Idexx Laboratories Inc 8-K, filed Nov 2, 2026

Idexx Laboratories Inc (IDXX)

8-K 2026-11-02 For: 2026-11-02

Added on November 02, 2026

About this 8-K

Idexx Laboratories Inc filed this 8-K on November 2, 2026.

IDEXX Laboratories reported third-quarter revenue of $1,214 million, up 10% as reported and organic, and diluted EPS of $4.01, up 18% as reported. It raised 2026 revenue guidance to $4,741 million - $4,767 million and EPS outlook to $14.96 - $15.16. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	000-19271	01-0393723
(State or other jurisdiction	(Commission File Number)	(IRS Employer Identification No.)
of incorporation)

One IDEXX Drive, Westbrook, Maine	04092
(Address of principal executive offices)	(ZIP Code)

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 par value per share	IDXX	NASDAQ Global Select Market

		IDEXX LABORATORIES, INC.


Date: November 2, 2026	By:	/s/ Andrew Emerson
		Andrew Emerson
		Executive Vice President, Chief Financial Officer and Treasurer

2026 Growth and Financial Performance Outlook	Updated	Prior
Revenue	$4,741 - $4,767	$4,700 - $4,745
Reported growth	10.1% - 10.8%	9.1% - 10.3%
Organic growth	9.3% - 10.0%	8.5% - 9.7%
CAG Diagnostics Recurring Revenue Growth
Reported growth	11.0% - 11.7%	10.1% - 11.3%
Organic growth	10.3% - 11.0%	9.5% - 10.7%
Operating Margin	32.1% - 32.3%	32.3% - 32.5%
Operating margin expansion	50 bps - 70 bps	70 bps - 90 bps
Comparable margin expansion	50 bps - 70 bps	70 bps - 90 bps
EPS	$14.96 - $15.16	$14.69 - $14.94
Reported growth	14% - 16%	12% - 14%
Comparable growth	15% - 16%	13% - 15%
Other Key Metrics
Net interest expense	~$32	~$35
Share-based compensation tax benefit	~$19	~$19
Share-based compensation tax rate benefit	~1.3%	~1.3%
Effective tax rate	~20.5%	~21.1%
Share-based compensation EPS impact	~$0.24	~$0.24
Reduction in average shares outstanding	~2%	1.5% - 2%
Operating Cash Flow (% of Net Income)	110% - 120%	110% - 120%
Free Cash Flow (% of Net Income)	95% - 100%	90% - 100%
Capital Expenditures	~$160	~$180

Estimated Foreign Currency Exchange Rate Impacts		2026
Revenue growth rate impact		~0.7%
CAG Diagnostics recurring revenue growth rate impact		~0.7%
Operating margin growth impact		~30 bps
EPS impact		~$0.25
EPS growth impact		~2%

Go-Forward Foreign Currency Exchange Rate Assumptions		2026
In U.S. dollars
euro		$1.12
British pound		$1.32
Canadian dollar		$0.70
Australian dollar		$0.69
Relative to the U.S. dollar
Japanese yen		¥160
Chinese renminbi		¥6.80
Brazilian real		R$5.05

	Three Months Ended						Year-over-Year			Nine Months Ended						Year-over-Year
	September 30,			September 30,						September 30,			September 30,
Dollar amounts in thousands	2026			2025			Change			2026			2025			Change
Gross profit and growth (as reported)	$	764,298		$	683,354			12	%	$	2,266,124		$	2,001,465			13	%
*Gross margin and margin gain*		62.9	%		61.8	%		*110*	*bps*		63.4	%		62.3	%		*120*	*bps*
Less: comparability adjustments
Change from currency		1,091			—						29,073			—
Comparable gross profit and growth	$	763,207		$	683,354			12	%	$	2,237,051		$	2,001,465			12	%
*Comparable gross margin and margin gain*		62.7	%		61.8	%		90	*bps*		63.3	%		62.3	%		*100*	*bps*

Operating expenses and growth (as reported)	$	361,950		$	328,508			10	%	$	1,075,624		$	957,039			12	%
Less: comparability adjustments
Change from currency		(3,043	)		—						4,685			—
Loss on equity investment		—			—						5,000			—
Now-concluded litigation matter		—			—						—			(8,600	)
Comparable operating expense and growth	$	364,993		$	328,508			11	%	$	1,065,939		$	965,639			10	%

Operating profit and growth (as reported)	$	402,348		$	354,846			13	%	$	1,190,500		$	1,044,426			14	%
Operating margin and margin gain		33.1	%		32.1	%		*100*	*bps*		33.3	%		32.5	%		80	*bps*
Less: comparability adjustments
Change from currency		4,134			—						24,388			—
Loss on equity investment		—			—						(5,000	)		—
Now-concluded litigation matter		—			—						—			8,600
Comparable operating profit and growth	$	398,214		$	354,846			12	%	$	1,171,112		$	1,035,826			13	%
*Comparable operating margin and margin gain*		*32.7*	%		*32.1*	%		60	*bps*		*33.1*	%		*32.2*	%		90	*bps*

	Three Months Ended September 30,
	2026							2025
Amounts in thousands	Income from Operations		Impact from Foreign Currency			Segment and Other Income from Operations		Income from Operations		Impact from Foreign Currency			Segment and Other Income from Operations
CAG	$	370,216	$	(713	)	$	369,503	$	327,095	$	1,376		$	328,471
Water		29,624		(50	)		29,574		26,311		104			26,415
LPD		1,948		(49	)		1,899		364		107			471
Other		560		812			1,372		1,076		(1,587	)		(511	)
Total	$	402,348	$	—		$	402,348	$	354,846	$	—		$	354,846

	Nine Months Ended September 30,
	2026							2025
Amounts in thousands	Income from Operations		Impact from Foreign Currency			Segment and Other Income from Operations		Income from Operations			Impact from Foreign Currency			Segment and Other Income from Operations
CAG	$	1,100,450	$	(109	)	$	1,100,341	$	969,649		$	2,454		$	972,103
Water		83,525		(8	)		83,517		71,691			183			71,874
LPD		5,605		(5	)		5,600		(98	)		189			91
Other		920		122			1,042		3,184			(2,826	)		358
Total	$	1,190,500	$	—		$	1,190,500	$	1,044,426		$	—		$	1,044,426

		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2026			2025			2026			2025
Revenue:	Revenue	$	1,214,237		$	1,105,239		$	3,571,642		$	3,213,123
Expenses and Income:	Cost of revenue		449,939			421,885			1,305,518			1,211,658
	Gross profit		764,298			683,354			2,266,124			2,001,465
	Sales and marketing		169,850			159,157			516,377			476,487
	General and administrative		123,283			105,936			359,213			296,178
	Research and development		68,817			63,415			200,034			184,374
	Total operating expense		361,950			328,508			1,075,624			957,039
	Income from operations		402,348			354,846			1,190,500			1,044,426
	Non-operating income (expense), net		(3,023	)		(10,075	)		(18,509	)		(27,219	)
	Income before provision for income taxes		399,325			344,771			1,171,991			1,017,207
	Provision for income taxes		82,180			70,161			237,988			205,931
Net Income:	Net income attributable to stockholders	$	317,145		$	274,610		$	934,003		$	811,276
	Earnings per share: Basic	$	4.02		$	3.43		$	11.80		$	10.06
	Earnings per share: Diluted	$	4.01		$	3.40		$	11.75		$	9.99
	Shares outstanding: Basic		78,825			80,096			79,139			80,605
	Shares outstanding: Diluted		79,049			80,675			79,512			81,207

IDEXX Laboratories, Inc. and Subsidiaries
Selected Operating Information (Unaudited)
		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2026			2025			2026			2025
Operating Ratios	Gross profit		62.9	%		61.8	%		63.4	%		62.3	%
(as a percentage of revenue):	Sales, marketing, general and administrative expense		24.1	%		24.0	%		24.5	%		24.0	%
	Research and development expense		5.7	%		5.7	%		5.6	%		5.7	%
	Income from operations¹		33.1	%		32.1	%		33.3	%		32.5	%

		Three Months Ended
		September 30, 2026		Percent of Revenue			September 30, 2025			Percent of Revenue
Revenue:	CAG	$	1,115,968				$	1,012,534
	Water		58,836					54,297
	LPD		34,828					33,944
	Other		4,605					4,464
	Total	$	1,214,237				$	1,105,239

Gross Profit:	CAG	$	701,345		62.8	%	$	627,456			62.0	%
	Water		42,714		72.6	%		38,057			70.1	%
	LPD		18,310		52.6	%		15,945			47.0	%
	Other		1,929		41.9	%		1,896			42.5	%
	Total	$	764,298		62.9	%	$	683,354			61.8	%

Income from Operations:	CAG	$	369,503		33.1	%	$	328,471			32.4	%
	Water		29,574		50.3	%		26,415			48.6	%
	LPD		1,899		5.5	%		471			1.4	%
	Other		1,372		29.8	%		(511	)		(11.4	)%
	Total	$	402,348		33.1	%	$	354,846			32.1	%

		Nine Months Ended
		September 30, 2026		Percent of Revenue			September 30, 2025			Percent of Revenue
Revenue:	CAG	$	3,288,256				$	2,954,813
	Water		167,665					150,619
	LPD		102,492					94,302
	Other		13,229					13,389
	Total	$	3,571,642				$	3,213,123

Gross Profit:	CAG	$	2,084,641		63.4	%	$	1,844,381			62.4	%
	Water		122,849		73.3	%		105,641			70.1	%
	LPD		53,871		52.6	%		45,239			48.0	%
	Other		4,763		36.0	%		6,204			46.3	%
	Total	$	2,266,124		63.4	%	$	2,001,465			62.3	%

Income from Operations:	CAG	$	1,100,341		33.5	%	$	972,103			32.9	%
	Water		83,517		49.8	%		71,874			47.7	%
	LPD		5,600		5.5	%		91			0.1	%
	Other		1,042		7.9	%		358			2.7	%
	Total	$	1,190,500		33.3	%	$	1,044,426			32.5	%

	Three Months Ended
Net Revenue	September 30, 2026		September 30, 2025		Dollar Change		Reported Revenue Growth¹			Percentage Change from Currency			Percentage Change from Acquisitions			Organic Revenue Growth¹
CAG	$	1,115,968	$	1,012,534	$	103,434		10.2	%		(0.2	)%		0.1	%		10.4	%
United States		725,876		668,418		57,458		8.6	%		—			0.1	%		8.5	%
International		390,092		344,116		45,976		13.4	%		(0.7	)%		—			14.0	%
Water	$	58,836	$	54,297	$	4,539		8.4	%		0.6	%		—			7.8	%
United States		31,297		28,070		3,227		11.5	%		—			—			11.5	%
International		27,539		26,227		1,312		5.0	%		1.1	%		—			3.9	%
LPD	$	34,828	$	33,944	$	884		2.6	%		(0.4	)%		—			3.0	%
United States		7,651		6,861		790		11.5	%		—			—			11.5	%
International		27,177		27,083		94		0.3	%		(0.5	)%		—			0.8	%
Other	$	4,605	$	4,464	$	141		3.2	%		—			—			3.2	%
Total Company	$	1,214,237	$	1,105,239	$	108,998		9.9	%		(0.2	)%		0.1	%		10.0	%
United States		766,582		705,040		61,542		8.7	%		—			0.1	%		8.6	%
International		447,655		400,199		47,456		11.9	%		(0.5	)%		—			12.4	%

	Three Months Ended
Net CAG Revenue	September 30, 2026		September 30, 2025		Dollar Change		Reported Revenue Growth¹			Percentage Change from Currency			Percentage Change from Acquisitions			Organic Revenue Growth¹
CAG Diagnostics recurring revenue:	$	967,351	$	873,273	$	94,078		10.8	%		(0.2	)%		—			11.0	%
IDEXX VetLab consumables		443,245		387,813		55,432		14.3	%		(0.3	)%		—			14.6	%
Rapid assay products		89,135		88,638		497		0.6	%		(0.2	)%		—			0.7	%
Reference laboratory diagnostic and consulting services		399,079		362,725		36,354		10.0	%		(0.2	)%		—			10.2	%
CAG Diagnostics services and accessories		35,892		34,097		1,795		5.3	%		(0.1	)%		—			5.4	%
CAG Diagnostics capital – instruments	$	51,492	$	51,479	$	13		—			(0.3	)%		—			0.4	%
Veterinary software, services and diagnostic imaging systems:	$	97,125	$	87,782	$	9,343		10.6	%		0.1	%		0.7	%		9.9	%
Recurring revenue		77,472		70,988		6,484		9.1	%		0.2	%		0.8	%		8.2	%
Systems and hardware		19,653		16,794		2,859		17.0	%		—			—			17.0	%
Net CAG revenue	$	1,115,968	$	1,012,534	$	103,434		10.2	%		(0.2	)%		0.1	%		10.4	%

	Three Months Ended
	September 30, 2026		September 30, 2025		Dollar Change		Reported Revenue Growth¹			Percentage Change from Currency			Percentage Change from Acquisitions			Organic Revenue Growth¹
CAG Diagnostics recurring revenue:	$	967,351	$	873,273	$	94,078		10.8	%		(0.2	)%		—			11.0	%
United States		620,322		565,951		54,371		9.6	%		—			—			9.6	%
International		347,029		307,322		39,707		12.9	%		(0.7	)%		—			13.6	%

		September 30, 2026		December 31, 2025
Assets:	Current Assets:
	Cash and cash equivalents	$	197,536	$	180,070
	Accounts receivable, net		615,799		552,378
	Inventories		390,874		377,756
	Other current assets		295,795		303,623
	Total current assets		1,500,004		1,413,827
	Property and equipment, net		732,131		747,380
	Other long-term assets, net		1,474,974		1,189,552
	Total assets	$	3,707,109	$	3,350,759
Liabilities and Stockholders'
Equity:	Current Liabilities:
	Accounts payable	$	154,086	$	110,408
	Accrued liabilities		520,957		530,147
	Line of credit		474,000		398,000
	Current portion of long-term debt		74,998		74,995
	Deferred revenue		40,181		35,264
	Total current liabilities		1,264,222		1,148,814
	Long-term debt, net of current portion		299,879		374,842
	Other long-term liabilities, net		273,831		221,720
	Total long-term liabilities		573,710		596,562
	Total stockholders' equity		1,869,177		1,605,383
	Total liabilities and stockholders' equity	$	3,707,109	$	3,350,759

		September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Selected Balance Sheet Information:	Days sales outstanding¹		46.7		46.2		46.2		46.8		46.5
	Inventory turns²		1.5		1.4		1.4		1.6		1.5

		Nine Months Ended
		September 30, 2026			September 30, 2025
Operating:	Cash Flows from Operating Activities:
	Net income	$	934,003		$	811,276
	Non-cash adjustments to net income		198,224			259,262
	Changes in assets and liabilities		(69,100	)		(244,493	)
	Net cash provided by operating activities		1,063,127			826,045
Investing:	Cash Flows from Investing Activities:
	Purchases of property and equipment		(85,560	)		(95,242	)
	Purchases of equity investments		(1,695	)		(756	)
	Proceeds from equity investments		4,111			—
	Acquisitions		(227,122	)		(13,350	)
	Proceeds from net investment hedges		3,126			1,239
	Net cash used by investing activities		(307,140	)		(108,109	)
Financing:	Cash Flows from Financing Activities:
	Borrowings under credit facility, net		76,000			205,000
	Payments of senior notes		(75,000	)		(103,386	)
	Repurchases of common stock		(810,014	)		(979,190	)
	Proceeds from exercises of stock options and employee stock purchase plans		82,551			75,493
	Shares withheld for statutory tax withholding payments on restricted stock		(11,003	)		(7,179	)
	Net cash used by financing activities		(737,466	)		(809,262	)
	Net effect of changes in exchange rates on cash		(1,055	)		11,226
	Net increase (decrease) in cash and cash equivalents		17,466			(80,100	)
	Cash and cash equivalents, beginning of period		180,070			288,266
	Cash and cash equivalents, end of period	$	197,536		$	208,166

	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Shares repurchased in the open market		199		411		1,369		2,055
Shares acquired through employee surrender for statutory tax withholding		—		—		17		16
Total shares repurchased		199		411		1,386		2,071

Cost of shares repurchased in the open market	$	111,819	$	241,568	$	804,698	$	978,313
Cost of shares for employee surrenders		150		85		11,003		7,179
Total cost of shares	$	111,969	$	241,653	$	815,701	$	985,492

Average cost per share – open market repurchases	$	563.04	$	587.50	$	588.14	$	475.92
Average cost per share – employee surrenders	$	545.16	$	647.08	$	626.05	$	454.46
Average cost per share – total	$	563.01	$	587.52	$	588.62	$	475.76