IDEXX Laboratories, Inc. (IDXX) financials

NASDAQ · Healthcare · Medical - Diagnostics & Research · 11,000 employees · CEO Michael Erickson

Price: $698.55 +3.94%
Market cap: $55B
Enterprise value: $55.8B
Last report: Q3 '26 filed 2026-11-02
Next report: 2027-02-01 EPS est. $3.33

Revenue (TTM)$4.66B+11.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)32.3%+1.0 pp vs a year agoOperating income $1.51B

Net income (TTM)$1.18B+15.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.3B+36.3% vs a year agoCapex $115M

Diluted EPS (TTM)$14.73+16.8% vs a year agoSum of the last 4 quarters

Net cash-$775M+14.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $55B
Revenue: $4.66B
Revenue growth: +10%
Profit margin: 25.4%
P/E: 47.1×
P/S: 11.8×
EV / EBITDA: 33.4×
Free cash flow: $1.3B
Net income: $1.18B
Revenue estimate: $4.74B
Earnings: 2027-02-01
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-11-02): revenue beat by 1.9%, EPS beat by 6.2%Revenue $1.21B vs $1.19B expected (+1.9%); EPS $3.96 vs $3.73 (+6.2%).
Revenue growth slowing: 9.9% year on yearQ3 '26 revenue $1.21B, against an average of 12.9% over the four quarters before.
Operating margin 32.3% (TTM), +1.0 pp on a year agoOperating income grew 15.3% while revenue grew 11.9%.
Capex 2.5% of revenue (a year ago 3.2%)$115M invested in the last 4 quarters (-14.5% on a year earlier). Free cash flow $1.3B = 110.0% of net income.
Returned $1.05B to shareholders = 80.6% of free cash flowBuybacks $1.05B (a year earlier $1.23B), dividends $0, stock-based pay $49.6M (TTM).
Diluted share count down 2.0% in a year79M diluted shares in Q3 '26, 80.7M a year earlier.
Net debt $775MCash + short-term investments $198M, debt incl. leases $973M; a year ago net debt $905M.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$1.21B	$1.11B	+9.9%
Gross margin	62.9%	61.8%	+1.1 pp
Operating income	$402M	$355M	+13.4%
Operating margin	33.1%	32.1%	+1.0 pp
Net income	$317M	$275M	+15.5%
Diluted EPS	$4.01	$3.40	+17.9%
Operating cash flow	$450M	$402M	+11.8%
Capex	$28.9M	$31.1M	-7.0%
Free cash flow	$421M	$371M	+13.4%
R&D	$68.8M	$63.4M	+8.5%
Stock-based compensation	$16.2M	-$44.1M	+136.8%

Reported vs consensus

2026-11-02

	Actual	Consensus	vs consensus
Revenue	$1.21B	$1.19B	+1.9%
EPS (as estimated)	$3.96	$3.73	+6.2%

From the report of 2026-11-02 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Product	$723M	+10.2%	59.5%	$2.76B	+12.8%
Service	$491M	+9.4%	40.5%	$1.9B	+10.5%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
United States	$767M	+8.7%	63.1%	$2.94B	+9.6%
EMEA	$267M	+9.0%	22.0%	$1.04B	+17.2%
Asia Pacific	$105M	+15.6%	8.6%	$395M	+14.5%
CANADA	$49M	+18.5%	4.0%	$183M	+11.7%
Latin America	$26.6M	+15.4%	2.2%	$121M	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Companion Animal Group Segment	–	–	–	–	–	–	–
Water Segment	–	–	–	–	–	–	–
Livestock And Poultry Diagnostics Segment	–	–	–	–	–	–	–
Other Segment	–	–	–	–	–	–	–
Material Reconciling Items	–	–	$560K	-48.0%	–	–	$857K

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.42B
Capex: -$115M
Buybacks: -$1.05B
Dividends: $0
Acquisitions: -$228M
Net debt issued: -$131M
Stock-based compensation: $49.6M
Free cash flow: $1.3B
Returned to shareholders / FCF: 80.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	47.1×	54.0×	38.4× – 75.3×
EV / EBITDA	33.4×	38.4×	27.3× – 54.8×
EV / Sales	12.0×	12.5×	8.9× – 17.7×
Price / FCF	42.3×	65.7×	42.7× – 88.2×
Price / Book	29.5×	44.7×	21.4× – 81.3×
FCF yield	2.4%	1.7%	1.1% – 2.3%
Return on invested capital	39.9%	36.3%	32.5% – 41.8%
Return on equity	71.2%	79.6%	55.7% – 111.6%

Analysts

Consensus target $716.67 (+2.6%)
range $700.00 – $740.00 · rating Buy

Strong buy0

Buy13

Hold9

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$4.74B	+10.2%	$14.87	+13.7%	47.0×	9
FY2027	$5.16B	+8.7%	$16.82	+13.1%	41.5×	10
FY2028	$5.65B	+9.6%	$19.18	+14.1%	36.4×	9
FY2029	$6.15B	+8.9%	$21.87	+14.0%	31.9×	3
FY2030	$6.74B	+9.5%	$24.79	+13.3%	28.2×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 303 figures IDEXX Laboratories, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$29M	–	–	–	–	–
Accounts Payable, Current	$154M	$122M	+26.0%	$110M	$114M	-3.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$616M	$567M	+8.6%	$552M	$474M	+16.6%
Accounts Receivable, Allowance for Credit Loss	$13.9M	$11.7M	+18.8%	$11.3M	$12.6M	-10.3%
Accounts Receivable, Allowance for Credit Loss, Current	$11.3M2025-12-31	$12.6M	-10.2%	$11.3M	$12.6M	-10.2%
Accrued Income Taxes, Current	$86.6M	$89.2M	-2.9%	$88.7M	$62.3M	+42.4%
Accrued Income Taxes, Noncurrent	$18.9M	$14.8M	+27.9%	$14.5M	$20.9M	-30.8%
Accrued Liabilities, Current	$521M	$489M	+6.6%	$530M	$502M	+5.6%
Accrued Marketing Costs, Current	$90.5M	$86.4M	+4.8%	$87.6M	$78.2M	+12.1%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$926M2025-12-31	$835M	+10.9%	$926M	$835M	+10.9%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$60.5M	-$73M	+17.1%	-$68.8M	-$93.6M	+26.5%
Additional Paid in Capital, Common Stock	$1.96B	$1.79B	+9.3%	$1.83B	$1.67B	+9.1%
Advertising Expense	–	–	–	$4M	$3.4M	+17.6%
Amortization of Intangible Assets	–	–	–	$20.2M	$17.1M	+18.1%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$16.2M	$14.4M	+12.4%	$60M	$60.3M	-0.5%
Asset Impairment Charges	$0	$0	–	$250K2024-12-31	$1.48M	-83.2%
Assets	$3.71B	$3.39B	+9.5%	$3.35B	$3.29B	+1.7%
Assets, Current	$1.5B	$1.48B	+1.6%	$1.41B	$1.4B	+1.0%
Assets, Noncurrent	$2.21B	$1.91B	+15.6%	$1.94B	$1.89B	+2.3%
Business Combination, Contingent Consideration, Liability	$20.2M	–	–	$1.8M	$2.3M	-21.7%
Capital Expenditures Incurred but Not yet Paid	$4.11M	-$1.68M	+344.2%	$15.6M	$15M	+3.5%
Capitalized Contract Cost, Net	$20.9M	$21.5M	-2.8%	$21.4M	$22M	-2.7%
Cash and Cash Equivalents, at Carrying Value	$198M	$208M	-5.1%	$180M	$288M	-37.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$198M	$208M	-5.1%	$180M	$288M	-37.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$603K	$43.6M	-98.6%	-$108M	-$166M	+34.7%
Common Stock, Other Shares, Outstanding	26K	60K	-56.7%	59K	60K	-1.7%
Common Stock, Other Value, Outstanding	$5.97M	$6.23M	-4.2%	$6.09M	$5.89M	+3.6%
Common Stock, Par or Stated Value Per Share	$0.10	$0.10	0.0%	$0.10	$0.10	0.0%
Common Stock, Shares Authorized	120M	120M	0.0%	120M	120M	0.0%
Common Stock, Shares, Issued	109M	108M	+0.5%	108M	108M	+0.5%
Common Stock, Shares, Outstanding	78.8M	80M	-1.5%	79.7M	81.6M	-2.3%
Common Stock, Value, Issued	$10.9M	$10.8M	+0.5%	$10.8M	$10.8M	+0.5%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$320M	$279M	+14.9%	$1.08B	$865M	+25.3%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$85.7M	$72M	+19.2%	$75.8M	$60.8M	+24.8%
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$263M	$217M	+21.4%	$237M	$186M	+27.7%
Contract with Customer, Liability, Current	$40.2M	$35.7M	+12.6%	$35.3M	$33.8M	+4.3%
Contract with Customer, Liability, Noncurrent	$32.7M	$31.1M	+5.3%	$32.2M	$26.9M	+19.4%
Cost of Goods and Services Sold	$450M	$422M	+6.6%	$1.64B	$1.52B	+8.3%
Current Federal Tax Expense (Benefit)	–	–	–	$61.7M	$168M	-63.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$42.6M	$41M	+3.9%
Current Income Tax Expense (Benefit)	–	–	–	$134M	$246M	-45.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$29.3M	$37.1M	-21.2%
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued	$3.7M	$2M	+85.0%	–	–	–
Deferred Compensation Arrangement with Individual, Recorded Liability	$2.2M2025-12-31	–	–	$2.2M	–	–
Deferred Costs, Current	$83M	$70M	+18.5%	$73.6M	$61.7M	+19.3%
Deferred Costs, Noncurrent	$194M	$167M	+15.9%	$177M	$135M	+30.9%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$117M	-$24.6M	+574.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$5.04M	$5.16M	-2.4%
Deferred Income Tax Assets, Net	$26.1M	$31.5M	-17.2%	$27.9M	$126M	-77.8%
Deferred Income Tax Expense (Benefit)	–	–	–	$131M	-$24.2M	+642.3%
Deferred Income Tax Liabilities, Net	$61.2M	$3.72M	+1,542.5%	$31.9M	$11.3M	+181.7%
Deferred Income Taxes and Tax Credits	-$1.52M	$93.2M	-101.6%	$131M	-$24.2M	+642.3%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$9.28M	-$4.71M	+297.0%
Deferred Tax Assets, Deferred Income	$9.96M2025-12-31	$5.74M	+73.3%	$9.96M	$5.74M	+73.3%
Deferred Tax Assets, Gross	$186M2025-12-31	$278M	-33.2%	$186M	$278M	-33.2%
Deferred Tax Assets, in Process Research and Development	$2.02M2025-12-31	$92.9M	-97.8%	$2.02M	$92.9M	-97.8%
Deferred Tax Assets, Inventory	$28.2M2025-12-31	$24M	+17.5%	$28.2M	$24M	+17.5%
Deferred Tax Assets, Net	–	–	–	$114M2024-12-31	$100M	+13.9%
Deferred Tax Assets, Net of Valuation Allowance	$150M2025-12-31	$247M	-39.2%	$150M	$247M	-39.2%
Deferred Tax Assets, Operating Loss Carryforwards	$5.31M2025-12-31	$6.65M	-20.1%	$5.31M	$6.65M	-20.1%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-05