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Idexx Laboratories Business Segments

Business, geographic, and product segment breakdowns

Idexx Laboratories generates $4.4B in annual revenue across 3 key segments: CAG ($1.5B), LPD ($68.9M), and Water segment revenue ($62.3M). The company-wide operating margin is 31.63%. Based on the Q1 2026 filing.

CAG (TTM)$1.5BLPD (TTM)$68.9MWater segment revenue (TTM)$62.3M
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$44.0B
P/E Ratio40.18
ROE72.92%

Products & Services

Total Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reference laboratory diagnostic and consulting services$316M$344.4M$367.7M$362.7M$349.2M$386.2M
Rapid assay products$77.4M$84M$100.2M$88.6M$76M$84.9M
Recurring revenue$62.9M$65.8M$69M$71M$70.6M$73.5M
CAG Diagnostics capital - instruments$33M$32M$58.6M$51.5M$58.1M$42.4M
Systems and hardware$17.1M$15.8M$16.9M$16.8M$20.1M$17.8M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
IDEXX VetLab consumables$331.8M$344.8M$375.1M$387.8M$389M$412.6M
CAG Diagnostics services and accessories$32.2M$33M$34.9M$34.1M$35.3M$36.6M

Capitalized customer acquisition costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Customer commitment arrangements, multi-year arrangements$196.6M$197.8M$217.7M$237.3M$250.1M$264.6M

Estimation of future revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Customer commitment arrangements, multi-year arrangements$4.4B$4.7B$4.7B$4.7B$5B$4.9B
Reagent rental arrangements$69.1M$69.1M$72.3M$75.6M$94.7M$102M
Extended warranties and post contract support$8.7M$8.8M$9.1M$9M$9.5M$9.4M

Recognized as a reduction of revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Customer commitment arrangements, multi-year arrangements$12.6M$16.5M$15.8M$15.2M$14.5M$19.2M

Revenue, remaining performance obligation (as a percent)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Extended warranties and post contract support40.0%34.0%37.0%40.0%40.0%34.0%
Rebate and up-front considerations arrangements34.0%28.0%28.0%29.0%29.0%27.0%
Customer commitment arrangements, multi-year arrangements28.0%25.0%26.0%27.0%28.0%26.0%
Reagent rental arrangements26.0%25.0%26.0%30.0%24.0%26.0%

Deferred Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rebate and up-front considerations arrangements$30M$30M$35.1M$34.6M$35.3M$35.5M
Extended warranties and post contract support$25.2M$25.8M$26.3M$26.3M$27.1M$27.3M

Deferred revenue recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Extended warranties and post contract support$1.2M$16M$1.4M$1.3M$1M$16.8M
Rebate and up-front considerations arrangements$2.5M$2.8M$2.6M$2.5M$2.4M$2.5M

Commitment contract assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free or discounted instruments and systems$246.3M$252.8M$274.8M$288.7M$312.7M$318.7M

Commitment contract assets reclassified to accounts receivable

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free or discounted instruments and systems$13.2M$19.2M$13M$15.5M$15.2M$20.6M

Instruments transferred to property and equipment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating-type reagent rental arrangements$3.7M$3.3M$2.8M$1.8M$2M$1.7M

Cost of revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service revenue$201.2M$199.5M$209.6M$214.9M$215.5M$223.7M
Product revenue$182.4M$175.5M$205.1M$207M$217M$194.4M

Instruments transferred from inventory to property and equipment during the period for operating lease arrangements with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reagent rental arrangements$3.6M$2.5M$2.5M$2.5M$2.5M—

Lease receivable asset

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales-type reagent rental arrangements$19M$18M$18.6M$18.2M$18M$17.5M

Lease receivable asset reclassified to accounts receivable

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales-type reagent rental arrangements$1.4M$1.3M$1.3M$1.3M$1.3M$1.4M

Geographic

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Australia$19.3M———$20.4M—
Brazil$22.1M———$20.5M—
Canada$8.2M———$9.1M—
France$1.8M———$2.1M—
Germany$52.7M———$56.8M—
Japan$9.4M———$10.6M—
Netherlands$9.5M———$10.5M—
Other$3.1M———$3.9M—
Switzerland$14.7M———$14.9M—
United Kingdom$11.1M———$13.6M—
United States$553.6M———$575.1M—

Total consolidated revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Latin America & Caribbean$21.2M$20M$22.3M$23M$25.1M$23.2M
Australia$25.5M$28.1M$28.1M$28.1M$28.1M—
China$9M$9M$9M$9M$9M—
France$27.7M$31.5M$31.5M$31.5M$31.5M—
Germany$43.4M$51.7M$51.7M$51.7M$51.7M—
Italy$14.6M$16.7M$16.7M$16.7M$16.7M—
Japan$18.3M$20.8M$20.8M$20.8M$20.8M—
Netherlands$8.5M$10.1M$10.1M$10.1M$10.1M—
Other$27.5M$31.1M$31.1M$31.1M$31.1M—
Spain$15.5M$17.7M$17.7M$17.7M$17.7M—
Switzerland$9.3M$10.4M$10.4M$10.4M$10.4M—
United Kingdom$33.7M$38.6M$38.6M$38.6M$38.6M—

Total Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$604M$654.9M$717.9M$705M$675M$725.2M
Europe, the Middle East and Africa$207.6M$204.5M$233.3M$245.1M$254.4M$257.1M
Asia Pacific$83.3M$81.7M$89.3M$90.7M$94.2M$94.4M
Canada$38.3M$37.3M$46.7M$41.4M$42M$40.9M
Latin America & Caribbean—$20M$22.3M$23M—$23.2M

PP&E (Net)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other$7.7M———$10M—

Business Segments

Cost of revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CAG$351.1M$345M$380.3M$385.1M$394.2M$386.5M
LPD$17.4M$14.2M$16.8M$18M$18.5M$15.6M
Water segment revenue$12.5M$13.2M$15.5M$16.2M$16.9M$13.7M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CAG$29.1M$32.6M$32.6M$32.6M$32.6M—
LPD$950.5K$1M$1M$1M$1M—
Water segment revenue$1.2M$1.2M$1.2M$1.2M$1.2M—

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CAG$367M———$374.4M—
LPD$13.5M———$15.1M—
Water segment revenue$18.1M———$18.4M—

Goodwill, Foreign Currency Translation, Gain (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CAG-$1.3M$1.9M$1.9M$1.9M$1.9M—
LPD-$376.3K$408.5K$408.5K$408.5K$408.5K—
Water segment revenue-$27.3K$74.5K$74.5K$74.5K$74.5K—

Gross Profit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CAG$519.4M$574.8M$642.1M$627.5M$604.3M$667.5M
Water segment revenue$32.7M$32.1M$35.5M$38.1M$33.6M$36.5M
LPD$17.1M$14.4M$14.9M$15.9M$19M$16.9M

Total Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CAG$870.5M$919.8M$1B$1B$998.5M$1.1B
Water segment revenue$45.2M$45.3M$51M$54.3M$50.5M$50.3M
LPD$34.6M$28.6M$31.8M$33.9M$37.5M$32.5M