IDEXX Laboratories, Inc. (NASDAQ: IDXX) reported fourth quarter 2025 revenue of $1.09 billion, an increase of 14% as reported and 12% organically compared to the prior year period. The Companion Animal Group segment led performance with $998 million in revenue, up 15% on a reported basis.
Market Capitalization
IDEXX Laboratories has a market capitalization of approximately $51.6 billion as of February 3, 2026. The stock trades on the NASDAQ under the ticker symbol IDXX.
Q4 2025 Results
Fourth quarter revenue reached $1,091 million, reflecting 14% reported growth and 12% organic growth. The Companion Animal Group (CAG) Diagnostics recurring revenue increased 10% organically, supported by volume growth and 4% average global net price improvement. Operating profit for Q4 reached $316 million, representing a 29% operating margin with 150 basis points expansion year-over-year. Gross profit increased 15% as reported and 13% on a comparable basis, achieving 60.3% gross margin in Q4.
IDEXX VetLab consumable revenues increased 15% organically in the quarter. The company placed 6,567 premium instruments in Q4, up 42% from the prior year. Global reference lab revenues expanded 9% organically. Water revenues increased 10% organically with double-digit international growth. Livestock, Poultry, and Dairy revenues increased 4% organically.
Full Year 2025 Results
For full year 2025, IDEXX achieved revenue of $4,304 million, representing 10% growth both as reported and organically. CAG Diagnostics recurring revenues grew 8% organically for the full year. The global premium instrument installed base expanded 12% year-over-year, including nearly 6,400 inVue Dx instruments. Operating margins reached 31.6%, an increase of 90 basis points on a comparable basis. Net income for 2025 was approximately $1,059 million. Free cash flow reached $1.1 billion, representing 100% conversion of net income.
Quarterly Revenue Trend
3-Month Trading Volume Trend
Business and Operations Update
IDEXX completed targeted expansions of its commercial footprint in Q4, with new team members fully onboarded in Germany, the United Kingdom, Australia, and the United States. The company achieved record premium instrument placements for the year, with approximately 22,500 placements including nearly 6,400 inVue Dx instruments. The global premium instrument installed base now includes nearly 78,000 Catalyst analyzers.
In December, the company reached a milestone with the controlled launch of Fine Needle Aspirate (FNA) capability on inVue Dx. The IDEXX Cancer Dx panel will expand to include canine mast cell tumor detection, with availability expected mid-year 2026 in North America. International rollout of IDEXX Cancer Dx is on track for Q1 2026. The company launched an advanced radiography system in early January 2026, combining image quality with lower radiation doses.
Strategic Developments
IDEXX software platforms ezyVet and Neo delivered double-digit installed base growth, with particular strength among multi-location practices and corporate customers. The Vello pet owner engagement platform grew its user base over 40% from the prior quarter and nearly tripled year-over-year. Customer retention remains in the high nineties for the global CAG Diagnostics business.
Analyst Coverage
Equity research coverage reflects a consensus “Moderate Buy” rating with an average price target of $763.50. Stifel reiterated a Buy rating with a $775 price target. BTIG Research maintains a Buy rating with an $830 price target. Morgan Stanley holds an Overweight rating with an $805 price target.
FY2026 Guidance
IDEXX provided initial 2026 guidance for revenue of $4,632 million to $4,720 million, reflecting 7.6% to 9.6% reported growth and 7.0% to 9.0% organic growth. CAG Diagnostics recurring revenues are expected to grow 8.0% to 10.0% organically. The company expects foreign exchange to provide approximately 60 basis points benefit to full-year revenue growth.
Operating margin outlook for 2026 is 32.0% to 32.5%, reflecting 30 to 80 basis points improvement on a comparable basis. Free cash flow conversion is expected at 85% to 95% of net income, with capital spending of $180 million.
Performance Summary
IDEXX Laboratories closed Q4 2025 with 14% reported revenue growth driven by CAG Diagnostics strength. Full-year revenue reached $4.3 billion with 31.6% operating margins. The company projects 7%-9% organic revenue growth for FY2026 with continued margin expansion. Premium instrument placements and software platform growth supported recurring revenue momentum.