IDEXX LABORATORIES INC /DEIDXX
IDEXX LABORATORIES INC /DE Segments Disclosure
SEGMENT REPORTING
We have three reportable segments: Companion Animal Group (“CAG”), water quality products (“Water”), and Livestock, Poultry and Dairy (“LPD”). CAG provides products and services for veterinarians and the biomedical research community, primarily related to diagnostics and information management. Water provides innovative testing solutions for the detection and quantification of various microbiological parameters in water. LPD provides diagnostic tests, services, and related instrumentation that are used to manage the health status of livestock and poultry, to improve producer efficiency, and to measure the quality and safety of milk. Our Other operating segment combines and presents our human medical diagnostic business with our out-licensing arrangement because they do not meet the quantitative or qualitative thresholds for reportable segments. Our human medical diagnostic business develops, manufactures, and distributes human medical diagnostic products and services.
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in assessing performance. The CODM, our president and Chief Executive Officer, evaluates the performance of operating segments based on revenues and gross profit. Our CODM reviews the budget and actual financial results of the operating segments and decides how to allocate resources to meet our strategic priorities, and he also meets with operating segment leaders on a periodic basis to determine the allocation of resources.
The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements. Intersegment revenues, which are not included in the tables below, were not material for the years ended December 31, 2025, 2024, and 2023. Refer to “Note 3. Revenue” for a summary of disaggregated revenue by segment and by major product and service category for the years ended December 31, 2025, 2024, and 2023. Assets are not allocated to segments for internal reporting purposes and are not included in the review performed by the CODM for purposes of assessing segment performance and allocation of resources. Certain corporate expenses are allocated to the segments, including depreciation and amortization. Foreign currency transaction gains and losses for all operating segments are reported within Other and are reconciled in the table below.
The following tables are a summary of reportable segment performance with Other to reconcile to the total consolidated for the years ended December 31, 2025, 2024, and 2023:
| (in thousands) | For the Year Ended December 31, 2025 | |||||||||||||||||||||||||
| CAG | Water | LPD | Total | |||||||||||||||||||||||
| Total revenues from reportable segments | $ | 3,953,285 | $ | 201,149 | $ | 131,787 | $ | 4,286,221 | ||||||||||||||||||
| Reconciliation of revenue | ||||||||||||||||||||||||||
Other revenues | 17,481 | |||||||||||||||||||||||||
Total consolidated revenue | 4,303,702 | |||||||||||||||||||||||||
Cost of revenue | 1,504,611 | 61,860 | 67,579 | |||||||||||||||||||||||
| Segment gross profit | $ | 2,448,674 | $ | 139,289 | $ | 64,208 | $ | 2,652,171 | ||||||||||||||||||
| Reconciliation of operating profit (segment profit) | ||||||||||||||||||||||||||
Segment gross profit | $ | 2,652,171 | ||||||||||||||||||||||||
Segment operating expenses | (1,291,101) | |||||||||||||||||||||||||
Other operating profit (excluding unallocated amounts) | 3,121 | |||||||||||||||||||||||||
Unallocated amounts | ||||||||||||||||||||||||||
Foreign currency transaction losses, net | (4,160) | |||||||||||||||||||||||||
Interest expense | (38,852) | |||||||||||||||||||||||||
Interest income | 3,010 | |||||||||||||||||||||||||
| Income before provision for income taxes | $ | 1,324,189 | ||||||||||||||||||||||||
Segment depreciation and amortization expense | $ | 130,347 | $ | 4,760 | $ | 4,043 | $ | 139,150 | ||||||||||||||||||
Other depreciation and amortization expense | 6,033 | |||||||||||||||||||||||||
Total depreciation and amortization expense | $ | 145,183 | ||||||||||||||||||||||||
| (in thousands) | For the Year Ended December 31, 2024 | |||||||||||||||||||||||||
| CAG | Water | LPD | Total | |||||||||||||||||||||||
Total revenues from reportable segments | $ | 3,574,044 | $ | 185,112 | $ | 122,060 | $ | 3,881,216 | ||||||||||||||||||
Reconciliation of revenue | ||||||||||||||||||||||||||
Other revenues | 16,288 | |||||||||||||||||||||||||
Total consolidated revenue | 3,897,504 | |||||||||||||||||||||||||
Cost of revenue | 1,394,864 | 55,101 | 59,500 | |||||||||||||||||||||||
| Segment gross profit | $ | 2,179,180 | $ | 130,011 | $ | 62,560 | $ | 2,371,751 | ||||||||||||||||||
Reconciliation of operating profit (segment profit) | ||||||||||||||||||||||||||
Segment gross profit | $ | 2,371,751 | ||||||||||||||||||||||||
Segment operating expenses | (1,242,169) | |||||||||||||||||||||||||
Other operating profit (excluding unallocated amounts) | 3,282 | |||||||||||||||||||||||||
Unallocated amounts | ||||||||||||||||||||||||||
Foreign currency transaction losses, net | (4,527) | |||||||||||||||||||||||||
Interest expense | (31,205) | |||||||||||||||||||||||||
Interest income | 12,699 | |||||||||||||||||||||||||
| Income before provision for income taxes | $ | 1,109,831 | ||||||||||||||||||||||||
Segment depreciation and amortization expense | $ | 116,278 | $ | 4,734 | $ | 3,802 | $ | 124,814 | ||||||||||||||||||
Other depreciation and amortization expense | 5,122 | |||||||||||||||||||||||||
| Total depreciation and amortization expense | $ | 129,936 | ||||||||||||||||||||||||
| (in thousands) | For the Year Ended December 31, 2023 | |||||||||||||||||||||||||
| CAG | Water | LPD | Total | |||||||||||||||||||||||
Total revenues from reportable segments | $ | 3,352,356 | $ | 168,149 | $ | 121,659 | $ | 3,642,164 | ||||||||||||||||||
| Reconciliation of revenue | ||||||||||||||||||||||||||
Other revenues | 18,789 | |||||||||||||||||||||||||
Total consolidated revenue | 3,660,953 | |||||||||||||||||||||||||
Cost of revenue | 1,349,930 | 52,148 | 56,219 | |||||||||||||||||||||||
| Segment gross profit | $ | 2,002,426 | $ | 116,001 | $ | 65,440 | $ | 2,183,867 | ||||||||||||||||||
Reconciliation of operating profit (segment profit) | ||||||||||||||||||||||||||
Segment gross profit | $ | 2,183,867 | ||||||||||||||||||||||||
Segment operating expenses | (1,086,812) | |||||||||||||||||||||||||
Other operating profit (excluding unallocated amounts) | 1,151 | |||||||||||||||||||||||||
Unallocated amounts | ||||||||||||||||||||||||||
Foreign currency transaction losses, net | (1,078) | |||||||||||||||||||||||||
Interest expense | (41,581) | |||||||||||||||||||||||||
Interest income | 5,629 | |||||||||||||||||||||||||
| Income before provision for income taxes | $ | 1,061,176 | ||||||||||||||||||||||||
Segment depreciation and amortization expense | $ | 103,554 | $ | 4,117 | $ | 3,657 | $ | 111,328 | ||||||||||||||||||
Other depreciation and amortization expense | 3,580 | |||||||||||||||||||||||||
| Total depreciation and amortization expense | $ | 114,908 | ||||||||||||||||||||||||
Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net long-lived assets by principal geographic areas were as follows:
| (in thousands) | For the Years Ended December 31, | |||||||||||||
| 2025 | 2024 | |||||||||||||
Americas | ||||||||||||||
| United States | $ | 575,089 | $ | 553,600 | ||||||||||
| Brazil | 20,532 | 22,139 | ||||||||||||
| Canada | 9,140 | 8,165 | ||||||||||||
Total Americas | 604,761 | 583,904 | ||||||||||||
Europe, the Middle East, and Africa | ||||||||||||||
| Germany | 56,780 | 52,652 | ||||||||||||
| Switzerland | 14,883 | 14,722 | ||||||||||||
| United Kingdom | 13,560 | 11,137 | ||||||||||||
| Netherlands | 10,500 | 9,484 | ||||||||||||
| France | 2,125 | 1,769 | ||||||||||||
| Other | 3,863 | 3,058 | ||||||||||||
Total Europe, the Middle East, and Africa | 101,711 | 92,822 | ||||||||||||
Asia Pacific | ||||||||||||||
| Australia | 20,388 | 19,307 | ||||||||||||
| Japan | 10,568 | 9,382 | ||||||||||||
| Other | 9,952 | 7,708 | ||||||||||||
Total Asia Pacific | 40,908 | 36,397 | ||||||||||||
| Total assets | $ | 747,380 | $ | 713,123 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 17, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.