Key Takeaways
- Fourth-quarter revenue grew 14% reported (12% organic), led by double-digit growth in Companion Animal Group (CAG) diagnostics recurring revenue.
- IDEXX achieved a quarterly record of more than 1,900 IDEXX inVue Dx placements, expanding its global premium instrument installed base by 12%.
- Full-year 2025 EPS rose 23% reported, supported by strong operating leverage and margin expansion.
- For 2026, IDEXX projects revenue growth of 7%–9% organically and EPS growth of 10%–14% on a comparable basis, led by diagnostics recurring revenue.
Bullet-point Summary
- Q4 revenue reached $1.09 billion; Q4 EPS increased 18% to $3.08
- Full-year 2025 revenue totaled $4.30 billion, up 10% year over year
- CAG Diagnostics recurring revenue grew 9% for the full year
- 2026 outlook reflects continued momentum in diagnostics, software, and premium instruments
IDEXX Laboratories reported fourth-quarter 2025 revenue of $1.09 billion, representing growth of 14% as reported and 12% on an organic basis. Growth was driven primarily by strong performance in the Companion Animal Group, where revenues increased 15% reported and 13% organically, supported by continued expansion of diagnostics utilization and premium instrument placements. Water revenues also contributed, growing 12% reported and 10% organically during the quarter.
Earnings per diluted share for the fourth quarter were $3.08, up 18% year over year. Operating margin expanded by 150 basis points as reported, reflecting strong volume leverage, pricing discipline, and productivity initiatives that more than offset inflationary pressures and increased investments in R&D and commercial resources.
Strong Finish to a Pivotal Year
For the full year 2025, IDEXX reported revenue of $4.30 billion, representing 10% growth on both a reported and organic basis. Full-year EPS increased to $13.08, up 23% reported, supported by operating margin expansion of 270 basis points. Results were driven by sustained growth in CAG Diagnostics recurring revenue, which rose 9% reported and 8% organically for the year.
Management highlighted 2025 as a pivotal year marked by the successful launch of IDEXX Cancer Dx for canine lymphoma and strong adoption of IDEXX inVue Dx, which exceeded initial expectations. These innovations are expanding the role of diagnostics in earlier disease detection while helping veterinary practices improve workflow efficiency.
Companion Animal Diagnostics Momentum
CAG Diagnostics recurring revenue grew 12% reported and 10% organically in the fourth quarter, with particularly strong performance in international markets. Growth was supported by increased diagnostic frequency, expansion of the premium instrument installed base, and strong uptake of IDEXX VetLab consumables and reference laboratory services.
Capital instrument revenue within CAG surged during the quarter, driven by record instrument placements, including more than 1,900 IDEXX inVue Dx systems and continued competitive gains for Catalyst analyzers. Veterinary software, services, and diagnostic imaging systems also delivered double-digit growth, reflecting continued expansion of IDEXX’s cloud-native software platforms.
2026 Outlook
IDEXX provided its initial outlook for 2026, projecting total revenue of $4.63 billion to $4.72 billion, representing reported growth of 7.6% to 9.6% and organic growth of 7% to 9%. Companion Animal Diagnostics recurring revenue is expected to grow 8% to 10% organically, supported by execution, pricing, and ongoing installed base expansion.
Earnings per diluted share for 2026 are expected to range from $14.29 to $14.80, reflecting continued margin expansion and disciplined investment in innovation and commercial capabilities.
Information sourced from the company’s press release.
