Bio-Rad Laboratories Inc

Latest Results (15.02.2026):

Bio-Rad Laboratories, Inc. — fourth quarter of 2025: The company reported Q4 2025 net sales of $693.2 million (up 3.9% year-over-year; +1.7% currency-neutral). GAAP net income was $720.0 million ($26.65 diluted EPS) driven largely by a change in fair market value of its investment in Sartorius AG; non‑GAAP net income for the quarter was $67.7 million ($2.51 diluted EPS). Full‑year 2025 revenue was $2,583.2 million, up 0.7% versus 2024 on a reported basis.

Revenue detail

Q4 2025 net sales: $693.2M (+3.9% Y/Y; +1.7% currency‑neutral). Full‑year 2025 net sales: $2,583.2M (+0.7% Y/Y; essentially flat currency‑neutral).

GAAP vs. non‑GAAP operating results

Q4 GAAP gross margin was 49.8% (versus 51.2% in Q4 2024) and GAAP loss from operations was $(118.9)M. On a non‑GAAP basis Q4 income from operations was $83.0M and non‑GAAP gross margin was 52.5%.

Segment performance

Life Science Q4 net sales: $267.9M (down 2.6% reported; -4.0% currency‑neutral, pressured by academic/research funding). Clinical Diagnostics Q4 net sales: $425.3M (up 8.4% reported; +5.6% currency‑neutral, led by quality controls, blood typing and diabetes products).

Net income drivers

Q4 GAAP net income of $720.0M (diluted EPS $26.65) was substantially affected by a gain from the change in fair market value of the Sartorius AG investment; this was partially offset by a $172.8M impairment of purchased intangibles and related items.

Margins and taxes

Q4 GAAP gross margin 49.8% (non‑GAAP 52.5%). Q4 effective tax rate was 22.5% GAAP and 25.3% non‑GAAP; full‑year 2025 non‑GAAP tax rate was 23.7%.

Cash flow and balance sheet highlights

Generated $532.2M cash from operations in 2025 and reported free cash flow of $374.6M (company stated $375M). Year‑end cash and cash equivalents were $529.8M and short‑term investments were $1,010.9M; other investments were $6,103.6M.

Acquisitions and strategic actions

Completed and integrated the Stilla Technologies acquisition to expand droplet digital PCR (ddPCR™) leadership; advanced clinical diagnostics strategy via partnerships with Gencurix and Biodesix, expanded global registrations for ~1,200 products, and appointed Rajat Mehta as EVP, Global Commercial Operations.

2026 outlook

For full‑year 2026 the company expects non‑GAAP, currency‑neutral revenue growth of approximately 0.5%–1.5% and an estimated non‑GAAP operating margin of about 12.0%–12.5%.