IDEXX Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
Earnings reviews · 21 slides
Not investment advice; no rating or price target.
1 · Cover · Open this slide in DeepCell
Q3 diluted EPS beat the FactSet consensus by 7.5%, and full-year guidance rose
- 1.Diluted EPS of $4.01 beat the FactSet consensus of $3.73
- 2.Revenue rose 9.9%, with 10.0% organic growth
- 3.VetLab consumables grew 14.6% organically, but instruments grew only 0.4%
- 4.Full-year EPS guidance midpoint rose $0.25 to $15.06
- 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 · Key takeaways · Open this slide in DeepCell
Q3 diluted EPS beat the FactSet consensus by 7.5%, and revenue beat the Zacks consensus by 2.0%
Q3 2026 results vs consensus
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| 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 · Q3 versus consensus · Open this slide in DeepCell
Full-year EPS guidance sits 2.1% above the FactSet consensus after a raise
2026 guidance vs FactSet consensus
| Metric | Guidance | Consensus | Variance | vs Street |
|---|---|---|---|---|
| Full-year revenue (midpoint) | $4,754M | $4,720M | +$34M / +0.7% | Above |
| Full-year EPS (midpoint) | $15.06 | $14.75 | +$0.31 / +2.1% | Above |
Full-year 2026 guidance, updated vs prior
| Metric | Prior guidance | Nov 2 guidance | Midpoint change |
|---|---|---|---|
| Revenue ($M) | $4,700M–$4,745M | $4,741M–$4,767M | +$31.5M |
| Organic revenue growth | 8.5%–9.7% | 9.3%–10.0% | +55 bps |
| CAG Dx recurring organic growth | 9.5%–10.7% | 10.3%–11.0% | +55 bps |
| Operating margin | 32.3%–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 · Guidance · Open this slide in DeepCell
Revenue rose 9.9% and net income rose 15.5%
- Recurring diagnostics drove the quarterCAG Diagnostics recurring revenue rose 10.8% to $967M.
- EPS rose faster than net incomeDiluted EPS rose 17.9%, helped by a 2.0% fall in diluted shares.
- Margins widenedOperating margin rose 103 bps to 33.1%.
Key figures in $M and YoY % for Q3 2026 vs Q3 2025
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $1,105M | $1,214M | 9.9% |
| Gross profit | $683M | $764M | 11.8% |
| Income from operations | $355M | $402M | 13.4% |
| Net income | $275M | $317M | 15.5% |
| Diluted EPS | $3.40 | $4.01 | 17.9% |
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 · Q3 at a glance · Open this slide in DeepCell
CAG revenue rose 10.2% and made up 91.9% of total revenue
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 · Segment overview · Open this slide in DeepCell
VetLab consumables supplied 53.6% of the $103M CAG revenue increase
CAG revenue change by line
$M, Q3 2026 vs Q3 2025
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 · Where CAG growth came from · Open this slide in DeepCell
VetLab consumables grew 14.6% organically, while instruments grew 0.4%
Organic growth by CAG line
% change YoY, Q3 2026
Instruments were flat 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 · Organic growth by line · Open this slide in DeepCell
Net income rose 15.5% as gross profit rose 11.8%, partly offset by operating expense
Net income
$M, Q3 2025 to Q3 2026
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 · Net income bridge · Open this slide in DeepCell
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 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 · Margins · Open this slide in DeepCell
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
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 · Cash flow and capital use · Open this slide in DeepCell
CAG Diagnostics recurring revenue rose 10.8%, lifting its share of total revenue
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 · Recurring revenue · Open this slide in DeepCell
Net debt eased to $651M from $668M despite buybacks and acquisitions
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 · Balance sheet · Open this slide in DeepCell
Q4 estimates depend on instrument sales, up only 0.4% organically, and a lower margin guide
Indicator
What to watch
Implication
Q3 reading
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 · Risks to estimates · Open this slide in DeepCell
Appendix: supporting analysis for segments
| Claim | Evidence | Calculation |
|---|---|---|
| International recurring revenue grew faster | International CAG Dx recurring 13.6%; US 9.6% | Organic growth, as reported |
| Water grew steadily | Water revenue 8.4% reported; 7.8% organic | As reported |
| CAG segment income rose | CAG 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 · Supporting analysis (1/4) · Open this slide in DeepCell
Appendix: supporting analysis for profit and margins
| Claim | Evidence | Calculation |
|---|---|---|
| Comparable EPS grew faster than EPS | Comparable EPS $3.24 to $3.96 (22.2%); diluted EPS 17.9% | Company non-GAAP reconciliation |
| Fewer shares lifted EPS | Diluted shares fell from 80.7M to 79.0M | Diluted weighted average shares |
| Tax rate was stable | Effective tax rate 20.4% in Q3 2025 and 20.6% in Q3 2026 | Tax divided by pretax income |
| Gross margin widened | Gross margin 61.8% in Q3 2025 and 62.9% in Q3 2026 | Gross profit divided by revenue |
Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data
16 · Supporting analysis (2/4) · Open this slide in DeepCell
Appendix: guidance, cash flow and balance sheet support
| Claim | Evidence | Calculation |
|---|---|---|
| Revenue guidance rose | Midpoint up $31.5M, including about $5M from CoVet | As stated in the outlook |
| Capex guidance fell | About $160M for 2026, from about $180M | As stated in the outlook |
| Q3 free cash flow was strong | Q3 free cash flow of $421M from operating cash flow of $450M | As stated in the release |
| Buybacks slowed in Q3 | Open-market buybacks of $112M at an average $563.04 a share | As stated in the release |
Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data
17 · Supporting analysis (3/4) · Open this slide in DeepCell
Appendix: watch items behind guidance and risks
| Claim | Evidence | Calculation |
|---|---|---|
| inVue Dx base keeps growing | Over 1,900 placements in Q3; installed base nearly 11,000 | As stated in the release |
| Software and imaging grew | Revenue 10.6% reported; 9.9% organic | As reported |
| Receivables were steady | Days sales outstanding 46.7 at Sep 30, 2026 | As stated in the release |
| Inventory turns were steady | Inventory turns 1.5 in Q3 2026 | As stated in the release |
Source: IDEXX Form 8-K, Nov 2, 2026; analysis of company data
18 · Supporting analysis (4/4) · Open this slide in DeepCell
Appendix: operating expense and CAG revenue detail
Operating expense detail, $M and YoY %
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Sales and marketing | $159M | $170M | 6.7% |
| General and administrative | $106M | $123M | 16.4% |
| Research and development | $63M | $69M | 8.5% |
| Total operating expense | $329M | $362M | 10.2% |
CAG revenue detail, $M and YoY %
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| VetLab consumables | $388M | $443M | 14.3% |
| Reference lab services | $363M | $399M | 10.0% |
| Rapid assay products | $89M | $89M | 0.6% |
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 · Appendix: financial detail · Open this slide in DeepCell
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.
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20 · Sources · Open this slide in DeepCell
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 · Important disclosures · Open this slide in DeepCell