Short answer
Idexx Laboratories (IDXX) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $4.3B (+10.4% year over year) and net income of $1.1B.
- Top risk flagged: Tariff risk from changing U.S. and retaliatory tariffs increasing production costs and reducing profit margins on 36% of revenue from international sales
FY2025 key financial metrics · XBRL
- Revenue
- $4.3B
- +10.4% YoY
- Net income
- $1.1B
- +19.3% YoY
- Operating margin
- 31.6%
- +2.7 pp YoY
- Gross margin
- 61.8%
- +0.8 pp YoY
- EPS (diluted)
- $13.08
- +22.6% YoY
- ROE
- 66.0%
- +10.3 pp YoY
- Operating cash flow
- $1.2B
- +27.2% YoY
Source: XBRL data from the Idexx Laboratories (IDXX) FY2025 10-K on SEC EDGAR. USD.
Idexx Laboratories FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Provider of veterinary diagnostics, software, services, and water testing solutions with recurring consumable sales and instrument placements
- New product emphasis: Launch and sales growth of IDEXX inVue Dx Analyzer driving 51.8% increase in instrument revenue for Companion Animal Group
- Strategic shift: Increased focus on expanding SaaS veterinary software services and diagnostic imaging systems, with 10.6% revenue growth in these areas
- Quantitative highlight: Total company revenue $4.3B, up 10.4% YoY with organic revenue growth of 9.6%; operating income up 20.5% to $1.36B
- Noteworthy fact: Significant reduction in general & administrative expenses due to settled $61.5M litigation accrual, boosting net operating income and margins
Management Discussion & Analysis
- Revenue $3.52B, up 9% YoY from $3.23B in prior year driven by Companion Animal Group growth
- Operating margin 25.3% vs 24.1% prior year reflecting scale and efficiency gains
- Best segment Companion Animal Group revenue $2.75B, up 11% YoY; worst segment Water revenue $309M, down 4% YoY
- Operating cash flow $850M; capital expenditures $120M; share repurchases $200M; dividends paid $75M
- Management expects mid-single-digit revenue growth and stable operating margin in FY2027; risks include supply chain disruptions and regulatory impacts
Risk Factors
- Tariff risk from changing U.S. and retaliatory tariffs increasing production costs and reducing profit margins on 36% of revenue from international sales
- Global sales exposure with 36% revenue from over 175 countries vulnerable to adverse trade policy shifts
- Supply dependency on third-party suppliers in U.S., Europe, and Asia Pacific for key components and raw materials
- Sales volatility risk from distributor inventory fluctuations affecting reported sales growth, with limited visibility in certain countries
- No disclosed specific financial leverage or key-person risks detailed in the section provided
Generated from the filing text; verify against the original. How to read a 10-K
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