IDEXX Laboratories Announces Fourth Quarter and Full Year 2025 Results

IDEXX Laboratories Announces Fourth Quarter and Full Year 2025 Results ▪ Achieves fourth quarter revenue growth of 14% as reported and 12% organic, reflecting strong CAG Diagnostics recurring revenue, growing 12% reported and 10% organic. ▪ Strong organic growth benefits from IDEXX execution and commercial performance, including over 1,900 IDEXX inVue Dx™ placements, delivering a quarterly record of instrument placements and 12% year-over-year expansion of IDEXX's global premium instrument installed base. ▪ Delivers fourth quarter EPS of $3.08, an increase of 18% as reported and 17% on a comparable basis, supported by operating margin expansion of 150 basis points as reported and 120 basis points on a comparable basis. ▪ Provides initial outlook for 2026 revenue guidance range of $4,632 million - $4,720 million, reflecting growth of 7.6% - 9.6% reported and 7.0% - 9.0% organic, led by CAG Diagnostics recurring revenue growth of 8.6% - 10.6% as reported and 8.0% - 10.0% on an organic basis. ▪ Projects 2026 EPS of $14.29 - $14.80, an increase of 9% - 13% as reported and 10% - 14% on a comparable basis. WESTBROOK, Maine, February 2, 2026 — IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced fourth quarter and full year results. Fourth Quarter and Full Year Results The Company reports revenues of $1,091 million for the fourth quarter of 2025, an increase of 14% compared to the prior year period as reported and 12% on an organic basis, driven by Companion Animal Group ("CAG") growth of 15% as reported and 13% organic and Water revenue growth of 12% as reported and 10% organic. Earnings per diluted share (“EPS”) were $3.08 for the fourth quarter, an increase of 18% as reported and 17% on a comparable basis. Results reflect operating margin expansion of 150 basis points as reported and 120 basis points on a comparable basis. Fourth quarter EPS included $0.09 per share positive impact from currency changes and $0.07 per share in tax benefits from share-based compensation. Revenue for the full year of $4,304 million increased 10% as reported and organically, driven by 9% as reported and 8% organic growth in CAG Diagnostics recurring revenue. For the full year 2025, EPS of $13.08 increased 23% on a reported basis and 14% on a comparable basis, including a ~7% EPS growth benefit from comparison to the prior years discrete litigation expense accrual. EPS results reflect operating margin expansion of 270 basis points as reported, including a ~180 basis point positive impact from comparison to the prior years discrete litigation expense accrual, and 90 basis points on a comparable basis. EPS results include lapping a $0.56 negative impact in 2024 and an $0.08 positive impact in the first quarter of 2025 from a discrete litigation expense accrual adjustment, as well as $0.35 in tax benefits from share-based compensation, and $0.10 positive impact from currency changes. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 2 of 17 “IDEXX delivered a strong finish to 2025, supported by consistently high levels of execution by IDEXX teams around the world,” said Jay Mazelsky, President and Chief Executive Officer. “2025 was a pivotal year for the Company, marked by the successful launch of IDEXX Cancer Dx™ for canine lymphoma and meaningful adoption of IDEXX inVue Dx well ahead of our initial goals. These innovations represent an important new phase of IDEXX’s growth, expanding the role of diagnostics in earlier disease detection while helping veterinarians improve efficiency and manage workflow complexity. We enter 2026 with an exciting innovation pipeline, expanding instrument and software installed bases, and strong momentum across our global business.” Fourth Quarter Performance Highlights Companion Animal Group CAG revenue growth was led by CAG Diagnostics recurring revenue growth of 12% as reported and 10% organic, including 17% reported and 12% organic gains in international regions, and 9% reported and organic growth in the U.S., outpacing sector growth levels. U.S. growth was aided by increased diagnostic frequency, including early benefits from an aging pet population. Additional U.S. companion animal practice key metrics are available in the Q4 2025 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors. Sustained commercial execution - including net customer gains, growing benefits from IDEXX innovation, and expansion of the premium instrument installed base - drove double-digit CAG Diagnostics recurring revenue growth. ▪ IDEXX VetLab™ consumables generated 17% revenue growth as reported and 15% organically, led by recent product launches, 12% global premium instrument installed base growth, and testing utilization expansion. ▪ Reference laboratory diagnostic and consulting services generated 11% revenue growth as reported and 9% organically, with benefits from higher testing volumes, new customer acquisition, and net price gains. ▪ Rapid assay products revenues declined 2% as reported and 3% organically, as volumes continue to be impacted by the launch of the Catalyst™ Pancreatic Lipase Test in late 2024, which shifted some testing volume across modalities. CAG Diagnostics capital instrument revenues expanded 76% as reported and 69% on an organic basis, led by record quarterly instrument placements, including benefits from over 1,900 IDEXX inVue Dx placements and nearly 1,400 new and competitive Catalyst placements. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 3 of 17 Veterinary software, services and diagnostic imaging systems revenue growth increased 13% as reported and organically, led by continued cloud-native software installed base expansion. Water Water revenues grew 12% reported and 10% organic for the quarter, reflecting solid growth in the U.S. and International regions. Livestock, Poultry and Dairy (“LPD”) LPD revenues increased 8% reported and 4% organic for the quarter, led by solid gains in North and Latin America across major product categories. Gross Profit and Operating Profit Gross profit increased 15% as reported and 13% on a comparable basis. Gross margin of 60.3% expanded 50 basis points as reported and 60 basis points on a comparable basis, supported by strong volume gains, reference laboratory productivity initiatives, and net price realization, helping to offset inflationary impacts. Operating margin was 28.9% in the quarter, 150 basis points higher than the prior year period results on a reported basis and 120 basis points on a comparable basis. Operating margin results reflect an 11% operating expense increase as reported and 10% growth on a comparable basis. Operating expense growth was driven by investments in commercial resources and higher R&D spend related to advancing the Company's innovation roadmap. 2026 Growth and Financial Performance Outlook The Company's initial 2026 revenue guidance range of $4,632 million - $4,720 million, or reported growth of 7.6% - 9.6% and 7.0% - 9.0% on an organic basis, is supported by 8.6% - 10.6% reported and 8.0% - 10.0% organic CAG Diagnostics recurring revenue growth. The guidance range for global CAG Diagnostics recurring revenue growth reflects expectations for sustained benefits from execution drivers, supporting continued solid volume gains, and an estimated 4% full-year benefit from net price improvement. 2026 EPS guidance of $14.29 - $14.80 reflects expectations for solid organic revenue gains and a targeted 40 - 90 basis points of reported operating margin improvement. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 4 of 17 The following table provides the Company's initial estimates for annual key financial metrics in 2026: Amounts in millions except per share data and percentages Growth and Financial Performance Outlook 2026 Revenue $4,632 - $4,720 Reported growth 7.6% - 9.6% Organic growth 7.0% - 9.0% CAG Diagnostics Recurring Revenue Growth Reported growth 8.6% - 10.6% Organic growth 8.0% - 10.0% Operating Margin 32.0% - 32.5% Reported operating margin expansion 40 - 90 bps Comparable operating margin expansion 30 - 80 bps EPS $14.29 - $14.80 Reported growth 9% - 13% Comparable growth 10% - 14% Other Key Metrics Net interest expense ~ $34 Share-based compensation tax benefit ~ $15 Share-based compensation tax rate benefit ~ 1% Effective tax rate ~ 21.3% Share-based compensation EPS impact ~ $0.19 Reduction in average shares outstanding 1% - 2% Operating Cash Flow (% of Net Income) 105% - 115% Free Cash Flow (% of Net Income) 85% - 95% Capital Expenditures ~ $180 IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 5 of 17 The following table outlines estimates of foreign currency exchange rate impacts, net of foreign currency hedging transactions, and foreign currency exchange rate assumptions reflected in the above financial performance outlook for 2026. Estimated Foreign Currency Exchange Rate Impacts 2026 Revenue growth rate impact ~ 0.6% CAG Diagnostics recurring revenue growth rate impact ~ 0.6% Operating margin growth impact ~ 30 bps EPS impact ~ $0.22 EPS growth impact ~ 2% Go-forward Foreign Currency Exchange Rate Assumptions In U.S. dollars euro $1.16 British pound $1.33 Canadian dollar $0.72 Australian dollar $0.66 Relative to the U.S. dollar Japanese yen ¥157 Chinese renminbi ¥7.05 Brazilian real R$5.45 Conference Call and Webcast Information IDEXX Laboratories, Inc. will host a conference call today at 8:30 a.m. (Eastern) to discuss its 2025 fourth quarter and full year financial results and management’s outlook for 2026. To participate in the conference call, dial 1-800-330-6730 or 1-213-279-1575 and reference passcode 263206. Individuals can access a live webcast of the conference call on the IDEXX website, www.idexx.com/investors. An archived edition of the webcast will be available after 1:00 p.m. (Eastern) on that day via the same link and will remain available for one year. About IDEXX Laboratories, Inc. IDEXX is a global leader in pet healthcare innovation. Our diagnostic and software products and services create clarity in the complex, constantly evolving world of veterinary medicine. We support longer, fuller lives for pets by delivering insights and solutions that help the veterinary community around the world make confident decisions—to advance medical care, improve efficiency, and build thriving practices. Our innovations also help ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500™ Index. Headquartered in Maine, IDEXX employs approximately 11,000 people and offers solutions and products to customers in more than 175 countries and territories. For more information about IDEXX, visit www.idexx.com. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 6 of 17 Note Regarding Forward-Looking Statements This earnings release and the statements to be made in the accompanying earnings conference call contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including forward-looking statements about the Company’s business prospects and estimates of the Company’s financial results for future periods. Forward-looking statements are included under "2026 Growth and Financial Performance Outlook" and elsewhere in this earnings release and can be identified by the use of words such as "expects", "may", "anticipates", "intends", "would", "will", "plans", "believes", "estimates", "projected", "should", and similar words and expressions. Our forward-looking statements include statements relating to our expectations regarding financial and business performance; revenue growth and EPS outlooks; operating and free cash flow forecast; projected impact of foreign currency exchange rates and interest rates; projected operating margins and expenses and capital expenditures; projected tax, tax rate and EPS benefits from share-based compensation arrangements; projected effective tax rates, reduction of average shares outstanding and net interest expense; share repurchases; addition of mast cell tumor detection to IDEXX Cancer Dx panel, international launch of IDEXX Cancer Dx canine lymphoma test and canine lymphoma monitoring opportunity; IDEXX inVue Dx instrument placements, premium instrument installed base expansion and CAG instrument revenue; U.S. clinical visit levels and trends; net price realization; and impact of tariffs. These statements are intended to provide management's expectations or forecasts of future events as of the date of this earnings release; are based on management's estimates, projections, beliefs and assumptions as of the date of this earnings release; and are not guarantees of future performance. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, among other things, the adverse impact, and the duration, of macroeconomic events, conditions, and uncertainties, such as geopolitical instability (including wars, terrorist attacks, and armed conflicts), general economic uncertainty, changes in U.S. and other countries’ tariff and trade policies, severe weather and other natural conditions, and supply chain challenges on our business, results of operations, liquidity, financial condition, and stock price, as well as the other matters described under the headings "Business," "Risk Factors," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the corresponding sections of the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, as well as those described from time to time in the Company’s other filings with the U.S. Securities and Exchange Commission available at www.sec.gov. The Company specifically disclaims any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Statement Regarding Non-GAAP Financial Measures The following defines terms and conventions and provides reconciliations regarding certain measures used in this earnings release and/or the accompanying earnings conference call that are not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"), otherwise referred to as non-GAAP financial measures. To supplement the Company’s consolidated results presented in accordance with GAAP, the Company has disclosed non-GAAP financial measures that exclude or adjust certain items. Management believes these non-GAAP financial measures provide useful supplemental information for its and investors’ evaluation of the Company’s business performance and liquidity and are useful for period-over-period comparisons of the performance of the Company’s business and its liquidity and to the performance and liquidity of our peers. While management believes that these non-GAAP financial measures are useful in evaluating the Company’s business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies. Constant currency - Constant currency references are non-GAAP financial measures which exclude the impact of changes in foreign currency exchange rates and are consistent with how management evaluates our performance and comparisons with prior and future periods. We estimated the net impacts of currency on our revenue, gross profit, operating profit, and EPS results by restating results to the average exchange rates or exchange rate assumptions for the comparative period, which includes adjusting for the estimated impacts of foreign currency hedging transactions and certain impacts on our effective tax rates. These estimated currency changes impacted fourth quarter 2025 results as follows: increased gross profit growth by 2.0%, decreased gross margin growth by 10 basis points, increased operating expense growth by 0.7%, increased operating profit margin growth by 30 basis points, and increased EPS growth by 3.4%. Estimated currency changes impacted full year 2025 results as follows: increased gross profit growth by 0.8%, decreased gross margin growth by 10 basis points, increased operating expense growth by 0.6%, negligible operating profit margin growth of 0 basis points, and increased EPS growth by 0.9%. Constant currency revenue growth represents the percentage change in revenue during the applicable period, as compared to the prior year period, excluding the impact of changes in foreign currency exchange rates. See the supplementary analysis of results below for revenue percentage change from currency for the three months and year ended December 31, 2025 and refer to the 2026 Growth and Financial Performance Outlook section of this press release for estimated foreign currency exchange rate impacts on 2026 projections and estimates. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 7 of 17 Growth and organic revenue growth - All references to growth and organic growth refer to growth compared to the equivalent prior year period unless specifically noted. Organic revenue growth is a non-GAAP financial measure that represents the percentage change in revenue, as compared to the same period for the prior year, net of the impact of changes in foreign currency exchange rates, certain business acquisitions, and divestitures. Management believes that reporting organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to the performance of our peers. Organic revenue growth should be considered in addition to, and not as a replacement of or a superior measure to, revenue growth reported in accordance with GAAP. See the supplementary analysis of results below for a reconciliation of reported revenue growth to organic revenue growth for the three and twelve months ended December 31, 2025. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. The percentage change in revenue resulting from acquisitions represents revenues during the current year period, limited to the initial 12 months from the date of the acquisition, that are directly attributable to business acquisitions. Revenue from acquisitions is expected to increase projected full year 2026 revenue growth by an immaterial amount. We exclude from organic revenue growth the effect of changes in foreign currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject to volatility, and can obscure underlying business trends. We calculate the impact on revenue resulting from changes in foreign currency exchange rates by applying the difference between the weighted average exchange rates during the current year period and the comparable prior year period to foreign currency denominated revenues for the prior year period. We also exclude from organic revenue growth the effect of certain business acquisitions and divestitures because the nature, size, and number of these transactions can vary dramatically from period to period, and because they either require or generate cash as an inherent consequence of the transaction, and therefore can also obscure underlying business and operating trends. We consider acquisitions to be a business when all three elements of inputs, processes, and outputs are present, consistent with ASU 2017-01, “Business Combinations: (Topic 805) Clarifying the Definition of a Business.” In a business combination, if substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, we do not consider these assets to be a business. A typical acquisition that we do not consider a business is a customer list asset acquisition, which does not have all elements necessary to operate a business, such as employees or infrastructure. We believe the efforts required to convert and retain these acquired customers are similar in nature to our existing customer base and therefore are included in organic revenue growth. Comparable growth metrics - Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) are non-GAAP financial measures and exclude the impact of changes in foreign currency exchange rates and non-recurring or unusual items (if any). Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Management believes that reporting comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) provides useful information to investors because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding key metrics used by management. Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) should be considered in addition to, and not as replacements of or superior measures to, gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain reported in accordance with GAAP. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 8 of 17 The reconciliation of these non-GAAP financial measures is as follows: Three Months Ended Year-over-Year Twelve Months Ended Year-over-Year December 31, December 31, Change December 31, December 31, Change Dollar amounts in thousands 2025 2024 2025 2024 Gross profit and growth (as reported) $ 658,114 $ 570,660 15 % $ 2,659,579 $ 2,378,927 12 % Gross margin and margin gain 60.3 % 59.8 % 50 bps 61.8 % 61.0 % 80 bps Less: comparability adjustments Change from currency 11,448 — 18,110 — Comparable gross profit and growth $ 646,666 $ 570,660 13 % $ 2,641,470 $ 2,378,927 11 % Comparable gross margin and margin gain 60.4 % 59.8 % 60 bps 61.9 % 61.0 % 80 bps Operating expenses and growth (as reported) $ 342,509 $ 308,974 11 % $ 1,299,548 $ 1,250,590 4 % Less: comparability adjustments Change from currency 2,073 — 7,897 — Now-concluded litigation matter — — (8,600 ) 61,500 Comparable operating expense and growth 340,436 308,974 10 % 1,300,251 1,189,090 9 % Operating profit and growth (as reported) $ 315,605 $ 261,686 21 % $ 1,360,031 $ 1,128,337 21 % Operating margin and margin gain 28.9 % 27.4 % 150 bps 31.6 % 29.0 % 270 bps Less: comparability adjustments Change from currency 9,375 — 10,213 — Now-concluded litigation matter — — 8,600 (61,500 ) Comparable operating profit and growth $ 306,230 $ 261,686 17 % $ 1,341,218 $ 1,189,837 13 % Comparable operating margin and margin gain 28.6 % 27.4 % 120 bps 31.4 % 30.5 % 90 bps Amounts presented may not recalculate due to rounding. Projected 2026 comparable operating margin expansion outlined in the 2026 Growth and Financial Performance Outlook section of this earnings release reflects: (i) full year 2025 reported operating margin adjusted for 20 basis point favorable impact of discrete expense accrual related to now-concluded litigation matter in the first quarter of 2025; and (ii) projected full year 2026 reported operating margin adjusted for estimated positive year-over-year foreign currency exchange rate change impact of approximately 30 basis points. These impacts described above reconcile reported gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain (including projected 2026 operating margin expansion) to comparable gross profit growth, comparable gross margin gain, comparable operating expense growth, comparable operating profit growth and comparable operating margin gain for the Company. Comparable EPS and growth - Comparable EPS and growth are non-GAAP financial measures that represents the percentage change in earnings per share (diluted) ("EPS") for a measurement period, as compared to the prior base period, net of the impact of changes in foreign currency exchange rates from the prior base period and excluding the tax benefits of share-based compensation activity under ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, and non-recurring or unusual items (if any). Management believes comparable EPS and growth are a more useful way to measure the Company’s business performance than EPS and growth because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding a key metric used by management. Comparable EPS and growth should be considered in addition to, and not as a replacement of or a superior measure to, EPS and growth reported in accordance with GAAP. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 9 of 17 The reconciliation of this non-GAAP financial measure is as follows: Three Months Ended Year-over-Year Twelve Months Ended Year-over-Year December 31, December 31, December 31, December 31, 2025 2024 Growth 2025 2024 Growth Earnings per share (diluted) and growth $ 3.08 $ 2.62 18 % $ 13.08 $ 10.67 23 % Less: comparability adjustments Share-based compensation activity 0.07 0.13 0.35 0.24 Now-concluded litigation matter — — 0.08 (0.56 ) Change from currency 0.09 — 0.10 — Comparable EPS and growth $ 2.92 $ 2.49 17 % $ 12.55 $ 10.99 14 % Amounts presented may not recalculate due to rounding. Projected 2026 comparable EPS growth outlined in the 2026 Growth and Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) full year 2025 reported EPS adjusted for positive benefit of share-based compensation activity of $0.35 and $0.08 positive impact from a discrete expense accrual release related to a now-concluded litigation matter in the first quarter of 2025; and (ii) projected full year 2026 reported EPS adjusted for positive benefit of estimated share-based compensation activity of $0.19 and estimated positive year-over-year foreign currency exchange rate change impact of $0.22. These impacts and those described in the constant currency note above reconcile reported EPS growth (including projected 2026 reported EPS growth) to comparable EPS growth for the Company. Segment and Other Income from Operations - We report segment income from operations in our Segment Information table below. Segment income from operations is a non-GAAP financial measure that adjusts for the impact of foreign currency transaction gains and losses and should be considered in addition to, and not as a replacement for, or superior measure to, income from operations. We exclude foreign currency transaction gains and losses for each reportable segment (CAG, Water, and LPD) from segment income from operations and report the full amount of foreign currency transaction gains and losses in Other. We believe that reporting segment income from operations provides supplemental analysis to help investors further evaluate each reportable segment’s business performance by excluding foreign currency transaction gains and losses, which are centrally managed by our corporate treasury function and which we do not consider relevant for assessing the results of each reportable segment’s operations. In addition, we believe that reporting segment income from operations provides information to investors regarding key metrics that are used by management, including our chief operating decision-maker, in evaluating the performance of each reportable segment. The reconciliation of this non-GAAP financial measure is as follows for the three and twelve months ended December 31, 2025 and 2024: Three Months Ended December 31, Amounts in thousands 2025 2024 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 $ 291,320 $ 1,150 $ 292,470 $ 236,695 $ 3,393 $ 240,088 Water 21,308 86 21,394 20,729 262 20,991 LPD 3,040 98 3,138 3,060 319 3,379 Other (63 ) (1,334 ) (1,397 ) 1,202 (3,974 ) (2,772 ) Total $ 315,605 $ — $ 315,605 $ 261,686 $ — $ 261,686 Twelve months ended December 31, Amounts in thousands 2025 2024 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 $ 1,260,969 $ 3,604 $ 1,264,573 $ 1,034,539 $ 3,877 $ 1,038,416 Water 92,999 269 93,268 84,244 289 84,533 LPD 2,942 287 3,229 6,272 361 6,633 Other 3,121 (4,160 ) (1,039 ) 3,282 (4,527 ) (1,245 ) Total $ 1,360,031 $ — $ 1,360,031 $ 1,128,337 $ — $ 1,128,337 IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 10 of 17 Free cash flow - Free cash flow is a non-GAAP financial measure and means, with respect to a measurement period, the cash generated from operations during that period, reduced by the Company’s investments in property and equipment. Management believes free cash flow is a useful measure because it indicates the cash the operations of the business are generating after appropriate reinvestment for recurring investments in property and equipment that are required to operate the business. Free cash flow should be considered in addition to, and not as a replacement of or a superior measure to, net cash provided by operating activities. See the supplementary analysis of results below for our calculation of free cash flow for the years ended December 31, 2025 and 2024. To estimate projected 2026 free cash flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of ~180 million. Free cash flow conversion, or the net income to free cash flow ratio, is a non-GAAP financial measure that is defined as free cash flow, with respect to a measurement period, divided by net income for the same period. To calculate the free cash flow conversion for the twelve months ended December 31, 2025, we have deducted purchases of property and equipment of approximately $125 million from net cash provided from operating activities of approximately $1,182 million, divided by net income of approximately $1,059 million. Debt to Adjusted EBITDA (Leverage Ratios) - Adjusted EBITDA, gross debt, and net debt are non-GAAP financial measures. Adjusted EBITDA is a non-GAAP financial measure of earnings before interest, taxes, depreciation, amortization, non-recurring transaction expenses incurred in connection with acquisitions, share-based compensation expense, and certain other non-cash losses and charges. Management believes that reporting Adjusted EBITDA, gross debt and net debt in the Debt to Adjusted EBITDA ratios provides supplemental analysis to help investors further evaluate the Company's business performance and available borrowing capacity under the Company's credit facility. Adjusted EBITDA, gross debt, and net debt should be considered in addition to, and not as replacements of or superior measures to, net income or total debt reported in accordance with GAAP. For further information on how Adjusted EBITDA and the Debt to Adjusted EBITDA Ratios are calculated, see the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. After-Tax Return on Invested Capital, Excluding Cash and Investments (“ROIC”) - After-Tax Return on Invested Capital, Excluding Cash and Investments, is a non-GAAP financial measure. After-tax return on invested capital, excluding cash and investments, represents our after-tax income from operations, divided by our average invested capital, excluding cash and investments, using beginning and ending balance sheet values. Management believes that reporting ROIC provides useful information to investors for evaluating the efficiency and effectiveness of our use of capital. ROIC, after-tax income from operations and average invested capital, excluding cash and investments, are not measures of financial performance under GAAP and should be considered in addition to, and not as replacements of or superior measures to, return on assets, net income, total assets or other financial measures reported in accordance with GAAP. See the supplementary table below for reconciliation of this non-GAAP financial measure. Notes and Definitions Discrete litigation expense accrual - During the second quarter of 2024, the Company increased its previously established $27.5 million accrual related to a now-concluded litigation matter by $61.5 million. During the first quarter of 2025, the Company reduced this previously established $89.0 million accrual by approximately $9 million, resulting in a total accrual for this now-concluded litigation matter of approximately $80 million as of March 31, 2025, which represented our best estimate at that time of the amount of the loss. Now-concluded litigation matter - The Company was a defendant in a litigation matter involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an expired patent license agreement, and the trial court ruled in favor of the plaintiff in 2020. Following appeals and in light of the appellate court's April 3, 2025 decision, on April 17, 2025, the Company paid the judgment of approximately $80 million, and the plaintiff executed a satisfaction and release of judgment, which was filed with the trial court on the same date, concluding this matter. For further information, see the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 11 of 17 IDEXX Laboratories, Inc. and Subsidiaries Condensed Consolidated Statement of Operations Amounts in thousands except per share data (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Revenue: Revenue $ 1,090,579 $ 954,288 $ 4,303,702 $ 3,897,504 Expenses and Income: Cost of revenue 432,465 383,628 1,644,123 1,518,577 Gross profit 658,114 570,660 2,659,579 2,378,927 Sales and marketing 167,060 150,108 643,547 588,507 General and administrative 108,616 101,137 404,794 442,291 Research and development 66,833 57,729 251,207 219,792 Total operating expenses 342,509 308,974 1,299,548 1,250,590 Income from operations 315,605 261,686 1,360,031 1,128,337 Interest expense, net (8,623 ) (5,299 ) (35,842 ) (18,506 ) Income before provision for income taxes 306,982 256,387 1,324,189 1,109,831 Provision for income taxes 58,794 40,238 264,725 221,964 Net Income: Net income attributable to stockholders $ 248,188 $ 216,149 $ 1,059,464 $ 887,867 Earnings per share: Basic $ 3.11 $ 2.64 $ 13.17 $ 10.77 Earnings per share: Diluted $ 3.08 $ 2.62 $ 13.08 $ 10.67 Shares outstanding: Basic 79,898 81,846 80,427 82,467 Shares outstanding: Diluted 80,480 82,538 81,025 83,246 IDEXX Laboratories, Inc. and Subsidiaries Selected Operating Information (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Operating Ratios Gross profit 60.3 % 59.8 % 61.8 % 61.0 % (as a percentage of revenue): Sales, marketing, general and administrative expense 25.3 % 26.3 % 24.4 % 26.4 % Research and development expense 6.1 % 6.0 % 5.8 % 5.6 % Income from operations 1 28.9 % 27.4 % 31.6 % 29.0 % 1 Amounts presented may not recalculate due to rounding. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 12 of 17 IDEXX Laboratories, Inc. and Subsidiaries Segment Information Amounts in thousands (Unaudited) Three Months Ended Three Months Ended December 31, Percent of December 31, Percent of 2025 Revenue 2024 Revenue Revenue: CAG $ 998,472 $ 870,471 Water 50,530 45,153 LPD 37,485 34,557 Other 4,092 4,107 Total $ 1,090,579 $ 954,288 Gross Profit: CAG $ 604,293 60.5 % $ 519,412 59.7 % Water 33,648 66.6 % 32,685 72.4 % LPD 18,969 50.6 % 17,141 49.6 % Other 1,204 29.4 % 1,422 34.6 % Total $ 658,114 60.3 % $ 570,660 59.8 % Income from Operations: CAG $ 292,470 29.3 % $ 240,088 27.6 % Water 21,394 42.3 % 20,991 46.5 % LPD 3,138 8.4 % 3,379 9.8 % Other (1,397 ) (34.1 )% (2,772 ) (67.5 )% Total $ 315,605 28.9 % $ 261,686 27.4 % Twelve Months Ended Twelve Months Ended December 31, Percent of December 31, Percent of 2025 Revenue 2024 Revenue Revenue: CAG $ 3,953,285 $ 3,574,044 Water 201,149 185,112 LPD 131,787 122,060 Other 17,481 16,288 Total $ 4,303,702 $ 3,897,504 Gross Profit: CAG $ 2,448,674 61.9 % $ 2,179,180 61.0 % Water 139,289 69.2 % 130,011 70.2 % LPD 64,208 48.7 % 62,560 51.3 % Other 7,408 42.4 % 7,176 44.1 % Total $ 2,659,579 61.8 % $ 2,378,927 61.0 % Income from Operations: CAG $ 1,264,573 32.0 % $ 1,038,416 29.1 % Water 93,268 46.4 % 84,533 45.7 % LPD 3,229 2.5 % 6,633 5.4 % Other (1,039 ) (5.9 )% (1,245 ) (7.6 )% Total $ 1,360,031 31.6 % $ 1,128,337 29.0 % IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 13 of 17 IDEXX Laboratories, Inc. and Subsidiaries Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets Amounts in thousands (Unaudited) Three Months Ended Reported Percentage Percentage Organic December 31, December 31, Dollar Revenue Change from Change from Revenue Net Revenue 2025 2024 Change Growth 1 Currency Acquisitions Growth 1 CAG $ 998,472 $ 870,471 $ 128,001 14.7 % 1.9 % — 12.8 % United States 642,657 574,103 68,554 11.9 % — — 11.9 % International 355,815 296,368 59,447 20.1 % 5.8 % — 14.3 % Water $ 50,530 $ 45,153 $ 5,377 11.9 % 2.4 % — 9.5 % United States 23,651 22,016 1,635 7.4 % — — 7.4 % International 26,879 23,137 3,742 16.2 % 4.7 % — 11.5 % LPD $ 37,485 $ 34,557 $ 2,928 8.5 % 4.5 % — 4.0 % United States 7,037 6,410 627 9.8 % — — 9.8 % International 30,448 28,147 2,301 8.2 % 5.4 % — 2.7 % Other $ 4,092 $ 4,107 $ (15 ) (0.4 )% — — (0.4 )% Total Company $ 1,090,579 $ 954,288 $ 136,291 14.3 % 2.0 % — 12.2 % United States 675,015 603,961 71,054 11.8 % — — 11.8 % International 415,564 350,327 65,237 18.6 % 5.6 % — 13.0 % Three Months Ended Reported Percentage Percentage Organic December 31, December 31, Dollar Revenue Change from Change from Revenue Net CAG Revenue 2025 2024 Change Growth 1 Currency Acquisitions Growth 1 CAG Diagnostics recurring revenue: $ 849,664 $ 757,451 $ 92,213 12.2 % 1.9 % — 10.2 % IDEXX VetLab consumables 389,048 331,845 57,203 17.2 % 2.5 % — 14.7 % Rapid assay products 76,038 77,375 (1,337 ) (1.7 )% 0.8 % — (2.5 )% Reference laboratory diagnostic and consulting services 349,248 316,027 33,221 10.5 % 1.6 % — 8.9 % CAG Diagnostics services and accessories 35,330 32,204 3,126 9.7 % 2.2 % — 7.5 % CAG Diagnostics capital – instruments 58,133 33,016 25,117 76.1 % 6.8 % — 69.2 % Veterinary software, services and diagnostic imaging systems: 90,675 80,004 10,671 13.3 % 0.3 % — 13.0 % Recurring revenue 70,603 62,898 7,705 12.2 % 0.4 % — 11.9 % Systems and hardware 20,072 17,106 2,966 17.3 % 0.1 % — 17.2 % Net CAG revenue $ 998,472 $ 870,471 $ 128,001 14.7 % 1.9 % — 12.8 % Three Months Ended Reported Percentage Percentage Organic December 31, December 31, Dollar Revenue Change from Change from Revenue 2025 2024 Change Growth 1 Currency Acquisitions Growth 1 CAG Diagnostics recurring revenue: $ 849,664 $ 757,451 $ 92,213 12.2 % 1.9 % — 10.2 % United States $ 536,672 $ 490,240 $ 46,432 9.5 % — — 9.5 % International $ 312,992 $ 267,211 $ 45,781 17.1 % 5.6 % — 11.5 % 1 See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 14 of 17 IDEXX Laboratories, Inc. and Subsidiaries Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets Amounts in thousands (Unaudited) Twelve Months Ended Reported Percentage Percentage Organic December 31, December 31, Dollar Revenue Change from Change from Revenue Net Revenue 2025 2024 Change Growth 1 Currency Acquisitions Growth 1 CAG $ 3,953,285 $ 3,574,044 $ 379,241 10.6 % 0.8 % — 9.8 % United States 2,619,461 2,409,152 210,309 8.7 % — 0.1 % 8.7 % International 1,333,824 1,164,892 168,932 14.5 % 2.5 % — 12.0 % Water $ 201,149 $ 185,112 $ 16,037 8.7 % 0.6 % — 8.0 % United States 101,314 95,347 5,967 6.3 % — — 6.3 % International 99,835 89,765 10,070 11.2 % 1.3 % — 9.9 % LPD $ 131,787 $ 122,060 $ 9,727 8.0 % 1.8 % — 6.1 % United States 25,453 22,250 3,203 14.4 % — — 14.4 % International 106,334 99,810 6,524 6.5 % 2.2 % — 4.3 % Other $ 17,481 $ 16,288 $ 1,193 7.3 % — — 7.3 % Total Company $ 4,303,702 $ 3,897,504 $ 406,198 10.4 % 0.8 % — 9.6 % United States 2,752,785 2,533,174 219,611 8.7 % — 0.1 % 8.6 % International 1,550,917 1,364,330 186,587 13.7 % 2.3 % — 11.3 % Twelve Months Ended Reported Percentage Percentage Organic December 31, December 31, Dollar Revenue Change from Change from Revenue Net CAG Revenue 2025 2024 Change Growth 1 Currency Acquisitions Growth 1 CAG Diagnostics recurring revenue: $ 3,407,199 $ 3,129,492 $ 277,707 8.9 % 0.8 % — 8.1 % IDEXX VetLab consumables 1,496,752 1,303,250 193,502 14.8 % 1.1 % — 13.7 % Rapid assay products 348,950 359,754 (10,804 ) (3.0 )% 0.3 % — (3.3 )% Reference laboratory diagnostic and consulting services 1,424,073 1,336,121 87,952 6.6 % 0.7 % — 5.9 % CAG Diagnostics services and accessories 137,424 130,367 7,057 5.4 % 1.0 % — 4.5 % CAG Diagnostics capital – instruments 200,206 131,928 68,278 51.8 % 2.5 % — 49.3 % Veterinary software, services and diagnostic imaging systems 345,880 312,624 33,256 10.6 % — 0.4 % 10.2 % Recurring revenue 276,338 250,359 25,979 10.4 % — 0.4 % 9.9 % Systems and hardware 69,542 62,265 7,277 11.7 % (0.1 )% 0.4 % 11.4 % Net CAG revenue $ 3,953,285 $ 3,574,044 $ 379,241 10.6 % 0.8 % — 9.8 % Twelve Months Ended Reported Percentage Percentage Organic December 31, December 31, Dollar Revenue Change from Change from Revenue 2025 2024 Change Growth 1 Currency Acquisitions Growth 1 CAG Diagnostics recurring revenue: $ 3,407,199 $ 3,129,492 $ 277,707 8.9 % 0.8 % — 8.1 % United States $ 2,214,609 $ 2,080,277 $ 134,332 6.5 % — — 6.5 % International $ 1,192,590 $ 1,049,215 $ 143,375 13.7 % 2.5 % — 11.2 % 1 See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 15 of 17 IDEXX Laboratories, Inc. and Subsidiaries Condensed Consolidated Balance Sheet Amounts in thousands (Unaudited) December 31, December 31, 2025 2024 Assets: Current Assets: Cash and cash equivalents $ 180,070 $ 288,266 Accounts receivable, net 552,378 473,575 Inventories 377,756 381,877 Other current assets 303,623 256,179 Total current assets 1,413,827 1,399,897 Property and equipment, net 747,380 713,123 Other long-term assets, net 1,189,552 1,180,423 Total assets $ 3,350,759 $ 3,293,443 Liabilities and Stockholders' Equity: Current Liabilities: Accounts payable $ 110,408 $ 114,211 Accrued liabilities 530,147 502,119 Credit facility 398,000 250,000 Current portion of long-term debt 74,995 167,787 Deferred revenue 35,264 33,799 Total current liabilities 1,148,814 1,067,916 Long-term debt, net of current portion 374,842 449,786 Other long-term liabilities, net 221,720 180,428 Total long-term liabilities 596,562 630,214 Total stockholders' equity 1,605,383 1,595,313 Total liabilities and stockholders' equity $ 3,350,759 $ 3,293,443 IDEXX Laboratories, Inc. and Subsidiaries Selected Balance Sheet Information (Unaudited) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Selected Balance Sheet Information: Days sales outstanding 1 46.8 46.5 44.7 45.7 47.1 Inventory turns 2 1.6 1.5 1.5 1.3 1.3 1 Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days. 2 Inventory turns represent inventory-related cost of product revenue for the twelve months preceding each quarter-end divided by the average inventory balances at the beginning and end of each quarter. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 16 of 17 IDEXX Laboratories, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows Amounts in thousands (Unaudited) Twelve Months Ended December 31, December 31, 2025 2024 Operating: Cash Flows from Operating Activities: Net income $ 1,059,464 $ 887,867 Non-cash charges 349,855 174,372 Changes in assets and liabilities (227,514 ) (133,238 ) Net cash provided by operating activities 1,181,805 929,001 Investing: Cash Flows from Investing Activities: Purchases of property and equipment (124,676 ) (120,922 ) Acquisitions of businesses, intangibles, and equity investment, net of cash acquired (14,306 ) (87,698 ) Proceeds from net investment hedges 2,743 1,558 Net cash used by investing activities (136,239 ) (207,062 ) Financing: Cash Flows from Financing Activities: Borrowings on credit facilities, net 148,000 — Payments of senior debt (178,385 ) (75,000 ) Debt issuance costs (3,738 ) — Repurchases of common stock (1,216,964 ) (837,034 ) Proceeds from exercises of stock options and employee stock purchase plans 93,362 44,492 Shares withheld for statutory tax withholding payments on restricted stock (7,239 ) (10,531 ) Net cash used by financing activities (1,164,964 ) (878,073 ) Net effect of changes in exchange rates on cash 11,202 (9,532 ) Net change in cash and cash equivalents (108,196 ) (165,666 ) Cash and cash equivalents, beginning of period 288,266 453,932 Cash and cash equivalents, end of period $ 180,070 $ 288,266 IDEXX Laboratories, Inc. and Subsidiaries Free Cash Flow Amounts in thousands (Unaudited) Twelve Months Ended December 31, December 31, 2025 2024 Free Cash Flow: Net cash provided by operating activities $ 1,181,805 $ 929,001 Investing cash flows attributable to purchases of property and equipment (124,676 ) (120,922 ) Free cash flow 1 $ 1,057,129 $ 808,079 1 See Statements Regarding Non-GAAP Financial Measures, above. IDEXX Announces Fourth Quarter and Full Year Results February 2, 2026 Page 17 of 17 IDEXX Laboratories, Inc. and Subsidiaries After-Tax Return on Invested Capital, Excluding Cash and Investments ("ROIC") Amounts in thousands (Unaudited) Numerator For the Year Ended December 31, 2025 Income from operations (as reported) $ 1,360,031 After-tax income from operations 1 $ 1,088,141 Denominator As of December 31, 2025 As of December 31, 2024 Total shareholders’ equity $ 1,605,383 $ 1,595,313 Credit facility 398,000 250,000 Long-term debt, current portion 74,995 167,787 Long-term debt, net of current portion 374,842 449,786 Deferred income tax assets (27,871 ) (125,630 ) Deferred income tax liabilities 31,865 11,312 Total invested capital $ 2,457,214 $ 2,348,568 Less cash and cash equivalents 180,070 288,266 Total invested capital, excluding cash and investments $ 2,277,144 $ 2,060,302 Average invested capital, excluding cash and investments 2 $ 2,168,723 After-tax return on invested capital, excluding cash and investments 50.2 % 1 After-tax income from operations represents income from operations reduced by our reported effective tax rate. 2 Average invested capital, excluding cash and investments, represents the average of the amount of total invested capital, excluding cash and investments. IDEXX Laboratories, Inc. and Subsidiaries Common Stock Repurchases Amounts in thousands except per share data (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Shares repurchased in the open market 356 564 2,411 1,741 Shares acquired through employee surrender for statutory tax withholding — — 16 19 Total shares repurchased 356 564 2,427 1,760 Cost of shares repurchased in the open market $ 242,018 $ 248,685 $ 1,220,331 $ 848,901 Cost of shares for employee surrenders 59 45 7,238 10,531 Total cost of shares $ 242,077 $ 248,730 $ 1,227,569 $ 859,432 Average cost per share – open market repurchases $ 680.28 $ 441.37 $ 506.07 $ 487.66 Average cost per share – employee surrenders $ 728.97 $ 423.35 $ 455.86 $ 556.90 Average cost per share – total $ 680.30 $ 441.37 $ 505.74 $ 488.40 Contact: John Ravis, Investor Relations investorrelations@idexx.com