IDEXX Q3 2026 earnings review

Q3 diluted EPS beat the FactSet consensus by 7.5%, and full-year guidance rose.

IDEXX Laboratories · Q3 2026 (Jul-Sep 2026) · Published Nov 2, 2026 · By DeepCell AI · Sources

IDEXX Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Cover

Q3 diluted EPS beat the FactSet consensus by 7.5%, and full-year guidance rose

  1. 1.Diluted EPS of $4.01 beat the FactSet consensus of $3.73
  2. 2.Revenue rose 9.9%, with 10.0% organic growth
  3. 3.VetLab consumables grew 14.6% organically, but instruments grew only 0.4%
  4. 4.Full-year EPS guidance midpoint rose $0.25 to $15.06
  5. 5.Buybacks and acquisitions of $1,037M in Jan–Sep exceeded free cash flow

Note: Organic growth is IDEXX’s non-GAAP measure, excluding currency and acquisitions. EPS is as reported (GAAP).Source: IDEXX Form 8-K, Nov 2, 2026; FactSet via MarketWatch, Nov 2, 2026; analysis of company data

2

2 · Key takeaways

Q3 diluted EPS beat the FactSet consensus by 7.5%, and revenue beat the Zacks consensus by 2.0%

Q3 2026 results vs consensus

MetricActualConsensusVarianceResult
Diluted EPS (FactSet)$4.01$3.73+$0.28 / +7.5%Beat
Revenue (Zacks)$1.21B$1.19B+$24M / +2.0%Beat
EPS, Zacks basis (cross-check)$3.98$3.71+$0.27 / +7.3%Beat

Share price reaction

Not shown: the Nov 2 regular-session close was not yet available from two sources when this deck was built.

Note: Consensus is FactSet via MarketWatch and Zacks via Yahoo Finance, as of Nov 2, before the release. Zacks gives revenue rounded to $1.19B and compares its own EPS basis of $3.98. No FactSet Q3 revenue figure was found.Source: IDEXX Form 8-K, Nov 2, 2026; FactSet via MarketWatch; Zacks via Yahoo Finance, Nov 2, 2026; analysis of company data

3

3 · Q3 versus consensus

Full-year EPS guidance sits 2.1% above the FactSet consensus after a raise

2026 guidance vs FactSet consensus

MetricGuidanceConsensusVariancevs Street
Full-year revenue (midpoint)$4,754M$4,720M+$34M / +0.7%Above
Full-year EPS (midpoint)$15.06$14.75+$0.31 / +2.1%Above

Full-year 2026 guidance, updated vs prior

MetricPrior guidanceNov 2 guidanceMidpoint change
Revenue ($M)$4,700M–$4,745M$4,741M–$4,767M+$31.5M
Organic revenue growth8.5%–9.7%9.3%–10.0%+55 bps
CAG Dx recurring organic growth9.5%–10.7%10.3%–11.0%+55 bps
Operating margin32.3%–32.5%32.1%–32.3%-20 bps
Diluted EPS$14.69–$14.94$14.96–$15.16+$0.25

Note: CAG is Companion Animal Group. Variance is guidance midpoint less consensus. FactSet consensus is as of Nov 2, before the release. Prior guidance is as restated in the Nov 2 release.Source: IDEXX Form 8-K, Nov 2, 2026; FactSet via MarketWatch, Nov 2, 2026; analysis of company data

4

4 · Guidance

Revenue rose 9.9% and net income rose 15.5%

  1. Recurring diagnostics drove the quarterCAG Diagnostics recurring revenue rose 10.8% to $967M.
  2. EPS rose faster than net incomeDiluted EPS rose 17.9%, helped by a 2.0% fall in diluted shares.
  3. Margins widenedOperating margin rose 103 bps to 33.1%.

Key figures in $M and YoY % for Q3 2026 vs Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Revenue$1,105M$1,214M9.9%
Gross profit$683M$764M11.8%
Income from operations$355M$402M13.4%
Net income$275M$317M15.5%
Diluted EPS$3.40$4.0117.9%

Note: CAG is Companion Animal Group. All figures are as reported (GAAP). IDEXX does not report an adjusted EPS; its comparable EPS growth is shown in the appendix.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

5

5 · Q3 at a glance

CAG revenue rose 10.2% and made up 91.9% of total revenue

Revenue and income from operations by segment

$M unless noted, Q3 2026 (growth vs Q3 2025)

SegmentRevenueReportedOrganicSegment income
CAG$1,116M10.2%10.4%$370M
Water$59M8.4%7.8%$30M
LPD$35M2.6%3.0%$2M
Total company$1,214M9.9%10.0%$402M
LPD segment income rose to $1.9M from $0.5M

Note: CAG is Companion Animal Group; LPD is Livestock, Poultry and Dairy. Segment income excludes foreign currency gains and losses, which are reported in Other. Other revenue was $5M and is not shown.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

6

6 · Segment overview

VetLab consumables supplied 53.6% of the $103M CAG revenue increase

CAG revenue change by line

$M, Q3 2026 vs Q3 2025

$M · VetLab: $55M$M · Ref labs: $36M$M · Software: $9M$M · Services: $2M$M · Assays: $0M$M · Capital: $0M$M · Total: $103MVetLabRef labsSoftwareServicesAssaysCapitalTotal$0.0M$25.0M$50.0M$75.0M$100.0M$120.0M$55M$36M$9M$2M$0M$0M$103M
VetLab consumables revenue rose 14.3%

Note: CAG is Companion Animal Group. Bars are each CAG line’s YoY change and sum to the total. Ref labs is reference lab services; assays is rapid assays; capital is instruments.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

7

7 · Where CAG growth came from

VetLab consumables grew 14.6% organically, while instruments grew 0.4%

Organic growth by CAG line

% change YoY, Q3 2026

Organic growth · VetLab: 14.6%Organic growth · Ref labs: 10.2%Organic growth · Software: 9.9%Organic growth · Services: 5.4%Organic growth · Rapid assay: 0.7%Organic growth · Instruments: 0.4%VetLabRef labsSoftwareServicesRapid assayInstruments0.0%5.0%10.0%15.0%20.0%14.6%10.2%9.9%5.4%0.7%
Instruments organic revenue rose only 0.4% despite over 1,900 inVue Dx placements

Note: CAG is Companion Animal Group. Ref labs is reference lab services. Organic growth excludes currency and acquisitions. CAG Diagnostics recurring revenue grew 11.0% organically.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

8

8 · Organic growth by line

Net income rose 15.5% as gross profit rose 11.8%, partly offset by operating expense

Net income

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $275M$M · Gross: $81M$M · Expenses: -$33M$M · Other: $7M$M · Taxes: -$12M$M · Q3 2026: $317MQ3 2025GrossExpensesOtherTaxesQ3 2026$0.0M$100.0M$200.0M$300.0M$400.0M$275M$81M-$33M$7M-$12M$317M
General and administrative expense rose 16.4%, the fastest expense line

Note: Steps are YoY changes: gross is gross profit and expenses is operating expense; higher expenses and taxes are shown as reductions.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

9

9 · Net income bridge

Operating margin rose 103 bps to 33.1%, as gross margin rose 112 bps

Gross margin and operating margin

% of revenue, Q3 2025 vs Q3 2026

Gross margin · Q3 2025: 61.8%Gross margin · Q3 2026: 62.9%Operating margin · Q3 2025: 32.1%Operating margin · Q3 2026: 33.1%Q3 2025Q3 20260.0%25.0%50.0%80.0%61.8%62.9%32.1%33.1%

Gross marginOperating margin

Operating expense rose 10.2%, slower than gross profit

Note: Margins are as reported. IDEXX’s comparable operating margin, which excludes currency, rose 60 bps.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

10

10 · Margins

Buybacks and acquisitions of $1,037M were 106% of free cash flow in Jan–Sep

Cash flow and capital use

$M, nine months ended Sep 30, 2026

$M · Operating CF: $1,063M$M · Capex: $86M$M · FCF: $978M$M · Buybacks: $810M$M · Acquisitions: $227MOperating CFCapexFCFBuybacksAcquisitions$0.0M$250.0M$500.0M$750.0M$1,000.0M$1,200.0M$1,063M$86M$978M$227M
Buybacks totaled $810M; net credit line borrowing of $76M funded the gap

Note: CF is cash flow; capex is capital spending; FCF (free cash flow) is operating cash flow less purchases of property and equipment. IDEXX pays no dividend.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

11

11 · Cash flow and capital use

CAG Diagnostics recurring revenue rose 10.8%, lifting its share of total revenue

CAG Diagnostics recurring revenue as a share of total revenue

% of total revenue, Q3 2025 vs Q3 2026

Recurring revenue, % of total · Q3 2025: 79.0%Recurring revenue, % of total · Q3 2026: 79.7%Q3 2025Q3 20260.0%25.0%50.0%75.0%100.0%79.0%79.7%
Recurring revenue reached 79.7% of revenue, from 79.0%

Note: CAG is Companion Animal Group. Recurring revenue is VetLab consumables, rapid assays, reference lab services, and services and accessories.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

12

12 · Recurring revenue

Net debt eased to $651M from $668M despite buybacks and acquisitions

Cash, debt and net debt

$M, Dec 31, 2025 vs Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$180M$198M
Total debt$848M$849M
Stockholders’ equity$1,605M$1,869M
Net debt$668M$651M
The line of credit rose to $474M, from $398M

Note: Total debt is the line of credit plus current and long-term senior notes. Net debt is total debt less cash.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

13

13 · Balance sheet

Q4 estimates depend on instrument sales, up only 0.4% organically, and a lower margin guide

Indicator
What to watch
Implication
Q3 reading
Instruments
Placements do not lift revenue
Recurring revenue could slow later
Organic growth of 0.4%
Rapid assays
Test volumes keep falling
CAG growth could rely on price
Organic growth of 0.7%
Operating margin
Guide cut to 32.1% to 32.3%
CoVet costs could weigh on EPS
G&A rose 16.4% YoY
LPD
Segment growth stays low
Little help to group growth
Organic growth of 3.0%

Note: CAG is Companion Animal Group; LPD is Livestock, Poultry and Dairy. These are analytical watch points, not company targets.Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

14

14 · Risks to estimates

Appendix: supporting analysis for segments

ClaimEvidenceCalculation
International recurring revenue grew fasterInternational CAG Dx recurring 13.6%; US 9.6%Organic growth, as reported
Water grew steadilyWater revenue 8.4% reported; 7.8% organicAs reported
CAG segment income roseCAG segment income $328M to $370M (12.5%)Excludes currency gains and losses

CAG is Companion Animal Group. Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

15

15 · Supporting analysis (1/4)

Appendix: supporting analysis for profit and margins

ClaimEvidenceCalculation
Comparable EPS grew faster than EPSComparable EPS $3.24 to $3.96 (22.2%); diluted EPS 17.9%Company non-GAAP reconciliation
Fewer shares lifted EPSDiluted shares fell from 80.7M to 79.0MDiluted weighted average shares
Tax rate was stableEffective tax rate 20.4% in Q3 2025 and 20.6% in Q3 2026Tax divided by pretax income
Gross margin widenedGross margin 61.8% in Q3 2025 and 62.9% in Q3 2026Gross profit divided by revenue

Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

16

16 · Supporting analysis (2/4)

Appendix: guidance, cash flow and balance sheet support

ClaimEvidenceCalculation
Revenue guidance roseMidpoint up $31.5M, including about $5M from CoVetAs stated in the outlook
Capex guidance fellAbout $160M for 2026, from about $180MAs stated in the outlook
Q3 free cash flow was strongQ3 free cash flow of $421M from operating cash flow of $450MAs stated in the release
Buybacks slowed in Q3Open-market buybacks of $112M at an average $563.04 a shareAs stated in the release

Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

17

17 · Supporting analysis (3/4)

Appendix: watch items behind guidance and risks

ClaimEvidenceCalculation
inVue Dx base keeps growingOver 1,900 placements in Q3; installed base nearly 11,000As stated in the release
Software and imaging grewRevenue 10.6% reported; 9.9% organicAs reported
Receivables were steadyDays sales outstanding 46.7 at Sep 30, 2026As stated in the release
Inventory turns were steadyInventory turns 1.5 in Q3 2026As stated in the release

Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

18

18 · Supporting analysis (4/4)

Appendix: operating expense and CAG revenue detail

Operating expense detail, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Sales and marketing$159M$170M6.7%
General and administrative$106M$123M16.4%
Research and development$63M$69M8.5%
Total operating expense$329M$362M10.2%

CAG revenue detail, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
VetLab consumables$388M$443M14.3%
Reference lab services$363M$399M10.0%
Rapid assay products$89M$89M0.6%

Note: CAG is Companion Animal Group. All figures are as reported (GAAP).Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data

19

19 · Appendix: financial detail

Appendix: sources

  • Filing: IDEXX Form 8-K, Nov 2, 2026 — https://www.sec.gov/Archives/edgar/data/874716/000110465926120892/tm2628647d1_ex99-1.htm
  • Prior guidance: the “Prior” column of the outlook table in the same release
  • Consensus (Q3 EPS, full year): MarketWatch citing FactSet, Nov 2 — https://www.marketwatch.com/story/idexx-laboratories-shares-gain-on-outlook-boost-higher-3q-results-0fb2340e
  • Consensus (Q3 revenue, EPS cross-check): Zacks via Yahoo Finance, Nov 2 — https://finance.yahoo.com/markets/stocks/articles/idexx-idxx-q3-earnings-key-133002684.html
  • No Form 10-Q for the quarter was on EDGAR when this deck was built.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from IDEXX's Form 8-K (Exhibit 99.1) of November 2, 2026, including the prior guidance it restates. Consensus estimates (FactSet via MarketWatch, Zacks via Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Organic growth, comparable EPS and free cash flow follow IDEXX's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. IDEXX's earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by IDEXX Laboratories, Inc. and does not represent IDEXX's views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 2, 2026. It will not be updated for later events, and views may change without notice.

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21

21 · Important disclosures

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