Revenue: As of FY2025 Q4, the actual value is USD 693.2 M.

EPS: As of FY2025 Q4, the actual value is USD 26.65.

Financial Highlights (GAAP)

Fourth Quarter 2025

• Revenue: Bio-Rad Laboratories, Inc. reported revenue of $693.2 million, an increase of 3.9% compared to Q4 2024, with quarterly sales increasing 1.7% on a currency neutral basis. This represented a 3.9% year-over-year (YoY) increase and a 1.7% YoY currency neutral (CN) increase.
• Gross Margin: The gross margin was 49.8%. This figure reflected a decrease of 140 basis points (bps) YoY, including $13 million in one-time write-offs associated with product portfolio rationalization.
• Income (Loss) from Operations: Income from operations was - $118.9 million. The operating margin was -17.2%, a decrease of 2600 bps YoY, which included $173 million in impairment charges for purchased intangibles related to discontinuation and reprioritization of R&D programs.
• Net Income (Loss): Net income was $720.0 million, primarily driven by a change in the fair market value of the investment in Sartorius AG, partially offset by a $172.8 million impairment of purchased intangibles and related items.

Full-Year 2025

• Revenue: Revenue was $2,583.2 million, marking a 0.7% increase compared to the prior year. On a currency neutral basis, full-year 2025 revenue remained essentially flat year-over-year, specifically a -0.1% YoY CN change.
• Gross Margin: The gross margin was 51.9%. This was a decrease of 190 bps YoY, including $13 million in one-time write-offs associated with product portfolio rationalization.
• Income (Loss) from Operations: Income from operations was $47.2 million. The operating margin was 1.8%, a decrease of 870 bps YoY, including $173 million in impairment charges for purchased intangibles related to discontinuation and reprioritization of R&D programs.
• Net Income (Loss): Net income was $759.9 million, primarily due to a change in the fair market value of the investment in Sartorius AG, partially offset by a $172.8 million impairment of purchased intangibles and related items.

Financial Highlights (Non-GAAP)

Fourth Quarter 2025

• Revenue: Revenue was $693 million, representing a 3.9% YoY increase and a 1.7% YoY CN increase.
• Gross Margin: The gross margin was 52.5%, a decrease of 140 bps YoY.
• Income from Operations: Income from operations was $83.0 million. The operating margin was 12.0%, a decrease of 180 bps YoY.
• Net Income: Net income was $67.7 million.

Full-Year 2025

• Revenue: Revenue was $2,583 million, a 0.7% YoY increase and a -0.1% YoY CN change.
• Gross Margin: The gross margin was 53.3%, a decrease of 170 bps YoY.
• Income from Operations: Income from operations was $311.6 million. The operating margin was 12.1%, a decrease of 80 bps YoY.
• Net Income: Net income was $270.5 million.

Segment Performance

Life Science Segment

• Fourth Quarter 2025 Net Sales: Net sales were $267.9 million, a decrease of 2.6% compared to the same period in 2024. On a currency neutral basis, sales decreased by 4.0%, driven by constrained academic research and biotech funding. The currency neutral revenue decline in the Americas was partially offset by increases in EMEA and Asia Pacific. Life Science excluding Process Chrom revenue was +0.7% YoY and -0.7% YoY CN, while Process Chrom experienced a double-digit YoY CN decline.
• Full-Year 2025 Net Sales: Net sales were $1,021.1 million, a currency neutral decrease of 1.3% compared to the prior year, primarily due to constrained academic research and biotech funding. This represented a -0.7% YoY decrease. The currency neutral revenue decline in the Americas was partially offset by increased sales in EMEA and Asia Pacific. Life Science excluding Process Chrom revenue was -3.5% YoY and -4.1% YoY CN, while Process Chrom showed double-digit YoY CN growth.

Clinical Diagnostics Segment

• Fourth Quarter 2025 Net Sales: Net sales were $425.3 million, an increase of 8.4% compared to the same period in 2024. On a currency neutral basis, net sales increased 5.6%, primarily driven by quality controls, blood typing, and diabetes products, partially offset by lower sales of infectious disease products. Currency neutral sales increased across all regions.
• Full-Year 2025 Net Sales: Net sales were $1,562.1 million, a currency neutral increase of 0.8% compared to the prior year, driven by quality control and blood typing products. This represented a 1.6% YoY increase. This growth was partially offset by lower sales of infectious disease products and lower reimbursement rates for diabetes testing in China. Currency neutral revenue increased in the Americas and EMEA, partially offset by a decline in Asia Pacific.

Cash Flow

Full-Year 2025

• Net Cash Provided by Operating Activities: Net cash provided by operating activities was $532.2 million.
• Free Cash Flow: Free cash flow was $374.6 million. Non-GAAP Free Cash Flow was $375 million.
• Net Cash From Operations (Q4 2025): Net cash from operations was $165 million.
• Free Cash Flow (Q4 2025): Non-GAAP Free Cash Flow was $119 million.

Operational Highlights

• Bio-Rad Laboratories, Inc. expanded its Droplet Digital™ PCR leadership through the acquisition and integration of digital PCR developer Stilla Technologies.
• The company advanced its clinical diagnostics strategy for oncology applications through strategic partnerships with Gencurix and Biodesix for IVD oncology assays.
• Bio-Rad Laboratories, Inc. expanded global access to over 1,200 clinical diagnostics products through new-to-market registrations in over 60 countries.
• The company deployed $296 million for share repurchases in 2025.
• Rajat Mehta was appointed as EVP, Global Commercial Operations.

Balance Sheet Highlights (as of December 31)

• Cash & Short-Term Investments: $1,541 million in 2025, compared to $1,665 million in 2024.
• Long-Term Debt: $1,202 million in 2025, compared to $1,200 million in 2024.
• Inventories, net: $741 million in 2025, compared to $760 million in 2024.
• Investment in Sartorius AG: $5,669 million in 2025, compared to $4,469 million in 2024.

Outlook / Guidance

Bio-Rad Laboratories, Inc. anticipates non-GAAP, currency neutral revenue growth of approximately 0.5% to 1.5% for the full-year 2026. The estimated non-GAAP operating margin for 2026 is projected to be approximately 12.0% to 12.5%, and the non-GAAP Gross Margin is expected to be between 54.0% and 54.5%. The company forecasts Clinical Diagnostics Revenue CN YoY Growth of +1.0% to +2.0% and Life Science Revenue CN YoY Growth of 0.0% to +0.5%, with Free Cash Flow projected to be between $375 million and $395 million for 2026.