This Quarterly Report on Form 10-Q contains statements which, to the extent they are not statements of historical fact, constitute “forward-looking statements.” Such forward-looking statements about our business and expectations within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), include statements relating to, among other things, our expectations regarding revenue recognition timing and amounts; business trends, earnings, and other measures of financial performance; projected impact of foreign currency exchange rates and hedging activities; realizability of assets; future cash flow and uses of cash; future repurchases of common stock; future levels of indebtedness and capital spending; the working capital and liquidity outlook; critical accounting estimates; and inflation. Forward-looking statements can be identified by the use of words such as “expects,” “may,” “anticipates,” “intends,” “would,” “will,” “plans,” “believes,” “estimates,” “should,” “project,” and similar words and expressions. These forward-looking statements are intended to provide our current expectations or forecasts of future events; are based on current estimates, projections, beliefs, and assumptions; and are not guarantees of future performance. Actual events or results may differ materially from those described in the forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the adverse impact, and the duration, of macroeconomic events, conditions, and uncertainties, such as geopolitical instability (including wars, terrorist attacks, and armed conflicts), general economic uncertainty, changes in U.S. and other countries’ tariff and trade policies, inflationary pressures, severe weather and other natural conditions, and supply chain challenges on our business, results of operations, liquidity, financial condition, and stock price, as well as the other matters described under the headings “Business,” “Risk Factors,” “Legal Proceedings,” “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Quantitative and Qualitative Disclosure About Market Risk” in our 2025 Annual Report and in the corresponding sections of this Quarterly Report on Form 10-Q, as well as those described from time to time in our other filings with the SEC. Any forward-looking statements represent our estimates only as of the day this Quarterly Report on Form 10-Q was filed with the SEC and should not be relied upon as representing our estimates as of any subsequent date. From time to time, oral or written forward-looking statements may also be included in other materials released to the public and they are subject to the risks and uncertainties described or cross-referenced in this section. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates or expectations change. You should read the following discussion and analysis in conjunction with our 2025 Annual Report that includes additional information about us, our results of operations, our financial position, and our cash flows, and with our unaudited condensed consolidated financial statements and related notes included in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q. Our fiscal quarter ended on June 30. Unless otherwise stated, the analysis and discussion of our financial condition and results of operations below, including references to growth and organic growth and increases and decreases, are being compared to the equivalent prior-year periods. Business Overview We develop, manufacture, and distribute products and provide services primarily for the companion animal veterinary, livestock, poultry and dairy, and water testing sectors. We also manufacture and sell human medical point-of-care diagnostic products. Our primary products and services are: •Point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits; •Veterinary reference laboratory diagnostic and consulting services; •Practice management systems, software and diagnostic imaging systems and services used by veterinarians; •Health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community; •Diagnostic and health-monitoring products for livestock, poultry, and dairy; and •Products that test water for certain microbiological contaminants. 30 Description of Operating Segments. We operate primarily through three reportable segments: Companion Animal Group (“CAG”), Water quality products (“Water”), and Livestock, Poultry and Dairy (“LPD”). CAG provides diagnostics and information management products and services for the companion animal veterinary industry and the biomedical research community. Water provides testing solutions and related instrumentation for the detection and quantification of various microbiological parameters in water. LPD provides diagnostic tests, services, and related instrumentation that are used to manage the health status of livestock and poultry, to improve producer efficiency, and to measure the quality and safety of milk. Our Other non-reportable segment results combine and present our human medical diagnostic business with our out-licensing arrangement because they do not meet the quantitative or qualitative thresholds for reportable segments. Global Conflicts. The current macroeconomic environment and current global conflicts, including hostilities in the Middle East, could cause further disruption to global energy markets, fuel prices, transportation networks, and supply chains particularly in the Asia Pacific and European regions, which may indirectly impact our operating costs and consumer availability and demand for our products and services. Currency Impact. Refer to “Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk” included in this Quarterly Report on Form 10-Q for additional information regarding the impact of foreign currency exchange rates. Other Items. Refer to “Part I, Item 1. Intellectual Property, Including Patents and Licenses” and “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Annual Report for additional information regarding trends in companion animal healthcare, supply chain and logistics challenges, economic conditions, changes in tariff and trade policies, distributor purchasing and inventories, and patent expiration. Critical Accounting Estimates and Assumptions The discussion and analysis of our financial condition and results of operations is based upon our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses, and related disclosures of contingent assets and liabilities. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience and on various assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The critical accounting policies and the significant judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026, are consistent with those discussed in our 2025 Annual Report in the section under the heading “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates and Assumptions.” Recent Accounting Pronouncements For more information regarding the impact that recent accounting standards and amendments will have on our consolidated financial statements, refer to “Note 2. Accounting Policies” to the unaudited condensed consolidated financial statements in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q. Non-GAAP Financial Measures The following revenue analysis and discussion includes organic revenue growth, and references in this analysis and discussion to “revenue,” “revenues,” or “revenue growth” apply equally to revenue growth reported in accordance with U.S. GAAP and to “organic revenue growth.” Organic revenue growth is a non-GAAP financial measure and represents the percentage change in revenue during the three and six months ended June 30, 2026, compared to the same period for the prior year, net of the effect of changes in foreign currency exchange rates, certain business acquisitions, and divestitures. Organic revenue growth should be considered in addition to, and not as a replacement for, or as a superior measure to, revenue growth reported in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies. Management believes that reporting organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to the performance of our peers. We exclude from organic revenue growth the effect of changes in foreign currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject to volatility, and can obscure underlying business trends. We calculate the impact on revenue resulting from changes in foreign currency exchange rates by applying the difference between the weighted average exchange rates during the current period and the comparable prior year period to foreign currency denominated revenues for the prior year period. 31 We also exclude from organic revenue growth the effect of certain business acquisitions and divestitures because the nature, size, and number of these transactions can vary dramatically from period to period, and because they either require or generate cash as an inherent consequence of the transaction, and therefore can also obscure underlying business and operating trends. We consider acquisitions to be a business when all three elements of inputs, processes, and outputs are present, consistent with ASU 2017-01, “Business Combinations: (Topic 805) Clarifying the Definition of a Business.” We do not consider acquired assets to be a business if substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. A typical acquisition that we do not consider a business is a customer relationship asset acquisition, which does not have all elements necessary to operate a business, such as employees or infrastructure. Revenue from these customers acquired is included in organic revenue growth because we believe the efforts required to convert and retain these acquired customers are similar in nature to our efforts to obtain and retain our existing customer base. We present Adjusted EBITDA, gross debt, net debt, gross debt to Adjusted EBITDA ratio, and net debt to Adjusted EBITDA ratio, all of which are non-GAAP financial measures that should be considered in addition to, and not as a replacement for, financial measures presented according to U.S. GAAP. Management believes that reporting these non-GAAP financial measures provides supplemental analysis to help investors further evaluate our business performance and available borrowing capacity under our Credit Facility. Segment Income from Operations. We report segment income from operations in our discussion of the results of the operations of our segments below. Segment income from operations is a non-GAAP financial measure that adjusts for the impact of foreign currency transaction gains and losses and should be considered in addition to, and not as a replacement for, or superior measure to, income from operations. We exclude foreign currency transaction gains and losses for each reportable segment (CAG, Water, and LPD) from segment income from operations and report the full amount of foreign currency transaction gains and losses in Other. We believe that reporting segment income from operations provides supplemental analysis to help investors further evaluate each reportable segment’s business performance by excluding foreign currency transaction gains and losses, which are centrally managed by our corporate treasury function and which we do not consider relevant for assessing the results of each reportable segment’s operations. The reconciliation of these non-GAAP financial measures is as follows: (in thousands) For the Three Months Ended June 30, 2026 2025 Income from Operations Impact from Foreign Currency Segment and Other Income from Operations Income from Operations Impact from Foreign Currency Segment and Other Income from Operations CAG $ 393,069 $ 214 $ 393,283 $ 347,983 $ 494 $ 348,477 Water 30,258 16 30,274 24,606 36 24,642 LPD 2,395 16 2,411 (543) 38 (505) Other (156) (246) (402) 1,000 (568) 432 Total $ 425,566 $ — $ 425,566 $ 373,046 $ — $ 373,046 (in thousands) For the Six Months Ended June 30, 2026 2025 Income from Operations Impact from Foreign Currency Segment and Other Income from Operations Income from Operations Impact from Foreign Currency Segment and Other Income from Operations CAG $ 730,234 $ 604 $ 730,838 $ 642,554 $ 1,078 $ 643,632 Water 53,901 42 53,943 45,380 79 45,459 LPD 3,657 44 3,701 (462) 82 (380) Other 360 (690) (330) 2,108 (1,239) 869 Total $ 788,152 $ — $ 788,152 $ 689,580 $ — $ 689,580 32 Results of Operations Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 Total Company. The following table presents total Company revenue by operating segment: For the Three Months Ended June 30, Net Revenue(dollars in thousands) 2026 2025 Dollar Change Reported Revenue Growth (1) Percentage Change from Currency Percentage Change from Acquisitions Organic Revenue Growth (1) CAG $ 1,118,236 $ 1,022,443 $ 95,793 9.4 % 0.6 % — 8.7 % United States 734,892 684,497 50,395 7.4 % — — 7.4 % International 383,344 337,946 45,398 13.4 % 1.9 % — 11.5 % Water $ 58,564 $ 51,001 $ 7,563 14.8 % 1.9 % — 13.0 % United States 29,621 26,090 3,531 13.5 % — — 13.5 % International 28,943 24,911 4,032 16.2 % 3.8 % — 12.4 % LPD $ 35,181 $ 31,762 $ 3,419 10.8 % 1.8 % — 9.0 % United States 6,608 5,767 841 14.6 % — — 14.6 % International 28,573 25,995 2,578 9.9 % 2.1 % — 7.8 % Other $ 4,604 $ 4,251 $ 353 8.3 % — — 8.3 % Total Company $ 1,216,585 $ 1,109,457 $ 107,128 9.7 % 0.7 % — 9.0 % United States 772,968 717,869 55,099 7.7 % — — 7.7 % International 443,617 391,588 52,029 13.3 % 2.0 % — 11.2 % (1)Reported revenue growth and organic revenue growth may not recalculate due to rounding. Total Company Revenue. The increase in revenue primarily reflected growth in CAG Diagnostics recurring revenue, including benefits from higher volumes and higher realized prices. Volume growth was supported by high customer retention rates with increased testing by existing customers, including our expanded menu of available tests, as well as new customer additions. Lower instrument revenue was primarily due to the lower placements of our IDEXX inVue DxTM Analyzer, compared to the broad commercial availability during the second quarter of 2025. Higher volumes and realized prices in recurring veterinary software subscriptions, services, and diagnostic imaging also contributed to revenue growth. Revenue growth in our Water business was primarily due to higher volumes and realized prices. The increase in LPD revenue was primarily due to higher volumes and higher realized prices. The impact of changes in foreign currency exchange rates increased revenue growth by 0.7%. 33 The following table presents our consolidated Company results of operations: For the Three Months Ended June 30, Change Total Company - Results of Operations(dollars in thousands) 2026 Percent of Revenue 2025 Percent of Revenue Amount Percentage Revenues $ 1,216,585 $ 1,109,457 $ 107,128 9.7 % Cost of revenue 437,498 414,725 22,773 5.5 % Gross profit 779,087 64.0 % 694,732 62.6 % 84,355 12.1 % Operating expenses: Sales and marketing 171,277 14.1 % 161,107 14.5 % 10,170 6.3 % General and administrative 116,815 9.6 % 98,681 8.9 % 18,134 18.4 % Research and development 65,429 5.4 % 61,898 5.6 % 3,531 5.7 % Total operating expenses 353,521 29.1 % 321,686 29.0 % 31,835 9.9 % Income from operations $ 425,566 35.0 % $ 373,046 33.6 % $ 52,520 14.1 % Gross Profit. Gross profit increased due to higher revenue and a 140 basis point increase in the gross profit margin. The increase in the gross profit margin reflected benefits from proportionally higher IDEXX VetLab consumable and reference laboratory volume growth, the business mix impact associated with lower premium instrument revenue, operational productivity improvements, and net price realization, which offset inflationary costs. The increase in gross margin also reflects favorability in our Water and Livestock, Poultry and Dairy operating segments. Changes in foreign currency exchange rates increased the gross profit margin by approximately 15 basis points, including the impact of lower hedge losses during the current period compared to the prior period. Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and travel costs, as well as higher costs related to commercial expansion. General and administrative expense increased primarily due to higher personnel-related costs, and higher depreciation and amortization related to technology and infrastructure investments. Research and development expense increased primarily due to higher personnel-related costs. Changes in foreign currency exchange rates increased operating expense growth by less than 1%. 34 Companion Animal Group The following table presents revenue by product and service category for CAG: For the Three Months Ended June 30, Net Revenue(dollars in thousands) 2026 2025 Dollar Change Reported Revenue Growth (1) Percentage Change from Currency Percentage Change from Acquisitions Organic Revenue Growth (1) CAG Diagnostics recurring revenue: $ 974,713 $ 877,995 $ 96,718 11.0 % 0.7 % — 10.3 % IDEXX VetLab consumables 430,337 375,112 55,225 14.7 % 1.1 % — 13.6 % Rapid assay products 101,575 100,240 1,335 1.3 % 0.3 % — 1.1 % Reference laboratory diagnostic and consulting services 406,729 367,694 39,035 10.6 % 0.3 % — 10.3 % CAG diagnostics services and accessories 36,072 34,949 1,123 3.2 % 1.1 % — 2.1 % CAG Diagnostics capital - instruments 47,174 58,600 (11,426) (19.5 %) 0.1 % — (19.6 %) Veterinary software, services and diagnostic imaging systems 96,349 85,848 10,501 12.2 % 0.4 % — 11.8 % Recurring revenue 76,343 68,954 7,389 10.7 % 0.5 % — 10.2 % Systems and hardware 20,006 16,894 3,112 18.4 % 0.2 % — 18.2 % Net CAG revenue $ 1,118,236 $ 1,022,443 $ 95,793 9.4 % 0.6 % — 8.7 % (1) Reported revenue growth and organic revenue growth may not recalculate due to rounding. CAG Diagnostics Recurring Revenue. The increase in CAG Diagnostics recurring revenue was primarily due to higher sales volumes of IDEXX VetLab consumables and reference laboratory testing, as well as higher realized prices. Changes in foreign currency exchange rates increased revenue growth by 0.7%. The increase in IDEXX VetLab consumables revenue was primarily due to higher volumes and higher realized prices. Volume gains were supported by increases in testing across major regions, reflecting growth in testing by existing customers, including sales of our expanded menu of available tests, and the benefits from 11% growth in our installed base of premium instruments. Changes in foreign currency exchange rates increased revenue growth by 1.1%. Rapid assay revenue increased from higher realized prices, moderated by lower volumes primarily due to lower vector-borne disease testing, and a shift of customers’ pancreatic lipase testing to our Catalyst instrument platform. The increase in reference laboratory diagnostic and consulting services revenue was due to higher testing volumes across all major regions and higher realized prices. Volume growth was supported by increased testing by existing customers, including sales of our expanded menu of tests, and by new customers. CAG Diagnostics Capital – Instrument Revenue. The decrease in instrument revenue was primarily due to lower placements of our IDEXX inVue Dx Analyzer, compared to the broad commercial availability in second quarter of 2025. Veterinary Software, Services and Diagnostic Imaging Systems Revenue. The increase in recurring revenue was primarily due to higher subscription and integrated services volumes from our expanded SaaS installed base and from higher realized prices. The increase in our systems and hardware revenue was primarily due to higher diagnostic imaging system sales. 35 The following table presents the CAG segment results of operations: For the Three Months Ended June 30, Change Results of Operations(dollars in thousands) 2026 Percent of Revenue 2025 Percent of Revenue Amount Percentage Revenues $ 1,118,236 $ 1,022,443 $ 95,793 9.4 % Cost of revenue 402,449 380,341 22,108 5.8 % Gross profit 715,787 64.0 % 642,102 62.8 % 73,685 11.5 % Segment operating expenses: Sales and marketing 155,804 13.9 % 146,896 14.4 % 8,908 6.1 % General and administrative 106,078 9.5 % 89,478 8.8 % 16,600 18.6 % Research and development 60,622 5.4 % 57,251 5.6 % 3,371 5.9 % Total segment operating expenses 322,504 28.8 % 293,625 28.7 % 28,879 9.8 % Segment income from operations $ 393,283 35.2 % $ 348,477 34.1 % $ 44,806 12.9 % Gross Profit. Gross profit increased due to higher revenue and a 120 basis point increase in the gross profit margin. The increase in the gross profit margin reflected benefits from proportionally higher IDEXX VetLab consumable and reference laboratory volumes growth, the business mix impact associated with lower premium instrument revenue, operational productivity improvements, and net price realization, which offset inflationary costs. Changes in foreign currency exchange rates increased the gross profit margin by approximately 10 basis points, including the impact of lower hedge losses during the current period compared to the prior period. Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and travel costs, as well as higher costs related to commercial expansion. General and administrative expense increased primarily due to higher personnel-related costs, and higher depreciation and amortization related to technology and infrastructure investments. Research and development expense increased primarily due to higher personnel-related costs. Changes in foreign currency exchange rates increased operating expense growth by less than 1%. 36 Water The following table presents the Water segment results of operations: For the Three Months Ended June 30, Change Results of Operations(dollars in thousands) 2026 Percent of Revenue 2025 Percent of Revenue Amount Percentage Revenues $ 58,564 $ 51,001 $ 7,563 14.8 % Cost of revenue 14,966 15,490 (524) (3.4 %) Gross profit 43,598 74.4 % 35,511 69.6 % 8,087 22.8 % Segment operating expenses: Sales and marketing 7,164 12.2 % 6,065 11.9 % 1,099 18.1 % General and administrative 4,601 7.9 % 3,345 6.6 % 1,256 37.5 % Research and development 1,559 2.7 % 1,459 2.9 % 100 6.9 % Total segment operating expenses 13,324 22.8 % 10,869 21.3 % 2,455 22.6 % Segment income from operations $ 30,274 51.7 % $ 24,642 48.3 % $ 5,632 22.9 % Revenue. The increase in revenue was primarily due to higher volumes, particularly in the Americas and Europe, and, to a lesser extent, higher realized prices. The increase in volumes was primarily from higher demand for Colilert test products and accessories used in coliform and E. coli testing. International volumes were favorably impacted by the timing of shipments in the current period that had been delayed from the prior quarter as a result of conflict in the Middle East. Changes in foreign currency exchange rates increased revenue growth by 1.9%. Gross Profit. Gross profit increased due to higher revenue and a 480 basis point increase in the gross profit margin. The net increase in the gross profit margin was primarily due to lower product costs, higher realized prices, which offset inflationary costs, and the favorable impact of changes in product mix. Changes in foreign currency exchange rates increased the gross profit margin by approximately 30 basis points, including the impact of lower hedge losses during the current period compared to the prior period. Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related costs and commercial investments. General and administrative expense increased primarily due to higher bad debt costs and higher personnel-related costs. Research and development expense increased primarily due to higher personnel-related costs. Changes in foreign currency exchange rates increased operating expense growth by approximately 2%. 37 Livestock, Poultry and Dairy The following table presents the LPD segment results of operations: For the Three Months Ended June 30, Change Results of Operations(dollars in thousands) 2026 Percent of Revenue 2025 Percent of Revenue Amount Percentage Revenues $ 35,181 $ 31,762 $ 3,419 10.8 % Cost of revenue 16,530 16,833 (303) (1.8 %) Gross profit 18,651 53.0 % 14,929 47.0 % 3,722 24.9 % Segment operating expenses: Sales and marketing 8,160 23.2 % 7,847 24.7 % 313 4.0 % General and administrative 4,921 14.0 % 4,555 14.3 % 366 8.0 % Research and development 3,159 9.0 % 3,032 9.5 % 127 4.2 % Total segment operating expenses 16,240 46.2 % 15,434 48.6 % 806 5.2 % Segment income from operations $ 2,411 6.9 % $ (505) (1.6 %) $ 2,916 (577.4 %) Revenue. The increase in revenue was primarily due to increases in test volumes, particularly in the Americas, and, to a lesser extent, higher realized prices. The increase in volumes was primarily due to growth in testing by existing customers, new customers, favorable timing impacts in Europe due to changes in customer ordering patterns compared to the prior year. Changes in foreign currency exchange rates increased revenue growth by 1.8%. Gross Profit. The increase in gross profit was primarily due to higher revenue and a 600 basis point increase in the gross profit margin. The increase in the gross profit margin was primarily due to lower per-unit costs from higher sales volumes and higher realized prices, which offset inflationary costs. Changes in foreign currency exchange rates increased the gross profit margin by approximately 160 basis points, including the impact of hedge gains during the current period compared to hedge losses in the prior period. Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related costs. General and administrative expense increased primarily due to higher personnel-related and project-related consulting costs. Research and development expense increased primarily due to higher personnel-related costs. Changes in foreign currency exchange rates increased operating expense growth by approximately 1%. Non-Operating Items Interest Expense and Income. Interest expense was $10.2 million for the three months ended June 30, 2026, compared to $11.3 million for the same period during the prior year. Interest income was $0.6 million for the three months ended June 30, 2026, and June 30, 2025. Gain (Loss) on Equity Investments. During the second quarter, we recognized an unrealized gain on an equity investment of $1.2 million. Provision for Income Taxes. Our effective income tax rates were 18.9% for the three months ended June 30, 2026, and June 30, 2025. Compared to the same period in the prior year, our current-period effective tax rate was favorably impacted by geographic earnings mix and higher tax benefits related to share-based compensation, which were offset by a prior-year tax benefit from the resolution of international tax audits. We anticipate reduced tax benefits related to share-based compensation, which is expected to increase our future effective tax rates. The anticipated reduction in these future tax benefits is due to the elimination of the exception for certain compensation deduction limits as a result of the Tax Cuts and Jobs Act of 2017. 38 Results of Operations Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025 Total Company. The following table presents total Company revenue by operating segment: For the Six Months Ended June 30, Net Revenue(dollars in thousands) 2026 2025 Dollar Change Reported Revenue Growth (1) Percentage Change from Currency Percentage Change from Acquisitions Organic Revenue Growth (1) CAG $ 2,172,288 $ 1,942,279 $ 230,009 11.8 % 1.7 % — 10.1 % United States 1,425,792 1,308,386 117,406 9.0 % — — 9.0 % International 746,496 633,893 112,603 17.8 % 5.4 % — 12.4 % Water $ 108,829 $ 96,322 $ 12,507 13.0 % 2.8 % — 10.2 % United States 56,014 49,593 6,421 12.9 % — — 12.9 % International 52,815 46,729 6,086 13.0 % 5.6 % — 7.4 % LPD $ 67,664 $ 60,358 $ 7,306 12.1 % 4.0 % — 8.2 % United States 12,992 11,555 1,437 12.4 % — — 12.4 % International 54,672 48,803 5,869 12.0 % 4.8 % — 7.2 % Other $ 8,624 $ 8,925 $ (301) (3.4 %) — — (3.4 %) Total Company $ 2,357,405 $ 2,107,884 $ 249,521 11.8 % 1.8 % — 10.0 % United States 1,498,200 1,372,730 125,470 9.1 % — — 9.1 % International 859,205 735,154 124,051 16.9 % 5.3 % — 11.6 % (1)Reported revenue growth and organic revenue growth may not recalculate due to rounding. Total Company Revenue. The increase in revenue primarily reflected growth in CAG Diagnostics recurring revenue, including benefits from higher volumes and higher realized prices. Volume growth was supported by high customer retention rates with increased testing by existing customers, including our expanded menu of available tests, as well as new customer additions. Lower instrument revenue was primarily due to program effects on pricing. Higher volumes and realized price gains in recurring veterinary software, services, and diagnostic imaging also contributed to revenue growth. Revenue growth in our Water business was primarily due to higher realized prices and volumes. The increase in LPD revenue was primarily due to higher volumes and higher realized prices. Changes in foreign currency exchange rates increased revenue growth by 1.8%. 39 The following table presents our consolidated Company results of operations: For the Six Months Ended June 30, Change Total Company - Results of Operations(dollars in thousands) 2026 Percent of Revenue 2025 Percent of Revenue Amount Percentage Revenues $ 2,357,405 $ 2,107,884 $ 249,521 11.8 % Cost of revenue 855,579 789,773 65,806 8.3 % Gross profit 1,501,826 63.7 % 1,318,111 62.5 % 183,715 13.9 % Operating expenses: Sales and marketing 346,527 14.7 % 317,330 15.1 % 29,197 9.2 % General and administrative 235,930 10.0 % 190,242 9.0 % 45,688 24.0 % Research and development 131,217 5.6 % 120,959 5.7 % 10,258 8.5 % Total operating expenses 713,674 30.3 % 628,531 29.8 % 85,143 13.5 % Income from operations $ 788,152 33.4 % $ 689,580 32.7 % $ 98,572 14.3 % Gross Profit. Gross profit increased due to higher revenue and a 120 basis point increase in the gross profit margin. The increase in the gross profit margin reflected benefits from proportionally higher IDEXX VetLab consumable and reference laboratory volumes growth, the business mix impact associated with lower premium instrument revenue, operational productivity improvements, and net price realization, which offset inflationary costs. The increase in gross margin also reflects favorability in our Water and Livestock, Poultry and Dairy operating segments. Changes in foreign currency exchange rates increased the gross profit margin by approximately 10 basis points, including the impact of hedge losses during the current period compared to hedge gains in the prior period. Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and travel costs, as well as higher costs related to commercial expansion. General and administrative expense increased primarily due to a prior period reduction in accrued expense of approximately $9 million related to a litigation matter concluded in 2025, higher personnel-related costs, higher depreciation and amortization related to technology and infrastructure investments, and a $5 million expense for the full impairment of an equity investment in the first quarter of the current year. Research and development expense increased primarily due to higher personnel-related and project costs. Changes in foreign currency exchange rates increased operating expense growth by approximately 1%. 40 Companion Animal Group The following table presents revenue by product and service category for CAG: For the Six Months Ended June 30, Net Revenue(dollars in thousands) 2026 2025 Dollar Change Reported Revenue Growth (1) Percentage Change from Currency Percentage Change from Acquisitions Organic Revenue Growth (1) CAG Diagnostics recurring revenue: $ 1,895,026 $ 1,684,262 $ 210,764 12.5 % 1.8 % — 10.7 % IDEXX VetLab consumables 842,919 719,891 123,028 17.1 % 2.6 % — 14.5 % Rapid assay products 186,513 184,274 2,239 1.2 % 0.7 % — 0.5 % Reference laboratory diagnostic and consulting services 792,908 712,100 80,808 11.3 % 1.4 % — 10.0 % CAG diagnostics services and accessories 72,686 67,997 4,689 6.9 % 2.3 % — 4.6 % CAG Diagnostics capital - instruments $ 89,623 $ 90,594 $ (971) (1.1 %) 1.4 % — (2.5 %) Veterinary software, services and diagnostic imaging systems: $ 187,639 $ 167,423 $ 20,216 12.1 % 0.7 % — 11.4 % Recurring revenue 149,879 134,747 15,132 11.2 % 0.8 % — 10.5 % Systems and hardware 37,760 32,676 5,084 15.6 % 0.3 % — 15.2 % Net CAG revenue $ 2,172,288 $ 1,942,279 $ 230,009 11.8 % 1.7 % — 10.1 % (1) Reported revenue growth and organic revenue growth may not recalculate due to rounding. CAG Diagnostics Recurring Revenue. The increase in CAG Diagnostics recurring revenue was primarily due to higher sales volumes of IDEXX VetLab consumables and reference laboratory testing, as well as higher realized prices. Changes in foreign currency exchange rates increased revenue growth by 1.8%. The increase in IDEXX VetLab consumables revenue was primarily due to higher volumes and higher realized prices. Volume gains were supported by increases in testing across major regions, reflecting growth in testing by existing customers, including sales of our expanded menu of available tests, and the benefits from 11% growth in our installed base of premium instruments. Changes in foreign currency exchange rates increased revenue growth by 2.6%. Rapid assay revenue increased from higher realized prices, moderated by lower volumes primarily due to lower vector-borne disease testing, and a shift of customers’ pancreatic lipase testing to our Catalyst instrument platform. Changes in foreign currency exchange rates increased revenue growth by 0.7% The increase in reference laboratory diagnostic and consulting services revenue was due to higher testing volumes across all major regions and higher realized prices. Volume growth was supported by increased testing by existing customers, including sales of our expanded menu of tests, and by new customers. The impact of changes in foreign currency exchange rates increased revenue growth by 1.4%. CAG Diagnostics Capital – Instrument Revenue. The decrease in instrument revenue was primarily due to program effects on pricing. Changes in foreign currency exchange rates increased revenue growth by 1.4%. Veterinary Software, Services and Diagnostic Imaging Systems Revenue. The increase in recurring revenue was primarily due to higher subscription and integrated services volumes from our expanded SaaS installed base and from higher realized prices. The increase in our systems and hardware revenue was primarily due to higher diagnostic imaging system sales. Changes in foreign currency exchange rates increased revenue growth by 0.7% 41 The following table presents the CAG segment results of operations: For the Six Months Ended June 30, Change Results of Operations(dollars in thousands) 2026 Percent of Revenue 2025 Percent of Revenue Amount Percentage Revenues $ 2,172,288 $ 1,942,279 $ 230,009 11.8 % Cost of revenue 788,992 725,354 63,638 8.8 % Gross profit 1,383,296 63.7 % 1,216,925 62.7 % 166,371 13.7 % Segment operating expenses: Sales and marketing 316,215 14.6 % 289,808 14.9 % 26,407 9.1 % General and administrative 214,659 9.9 % 171,612 8.8 % 43,047 25.1 % Research and development 121,584 5.6 % 111,873 5.8 % 9,711 8.7 % Total segment operating expenses 652,458 30.0 % 573,293 29.5 % 79,165 13.8 % Segment income from operations $ 730,838 33.6 % $ 643,632 33.1 % $ 87,206 13.5 % Gross Profit. Gross profit increased due to higher revenue and a 100 basis point increase in the gross profit margin. The increase in the gross profit margin reflected benefits from proportionally higher IDEXX VetLab consumable and reference laboratory volumes growth, the business mix impact associated with lower premium instrument revenue, operational productivity improvements, and net price realization, which offset inflationary costs. Changes in foreign currency exchange rates increased the gross profit margin by approximately 10 basis points, including the impact of hedge losses during the current period compared to hedge gains in the prior period. Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and travel costs, as well as higher costs related to commercial expansion. General and administrative expense increased primarily due to a prior period reduction in accrued expense of approximately $9 million related to a litigation matter concluded in 2025, higher personnel-related costs, higher depreciation and amortization related to technology and infrastructure investments, and a $5 million expense for the full impairment of an equity investment in the first quarter of the current year. Research and development expense increased primarily due to higher personnel-related and project costs. Changes in foreign currency exchange rates increased operating expense growth by approximately 1%. 42 Water The following table presents the Water segment results of operations: For the Six Months Ended June 30, Change Results of Operations(dollars in thousands) 2026 Percent of Revenue 2025 Percent of Revenue Amount Percentage Revenues $ 108,829 $ 96,322 $ 12,507 13.0 % Cost of revenue 28,694 28,738 (44) (0.2 %) Gross profit 80,135 73.6 % 67,584 70.2 % 12,551 18.6 % Segment operating expenses: Sales and marketing 13,997 12.9 % 12,107 12.6 % 1,890 15.6 % General and administrative 8,968 8.2 % 7,123 7.4 % 1,845 25.9 % Research and development 3,227 3.0 % 2,895 3.0 % 332 11.5 % Total segment operating expenses 26,192 24.1 % 22,125 23.0 % 4,067 18.4 % Segment income from operations $ 53,943 49.6 % $ 45,459 47.2 % $ 8,484 18.7 % Revenue. The increase in revenue was primarily due to higher realized prices and higher volumes, particularly in the Americas and Europe. The increase in volumes was primarily from higher demand for Colilert test products and related accessories used in coliform and E. coli testing. Changes in foreign currency exchange rates increased revenue growth by 2.8%. Gross Profit. Gross profit increased due to higher revenue and a 340 basis point increase in the gross profit margin. The net increase in the gross profit margin was primarily due to lower product costs and higher realized prices, which offset inflationary costs. Changes in foreign currency exchange rates decreased the gross profit margin by approximately 5 basis points including the impact of hedge losses during the current period compared to hedge gains in the prior period. Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related costs and commercial investments. General and administrative expense increased primarily due to higher bad debt costs and higher personnel-related costs. Research and development expense increased primarily due to higher personnel-related costs. Changes in foreign currency exchange rates increased operating expense growth by approximately 2%. 43 Livestock, Poultry and Dairy The following table presents the LPD segment results of operations: For the Six Months Ended June 30, Change Results of Operations(dollars in thousands) 2026 Percent of Revenue 2025 Percent of Revenue Amount Percentage Revenues $ 67,664 $ 60,358 $ 7,306 12.1 % Cost of revenue 32,103 31,064 1,039 3.3 % Gross profit 35,561 52.6 % 29,294 48.5 % 6,267 21.4 % Segment operating expenses: Sales and marketing 15,949 23.6 % 14,858 24.6 % 1,091 7.3 % General and administrative 9,647 14.3 % 8,929 14.8 % 718 8.0 % Research and development 6,264 9.3 % 5,887 9.8 % 377 6.4 % Total segment operating expenses 31,860 47.1 % 29,674 49.2 % 2,186 7.4 % Segment income from operations $ 3,701 5.5 % $ (380) (0.6 %) $ 4,081 (1,073.9 %) Revenue. The increase in revenue was primarily due to increases in test volumes, particularly in Europe and the Americas, and, to a lesser extent, higher realized prices. The increase in volumes was primarily due to new customers, favorable timing impacts in Europe due to changes in customer ordering patterns compared to the prior year, and growth in testing by existing customers. Changes in foreign currency exchange rates increased revenue growth by 4.0%. Gross Profit. The increase in gross profit was primarily due to higher revenues and a 410 basis point increase in the gross profit margin. The increase in the gross profit margin was primarily due to lower per-unit costs from higher sales volumes and higher realized prices, which offset inflationary costs. Changes in foreign currency exchange rates increased the gross profit margin by approximately 5 basis points, including the impact of lower hedge gains during the current period compared to the prior period. Segment Operating Expenses. Sales and marketing expense increased primarily due to higher personnel-related and travel costs. General and administrative expense increased primarily due to higher personnel-related and project-related consulting costs. Research and development expense increased primarily due to higher personnel-related costs. Changes in foreign currency exchange rates increased operating expense growth by approximately 2%. Non-Operating Items Interest Expense and Income. Interest expense was $17.9 million for the six months ended June 30, 2026, compared to $19.0 million for the same period during the prior year. Interest income was $1.2 million for the six months ended June 30, 2026, compared to $1.8 million for the same period during the prior year. Gain (Loss) on Equity Investments. For the six months ended June 30, 2026, we recognized an unrealized gain on an equity investment of $1.2 million. Provision for Income Taxes. Our effective income tax rates were 20.2% for the six months ended June 30, 2026, and June 30, 2025. Compared to the same period in the prior year, our current-period effective tax rate was favorably impacted by geographic earnings mix and higher tax benefits related to share-based compensation, which were offset by a prior-year tax benefit from the resolution of international tax audits. We anticipate reduced tax benefits related to share-based compensation, which is expected to increase our future effective tax rates. The anticipated reduction in these future tax benefits is due to the elimination of the exception for certain compensation deduction limits as a result of the Tax Cuts and Jobs Act of 2017. 44 Liquidity and Capital Resources We fund the capital needs of our business through cash on hand, funds generated from operations, proceeds from long-term senior note financings, and amounts available under our Credit Facility. We generate cash primarily through the payments made by customers for our companion animal, livestock, poultry, dairy, and water products and services, consulting services, and other various systems and services. Our cash disbursements are primarily related to compensation and benefits for our employees, inventory and supplies, repurchase of our common stock, taxes, research and development, capital expenditures, rents, occupancy-related charges, interest expense, and business acquisitions. Working capital totaled $221.8 million as of June 30, 2026, compared to $265.0 million as of December 31, 2025. The change in working capital is primarily due to higher current borrowings outstanding on our Credit Facility, partially offset by higher accounts receivable and lower accrued expenses. As of June 30, 2026, we had $196.9 million of cash and cash equivalents, compared to $180.1 million as of December 31, 2025. As of June 30, 2026, we had a remaining borrowing availability of $729.2 million under our $1.25 billion Credit Facility, with $519.0 million in outstanding borrowings under our Credit Facility, and an option for the Company to incur incremental revolving credit commitments and/or term loans in the aggregate principal amount of up to $250.0 million. As of December 31, 2025, we had $398.0 million in outstanding borrowings under our Credit Facility. The general availability of funds under our Credit Facility is reduced by $1.8 million for outstanding letters of credit. We believe that, if necessary, we could obtain additional borrowings to fund our growth objectives. We further believe that current cash and cash equivalents, funds generated from operations, and committed borrowing availability will be sufficient to fund our operations, capital purchase requirements, and anticipated growth needs for the next twelve months. We believe that these resources, coupled with our ability, as needed, to incur incremental revolving credit commitments and/or term loans under our Credit Facility and otherwise obtain additional financing, will also be sufficient to fund our business as currently conducted for the foreseeable future. We may enter into new financing arrangements or refinance or retire existing debt in the future depending on market conditions. Should we require more capital in the U.S. than is generated by our operations, for example to fund significant discretionary activities, we could elect to raise capital in the U.S. through the incurrence of debt or equity issuances, which we may not be able to complete on favorable terms or at all. In addition, these alternatives could result in increased interest expense or other dilution of our earnings. We manage our worldwide cash requirements considering available funds among all of our subsidiaries. Our foreign cash and cash equivalents are generally available without restrictions to fund ordinary business operations outside the U.S. The following table presents cash, cash equivalents, and marketable securities held domestically and by our foreign subsidiaries: (in thousands) June 30, 2026 December 31, 2025 U.S. $ 27,532 $ 1,606 Foreign 169,401 178,464 Total cash and cash equivalents $ 196,933 $ 180,070 Total cash and cash equivalents held in U.S. dollars by our foreign subsidiaries $ 27,201 $ 24,571 As of June 30, 2026, of the $196.9 million of cash and cash equivalents held, $187.4 million was held as bank deposits and $9.5 million was held in a U.S. government money market fund. As of December 31, 2025, more than 99% of the cash and cash equivalents held were held as bank deposits at a diversified group of institutions, primarily systemically important banks. Cash and cash equivalents as of June 30, 2026, included approximately $0.9 million in cash denominated in non-U.S. currencies held in a country with currency control restrictions, which limit our ability to transfer funds outside of the country in which they are held without incurring costs. The currency control restricted cash is generally available for use within the country where it is held. 45 The following table presents additional key information concerning working capital: For the Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Days sales outstanding (1) 46.2 46.2 46.8 46.5 44.7 Inventory turns (2) 1.4 1.4 1.6 1.5 1.5 (1) Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days. (2) Inventory turns are calculated as the ratio of our inventory-related cost of revenue for the quarter multiplied by four, divided by the average inventory balances at the beginning and end of each quarter. Sources and Uses of Cash The following table presents cash provided (used): For the Six Months Ended June 30, (in thousands) 2026 2025 Change Net cash provided by operating activities $ 613,410 $ 423,705 $ 189,705 Net cash used by investing activities (59,040) (63,238) 4,198 Net cash used by financing activities (536,619) (495,952) (40,667) Net effect of changes in exchange rates on cash (888) 11,813 (12,701) Net change in cash and cash equivalents $ 16,863 $ (123,672) $ 140,535 Operating Activities. Net cash provided by operating activities during the six months ended June 30, 2026, was $613.4 million, which was a net increase in operating cash flows of $189.7 million, compared to the same period during the prior year. Cash was provided from net income of $616.9 million, adjusted for net non-cash items of $143.2 million, partially offset by a net decrease from changes in operating assets and liabilities of $146.7 million. The following table presents cash flow impacts from changes in operating assets and liabilities, excluding the effects of foreign exchange rate fluctuations: For the Six Months Ended June 30, (in thousands) 2026 2025 Change Accounts receivable $ (82,844) $ (74,889) $ (7,955) Inventories (1,787) (4,081) 2,294 Other assets and liabilities (66,538) (133,460) 66,922 Accounts payable 4,481 (12,113) 16,594 Total change in cash due to changes in operating assets and liabilities $ (146,688) $ (224,543) $ 77,855 Cash used by changes in operating assets and liabilities during the six months ended June 30, 2026, decreased $77.9 million, compared to the same period during the prior year. The decrease in cash used for other assets and liabilities was primarily due to a litigation settlement payment in the prior year for approximately $80 million and lower income tax payments in the current period, partially offset by higher annual employee incentive program payments in the current year. We have historically experienced proportionately lower net cash flows from operating activities during the first quarter and proportionately higher cash flows from operating activities for the remainder of the year, driven primarily by payments related to annual employee incentive programs in the first quarter following the year for which the bonuses were earned. Investing Activities. Net cash used by investing activities was $59.0 million during the six months ended June 30, 2026, compared to $63.2 million for the same period during the prior year. The decrease in cash used by investing activities was primarily due to lower capital expenditures. 46 Our total capital expenditure plan for 2026 is estimated to be approximately $180.0 million, which includes capital investments in manufacturing and operations facilities to support growth, as well as investments in customer-facing software development. Financing Activities. Net cash used by financing activities was $536.6 million during the six months ended June 30, 2026, compared to $496.0 million used for the same period during the prior year. The increase in net cash used was primarily due to comparatively less cash provided by net borrowings under our Credit Facility, which were $121.0 million during the current period, compared to $329.0 million in the prior period. This relative reduction of $208.0 million in cash provided was partially offset by the comparative impacts from other financing activities, including the use of cash in the prior period for the payment of senior notes of $103.4 million, $41.2 million less cash used during the current period for the repurchase of our common stock, and $26.2 million higher proceeds from stock option exercises during the current period. We believe that the repurchase of our common stock is a favorable means of returning value to our stockholders, and we also repurchase our stock to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing and deployment activities, as well as share price and prevailing interest rates, and are subject to market conditions. Refer to “Note 12. Repurchases of Common Stock” to the unaudited condensed consolidated financial statements in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for additional information about our share repurchases. As of June 30, 2026, we had $519.0 million in outstanding borrowings under our Credit Facility, of which $250.0 million was on our Term Loan under our Credit Facility. Our Credit Facility contains affirmative, negative, and financial covenants customary for financings of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, fundamental changes, investments, transactions with affiliates, certain restrictive agreements, and violations of sanctions laws and regulations. The sole financial covenant is a Consolidated Leverage Ratio test as described below. The aggregate principal amount of our 2026 Senior Notes will become due and payable on September 4, 2026. The aggregate principal amount of our 2027 Series B Notes will become due and payable on February 12, 2027. We anticipate funding the full repayment of our 2026 Senior Notes for $75.0 million when due on September 4, 2026, and our 2027 Series B Notes for $75.0 million when due on February 12, 2027, with available cash on hand, borrowings under our Credit Facility, or proceeds from the issuance of new notes, or a combination thereof. The Senior Note Agreements contain affirmative, negative, and financial covenants customary for agreements of this type. The sole financial covenant is a Consolidated Leverage Ratio test as described below. Refer to “Note 11. Debt” to the unaudited condensed consolidated financial statements in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for additional information about our Credit Facility and Senior Notes. Effect of Currency Translation on Cash. The net effects of changes in foreign currency exchange rates are related to changes in exchange rates between the U.S. dollar and the functional currencies of our foreign subsidiaries with non-U.S. dollar functional currencies. These changes will fluctuate each year as the value of the U.S. dollar relative to the value of foreign currencies changes. The value of a currency depends on many factors, including interest rates and the issuing governments' debt levels and strength of economy. Off-Balance Sheet Arrangements. We have no off-balance sheet arrangements or variable interest entities, except for letters of credit and third-party guarantees. 47 Financial Covenant. The sole financial covenant of our Credit Facility and Senior Note Agreements is a Consolidated Leverage Ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation, amortization, non-recurring transaction expenses incurred in connection with acquisitions, share-based compensation expense, and certain other non-cash losses and charges (“Adjusted EBITDA”), as defined in the Senior Note Agreements and Credit Facility, not to exceed 3.5-to-1. As of June 30, 2026, we were in compliance with such covenant. The following details our Consolidated Leverage Ratio calculation: (in thousands) Twelve Months Ended Trailing 12 Months Adjusted EBITDA: June 30, 2026 Consolidated Net Income $ 1,139,656 Consolidated Interest Charge 37,788 Provision for income taxes 284,763 Depreciation and amortization 154,082 Non-recurring transaction expense incurred in connection with Acquisitions * 90 Non-cash charges associated with Share Based Payments 62,972 Extraordinary and other non-recurring non-cash losses and charges * 6,520 Adjusted EBITDA $ 1,685,871 * Descriptions are contractually defined and may differ from U.S. GAAP definitions. (dollars in thousands) Debt to Adjusted EBITDA Ratio: June 30, 2026 Credit Facility $ 519,000 Current and long-term portion of long-term debt 449,864 Total debt 968,864 Acquisition-related consideration payable — Deferred financing costs 136 Gross debt $ 969,000 Gross debt to Adjusted EBITDA ratio 0.57 Cash and cash equivalents $ 196,933 Net debt $ 772,067 Net debt to Adjusted EBITDA ratio 0.46 Other Commitments, Contingencies and Guarantees Significant commitments, contingencies, and guarantees as of June 30, 2026, are described in Note 16 to the unaudited condensed consolidated financial statements in “Part I. Item 1. Financial Statements” of this Quarterly Report on Form 10-Q. 48