# IDEXX Laboratories Inc. (IDXX) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/IDXX/thesis · /stocks/IDXX/memo

## Financial Snapshot

---
ticker: IDXX
step: 04
generated: 2026-05-12
source: quick-research
---

### IDEXX Laboratories (IDXX) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $3.37B | $3.66B | $3.90B | +6.5% |
| Gross Margin | ~59.5% | ~60.5% | ~61.2% | +0.7pp |
| Operating Margin | ~26.5% | ~27.5% | ~28.8% | +1.3pp |
| Net Income | $766M | $845M | $888M | +5.1% |
| EPS (diluted) | $9.23 | $10.17 | $10.77 | +5.9% |

*Note: FY2024 operating margin was modestly impacted by a litigation expense accrual in Q2 2024; comparable basis operating margin expanded ~60bps. FY2025 operating margin expanded further to 31.6% on revenue of $4.30B.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.1B (FY2025 actual; FY2024 ~$950M) |
| Free Cash Flow | ~$770M (FY2024 est.) / $1.1B (FY2025) |
| Cash & Equivalents | ~$300M |
| Total Debt | ~$2.0B |

#### Key Ratios (approximate)
- P/E: ~42x (FY2025 trailing) | EV/EBITDA: ~30x | FCF Yield: ~3%
- Revenue Growth (FY2024): +6.5% | FCF Margin: ~20%
- Dividend Yield: <0.1% (minimal; company prioritizes buybacks)

#### Growth Profile
IDEXX has compounded revenue at ~8–10% annually for over a decade, driven by three structural levers: (1) expansion of diagnostic testing frequency (veterinarians ordering more tests per visit), (2) price realization on consumables under multi-year contracts, and (3) new diagnostic content creation (Cancer Dx, inVue Dx cellular analysis). FY2025 accelerated to 10.4% revenue growth with record instrument placements (+42% in Q4 2025) and Cancer Dx adding ~2pp of growth. Operating leverage has been consistent, with margins expanding toward 30%+.

#### Forward Estimates
- FY2026E Revenue: $4.68B–$4.76B (company guidance) — 9–11% organic growth
- FY2026E EPS: $14.45–$14.90 (company guidance) — ~10–14% growth
- Medium-term: Management targets operating margin expansion toward 33–35% as Cancer Dx and inVue Dx scale

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/IDXX/fundamental

## Navigation

- Overview: /stocks/IDXX
- Financials (this page): /stocks/IDXX/financials
- Thesis: /stocks/IDXX/thesis
- Investment Memo: /stocks/IDXX/memo
- Coverage universe: /stocks