$IDXX

IDEXX LABORATORIES INC /DE

CIK:0000874716|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 1,216,585	$ 1,109,457	$ 2,357,405	$ 2,107,884
Cost of revenue:
Cost of revenue from reportable segments	437,498	414,725	855,579	789,773
Gross profit	779,087	694,732	1,501,826	1,318,111
Expenses:
Sales and marketing	171,277	161,107	346,527	317,330
General and administrative	116,815	98,681	235,930	190,242
Research and development	65,429	61,898	131,217	120,959
Total operating expenses	353,521	321,686	713,674	628,531
Income from operations	425,566	373,046	788,152	689,580
Non-operating income (expense):
Interest expense	(10,182)	(11,321)	(17,923)	(18,987)
Interest income	606	627	1,203	1,843
Gain (loss) on equity investment	1,234	0	1,234	0
Income before provision for income taxes	417,224	362,352	772,666	672,436
Provision for income taxes	78,812	68,363	155,808	135,770
Net income	$ 338,412	$ 293,989	$ 616,858	$ 536,666
Earnings per Share:
Basic (in USD per share)	$ 4.29	$ 3.66	$ 7.78	$ 6.64
Diluted (in USD per share)	$ 4.27	$ 3.63	$ 7.74	$ 6.59
Weighted Average Shares Outstanding:
Basic (in shares)	78,954	80,413	79,299	80,864
Diluted (in shares)	79,312	80,994	79,742	81,465
Product revenue
Revenue:
Total revenue	$ 718,626	$ 657,561	$ 1,384,750	$ 1,230,612
Cost of revenue:
Cost of revenue from reportable segments	204,195	205,146	398,623	380,678
Service revenue
Revenue:
Total revenue	497,959	451,896	972,655	877,272
Cost of revenue:
Cost of revenue from reportable segments	$ 233,303	$ 209,579	$ 456,956	$ 409,095

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 616,858	$ 536,666
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78,734	69,835
Impairment charge	5,000	0
Provision for credit losses	6,274	4,360
Deferred income taxes	20,428	6,427
Share-based compensation expense	32,428	29,469
Other	376	1,491
Changes in assets and liabilities:
Accounts receivable	(82,844)	(74,889)
Inventories	(1,787)	(4,081)
Other assets and liabilities	(66,538)	(133,460)
Accounts payable	4,481	(12,113)
Net cash provided by operating activities	613,410	423,705
Cash Flows from Investing Activities:
Purchases of property and equipment	(56,630)	(64,128)
Acquisition of intangible assets	(3,692)	0
Equity investments	(799)	0
Proceeds from net investment hedges	2,081	890
Net cash used by investing activities	(59,040)	(63,238)
Cash Flows from Financing Activities:
Borrowings (payments) on revolving credit facility, net	121,000	329,000
Payments of senior notes	0	(103,386)
Repurchases of common stock, including excise tax settlements	(697,840)	(738,995)
Proceeds from exercises of stock options and employee stock purchase plans	51,074	24,523
Shares withheld for statutory tax withholding payments on restricted stock	(10,853)	(7,094)
Net cash used by financing activities	(536,619)	(495,952)
Net effect of changes in exchange rates on cash	(888)	11,813
Net increase (decrease) in cash and cash equivalents	16,863	(123,672)
Cash and cash equivalents at beginning of period	180,070	288,266
Cash and cash equivalents at end of period	196,933	164,594
Supplemental Cash Flow Information:
Unpaid property and equipment, reflected in accounts payable and accrued liabilities	$ 9,724	$ 8,460

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 196,933	$ 180,070
Accounts receivable, net	627,083	552,378
Inventories	391,579	377,756
Other current assets	293,894	303,623
Total current assets	1,509,489	1,413,827
Long-Term Assets:
Property and equipment, net	733,238	747,380
Operating lease right-of-use assets	122,764	123,228
Goodwill	410,946	414,004
Intangible assets, net	98,169	109,843
Other long-term assets	567,729	542,477
Total long-term assets	1,932,846	1,936,932
TOTAL ASSETS	3,442,335	3,350,759
Current Liabilities:
Accounts payable	129,097	110,408
Accrued liabilities	453,169	530,147
Credit Facility	519,000	398,000
Current portion of long-term debt	149,999	74,995
Current portion of deferred revenue	36,400	35,264
Total current liabilities	1,287,665	1,148,814
Long-Term Liabilities:
Deferred income tax liabilities	52,638	31,865
Long-term debt, net of current portion	299,865	374,842
Long-term deferred revenue, net of current portion	32,586	32,177
Long-term operating lease liabilities, net of current portion	100,502	101,151
Other long-term liabilities	56,504	56,527
Total long-term liabilities	542,095	596,562
Total liabilities	1,829,760	1,745,376
Commitments, Contingencies and Guarantees (Note 16)
Stockholders’ Equity:
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 108,717 shares in 2026 and 108,369 shares in 2025; Outstanding: 78,874 shares in 2026 and 79,712 shares in 2025	10,872	10,837
Additional paid-in capital	1,910,290	1,826,750
Deferred stock units: Outstanding: 26 units in 2026 and 59 units in 2025	5,938	6,094
Retained earnings	7,008,760	6,391,902
Accumulated other comprehensive loss	(63,538)	(68,844)
Treasury stock, at cost: 29,843 shares in 2026 and 28,657 shares in 2025	(7,259,747)	(6,561,356)
Total stockholders’ equity	1,612,575	1,605,383
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,442,335	$ 3,350,759