IDXX · Earnings call · 2026Q2T · Full report
Free Cash Flow and Liquidity
IDEXX LABORATORIES INC /DE · 2026-08-04 · Importance 62 · Surprise 42 · In source text
Second-quarter free cash flow was $323 million, bringing first-half 2026 free cash flow to $557 million. Trailing-12-month net-income-to-free-cash-flow conversion was 110%, and full-year conversion guidance was raised to 90% to 100% of net income. Full-year capital spending remains approximately $180 million. The balance sheet ended the period with gross leverage of 0.6x and net leverage of 0.5x cash.
Key facts
- For the full year, IDEXX is increasing its outlook for free cash flow conversion to 90% to 100% of net income, including full year capital spending consistent at approximately $180 million.
- On a trailing 12-month basis, net income to free cash flow conversion rate was 110%.
- Free cash flow was $323 million in Q2 and $557 million for the first half of 2026.
- Balance sheet leverage ratios finished the period at 0.6x gross and 0.5x net of cash.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | committed | — | For the full year, IDEXX is increasing its outlook for free cash flow conversion to 90% to 100% of net income, including full year capital… |
| cash | negative | committed | — | For the full year, IDEXX is increasing its outlook for free cash flow conversion to 90% to 100% of net income, including full year capital… |
| cash | positive | realized | — | On a trailing 12-month basis, net income to free cash flow conversion rate was 110%. |
| cash | positive | realized | — | Free cash flow was $323 million in Q2 and $557 million for the first half of 2026. |
| cash | positive | realized | — | Free cash flow was $323 million in Q2 and $557 million for the first half of 2026. |