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Dec 31, 2025
Bio-Rad Q4 2025 Earnings Report
Bio-Rad reported mixed financial results for the fourth quarter and full-year ended December 31, 2025, with modest revenue growth but declining gross and operating margins.
Key Takeaways
Bio-Rad Laboratories, Inc. announced its fourth-quarter and full-year 2025 financial results, reporting a 3.9% increase in total net sales to $693.2 million for Q4 2025 compared to Q4 2024. Despite this revenue growth, the company experienced a decline in GAAP gross margin to 49.8% and a significant GAAP operating loss of $118.9 million. Net income, however, saw a substantial increase to $720.0 million, largely due to a change in the fair market value of its investment in Sartorius AG.
Fourth-quarter 2025 total net sales increased by 3.9% to $693.2 million, driven by higher sales in the Clinical Diagnostics segment.
GAAP gross margin decreased to 49.8% in Q4 2025 from 51.2% in Q4 2024, and GAAP income from operations turned into a loss of $118.9 million.
Net income for Q4 2025 was $720.0 million, or $26.65 per diluted share, significantly impacted by a change in the fair market value of the Sartorius AG investment.
Life Science segment net sales decreased by 2.6% in Q4 2025, primarily due to constrained academic research and biotech funding.
Revenue by Segment
Forward Guidance
For the full-year 2026, Bio-Rad expects non-GAAP currency neutral revenue growth of approximately 0.5% to 1.5% and an estimated non-GAAP operating margin of approximately 12.0% to 12.5%.
Positive Outlook
- Expected non-GAAP currency neutral revenue growth of 0.5% to 1.5% for full-year 2026.
- Estimated non-GAAP operating margin of 12.0% to 12.5% for full-year 2026.
- Successful integration and initial market adoption of Stilla Technologies' digital PCR product portfolio.
- Expanded access to over 1,200 clinical diagnostics products globally through new-to-market registrations.
- Strategic partnerships for oncology applications advancing clinical diagnostics strategy.
Challenges Ahead
- Forecasted non-GAAP operating margin excludes 88 basis points related to amortization of purchased intangibles.
- Forecasted non-GAAP operating margin does not reflect future gains and charges that are inherently difficult to predict and estimate.
- Uncertainty regarding the timing, effect, and significance of foreign currency fluctuations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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