Revenue | Operating Profit | Diluted Earnings Per Share | |
$1,217M | $426M | $4.27 | |
Reported growth: Organic growth: | +10% +9% | 35% of Revenue YoY change in basis points: | Reported growth: +18% |
Reported
+140 bps
Comparable growth:
+15%
Organic growth:
+10%
Comparable
+110 bps
CAG Water LPD
Revenue | $1,118M | Revenue | $59M | Revenue | $35M |
Reported growth: | +9% | Reported growth: | +15% | Reported growth: | +11% |
Organic growth: | +9% | Organic growth: | +13% | Organic growth: | +9% |
Net CAG Revenue | Q2 Revenue | Reported Growth year over year | Organic Growth year over year | Q2 Premium Instrument | WW | U.S. | Intl | |
Placements | ||||||||
Catalyst | 1,343 | 473 | 870 | |||||
CAG Diagnostics Recurring | $975M | +11% | +10% | |||||
New and competitive | 1,008 | 284 | 724 | |||||
IDEXX VetLab™ Consumables | $430M | +15% | +14% | |||||
Second | 334 | 189 | 145 | |||||
Rapid Assay Products | $102M | +1% | +1% | |||||
Reference Laboratory Dx and | $407M | +11% | +10% | Premium Hematology | 1,402 | 403 | 999 | |
Consulting Services | ||||||||
New and competitive | 1,067 | 287 | 780 | |||||
CAG Diagnostics Services and | $36M | +3% | +2% | |||||
Accessories | Upgrades | 335 | 116 | 219 | ||||
CAG Diagnostics Capital - Instruments | $47M | -19% | -20% | |||||
SediVue Dx™ | 918 | 343 | 575 | |||||
Veterinary Software, Services and | $96M | +12% | +12% | |||||
Diagnostic Imaging Systems | ||||||||
|
IDEXX inVue Dx™ | 1,602 | 932 | 670 | |||||
Recurring revenues | $76M | +11% | +10% | |||||
TOTAL | 5,265 | 2,151 | 3,114 | |||||
System and hardware | $20M | +18% | +18% |
IDEXX Premium Instruments Installed Base (in thousands)
11%
year over year
Catalyst Premium Hematology
5% 8%
SediVue
IDEXX inVue Dx
year over year
74.1
69.1
77.9 78.8 79.8
47.8
51.8
55.9
year over year
56.9 57.8
13%
year over year
21.3
18.1
24.3 24.8 25.7
237%
year over year
7.5
6.4
0.0 0.0
9.1
Q4 Q4 Q4 Q1 Q2
Q4 Q4 Q4 Q1 Q2
Q4 Q4 Q4 Q1 Q2
Q4 Q4 Q4 Q1 Q2
2023 2024 2025 2026 2023 2024 2025 2026 2023 2024 2025 2026 2023 2024 2025 2026IDEXX Q2 2026 Earnings Highlights (NASDAQ: IDXX)
2026 Growth and Financial Performance Outlook Commentary
Increases full year guidance midpoint to reflect strong CAG Diagnostics recurring revenue performance driven by IDEXX commercial execution, increases outlook for comparable operating margin expansion and EPS growth.
Updates revenue guidance to $4,700 million - $4,745 million, 9.1% - 10.3% growth as reported and 8.5% - 9.7% organic, raising organic growth guidance at midpoint by 40 basis points vs. prior guide to reflect strong commercial performance.
Revises reported operating margin outlook to 32.3% - 32.5%, reflecting 70 - 90 basis points of full-year comparable operating margin improvement, which excludes a 30 basis point unfavorable impact related to loss on an equity investment and prior year discrete litigation expense.
Increases EPS outlook to $14.69 - $14.94, reflecting an increase of $0.14 compared to prior guidance midpoint, supported by increased revenue and comparable operating margin outlook.
Growth and Financial Performance Outlook | 2026 | ||||
Revenue | $4,700 | - $4,745 | |||
Reported growth | 9.1% | - 10.3% | |||
Organic growth | 8.5% | - 9.7% | |||
CAG Diagnostics Recurring Revenue Growth | |||||
Reported growth | 10.1% | - 11.3% | |||
Organic growth | 9.5% | - 10.7% | |||
Operating Margin | 32.3% | - 32.5% | |||
Reported margin expansion | 70 bps | - 90 bps | |||
Comparable margin expansion | 70 bps | - 90 bps | |||
EPS | $14.69 | - $14.94 | |||
Reported growth | 12% | - 14% | |||
Comparable growth | 13% | - 15% | |||
Other Key Metrics | |||||
Net interest expense | ~ $35 | ||||
Share-based compensation tax benefit | ~ $19 | ||||
Effective tax rate | ~ 21.1% | ||||
Reduction in average shares outstanding | 1.5% | - 2% | |||
Operating Cash Flow (% of Net Income) | 110% | - 120% | |||
Free Cash Flow (% of Net Income) | 90% | - 100% | |||
Capital Expenditures | ~ $180 |
Amounts in millions except per share data and percentages
IDEXX Q2 2026 Earnings Highlights (NASDAQ: IDXX)
25%
20%
Total Practice Revenue and Visit Growth
Weighted Average Year-over-Year % Change Per Practice*
15%
5%
0%
-S%
-3.1%
-1 1%
-1.7°% 2.9% 21% 2.6
Practice Revenue
19° 2.6°X
Total Visits
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 2026
Clinical Visit Growth
Weighted Average Year-over-Year % Change Per Practice*
16%
12%
8%
4%
-4%
-8%
-3.8%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 2026
Total visits include clinical and non-clinical visits. In 2025, there were an estimated -310 million U.S. total visits. Approximately 70% of estimated U.S. companion animal diagnostic sector revenue is from non-wellness visits.
C/inica/ v/s//s are those where the reason for visit involves an interaction between a clinician and a pet.
Non-wellness visits include those for which the reason for visit is sickness, procedure or monitoring.
include those visits for which the reason for visit is an annual exam, vaccination, or routine check-up.
"Note that we estimate net new practice formation adds -1% of incremental market growth per year beyond per practice growth. Growth rate estimate wilh margin of error of +/ - 0.4% at a 95% confidence level.
Source: IDEXX Practice Intelligence data; sample of -9,200 practices representing eight different practice information management systems, weighted to represent the country based on practice size and region. We update sector reporting, including previously reported periods, for data latency, changes to practice sample, and ongoing refinements to better characterize the companion animal sector.
Contributors to U.S. Companion Animal Diagnostic Revenue Growth per Practice**
+ 7.0% + 6.0%
Q2'2026
Year-Over-Year Growth (%)
+ 6.5% + 5.0%
- 2.0%
+0
Q2'2025
+ +
Q2 Average 2022-2024
*" Rounded to nearest 50 bps.
Clinical Visit Growth
'Diagnostic Frequency'
% of Clinical Visits including Dx
'Diagnostic Utilization'
Dx Revenue $ per Clinical Visit including Dx"'
Total
*" Diagnostic revenue per clinical visit includes volume/ intensity of Dx activity and net price realization.
Source: IDEXX Practice Intelligence data; sample of -9,200 practices representing eight different practice information management systems, weighted based on practice size and region to reflect market composition.
IDEXX Laboratories, Inc. All rights reserved. p y g Contact: John Ravis: investorrelations@idexx.com, 207-556-8155