---
title: "Idexx Laboratories: Business Model"
description: "Idexx Laboratories revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/idexx-laboratories/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Idexx Laboratories: Business Model & Revenue Engine

## Direct Answer

Idexx Laboratories reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Companion Animal Group is the largest, with $4.0 billion of revenue (92% of the total), followed by Water at $201 million (5%).

## How Does Idexx Laboratories Make Money?

Companion Animal Group supplies 92% of revenue, so Idexx Laboratories's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Companion Animal Group grew fastest (+10.6%) and Livestock and Poultry Diagnostics slowest (+8.0%), so the revenue mix tilts toward Companion Animal Group while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Companion Animal Group | $4.0 billion | $3.6 billion | 91.9% | 10.6% |
| Water | $201 million | $185 million | 4.7% | 8.7% |
| Livestock and Poultry Diagnostics | $132 million | $122 million | 3.1% | 8.0% |

![Bar chart of Idexx Laboratories revenue by segment for fiscal 2025: Companion Animal Group 91.9%, Water 4.7%, Livestock and Poultry Diagnostics 3.1%.](https://www.getswoopr.com/images/charts/idexx-laboratories-business-model-segment-mix.webp)
*Idexx Laboratories revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What Does Idexx Laboratories Sell?

Idexx Laboratories also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Product | $2.5 billion | $2.2 billion | 59.0% | 12.9% |
| Service | $1.8 billion | $1.6 billion | 41.0% | 7.0% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Idexx Laboratories's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Idexx Laboratories reported in the segment note and revenue disclosures of its Form 10-K filed February 20, 2026 (accession 0000874716-26-000038), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Idexx Laboratories's business segments?

In its fiscal 2025 Form 10-K, Idexx Laboratories reports revenue for Companion Animal Group, Water and Livestock and Poultry Diagnostics.

### Which part of Idexx Laboratories brings in the most revenue?

Companion Animal Group, with $4.0 billion of revenue in fiscal 2025, or 92% of the total.

### Where does Idexx Laboratories report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 20, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: IDEXX LABORATORIES INC /DE Form 10-K filed February 20, 2026](https://www.sec.gov/Archives/edgar/data/874716/000087471626000038/idxx-20251231.htm)
- [SEC EDGAR: IDEXX LABORATORIES INC /DE annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=874716&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

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- [Idexx Laboratories company dossier](https://www.getswoopr.com/stocks/companies/idexx-laboratories/)
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**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).