UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

COMMISSION FILE NUMBER: 000-19271

IDEXX LABORATORIES, INC.

(Exact name of registrant as specified in its charter)


Delaware			01-0393723
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)

One IDEXX Drive	Westbrook	Maine	04092
(Address of principal executive offices)			(ZIP Code)

207-556-0300

(Registrant’s telephone number, including area code)

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 par value per share

IDXX

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares outstanding of the registrant’s Common Stock, $0.10 par value per share, was 7978,~~851~~882,~~330~~997 on ~~October~~April 2930, ~~2025~~2026.

GLOSSARY OF TERMS AND SELECTED ABBREVIATIONS

In order to aid the reader, we have included certain terms and abbreviations used throughout this Quarterly Report on Form 10-Q below:

Term / Abbreviation			Definition
AOCI			Accumulated other comprehensive income or loss
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CAG			Companion Animal Group, a reporting segment that provides veterinarians diagnostic products and services and information management solutions that enhance the health and well-being of pets.
Credit Facility			Our $1.25 billion five-year unsecured credit facility under anour fourth amended and restated credit agreement, as amended; consisting of i) $1 billion revolving credit facility, also referred to as the revolving line of credit, ~~and~~ ii) $250 million three-year term loan facility, and iii) flexibility to incur incremental revolving credit commitments and/or term loans in the aggregate principal amount of up to $250 million.
FASB			U.S. Financial Accounting Standards Board
LPD			Livestock, Poultry and Dairy, a reporting segment that provides diagnostic products and services for livestock and poultry health and tomeasures ~~ensure~~ the quality and safety of milk and ~~improve~~improves producer efficiency.
OPTI Medical			OPTI Medical Systems, Inc., a wholly owned subsidiary of IDEXX Laboratories Inc., also referred to as OPTI, located in Roswell, Georgia. This business provides point-of-care and laboratory diagnostics (including electrolyte and blood gas analyzers and related consumable products) for the human medical diagnostics sector. The Roswell facility also manufactures electrolytes slides (instrument consumables) to run Catalyst OneTM Catalyst DxTM, and blood gas analyzers and consumables for the veterinary market
Organic revenue growth			A non-GAAP financial measure that represents the percentage change in revenue, compared to the same period for the prior year, net of the effect of changes in foreign currency exchange rates, and certain business acquisitions and divestitures. Organic revenue growth should be considered in addition to, and not as a replacement for or as a superior measure to, revenues reported in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies.
Organic revenue growth			A non-GAAP financial measure and represents the percentage change in revenue, compared to the same period for the prior year, net of the effect of changes in foreign currency exchange rates, certain business acquisitions and divestitures. Organic revenue growth should be considered in addition to, and not as a replacement for or as a superior measure to, revenue growth reported in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies
Prime rate			The prime rate is an interest rate determined by individual banks. It is often used as a reference rate for many types of loans.
Reported revenue growth			~~Represents~~The ~~the~~ percentage change in revenue reported in accordance with U.S. GAAP, compared to the same period ~~during~~in the prior year.
SaaS			Software-as-a-service
SEC			U.S. Securities and Exchange Commission
Senior Note Agreements			Note purchase agreements for the private placement of senior notes, referred to as senior notes or long-term debt
SOFR			The secured overnight financing rate as administered by the Federal Reserve Board of New York (or a successor administrator of the secured overnight financing rate)
Term Loan			Three-year, unsecured term loan in the principal amount of $250 million under the Credit Facility
U.S. GAAP			Accounting principles generally accepted in the United States of America
Water			Water, a reporting segment that provides water microbiology testing products.

IDEXX LABORATORIES, INC.

Quarterly Report on Form 10-Q

Table of Contents

Item No.		Page
	PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3
	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	3
	Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2025 and 2024	4
	Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025	4
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024	5
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025	5
	Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024	6
	Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2026 and 2025	6
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	8
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	98
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3329
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5542
Item 4.	Controls and Procedures	5643
	PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	5744
Item 1A.	Risk Factors	5744
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5744
Item 5.	Other Information	5744
Item 6.	Exhibits	5845
Signatures		5947

PART I— FINANCIAL INFORMATION

Item 1. Financial Statements

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(Unaudited)

	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	~~208~~200,~~166~~528	$	~~288~~180,~~266~~070
Accounts receivable, net	~~566~~603,~~881~~544		~~473~~552,~~575~~378
Inventories	~~391~~382,~~564~~400		~~381~~377,~~877~~756
Other current assets	~~310~~267,~~444~~603		~~256~~303,~~179~~623
Total current assets	1,~~477~~454,~~055~~075		1,~~399~~413,~~897~~827
Long-Term Assets:
Property and equipment, net	~~739~~740,~~437~~382		~~713~~747,~~123~~380
Operating lease right-of-use assets	~~128~~121,~~207~~395		~~116~~123,~~129~~228
Goodwill	~~413~~412,~~651~~104		~~405~~414,~~100~~004
Intangible assets, net	~~114~~104,~~790~~750		~~111~~109,~~676~~843
Other long-term assets	~~513~~552,~~572~~791		~~547~~542,~~518~~477
Total long-term assets	1,~~909~~931,~~657~~422		1,~~893~~936,~~546~~932
TOTAL ASSETS	$	3,~~386~~385,~~712~~497	$	3,~~293~~350,~~443~~759
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	~~122~~129,~~265~~974	$	~~114~~110,~~211~~408
Accrued liabilities	~~488~~453,~~856~~552		~~502~~530,~~119~~147
Credit facility	~~455~~530,000		~~250~~398,000
Current portion of long-term debt	149,997		~~167~~74,~~787~~995
Current portion of deferred revenue	3536,~~693~~328		3335,~~799~~264
Total current liabilities	1,~~251~~299,~~811~~851		1,~~067~~148,~~916~~814
Long-Term Liabilities:
Deferred income tax liabilities	344,~~724~~595		1131,~~312~~865
Long-term debt, net of current portion	~~374~~299,~~825~~854		~~449~~374,~~786~~842
Deferred revenue, net of current portion	31,051		26,939
Long-term deferred revenue, net of current portion	32,313		32,177
Operating lease liabilities, net of current portion	106,494		97,836
Long-term operating lease liabilities, net of current portion	98,747		101,151
Other long-term liabilities	5754,~~621~~034		4456,~~341~~527
Total long-term liabilities	~~573~~529,~~715~~543		~~630~~596,~~214~~562
Total liabilities	1,~~825~~829,~~526~~394		1,~~698~~745,~~130~~376
Commitments, Contingencies and Guarantees (Note 16)
Stockholders’ Equity:
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 108,301 shares in 2025 and 107,836 shares in 2024; Outstanding: 79,999 shares in 2025 and 81,604 shares in 2024	10,830		10,784
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 108,500 shares in 2026 and 108,369 shares in 2025; Outstanding: 79,240 shares in 2026 and 79,712 shares in 2025	10,850		10,837
Additional paid-in capital	1,~~792~~861,~~787~~079		1,~~673~~826,~~863~~750
Deferred stock units: Outstanding: 60 units in 2025 and 60 units in 2024	6,229		5,885
Deferred stock units: Outstanding: 60 units in 2026 and 59 units in 2025	6,169		6,094
Retained earnings	6,~~143~~670,~~714~~348		56,~~332~~391,~~438~~902
Accumulated other comprehensive loss	(7264,~~950~~940)		(9368,~~645~~844)
Treasury stock, at cost: 28,303 shares in 2025 and 26,232 shares in 2024	(6,319,424)		(5,334,012)
Treasury stock, at cost: 29,261 shares in 2026 and 28,657 shares in 2025	(6,927,403)		(6,561,356)
Total stockholders’ equity	1,~~561~~556,~~186~~103		1,~~595~~605,~~313~~383
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,~~386~~385,~~712~~497	$	3,~~293~~350,~~443~~759
The accompanying notes are an integral part of these condensed consolidated financial statements.

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(Unaudited)

For the Three Months EndedSeptember 30,

For the Nine Months EndedSeptember 30,

For the Three Months EndedMarch 31,

2025

2024

2025

2024

2026

2025

Revenue:

Product revenue

~~656~~666,~~159~~124

~~567~~573,~~987~~051

~~1,886,771~~

~~1,688,308~~

Service revenue

~~449~~474,~~080~~696

~~407~~425,~~556~~376

~~1,326,352~~

~~1,254,908~~

Total revenue

1,~~105~~140,~~239~~820

~~975~~998,~~543~~427

~~3,213,123~~

~~2,943,216~~

Cost of Revenue:

Cost of product revenue

~~206~~194,~~961~~428

~~176~~175,~~271~~532

~~587,639~~

~~533,683~~

Cost of service revenue

~~214~~223,~~924~~653

~~203~~199,~~234~~516

~~624,019~~

~~601,266~~

Total cost of revenue

~~421~~418,~~885~~081

~~379~~375,~~505~~048

~~1,211,658~~

~~1,134,949~~

Gross profit

~~683~~722,~~354~~739

~~596~~623,~~038~~379

~~2,001,465~~

~~1,808,267~~

Expenses:

Sales and marketing

~~159~~175,~~157~~250

~~146~~156,~~281~~223

~~476,487~~

~~438,399~~

General and administrative

~~105~~119,~~936~~115

91,~~887~~561

~~296,178~~

~~341,154~~

Research and development

6365,~~415~~788

5359,~~978~~061

~~184,374~~

~~162,063~~

Total operating expense

328,508

292,146

957,039

941,616

Total operating expenses

360,153

306,845

Income from operations

~~354~~362,~~846~~586

~~303~~316,~~892~~534

~~1,044,426~~

~~866,651~~

Interest expense

(107,~~655~~741)

(7,~~697~~666)

~~(29,642)~~

~~(23,707)~~

Interest income

~~580~~597

21,~~714~~216

~~2,423~~

~~10,500~~

Income before provision for income taxes

~~344~~355,~~771~~442

~~298~~310,~~909~~084

~~1,017,207~~

~~853,444~~

Provision for income taxes

7076,~~161~~996

6667,~~068~~407

~~205,931~~

~~181,726~~

Net income

~~274~~278,~~610~~446

~~232~~242,~~841~~677

~~811,276~~

~~671,718~~

Earnings per Share:

Basic

3.4350

2.8398

~~10.06~~

~~8.12~~

Diluted

3.4047

2.8096

~~9.99~~

~~8.05~~

Weighted Average Shares Outstanding:

Basic

8079,~~096~~648

8281,~~304~~319

~~80,605~~

~~82,675~~

Diluted

80,~~675~~162

8381,~~056~~922

~~81,207~~

~~83,478~~

The accompanying notes are an integral part of these condensed consolidated financial statements.

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

	For the Three Months EndedSeptember 30,				For the Nine Months EndedSeptember 30,
	For the Three Months EndedMarch 31,
	2025		2024		2025		2024
	2026		2025
Net income	$	~~274~~278,~~610~~446	$	~~232~~242,~~841~~677	$	~~811,276~~	$	~~671,718~~
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(27,~~715~~421)		2618,~~397~~101		~~58,434~~		~~(1,261)~~
Reclassification adjustment for defined benefit plans included in net income, net of tax of $25 and $71 in 2025 and $21 and $50 in 2024	134		122		381		269
Reclassification adjustments for defined benefit plans (gain) loss included in net income, net of tax (expense) benefit of $25 in 2026 and $22 in 2025	135		116
Unrealized (loss) on Euro-denominated notes, net of tax (benefit) of $0 and $(2,511) in 2025 and $(957) and $(228) in 2024	—		(3,068)		(8,958)		(732)
Unrealized gain (loss) on Euro-denominated notes, net of tax expense (benefit) of $0 in 2026 and $(131) in 2025	—		(3,006)
Unrealized gain on investments, net of tax expense of $0 and $0 in 2024	—		—		—		1
Unrealized gain (loss) on derivative instruments:
Reclassification adjustment on investments included in net income, net of tax expense of $0 and $51 in 2024	—		—		—		163
Unrealized gain (loss) on foreign currency exchange contracts, net of tax expense (benefit) of $1,849 in 2026 and $(2,573) in 2025	5,365		(5,153)
Unrealized gain (loss) on derivative instruments:
Unrealized gain (loss) on cross currency swaps, net of tax expense (benefit) of $1,446 in 2026 and $(1,125) in 2025	4,578		(3,605)
Unrealized gain (loss) on foreign currency exchange contracts, net of tax expense (benefit) of $1,553 and $(6,214) in 2025 and $(2,868) and $228 in 2024	4,245		(7,702)		(15,364)		444
Unrealized gain (loss) on interest rate swap, net of tax expense (benefit) of $469 in 2026 and $18 in 2025	1,483		59
Unrealized gain (loss) on cross currency swaps, net of tax expense (benefit) of $340 and $(4,038) in 2025 and $(1,171) and $(116) in 2024	1,097		(3,754)		(12,950)		(370)
Reclassification adjustments for (gain) loss included in net income, net of tax (expense) benefit of $(119) in 2026 and $(1,111) in 2025	(236)		(2,958)
Unrealized gain (loss) on interest rate swap, net of tax expense (benefit) of $(7) and $66 in 2025 and $(560) and $310 in 2024	(20)		(1,793)		214		997
Unrealized gain (loss) on derivative instruments	11,190		(11,657)
Reclassification adjustments for (gain) loss included in net income, net of tax (expense) benefit of $428 and $(477) in 2025 and $(380) and $(1,563) in 2024	1,259		(992)		(1,062)		(4,276)
Other comprehensive income (loss), net of tax	3,904		3,554
Unrealized gain (loss) on derivative instruments	6,581		(14,241)		(29,162)		(3,205)
Comprehensive income	$	282,350	$	246,231
Other comprehensive income (loss), net of tax	4,000		9,210		20,695		(4,765)
The accompanying notes are an integral part of these condensed consolidated financial statements.
Comprehensive income	$	278,610	$	242,051	$	831,971	$	666,953
The accompanying notes are an integral part of these condensed consolidated financial statements.

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except per share amounts)

(Unaudited)

	Common Stock
	Number of Shares	$0.10 Par Value		Additional Paid-in Capital		Deferred Stock Units		Retained Earnings		Accumulated Other Comprehensive(Loss) Income		Treasury Stock		Total Stockholders’ Equity
Balance December 31, 2024	107,836	$	10,784	$	1,673,863	$	5,885	$	5,332,438	$	(93,645)	$	(5,334,012)	$	1,595,313
Balance December 31, 2025	108,369	$	10,837	$	1,826,750	$	6,094	$	6,391,902	$	(68,844)	$	(6,561,356)	$	1,605,383
Net income	—	—		—		—		~~242~~278,~~677~~446		—		—		~~242~~278,~~677~~446
Other comprehensive loss, net	—	—		—		—		—		3,554		—		3,554
Other comprehensive gain, net of tax	—	—		—		—		—		3,904		—		3,904
Repurchases of common stock, net	—	—		—		—		—		—		(415,260)		(415,260)
Repurchases of common stock, net of issuances	—	—		—		—		—		—		(366,047)		(366,047)
Common stock issued for share-based compensation plans, including excess tax benefit	80131	813		718,~~135~~013		~~(29)~~51		—		—		—		718,~~114~~077
Share-based compensation cost	—	—		1416,~~615~~316		—24		—		—		—		1416,~~615~~340
Balance March 31, 2025	107,916	$	10,792	$	1,695,613	$	5,856	$	5,575,115	$	(90,091)	$	(5,749,272)	$	1,448,013
Balance March 31, 2026	108,500	$	10,850	$	1,861,079	$	6,169	$	6,670,348	$	(64,940)	$	(6,927,403)	$	1,556,103
Net income	—	—		—		—		293,989		—		—		293,989
Other comprehensive loss, net	—	—		—		—		—		13,141		—		13,141
Repurchases of common stock, net	—	—		—		—		—		—		(328,498)		(328,498)
Common stock issued for share-based compensation plans, including excess tax benefit	125	12		16,943		373		—		—		—		17,328
Share-based compensation cost	—	—		14,854		—		—		—		—		14,854
Balance June 30, 2025	108,041	$	10,804	$	1,727,410	$	6,229	$	5,869,104	$	(76,950)	$	(6,077,770)	$	1,458,827
Net income	—	—		—		—		274,610		—		—		274,610
Other comprehensive loss, net	—	—		—		—		—		4,000		—		4,000
Repurchases of common stock, net	—	—		—		—		—		—		(241,654)		(241,654)
Common stock issued for share-based compensation plans, including excess tax benefit	260	26		50,944		—		—		—		—		50,970
Share-based compensation cost		—		14,433		—		—		—		—		14,433
Balance September 30, 2025	108,301	$	10,830	$	1,792,787	$	6,229	$	6,143,714	$	(72,950)	$	(6,319,424)	$	1,561,186


	Common Stock
	Number of Shares	$0.10 Par Value		Additional Paid-in Capital		Deferred Stock Units		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Treasury Stock		Total Stockholders’ Equity
Balance December 31, 2024	107,836	$	10,784	$	1,673,863	$	5,885	$	5,332,438	$	(93,645)	$	(5,334,012)	$	1,595,313
Net income	—	—		—		—		242,677		—		—		242,677
Other comprehensive gain, net of tax	—	—		—		—		—		3,554		—		3,554
Repurchases of common stock, net of issuances	—	—		—		—		—		—		(415,260)		(415,260)
Common stock issued for share-based compensation plans, including excess tax benefit	80	8		7,135		(29)		—		—		—		7,114
Share-based compensation cost	—	—		14,615		—		—		—		—		14,615
Balance March 31, 2025	107,916	$	10,792	$	1,695,613	$	5,856	$	5,575,115	$	(90,091)	$	(5,749,272)	$	1,448,013

The accompanying notes are an integral part of these condensed consolidated financial statements.

	Common Stock
	Number of Shares	$0.10 Par Value		Additional Paid-in Capital		Deferred Stock Units		Retained Earnings		Accumulated Other Comprehensive(Loss) Income		Treasury Stock		Total Stockholders’ Equity
Balance December 31, 2023	107,506	$	10,751	$	1,569,565	$	5,530	$	4,444,571	$	(71,206)	$	(4,474,681)	$	1,484,530
Net income	—	—		—		—		235,579		—		—		235,579
Other comprehensive income, net	—	—		—		—		—		(9,191)		—		(9,191)
Repurchases of common stock, net	—	—		—		—		—		—		(177,192)		(177,192)
Common stock issued for share-based compensation plans, including excess tax benefit	161	16		20,792		(28)		—		—		—		20,780
Share-based compensation cost	—	—		14,392		8		—		—		—		14,400
Balance March 31, 2024	107,667	$	10,767	$	1,604,749	$	5,510	$	4,680,150	$	(80,397)	$	(4,651,873)	$	1,568,906
Net income	—	—		—		—		203,298		—		—		203,298
Other comprehensive income, net	—	—		—		—		—		(4,784)		—		(4,784)
Repurchases of common stock, net	—	—		—		—		—		—		(208,246)		(208,246)
Common stock issued for share-based compensation plans, including excess tax benefit	19	2		4,983		375		—		—		—		5,360
Share-based compensation cost	—	—		15,719		—		—		—		—		15,719
Balance June 30, 2024	107,686	$	10,769	$	1,625,451	$	5,885	$	4,883,448	$	(85,181)	$	(4,860,119)	$	1,580,253
Net income	—	—		—		—		232,841		—		—		232,841
Other comprehensive income, net	—	—		—		—		—		9,210		—		9,210
Repurchases of common stock, net	—	—		—		—		—		—		(225,163)		(225,163)
Common stock issued for share-based compensation plans, including excess tax benefit	19	1		4,994		—		—		—		—		4,995
Share-based compensation cost	—	—		15,918		—		—		—		—		15,918
Balance September 30, 2024	107,705	$	10,770	$	1,646,363	$	5,885	$	5,116,289	$	(75,971)	$	(5,085,282)	$	1,618,054
The accompanying notes are an integral part of these condensed consolidated financial statements.

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

	For the Nine Months EndedSeptember 30,
	For the Three Months EndedMarch 31,
	2025		2024
	2026		2025
Cash Flows from Operating Activities:
Net income	$	~~811~~278,~~276~~446	$	~~671~~242,~~718~~677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	~~106~~37,~~462~~683		9634,~~230~~063
Impairment charge	—5,000		~~250~~—
Provision for credit losses	53,~~979~~942		52,~~080~~890
Deferred income taxes	9913,~~675~~890		~~(28~~3,~~870)~~948
Share-based compensation expense	4316,~~902~~340		4614,~~037~~615
Other	~~3,244~~695		~~1,034~~456
Changes in assets and liabilities:
Accounts receivable	(8256,~~586~~808)		(5645,~~087~~240)
Inventories	(2,~~202)~~239		~~(24~~2,~~756)~~163
Other assets and liabilities	(~~160~~46,~~944~~396)		(459,~~272~~487)
Accounts payable	(411,~~977)~~217		2(8,~~347~~123)
Deferred revenue	6,216		(735)
Net cash provided by operating activities	266,248		237,962
Net cash provided by operating activities	826,045		666,976
Cash Flows from Investing Activities:
Purchases of property and equipment	(9531,~~242~~984)		(9130,~~667~~026)
Acquisition of intangible assets	(131,~~350~~800)		—
Equity investments	(~~756~~799)		—
Acquisition of a business	—		(76,694)
Proceeds from net investment hedges	1,039		416
Proceeds from net investment hedges	1,239		1,142
Net cash used by investing activities	(33,544)		(29,610)
Net cash used by investing activities	(108,109)		(167,219)
Cash Flows from Financing Activities:
Borrowings under credit facility, net	~~205~~132,000		—69,500
Payments of senior notes	(103,386)		(75,000)
Repurchases of common stock	(351,036)		(400,890)
Repurchases of common stock	(979,190)		(591,042)
Proceeds from exercises of stock options and employee stock purchase plans	18,161		7,193
Proceeds from exercises of stock options and employee stock purchase plans	75,493		31,237
Shares withheld for statutory tax withholding payments on restricted stock	(10,555)		(6,124)
Shares withheld for statutory tax withholding payments on restricted stock	(7,179)		(10,486)
Net cash used by financing activities	(211,430)		(330,321)
Net cash used by financing activities	(809,262)		(645,291)
Net effect of changes in exchange rates on cash	(816)		(2,327)
Net effect of changes in exchange rates on cash	11,226		238
Net increase (decrease) in cash and cash equivalents	20,458		(124,296)
Net decrease in cash and cash equivalents	(80,100)		(145,296)
Cash and cash equivalents at beginning of period	180,070		288,266
Cash and cash equivalents at beginning of period	288,266		453,932
Cash and cash equivalents at end of period	$	200,528	$	163,970
Cash and cash equivalents at end of period	$	208,166	$	308,636
Supplemental Cash Flow Information:
Unpaid property and equipment, reflected in accounts payable and accrued liabilities	$	68,~~778~~274	$	10,~~405~~702
The accompanying notes are an integral part of these condensed consolidated financial statements.

IDEXX LABORATORIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

The accompanying unaudited condensed consolidated financial statements of IDEXX Laboratories, Inc. and its subsidiaries have been prepared in accordance with U.S. GAAP for interim financial information and with the requirements of Regulation S-X, Rule 10-01 for financial statements required to be filed as a part of this Quarterly Report on Form 10-Q. Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q to “IDEXX,” the “Company,” “we,” “our,” or “us” refer to IDEXX Laboratories, Inc. and its subsidiaries.

The accompanying unaudited condensed consolidated financial statements include the accounts of IDEXX Laboratories, Inc., and our wholly-owned and majority-owned subsidiaries. We do not have any variable interest entities for which we are the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.

~~The~~Changes ~~accompanying~~in ~~unaudited~~deferred ~~condensed~~revenue ~~consolidated~~during ~~financial statements reflect, in~~ the ~~opinion~~period ofended ~~our~~March management, all adjustments necessary for a fair statement of our financial position and results of operations. All such adjustments are of a recurring nature. The condensed consolidated balance sheet data as of December 31, ~~2024~~2025, was ~~derived~~recast ~~from~~and ~~audited~~aggregated ~~financial~~with ~~statements,~~other ~~but~~assets ~~does not include all disclosures required by U.S. GAAP. The results of operations for the three~~ and ~~nine~~liabilities ~~months~~to ~~ended~~reconcile ~~September~~net ~~30,~~income ~~2025,~~to ~~are~~net ~~not~~cash ~~necessarily~~provided ~~indicative~~by ofoperating ~~the~~activities ~~results~~on ~~to be expected for~~ the ~~full year or any future period. These~~ unaudited condensed consolidated ~~financial~~ statements ~~should~~of becash ~~read~~flows into ~~conjunction~~conform ~~with~~to the ~~audited~~current‑period ~~financial~~presentation. ~~statements~~The ~~and~~recast ~~notes~~had ~~thereto~~no ~~included~~impact inon ~~our~~net ~~Annual~~cash ~~Report~~provided onby ~~Form~~operating ~~10-K~~activities for ~~the~~any ~~year~~period ~~ended December 31, 2024, (the “2024 Annual Report”)~~presented.

The ~~preparation~~accompanying ofunaudited ~~our~~ condensed consolidated financial statements ~~requires~~reflect, usin tothe ~~make~~opinion ~~estimates,~~of ~~judgments~~our management, ~~and~~all ~~assumptions~~adjustments ~~that~~necessary ~~may~~for ~~affect~~a ~~the~~fair ~~reported~~statement ~~amounts~~ of ~~assets,~~our ~~liabilities,~~financial ~~equity,~~position ~~revenues,~~ and ~~expenses~~results ~~and~~of ~~related~~operations. ~~disclosure~~All ofsuch ~~contingent~~adjustments ~~assets~~are ~~and~~of ~~liabilities~~a recurring nature. OnThe ancondensed ~~ongoing~~consolidated ~~basis~~balance wesheet ~~evaluate~~data ~~our~~as ~~estimates~~of December 31, ~~judgments~~2025, ~~assumptions~~was derived from audited financial statements, ~~and~~but ~~methodologies.~~does Wenot ~~base~~include ~~our~~all ~~estimates~~disclosures onrequired ~~historical~~by ~~experience~~U.S. ~~and~~GAAP. onThe ~~various~~results ~~other~~of ~~assumptions~~operations ~~that~~for wethe ~~believe~~three ~~are~~months ~~reasonable~~ended March 31, 2026, are not necessarily indicative of the results ofto ~~which~~be ~~form~~expected for the ~~basis~~full ~~for~~year ~~making~~or ~~judgments~~any ~~about~~future ~~the~~period. ~~carrying~~These ~~values~~unaudited ofcondensed ~~assets,~~consolidated ~~liabilities,~~financial ~~and~~statements ~~equity,~~should ~~and~~be read in conjunction with the ~~amount~~audited offinancial ~~revenues~~statements and ~~expenses~~notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”).

The preparation of our condensed consolidated financial statements requires us to make estimates, judgments, and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues, and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, judgments, assumptions, and methodologies. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities, and equity, and the amount of revenues and expenses.

NOTE 2. ACCOUNTING POLICIES

Significant Accounting Policies

The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements as of and for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, are consistent with those discussed in “Note 2. Summary of Significant Accounting Policies” to the consolidated financial statements in our ~~2024~~2025 Annual Report, and as updated below.

New Accounting Pronouncements Adopted

WeIn ~~adopted~~July 2025, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ~~2023~~2025-0705, “~~Segment~~Financial ~~Reporting~~Instruments – Credit Losses (Topic ~~280~~326): ~~Improvements~~Measurement toof ~~Reportable~~Credit ~~Segment~~Losses ~~Disclosures,”~~for asAccounts ofReceivable ~~December~~and ~~31,~~Contract ~~2024~~Assets.” ~~ASU~~This ~~2023-07~~amendment isprovides ~~intended~~an tooptional ~~improve~~practical ~~reportable~~expedient ~~segment~~to ~~disclosures.~~assume ~~The~~that ~~amendments~~the ~~require~~current ~~disclosure~~conditions as of ~~significant~~the ~~segment~~balance ~~expenses~~sheet ~~that~~date ~~are~~will ~~regularly~~remain ~~provided~~unchanged tofor the ~~chief~~remaining ~~operating~~life ~~decision~~of ~~maker~~the ~~and~~asset ~~included~~when ~~within~~estimating ~~segment~~expected ~~profit~~credit losses on current accounts receivable and ~~loss.~~contract ~~The~~assets ~~adoption~~arising offrom transactions accounted for under Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” We adopted ASU ~~2023~~2025-0705 effective January 1, 2026, and elected the practical expedient provided in the guidance. Adoption of the standard did not have a material impact on our consolidated financial statements and related disclosures.

New Accounting Pronouncements Not Yet Adopted

In September 2025, the FASB issued ~~Accounting Standard Update (~~ASU) 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which amends the existing standard related to accounting for internal-use software development costs. The amendments modernize the recognition and capitalization framework to better align with current software development practices by removing references to project stages and clarify the criteria for capitalization, which begins when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the timing of adoption and do not expect the ~~impact~~adoption of ~~this~~ASU ~~amendment~~2025-06 to have a material impact on the consolidated financial statements ~~and~~or related disclosures.

9In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses,” to provide disaggregated disclosures of specific expense categories underlying all relevant income statement expense line items on an annual and interim basis. The disclosure requirements will apply on a prospective basis, with the option to apply them retrospectively. This standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are evaluating ASU 2024-03 to determine its impact on our consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This amendment provides an optional practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating expected credit losses on current accounts receivable and contract assets arising from transactions accounted for under Topic ASC 606 - Revenue from Contracts with Customers. The amendment is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the timing of adoption and impact of this amendment on the consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, to provide disaggregated disclosures of specific expense categories underlying all relevant income statement expense line items on an annual and interim basis. The disclosure requirements will apply on a prospective basis, with the option to apply them retrospectively. This standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are evaluating ASU 2024-03 to determine its impact on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of income tax rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, and may be applied either prospectively or retrospectively. There will be no impact to our consolidated balance sheets or statements of operations; however, we anticipate providing the additional required income tax disclosures within our annual consolidated financial statements that will be included in our Annual Report on Form 10-K for the year ending December 31, 2025.

NOTE 3. REVENUE

Revenues by Product and Service Categories and by Principal Geographic Areas

We present disaggregated revenue for our Companion Animal Group (“CAG”) segment based on major product and service categories. Our Water and Livestock, Poultry and Dairy (“LPD”) segments comprise a single major product category.

The following table presents revenue by major product and service categories:

(in thousands)	For the Three Months ~~EndedSeptember~~EndedMarch 3031,				~~For the Nine Months EndedSeptember 30,~~
	2025		2024		2025		2024
	2026		2025
CAG segment revenue:
CAG Diagnostics recurring revenue:	$	~~873,273~~	$	~~783,443~~	$	~~2,557,535~~	$	~~2,372,041~~
IDEXX VetLab consumables	~~387,813~~$	412,582	~~329,128~~$	344,779	~~1,107,704~~		~~971,405~~
Rapid assay products	8884,~~638~~938		9284,~~774~~034		~~272,912~~		~~282,379~~
Reference laboratory diagnostic and consulting services	~~362~~386,~~725~~179		~~328~~344,~~383~~406		~~1,074,825~~		~~1,020,094~~
CAG Diagnostics services and accessories	3436,~~097~~614		33,~~158~~048		~~102,094~~		~~98,163~~
CAG Diagnostics capital - instruments	$	51,479	$	29,528	$	142,073	$	98,912
Total CAG Diagnostics recurring revenue	920,313		806,267
Veterinary software, services and diagnostic imaging systems:	$	87,782	$	79,019	$	255,205	$	232,620
CAG Diagnostics capital - instruments	42,449		31,994
Recurring revenue	70,988		64,644		205,735		187,461
Veterinary software, services and diagnostic imaging systems:
Systems and hardware	16,794		14,375		49,470		45,159
Recurring revenue	73,536		65,793
CAG segment revenue	$	1,012,534	$	891,990	$	2,954,813	$	2,703,573
Systems and hardware	17,754		15,782
Water segment revenue	54,297		50,162		150,619		139,959
Total veterinary software, services and diagnostic imaging systems	91,290		81,575
LPD segment revenue	33,944		28,992		94,302		87,503
CAG segment revenue	1,054,052		919,836
Other segment revenue	4,464		4,399		13,389		12,181
Water segment revenue	50,265		45,321
Total revenue	$	1,105,239	$	975,543	$	3,213,123	$	2,943,216
LPD segment revenue	32,483		28,596
Other revenue	4,020		4,674
Total revenue	$	1,140,820	$	998,427

109

The following table presents revenue by principal geographic area, based on customers’ domiciles:

(in thousands)	For the Three Months ~~EndedSeptember~~EndedMarch 3031,				~~For the Nine Months EndedSeptember 30,~~
	2025		2024		2025		2024
	2026		2025
United States	$	~~705~~725,~~040~~232	$	~~638~~654,~~058~~861	$	~~2,077,770~~	$	~~1,929,213~~
Europe, the Middle East and Africa	~~245~~257,~~061~~051		~~198~~204,~~605~~547		~~682,879~~		~~599,125~~
Asia Pacific Region	90,724		80,972		261,755		237,711
Asia Pacific	94,382		81,733
Canada	4140,~~377~~940		3637,~~927~~300		~~125,368~~		~~114,630~~
Latin America & Caribbean	23,~~037~~215		2019,~~981~~986		~~65,351~~		~~62,537~~
Total revenue	$	1,~~105~~140,~~239~~820	$	~~975~~998,~~543~~427	$	~~3,213,123~~	$	~~2,943,216~~

Contracts with Multiple Performance Obligations

We enter into arrangements with multiple performance obligations where customers purchase a combination of IDEXX products and services. ~~Determining~~We apply judgment to determine whether products and services are considered distinct performance obligations that should be accounted for separately ~~requires significant judgment~~. We determine the transaction price for a contract based on the total consideration we expect to receive in exchange for the transferred goods or services. To the extent the transaction price includes variable consideration, such as volume rebates or expected price adjustments, we apply judgment in constraining the estimated variable consideration due to factors that may cause reversal of revenue recognized. We evaluate constraints based on our historical and projected experience with similar customer arrangements.

We allocate revenue to each performance obligation in proportion to the relative standalone selling prices, and recognize revenue when control of the related goods or services is transferred for each obligation. We utilize the observable standalone selling price when available, which represents the price charged for the promised product or service when sold separately. When standalone selling prices for our products or services are not directly observable, we determine the standalone selling prices using relevant information available and apply suitable estimation methods including, but not limited to, the cost plus a margin approach. We recognize revenue as each performance obligation is satisfied, either at a point in time or over time. We do not disclose information about remaining performance obligations that are part of arrangements with an original expected duration of one year or less.

The following customer arrangements represent our most significant customer contracts that contain multiple performance obligations:

Customer Commitment Arrangements. We offer customers incentives upon entering into multi-year arrangements to purchase minimum annual amounts of products and services.

Free or Discounted Instruments and Systems. Many of our customer commitment arrangements, ~~such as our IDEXX 360 program,~~ provide customers with free or discounted instruments or systems upon entering into multi-year arrangements to purchase minimum annual amounts of products and services. We allocate total consideration, including future committed purchases and expected price adjustments, based on relative standalone selling prices to identified performance obligations and recognize instrument revenue and cost at the time of installation and customer acceptance in advance of billing the customer, which is also when the customer obtains control of the instrument based on legal title transfer. Our right to future consideration related to instrument revenue is recorded as a contract asset within other current and long-term assets. The contract ~~asset~~assets isare reclassified to accounts receivable when customers are billed for products and services over the term of the arrangement. We have determined that these arrangements do not include a significant financing component.

On December 31, ~~2024~~2025, our contract assets were $~~246~~312.37 million, of which approximately $1520.56 million ~~and $47.7 million~~ were reclassified to accounts receivable when customers were billed for related products and services during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025, respectively~~2026. Furthermore, as a result of new placements under commitment arrangements, net of subsequent amounts reclassified to accounts receivable, and allowances established for credit losses, our contract assets were $~~288~~318.7 million as of ~~September~~March 3031, ~~2025~~2026. We monitor customer purchases over the term of their arrangement to assess the realizability of our contract assets and review estimates of variable consideration. Impairments and revenue adjustments that relate to performance obligations satisfied in prior periods, including cumulative catch-up adjustments to revenue arising from contract modifications, during the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, were not material.

Up-Front Consideration Paid to Customers. We provide customers with incentives in the form of IDEXX Points upon entering into multi-year arrangements to purchase minimum annual amounts of future products and services. If a customer breaches their agreement, they are required to refund all or a portion of the up-front consideration, or make other repayments, remedial actions, or both. Up-front incentives to customers in the form of IDEXX Points or, to a lesser degree, cash payments, are not made in exchange for distinct goods or services and are capitalized as consideration paid to customers within other current and long-term assets, which are subsequently recognized as a reduction to revenue over the term of the customer arrangement. If these up-front incentives are subsequently utilized to purchase instruments, we allocate total consideration, including future committed purchases less up-front incentives and estimates of expected price adjustments, based on relative standalone selling prices, to identified performance obligations, and recognize instrument revenue and cost at the time of installation and customer acceptance. To the extent invoiced instrument revenue exceeds recognized instrument revenue, we record deferred revenue as a contract liability, which is subsequently recognized upon the purchase of products and services over the term of the contract. We have determined these arrangements do not include a significant financing component.

On December 31, 2025, our capitalized consideration paid to customers was $250.1 million, of which approximately $19.2 million was recognized as a reduction of revenue during the three months ended March 31, 2026, compared to $16.5 million during the three months ended March 31, 2025. Furthermore, as a result of new payments to customers, net of subsequent recognition, our capitalized consideration paid to customers was $264.6 million as of March 31, 2026. We monitor customer purchases over the term of their arrangement to assess the realizability of capitalized consideration paid to customers and review estimates of variable consideration. Impairments and revenue adjustments that relate to performance obligations satisfied in prior periods, including cumulative catch-up adjustments to revenue arising from contract modifications, during the three months ended March 31, 2026 and 2025, were not material.

Rebate Arrangements. Our rebate arrangements provide customers the opportunity to earn future rebates based on the volume of products and services they purchase over the term of the arrangement. Rebate incentives are typically offered in multi-year arrangements that include customer commitments to purchase minimum annual amounts of products and services, or, to a lesser extent, are sometimes offered without future purchase commitments. We account for the customer’s right to earn rebates on optional future purchases that are determined to be a material right as a separate performance obligation and estimate the standalone selling price, which represents the expected value to the customer, based on historical rebate experience, the contractual rebate structure and terms, and other relevant information. Total consideration allocated to identified performance obligations is limited to goods and services that the customer is presently obligated to purchase and does not include estimates of future purchases that are optional. We allocate total consideration to identified performance obligations, including the customer’s right to earn rebates on future purchases, which is deferred and subsequently recognized upon the customer’s purchase of eligible products and services.

On December 31, 2025, our deferred revenue related to rebate and up-front consideration arrangements was $35.3 million, of which approximately $2.5 million were recognized when customers purchased eligible products and services during the three months ended March 31, 2026, compared to $2.8 million during the three months ended March 31, 2025. Furthermore, as a result of new customer purchases under rebate and up-front consideration arrangements, net of subsequent recognition, our deferred revenue was $35.5 million as of March 31, 2026, of which approximately 21%, 27%, 21%, 16%, and 15% are expected to be recognized during the remainder of 2026, the full years 2027, 2028, 2029, and thereafter, respectively.

For our customer commitment arrangements, we estimate future revenues related to multi-year arrangements to be approximately $4.9 billion, of which approximately 22%, 26%, 23%, 15%, and 14% are expected to be recognized during the remainder of 2026, the full years 2027, 2028, 2029, and thereafter, respectively. These future revenues relate to performance obligations not yet satisfied, for which customers have committed to future purchases, net of the expected revenue reductions from consideration paid to customers and expected price adjustments, and as a result, are lower than stated contractual commitments by our customers.

~~Up-Front~~are ~~Consideration~~provided ~~Paid to Customers. We provide customers~~ with ~~incentives in~~ the ~~form~~right ~~of IDEXX Points upon entering into multi-year arrangements~~ to purchase ~~minimum~~the ~~annual~~instrument ~~amounts~~at ofthe ~~future~~end ~~products~~of ~~and~~the ~~services~~lease term. IfOur areagent ~~customer~~rental ~~breaches~~arrangements ~~their~~provide ~~agreement,~~customers ~~they~~the ~~are~~right ~~required~~ to ~~refund~~use ~~all~~our orinstruments aupon ~~portion~~entering ofinto ~~the up~~multi-~~front~~year ~~consideration,~~arrangements orto ~~make~~purchase ~~other~~minimum ~~repayments,~~annual ~~remedial~~amounts ~~actions,~~of ~~or both~~consumables. ~~Up-front~~These ~~incentives~~types ~~to customers in the form~~ of ~~IDEXX~~arrangements ~~Points~~include ~~or,~~an ~~from~~embedded ~~time~~lease ~~to time, cash, are not made in exchange~~ for ~~distinct~~the ~~goods~~right ~~or services and are capitalized as consideration paid~~ to ~~customers~~use ~~within~~our ~~other~~instrument, ~~current~~ and ~~long-term~~we ~~assets,~~determine ~~which are subsequently recognized as a reduction to revenue over~~ the ~~term~~amount of ~~the~~lease ~~customer~~revenue ~~arrangement.~~allocated ~~If these up-front incentives are subsequently utilized~~ to ~~purchase~~the ~~instruments,~~instrument ~~we allocate total consideration, including future committed purchases less up-front incentives and estimates of expected price adjustments,~~ based on relative standalone selling prices,. toLease ~~identified~~revenues ~~performance~~are ~~obligations,~~presented ~~and~~in ~~recognize~~product ~~instrument~~ revenue ~~and~~on ~~cost~~our atconsolidated ~~the~~income ~~time~~statement. ofLease ~~installation~~revenues ~~and~~were ~~customer~~approximately ~~acceptance~~$3.8 million Tofor the ~~extent~~three ~~invoiced~~months ~~instrument~~ended ~~revenue~~March ~~exceeds recognized instrument revenue~~31, ~~we record deferred revenue as a contract liability~~2026, ~~which~~compared isto ~~subsequently~~$3.3 million ~~recognized~~for ~~upon~~ the ~~purchase~~three ofmonths ~~products~~ended ~~and~~March ~~services~~31, ~~over~~2025, ~~the~~including ~~term~~both ofoperating ~~the~~leases ~~contract.~~and Wesales-type ~~have determined these arrangements do not include a significant financing component~~leases.

Sales-type Reagent Rental Arrangements. Our reagent rental arrangements that effectively transfer control of instruments to our customers are classified as sales-type leases, and we recognize instrument revenue and cost in advance of billing the customer at the time of installation and customer acceptance. Our right to future consideration related to instrument revenue is recorded as a lease receivable within other current and long-term assets, and is reclassified to accounts receivable when customers are billed for products and services over the term of the arrangement. On December 31, ~~2024~~2025, our ~~capitalized~~lease ~~consideration~~receivable ~~paid~~assets towere ~~customers was~~ $~~196~~18.6 0 million, of which approximately $151.2 4 million ~~and~~was ~~$47.5~~reclassified ~~million~~to accounts receivable when customers were ~~recognized~~billed asfor arelated ~~reduction~~products ofand ~~revenue~~services during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025, respectively~~2026. Furthermore, as a result of new ~~payments~~placements tounder ~~customers~~sales-type reagent rental arrangements, net of subsequent ~~recognition~~amounts reclassified to accounts receivable, ~~our~~and ~~capitalized~~allowances ~~consideration~~established ~~paid~~for tocredit ~~customers~~losses, ~~was~~our lease receivable assets were $~~237~~17.3 5 million as of ~~September~~March 3031, ~~2025~~2026. WeThe ~~monitor~~impacts ~~customer~~of ~~purchases~~discounting ~~over~~and ~~the~~unearned ~~term~~income as of ~~their~~March ~~arrangement~~31, to2026 ~~assess~~and ~~the~~2025, ~~realizability~~were ofnot ~~our~~material. ~~capitalized~~Profit ~~consideration~~and ~~paid~~loss torecognized ~~customers~~at the commencement date and ~~review~~interest ~~estimates~~income ofduring ~~variable~~the ~~consideration.~~three ~~Impairments~~months ~~and~~ended ~~revenue~~March ~~adjustments~~31, ~~that~~2026 ~~relate~~and to2025, ~~performance~~were ~~obligations~~not ~~satisfied~~material. inWe ~~prior~~monitor ~~periods,~~customer ~~including~~purchases ~~cumulative~~over ~~catch-up~~the ~~adjustments~~term of their arrangement to ~~revenue~~assess ~~arising~~the ~~from~~realizability ~~contract~~of ~~modifications,~~our lease receivable assets. Impairments during the three ~~and nine~~ months ended ~~September~~ 30March 31, 2026 and 2025, were not material.

~~Rebate~~Operating-type Reagent Rental Arrangements. Our ~~rebate~~reagent ~~arrangements~~rental provide customers the opportunity to earn future rebates based on the volume of products and services they purchase over the term of the arrangement. Rebate incentives are typically offered in multi-year arrangements that ~~include~~do ~~customer~~not ~~commitments~~effectively totransfer ~~purchase~~control ~~minimum annual amounts~~ of ~~products~~instruments ~~and services, or,~~ to aour ~~lesser~~customers ~~extent,~~ are ~~sometimes~~classified ~~offered without future purchase commitments. We account for the customer’s right to earn rebates on future purchases~~ as aoperating ~~separate~~leases, ~~performance obligation~~ and ~~determine~~we ~~the~~recognize ~~standalone~~instrument ~~selling~~revenue ~~price~~and ~~based~~costs onratably ~~an estimate of rebates the customer will earn~~ over the term of the arrangement. ~~Total~~The ~~consideration~~cost ~~allocated~~of tothe ~~identified~~instrument ~~performance obligations~~ is ~~limited~~capitalized towithin ~~goods~~property and ~~services~~equipment. ~~that~~During the ~~customer~~three ismonths ~~presently~~ended ~~obligated~~March to31, ~~purchase~~2026, ~~and~~we ~~does~~transferred ~~not~~instruments ~~include estimates~~ of ~~future purchases that are optional~~$1.7 million, Wecompared ~~allocate total consideration~~ to ~~identified~~$3.3 million ~~performance~~during ~~obligations, including~~ the ~~customer’s~~three ~~right~~months toended ~~earn~~March ~~rebates~~31, ~~on future purchases~~2025, ~~which~~from isinventory ~~deferred~~to ~~and~~property ~~subsequently recognized upon the purchase of products~~ and ~~services~~equipment.

OnWe ~~December~~estimate ~~31,~~future ~~2024,~~revenue ~~our~~to ~~deferred~~be ~~revenue~~recognized related to ~~rebate~~our ~~and~~reagent ~~up-front~~rental ~~consideration~~ arrangements ~~was~~ of approximately $30102.0 million, of which approximately ~~$2.5~~18%, ~~million~~21%, ~~and~~19%, ~~$7.9~~16%, ~~million~~and ~~were~~26% ~~recognized~~are ~~when~~expected ~~customers~~to ~~purchased~~be ~~eligible~~recognized ~~products and services~~ during the ~~three~~remainder of 2026, and ~~nine~~the ~~months~~full ~~ended September~~years 302027, ~~2025~~2028, ~~respectively. Furthermore~~2029, asand athereafter, ~~result~~respectively. ofThese ~~new~~future ~~customer~~revenues ~~purchases~~relate ~~under~~to ~~rebate~~performance ~~and~~obligations ~~up-front~~not ~~consideration~~yet ~~arrangements,~~satisfied ~~net~~for ofwhich ~~subsequent~~customers ~~recognition,~~have ~~our~~committed ~~deferred~~to ~~revenue~~future ~~was $34.6 million as of September 30~~purchases, ~~2025,~~net of ~~which~~expected ~~approximately~~price 8%adjustments, ~~29%,~~and ~~25%,~~as ~~18%,~~a ~~and~~result ~~20%~~ are ~~expected~~lower tothan bestated ~~recognized~~contractual ~~during~~commitments ~~the~~by ~~remainder~~our ~~of 2025, the full years 2026, 2027, 2028, and thereafter, respectively~~customers.

For our customer commitment arrangements, we estimate future revenues related to multi-year arrangements to be approximately $4.7 billion, of which approximately 7%, 27%, 24%, 21%, and 21% are expected to be recognized during the remainder of 2025, the full years 2026, 2027, 2028, and thereafter, respectively. These future revenues relate to performance obligations not yet satisfied, for which customers have committed to future purchases, net of the expected revenue reductions from consideration paid to customers and expected price adjustments, and as a result, are lower than stated contractual commitments by our customers.

Instrument Rental Arrangements. Revenues from instrument rental and reagent rental arrangements are recognized either as operating leases on a ratable basis over the term of the arrangement or as sales-type leases at the time of installation and customer acceptance. Customers typically pay for the right to use instruments under rental arrangements in equal monthly amounts over the term of the rental arrangement. For some arrangements, customers are provided with the right to purchase the instrument at the end of the lease term. Our reagent rental arrangements provide customers the right to use our instruments upon entering into multi-year arrangements to purchase minimum

annual amounts of consumables. These types of arrangements include an embedded lease for the right to use our instrument, and we determine the amount of lease revenue allocated to the instrument based on relative standalone selling prices. Lease revenues are presented in product revenue on our consolidated income statement. Lease revenues were approximately $4.8 million and $11.8 million for the three and nine months ended September 30, 2025, respectively, compared to $3.5 million and $10.6 million and for the three and nine months ended September 30, 2024, respectively, including both operating leases and sales-type leases.

Operating-type Reagent Rental Arrangements. Our reagent rental arrangements that do not effectively transfer control of instruments to our customers are classified as operating leases, and we recognize instrument revenue and costs ratably over the term of the arrangement. The cost of the instrument is capitalized within property and equipment. During the three and nine months ended September 30, 2025, we transferred instruments of $1.8 million and $7.9 million, respectively, compared to $3.9 million and $10.5 million during the three and nine months ended September 30, 2024, respectively, from inventory to property and equipment.

We estimate future revenue to be recognized related to our reagent rental arrangements of approximately $75.6 million, of which approximately 7%, 24%, 21%, 18%, and 30% are expected to be recognized during the remainder of 2025, and the full years 2026, 2027, 2028, and thereafter, respectively. These future revenues relate to performance obligations not yet satisfied for which customers have committed to future purchases, net of expected price adjustments, and as a result, may be lower than stated contractual commitments by our customers.

Deferred Extended Warranties and Post-Contract Support Revenue

On December 31, ~~2024~~2025, our deferred revenue related to extended warranties and post-contract support was $2527.21 million, of which approximately $116.38 million ~~and~~was ~~$18.7 million were~~ recognized during the three ~~and~~months ~~nine~~ended March 31, 2026, compared to $16.0 million during the three months ended ~~September~~March 3031, 2025~~, respectively~~. Furthermore, as a result of new arrangements, our deferred revenue related to extended warranties and post-contract support was $2627.3 million at ~~September~~March 3031, ~~2025~~2026. We do not disclose information about remaining performance obligations that are part of contracts with an original expected duration of one year or less, and do not adjust for the effect of the financing components when the period between customer payment and revenue recognition is one year or less. Deferred revenue related to extended warranties and post-contract support with an original duration of more than one year was $9.04 million at ~~September~~March 3031, ~~2025~~2026, of which approximately 1131%, 4034%, 2619%, 139%, and 107% are expected to be recognized during the remainder of ~~2025~~2026, and the full years ~~2026,~~ 2027, 2028, 2029, and thereafter, respectively. We have determined these arrangements do not include a significant financing component. We do not disclose information about remaining performance obligations that are part of contracts with an original expected duration of one year or less, and do not adjust for the effect of the financing components when the period between customer payment and revenue recognition is one year or less.

Costs to Obtain a Contract

On December 31, ~~2024~~2025, our deferred commission costs, included within other current and long-term assets, were $2221.04 million, of which approximately $12.71 million ~~and $5.3 million~~ of commission expense ~~were~~was recognized during the three ~~and~~months ~~nine~~ended March 31, 2026, compared to $1.8 million during the three months ended ~~September~~March 3031, 2025~~, respectively~~. Furthermore, as a result of commissions related to new extended warranties and SaaS subscriptions, net of subsequent recognition, our deferred commission costs were $21.53 million at ~~September~~March 3031, ~~2025~~2026. Impairments of deferred commission costs during the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, were not material.

NOTE 4. ACQUISITIONS, ASSET PURCHASES AND INVESTMENTS

We believe that our acquisitions of businesses and other assets enhance our existing businesses by either expanding our geographic range, customer base, or existing product and service lines. From time to time, we acquire reference laboratories, radiology practices, and other businesses or assets that we account for as either asset purchases or business combinations, depending on facts and circumstances. We also may acquire noncontrolling minority interests in business entities, which we recognize ~~under~~as ~~either~~equity ~~the~~investments, ~~equity~~and orcommercial ~~cost~~rights ~~method,~~to incertain ~~accordance~~technology ~~with~~through ~~our~~licensing ~~policy~~agreements.

Asset Purchase

OnDuring September 8, 2025, we acquired a customer relationship intangible asset of a privately-owned reference laboratory in the U.S. for approximately $15.6 million, including an estimated contingent payment of $2.3 million at the time of acquisition. The customer relationship intangible has an estimated life of 10 years. The revenue associated with the acquired customer relationships has been included in our CAG segment since the acquisition date.

Business Combinations

During the first quarter of 2024, we acquired the assets of a privately-owned software and data platform business based in the U.S. that extended our practice management system cloud-native workflow and delivers strategic data solutions to our customers and their clients, for approximately $81.1 million, including a contingent payment valued at $4.4 million at the time of purchase. The fair values and the lives of the assets and liabilities acquired were as follows: completed technology of $17.1 million, with a life of 6 years; customer relationship intangibles of $12.5 million, with a life of 10 years; a non-compete agreement of $4.7 million, with a life of 5 years; and a trademark of $0.7 million, with a life of 10 years. We also recognized goodwill of $45.8 million, which represents synergies with our software business, and $0.3 million of net tangible assets, including accounts receivable. Goodwill related to this acquisition is expected to be deductible for tax purposes. Pro forma information has not been presented for this acquisition because such information is not material to the financial statements. The results of operations have been included in our CAG segment since the acquisition date. The acquisition expenses were not significant.

NOTE 5. SHARE-BASED COMPENSATION

The fair value of options, restricted stock units, deferred stock units, performance-based restricted stock units, and employee stock purchase rights awarded during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, totaled $279.0 million ~~and $70.2 million~~, ~~respectively,~~ compared to $164.28 million ~~and $71.4 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024, respectively~~2025. The total unrecognized compensation expense, net of estimated forfeitures, for unvested share-based compensation awards outstanding as of ~~September~~March 3031, ~~2025~~2026, was $80120.94 million, which will be recognized over a weighted average period of approximately 1.59 years. During the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, we recognized share-based compensation expenses of $1416.43 million ~~and $43.9 million~~, ~~respectively,~~ compared to $1514.96 million ~~and $46.0 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024, respectively~~2025.

We determine the assumptions used in the valuation of option awards as of the date of grant. Differences in the expected stock price volatility, expected term, or risk-free interest rate may necessitate distinct valuation assumptions at ~~each~~those grant ~~date~~dates. As such, we may use different assumptions for options granted throughout the year. Option awards are granted with an exercise price equal to or greater than the closing market price of our common stock at the date of grant. We have never paid any cash dividends on our common stock, and we have no intention to pay such a dividend at this time; therefore, we assume that no dividends will be paid over the expected terms of option awards.

	For the Nine Months EndedSeptember 30,
	2025			2024
Expected stock price volatility	33		%	32		%
Expected term, in years	7.3			7.0
Risk-free interest rate	4.5		%	4.3		%
Weighted average fair value of options granted	$	206.80		$	239.49

NOTE 6. CREDIT LOSSES

We are exposed to credit losses primarily through our sales of products and services to our customers. We maintain allowances for credit losses for potentially uncollectible receivables. WeAdditional ~~base~~allowances ~~our~~may ~~estimates~~be onrequired aif ~~detailed~~the ~~analysis~~financial condition of ~~specific~~our ~~customer~~customers ~~situations~~was ~~and~~to deteriorate or a ~~percentage~~strengthening U.S. dollar impacts the ability of ~~our~~foreign ~~accounts~~customers ~~receivable~~to bymake ~~aging~~payments ~~category.~~to ~~Additionally,~~us ~~our~~for ~~estimates~~their ~~are~~U.S. ~~developed~~dollar-denominated ~~based~~purchases. onWe ~~historical~~monitor our ongoing credit ~~loss~~exposure ~~experience,~~through ~~estimates~~active review of ~~recoveries~~counterparty balances against contract terms and due dates, ~~current~~timely ~~economic~~account ~~conditions~~reconciliations, dispute resolution, and ~~future~~payment ~~expectations~~confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance sheet credit exposure related to our customers.

We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. We may require collateralized asset support or a prepayment to mitigate credit risk. Our activities include timely account reconciliations, dispute resolution, and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. Historically, we have experienced low credit loss rates on our accounts receivables, customer commitment programs and lease receivables. Additional allowances may be required if either the financial condition of our customers was to deteriorate, or a strengthening U.S. dollar impacts the ability of foreign customers to make payments to us on their U.S. dollar-denominated purchases.

Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance sheet credit exposure related to our customers.

Accounts Receivable

The allowance for credit losses associated with accounts receivable was $1114.73 million and $1211.63 million as of ~~September~~March 3031, ~~2025~~2026, and December 31, ~~2024~~2025, respectively. The amount of accounts receivable reflected on the balance sheet is net of this allowance. ~~Based~~As ~~on an aging analysis, as~~ of ~~September~~March 3031, ~~2025~~2026, approximately 88% of our accounts receivable had not yet reached the invoice due date, and approximately 12% were considered past due. As of December 31, ~~2024~~2025, approximately 8587% of our accounts receivable had not yet reached the invoice due date, and approximately 1513% were considered past due.

Contract Assets and Lease Receivables

The allowance for credit losses associated with contract assets and lease receivables was $8.08 million and $6.8.6 million as of ~~September~~March 3031, ~~2025~~2026, and December 31, ~~2024~~2025, respectively. The assets reflected on the balance sheet are net of these allowances.

1513

NOTE 7. INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation and factors in assumptions of future demand, market conditions, remaining shelf life, or product functionality. The components of inventories were as follows:

(in thousands)	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Raw materials	$	~~102~~98,~~497~~396	$	~~104~~96,~~195~~299
Work-in-process	3334,~~972~~140		3132,~~907~~588
Finished goods	~~255~~249,~~095~~864		~~245~~248,~~775~~869
Total inventories	$	~~391~~382,~~564~~400	$	~~381~~377,~~877~~756

NOTE 8. LEASE COMMITMENTS

Maturities of operating lease liabilities were as follows:

(in thousands)	~~September~~March 3031, ~~2025~~2026
2025 (remainder of year)	$	5,955
2026 (remainder of year)	$	23,632
2026	34,203
2027	30,329
2027	29,090
2028	24,452
2028	22,846
2029	19,595
2029	18,148
2030	12,444
Thereafter	4334,~~247~~885
Total lease payments	~~153~~145,~~489~~337
Less imputed interest	(2019,~~348~~737)
Total operating lease liabilities (current and long-term)	$	~~133~~125,~~141~~600

(in thousands)	For the Nine Months EndedSeptember 30,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	24,804	$	21,398
Right-of-use assets obtained in exchange for operating lease obligations, net of earlylease terminations (1)	$	28,717	$	22,331

Total minimum future lease payments for leases that have not commenced as of March 31, 2026, are approximately $3.2 million, and will commence in May of 2026.

Supplemental cash flow information for leases was as follows:

(1) Additions for the nine months ended September 30, 2024, include $1.0 million of right-of-use assets obtained in connection with a business acquisition in the first quarter of 2024.


(in thousands)	For the Three Months Ended March 31,
	2026		2025

Cash paid for amounts included in the measurement of operating lease liabilities	$	8,449	$	7,588
Right-of-use assets obtained in exchange for operating lease obligations, net of early lease terminations	$	5,667	$	4,645

1614

NOTE 9. OTHER CURRENT AND LONG-TERM ASSETS

Other Current Assets

Other current assets consisted of the following:

(in thousands)	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Taxes receivable	$	76,132	$	26,990
Contract assets, net (1)	$	77,699	$	75,828
Contract assets, net (1)	71,953		60,751
Consideration paid to customers	76,863		73,563
Consideration paid to customers	70,010		61,653
Prepaid expenses	64,345		57,900
Prepaid expenses	60,815		58,626
Taxes receivable	15,969		64,985
Other assets	3132,~~534~~727		4831,~~159~~347
Total other current assets	$	~~310~~267,~~444~~603	$	~~256~~303,~~179~~623

(1) Contract assets, net, are net of allowances for credit losses. Refer to "Note 6. Credit Losses."

Other Long-Term Assets

Other long-term assets consisted of the following:

(in thousands)	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Contract assets, net (1)	$	~~216~~240,~~778~~955	$	~~185~~236,~~506~~906
Consideration paid to customers	~~167~~187,~~256~~710		~~134~~176,~~896~~583
Equity investments	3127,~~760~~559		31,~~004~~760
Deferred income taxes	31,497		125,630
Investments in long-term product supply arrangements	26,028		26,721
Investments in long-term product supply arrangements	27,305		26,714
Deferred income taxes	23,272		27,871
Other assets	3847,~~976~~267		4342,~~768~~636
Total other long-term assets	$	~~513~~552,~~572~~791	$	~~547~~542,~~518~~477

(1) Contract assets, net, are net of allowances for credit losses. Refer to "Note 6. Credit Losses."

NOTE 10. ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES

Accounts Payable - Supplier Financing Program

We have an agreement with a third party to provide a supplier financing program, which facilitates participating suppliers’ ability to finance payment obligations from us with a designated third-party financial institution. Participating suppliers may, at their sole discretion, make offers to finance one or more of our payment obligations prior to their scheduled due dates at a discounted price. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. The terms of payments are consistent with the terms of our trade payables. Activity related to the obligations is presented within operating activities on the unaudited condensed consolidated statements of cash flows. The changes in our outstanding payment obligations under this arrangement, which are included in accounts payable on the unaudited condensed consolidated balance sheets, were as follows:

(in thousands)

For the Three Months ~~EndedSeptember~~EndedMarch 3031,

~~For the Nine Months EndedSeptember 30,~~

2025

2024

2025

2024

2026

2025

Payment obligations outstanding at the beginning of the period

76,~~237~~249

85,~~747~~967

~~5,967~~

~~9,057~~

Payment obligations additions during the period

1513,~~648~~112

1114,~~725~~994

~~45,476~~

~~35,049~~

Payment obligations settled during the period

(1512,~~640~~525)

(1412,~~968~~300)

~~(44,198)~~

~~(38,602)~~

Payment obligations outstanding at the end of the period

76,~~245~~836

58,~~504~~661

~~7,245~~

~~5,504~~

1715

Accrued Liabilities

Accrued liabilities consisted of the following:

(in thousands)	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Accrued employee compensation and related expenses	$	~~192~~144,~~517~~619	$	~~174~~212,~~583~~444
Accrued expenses	94112,~~110~~451		~~165~~114,~~550~~331
Accrued taxes	89,197		62,252
Accrued customer incentives and refund obligations	89,603		87,630
Accrued customer incentives and refund obligations	86,385		78,195
Accrued taxes	80,026		88,668
Current lease liabilities	26,~~647~~853		2127,~~539~~074
Total accrued liabilities	$	~~488~~453,~~856~~552	$	~~502~~530,~~119~~147

Other Long-Term Liabilities

Other long-term liabilities consisted of the following:

(in thousands)	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Accrued taxes	$	14,~~780~~539	$	2014,~~898~~452
Other accrued long-term expenses	4239,~~841~~495		2342,~~443~~075
Total other long-term liabilities	$	5754,~~621~~034	$	4456,~~341~~527

NOTE 11. DEBT

Credit Facility

AtAs ~~September~~of 30March 31, ~~2025~~2026, we had $~~455~~530.0 million in outstanding borrowings under our $1.25 billion five-year unsecured credit facility (the “Credit Facility”), of which $250.0 million is ~~under~~a ~~the Term Loan~~three-year, ~~and~~unsecured ~~$205.0 million~~term isloan ~~under~~ (the ~~revolving~~“Term ~~credit facility~~Loan”), with a weighted average effective interest rate for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, ~~on the total outstanding borrowings~~ of 54.37%, excluding any impact of our interest rate swap. At December 31, ~~2024~~2025, we had $~~250~~398.0 million outstanding under the Credit Facility, ~~all~~ of which ~~was under the~~ $250.0 million is the Term Loan, with a full year weighted average effective interest rate of 65.23%, excluding any impact of our interest rate swap. At ~~September~~March 3031, ~~2025~~2026, we had remaining borrowing availability of $~~793~~718.2 million under our $1.25 billion Credit Facility. The funds available under ~~the~~our Credit Facility reflect a reduction due to the issuance of letters of credit, which were primarily issued in connection with our workers’ compensation insurance policy, for $1.8 million.

~~The~~Borrowings ~~applicable~~in ~~interest~~U.S. ~~rate~~dollars ~~for~~under ~~the~~our Credit Facility isbear ~~calculated~~interest at a per annum rate, determined at our option, equal to either ~~(at~~of the following as defined in the credit agreement for our ~~option~~Credit Facility: (1) a base rate (determined as the greatest of (i) athe prime rate, (ii) the NYFRB Rate plus 0.50% and (iii) the Adjusted Term SOFR Rate for a one-month Interest Period plus 1% (but not less than 1%)), plus a margin rate ranging from 0.0% to 0.375% based on our consolidated leverage ratio,; (ii2) anthe ~~adjusted~~Adjusted ~~term~~Term SOFR ~~rate~~Rate, plus ~~0.10%, plus~~ a margin rate ranging from 0.875% to 1.375% based on our consolidated leverage ratio,; or (~~iii~~3) anthe ~~adjusted~~Adjusted ~~daily~~Daily ~~simple~~Simple SOFR ~~rate~~Rate, plus ~~0.10%, plus~~ a margin rate ranging from 0.875% to 1.375% based on our consolidated leverage ratio. In ~~March~~addition ~~2023~~to U.S. dollar borrowings, weborrowings ~~entered~~under ~~into~~our anCredit Facility are also available in certain specific foreign currencies, bearing interest ~~rate~~based ~~swap~~on ~~contract~~rates tocustomary ~~manage~~for such foreign currencies and subject to the ~~economic~~same ~~effect~~applicable ofmargin ~~$250.0 million~~rates ofbased ~~variable~~on ~~interest~~our ~~borrowings~~consolidated ~~under~~leverage ~~the~~ratio as for our U.S. dollar borrowings. Under our Credit Facility., ~~Refer~~we toalso ~~“Note~~pay 19on a quarterly basis commitment fees ranging from 0.075% ~~Hedging~~to ~~Instruments”~~0.25% ~~for~~per aannum, ~~discussion~~based ofon our ~~derivative~~consolidated ~~instruments~~leverage ~~and~~ratio, ~~hedging~~on ~~activity.~~any unused commitment.

~~The~~We ~~Credit~~have ~~Facility~~entered ~~contains~~into ~~affirmative,~~an ~~negative,~~interest ~~and~~rate ~~financial~~swap ~~covenants~~contract ~~customary~~to ~~for~~reduce ~~financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of~~ the ~~Company,~~effect ~~fundamental changes, investments, transactions with affiliates, certain restrictive agreements, and violations~~ of ~~sanctions~~variable ~~laws and regulations. The sole financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before~~ interest, ~~taxes,~~obligations ~~depreciation, amortization, and share-based compensation, which is defined as the consolidated leverage ratio under the terms~~ of ~~the~~our ~~Credit~~Term ~~Facility,~~Loan. ~~not~~Refer to ~~exceed~~“Note 319.~~5-to-1.~~ AsHedging ofInstruments” ~~September~~for ~~30,~~a ~~2025,~~discussion weof ~~were~~our inderivative ~~compliance~~instruments ~~with~~and ~~the~~hedging ~~covenants of the Credit Facility~~activity.

1816

The obligations under our Credit Facility may be accelerated upon the occurrence of an event of default under our Credit Facility, which includes customary events of default, including payment defaults, defaults in the performance of the affirmative, negative and financial covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, defaults relating to judgments, certain events related to employee pension benefit plans under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the failure to pay specified indebtedness, and a change of control default. Our Credit Facility contains affirmative, negative, and financial covenants customary for financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, fundamental changes, investments, transactions with affiliates, certain restrictive agreements, and violations of sanctions laws and regulations. The sole financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation, amortization, share-based compensation expense, and certain other non-cash losses and charges, which is defined as the consolidated leverage ratio under the terms of our Credit Facility, not to exceed 3.5-to-1. As of March 31, 2026, we were in compliance with the covenants of our Credit Facility.

Senior Notes

The following describes all of our currently outstanding unsecured senior notes issued and sold in private placements (collectively, the “Senior Notes”) as of March 31, 2026:

(Principal Amount in thousands)
(Principal Amounts in thousands)
Issue Date	Due Date	Series	Principal Amount		Coupon Rate		Senior Notes Agreement
12/11/2013	12/11/2025	2025 Series B Notes	$	75,000	4.04	%	NY Life 2013 Note Agreement
9/4/2014	9/4/2026	2026 Senior Notes	$	75,000	3.72	%	NY Life 2014 Note Agreement
4/14/2020	4/14/2030	Prudential 2030 Series D Notes	$	75,000	2.50	%	Prudential 2015 Amended Agreement
2/12/2015	2/12/2027	2027 Series B Notes	$	75,000	3.72	%	MetLife 2014 Note Agreement
3/14/2019	3/14/2029	2029 Series C Notes	$	100,000	4.19	%	MetLife 2014 Note Agreement
4/2/2020	4/2/2030	MetLife 2030 Series D Notes	$	125,000	2.50	%	MetLife 2014 Note Agreement
4/14/2020	4/14/2030	Prudential 2030 Series D Notes	$	75,000	2.50	%	Prudential 2015 Amended Agreement

OnThe ~~June~~Senior 18Note Agreements contain affirmative, ~~2025~~negative, weand ~~repaid~~financial ~~the~~covenants ~~aggregate~~customary ~~principal~~for ~~amount~~agreements of this type. The negative covenants include restrictions on liens, indebtedness of our ~~2025~~subsidiaries, ~~Series~~priority Cindebtedness, ~~Notes~~fundamental ~~for~~changes, ~~€88~~investments, transactions with affiliates, certain restrictive agreements, and violations of sanctions laws and regulations.9 ~~million~~The ~~(US$103~~sole financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation, amortization, share-based compensation expense, and certain other non-cash losses and charges, as defined in the Senior Note Agreements, not to exceed 3.~~4 million)~~5-to-1. atAs ~~maturity~~of March 31, 2026, we were in compliance with the covenants of the Senior Note Agreements.

~~The~~Should we elect to prepay the Senior ~~Note~~Notes, ~~Agreements~~such ~~contain~~aggregate ~~affirmative~~prepayment will include the applicable make-whole amount(s), ~~negative~~as defined within the applicable Senior Note Agreements. Additionally, ~~and~~in ~~financial~~the ~~covenants~~event ~~customary~~of ~~for~~a ~~agreements~~change in control of ~~this~~the ~~type.~~Company ~~The~~or ~~negative~~upon ~~covenants~~the ~~include~~disposition ~~restrictions~~of oncertain ~~liens,~~assets ~~indebtedness~~of the Company the proceeds of ~~our~~which ~~subsidiaries,~~are ~~priority~~not ~~indebtedness,~~reinvested ~~fundamental~~(as ~~changes,~~defined ~~investments,~~in ~~transactions~~the ~~with~~Senior ~~affiliates~~Note Agreements), ~~certain~~we ~~restrictive~~may ~~agreements,~~be ~~and~~required ~~violations~~to ofprepay ~~sanctions~~all ~~laws~~or ~~and~~a ~~regulations~~portion of the Senior Notes. The ~~sole~~obligations ~~financial~~under ~~covenant~~the isSenior aNotes ~~consolidated~~may ~~leverage~~be ~~ratio~~accelerated ~~test~~upon ~~that~~the ~~requires~~occurrence ~~our~~of ~~ratio~~an event of ~~debt~~default tounder ~~earnings~~the ~~before~~applicable ~~interest,~~Senior ~~taxes,~~Note ~~depreciation~~Agreement, ~~amortization,~~each ~~and~~of ~~share-based~~which ~~compensation,~~includes ascustomary ~~defined~~events of default including payment defaults, defaults in the ~~Senior~~performance ~~Note~~of ~~Agreements~~the affirmative, ~~not~~negative toand ~~exceed~~financial ~~3.5-to-1.~~covenants, Asthe inaccuracy of ~~September~~representations 30or warranties, ~~2025~~bankruptcy and insolvency related defaults, wedefaults ~~were~~relating into ~~compliance~~judgments, ~~with~~certain ~~the~~events ~~covenants~~related ofto ERISA, the ~~Senior~~failure ~~Note~~to ~~Agreements~~pay specified indebtedness, and a change of control default.

NOTE 12. REPURCHASES OF COMMON STOCK

We primarily acquire shares of our common stock by repurchases in the open market. We also acquire shares that are surrendered by employees in payment for the statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the three months ended March 31, 2026 and 2025, was not material. The Inflation Reduction Act of 2022 imposed a 1% excise tax on the ~~net~~ value of ~~certain~~shares repurchased in the open market, net of a reduction for eligible stock ~~repurchases~~issuances, which is included in the cost of treasury stock acquired in open market repurchases. ~~The number of shares of treasury stock issued during the three and nine months ended September 30, 2025, and 2024, was not material.~~

We have recognized approximately $10.8 million and $8.5 million in accrued liabilities related to the timing of settlements for share repurchases as of March 31, 2026 and 2025, respectively.

The following table is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrenders:

(in thousands, except per share amounts)	For the Three Months ~~EndedSeptember~~EndedMarch 3031,				~~For the Nine Months EndedSeptember 30,~~
	2025		2024		2025		2024
	2026		2025
Shares repurchased in the open market	~~411~~588		~~459~~931		~~2,055~~		~~1,177~~
Shares acquired through employee surrenders for statutory tax withholding	—17		114		16		19
Total shares repurchased	~~411~~605		~~460~~945		~~2,071~~		~~1,196~~
Cost of shares repurchased in the open market	$	~~241~~360,~~568~~833	$	~~224~~409,~~945~~215	$	~~978,313~~	$	~~600,216~~
Cost of shares for employee surrenders	8510,555		~~218~~6,124		~~7,179~~		~~10,486~~
Total cost of shares	$	~~241~~371,~~653~~388	$	~~225~~415,~~163~~339	$	~~985,492~~	$	~~610,702~~
Average cost per share - open market repurchases	$	~~587~~613.5087	$	~~490~~439.2364	$	~~475.92~~	$	~~509.81~~
Average cost per share - employee surrenders	$	~~647~~629.0835	$	~~465~~444.2752	$	~~454.46~~	$	~~557.64~~
Average cost per share - total	$	~~587~~614.5230	$	~~490~~439.2071	$	~~475.76~~	$	~~510.57~~

NOTE 13. INCOME TAXES

Our effective income tax rates were 2021.47% ~~and 20.2%~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively, compared to 22.1%~~ and 212025.3% ~~for~~Compared ~~the~~to ~~three and nine months ended September 30, 2024, respectively. The decrease in our effective tax rate for~~ the ~~three~~prior ~~months ended September 30~~period, ~~2025, compared to~~ the ~~same~~favorable ~~period~~impacts ~~during~~on the prior year, was primarily due to an increase in tax benefits related to share-based compensation, partially offset by a reduction in our U.S. tax benefit associated with Foreign-Derived Intangible Income as a result of accelerating our research and development deductions as allowed by recent U.S. tax law changes. The decrease in our effective tax rate ~~for the nine months ended September 30~~, ~~2025,~~comprised ~~compared to the same period during the prior year, was~~ primarily ~~driven~~of byan ~~the~~ increase in tax benefits related to share-based compensation ~~and the resolution of international tax audits~~, ~~partially~~were offset by ~~the~~unfavorable impacts ~~related~~that toincluded ~~recent~~higher ~~U.S.~~non-deductible ~~tax law changes~~expenses.

The effective tax ~~rate~~rates for the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, ~~was~~were ~~lower~~higher than the U.S. federal statutory tax rate of 21% primarily due to ~~tax~~U.S. ~~benefits~~state ~~from share-based compensation~~taxes, partially offset by ~~U.S.~~tax ~~state~~benefits ~~taxes.~~from share-based compensation.

Cash paid for income taxes, net of refunds, during the ~~nine~~three months ended ~~September~~March 3031, ~~2025,~~2026 and ~~2024~~2025, ~~was~~were $~~150~~22.13 million and $~~233~~15.16 million, respectively. The reduction in income taxes paid during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily due to the acceleration of our research and development deductions as allowed by recent U.S. tax law changes.

2018

NOTE 14. ACCUMULATED OTHER COMPREHENSIVE INCOME

The changes in Accumulated Other Comprehensive Income (“AOCI”), net of tax, consisted of the following:

	For the Nine Months Ended September 30, 2025
	For the Three Months Ended March 31, 2026
	Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax				Unrealized Gain (Loss)on Net Investment Hedges, Net of Tax
(in thousands)	Foreign Currency Exchange Contracts		Interest Rate Swap		Euro-Denominated Notes		Cross Currency Swaps		Defined Benefit Plans, Net of Tax		Cumulative Translation Adjustment		Total
Balance as of December 31, 2024	$	12,785	$	542	$	6,451	$	7,409	$	(3,908)	$	(116,924)	$	(93,645)
Balance as of December 31, 2025	$	(2,514)	$	(338)	$	(2,507)	$	(3,981)	$	(2,529)	$	(56,975)	$	(68,844)
Other comprehensive income (loss) income before reclassifications	(15,364)		214		(8,958)		(12,950)		—		58,434		21,376
Other comprehensive income (loss) before reclassifications	5,365		1,483		—		4,578		—		(7,421)		4,005
Reclassified from accumulated other comprehensive income	(~~346~~80)		(~~716~~156)		—		—		~~381~~135		—		(~~681~~101)
Balance as of September 30, 2025	$	(2,925)	$	40	$	(2,507)	$	(5,541)	$	(3,527)	$	(58,490)	$	(72,950)
Balance as of March 31, 2026	$	2,771	$	989	$	(2,507)	$	597	$	(2,394)	$	(64,396)	$	(64,940)

	For the Nine Months Ended September 30, 2024
	For the Three Months Ended March 31, 2025
			Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax		~~Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax~~						Unrealized Gain (Loss)on Net Investment Hedges, Net of Tax		~~Unrealized Gain (Loss)on Net Investment Hedges, Net of Tax~~
(in thousands)	~~Unrealized Loss on Investments,Net of Tax~~		Foreign Currency Exchange Contracts		~~Foreign Currency Exchange Contracts~~		Interest Rate Swap		~~Interest Rate Swap~~		Euro-Denominated Notes		~~Euro-Denominated Notes~~		Cross Currency Swaps		~~Cross Currency Swaps~~		Defined Benefit Plans, Net of Tax		~~Defined Benefit Plans, Net of Tax~~		Cumulative Translation Adjustment		~~Cumulative Translation Adjustment~~		Total		~~Total~~
Balance as of December 31, 2023	$	(164)			$	(2,397)			$	1,106			$	2,346			$	1,428			$	(3,559)			$	(69,966)			$	(71,206)
Balance as of December 31, 2024			$	12,785			$	542			$	6,451			$	7,409			$	(3,908)			$	(116,924)			$	(93,645)
Other comprehensive income (loss) before reclassifications	1		(5,153)		~~444~~		59		~~997~~		(3,006)		~~(732)~~		(3,605)		~~(370)~~		—		—		18,101		~~(1,261)~~		6,396		~~(921)~~
Reclassified from accumulated other comprehensive income	~~163~~		(2,711)		~~(2,144)~~		(247)		~~(2,132)~~		—		—		—		—		116		~~269~~		—		—		(2,842)		~~(3,844)~~
Balance as of September 30, 2024	$	—			$	(4,097)			$	(29)			$	1,614			$	1,058			$	(3,290)			$	(71,227)			$	(75,971)
Balance as of March 31, 2025			$	4,921			$	354			$	3,445			$	3,804			$	(3,792)			$	(98,823)			$	(90,091)

2119

The following table presents components and amounts reclassified out of AOCI to net income:

(in thousands)	Affected Line Item in the Statements of Income	Amounts Reclassified from AOCI For the Three Months Ended ~~September~~March 3031,				~~Amounts Reclassified from AOCI For the Nine Months Ended September 30,~~
		2025		2024		2025		2024
		2026		2025
Foreign currency exchange contracts	Cost of revenue	$	~~(1,965)~~150	$	~~512~~3,745	$	~~600~~	$	~~3,043~~
	Provision for income taxes	~~494~~(70)		(~~176~~1,034)		~~(254)~~		~~(899)~~
	(Loss) gain, net of tax	$	(1,471)	$	336	$	346	$	2,144
	Gain (loss), net of tax	$	80	$	2,711
Interest rate swap contracts	Interest expense	$	~~278~~205	$	~~860~~324	$	~~939~~	$	~~2,796~~
	Provision for income taxes	(6649)		(~~204~~77)		~~(223)~~		~~(664)~~
	Gain, net of tax	$	212	$	656	$	716	$	2,132
	Gain (loss), net of tax	$	156	$	247
Investments	General and administrative expense	$	—	$	—	$	—	$	(214)
Defined benefit plans	Cost of revenue and operating expenses	$	(160)	$	(138)
	Provision for income taxes	—25		—22		—		51
	Loss, net of tax	$	—	$	—	$	—	$	(163)
	Gain (loss), net of tax	$	(135)	$	(116)
Defined benefit plans	Cost of revenue and operating expenses	$	(159)	$	(143)	$	(452)	$	(319)
	Provision for income taxes	25		21		71		50
	Loss, net of tax	$	(134)	$	(122)	$	(381)	$	(269)

NOTE 15. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to our stockholders by the weighted average number of shares of common stock and vested deferred stock units outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and assumed issuance of unvested restricted stock units and unvested deferred stock units using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the total unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase our common stock at the average market price during the period. Vested deferred stock units outstanding are included in shares outstanding for basic and diluted earnings per share because the associated shares of our common stock are issuable for no cash consideration, the number of shares of our common stock to be issued is fixed, and issuance is not contingent. Refer to “Note 5. Share-Based Compensation” to the consolidated financial statements in our ~~2024~~2025 Annual Report for additional information regarding deferred stock units.

The following is a reconciliation of weighted average shares outstanding for basic and diluted earnings per share:

(in thousands)

For the Three Months ~~EndedSeptember~~EndedMarch 3031,

~~For the Nine Months EndedSeptember 30,~~

2025

2024

2025

2024

2026

2025

Shares outstanding for basic earnings per share

8079,~~096~~648

8281,~~304~~319

~~80,605~~

~~82,675~~

Shares outstanding for diluted earnings per share:

Shares outstanding for basic earnings per share

8079,~~096~~648

8281,~~304~~319

~~80,605~~

~~82,675~~

Dilutive effect of share-based payment awards

~~579~~514

~~752~~603

~~602~~

~~803~~

80,675

83,056

81,207

83,478

Total shares outstanding for basic and diluted earnings per share

80,162

81,922

2220

Certain awards and options to acquire shares have been excluded from the calculation of weighted average shares outstanding for diluted earnings per share because they were anti-dilutive. The following table presents information concerning those anti-dilutive awards and options:

(in thousands)	For the Three Months ~~EndedSeptember~~EndedMarch 3031,		~~For the Nine Months Ended September 30,~~
	2025	2024	2025	2024
	2026	2025
Weighted average number of shares underlying anti-dilutive awards	21	3946	1	40
Weighted average number of shares underlying anti-dilutive options	~~236~~151	~~481~~537	~~551~~	~~460~~

NOTE 16. COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

Refer to “Note 8. Lease Commitments” for more information regarding our lease commitments.

Contingencies

We are subject to claims that may arise in the ordinary course of business, including with respect to actual and threatened litigation and other matters. We accrue for loss contingencies when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. However, the results of legal actions cannot be predicted with certainty, and therefore our actual losses with respect to these contingencies could exceed our accruals. AsOur ~~of September 30, 2025, our~~ accruals with respect to actual and threatened litigation were not material as of March 31, 2026.

InWe ~~2018,~~were a ~~lawsuit~~defendant ~~was~~in ~~filed~~a ~~against~~litigation us involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an expired patent license agreement. OnIn April 172025, ~~2025~~at the conclusion of the proceedings at the trial and appellate courts, we paid a judgment in the amount of approximately $80.0 million, which was accrued in prior years, ~~to conclude the litigation,~~ and the plaintiff executed a satisfaction and release of judgment, which was filed with the trial court, onconcluding ~~that~~this ~~date~~matter.

From time to time, we have received notices alleging that our products infringe third-party proprietary rights, although we are not aware of any pending litigation with respect to such claims. Patent litigation ~~frequently~~ is frequently complex and expensive, and the outcome of patent litigation can be difficult to predict. There can be no assurance that we will prevail in any infringement proceedings that may be commenced against us. If we lose any such litigation, we may be stopped from selling certain products and/or we may be required to pay damages as a result of the litigation.

Guarantees

We enter into agreements with third parties in the ordinary course of business under which we are obligated to indemnify such third parties for and against various risks and losses. The precise terms of such indemnities vary with the nature of the agreement. In many cases, we limit the maximum amount of our indemnification obligations, but in some cases, those obligations may be theoretically unlimited. We have not incurred material expenses in discharging any of these indemnification obligations, and, based on our analysis of the nature of the risks involved, we believe that the fair value of potential indemnification under these agreements is minimal. Accordingly, we have recorded no liabilities ~~recognized~~ for these obligations as of ~~September~~March 3031, ~~2025~~2026, and December 31, ~~2024~~2025.

When acquiring a business, we sometimes assume liability for certain events or occurrences that took place prior to the date of acquisition. As of ~~September~~March 3031, ~~2025~~2026, and December 31, ~~2024~~2025, we do not have noany material ~~liabilities recognized for~~ pre-acquisition liabilities recorded.

2321

NOTE 17. SEGMENT REPORTING

We ~~have~~operate primarily through three reportable segments: Companion Animal Group (“CAG”), ~~water~~Water quality products (“Water”), and Livestock, Poultry and Dairy (“LPD”). CAG provides ~~products~~diagnostics and ~~services~~information ~~for~~management ~~veterinarians~~products and ~~the~~services ~~biomedical~~for ~~research~~the ~~community,~~companion ~~primarily~~animal ~~related~~veterinary toindustry ~~diagnostics~~ and ~~information~~the ~~management~~biomedical research community. Water provides ~~innovative~~ testing solutions and related instrumentation 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 ~~ensure~~measure the quality and safety of milk. Our Other ~~information~~operating segment combines and presents our human medical diagnostic business ~~(“OPTI Medical”)~~ with our out-licensing ~~arrangements~~arrangement because they do not meet the quantitative or qualitative thresholds for reportable segments. ~~OPTI Medical 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 three months ended March 31, 2026 and ~~nine~~2025. Refer to “Note 3. Revenue” for a summary of disaggregated revenue by segment and by major product and service category for the three months ended ~~September~~March 3031, ~~2025,~~2026 and ~~2024~~2025. 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.

2422

The following tables are a summary of reportable segment performance with Other to reconcile to the total consolidated for the three months ended ~~September~~March 3031, ~~2025,~~2026 and ~~2024~~2025:

(in thousands)

For the Three Months Ended ~~September~~March 3031, ~~2025~~2026

CAG

Water

LPD

Total

Total revenues from reportable segments

1,~~012~~054,~~534~~052

5450,~~297~~265

3332,~~944~~483

1,~~100~~136,~~775~~800

Reconciliation of revenue

Other revenues

4,~~464~~020

Total consolidated revenue

~~1,105,239~~$

1,140,820

Cost of revenue

~~385~~386,~~078~~543

1613,~~240~~728

1715,~~999~~573

Segment gross profit

~~627~~667,~~456~~509

3836,~~057~~537

1516,~~945~~910

~~681~~720,~~458~~956

Reconciliation of operating profit (segment profit)

Segment gross profit

~~681~~720,~~458~~956

Segment operating expenses

(~~326~~358,~~101~~442)

Other operating profit (excluding unallocated amounts)

~~1,076~~516

Unallocated amounts

Foreign currency transaction gains (losses)

(1,587)

Foreign currency transaction losses, net

(444)

Interest expense

(107,~~655~~741)

Interest income

~~580~~597

Income before provision for income taxes

~~344~~355,~~771~~442

(in thousands)

For the Three Months Ended ~~September~~March 3031, ~~2024~~2025

CAG

Water

LPD

Total

Total revenues from reportable segments

~~891~~919,~~990~~836

5045,~~162~~321

28,~~992~~596

~~971~~993,~~144~~753

Reconciliation of revenue

Other revenues

4,~~399~~674

Total consolidated revenue

~~975,543~~$

998,427

Cost of revenue

~~347~~345,~~529~~013

1513,~~407~~248

14,~~365~~231

Segment gross profit

~~544~~574,~~461~~823

3432,~~755~~073

14,~~627~~365

~~593~~621,~~843~~261

Reconciliation of operating profit (segment profit)

Segment gross profit

~~593~~621,~~843~~261

Segment operating expenses

(~~292~~305,~~264~~164)

Other operating profit (excluding unallocated amounts)

~~932~~1,108

Unallocated amounts

Foreign currency transaction gains (losses)

~~1,381~~(671)

Interest expense

(7,~~697~~666)

Interest income

21,~~714~~216

Income before provision for income taxes

~~298~~310,~~909~~084

2523

The following tables are a summary of reportable segment performance with Other to reconcile to the total consolidated for the nine months ended September 30, 2025, and 2024:

(in thousands)	For the Nine Months Ended September 30, 2025
	CAG		Water		LPD		Total
Total revenues from reportable segments	$	2,954,813	$	150,619	$	94,302	$	3,199,734
Reconciliation of revenue
Other revenues							$	13,389
Total consolidated revenue							3,213,123
Cost of revenue	1,110,432		44,978		49,063
Segment gross profit	$	1,844,381	$	105,641	$	45,239	$	1,995,261
Reconciliation of operating profit (segment profit)
Segment gross profit							$	1,995,261
Segment operating expenses							(951,193)
Other operating profit (excluding unallocated amounts)							3,184
Unallocated amounts
Foreign currency transaction gains (losses)							(2,826)
Interest expense							(29,642)
Interest income							2,423
Income before provision for income taxes							$	1,017,207

(in thousands)	For the Nine Months Ended September 30, 2024
	CAG		Water		LPD		Total
Total revenues from reportable segments	$	2,703,573	$	139,959	$	87,503	$	2,931,035
Reconciliation of revenue
Other revenues							12,181
Total consolidated revenue							2,943,216
Cost of revenue	1,043,805		42,633		42,084
Segment gross profit	$	1,659,768	$	97,326	$	45,419	$	1,802,513
Reconciliation of operating profit (segment profit)
Segment gross profit							$	1,802,513
Segment operating expenses							(937,389)
Other operating profit (excluding unallocated amounts)							2,080
Unallocated amounts
Foreign currency transaction gains (losses)							(553)
Interest expense							(23,707)
Interest income							10,500
Income before provision for income taxes							$	853,444

Refer to “Note 3. Revenue” for a summary of disaggregated revenue by reportable segment and by major product and service category for the three and nine months ended September 30, 2025, and 2024.

NOTE 18. FAIR VALUE MEASUREMENTS

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

We have certain financial assets and liabilities that are measured at fair value on a recurring basis, certain nonfinancial assets and liabilities that may be measured at fair value on a non-recurring basis, and certain financial assets and liabilities that are not measured at fair value in our unaudited condensed consolidated balance sheets but for which we disclose the fair value. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows:


Level 1						Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date.
Level 2						Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3						Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We did not have any transfers between Level 1 and Level 2, or transfers in or out of Level 3, of the fair value hierarchy ~~during~~for the ~~three~~periods ~~and nine months ended September 30, 2025~~presented.

Our cross currency swap contracts are measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as derivative instruments. We measure the fair value of our cross currency swap contracts using prevailing market conditions as of the close of business on each balance sheet date. The product of this calculation is then adjusted for counterparty risk.

Our foreign currency exchange contracts are measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as derivative instruments. We measure the fair value of our foreign currency exchange contracts using an income approach, based on prevailing market forward exchange rates less the contract rate, multiplied by the notional amount. The product of this calculation is then adjusted for counterparty risk.

Our interest rate swap ~~contract~~contracts isare measured at fair value on a recurring basis in our accompanying unaudited condensed consolidated balance sheets and are classified as a derivative ~~instrument~~instruments. We measure the fair value of our interest rate swap ~~contract~~contracts using current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk.

The amounts outstanding under ~~the~~our unsecured Credit Facility and ~~Senior~~senior ~~Notes~~notes (“long-term debt”) are measured at carrying value in our unaudited condensed consolidated balance sheets though we disclose the fair value of these financial instruments. We determine the fair value of the amount outstanding under ~~the~~our Credit Facility and long-term debt using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity, adjusted for applicable credit risk. ~~The~~Our Credit Facility and long-term debt are valued using Level 2 inputs. The estimated fair value of ~~the~~our Credit Facility approximates its carrying value. ~~The~~As ~~estimated~~of ~~fair~~March ~~values~~31, ~~and~~2026, ~~carrying~~the ~~values~~estimated offair ~~our~~value ~~long-term~~and ~~debt,~~carrying ~~including~~value ~~the current portion~~ of our long-term debt, were $~~513~~437.90 million and $~~525~~450.0 million, respectively,. asAs of ~~September~~December 3031, 2025, the estimated fair value and carrying value of our long-term debt were $~~594~~444.38 million and $~~617~~450.80 million, respectively~~, as of December 31, 2024~~.

2724

The following tables set forth our assets and liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy:

(in thousands)
As of September 30, 2025	Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Balance as of September 30, 2025
As of March 31, 2026	Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Balance as of March 31, 2026
Assets
Money market funds (1)	$	53,~~515~~500	$	—	$	—	$	53,~~515~~500
Foreign currency exchange contracts (2)	$	—	$	27,~~312~~484	$	—	$	27,~~312~~484
Cross currency swaps (2)	$	—	$	~~480~~4,250	$	—	$	~~480~~4,250
Interest rate swap (3)	$	—	$	511,301	$	—	$	511,301
Liabilities
Cross currency swaps (2)	$	—	$	149,~~062~~796	$	—	$	149,~~062~~796
Foreign currency exchange contracts (2)	$	—	$	63,~~529~~873	$	—	$	63,~~529~~873
Contingent consideration	$	—	$	—	$	31,~~800~~892	$	31,~~800~~892

(in thousands)
As of December 31, 2024	Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Balance as of December 31, 2024
As of December 31, 2025	Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Balance as of December 31, 2025
Assets
Money market funds (1)	$	139,626	$	—	$	—	$	139,626
Cross currency swaps (2)	$	—	$	1,700	$	—	$	1,700
Cross currency swaps (2)	$	—	$	3,501	$	—	$	3,501
Foreign currency exchange contracts (2)	$	—	$	2,793	$	—	$	2,793
Foreign currency exchange contracts (2)	$	—	$	16,921	$	—	$	16,921
Interest rate swap (3)	$	—	$	710	$	—	$	710
Liabilities
Cross currency swaps (2)	$	—	$	3313,270	$	—	$	3313,270
Contingent consideration	$	—	$	—	$	2,300	$	2,300
Foreign currency exchange contracts (2)	$	—	$	6,661	$	—	$	6,661
Interest rate swap (3)	$	—	$	446	$	—	$	446
Contingent Consideration	$	—	$	—	$	1,800	$	1,800

(1)Money market funds with an original maturity of less than ninety days are included within cash and cash equivalents. The remaining balance of cash and cash equivalents consisted of demand deposits.

(2)Cross currency swaps and foreign currency exchange contracts are included within other current assets, other long-term assets, accrued liabilities, or other long-term liabilities depending on the gain (loss) position and anticipated settlement ~~dates~~date.

(3)~~The~~Interest ~~interest~~ rate ~~swap~~swaps isare included within other current assets or other long-term liabilities.

The estimated fair values of certain financial instruments, including cash and cash equivalents, accounts receivable, and accounts payable, approximate their respective carrying values due to their short maturity.

NOTE 19. HEDGING INSTRUMENTS

Disclosure within this note is presented to provide transparency about how and why we use derivative and non-derivative instruments (collectively “hedging instruments”), how the hedging instruments and related hedged items are accounted for, and how the hedging instruments and related hedged items affect our financial position, results of operations, and cash flows.

We recognize all hedging instrument assets and liabilities on the balance sheet at fair value at the balance sheet date. ~~Instruments~~Hedging instruments that do not qualify for hedge accounting treatment are recorded at fair value through earnings. To qualify for hedge accounting treatment, ~~cash~~hedging ~~flow~~instruments ~~and net investment hedges~~ must be highly effective in offsetting changes to expected future cash flows or fair value on hedged transactions. If the hedging instrument qualifies for hedge accounting, changes in the fair value of the hedging instrument from the effective portion of the hedge are deferred in AOCI, net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. We immediately record in earnings the extent to which a hedging instrument is not effective in achieving offsetting changes in fair value. We de-designate hedging instruments from hedge accounting when the likelihood of the hedged transaction occurring becomes less than probable. For de-designated instruments, the gain or loss from the time of de-designation through maturity of the instrument is recognized in earnings. Any gain or loss in AOCI at the time of de-designation is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Refer to “Note 14. Accumulated Other Comprehensive Income” for further information regarding the effect of hedging instruments on our unaudited condensed consolidated statements of income for the three and nine months ended September 30, 2025, and 2024.

We enter into master netting arrangements with the counterparties to our derivative transactions, which permit certain outstanding receivables and payables to be offset in the event of default. Our derivative contracts do not require either party to post cash collateral. We elect to present our derivative assets and liabilities in the unaudited condensed consolidated balance sheets on a gross basis. All cash flows related to our foreign currency exchange contracts are classified as operating cash flows, which is consistent with the cash flow treatment of the underlying items being hedged. 25

Weto ~~are~~which ~~exposed~~a tohedging ~~certain~~instrument ~~risks~~is ~~related~~not toeffective ~~our~~in ~~ongoing~~achieving ~~business~~offsetting ~~operations~~changes in fair value. We ~~utilize~~de-designate hedging instruments tofrom ~~manage~~hedge aaccounting ~~portion~~when ofthe ~~our~~likelihood ~~foreign~~of ~~currency~~the ~~exchange~~hedged ~~risk~~transaction ~~and~~occurring ~~interest~~becomes ~~rate~~less ~~risk~~than probable. ~~The~~For ~~primary~~de-designated ~~purpose of our foreign currency~~ hedging ~~activities~~instruments, ~~is to protect against~~ the ~~volatility~~gain ~~associated~~or ~~with~~loss ~~foreign~~from ~~currency~~the ~~transactions,~~time ~~including~~of ~~transactions~~de-designation ~~denominated~~through inmaturity of the ~~euro,~~instrument ~~British~~is ~~pound,~~recognized ~~Japanese~~in ~~yen, Canadian dollar, and Australian dollar~~earnings. WeAny ~~also~~gain ~~utilize~~or ~~natural~~loss ~~hedges~~in toAOCI ~~mitigate~~at ~~our~~the ~~transaction~~time ~~and~~of ~~commitment~~de-designation ~~exposures.~~is ~~Our~~reclassified ~~corporate~~into ~~policy~~earnings ~~prescribes~~in the ~~range~~same ofperiod ~~allowable~~or ~~hedging~~periods ~~activity.~~during Wewhich ~~enter~~the ~~into~~hedged ~~foreign~~transaction ~~currency~~affects ~~exchange~~earnings. ~~contracts~~Refer ~~with~~to ~~large~~“Note ~~well-capitalized~~14. ~~multinational~~Accumulated ~~financial~~Other ~~institutions,~~Comprehensive ~~and~~Income” wefor dofurther ~~not~~information ~~hold~~regarding orthe ~~engage~~effect inof ~~transactions~~hedging ~~involving derivative~~ instruments ~~for~~on ~~purposes~~the unaudited ~~other~~condensed ~~than~~consolidated ~~risk~~statements ~~management.~~of ~~Our~~income ~~accounting policies~~ for ~~these~~the ~~contracts~~three ~~are~~months ~~based~~ended onMarch ~~our~~31, ~~designation~~2026 ofand ~~such instruments as hedging transactions~~2025.

~~Our~~We ~~subsidiaries~~ enter into ~~foreign~~master ~~currency~~netting ~~exchange~~arrangements ~~contracts~~with the counterparties to ~~manage~~our ~~the~~derivative ~~exchange~~transactions ~~risk~~which ~~associated~~permit ~~with~~certain ~~their~~outstanding ~~forecasted~~receivables ~~intercompany~~and ~~inventory~~payables ~~purchases~~to ~~and~~be ~~sales~~offset ~~for~~in the ~~next~~event ~~year~~of default. ~~From~~Our ~~time~~derivative contracts do not require either party to ~~time,~~post wecash ~~may~~collateral. ~~also~~We ~~enter~~elect ~~into~~to ~~other~~present ~~foreign~~our ~~currency~~derivative ~~exchange~~assets ~~contracts,~~and ~~cross~~liabilities ~~currency~~in ~~swaps,~~the oraccompanying ~~foreign-denominated~~unaudited ~~debt~~condensed ~~issuances~~consolidated tobalance ~~minimize~~sheets ~~the~~on ~~impact~~a ofgross basis. All cash flows related to our foreign currency ~~fluctuations~~exchange ~~associated~~contracts ~~with~~are ~~specific~~classified ~~balance~~as ~~sheet~~operating ~~exposures~~cash flows, ~~including~~which ~~net~~is ~~investments~~consistent inwith ~~certain~~the ~~foreign~~cash ~~subsidiaries~~flow treatment of the underlying items being hedged.

Our subsidiaries enter into foreign currency exchange contracts to reduce the exchange risk associated with their forecasted intercompany inventory purchases and sales for the next year. We may also enter into other foreign currency exchange contracts, cross currency swaps, or foreign-denominated debt issuances to reduce the impact of foreign currency fluctuations associated with specific balance sheet exposures, including net investments in certain foreign subsidiaries.

The primary purpose of our foreign currency hedging activities is to protect against the volatility associated with foreign currency transactions, including transactions denominated in euro, British pound, Japanese yen, Canadian dollar, and Australian dollar. We also utilize natural hedges to mitigate our transaction and commitment exposures. Our corporate policy prescribes the range of allowable hedging activity. We enter into foreign currency exchange contracts with large, well-capitalized multinational financial institutions and we do not hold or engage in transactions involving derivative instruments for purposes other than risk management. Our accounting policies for these contracts are based on our designation of such instruments as hedging transactions.

Cash Flow Hedges

We have designated our foreign currency exchange contracts and our interest rate ~~swap~~swaps as cash flow hedges because these derivative instruments reduce our exposure to variability in the cash flows of forecasted transactions attributable to foreign currency exchange and to interest rates on variable interest obligations ~~under the terms~~ of ~~the~~our ~~Credit~~Term ~~Facility~~Loan. Unless noted otherwise, we have also designated our derivative instruments as qualifying for hedge accounting treatment.

We did not de-designate any instruments from hedge accounting treatment during the three months ended March 31, 2026, or 2025. Gains and ~~nine~~losses related to hedge ineffectiveness recognized in earnings during the three months ended ~~September~~March 3031, 2026 and 2025, orwere ~~2024~~not material. As of ~~September~~March 3031, ~~2025~~2026, the estimated amount of ~~losses~~gains, net of tax, from our foreign exchange contracts which are expected to be reclassified out of AOCI and into earnings within the next 12twelve months is $21.53 million if exchange rates do not fluctuate from the levels as of ~~September~~March 3031, ~~2025~~2026. ~~Upon~~As ~~the maturity~~ of ~~the~~March ~~term loan on October 20~~31, ~~2025~~2026, the estimated amount of gains, net of tax, from our interest rate swap contract, ~~that~~which ~~will~~are expected to be reclassified out of AOCI and into earnings iswithin ~~less~~the ~~than~~next twelve months is $0.1 7 million if interest rates do not fluctuate from the levels as of March 31, 2026.

29Interest Rate Swaps: We have entered into an interest rate swap contract to reduce the effect of variable interest obligations of our Term Loan. Beginning in November 2025 through November 2028, the variable interest rate associated with $250.0 million of borrowings outstanding under our Credit Facility became effectively fixed at 3.4% plus the applicable credit spread. Our previous interest rate swap contract, from March 2023 through October 2025, on the variable interest rate associated with the $250.0 million of borrowings under our Credit Facility, was effectively fixed at 3.9% plus the applicable credit spread.

~~Interest~~Foreign ~~Rate~~Currency ~~Swap~~Exchange Contracts: We ~~entered~~target ~~into~~to anhedge ~~interest~~approximately ~~rate~~75% ~~swap~~to ~~contract~~85% toof ~~manage~~the estimated exposure from intercompany product purchases and sales denominated in the ~~effect~~euro, British pound, Japanese yen, Canadian dollar, and Australian dollar. We have additional unhedged foreign currency exposures related to intercompany foreign transactions and emerging markets where it is not practical to hedge. We primarily utilize foreign currency exchange contracts with durations of ~~variable~~less ~~interest~~than ~~obligations~~24 onmonths. ~~amounts~~Quarterly, ~~borrowed~~we ~~under~~enter ~~the~~into ~~terms~~contracts to hedge incremental portions of anticipated foreign currency transactions for the ~~Credit~~current ~~Facility.~~and ~~Beginning~~following onyear. ~~March~~As ~~31,~~a ~~2023~~result, ~~the~~our ~~variable~~risk ~~interest~~with respect to foreign currency exchange rate ~~associated~~fluctuations ~~with~~and ~~$250~~the notional value of foreign currency exchange contracts may vary throughout the year.0 ~~million~~The U.S. dollar is the currency purchased or sold in all of ~~borrowings~~our ~~outstanding~~foreign ~~under~~currency ~~the~~exchange ~~Credit~~contracts. ~~Facility~~The ~~became~~notional ~~effectively~~amount ~~fixed~~of atforeign 3currency exchange contracts to hedge forecasted intercompany inventory purchases and sales totaled $384.9%6 ~~plus~~million ~~the~~and ~~applicable~~$397.6 ~~credit~~million ~~spread~~as of March 31, ~~through~~2026, ~~October~~and 20December 31, 2025, respectively.

Foreign Currency Exchange Contracts: We target to hedge approximately 75% to 85% of the estimated exposure from intercompany product purchases and sales denominated in the euro, British pound, Canadian dollar, Japanese yen, and Australian dollar. We have additional unhedged foreign currency exposures related to intercompany foreign transactions and emerging markets where it is not practical to hedge. We primarily utilize foreign currency exchange contracts with durations of less than 24 months. Quarterly, we enter into contracts to hedge incremental portions of anticipated foreign currency transactions for the current and following year. As a result, our risk with respect to foreign currency exchange rate fluctuations and the notional value of foreign currency exchange contracts may vary throughout the year. The U.S. dollar is the currency purchased or sold in all of our foreign currency exchange contracts. The notional amount of foreign currency exchange contracts to hedge forecasted intercompany inventory purchases and sales totaled $333.4 million and $325.7 million as of September 30, 2025, and December 31, 2024, respectively.26

The following table presents the effects of cash flow hedge accounting on our unaudited condensed consolidated statements of income and comprehensive income, and provides information regarding the location and amounts of pretax gains or losses of derivatives:

(in thousands)	Financial statement line items in which effects of cash flow hedges are recorded	Three Months ~~EndedSeptember~~EndedMarch 3031,				~~Nine Months EndedSeptember 30,~~
		2025		2024		2025		2024
		2026		2025
Foreign currency exchange contracts	Cost of revenue	$	~~421~~418,~~885~~081	$	~~379~~375,~~505~~048	$	~~1,211,658~~	$	~~1,134,949~~
Amount of gain (loss) reclassified from accumulated other comprehensive income into net income		$	(1,965)	$	512	$	600	$	3,043
Gain (loss) reclassified from accumulated other comprehensive income into net income		$	150	$	3,745
Interest rate swap contract	Interest expense	$	(107,~~655~~741)	$	(7,~~697~~666)	$	~~(29,642)~~	$	~~(23,707)~~
Amount of gain reclassified from accumulated other comprehensive income into net income		$	278	$	860	$	939	$	2,796
Gain (loss) reclassified from accumulated other comprehensive income into net income		$	205	$	324

Net Investment Hedges, Euro-Denominated Notes

In June 2015, we issued and sold through a private placement an aggregate principal amount of €88.9 million in euro-denominated 1.785% Series C Senior Notes that were due June 18, 2025. We designated these euro-denominated notes as a hedge of our euro net investment in certain foreign subsidiaries to reduce the volatility caused by changes in foreign currency exchange rates in the euro relative to the U.S. dollar. As a result of this designation, gains and losses from the change in the translated U.S. dollar value of these euro-denominated notes are recorded in AOCI rather than earnings. We recorded ~~losses~~a loss of $93.0 million, net of tax, within AOCI as a result of ~~this~~ net investment hedge activity for the ~~nine~~three months ended ~~September~~March 3031, 2025. At the maturity of the 1.785% Series C Senior Notes in June 2025, ~~and~~we ~~losses~~paid the notional amount of $3€88.19 million, ~~and~~equivalent to $0103.74 million ~~for~~at the ~~three~~date ~~and~~of ~~nine~~payment. ~~months~~Refer ~~ended~~to ~~September~~“Note ~~30, 2024, respectively~~13. NoDebt” ~~gains~~to orthe ~~losses~~consolidated ~~were~~financial ~~recorded~~statements included in ~~the~~our ~~current~~2025 ~~period,~~Annual asReport ~~the~~for ~~euro-denominated~~further ~~notes~~information ~~matured~~regarding inthese ~~the~~euro-denominated ~~second quarter of 2025~~notes.

At the maturity of the 1.785% Series C Senior Notes on June 18, 2025, we paid the notional amount of €88.9 million, equivalent to $103.4 million at the date of payment. The related cumulative unrealized loss of $2.5 million, net of tax, will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidated. Refer to “Note 13. Debt” to the consolidated financial statements included in our 2024 Annual Report for further information regarding the issuance of these euro-denominated notes.

Net Investment Hedges, Cross Currency Swaps

We have entered into cross currency swap contracts as a hedge of our net investment in certain foreign subsidiaries to reduce the volatility caused by changes in foreign currency exchange rates relative to the U.S. dollar. The cross currency swaps outstanding as of ~~September~~March 3031, ~~2025~~2026, have maturity dates beginning on March 31, 2028, through September 11, 2032.

The following table presents the outstanding cross currency swaps notional amounts that will be delivered to and received from the counterparties at maturity:



(in thousands)
Maturity Date	Notional Amount to be Delivered at Maturity		Notional Amount to be Received at Maturity

3/31/2028	€	35,000	$	37,755
6/30/2028	€	90,000	$	98,217
6/29/2029	€	20,000	$	21,268
7/17/2028	€	76,000	$	88,113
7/31/2028	€	39,000	$	45,735
9/11/2032	¥	3,683,750	$	25,000

~~On June 18, 2025, we settled two cross currency swaps at maturity for a total notional amount of €15 million. As a result of this settlement, we received a net amount of $0.1 million.~~ 27

The changes in fair value of the cross currency swap contracts are recorded in AOCI and will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidated or all or a portion of the hedge no longer qualifies for hedge accounting treatment. ~~During~~We ~~the three and nine months ended September 30, 2025, we~~ recorded ~~gains~~a gain of $14.16 million and ~~losses~~a loss of $133.06 million, ~~respectively,~~ net of tax, within AOCI as a result of these net investment hedges, ~~and losses of $3.8 million and $0.4 million~~ during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2026, and 2025, respectively. We receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of the cross currency swaps. This interest rate component is excluded from the assessment of hedge effectiveness and is recognized as a reduction to interest expense over the life of the hedge instrument. We recognized approximately $~~0.8 million and $~~1.60 million related to the excluded component as a reduction of interest expense for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, ~~respectively,~~ and $0.4 million ~~and $1.1 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024, respectively~~2025.

31Fair Values of Hedging Instruments Designated as Hedges in Consolidated Balance Sheets

Fair Values of Derivative and Non-Derivative Instruments Designated as Hedges in Consolidated Balance Sheets

The fair values of hedging instruments and their respective classification on our unaudited condensed consolidated balance sheets and amounts subject to offset under master netting arrangements consisted of the following:

(in thousands)		Hedging Assets
		September 30, 2025		December 31, 2024
		March 31, 2026		December 31, 2025
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Other current assets	$	15,~~988~~416	$	162,~~921~~793
Cross currency swaps	Other current assets	—		1,839
Interest rate swap contract	Other current assets	1,301		—
Interest rate swap contract	Other current assets	51		710
Foreign currency exchange contracts	Other long-term assets	2,068		—
Foreign currency exchange contracts	Other long-term assets	324		—
Cross currency swaps	Other long-term assets	4,250		1,700
Cross currency swaps	Other long-term assets	480		1,662
Total derivative instruments presented as hedging instruments on the balance sheet		13,035		4,493
Total derivative instruments presented as hedging instruments on the balance sheet		2,843		21,132
Gross amounts subject to master netting arrangements not offset on the balance sheet		(3,186)		(1,941)
Gross amounts subject to master netting arrangements not offset on the balance sheet		(1,641)		—
Net amount		$	9,849	$	2,552
Net amount		$	1,202	$	21,132

(in thousands)		Hedging Liabilities
		September 30, 2025		December 31, 2024
		March 31, 2026		December 31, 2025
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Accrued liabilities	$	53,~~583~~873	$	—6,661
Cross currency swaps	Other long-term liabilities	149,~~062~~796		3313,270
Foreign currency exchange contracts	Other long-term liabilities	946		—
Interest rate swap contract	Other long-term liabilities	—		446
Total derivative instruments presented as hedging instruments on the balance sheet		2013,~~591~~669		3320,377
Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1)	Short-term debt	—		92,803
Gross amounts subject to master netting arrangements not offset on the balance sheet		(3,186)		(1,941)
Total hedging instruments presented on the balance sheet		20,591		92,836
Net amount		$	10,483	$	18,436
Gross amounts subject to master netting arrangements not offset on the balance sheet		(1,641)		—
Net amount		$	18,950	$	92,836

(1) Amounts represent reported carrying amounts of our foreign currency-denominated debt. Refer to “Note 18. Fair Value Measurements” for information regarding the fair value of our long-term debt.28

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains statements which, to the extent they are not statements of historical fact, constitute “forward-looking statements.” Such forward-looking statements about our business and expectations within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), include statements relating to, among other things, our expectations regarding revenue recognition timing and amounts; business trends, earnings, and other measures of financial performance; projected impact of foreign currency exchange rates and hedging activities; realizability of assets; future cash flow and uses of cash; future repurchases of common stock; future levels of indebtedness and capital spending; the working capital and liquidity outlook; critical accounting estimates; ~~deductibility of goodwill; inflation;~~ and ~~projected impacts of tariff and trade policy changes and uncertainty~~inflation. Forward-looking statements can be identified by the use of words such as “expects,” “may,” “anticipates,” “intends,” “would,” “will,” “plans,” “believes,” “estimates,” “should,” “project,” and similar words and expressions. These forward-looking statements are intended to provide our current expectations or forecasts of future events; are based on current estimates, projections, beliefs, and assumptions; and are not guarantees of future performance. Actual events or results may differ materially from those described in the forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the adverse impact, and the duration, of macroeconomic events, conditions, and uncertainties, such as geopolitical instability (including wars, terrorist attacks, and armed conflicts), general economic uncertainty, changes in U.S. and other countries’ tariff and trade policies, inflationary pressures, severe weather and other natural conditions, and supply chain challenges on our business, results of operations, liquidity, financial condition, and stock price, as well as the other matters described under the headings “Business,” “Risk Factors,” “Legal Proceedings,” “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Quantitative and Qualitative Disclosure About Market Risk” in our ~~2024~~2025 Annual Report and in the corresponding sections of this Quarterly Report on Form 10-Q ~~and our Quarterly Reports on Form 10-Q for the quarters ended March 31~~, ~~2025, and June 30, 2025,~~ as well as those described from time to time in our other filings with the SEC.

Any forward-looking statements represent our estimates only as of the day this Quarterly Report on Form 10-Q was filed with the SEC and should not be relied upon as representing our estimates as of any subsequent date. From time to time, oral or written forward-looking statements may also be included in other materials released to the public, and they are subject to the risks and uncertainties described or cross-referenced in this section. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates or expectations change.

You should read the following discussion and analysis in conjunction with our ~~2024~~2025 Annual Report that includes additional information about us, our results of operations, our financial position, and our cash flows, and with our unaudited condensed consolidated financial statements and related notes included in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q.

Our fiscal quarter ended on ~~September~~March 3031. Unless otherwise stated, the analysis and discussion of our financial condition and results of operations below, including references to growth and organic growth and increases and decreases, are being compared to the equivalent prior-year periods.

Business Overview

We develop, manufacture, and distribute products and provide services primarily for the companion animal veterinary, livestock, poultry and dairy, and water testing sectors. We also ~~provide~~manufacture and sell human medical point-of-care ~~diagnostics~~diagnostic products. Our primary products and services are:

•Point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits;

•Veterinary reference laboratory diagnostic and consulting services;

•Practice management systems, software and diagnostic imaging systems and services used by veterinarians;

•Health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community;

•Diagnostic and health-monitoring products for livestock, poultry, and dairy; and

•Products that test water for certain microbiological contaminants~~; and~~.

~~•Point-of-care electrolytes and blood gas analyzers for the human medical diagnostics sector.~~29

33Description of Operating Segments. We operate primarily through three reportable segments: Companion Animal Group (“CAG”), Water quality products (“Water”), and Livestock, Poultry and Dairy (“LPD”). CAG provides diagnostics and information management products and services for the companion animal veterinary industry and the biomedical research community. Water provides testing solutions and related instrumentation 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.

~~Description~~Global ~~of Operating Segments~~Conflicts. WeThe ~~operate~~current ~~primarily~~macroeconomic ~~through~~environment ~~three operating segments: diagnostic~~ and ~~information~~current ~~management-based~~global ~~products~~conflicts, ~~and~~including ~~services for~~ the ~~companion~~escalation ~~animal~~of ~~veterinary~~hostilities ~~industry,~~in ~~which we refer to as~~ the ~~Companion~~Middle ~~Animal Group (“CAG”); water quality products (“Water”); and diagnostic tests~~East, ~~services,~~could ~~and~~cause ~~related~~further ~~instrumentation~~disruption ~~that are used~~ to ~~manage~~global ~~the~~energy ~~health~~markets, ~~status~~fuel ~~of livestock and poultry~~prices, totransportation ~~improve producer efficiency~~networks, and tosupply ~~ensure~~chains particularly in the ~~quality~~Asia Pacific and ~~safety~~European ~~of milk~~regions, which wemay ~~refer~~indirectly toimpact asour ~~Livestock,~~operating ~~Poultry~~costs and ~~Dairy~~consumer ~~(“LPD”).~~availability ~~Other information combines~~ and ~~presents~~demand for our ~~human medical diagnostic~~ products ~~business (“OPTI Medical”) with our out-licensing arrangements because they do not meet the quantitative or qualitative thresholds for reportable segments. Foreign currency transaction gains~~ and ~~losses for all operating segments are also reported within Other~~services.

Currency Impact, Tariff and Trade Policies, U.S. Tax Law Changes, and Other Items

Currency Impact. Refer to “Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk” included in this Quarterly Report on Form 10-Q for additional information regarding the impact of foreign currency exchange rates.

~~Changes~~Other ~~in Tariff and Trade Policies~~Items. ~~Although~~Refer weto ~~manufacture~~“Part ~~many of our companion animal and water quality products~~I, asItem ~~well~~1. asIntellectual ~~certain of our LPD testing products~~Property, inIncluding ~~the~~Patents ~~United~~and ~~States,~~License” weand ~~rely~~“Part onII. ~~third-party~~Item ~~suppliers~~7. ~~located~~Management’s inDiscussion ~~the United States~~ and ~~other~~Analysis ~~regions~~of ~~(such~~Financial asCondition ~~Europe~~ and ~~Asia~~Results ~~Pacific)~~of ~~for~~Operations” ~~certain~~included ~~components, raw materials, and consumables used~~ in ~~or with~~ our ~~products.~~2025 InAnnual ~~addition,~~Report asfor aadditional ~~global~~information ~~business,~~regarding ~~our~~trends ~~products and services are sold~~ in ~~more~~companion ~~than~~animal ~~175 countries. For the year ended December 31~~healthcare, ~~2024,~~supply ~~approximately~~chain ~~35% of our overall revenues were attributable to sales of products~~ and ~~services~~logistics ~~to customers outside the United States~~challenges, ~~with~~economic ~~less than 1% of our overall revenues attributable to sales of products and services to customers domiciled in China. Accordingly~~conditions, changes in tariff and trade policies, ~~may~~distributor ~~adversely~~purchasing ~~affect~~and ~~our business~~inventories, ~~financial condition,~~ and ~~operating~~patent ~~results~~expiration.

The U.S. government has periodically announced changes to its trade policy, including increasing tariffs on imports, in some cases significantly, and potentially renegotiating or terminating its existing trade agreements. Imposition of certain country-specific tariffs are uncertain and subject to negotiations, and these actions, as well as retaliatory tariffs imposed by other countries on U.S. exports and continuing uncertainty regarding tariff and trade policies have led to volatility and uncertainty in global markets. Continuing tariff and trade policy uncertainty may lead to sustained volatility and uncertainty in U.S. and global financial and economic conditions, increased inflation, diminished expectations for economic growth, and actual or perceived economic weakness, which could result in reduced demand for our products and services.

While we are working to optimize operations and inventory management to the extent feasible, to help mitigate and reduce the potential impact from changes in tariff and trade policies, any imposed tariffs (including retaliatory tariffs) and our mitigation activities may cause our cost of goods to increase, our profit margins to decrease, or our products to become less competitive or less available in the applicable region. We are continuing to monitor the dynamic trade environment and evaluate these developments and our ability to offset some portion of these costs and otherwise mitigate the impact on our business, financial condition, and operating results.

U.S. Tax Law Changes. On July 4, 2025, H.R. 1 of the 119th Congress, also referred to as the “One Big Beautiful Bill Act” (“OBBBA”), was signed into law. The OBBBA includes significant changes to federal tax law, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, as well as modifications to the international tax framework and other regulatory provisions. The OBBBA also reinstates the ability to immediately expense domestic research and development costs for tax years beginning after December 31, 2024, and allows previously capitalized research and development costs not amortized to be deducted in the current period. During the third quarter we recognized the impact of accelerating the research and development deductions, and the resulting reduction of our Foreign-Derived Intangible Income benefit, which resulted in an increase to income tax expense. The acceleration of our research and development deductions is expected to reduce our projected taxes due for the current year by approximately $105 million.

Other Items. Refer to “Part I, Item 1. Business - Patents and Licenses” and “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 Annual Report for additional information regarding trends in companion animal healthcare, distributor purchasing and inventories, economic conditions, geopolitical conflict effects and patent expiration.

Critical Accounting Estimates and Assumptions

The discussion and analysis of our financial condition and results of operations is based upon our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses, and related ~~disclosure~~disclosures of contingent assets and liabilities. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience and on various assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The critical accounting policies and the significant judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, are consistent with those discussed in our ~~2024~~2025 Annual Report in the section under the heading “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates and Assumptions.”

Recent Accounting Pronouncements

For more information regarding the impact that recent accounting standards and amendments will have on our consolidated financial statements, refer to “Note 2. Accounting Policies” to the unaudited condensed consolidated financial statements in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q.

Non-GAAP Financial Measures

~~Organic Revenue Growth.~~ The following revenue analysis and discussion ~~focuses~~includes on organic revenue growth, and references in this analysis and discussion to “revenue,” “revenues,” or “revenue growth” ~~are~~apply ~~references~~equally to revenue growth reported in accordance with U.S. GAAP and to “organic revenue growth.” Organic revenue growth is a non-GAAP financial measure and represents the percentage change in revenue during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, compared to the same period for the prior year, net of the effect of changes in foreign currency exchange rates, certain business acquisitions, and divestitures. Organic revenue growth should be considered in addition to, and not as a replacement for, or as a superior measure to, revenue growth reported in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies. Management believes that reporting organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to the performance of our peers.

We exclude from organic revenue growth the effect of changes in foreign currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject to volatility, and can obscure underlying business trends. We calculate the impact on revenue resulting from changes in foreign currency exchange rates by applying the difference between the weighted average exchange rates during the current~~-year~~ period and the comparable prior- year period to foreign currency denominated revenues for the prior- year period.

We also exclude from organic revenue growth the effect of certain business acquisitions and divestitures because the nature, size, and number of these transactions can vary dramatically from period to period, and because they either require or generate cash as an inherent consequence of the transaction, and therefore can also obscure underlying business and operating trends. We consider acquisitions to be a business when all three elements of inputs, processes, and outputs are present, consistent with ASU 2017-01, “Business Combinations: (Topic 805) Clarifying the Definition of a Business.” If substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, we do not consider these assets to be a business. A typical acquisition that we do not consider a business is a customer relationships asset acquisition, which does not have all elements necessary to operate a business, such as employees or infrastructure. We believe the efforts required to convert and retain these acquired customers are similar in nature to our existing customer base and therefore are included in organic revenue growth. The percentage change in revenue resulting from business acquisitions represents revenues during the current-year period, limited to the initial twelve months from the date of the acquisition, that are directly attributable to business acquisitions.30

35We also exclude from organic revenue growth the effect of certain business acquisitions and divestitures because the nature, size, and number of these transactions can vary dramatically from period to period, and because they either require or generate cash as an inherent consequence of the transaction, and therefore can also obscure underlying business and operating trends. We consider acquisitions to be a business when all three elements of inputs, processes, and outputs are present, consistent with ASU 2017-01, “Business Combinations: (Topic 805) Clarifying the Definition of a Business.” We do not consider acquired assets to be a business if substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. A typical acquisition that we do not consider a business is a customer relationship asset acquisition, which does not have all elements necessary to operate a business, such as employees or infrastructure. Revenue from these customers acquired is included in organic revenue growth because we believe the efforts required to convert and retain these acquired customers are similar in nature to our efforts to obtain and retain our existing customer base.

~~Segment Income from Operations.~~ We ~~report~~also ~~segment~~use ~~income~~Adjusted ~~from~~EBITDA, ~~operations~~gross indebt, ~~our~~net ~~discussion~~debt, ofgross ~~the~~debt ~~results~~to ofAdjusted ~~the~~EBITDA ~~operations~~ratio, ofand ~~our~~net ~~segments~~debt ~~below.~~to ~~Segment~~Adjusted ~~income~~EBITDA ~~from~~ratio, ~~operations~~all isof awhich are non-GAAP financial ~~measure~~measures that ~~adjusts for the impact of foreign currency transaction gains and losses and~~ should be considered in addition to, and not as a replacement for, orfinancial ~~superior~~measures ~~measure~~presented according to, ~~income from operations~~U.S. We exclude foreign currency transaction gains and losses for each reportable segment (CAG, Water, and LPD) from segment income from operations and report the full amount of foreign currency transaction gains and losses in OtherGAAP. WeManagement ~~believe~~believes that reporting ~~segment~~these ~~income~~non-GAAP ~~from~~financial ~~operations~~measures provides supplemental analysis to help investors further evaluate ~~each~~our ~~reportable segment’s~~ business performance ~~by excluding foreign currency transaction gains~~ and ~~losses,~~available ~~which~~borrowing ~~are~~capacity ~~centrally~~under ~~managed by~~ our ~~corporate~~Credit ~~treasury function and which we do not consider relevant for assessing the results of each reportable segment’s operations~~Facility. In addition, we believe that reporting segment income from operations provides information to investors regarding key metrics that are used by management, including our CODM, in evaluating the performance of each reportable segment.

Segment Income from Operations. We report segment income from operations in our discussion of the results of the operations of our segments below. Segment income from operations is a non-GAAP financial measure that adjusts for the impact of foreign currency transaction gains and losses and should be considered in addition to, and not as a replacement for, or superior measure to, income from operations. We exclude foreign currency transaction gains and losses for each reportable segment (CAG, Water, and LPD) from segment income from operations and report the full amount of foreign currency transaction gains and losses in Other. We believe that reporting segment income from operations provides supplemental analysis to help investors further evaluate each reportable segment’s business performance by excluding foreign currency transaction gains and losses, which are centrally managed by our corporate treasury function and which we do not consider relevant for assessing the results of each reportable segment’s operations.

The reconciliation of these non-GAAP financial measures is as follows:

(dollars in thousands)

For the Three Months Ended September 30,

(in thousands)

For the Three Months Ended March 31,

2025

2024

2026

2025

Income from Operations

Impact from Foreign Currency

Segment and Other Income from Operations

Income from Operations

Impact from Foreign Currency

Segment and Other Income from Operations

CAG

~~327~~337,~~095~~165

~~1,376~~390

~~328~~337,~~471~~555

~~278~~294,~~271~~572

~~(1,189)~~583

~~277~~295,~~082~~155

Water

2623,~~311~~643

~~104~~26

2623,~~415~~669

2320,~~704~~774

~~(96)~~43

2320,~~608~~817

LPD

~~364~~1,262

~~107~~28

~~471~~1,290

~~985~~80

~~(96)~~45

~~889~~125

Other

~~1,076~~516

(~~1,587~~444)

~~(511)~~72

~~932~~1,108

~~1,381~~(671)

~~2,313~~437

Total

~~354~~362,~~846~~586

—

~~354~~362,~~846~~586

~~303~~316,~~892~~534

—

~~303~~316,~~892~~534

(dollars in thousands)	For the Nine Months Ended September 30,
	2025						2024
	Income from Operations		Impact from Foreign Currency		Segment and Other Income from Operations		Income from Operations		Impact from Foreign Currency		Segment and Other Income from Operations
CAG	$	969,649	$	2,454	$	972,103	$	797,844	$	484	$	798,328
Water	71,691		183		71,874		63,515		27		63,542
LPD	(98)		189		91		3,212		42		3,254
Other	3,184		(2,826)		358		2,080		(553)		1,527
Total	$	1,044,426	$	—	$	1,044,426	$	866,651	$	—	$	866,651

Other Non-GAAP Financial Measures. We also use Adjusted EBITDA, gross debt, net debt, gross debt to Adjusted EBITDA ratio, and net debt to Adjusted EBITDA ratio, all of which are non-GAAP financial measures that should be considered in addition to, and not as a replacement for, or superior measure to, financial measures presented according to U.S. GAAP. Management believes that reporting these non-GAAP financial measures provides supplemental analysis to help investors further evaluate our business performance and available borrowing capacity under our Credit Facility.

Results of Operations

Three Months Ended ~~September~~March 3031, ~~2025~~2026, Compared to Three Months Ended ~~September~~March 3031, ~~2024~~2025

Total Company. The following table presents total Company revenue by operating segment:

	For the Three Months Ended September 30,
	For the Three Months Ended March 31,
Net Revenue(dollars in thousands)	~~2025~~2026		~~2024~~2025		Dollar Change		Reported Revenue Growth (1)		Percentage Change from Currency		Percentage Change from Acquisitions	Organic Revenue Growth (1)
CAG	$	1,~~012~~054,~~534~~052	$	~~891~~919,~~990~~836	$	~~120~~134,~~544~~216	1314.56	%	1.3.0	%	—	1211.26	%
United States	~~668~~690,~~418~~900		~~604~~623,~~170~~889		6467,~~248~~011		10.67	%	—		—	10.67	%
International	~~344~~363,~~116~~152		~~287~~295,~~820~~947		5667,~~296~~205		1922.67	%	49.13	%	—	1513.4	%
Water	$	5450,~~297~~265	$	5045,~~162~~321	$	4,~~135~~944	810.29	%	13.28	%	—	7.01	%
United States	2826,~~070~~393		2623,~~671~~503		12,~~399~~890		512.23	%	—		—	512.23	%
International	2623,~~227~~872		2321,~~491~~818		2,~~736~~054		119.64	%	2.7.5	%	—	81.9	%
LPD	$	3332,~~944~~483	$	28,~~992~~596	$	43,~~952~~887	1713.16	%	26.94	%	—	147.2	%
United States	6,~~861~~384		5,~~561~~788		~~1,300~~596		2310.43	%	—		—	2310.43	%
International	2726,~~083~~099		2322,~~431~~808		3,~~652~~291		1514.64	%	37.59	%	—	126.15	%
Other	$	4,~~464~~020	$	4,~~399~~674	$	65(654)	1(14.50	%)	—		—	1(14.50	%)
Total Company	$	1,~~105~~140,~~239~~820	$	~~975~~998,~~543~~427	$	~~129~~142,~~696~~393	1314.3	%	1.3.1	%	—	1211.02	%
United States	~~705~~725,~~040~~232		~~638~~654,~~058~~861		6670,~~982~~371		10.57	%	—		—	10.57	%
International	~~400~~415,~~199~~588		~~337~~343,~~485~~566		6272,~~714~~022		1821.60	%	3.9.0	%	—	1411.69	%

(1)Reported revenue growth and organic revenue growth may not recalculate due to rounding.

Total Company Revenue. The increase in revenue primarily reflected growth in CAG Diagnostics recurring revenue, including higher volumes and the benefit from higher realized prices. Volume growth was supported by new business gains, our expanded menu of available tests, and high customer retention rates~~, partially constrained by macroeconomic and sector headwinds~~. Instrument revenue gains were primarily due to placements of our ~~new~~ IDEXX inVue DxTM Analyzer, compared to the first quarter of 2025 when we continued a controlled launch. Higher ~~realized~~volumes ~~prices~~ and ~~volumes~~realized prices in recurring veterinary software subscriptions, services, and diagnostic imaging also contributed to revenue growth. ~~Higher~~Revenue ~~revenue~~growth in Water was primarily due to the benefit of higher realized prices and volumes. The increase in LPD revenue was primarily due to higher volumes and realized prices. The ~~change~~impact from changes in foreign currency exchange rates increased revenue growth by 1.3.1%.

3732

The following table presents total Company results of operations:

	For the Three Months Ended September 30,								Change
	For the Three Months Ended March 31,								Change
Total Company - Results of Operations(dollars in thousands)	~~2025~~2026		Percent of Revenue		~~2024~~2025		Percent of Revenue		Amount		Percentage
Revenues	$	1,~~105~~140,~~239~~820			$	~~975~~998,~~543~~427			$	~~129~~142,~~696~~393	1314.3	%
Cost of revenue	~~421~~418,~~885~~081				~~379~~375,~~505~~048				4243,~~380~~033		11.25	%
Gross profit	~~683~~722,~~354~~739		6163.84	%	~~596~~623,~~038~~379		6162.14	%	8799,~~316~~360		1415.69	%
Operating expenses:
Sales and marketing	~~159~~175,~~157~~250		1415.4	%	~~146~~156,~~281~~223		15.06	%	1219,~~876~~027		812.82	%
General and administrative	~~105~~119,~~936~~115		910.64	%	91,~~887~~561		9.42	%	1427,~~049~~554		1530.31	%
Research and development	6365,~~415~~788		5.78	%	5359,~~978~~061		5.59	%	96,~~437~~727		1711.54	%
Total operating expenses	~~328~~360,~~508~~153		2931.76	%	~~292~~306,~~146~~845		2930.97	%	3653,~~362~~308		1217.4	%
Income from operations	$	~~354~~362,~~846~~586	3231.18	%	$	~~303~~316,~~892~~534	31.27	%	$	5046,~~954~~052	1614.85	%

Gross Profit. Gross profit increased due to higher revenue and a 70100 basis point increase in the gross profit margin. The increase in the gross profit margin reflected benefits from high recurring revenue growth in IDEXX ~~VetLabTM~~VetLab consumable and ~~Reference~~reference ~~Lab~~laboratory volumes, ~~along with~~ operational productivity improvements, and ~~pricing~~net ~~benefits~~price realization, which was offset by inflationary ~~cost~~costs ~~effects~~and investments. The increase in gross margin also reflects favorability in our Water and Livestock, Poultry and Dairy operating segments. These increases in the gross profit margin were reduced by the business mix impact from higher premium instrument revenue. The change in foreign currency exchange rates onincreased the gross profit margin ~~was~~by ~~not~~approximately ~~significant~~10 basis points, including the impact of lower hedge ~~losses~~gains during the current period compared to ~~hedge gains in~~ the prior period.

Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related costs. General and administrative expense increased primarily due to a prior period reduction in accrued expense of approximately $9 million related to a litigation matter concluded in April 2025, higher personnel-related and facility costs, and a $5 million expense for the full impairment of an equity investment in the current period. Research and development expense increased primarily due to higher personnel-related and project costs. The ~~change~~impact from changes in foreign currency exchange rates increased operating expense growth by approximately 2%.

3833


Companion Animal Group

The following table presents revenue by product and service category for CAG:

	For the Three Months Ended September 30,
	For the Three Months Ended March 31,
Net Revenue(dollars in thousands)	~~2025~~2026		~~2024~~2025		Dollar Change		Reported Revenue Growth (1)		Percentage Change from Currency		Percentage Change from Acquisitions	Organic Revenue Growth (1)
CAG Diagnostics recurring revenue:	$	~~873~~920,~~273~~313	$	~~783~~806,~~443~~267	$	89114,~~830~~046	1114.51	%	1.3.1	%	—	1011.10	%
IDEXX VetLab consumables	~~387~~412,~~813~~582		~~329~~344,~~128~~779		5867,~~685~~803		1719.87	%	14.92	%	—	15.94	%
Rapid assay products	8884,~~638~~938		9284,~~774~~034		~~(4,136)~~904		(41.51	%)	01.52	%	—	(5.0.1	%)
Reference laboratory diagnostic and consulting services	~~362~~386,~~725~~179		~~328~~344,~~383~~406		3441,~~342~~773		1012.51	%	12.15	%	—	9.47	%
CAG diagnostics services and accessories	3436,~~097~~614		33,~~158~~048		~~939~~3,566		210.8	%	13.56	%	—	17.32	%
CAG Diagnostics capital - instruments	$42,449	~~51,479~~	$31,994	~~29,528~~	$10,455	~~21,951~~	7432.37	%	34.67	%	—	7028.70	%
Veterinary software, services and diagnostic imaging systems	$91,290	~~87,782~~	$81,575	~~79,019~~	$9,715	~~8,763~~	11.19	%	0.1.0	%	—	1110.09	%
Recurring revenue	7073,~~988~~536		6465,~~644~~793		67,~~344~~743		911.8	%	01.1	%	—	910.7	%
Systems and hardware	1617,~~794~~754		1415,~~375~~782		21,~~419~~972		1612.85	%	(0.1)5	%	—	1612.90	%
Net CAG revenue	$	1,~~012~~054,~~534~~052	$	~~891~~919,~~990~~836	$	~~120~~134,~~544~~216	1314.56	%	1.3.0	%	—	1211.26	%

(1) Reported revenue growth and organic revenue growth may not recalculate due to rounding.

CAG Diagnostics Recurring Revenue. The increase in CAG Diagnostics recurring revenue was primarily due to higher volumes in IDEXX VetLab consumables and reference laboratory testing ~~partially offset by macroeconomic and sector headwinds~~, as well as benefits from higher realized prices. The ~~change~~impact of changes in foreign currency exchange rates increased revenue growth by 1.3.1%.

The increase in IDEXX VetLab consumables revenue was primarily due to higher ~~test~~ volumes and higher realized prices. Volume gains were supported by increases in testing across major regions, ~~including~~reflecting the benefits from 1012% growth in our ~~active~~ installed base of premium instruments, ~~which~~and ~~reflected~~growth ~~new~~in ~~customers~~testing ~~and~~by ~~continued~~existing ~~high~~customers, ~~customer~~including ~~retention~~sales ~~rates,~~of ~~and~~ our expanded menu of available tests, as well as continued high customer retention rates. The ~~change~~impact of changes in foreign currency exchange rates increased revenue growth by 14.92%.

~~The~~Rapid ~~decrease~~assay inrevenue ~~rapid~~increased ~~assay~~from ~~revenue~~higher ~~resulted~~realized ~~primarily~~prices, ~~from~~moderated by a decrease in volumes partially due to a shift of customers’ pancreatic lipase testing to our Catalyst instrument platform, ~~partially~~as ~~offset~~well byas ~~higher~~sector ~~realized prices~~headwinds. The ~~change~~impact of changes in foreign currency exchange rates increased revenue growth by 01.52%.

The increase in reference laboratory diagnostic and consulting services revenue was due to higher testing volumes across regions and higher realized prices. The ~~change~~impact of changes in foreign currency exchange rates increased revenue growth by 12.15%.

The increase in CAG Diagnostics services and accessories revenue was primarily a result of ~~the~~a 1012% growth in our installed base of premium instruments. The ~~change~~impact of changes in foreign currency exchange rates increased revenue growth by 13.56%.

3934

CAG Diagnostics Capital – Instrument Revenue. The increase in instrument revenue was primarily due to placements of our ~~new~~ IDEXX inVue Dx Analyzer, compared to the first quarter of 2025 when we continued a controlled launch, partially offset by lower placements of other premium instruments. The ~~change~~impact of changes in foreign currency exchange rates increased revenue growth by 34.67%.

Veterinary Software, Services and Diagnostic Imaging Systems Revenue. The increase in recurring revenue was primarily due to higher ~~realized prices and higher~~ subscription ~~and support~~ services volume ~~from~~and ~~our~~higher ~~expanded~~realized ~~SaaS installed base~~prices. The increase in our systems and hardware revenue was primarily due to higher diagnostic imaging system sales. The impact of changes in foreign currency exchange rates increased revenue growth by 1.0%

The following table presents the CAG segment results of operations:

	For the Three Months Ended September 30,								Change
	For the Three Months Ended March 31,								Change
Results of Operations(dollars in thousands)	~~2025~~2026		Percent of Revenue		~~2024~~2025		Percent of Revenue		Amount		Percentage
Revenues	$	1,~~012~~054,~~534~~052			$	~~891~~919,~~990~~836			$	~~120~~134,~~544~~216	1314.56	%
Cost of revenue	~~385~~386,~~078~~543				~~347~~345,~~529~~013				3741,~~549~~530		1012.80	%
Gross profit	~~627~~667,~~456~~509		6263.03	%	~~544~~574,~~461~~823		6162.05	%	8292,~~995~~686		1516.21	%
Segment operating expenses:
Sales and marketing	~~144~~160,~~608~~411		1415.32	%	~~132~~142,~~848~~912		1415.95	%	1117,~~760~~499		812.92	%
General and administrative	95108,~~498~~581		910.43	%	8482,~~611~~134		98.59	%	1026,~~887~~447		1232.92	%
Research and development	5860,~~879~~962		5.8	%	4954,~~920~~622		5.69	%	86,~~959~~340		1711.96	%
Total segment operating expenses	~~298~~329,~~985~~954		2931.53	%	~~267~~279,~~379~~668		30.04	%	3150,~~606~~286		1118.80	%
Segment income from operations	$	~~328~~337,~~471~~555	32.40	%	$	~~277~~295,~~082~~155	3132.1	%	$	5142,~~389~~400	1814.54	%

Gross Profit. Gross profit increased due to higher revenue and aan ~~100~~80 basis point increase in the gross profit margin. The increase in the gross profit margin reflected benefits from recurring revenue growth in IDEXX VetLab consumable and ~~Reference~~reference ~~Lab~~laboratory volumes, ~~along with~~ operational productivity improvements, and ~~pricing~~net ~~benefits~~price realization, which was offset by inflationary ~~cost~~costs ~~effects~~and investments. These increases in the gross profit margin were reduced by the business mix impact from ~~high~~higher premium instrument revenue. The ~~change~~impact of changes in foreign currency exchange rates onincreased the gross profit margin ~~was~~by ~~not~~approximately ~~significant~~10 basis points, including the impact of lower hedge ~~losses~~gains during the current period compared to ~~hedge gains in~~ the prior period.

Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related costs. General and administrative expense increased primarily due to a prior period reduction in accrued expense of approximately $9 million related to a litigation matter concluded in April 2025, higher personnel-related and facility costs, and a $5 million expense for the full impairment of an equity investment in the current period. Research and development expense increased primarily due to higher personnel-related and project costs. The ~~change~~impact of changes in foreign currency exchange rates increased operating expense growth by ~~less~~approximately ~~than 1~~2%.

4035


Water

The following table presents the Water segment results of operations:

	For the Three Months Ended September 30,								Change
	For the Three Months Ended March 31,								Change
Results of Operations(dollars in thousands)	~~2025~~2026		Percent of Revenue		~~2024~~2025		Percent of Revenue		Amount		Percentage
Revenues	$	5450,~~297~~265			$	5045,~~162~~321			$	4,~~135~~944	810.29	%
Cost of revenue	1613,~~240~~728				1513,~~407~~248				~~833~~480		53.46	%
Gross profit	3836,~~057~~537		7072.17	%	3432,~~755~~073		6970.38	%	34,~~302~~464		913.59	%
Segment operating expenses:
Sales and marketing	6,~~431~~833		1113.86	%	56,~~936~~042		1113.83	%	~~495~~791		813.31	%
General and administrative	34,~~841~~367		78.17	%	3,~~903~~778		7.8.3	%	~~(62)~~589		(115.6	%)
Research and development	1,~~370~~668		23.53	%	1,~~308~~436		23.62	%	62232		416.72	%
Total segment operating expenses	1112,~~642~~868		2125.46	%	11,~~147~~256		2224.28	%	~~495~~1,612		414.43	%
Segment income from operations	$	2623,~~415~~669	4847.61	%	$	2320,~~608~~817	4745.19	%	$	2,~~807~~852	1113.97	%

Revenue. The increase in revenue was primarily due to higher global realized prices and higher volumes, primarily in North America. The increase in volumes was primarily due to ~~placements~~higher ofColilert ~~instruments~~test products and related accessories, ~~including~~used ~~the~~in ~~placements~~coliform and E. coli testing. International volumes were unfavorably impacted by shipping constraints as a result of ~~our~~the ~~new~~conflict UVin ~~Viewer~~the ~~Plus~~Middle East. The ~~change~~impact of changes in foreign currency exchange rates increased revenue by ~~approximately 1~~3.28%.

Gross Profit. Gross profit increased due to higher revenue, as well as ana 80190 basis point increase in the gross profit margin. The net increase in the gross profit margin was primarily due to higher realized prices, partially reduced by ~~the impact of~~ higher ~~product~~distribution costs ~~and product mix~~. The ~~change~~impact of changes in foreign currency exchange rates decreased the gross profit margin by approximately 1050 basis points, including the impact of ~~higher~~ hedge losses during the current period compared to hedge gains in the prior period.

Segment Operating Expenses. Sales and marketing expense ~~and research and development expense~~ increased primarily due to commercial investments and higher personnel-related costs. General and administrative ~~expense~~and ~~decreased~~research and development expenses increased primarily due to ~~lower~~higher personnel-related costs. The ~~change~~impact of changes in foreign currency exchange rates increased operating expense growth by approximately 13%.

4136


Livestock, Poultry and Dairy

The following table presents the LPD segment results of operations:

	For the Three Months Ended September 30,								Change
	For the Three Months Ended March 31,								Change
Results of Operations(dollars in thousands)	~~2025~~2026		Percent of Revenue		~~2024~~2025		Percent of Revenue		Amount		Percentage
Revenues	$	3332,~~944~~483			$	28,~~992~~596			$	43,~~952~~887	1713.16	%
Cost of revenue	1715,~~999~~573				14,~~365~~231				31,~~634~~342		259.34	%
Gross profit	1516,~~945~~910		4752.01	%	14,~~627~~365		50.52	%	12,~~318~~545		917.07	%
Segment operating expenses:
Sales and marketing	7,~~898~~789		2324.30	%	7,~~210~~011		24.95	%	~~688~~778		911.51	%
General and administrative	4,~~481~~726		1314.25	%	34,~~933~~374		1315.63	%	~~548~~352		138.90	%
Research and development	3,~~095~~105		9.16	%	2,~~595~~855		910.0	%	~~500~~250		198.38	%
Total segment operating expenses	15,~~474~~620		4548.61	%	1314,~~738~~240		4749.48	%	1,~~736~~380		129.67	%
Segment income from operations	$	~~471~~1,290	1.4.0	%	$	~~889~~125	30.14	%	$	~~(418)~~1,165	~~(47~~932.0	%)

Revenue. The increase in revenue was primarily due to anincreases ~~increase~~ in test volumes, ~~primarily~~predominantly in ~~North America,~~ Europe, and ~~Asia~~, ~~and~~ to a lesser extent, higher realized prices. The ~~change~~impact of changes in foreign currency exchange rates increased revenue growth by 26.94%.

Gross Profit. The increase in gross profit was primarily due to higher revenue, ~~partially~~as ~~offset~~well byas a ~~350~~190 basis point ~~decrease~~increase in the gross profit margin. The ~~net~~increase ~~decrease~~ in the gross profit margin was primarily due to ~~higher~~lower product costs, ~~partially~~and ~~offset by the impact from~~ higher realized prices. The ~~change~~impact of changes in foreign currency exchange rates decreased the gross profit margin by approximately 80170 basis points, including the impact of lower hedge ~~losses~~gains during the current period compared to ~~hedge gains in~~ the prior period.

Segment Operating Expenses. Sales and marketing expense ~~and research and development expense~~ increased primarily due to higher personnel-related costs and higher commercial activities. General and administrative ~~expense~~and research and development expenses increased primarily due to higher ~~bad debt expense and~~ personnel-related and technology costs. The ~~change~~impact of changes in foreign currency exchange rates increased operating expense growth by approximately 23%.

Other

Other information combines and presents our OPTI Medical with our out-licensing arrangements and consolidated foreign currency transaction gains and losses for all operating segments. The following table presents the Other results of operations:

	For the Three Months Ended September 30,								Change
Results of Operations(dollars in thousands)	2025		Percent of Revenue		2024		Percent of Revenue		Amount		Percentage
Revenues	$	4,464			$	4,399			$	65	1.5	%
Cost of revenue	2,568				2,204				364		16.5	%
Gross profit	1,896		42.5	%	2,195		49.9	%	(299)		(13.6	%)
Other operating expenses:
Sales and marketing	220		4.9	%	287		6.5	%	(67)		(23.3	%)
General and administrative	2,116		47.4	%	(560)		(12.7	%)	2,676		(477.9	%)
Research and development	71		1.6	%	155		3.5	%	(84)		(54.2	%)
Total Other operating expenses	2,407		53.9	%	(118)		(2.7	%)	2,525		(2,139.8	%)
Other income from operations	$	(511)	(11.4	%)	$	2,313	52.6	%	$	(2,824)	(122.1	%)

Revenue. Revenue increased from higher realized prices on OPTI medical instruments, largely offset by lower OPTI medical instrument volumes.

Gross Profit. Gross profit decreased primarily due to a 740 basis point decrease in the gross profit margin. The decrease in the gross profit margin was primarily due to higher product costs, partially offset by higher realized prices. The change in foreign currency exchange rates did not have a significant impact on the gross profit margin.

Operating Expenses. Sales and marketing expense and research and development expense decreased due to lower personnel-related costs. General and administrative expense increased primarily due to foreign currency transaction losses during the current period, compared to gains in the prior period.

Non-Operating Items

Interest Expense and Income. Interest expense was relatively constant at $107.7 million for the three months ended ~~September~~March 3031, ~~2025,~~2026 ~~as compared to $7.7 million for the same period during the prior year. The increase in interest expense was primarily due to higher average debt levels~~ and ~~higher interest rates~~2025. Interest income was $0.6 million for the three months ended ~~September~~March 3031, ~~2025~~2026, compared to $21.72 million for the ~~same~~three ~~period~~months ~~during~~ended ~~the~~March ~~prior~~31, ~~year~~2025, primarily due to a decrease in money market investments.

Provision for Income Taxes. Our effective income tax ~~rate~~rates ~~was~~were 2021.47% for the three months ended ~~September~~March 3031, ~~2025,~~2026 ~~compared~~and ~~to 22~~2025.1% ~~for~~Compared to the ~~three~~prior ~~months ended September 30~~period, ~~2024.~~favorable ~~The~~impacts ~~decrease~~on inthe ~~our~~ effective tax rate ~~was~~comprised primarily ~~due~~of to an increase in tax benefits related to share-based compensation, ~~partially~~while ~~offset~~offsetting byunfavorable ~~the~~ impacts ~~related~~included tohigher ~~recent~~non-deductible Uexpenses.~~S. tax law changes.~~

Results of Operations

Nine Months Ended September 30, 2025, Compared to Nine Months Ended September 30, 2024

Total Company. The following table presents total Company revenue by operating segment:

	For the Nine Months Ended September 30,
Net Revenue(dollars in thousands)	2025		2024		Dollar Change		Reported Revenue Growth (1)		Percentage Change from Currency		Percentage Change from Acquisitions		Organic Revenue Growth (1)
CAG	$	2,954,813	$	2,703,573	$	251,240	9.3	%	0.4	%	—		8.8	%
United States	1,976,804		1,835,049		141,755		7.7	%	—		0.1	%	7.7	%
International	978,009		868,524		109,485		12.6	%	1.4	%	—		11.3	%
Water	$	150,619	$	139,959	$	10,660	7.6	%	0.1	%	—		7.6	%
United States	77,663		73,331		4,332		5.9	%	—		—		5.9	%
International	72,956		66,628		6,328		9.5	%	0.1	%	—		9.4	%
LPD	$	94,302	$	87,503	$	6,799	7.8	%	0.8	%	—		7.0	%
United States	18,416		15,840		2,576		16.3	%	—		—		16.3	%
International	75,886		71,663		4,223		5.9	%	0.9	%	—		5.0	%
Other	$	13,389	$	12,181	$	1,208	9.9	%	—		—		9.9	%
Total Company	$	3,213,123	$	2,943,216	$	269,907	9.2	%	0.4	%	—		8.7	%
United States	2,077,770		1,929,213		148,557		7.7	%	—		0.1	%	7.6	%
International	1,135,353		1,014,003		121,350		12.0	%	1.2	%	—		10.7	%

(1)Reported revenue growth and organic revenue growth may not recalculate due to rounding.

Total Company Revenue. The increase in revenue primarily reflected growth in CAG Diagnostics recurring revenue, including benefits from higher volumes and higher realized prices. Volume growth was supported by new business gains, our expanded menu of available tests, and high customer retention rates, partially offset by continued pressure of macroeconomic and sector headwinds. Instrument revenue gains were primarily due to the placements of our new IDEXX inVue Dx Analyzer. Higher price and volume gains in recurring veterinary software, services, and diagnostic imaging also contributed to revenue growth. Higher revenue in our Water business was primarily due to the benefits from higher realized prices and higher volumes. The increase in LPD revenue was primarily due to higher volumes and higher realized prices.

The following table presents total Company results of operations:

	For the Nine Months Ended September 30,								Change
Total Company - Results of Operations(dollars in thousands)	2025		Percent of Revenue		2024		Percent of Revenue		Amount		Percentage
Revenues	$	3,213,123			$	2,943,216			$	269,907	9.2	%
Cost of revenue	1,211,658				1,134,949				76,709		6.8	%
Gross profit	2,001,465		62.3	%	1,808,267		61.4	%	193,198		10.7	%
Operating expenses:
Sales and marketing	476,487		14.8	%	438,399		14.9	%	38,088		8.7	%
General and administrative	296,178		9.2	%	341,154		11.6	%	(44,976)		(13.2	%)
Research and development	184,374		5.7	%	162,063		5.5	%	22,311		13.8	%
Total operating expenses	957,039		29.8	%	941,616		32.0	%	15,423		1.6	%
Income from operations	$	1,044,426	32.5	%	$	866,651	29.4	%	$	177,775	20.5	%

Gross Profit. Gross profit increased due to higher revenue and a 90 basis point increase in the gross profit margin. The increases in the gross profit margin reflected benefits from recurring revenue growth in IDEXX VetLab consumable and Reference Lab volumes, along with operational productivity and pricing benefits, which offset inflationary cost effects. These increases in the gross profit margin were reduced by the business mix impact from higher instrument revenue. The change in foreign currency exchange rates decreased the gross profit margin by approximately 10 basis points, including the impact of lower hedge gains during the current period compared to the prior period.

Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and commercial expenses. General and administrative expense decreased primarily due to a $61.5 million expense in the prior year and a reduction in accrued expense of approximately $9 million in the first quarter of the current period related to a now-concluded litigation matter, partially offset by higher personnel-related, information technology, and facility costs. Research and development expense increased primarily due to higher personnel-related and project costs. The change in foreign currency exchange rates increased operating expense growth by less than 1%.

Companion Animal Group

The following table presents revenue by product and service category for CAG:

	For the Nine Months Ended September 30,
Net Revenue(dollars in thousands)	2025		2024		Dollar Change		Reported Revenue Growth (1)		Percentage Change from Currency		Percentage Change from Acquisitions		Organic Revenue Growth (1)
CAG Diagnostics recurring revenue:	$	2,557,535	$	2,372,041	$	185,494	7.8	%	0.4	%	—		7.4	%
IDEXX VetLab consumables	1,107,704		971,405		136,299		14.0	%	0.6	%	—		13.4	%
Rapid assay products	272,912		282,379		(9,467)		(3.4	%)	0.1	%	—		(3.5	%)
Reference laboratory diagnostic and consulting services	1,074,825		1,020,094		54,731		5.4	%	0.4	%	—		5.0	%
CAG diagnostics services and accessories	102,094		98,163		3,931		4.0	%	0.6	%	—		3.4	%
CAG Diagnostics capital - instruments	$	142,073	$	98,912	$	43,161	43.6	%	1.2	%	—		42.4	%
Veterinary software, services and diagnostic imaging systems:	$	255,205	$	232,620	$	22,585	9.7	%	(0.1	%)	0.6	%	9.2	%
Recurring revenue	205,735		187,461		18,274		9.7	%	(0.1	%)	0.6	%	9.3	%
Systems and hardware	49,470		45,159		4,311		9.5	%	(0.2	%)	0.6	%	9.2	%
Net CAG revenue	$	2,954,813	$	2,703,573	$	251,240	9.3	%	0.4	%	—		8.8	%

(1) Reported revenue growth and organic revenue growth may not recalculate due to rounding.

CAG Diagnostics Recurring Revenue. The increase in CAG Diagnostics recurring revenue was primarily due to higher volumes in IDEXX VetLab consumables and reference laboratory testing partially offset by macroeconomic and sector headwinds, as well as benefits from higher realized prices. The change in foreign currency exchange rates increased revenue growth by 0.4%.

The increase in IDEXX VetLab consumables revenue was primarily due to higher volumes and higher realized prices. Volume gains were supported by increases in testing including the benefits from 10% growth in our active installed base of premium instruments, which reflected new customers and continued high customer retention rates, as well as our expanded menu of available tests. The change in foreign currency exchange rates increased revenue growth by 0.6%.

The decrease in rapid assay revenue resulted primarily from a shift of customers’ pancreatic lipase testing to our Catalyst instrument platform, partially offset by higher realized prices.

The increase in reference laboratory diagnostic and consulting services revenue was due to higher testing volumes in the U.S., Europe, and Asia Pacific, and higher realized prices. The change in foreign currency exchange rates increased revenue growth by 0.4%.

The increase in CAG Diagnostics services and accessories revenue was primarily a result of growth in our installed base of premium instruments. The change in foreign currency exchange rates increased revenue growth by 0.6%.

CAG Diagnostics Capital – Instrument Revenue. The increase in instrument revenue was primarily due to placements of our new IDEXX inVue Dx Analyzer, partially offset by lower placements of other premium instruments. The change in foreign currency exchange rates increased revenue growth by 1.2%.

Veterinary Software, Services and Diagnostic Imaging Systems Revenue. The increase in recurring revenue was primarily due to higher subscription and support services volume from our expanded SaaS installed base and from higher realized prices. The increase in our systems and hardware revenue was primarily due to higher diagnostic imaging system sales. Acquisitions increased revenue growth by 0.6%.

The following table presents the CAG segment results of operations:

	For the Nine Months Ended September 30,								Change
Results of Operations(dollars in thousands)	2025		Percent of Revenue		2024		Percent of Revenue		Amount		Percentage
Revenues	$	2,954,813			$	2,703,573			$	251,240	9.3	%
Cost of revenue	1,110,432				1,043,805				66,627		6.4	%
Gross profit	1,844,381		62.4	%	1,659,768		61.4	%	184,613		11.1	%
Segment operating expenses:
Sales and marketing	434,416		14.7	%	399,186		14.8	%	35,230		8.8	%
General and administrative	267,110		9.0	%	313,442		11.6	%	(46,332)		(14.8	%)
Research and development	170,752		5.8	%	148,812		5.5	%	21,940		14.7	%
Total segment operating expenses	872,278		29.5	%	861,440		31.9	%	10,838		1.3	%
Segment income from operations	$	972,103	32.9	%	$	798,328	29.5	%	$	173,775	21.8	%

Gross Profit. Gross profit increased due to higher revenue and a 100 basis point increase in the gross profit margin. The increases in the gross profit margin reflected benefits from recurring revenue growth in IDEXX VetLab consumable and Reference Lab volumes, along with operational productivity and pricing benefits, which offset inflationary cost effects. These increases in the gross profit margin were reduced by the business mix impact from higher instrument revenue. The change in foreign currency exchange rates on the gross profit margin was not significant, including the impact of lower hedge gains during the current period compared to the prior period.

Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and commercial costs. General and administrative expense decreased primarily due to a $61.5 million expense in the prior year and a reduction in accrued expense of approximately $9 million in the first quarter of the current period related to a now-concluded litigation matter, partially offset by higher personnel-related and information technology costs. Research and development expense increased primarily due to higher personnel-related costs, as well as higher project costs. The change in foreign currency exchange rates was not significant to operating expense growth.

Water

The following table presents the Water segment results of operations:

	For the Nine Months Ended September 30,								Change
Results of Operations(dollars in thousands)	2025		Percent of Revenue		2024		Percent of Revenue		Amount		Percentage
Revenues	$	150,619			$	139,959			$	10,660	7.6	%
Cost of revenue	44,978				42,633				2,345		5.5	%
Gross profit	105,641		70.1	%	97,326		69.5	%	8,315		8.5	%
Segment operating expenses:
Sales and marketing	18,538		12.3	%	17,423		12.4	%	1,115		6.4	%
General and administrative	10,964		7.3	%	12,534		9.0	%	(1,570)		(12.5	%)
Research and development	4,265		2.8	%	3,827		2.7	%	438		11.4	%
Total segment operating expenses	33,767		22.4	%	33,784		24.1	%	(17)		(0.1	%)
Segment income from operations	$	71,874	47.7	%	$	63,542	45.4	%	$	8,332	13.1	%

Revenue. The increase in revenue was due to higher realized prices and higher volumes. The increase in volumes was due to higher testing volumes, primarily in Latin America and Europe, as well as placements of instruments and accessories. The change in foreign currency exchange rates decreased revenue growth by 0.1%.

Gross Profit. Gross profit increased due to higher revenue as well as a 60 basis point increase in the gross profit margin. The net increase in the gross profit margin was due to higher realized prices, reduced by the impact of higher product and distribution costs. The change in foreign currency exchange rates decreased the gross profit margin by approximately 10 basis points, including the impact of lower hedge gains during the current period compared to the prior period.

Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and travel and meeting costs. General and administrative expense decreased primarily due to lower bad debt expense and lower personnel-related costs. Research and development expense increased primarily due to higher personnel-related costs. The change in foreign currency exchange rates was not significant to operating expense growth.

Livestock, Poultry and Dairy

The following table presents the LPD segment results of operations:

	For the Nine Months Ended September 30,								Change
Results of Operations(dollars in thousands)	2025		Percent of Revenue		2024		Percent of Revenue		Amount		Percentage
Revenues	$	94,302			$	87,503			$	6,799	7.8	%
Cost of revenue	49,063				42,084				6,979		16.6	%
Gross profit	45,239		48.0	%	45,419		51.9	%	(180)		(0.4	%)
Segment operating expenses:
Sales and marketing	22,756		24.1	%	20,937		23.9	%	1,819		8.7	%
General and administrative	13,410		14.2	%	12,420		14.2	%	990		8.0	%
Research and development	8,982		9.5	%	8,808		10.1	%	174		2.0	%
Total segment operating expenses	45,148		47.9	%	42,165		48.2	%	2,983		7.1	%
Segment income from operations	$	91	0.1	%	$	3,254	3.7	%	$	(3,163)	(97.2	%)

Revenue. The increase in revenue was primarily due to higher test volumes in the Americas and Asia Pacific, and higher realized prices. The change in foreign currency exchange rates decreased revenue growth by 0.8%.

Gross Profit. The decrease in gross profit was primarily due to a 390 basis point decrease in the gross profit margin, partially offset by higher revenue. The net decrease in the gross profit margin was primarily due to higher product costs, reduced by the impact from higher realized prices. The change in foreign currency exchange rates decreased the gross profit margin by approximately 60 basis points, including the impact of lower hedge gains during the current period compared to the prior period.

Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and travel costs. General and administrative expense increased primarily due to higher personnel-related costs and bad debt expense. Research and development expense increased primarily due to higher personnel-related costs. The change in foreign currency exchange rates increased operating expense growth by approximately 1%.

Other

	For the Nine Months Ended September 30,								Change
Results of Operations(dollars in thousands)	2025		Percent of Revenue		2024		Percent of Revenue		Amount		Percentage
Revenues	$	13,389			$	12,181			$	1,208	9.9	%
Cost of revenue	7,185				6,427				758		11.8	%
Gross profit	6,204		46.3	%	5,754		47.2	%	450		7.8	%
Other operating expenses:
Sales and marketing	777		5.8	%	853		7.0	%	(76)		(8.9	%)
General and administrative	4,694		35.1	%	2,758		22.6	%	1,936		70.2	%
Research and development	375		2.8	%	616		5.1	%	(241)		(39.1	%)
Total Other operating expenses	5,846		43.7	%	4,227		34.7	%	1,619		38.3	%
Other income from operations	$	358	2.7	%	$	1,527	12.5	%	$	(1,169)	(76.6	%)

Revenue. The increase in revenue was primarily due to higher sales volumes of our OPTI Medical consumables and instruments.

Gross Profit. Gross profit increased due to higher revenues, partially offset by a 90 basis point decrease in the gross profit margin. The decrease in the gross profit margin was largely due to higher product costs, partially offset by higher realized prices. The change in foreign currency exchange rates did not have a significant impact on the gross profit margin.

Operating Expenses. Sales and marketing expense decreased due to lower personnel-related costs. General and administrative expense increased primarily due to higher foreign currency transaction losses compared to the prior period. Research and development expense decreased due to lower activities that were not attributable to our three reportable segments.

Non-Operating Items

Interest Expense and Income. Interest expense was $29.6 million for the nine months ended September 30, 2025, compared to $23.7 million for the same period during the prior year. The increase in interest expense was primarily due to higher average debt levels and higher interest rates. Interest income was $2.4 million for the nine months ended September 30, 2025, compared to $10.5 million for the same period during the prior year, primarily due to a decrease in money market investments.

Provision for Income Taxes. Our effective income tax rate was 20.2% for the nine months ended September 30, 2025, compared to 21.3% for the nine months ended September 30, 2024. The decrease in our effective tax rate was primarily driven by an increase in tax benefits related to share-based compensation and the resolution of international tax audits, partially offset by the impacts related to recent U.S. tax law changes.

Liquidity and Capital Resources

We fund the capital needs of our business through cash on hand, funds generated from operations, proceeds from long-term senior note financings, and amounts available under our Credit Facility. We generate cash primarily through the payments made by customers for our companion animal ~~veterinary~~, livestock, poultry, dairy, and water products and services, consulting services, and other various systems and services. Our cash disbursements are primarily related to compensation and benefits for our employees, inventory and supplies, ~~repurchases~~repurchase of our common stock, taxes, research and development, capital expenditures, rents, occupancy-related charges, interest expense, and business acquisitions. Working capital totaled $~~225~~154.2 million as of ~~September~~March 3031, ~~2025~~2026, compared to $~~332~~265.0 million as of December 31, ~~2024~~2025. The change in working capital is primarily due to ~~lower cash balances and~~ higher borrowings outstanding on our Credit Facility ~~in the current year~~. As of ~~September~~March 3031, ~~2025~~2026, we had $~~208~~200.25 million of cash and cash equivalents, compared to $~~288~~180.31 million as of December 31, ~~2024~~2025. As of ~~September~~March 3031, ~~2025~~2026, we had a remaining borrowing availability of $~~793~~718.2 million under our $1.25 billion Credit Facility, with $~~455~~530.0 million in outstanding borrowings under our Credit Facility, and an option for the Company to incur incremental revolving credit commitments and/or term loans in the aggregate principal amount of up to $250.0 million. As of December 31, ~~2024~~2025, we had $~~250~~398.0 million in outstanding borrowings under our Credit Facility. The general availability of funds under our Credit Facility is reduced by $1.8 million for outstanding letters of credit. We believe that, if necessary, we could obtain additional borrowings to fund our growth objectives. We further believe that current cash and cash equivalents, funds generated from operations, and committed borrowing availability will be sufficient to fund our operations, capital purchase requirements, and anticipated growth needs for the next twelve months. We believe that these resources, coupled with our ability, as needed, to obtain additional financing, will also be sufficient to fund our business as currently conducted for the foreseeable future. We may enter into new financing arrangements or refinance or retire existing debt in the future depending on market conditions. Should we require more capital in the U.S. than is generated by our operations, for example, to fund significant discretionary activities, we could elect to raise capital in the U.S. through the incurrence of debt or equity issuances, which we may not be able to complete on favorable terms or at all. In addition, these alternatives could result in increased interest expense or other dilution of our earnings.

We believe that, if necessary, we could obtain additional borrowings to fund our growth objectives. We further believe that current cash and cash equivalents, funds generated from operations, and committed borrowing availability will be sufficient to fund our operations, capital purchase requirements, and anticipated growth needs for the next twelve months. We believe that these resources, coupled with our ability, as needed, to incur incremental revolving credit commitments and/or term loans under our Credit Facility and otherwise obtain additional financing, will also be sufficient to fund our business as currently conducted for the foreseeable future. We may enter into new financing arrangements or refinance or retire existing debt in the future depending on market conditions. Should we require more capital in the U.S. than is generated by our operations, for example to fund significant discretionary activities, we could elect to raise capital in the U.S. through the incurrence of debt or equity issuances, which we may not be able to complete on favorable terms or at all. In addition, these alternatives could result in increased interest expense or other dilution of our earnings.

We manage our worldwide cash requirements considering available funds among all of our subsidiaries. Our foreign cash and cash equivalents are generally available without restrictions to fund ordinary business operations outside the U.S.

The following table presents cash, ~~and~~ cash equivalents, and marketable securities held domestically and by our foreign subsidiaries:

Cash and cash equivalents(dollars in thousands)	September 30, 2025		December 31, 2024
(in thousands)	March 31, 2026		December 31, 2025
U.S.	$	137,~~838~~650	$	~~145~~1,~~118~~606
Foreign	~~194~~192,~~328~~878		~~143~~178,~~148~~464
Total	$	208,166	$	288,266
Total cash and cash equivalents	$	200,528	$	180,070
Total cash and cash equivalents held in U.S. dollars by our foreign subsidiaries	$	3955,~~009~~235	$	1024,~~623~~571

As of ~~September~~March 3031, ~~2025~~2026, of the $~~208~~200.25 million of cash and cash equivalents held, $~~202~~197.70 million was held as bank deposits and $53.5 million was held in a U.S. government money market fund. As of December 31, ~~2024~~2025, ofmore ~~the~~than ~~$288.3~~99% ~~million~~ of the cash and cash equivalents held, ~~$148.7~~were ~~million was~~ held as bank deposits ~~and $139.6 million was held in a U.S. government money market fund. Our bank deposits are held~~ at a diversified group of institutions, primarily systemically important banks. Cash and cash equivalents as of ~~September~~March 3031, ~~2025~~2026, included approximately $1.0.9 million in cash denominated in a non-U.S. ~~currency~~currencies held in a country with currency control restrictions, which ~~limits~~limit our ability to transfer funds outside of the country in which they are held without incurring costs. The currency control restricted cash is generally available for use within the country where it is held.

The following table presents additional key information concerning working capital:

	For the Three Months Ended
	September 30,2025	June 30,2025	March 31,2025	December 31,2024	September 30, 2024
	March 31, 2026	December 31, 2025	September 30,2025	June 30,2025	March 31, 2025
Days sales outstanding (1)	46.52	4446.78	4546.75	4744.17	4845.97
Inventory turns (2)	1.54	1.56	1.35	1.35	1.3

(1) Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days.

(2) Inventory turns are calculated as the ratio of our inventory-related cost of revenue for the quarter multiplied by four, divided by the average inventory balances at the beginning and end of each quarter.

Sources and Uses of Cash

The following table presents cash provided (used):

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

(dollars in thousands)

2025

2024

Change

(in thousands)

2026

2025

Change

Net cash provided by operating activities

~~826~~266,~~045~~248

~~666~~237,~~976~~962

~~159~~28,~~069~~286

Net cash used by investing activities

(~~108~~33,~~109~~544)

(~~167~~29,~~219~~610)

59(3,~~110~~934)

Net cash used by financing activities

(~~809~~211,~~262~~430)

(~~645~~330,~~291~~321)

~~(163~~118,~~971)~~891

Net effect of changes in exchange rates on cash

~~11,226~~(816)

~~238~~(2,327)

101,~~988~~511

Net change in cash and cash equivalents

~~(80~~20,~~100)~~458

(~~145~~124,296)

65144,~~196~~754

Operating Activities. Cash provided by operating activities during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, was $~~826~~266.02 million, which was a net increase in operating cash flows of $~~159~~28.13 million, compared to the same period during the prior year. Cash was provided from net income of $~~811~~278.34 million, adjusted for net non-cash items of $~~259~~77.36 million, partially offset by a net decrease from changes in operating assets and liabilities of $~~244~~89.57 million. ~~The following table presents cash flow impacts from changes in operating assets and liabilities, excluding the effects of foreign exchange rate fluctuations:~~

	For the Nine Months Ended September 30,
(dollars in thousands)	2025		2024		Change
Accounts receivable	$	(82,586)	$	(56,087)	$	(26,499)
Inventories	(2,202)		(24,756)		22,554
Other assets and liabilities	(160,944)		(45,272)		(115,672)
Accounts payable	(4,977)		2,347		(7,324)
Deferred revenue	6,216		(735)		6,951
Total change in cash due to changes in operating assets and liabilities	$	(244,493)	$	(124,503)	$	(119,990)

The following table presents cash flow impacts from changes in operating assets and liabilities, excluding the effects of foreign exchange rate fluctuations:

Cash used by changes in operating assets and liabilities during the nine months ended September 30, 2025, increased $120.0 million, compared to the same period during the prior year. During the current period, we paid approximately $80 million, which was accrued in prior years, to conclude a litigation matter and the payment is included within the cash flow impacts from changes in other assets and liabilities. The increase in contract assets arising from customer commitment arrangements, partially offset by lower tax payments and lower annual employee incentive program payments in the current period, also contributed to the increase in cash used for other assets and liabilities, compared to the same period in the prior year.


	For the Three Months Ended March 31,
(in thousands)	2026		2025		Change

Accounts receivable	$	(56,808)	$	(45,240)	$	(11,568)
Inventories	2,239		2,163		76
Other assets and liabilities	(46,396)		(9,487)		(36,909)
Accounts payable	11,217		(8,123)		19,340
Total change in cash due to changes in operating assets and liabilities	$	(89,748)	$	(60,687)	$	(29,061)

WeCash ~~have~~used ~~historically~~by ~~experienced~~changes ~~proportionately~~in ~~lower~~operating ~~net~~assets ~~cash~~and ~~flows~~liabilities ~~from operating activities~~ during the ~~first~~three ~~quarter~~months ~~and~~ended ~~proportionately~~March ~~higher~~31, ~~cash~~2026, ~~flows~~increased ~~from~~$29.1 ~~operating~~million, ~~activities~~compared ~~for~~to the ~~remainder~~same ofperiod during the prior year. ~~driven~~The ~~primarily~~increase byin ~~payments~~cash ~~related~~used tofor ~~annual~~other ~~employee~~assets ~~incentive~~and ~~programs~~liabilities inwas ~~the~~primarily ~~first~~due ~~quarter~~to ~~following~~higher ~~the~~annual ~~year~~employee ~~for~~incentive ~~which~~program ~~the~~payments ~~bonuses~~and ~~were~~higher ~~earned.~~income tax payments.

~~Investing~~We ~~Activities.~~have ~~Cash~~historically ~~used~~experienced byproportionately ~~investing~~lower ~~activities~~net ~~was~~cash ~~$108.1~~flows ~~million~~from operating activities during the ~~nine~~first ~~months~~quarter ~~ended~~and ~~September~~proportionately ~~30,~~higher ~~2025,~~cash ~~compared~~flows tofrom ~~$167.2~~operating ~~million~~activities for the ~~same~~remainder ~~period~~of ~~during~~ the ~~prior~~ year., ~~The~~driven ~~decrease~~primarily inby ~~cash~~payments ~~used~~related byto ~~investing~~annual ~~activities~~employee ~~was~~incentive ~~primarily~~programs ~~due~~in to the ~~acquisition~~first ofquarter afollowing ~~software business during~~ the ~~prior-~~year ~~period,~~for ~~compared~~which ~~to smaller asset acquisitions in~~ the ~~current-year~~bonuses ~~period~~were earned.

52Investing Activities. Cash used by investing activities was $33.5 million during the three months ended March 31, 2026, compared to $29.6 million for the same period during the prior year. The increase in cash used by investing activities was primarily due to higher capital expenditures, the acquisition of an intangible asset, and an equity investment.

Our total capital expenditure plan for ~~2025~~2026 is estimated to be approximately $~~140~~180.0 million, which includes capital investments in manufacturing and operations facilities ~~and technology infrastructure~~ to support growth ~~and efficiencies~~, as well as investments in customer-facing software development.

Financing Activities. Cash used by financing activities was $~~809~~211.34 million during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, compared to $~~645~~330.3 million used for the same period during the prior year. The ~~increase~~decrease in cash used was primarily due to $~~979~~351.20 million of repurchases of our common stock during the current ~~year~~period, compared to $~~591~~400.09 million of repurchases during the prior ~~year, as well as a payment upon the maturity of our 2025 Series C Notes equivalent to $103~~period.4 ~~million.~~The ~~This~~decrease ~~increase~~ in cash used by financing activities was ~~partially~~also ~~offset~~a byresult of $~~205~~132.0 million in net borrowings under our Credit Facility during the current ~~year~~period, compared to ~~no activity under our Credit Facility during the prior-year period. We also remitted approximately~~ $869.45 million of ~~excise~~net ~~tax~~borrowings ~~related to the repurchase of our common stock on April 15, 2025, which is included~~ in the ~~repurchases~~prior ~~of common stock on our cash flow statement~~period.

We believe that the repurchase of our common stock is a favorable means of returning value to our stockholders, and we also repurchase our stock to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing and deployment activities, as well as share price and prevailing interest rates, and are subject to market conditions. Refer to “Note 12. Repurchases of Common Stock” to the unaudited condensed consolidated financial statements in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for additional information about our share repurchases.

As of September 30, 2025, we had $455.0 million in outstanding borrowings under our Credit Facility, of which $250.0 million is outstanding borrowings under our term loan that matures on October 20, 2025. On October 20, 2025, we paid our $250.0 million term loan with a combination of borrowings under our revolving line of credit and available cash on hand. The obligations under our Credit Facility may be accelerated upon the occurrence of an event of default under our Credit Facility, which includes customary events of default including payment defaults, defaults in the performance of the affirmative, negative, and financial covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency-related defaults, defaults relating to judgments, certain events related to employee pension benefit plans under the Employee Retirement Income Security Act of 1974 (“ERISA”), the failure to pay specified indebtedness, cross-acceleration to specified indebtedness, and a change of control default. Our Credit Facility contains affirmative, negative, and financial covenants customary for financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, fundamental changes, investments, transactions with affiliates, certain restrictive agreements, and violations of sanctions laws and regulations. The sole financial covenant is a consolidated leverage ratio test as described below.39

~~The~~As ~~aggregate~~of ~~principal~~March ~~amounts~~31, of2026, ~~our~~we ~~2025~~had ~~Series~~$530.0 Bmillion ~~Notes~~in ~~will~~outstanding ~~become~~borrowings ~~due~~under ~~and~~our ~~payable~~Credit onFacility, ~~December~~of ~~11,~~which ~~2025~~$250.0 Wemillion ~~anticipate~~was ~~paying~~on ~~off~~our Term Loan under our ~~2025~~Credit ~~Series~~Facility. BOur ~~Notes~~Credit Facility contains affirmative, negative, and financial covenants customary for ~~$75~~financings of this type.0 ~~million~~The ~~when~~negative ~~due~~covenants ininclude ~~December~~restrictions ~~2025~~on liens, ~~with~~indebtedness ~~available~~of ~~cash~~subsidiaries onof ~~hand~~the Company, ~~borrowings~~fundamental ~~under~~changes, ~~our~~investments, ~~Credit~~transactions ~~Facility~~with affiliates, orcertain ~~proceeds~~restrictive ~~from~~agreements, ~~the~~and ~~issuance~~violations of ~~new~~sanctions ~~notes,~~laws orand regulations. The sole financial covenant is a ~~combination~~consolidated ~~thereof~~leverage ratio test as described below.

The aggregate principal ~~amounts~~amount of our 2026 ~~Series~~Senior Notes will become due and payable on September 94, 2026. The aggregate principal amount of our 2027 Series B Notes will become due and payable on February 12, 2027. We anticipate ~~paying~~funding ~~off~~the full repayment of our 2026 ~~Series~~Senior Notes for $75.0 million when due inon September 4, 2026, and our 2027 Series B Notes for $75.0 million when due on February 12, 2027, with available cash on hand, borrowings under our Credit Facility, or proceeds from the issuance of new notes, or a combination thereof. The Senior Note Agreements contain affirmative, negative, and financial covenants customary for agreements of this type. The sole financial covenant is a consolidated leverage ratio test as described below.

Refer ~~Should we elect~~ to ~~prepay any of our senior notes, such aggregate prepayment will include the applicable make-whole amount(s), as defined within the applicable Senior~~ “Note ~~Agreements~~11. ~~Additionally,~~Debt” into the ~~event~~unaudited ofcondensed aconsolidated ~~change~~financial instatements ~~control of the Company or upon the disposition of certain assets of the Company, the proceeds of which are not reinvested (as defined~~ in ~~the~~“Part ~~Senior~~I. ~~Note~~Item ~~Agreements), we may be required to prepay all or a portion of the senior notes~~1. ~~The~~Financial ~~obligations~~Statements” ~~under the senior notes may be accelerated upon the occurrence~~ of anthis ~~event~~Quarterly ofReport ~~default~~on ~~under~~Form the applicable Senior Note Agreements, each of which includes customary events of default including payment defaults, defaults in the performance of the affirmative, negative, and financial covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency10-~~related~~Q defaults, defaults relating to judgments, certain events related to employee pension benefit plans under ERISA, the failure to pay specified indebtedness, cross-acceleration to specified indebtedness, and a change of control default. The Senior Note Agreements contain affirmative, negative, and financial covenants customary for ~~agreements~~additional ofinformation ~~this~~about ~~type. The negative covenants include restrictions on liens, indebtedness of~~ our ~~subsidiaries,~~Credit ~~priority~~Facility ~~indebtedness, fundamental changes, investments, transactions with affiliates, certain restrictive agreements,~~ and ~~violations~~Senior ~~of sanctions laws and regulations~~Notes. ~~The sole financial covenant is a consolidated leverage ratio test as described below.~~

Effect of Currency Translation on Cash. The net ~~effect~~effects of changes in foreign currency exchange rates isare related to changes in exchange rates between the U.S. dollar and the functional currencies of our foreign subsidiaries with non-U.S. dollar functional currencies. These changes will fluctuate ~~for~~ each ~~period~~year ~~presented~~ as the value of the U.S. dollar relative to the value of foreign currencies changes. AThe value of a currency depends on many factors, including interest rates and the issuing governments' debt levels and strength of economy.

currency’s value depends on many factors, including interest rates and the issuing governments’ debt levels and strength of economy.

Off-Balance Sheet Arrangements. We have no off-balance sheet arrangements or variable interest entities, except for letters of credit and third-party guarantees.

Financial Covenant. The sole financial covenant of our Credit Facility and Senior Note Agreements is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation and amortization, non-recurring transaction expenses incurred in connection with acquisitions, share-based compensation expense, and certain other non-cash losses and charges (“Adjusted EBITDA”), as defined in the Senior Note Agreement and Credit Facility, not to exceed 3.5-to-1. As of September 30, 2025, we were in compliance with such covenant. The following details our consolidated leverage ratio calculation:40

(dollars in thousands)	Twelve Months Ended
Trailing 12 Months Adjusted EBITDA:	September 30, 2025
Net income attributable to stockholders	$	1,027,425
Interest expense	37,140
Provision for income taxes	246,169
Depreciation and amortization	140,168
Acquisition-related expense	73
Share-based compensation expense	58,160
Extraordinary and other non-recurring non-cash charges	160
Adjusted EBITDA	$	1,509,295
Debt to Adjusted EBITDA Ratio:	September 30, 2025
Line of Credit	$	455,000
Current and long-term portions of long-term debt	524,822
Total debt	979,822
Acquisition-related contingent consideration payable	4,087
Deferred financing costs	178
Gross debt	$	984,087
Gross debt to Adjusted EBITDA ratio	0.65
Less: Cash and cash equivalents	$	208,166
Net debt	$	775,921
Net debt to Adjusted EBITDA ratio	0.51

Financial Covenant. The sole financial covenant of our Credit Facility and Senior Note Agreements is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation, amortization, non-recurring transaction expenses incurred in connection with acquisitions, share-based compensation expense, and certain other non-cash losses and charges (“Adjusted EBITDA”), as defined in the Senior Note Agreements and Credit Facility, not to exceed 3.5-to-1. As of March 31, 2026, we were in compliance with such covenant.

~~Adjusted~~The ~~EBITDA,~~following ~~gross~~details ~~debt,~~our ~~net~~consolidated ~~debt,~~leverage ~~gross debt to Adjusted EBITDA~~ ratio, and net debt to Adjusted EBITDA ratio are non-GAAP financial measures which should be considered in addition to, and not as a replacement for, financial measures presented according to U.S. GAAP. Management believes that reporting these non-GAAP financial measures provides supplemental analysis to help investors further evaluate our business performance and available borrowing capacity under our Credit Facility. calculation:


(in thousands)	Twelve Months Ended
Trailing 12 Months Adjusted EBITDA:	March 31, 2026

Consolidated Net Income	$	1,095,233
Consolidated Interest Charge	38,927
Provision for income taxes	274,314
Depreciation and amortization	148,803
Non-recurring transaction expense incurred in connection with Acquisitions *	90
Non-cash charges associated with Share Based Payments	61,738
Extraordinary and other non-recurring non-cash losses and charges *	6,170
Adjusted EBITDA	$	1,625,275

* Descriptions are contractually defined and may differ from U.S. GAAP definitions.

(dollars in thousands)
Debt to Adjusted EBITDA Ratio:	March 31, 2026

Credit Facility	$	530,000
Current and long-term portion of long-term debt	449,851
Total debt	979,851
Acquisition-related consideration payable	1,892
Deferred financing costs	149
Gross debt	$	981,892
Gross debt to Adjusted EBITDA ratio	0.60

Cash and cash equivalents	$	200,528
Net debt	$	781,364
Net debt to Adjusted EBITDA ratio	0.48

Other Commitments, Contingencies and Guarantees

Significant commitments, contingencies, and guarantees as of ~~September~~March 3031, ~~2025~~2026, are described in Note 16 to the unaudited condensed consolidated financial statements in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q.

5441

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For quantitative and qualitative disclosures about market risk affecting us, refer to the section under the heading “Part II. Item 7A. Quantitative and Qualitative Disclosure About Market Risk” of our ~~2024~~2025 Annual Report. As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the market risks described in our ~~2024~~2025 Annual Report, except for the impact of foreign exchange rates, as discussed below.

Foreign Currency Exchange Impacts. Our foreign currency exchange impacts ~~on operating results~~ are comprised of three components: 1) local currency revenues and expenses; 2) the impact of foreign currency exchange hedge contracts; and 3) intercompany and monetary balances ~~for~~of our subsidiaries that are denominated in a currency that is different from the functional currency used by each subsidiary.

Approximately 23% ~~and 22%~~ of our consolidated revenue was derived from products manufactured inor ~~the~~sourced in U.S. dollars and sold internationally in local currencies for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, ~~respectively,~~ compared to approximately 22% ~~and 21%~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024, respectively~~2025. Strengthening of the rate of exchange for the U.S. dollar ~~exchange rate~~ relative to other currencies has a negative impact on our revenues derived in currencies other than the U.S. dollar and on profits of products manufactured inor ~~the~~purchased in U.S. dollars and sold internationally, and a weakening of the U.S. dollar has the opposite ~~effect~~effects. Similarly, to the extent that the U.S. dollar is stronger in current or future periods relative to the exchange rates in effect in the corresponding prior periods, our growth rate will be negatively affected. The impacts of foreign currency denominated costs and expenses and foreign currency denominated supply contracts partially offset this exposure. Additionally, our designated hedges of intercompany inventory purchases and sales help delay the impact of certain exchange rate fluctuations on non-U.S. dollar denominated revenues.

The following table presents the estimated foreign currency exchange ~~impact~~impacts on our revenues, operating profit, and diluted earnings per share ~~(net of tax)~~ for the current ~~periods~~period compared to the respective prior-year ~~periods~~period:

	For the Three Months EndedSeptember 30,				For the Nine Months EndedSeptember 30,
	For the Three Months EndedMarch 31,
(in thousands, except per share amounts)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Revenue increase (decrease)	$	1331,~~034~~171	$	~~643~~(12,253)	$	~~13,235~~	$	~~(6,219)~~
Operating profit (decrease) increase, excluding hedge activity and exchange impacts of foreign currency transactions	$	7,349	$	(810)	$	5,554	$	(4,448)
Operating profit increase (decrease), excluding hedge activity and exchange impacts on settlement of foreign currency denominated transactions	$	17,569	$	(7,285)
Hedge gains (losses) - current period	~~(1,965)~~150		~~512~~3,745		~~600~~		~~3,043~~
Foreign currency transactions gains (losses) - current period	(~~1,587~~444)		~~1,381~~(671)		~~(2,826)~~		~~(553)~~
Operating profit increase (decrease) - current period	$17,275	~~3,797~~	$(4,211)	~~1,083~~	$	~~3,328~~	$	~~(1,958)~~
Hedge (gains) losses - prior period	(~~512~~3,745)		(~~1,273~~810)		~~(3,043)~~		~~(1,723)~~
Foreign currency transaction (gains) losses - prior period	~~(1,381)~~671		~~1,396~~933		~~553~~		~~2,071~~
Operating profit increase (decrease) - compared to prior period	$	114,~~904~~201	$	1(4,~~206~~088)	$	~~838~~	$	~~(1,610)~~
Diluted earnings per share increase (decrease) - compared to prior period	$	0.02	$	0.01	$	0.01	$	(0.01)
Diluted earnings per share increase (decrease) - compared to prior period (1)	$	0.14	$	(0.04)

(1) The impacts on diluted earnings per share presented may not recalculate due to rounding.

At our current foreign exchange rate assumptions, we anticipate year-over-year changes for the remainder of the year will increase our revenues, ~~by approximately $18 million and increase~~ operating profit and diluted earnings per share by approximately $119 million, $13 million and $0.1013 per share, respectively. These favorable currency impacts to our operating profit and diluted earnings per share include net year-over-year impacts of foreign currency hedging activity, which is expected to ~~decrease~~increase our total operating profit by approximately $45 million and $0.0405 per share for the remainder of the year ending December 31, ~~2025~~2026. These estimates assume that the value of the U.S. dollar will reflect the euro at $1.1516, the British pound at $1.3433, the Canadian dollar at $0.72, and the Australian dollar at $0.6470; and the Japanese yen at ¥~~149~~160, the Chinese renminbi at RMB 76.2690, and the Brazilian real at R$5.5515 relative to the U.S. dollar for the remainder of ~~2025~~2026. The actual impact of changes in the value of the U.S. dollar against foreign currencies in which we transact may materially differ from our expectations.

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~~Based~~The foreign currency exchange impacts on our projected revenues and expenses for the remainder of ~~2025,~~2026 ~~excluding~~will be different from our estimates if actual foreign exchange rates are different from our assumptions. Excluding the impact of intercompany and trade balances denominated in currencies other than the functional subsidiary currencies, we project a 1% strengthening of the U.S. dollar would reduce revenue by approximately $412 million and operating income by approximately $14 million, net of hedge positions.

Interest Rate Risk. We entered into an interest rate swap to ~~manage~~reduce the effect of variable interest obligations ~~on amounts borrowed under the terms~~ of our ~~Credit~~Term ~~Facility~~Loan. Beginning onin ~~March~~November 312025, ~~2023,~~ the variable interest rate associated with our $250.0 million ofTerm ~~borrowings~~Loan ~~outstanding under our Credit Facility~~ became effectively fixed at 3.94%, plus the applicable credit spread, through ~~October~~November 2012, ~~2025~~2028. Borrowings outstanding under our Credit Facility at ~~September~~March 3031, ~~2025~~2026, were $~~455~~530.0 million. We have designated the interest rate swap as a cash flow hedge. For more information regarding our interest rate swap, refer to “Part I, Item 1. Financial Statements, Note 19. Hedging Instruments.”

Effects of Inflation. We expect to continue to face higher costs for labor, commodities, energy, and transportation, as well as increased prices from suppliers~~, due to inflationary pressures and changes in tariff and trade policies~~. We may not be able to offset these higher costs through productivity initiatives and price increases, which may materially and adversely affect our business, results of operations, and financial condition. Any price increases we may impose may lead to declines in sales volume or loss of business, if competitors do not similarly adjust their prices, or customers refuse to purchase at the higher prices.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining disclosure controls and procedures, as defined by the SEC in its Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 as amended (the “Exchange Act”). The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act ~~are~~is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of ~~September~~March 3031, ~~2025~~2026, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended ~~September~~March 3031, ~~2025~~2026, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings

Due to the nature of our activities, we are at times subject to pending and threatened legal actions that arise out of the ordinary course of business. In the opinion of management, based in part upon advice of legal counsel, the disposition of any such currently pending or threatened matters is not expected to have a material effect on our results of operations, financial condition, or cash flows. However, the results of legal actions cannot be predicted with certainty. Therefore, it is possible that our results of operations, financial condition, or cash flows could be materially adversely affected in any particular period by the unfavorable resolution of one or more legal actions.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in “Part I. Item 1A. Risk Factors” in our ~~2024~~2025 Annual Report, which could materially affect our business, financial condition, or future results. There have been no material changes from the risk factors previously disclosed in the ~~2024~~2025 Annual Report. The risks described in our ~~2024~~2025 Annual Report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended ~~September~~March 3031, ~~2025~~2026, we repurchased shares of common stock as described below:

Period	Total Number of Shares Purchased(a)		Average Price Paid per Share (3b)(b3)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)(c)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)(d)
July 1 to July 31, 2025	237,380		$	546.39	237,380	4,251,730
January 1 to January 31, 2026	—		$	—	—	3,722,170
August 1 to August 31, 2025	103,519		$	642.03	103,500	4,148,230
February 1 to February 28, 2026	246,671		$	644.46	229,900	3,492,270
September 1 to September 30, 2025	70,413		$	646.03	70,300	4,077,930
March 1 to March 31, 2026	357,900		$	593.52	357,900	3,134,370
Total	~~411~~604,~~312~~571	(2)			~~411~~587,~~180~~800	43,~~077~~134,~~930~~370

(1)As of December 31, ~~2024~~2025, our Board of Directors had approved the repurchase of up to 78 million shares of our common stock in the open market or in negotiated transactions pursuant to the Company’s share repurchase program~~, which amount includes the approval of an additional 5 million shares on December 3, 2024~~. The initial program was approved and announced on August 13, 1999, and the maximum number of shares that may be purchased under the program has been increased by the Board of Directors on numerous occasions. There is no specified expiration date for this repurchase program and it may be suspended or discontinued at any time. There were no other repurchase programs outstanding during the three months ended ~~September~~March 3031, ~~2025~~2026, and no share repurchase programs expired during the period.

(2)During the three months ended ~~September~~March 3031, ~~2025~~2026, we received ~~132~~16,771 shares of our common stock that were surrendered by employees in payment for the minimum required withholding taxes due on the vesting of restricted stock units. In the above table, these shares are included in columns (a) and (b), but excluded from columns (c) and (d). These shares do not reduce the number of shares that may yet be purchased under the share repurchase program.

(3)Includes ~~the~~a 1% excise tax ~~for~~on the value of shares repurchased in the open market, net of a reduction for eligible stock issuances.

Refer to Note 12. “Repurchases of Common Stock” to the unaudited condensed consolidated financial statements in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for additional information about our share repurchases.

Item 5. Other Information

Rule 10b5-1 Trading Plan Elections

During the three months ended ~~September~~March 3031, ~~2025~~2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408(a) of Regulation S-K of the Securities Act of 1933).

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Item 6. Exhibits

Incorporated by Reference

Exhibit No.

Exhibit Description

Form

Exhibit

Filing Date / Period End Date

Filed / Furnished Herewith

Rule 13a-14(a)/15-14(a) certifications

10.1

Letter Agreement by and between Michael (Mike) Erickson, PhD, and IDEXX Laboratories, Inc., dated January 12, 2026.

8-K

10.1

1/13/26

10.2

Amended and Restated Change in Control Agreement by and between Michael (Mike) Erickson, PhD, and IDEXX Laboratories, Inc., dated January 12, 2026.

8-K

10.2

1/13/26

10.3

Letter Agreement by and between Jonathan (Jay) Mazelsky and IDEXX Laboratories, Inc., dated January 12, 2026.

8-K

10.3

1/13/26

10.4

Separation Agreement by and between Nimrata Hunt, PhD, and IDEXX Laboratories, Inc., dated March 24, 2026.

8-K

10.1

3/26/26

31.1

Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)

31.2

Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

Interactive data file
101			The following financial and related information from IDEXX Laboratories, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline eXtensible Business Reportable Language (iXBRL) includes: (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Condensed Consolidated Statement of Changes in Stockholders' Equity; (v) the Condensed Consolidated Statement of Cash Flows; and, (vi) Notes to Consolidated Financial Statements.
104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL, and contained in Exhibit 101.


Interactive data file

101			The following financial and related information from IDEXX Laboratories, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline eXtensible Business Reportable Language (iXBRL) includes: (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Condensed Consolidated Statement of Changes in Stockholders' Equity; (v) the Condensed Consolidated Statement of Cash Flows; and, (vi) Notes to Consolidated Financial Statements.

104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL, and contained in Exhibit 101.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			IDEXX LABORATORIES, INC.
			/s/ Andrew Emerson
Date: November 3, 2025			Andrew Emerson
Date: May 5, 2026			Andrew Emerson
			Executive Vice President, Chief Financial Officer and Treasurer
			(Principal Financial Officer)

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