Revenue Growth Acceleration
Total revenue grew 14.3% YoY to $1.14B in Q1 FY2026 from $998.4M in the prior-year period, reflecting robust demand across IDEXX's diagnostics and veterinary software segments.
Source: 10-Q Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
IDEXX Laboratories delivered strong Q1 FY2026 results with revenue of $1.14B (+14.3% YoY) and net income of $278.4M (+14.7% YoY), driven by expanding gross margins and solid operating cash flow generation.
Revenue
$1.14B
+14.26% YoY
EPS (Diluted)
$3.47
+17.23% YoY
Gross Margin
63.4%
+0.9 pts YoY
Operating Income
$362.59M
+14.55% YoY
Source: SEC XBRL
Idexx Laboratories (IDXX) reported Q1 FY2026 revenue of $1.14B, up 14.3% year over year. Operating margin was 31.8%, up 0.1 points from 31.7% a year earlier. Operating cash flow was $266.25M, up 11.9% year over year. IDXX's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 4.27 | 4.02 | Beat +6.2% |
| Mar 2026This filing | 3.47 | 3.47 | Beat +0.1% |
| Dec 2025 | 3.08 | 2.99 | Beat +3.1% |
| Sep 2025 | 3.40 | 3.19 | Beat +6.5% |
Reported EPS of $3.47 versus the $3.47 analyst consensus — a +0.1% beat for Mar 2026.
Compiled by AI from this SEC filing
Total revenue grew 14.3% YoY to $1.14B in Q1 FY2026 from $998.4M in the prior-year period, reflecting robust demand across IDEXX's diagnostics and veterinary software segments.
Source: 10-Q Income Statement
Gross margin improved approximately 91 basis points YoY to 63.35% from 62.44%, indicating favorable product mix and operational leverage as revenue growth outpaced cost of revenue growth of 11.5%.
Source: 10-Q Income Statement & Key Ratios
Operating income rose 14.5% YoY to $362.6M, with operating margin holding nearly flat at 31.78% vs. 31.70% prior year, demonstrating cost discipline even as R&D spending increased 11.4% YoY to $65.8M.
Source: 10-Q Income Statement
Operating cash flow increased 11.9% YoY to $266.2M, while share buybacks declined 12.4% YoY to $351.0M, and long-term debt fell 33.3% YoY to $299.9M, reflecting a healthier balance sheet posture.
Source: 10-Q Cash Flow Statement & Balance Sheet
Diluted EPS grew 17.2% YoY to $3.47 from $2.96, outpacing net income growth of 14.7%, likely reflecting the benefit of ongoing share repurchase activity reducing the share count.
Source: 10-Q Income Statement
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
IDEXX's current ratio stands at approximately 1.12, meaning current assets only modestly exceed current liabilities of $1.30B. Current liabilities grew 14.4% YoY, faster than current assets (+10.4%), suggesting potential near-term liquidity pressure if business conditions deteriorate.
Source: 10-Q Balance Sheet & Key Ratios
The debt-to-equity ratio of 1.18 indicates IDEXX carries more total liabilities than stockholders' equity, which could constrain financial flexibility. While long-term debt has been reduced by 33.3% YoY to $299.9M, total liabilities remain at $1.83B.
Source: 10-Q Balance Sheet & Key Ratios
IDEXX repurchased $351.0M in shares during Q1 FY2026, significantly exceeding operating cash flow of $266.2M. This pace of capital return, if sustained, could pressure cash reserves or require additional borrowing.
Source: 10-Q Cash Flow Statement
R&D expenses of $65.8M represent a meaningful portion of operating costs, and any slowdown in new product development or failure to commercialize innovations could impair IDEXX's competitive positioning in the veterinary diagnostics market.
Source: 10-Q Income Statement
IDEXX's revenue is heavily concentrated in the companion animal veterinary diagnostics market, making it vulnerable to cyclical shifts in pet ownership trends, veterinary visit frequency, or macroeconomic pressures affecting discretionary pet healthcare spending.
Source: 10-Q Income Statement (inferred from business model)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 1.14 $B | 1.00 $B | +14.26% |
Cost of Revenue $M | 418.08 $M | 375.05 $M | +11.47% |
Gross Profit $M | 722.74 $M | 623.38 $M | +15.94% |
Operating Income $M | 362.59 $M | 316.53 $M | +14.55% |
Net Income $M | 278.45 $M | 242.68 $M | +14.74% |
EPS (Basic) $ | 3.50 $ | 2.98 $ | +17.45% |
EPS (Diluted) $ | 3.47 $ | 2.96 $ | +17.23% |
R&D Expense $M | 65.79 $M | 59.06 $M | +11.39% |
Answers draw on this SEC filing and the data on this page
IDEXX Laboratories posted higher Q2 FY2026 revenue and net income, led by strong CAG diagnostics recurring sales and broad margin improvement.
IDEXX Laboratories delivered strong FY2025 results with revenue growing 10.4% to $4.30B, operating income surging 20.5% to $1.36B, and net income rising 19.3% to $1.06B, driven by expanding margins and robust cash generation that funded $1.22B in share buybacks.
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