BIO-RAD LABORATORIES, INC.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 13, 2026
BIO$381.57+3.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-14.
0000012208-25-000007
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-13.
0000012208-26-000010
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 75 previous paragraphs and 70 current paragraphs.
37 unchanged; 21 reworded; 10 added; 14 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Current global economic and geopolitical conditions remain uncertain, and we rely on the support of many governments for both research and healthcare. Reduced government spending, along with ongoing challenges in the biopharma market and among small biotech companies, continues to negatively impact our business. Additionally, the market in China, which represents a mid-single digit percentage of our 2025 consolidated net sales, remains uncertain as a result of these factors. We expect these conditions to continue in 2026.
Current report
Consolidated gross margin was 51.9% for the year ended December 31, 2025 compared to 53.7% for the year ended December 31, 2024.
Current report
Gross margin for the Life Science segment for the year ended December 31, 2025 decreased by approximately 2.5 percentage points from the year ended December 31, 2024. The decrease in gross margin was primarily driven by one-time inventory write-offs after extensive evaluations of our product portfolios as a result of recent acquisitions, higher material costs and reduced fixed manufacturing absorption.
Current report
Gross margin for the Clinical Diagnostics segment for the year ended December 31, 2025 decreased by approximately 1.4 percentage points from the year ended December 31, 2024. The decrease in gross margin was primarily driven by higher material costs and reduced fixed manufacturing absorption.
Current report
Impairment of purchased intangibles and related items, net
Current report
In December 2025, we impaired the IPR&D asset associated with our 2021 acquisition of Dropworks, Inc. (“Dropworks”) amounting to $81.7 million, as completion of the technology had been delayed and the Company has revised its revenue forecast associated with Dropworks. The impairment of the IPR&D asset was included in the Life Science segment’s results of operations.
Current report
In December 2025, we discontinued development of the IPR&D asset associated with our 2022 acquisition of Curiosity Diagnostics, Sp. Z. o. o. ("Curiosity") and recorded an impairment charge of $127.7 million. We concluded that the discontinuation represented a substantial liquidation of the business of the foreign subsidiary for accounting purposes, which resulted in the recognition of $36.6 million of previously unrealized foreign currency translation gains associated with that entity. The net impairment of $91.1 million, was included in the Clinical Diagnostics segment's results of operations.
Current report
In March 2022, we received $1.2 billion in cash proceeds from the issuance of Senior Notes. The $400 million and $800 million Senior Notes mature in March 2027 and March 2032, respectively, and interest on the Senior Notes is 3.3% and 3.7% per annum, respectively. Interest is payable semiannually in arrears on March 15 and September 15 of each year.
Current report
Cash Flows from Operating Activities
Current report
Net cash provided by operating activities was $532.2 million and $455.2 million for the years ended December 31, 2025 and 2024, respectively. The increase in operating cash flows was primarily due to improved working capital.
Removed paragraphs (14)
Previous report
We are impacted by ongoing global economic and geopolitical conditions and our business continued to be negatively impacted by the ongoing challenges impacting the biopharma market and small biotech companies. We expect that these conditions will continue to impact our business in 2025.
Previous report
Consolidated gross margin was 53.7% for the year ended December 31, 2024 compared to 53.4% for the year ended December 31, 2023. Gross margin for the Life Science segment and Clinical Diagnostics segment for the year ended December 31, 2024 increased by approximately 0.3 percentage points and 0.5 percentage points, respectively, from the year ended December 31, 2023. The increase in gross margin was primarily driven by favorable product mix and cost control measures, partially offset by higher restructuring and material costs.
Previous report
As of December 31, 2024, based on the expected outcome of certain examinations or as a result of the expiration of
Previous report
statutes of limitation for certain jurisdictions, we believe that within the next twelve months it is reasonably possible
Previous report
that our previously unrecognized tax benefits could decrease by approximately $18.1 million.
Previous report
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, which included an Alternative Minimum Tax based on the Adjusted Financial Statement Income of Applicable Corporations. We do not believe the Inflation Reduction Act will have a material impact on our income tax provision and cash taxes, but we continue to monitor U.S. Department of the Treasury guidance and regulations.
Previous report
Cash Flows from Operations
Previous report
Net cash provided by operations was $455.2 million and $374.9 million for the years ended December 31, 2024 and 2023, respectively. The increase in operating cash flows was primarily due to lower cash paid to suppliers and employees, lower income tax paid, and higher proceeds from foreign exchange contracts, partially offset by lower cash received from customers and lower dividend proceeds from Sartorius AG.
Previous report
Our investing activities have consisted primarily of cash used for purchases of marketable securities and investments, and acquisitions.
Previous report
Our financing activities have consisted primarily of cash used for stock related activity, including the issuance of common stock and repurchases of treasury stock.
Previous report
Treasury Shares
Previous report
During the year ended December 31, 2024, 183,567 shares of Class A treasury stock with an aggregate total cost of $64.0 million were reissued to fulfill grants to employees under our restricted stock program and our Employee Stock Purchase Program. Upon reissuing the Class A treasury stock, Additional paid-in capital was reduced by $48.2 million from share reissuance activity during the year.
Previous report
During the year ended December 31, 2023, 160,811 shares of Class A treasury stock with an aggregate total cost of $64.1 million were reissued to fulfill grants to employees under our restricted stock program and our Employee Stock Purchase Program. Upon reissuing the Class A treasury stock, Additional paid-in capital was reduced by $49.7 million from share reissuance activity during the year.
Previous report
The re-issuance of the treasury stock for the years ended December 31, 2024 and 2023 did not require cash payments or receipts and therefore did not affect liquidity.
Reworded paragraphs (21)
Previous wording
We rely on the support of many governments for both research and healthcare. The current global economic outlook is still uncertain as the need to control social spending by many governments limits opportunities for growth. Approximately 41% of our 2024 consolidated net sales are derived from the United States and approximately 59% are derived from international locations, with Europe being our largest international region. The international sales are largely denominated in local currencies such as the Euro, Swiss Franc, Japanese Yen, Chinese Yuan and British Sterling. As a result, our consolidated net sales expressed in dollars benefit when the U.S. dollar weakens and suffer when the dollar strengthens. When the dollar strengthens, we benefit from lower cost of sales from our own international manufacturing sites, and from lower international operating expenses. We regularly discuss our changes in revenue and expense categories in terms of both changing foreign exchange rates and in terms of a currency neutral basis, if notable, to explain the impact currency has on our results.
Current wording
We rely on the support of many governments for both research and healthcare. The current global economic outlook is still uncertain as the need to control social spending by many governments limits opportunities for growth. Approximately 40% of our 2025 consolidated net sales are derived from the United States and approximately 60% are derived from international locations, with Europe being our largest international region. The international sales are largely denominated in local currencies such as the Euro, Swiss Franc, Japanese Yen, Chinese Yuan and British Sterling. As a result, our consolidated net sales expressed in dollars benefit when the U.S. dollar weakens and suffer when the dollar strengthens. When the dollar strengthens, we benefit from lower cost of sales from our own international manufacturing sites, and from lower international operating expenses. We regularly discuss our changes in revenue and expense categories in terms of both changing foreign exchange rates and in terms of a currency neutral basis, if notable, to explain the impact currency has on our results.
Previous wording
The accompanying discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates on an on-going basis. We base our estimates on historical experience and on other assumptions that are believed 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. However, future events may cause us to change our assumptions and estimates, which may require adjustment. Actual results could differ from these estimates. We have determined that for the periods reported in this Annual Report on Form 10-K the following accounting policies and estimates are critical in understanding our financial condition and results of operations.
Current wording
The accompanying discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates on an on-going basis. We base our estimates on historical experience and on other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. However, future events may cause us to change our assumptions and estimates, which may require adjustment. Actual results could differ from these estimates. We have determined that for the periods reported in this Annual Report on Form 10-K the following accounting policies and estimates are critical in understanding our financial condition and results of operations.
Previous wording
We operate in multiple jurisdictions and our profits are taxed pursuant to the tax laws of these jurisdictions. Our effective income tax rate may be affected by the changes in or interpretations of tax laws and tax agreements in any given jurisdiction, utilization of net operating loss and tax credit carryforwards, changes in geographical mix of income and expense, and changes in our assessment of matters such as the ability to realize deferred tax assets. As a result of these considerations, we must estimate income taxes in each of the jurisdictions in which we operate. This process involves estimating current tax exposure together with assessing temporary differences resulting from the different treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheet.
Current wording
We operate in multiple jurisdictions and our profits are taxed pursuant to the tax laws of these jurisdictions. Our effective income tax rate may be affected by the changes in or interpretations of tax laws and tax agreements in any given jurisdiction, utilization of net operating loss and tax credit carryforwards, changes in geographical mix of income and expense, and changes in our assessment of matters such as the ability to realize deferred tax assets. As a result of these considerations, we must estimate income taxes in each of the jurisdictions in which we operate. This process involves estimating current tax exposure together with assessing temporary differences resulting from the different treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets.
Previous wording
We first may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test included in U.S. GAAP. To the extent our assessment identifies adverse conditions, or if we elect to bypass the qualitative assessment, goodwill is tested at the reporting unit level using a quantitative impairment test. We generally estimate the fair value of the reporting units in goodwill impairment assessments using an income approach, which includes an analysis of the future cash flows expected to be generated and the risk associated with achieving such cash flows. This approach requires significant management judgment including the discount rate that is applied to the discretely forecasted future cash flows to calculate the present value of those cash flows and the estimate of future cash flows attributable to the reporting unit. Actual results may differ from management’s estimates. There were no impairments for the years ended December 31, 2024, 2023 and 2022.
Current wording
We first may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test included in U.S. GAAP. To the extent our assessment identifies adverse conditions, or if we elect to bypass the qualitative assessment, goodwill is tested at the reporting unit level using a quantitative impairment test. We generally estimate the fair value of the reporting units in goodwill impairment assessments using an income approach, which includes an analysis of the future cash flows expected to be generated and the risk associated with achieving such cash flows. This approach requires significant management judgment including the discount rate that is applied to the discretely forecasted future cash flows to calculate the present value of those cash flows and the estimate of future cash flows attributable to the reporting unit. Actual results may differ from management’s estimates. There were no impairments of goodwill for the years ended December 31, 2025, 2024 and 2023.
Previous wording
We elected the fair value option under ASC 825, Financial Instruments for accounting of the Loan to Sartorius-Herbst Beteiligungen II GmbH to simplify the accounting. The Loan includes certain value appreciation rights that are due upon repayment of the Loan. The fair value of the Loan and value appreciation right is estimated under the income approach using a discounted cash flow, and option pricing model, respectively. The significant assumptions used to estimate fair value of the Loan include an estimate of the discount rate and cash flows of the Loan and the significant assumptions used to estimate the fair value of the value appreciation right include volatility, the risk-free interest rate, expected life (in years) and expected dividend. The inputs are subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected volatility may result in a significantly higher fair value, whereas a decrease in expected life may result in a significantly lower fair value. All subsequent changes in fair value of the Loan and value appreciation right, including accrued interest are recognized in Losses from change in fair market value of equity securities and loan receivable in our consolidated statements of income (loss).
Current wording
We elected the fair value option under ASC 825, Financial Instruments for accounting of the Loan to Sartorius-Herbst Beteiligungen II GmbH to simplify the accounting. The Loan includes certain value appreciation rights that are due upon repayment of the Loan. The fair value of the Loan and value appreciation right is estimated under the income approach using a discounted cash flow, and option pricing model, respectively. The significant assumptions used to estimate fair value of the Loan include an estimate of the discount rate and cash flows of the Loan and the significant assumptions used to estimate the fair value of the value appreciation right include volatility, the risk-free interest rate, expected life (in years) and expected dividend. The inputs are subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected volatility may result in a significantly higher fair value, whereas a decrease in expected life may result in a significantly lower fair value. All subsequent changes in fair value of the Loan and value appreciation right, including accrued interest are recognized in (Gains) losses from change in fair market value of equity securities and loan receivable in our consolidated statements of income (loss).
Previous wording
The following table shows Cost of goods sold, Gross profit, components of operating expense, and Net loss as a percentage of Net sales:
Current wording
The following table shows Cost of goods sold, Gross margin, components of operating expense, and Net income (loss) as a percentage of Net sales:
Previous wording
Net sales (sales) for the year ended December 31, 2024 were $2.57 billion, compared to $2.67 billion for the year ended December 31, 2023, a decrease of 3.9%. On a currency neutral basis, for the year ended December 31, 2024 sales decreased by approximately 3.6% compared to the same period in 2023. The decrease in sales was driven by lower sales in our Life Science segment.
Current wording
Net sales ("sales") for the year ended December 31, 2025 were $2.58 billion, compared to $2.57 billion for the year ended December 31, 2024, an increase of 0.7%. On a currency neutral basis, for the year ended December 31, 2025 sales were essentially flat compared to the same period in 2024.
Previous wording
The Life Science segment sales for the year ended December 31, 2024 were $1.03 billion, a decrease of 12.8% compared to the year ended December 31, 2023. On a currency neutral basis, sales decreased 12.6% compared to the year ended December 31, 2023. The decrease was driven by ongoing weakness in the biotech and biopharma end-markets. Currency neutral sales decreased across all regions.
Current wording
The Life Science segment sales for the year ended December 31, 2025 were $1.02 billion, a decrease of 0.7% compared to the year ended December 31, 2024. On a currency neutral basis, sales decreased 1.3% compared to the year ended December 31, 2024, driven by the constrained academic research and biotech funding environment. Currency neutral sales decreased in the Americas, partially offset by increased sales in EMEA and Asia Pacific.
Previous wording
The Clinical Diagnostics segment sales for the year ended December 31, 2024 were $1.54 billion, an increase of 3.3% compared to the year ended December 31, 2023. On a currency neutral basis, sales increased 3.7% compared to the year ended December 31, 2023. The currency neutral sales increase was primarily driven by an increased demand for our quality control and blood typing products. Currency neutral sales increased across all regions.
Current wording
The Clinical Diagnostics segment sales for the year ended December 31, 2025 were $1.56 billion, an increase of 1.6% compared to the year ended December 31, 2024. On a currency neutral basis, sales increased 0.8% compared to the year ended December 31, 2024. The currency neutral sales increase was primarily driven by quality control and blood typing products, partially offset by lower reimbursement rates for diabetes testing in China. Currency neutral sales increased in the Americas and EMEA, partially offset by decreased sales in Asia Pacific.
Previous wording
Consolidated selling, general and administrative expense (SG&A) decreased to $814.0 million or 31.7% of sales for the year ended December 31, 2024 compared to $841.7 million or 31.5% of sales for the year ended December 31, 2023. The decrease to SG&A expense was primarily due to lower restructuring costs and a reduction in discretionary spending.
Current wording
Consolidated selling, general and administrative ("SG&A") expense increased to $844.3 million or 32.7% of sales for the year ended December 31, 2025 compared to $814.0 million or 31.7% of sales for the year ended December 31, 2024. The increase in SG&A expense was primarily due to higher restructuring costs.
Previous wording
Consolidated research and development (R&D) expense increased to $295.9 million or 11.5% of sales for the year ended December 31, 2024 compared to $247.4 million or 9.3% of sales for the year ended December 31, 2023. The increase in R&D expense in the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily due to a one-time acquired in-process research and development expense of $29.5 million in 2024 and an increase in the fair value of contingent consideration of $12.5 million impacting R&D expense in 2024 compared to a decrease in the fair value of contingent consideration of $14.0 million impacting R&D expense in 2023.
Current wording
Consolidated research and development ("R&D") expense decreased to $275.6 million or 10.7% of sales for the year ended December 31, 2025 compared to $295.9 million or 11.5% of sales for the year ended December 31, 2024. The decrease in R&D was primarily due to $29.5 million of in-process research and development ("IPR&D") expense recognized in 2024 for an acquisition that did not recur in 2025, partially offset by higher restructuring costs in 2025.
Previous wording
Interest expense for the years ended December 31, 2024 and 2023 was $48.9 million and $49.4 million, respectively, which primarily consisted of interest expense related to the $1.2 billion Senior Notes.
Current wording
Interest expense for the years ended December 31, 2025 and 2024 was $49.0 million and $48.9 million, respectively, which primarily consisted of interest expense related to the $1.2 billion Senior Notes.
Previous wording
Foreign currency exchange (gains) losses, net consist primarily of foreign currency transaction gains and losses on intercompany net receivables and payables and the change in fair value of our forward foreign exchange contracts used to manage our foreign currency exchange risk. Foreign currency exchange net gains were $3.9 million and $7.3 million for the years ended December 31, 2024 and December 31, 2023, respectively. Gains and losses are primarily due to the estimating process inherent in the timing of product shipments and intercompany debt payments, market volatility, and the change in the fair value of our foreign exchange contracts.
Current wording
Foreign currency exchange (gains) losses, net consist primarily of foreign currency transaction gains and losses on intercompany net receivables and payables and the change in fair value of our forward foreign exchange contracts used to manage our foreign currency exchange risk. Foreign currency exchange net gains were $6.6 million and $3.9 million for the years ended December 31, 2025 and December 31, 2024, respectively. Gains and losses are primarily due to the timing of product shipments and intercompany debt payments, market volatility, and the change in the fair value of our foreign exchange contracts.
Previous wording
Losses from change in fair market value of equity securities and loan receivable was $2.66 billion and $1.25 billion for the years ended December 31, 2024 and 2023, respectively. The change in the fair market value primarily resulted from the recognition of higher holding losses of $2.68 billion compared to $1.26 billion in the year ended December 31, 2023 on our position in Sartorius AG. In addition, holding gains from the change in fair market value of our loan receivable of $12.5 million in the year ended December 31, 2024, compared to holding losses of $6.8 million in the year ended December 31, 2023 contributed to the change.
Current wording
(Gains) losses from change in fair market value of equity securities and loan receivable was a gain of $900.4 million and a loss of $2.66 billion for the years ended December 31, 2025 and 2024, respectively. The change in the fair market value primarily resulted from the recognition of holding gains of $872.6 million for the year ended December 31, 2025 compared to holding losses of $2.68 billion for the year ended December 31, 2024 on our investment in Sartorius.
Previous wording
Other income, net includes investment and dividend income, interest income on our cash and cash equivalents, short-term investments and long-term marketable securities. Other income, net for the year ended December 31, 2024 decreased to $90.3 million compared to $106.5 million for the year ended December 31, 2023. The decrease was primarily attributable to lower dividend income from Sartorius AG in 2024 compared to 2023.
Current wording
Other income, net includes investment and dividend income, interest income on our cash and cash equivalents, short-term investments and long-term marketable securities. Other income, net was $90.3 million for the year ended December 31, 2025, essentially flat compared to the year ended December 31, 2024.
Previous wording
Our effective tax rates were 21.3% and 25.0% for the years ended December 31, 2024 and 2023, respectively. The effective tax rates for the years ended December 31, 2024 and 2023 were primarily driven by the unrealized gain/loss in equity securities that was taxed at 22.6% and 22.3%, respectively, as well as the geographical mix of earnings.
Current wording
Our effective tax rates were 23.7% and 21.3% for the years ended December 31, 2025 and 2024, respectively. The effective tax rates for the years ended December 31, 2025 and 2024 were driven by the change in fair market value of our equity securities as well as shifts in the geographical mix of earnings.
Previous wording
resolution of our uncertain tax positions will have a material adverse effect on our consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period.
Current wording
We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe the resolution of our uncertain tax positions will have a material adverse effect on our consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period.
Previous wording
Bio-Rad operates and conducts business globally, primarily through subsidiary companies established in the markets in which we trade. Goods are manufactured in a small number of locations, and are then shipped to local distribution facilities around the world. Our product mix is diversified, and certain products compete largely on product efficacy, while others compete on price. Gross margins are generally sufficient to exceed normal operating costs, and funding for research and development of new products, as well as routine outflows for capital expenditures, interest and taxes. In addition to the annual positive cash flow from operating activities, additional liquidity is readily available via the sale of short-term investments and access to our $200.0 million unsecured Revolving Credit Agreement that we entered into in February 2024, and to a lesser extent international lines of credit. Borrowings under the Revolving Credit Agreement are available on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Revolving Credit Agreement as of December 31, 2024, however, $5.7 million was utilized for domestic standby letters of credit that reduced our borrowing availability. As of December 31, 2024, our short-term investments include the net cash proceeds from the sale of Senior Notes of $1.186 billion. Interest is payable semiannually in arrears on March 15 and September 15 of each year. Management believes that this availability, together with cash flow from operations, will be adequate to meet our current objectives for operations, research and development, capital additions for manufacturing and distribution, plant and equipment, information technology systems and acquisitions of reasonable proportion to our existing total available capital for the next twelve months and beyond.
Current wording
Bio-Rad operates and conducts business globally, primarily through subsidiary companies established in the markets in which we trade. Goods are manufactured in a small number of locations, and are then shipped to local distribution facilities around the world. Our product mix is diversified, and certain products compete largely on product efficacy, while others compete on price. Gross margins are generally sufficient to exceed normal operating costs, and funding for research and development of new products, as well as routine outflows for capital expenditures, interest and taxes.
Previous wording
At December 31, 2024, we had available $1.7 billion in cash, cash equivalents and short-term investments, of which approximately 14% was held in our foreign subsidiaries. The amount of funds held in the United States can fluctuate due to the timing of receipts and payments in the ordinary course of business and due to other reasons, such as acquisitions and borrowings. As part of our ongoing liquidity assessments, we regularly monitor the mix of domestic and foreign cash flows (both inflows and outflows).
Current wording
As of December 31, 2025, we had available $1.5 billion in cash, cash equivalents and short-term investments, of which approximately 18% was held in our foreign subsidiaries. The amount of funds held in the United States can fluctuate due to the timing of receipts and payments in the ordinary course of business and due to other reasons, such as acquisitions and borrowings. As part of our ongoing liquidity assessments, we regularly monitor the mix of domestic and foreign cash flows (both inflows and outflows). It is generally our intention to repatriate certain foreign earnings to the extent that such repatriations are not restricted by local laws, and there are no substantial incremental costs.
Previous wording
Net cash used in investing activities was $160.2 million compared to net cash provided by investing activities of $20.2 million for the years ended December 31, 2024 and 2023, respectively, primarily due to the timing of our purchases, maturities and sales of marketable securities and investments.
Current wording
Net cash used in investing activities was $189.7 million and $160.2 million for the years ended December 31, 2025 and 2024, respectively. The increase was due to net cash outflows for the acquisition of Stilla Technologies, partially offset by lower net outflows related to marketable securities and investments, reflecting the timing of our purchases, maturities, and sales.
Previous wording
During the year ended December 31, 2024, we repurchased 690,857 shares of Class A common stock for $201.6 million under our share repurchase programs, compared to the repurchase of 1,267,757 shares of our common stock for $428.7 million during the year ended December 31, 2023. As of December 31, 2024, $577.1 million of stock remained available for repurchases under the Company's 2023 Share Repurchase Program. We designated these repurchased shares as treasury stock.
Current wording
Net cash used in financing activities was $283.2 million and $218.8 million for the years ended December 31, 2025 and 2024, respectively. The increase in net cash used in financing activities was primarily attributable to payments for share repurchases, partially offset by payment of contingent consideration in 2024. During the year ended December 31, 2025, we repurchased 1,205,381 shares of Class A common stock for $295.5 million and during the year ended December 31, 2024, we repurchased 690,857 shares of Class A common stock for $203.6 million. We designated these repurchased shares as treasury stock. As of December 31, 2025, $284.6 million of stock remained available for repurchases under the Company's 2023 Share Repurchase Program.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Additional liquidity is realized through positive cash flows from operating activities, and is readily available via the sale of short-term investments and access to our $200.0 million unsecured Revolving Credit Agreement, available through February 2029, and to a lesser extent international lines of credit. Borrowings under the Revolving Credit Agreement are available on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Revolving Credit Agreement as of December 31, 2025, however, $6.0 million was utilized for domestic standby letters of credit that reduced our borrowing availability.
Current report — wording carried from elsewhere
Management believes that our cash, cash equivalents and short-term investments, together with cash flow from operations and the unsecured Revolving Credit Agreement, will be adequate to meet our current objectives for operations, research and development, capital additions for manufacturing and distribution, plant and equipment, information technology systems and acquisitions of reasonable proportion to our existing total available capital for the next twelve months and beyond.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe the
Previous report — wording carried elsewhere
It is generally our intention to repatriate certain foreign earnings to the extent that such repatriations are not restricted by local laws, and there are no substantial incremental costs.
Previous report — wording carried elsewhere
Net cash used in financing activities was $218.8 million and $425.6 million for the years ended December 31, 2024 and 2023, respectively. The change was primarily attributable to lower payments for share repurchases, partially offset by a one-time payment of contingent consideration.