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Idexx Laboratories cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$421M in Q3 2026 · $1.3B over twelve months

Operating cash flow$450M
Capital spending−$28.9M
Free cash flow+$421M
Cash / net income1.4×
Cash conversion cycle98 days

Analysis

In Q3 2026, Idexx Laboratories generated $450M of operating cash flow and spent $28.9M on capital projects, leaving free cash flow of $421M. That is $49.6M more than in Q3 2025 ($371M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were buybacks ($1.0B), acquisitions ($223M), net borrowing (+) / repaid (−) ($131M); besides operations, cash came from shares issued ($100M), other investing ($3.2M); the cash balance fell by $10.6M.

Operating cash flow was $450M against net income of $317M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$47.7M, depreciation & amortization +$40.6M, payables +$18.1M.

Its cash conversion cycle was 98 days (receivables 47 + inventory 80 − payables 29).

Free cash flow

Idexx Laboratories: free cash flow by quarterIdexx Laboratories: free cash flow by quarter$233MQ4 2024$208MQ1 2025$152MQ2 2025$371MQ3 2025$326MQ4 2025$234MQ1 2026$323MQ2 2026$421MQ3 2026
Operating cash flow less capital spending.
Idexx Laboratories: operating cash flow against capital spendingIdexx Laboratories: operating cash flow against capital spendingOperating cash flowCapital spending$262M$29.3MQ4 2024$238M$30.0MQ1 2025$186M$34.1MQ2 2025$402M$31.1MQ3 2025$356M$29.4MQ4 2025$266M$32.0MQ1 2026$347M$24.6MQ2 2026$450M$28.9MQ3 2026
Latest (Q3 2026): Operating cash flow $450M, Capital spending $28.9M.

Capital allocation, year by year

Idexx Laboratories: where the cash came from (up) and went (down), by fiscal yearIdexx Laboratories: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $756MFY2021: Net borrowing $23.5MFY2021: Shares issued $46.6MFY2021: Capital spending −$120MFY2021: Acquisitions −$173MFY2021: Buybacks −$747M$826MFY2021FY2022: Operating cash flow $543MFY2022: Net borrowing $430MFY2022: Shares issued $35.7MFY2022: Capital spending −$149MFY2022: Acquisitions −$11.5MFY2022: Buybacks −$820M$1.0BFY2022FY2023: Operating cash flow $907MFY2023: Net borrowing −$404MFY2023: Shares issued $47.0MFY2023: Capital spending −$134MFY2023: Buybacks −$71.9M$954MFY2023FY2024: Operating cash flow $929MFY2024: Net borrowing −$75.0MFY2024: Shares issued $44.5MFY2024: Capital spending −$121MFY2024: Acquisitions −$76.7MFY2024: Buybacks −$837M$973MFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $220MFY2025: Shares issued $93.4MFY2025: Capital spending −$125MFY2025: Buybacks −$1.2B$1.5BFY2025
Over these 5 years operating cash flow totalled $4.3B; the largest uses were buybacks ($3.7B) and capital spending ($648M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$198M
Debt$450M
Net debt$252M
Due within a year$75.0M

Idexx Laboratories funds itself: free cash flow was $1.3B over the last twelve months, and $198M of cash and investments stands against $450M of debt ($75.0M due within a year, 2.6× covered by cash).

Idexx Laboratories: debt maturities by year (FY2025)Idexx Laboratories: debt maturities by year (FY2025)$75.0MYear 1$75.0MYear 2$100MYear 4$200MYear 5
Principal due in each year as disclosed in the annual report, against $198M of cash and investments now.

Where the cash came from and went

Idexx Laboratories: sources (+) and uses (−) of cash, Q3 2026Idexx Laboratories: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$450MOther investing−$219MNet borrowing (+) / repaid (−)−$120MBuybacks−$112MShares issued$31.5MCapital spending−$28.9MCash drawn (+) / kept (−)−$603KExchange rates−$167KTaxes on employees’ shares−$150K
Idexx Laboratories: sources (+) and uses (−) of cash, TTM to Q3 2026Idexx Laboratories: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.4BBuybacks−$1.0BAcquisitions−$223MNet borrowing (+) / repaid (−)−$131MCapital spending−$115MShares issued$100MTaxes on employees’ shares−$11.1MCash drawn (+) / kept (−)$10.6MOther financing−$3.7MOther investing$3.2MExchange rates−$1.1M

From profit to cash

Idexx Laboratories: net income to operating cash flow, Q3 2026Idexx Laboratories: net income to operating cash flow, Q3 2026Net income$317MDepreciation & amortization$40.6MStock-based pay$16.2MDeferred taxes−$1.5MReceivables$10.1MInventory$1.7MPayables$18.1MOther operating capital$47.7MOperating cash flow$450M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202647802998
Q2 2026468027100
Q1 2026468226102
Q4 2025478225104
Q3 2025478526106
Q2 2025458726105
Q1 2025459328110
Q4 2024479327113

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$450M−$28.9M−$112M−$120M$31.5M−$603K$421M
Q2 2026$347M−$24.6M−$347M−$11.0M$32.9M$3.6M$323M
Q1 2026$266M−$32.0M−$351M$132M$18.2M−$20.5M$234M
Q4 2025$356M−$29.4M−$238M−$132M$17.9M$28.1M$326M
Q3 2025$402M−$31.1M−$240M−$124M$51.0M−$43.6M$371M
Q2 2025$186M−$34.1M−$338M$260M$17.3M−$624K$152M
Q1 2025$238M−$30.0M−$401M$69.5M$7.2M$124M$208M
Q4 2024$262M−$29.3M−$246M—$13.3M$20.4M$233M

Idexx Laboratories: income statement and cash flow

Idexx Laboratories, Q3 2026: revenue $1.2B (+10% year over year), operating margin 33.1%. The chart follows the revenue to costs, profit and cash.

Idexx Laboratories: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.