended December 31, 2025 |
| Weighted average shares – Diluted (2025) | 81,025 shares (in thousands) | Year ended December 31, 2025 |
| Preferred stock authorized | 500 shares (in thousands) | Par value $1.00 per share (None outstanding) |
Frequently Asked Questions
What is IDEXX Laboratories’ primary business?
IDEXX develops, manufactures, and distributes products and provides services primarily for the companion animal veterinary, livestock, poultry and dairy, and water testing industries, alongside human medical point-of-care diagnostic products.
What are IDEXX’s reportable business segments?
IDEXX operates primarily through three reportable business segments: Companion Animal Group (CAG), Water quality products (Water), and Livestock, Poultry and Dairy (LPD), plus an Other operating category combining human medical diagnostics and out-licensing.
What drives IDEXX’s recurring revenues?
Recurring revenues are driven primarily by IDEXX VetLab consumable products, SNAP rapid assay test kits, outside reference laboratory and consulting services, extended maintenance agreements, and subscription-based veterinary software and SaaS offerings.
Who is the President and Chief Executive Officer of IDEXX?
Jonathan J. Mazelsky serves as President, Chief Executive Officer and Director of IDEXX Laboratories, Inc.
What was IDEXX’s financial performance for fiscal year 2025?
For the year ended December 31, 2025, IDEXX reported total revenue of $4,303,702 thousand, gross profit of $2,659,579 thousand, operating income of $1,360,031 thousand, and net income of $1,059,464 thousand.