Business Description

Charles River Laboratories International Inc., founded in 1947 and headquartered in Wilmington, Massachusetts, United States, is a premier contract research organization providing comprehensive preclinical and clinical laboratory services. The company’s flagship offerings include in vivo and in vitro testing, toxicology studies, and integrated preclinical development solutions under its CRL Discovery Services. Under the leadership of CEO James C. Foster since 2017, CRL has secured a leading position in the global CRO market with an estimated 15% market share in its preclinical segment. Focused on digital transformation and strategic growth initiatives, the company is poised to achieve an anticipated annual revenue growth of 8-10%.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues4,015,3804,049,9904,129,4103,976,060
Cost of Sales2,692,1102,718,1702,626,8502,513,410
Gross Profit1,323,2801,331,8201,502,5601,462,650
Selling, General & Administrative Expenses743,073751,003747,855665,098
Depreciation & Amortization Expenses179,066138,471137,440146,578
Other Operating Expenses375,974215,000——
Operating Profit25,162227,347617,261650,975
Interest and Investment Income4,9408,5755,196780
Interest Expense(107,029)(126,288)(136,710)(59,291)
Non-Operating Income(22,576)(16,520)95,53730,523
Total Non-Operating Income(124,665)(134,233)(35,977)(27,988)
Income Before Provision for Income Taxes(99,503)93,114581,284622,987
Provision for Income Taxes42,66067,823100,914130,379
Consolidated Net Income(142,163)25,291480,370492,608
Net Income Attributable to Minority Interests and Other2,17514,9945,7466,382
Net Income Attributable to Common Shareholders(144,338)22,203474,624486,226
Basic EPS-2.910.439.279.57
Diluted EPS-2.910.439.279.48
Basic Weighted Average Shares Outstanding49,62051,38851,19650,812
Diluted Weighted Average Shares Outstanding49,62051,38851,19651,301
Shares Outstanding49,21751,14151,33850,944
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents213,770194,606276,771233,912
Total Cash and Cash Equivalents213,770194,606276,771233,912
Accounts Receivable708,856720,915780,375752,390
Total Trade Receivables708,856720,915780,375752,390
Inventories299,103278,544380,259255,809
Other Current Assets225,320209,006171,257196,921
Total Current Assets1,447,0501,403,0701,608,6601,439,030
Net Property, Plant & Equipment2,016,6302,016,5002,033,7701,857,420
Net Intangible Assets339,995723,400864,051955,275
Goodwill2,764,2502,846,6103,095,0502,849,900
Long-Term Investments206,972218,350243,811311,602
Other Long-Term Assets360,519320,412349,662189,541
Total Assets7,135,4207,528,3508,195,0007,602,770
Accounts Payable148,800140,337168,937205,915
Accrued Expenses538,939411,428441,115416,836
Unearned Revenue210,418248,322241,820264,259
Other Current Liabilities222,158194,014203,210204,575
Total Current Liabilities1,120,320994,1011,055,0801,091,590
Long-Term Debt2,136,3602,240,2102,647,1502,707,530
Leases434,048483,789419,234389,745
Other Long-Term Liabilities233,505302,172414,540390,404
Total Long-Term Liabilities2,803,9103,026,1703,480,9203,487,680
Total Liabilities3,924,2304,020,2704,536,0004,579,270
Common Stock492511513509
Additional Paid-in Capital1,947,3001,966,2401,905,5801,804,940
Accumulated Other Comprehensive Income(171,783)(317,345)(196,427)(262,057)
Retained Earnings1,388,6201,812,1001,887,2201,432,900
Total Common Shareholders' Equity3,164,6303,461,5003,596,8802,976,290
Minority Interests and Other46,56446,57562,11647,212
Total Shareholders' Equity3,211,1903,508,0803,659,0003,023,510
Total Liabilities and Shareholders' Equity7,135,4207,528,3508,195,0007,602,770
FY 2025FY 2024FY 2023FY 2022
Net Income(142,163)25,291480,370492,608
Depreciation & Amortization403,312361,741314,124303,870
Share-Based Compensation Expense71,08369,89172,04873,617
Other Adjustments391,333307,983(80,264)(97,901)
Changes in Trade Receivables35,73721,612(33,434)(150,570)
Changes in Inventories(48,777)16,804(62,301)(78,523)
Changes in Accounts Payable2,869(14,271)(20,427)(2,652)
Changes in Accrued Expenses79,308(27,604)12,447(42,164)
Changes in Unearned Revenue(23,487)25,125(37,307)88,115
Changes in Other Operating Activities(31,569)(51,995)38,64233,240
Cash from Operating Activities737,646734,577683,898619,640
Capital Expenditure(219,152)(232,967)(318,528)(324,733)
Purchases of Investments(20,076)(52,876)(54,215)(158,274)
Proceeds from Sale of Investments9,10241,6876,6674,549
Payments for Business Acquisitions—(5,479)(194,785)(283,392)
Proceeds from Business Divestments17,441——163,275
Other Investing Activities3,3644,549(2,294)(9,347)
Cash from Investing Activities(209,321)(245,086)(563,155)(607,922)
Issuance of Long-Term Debt1,227,5301,081,580776,3532,952,430
Repayments of Long-Term Debt(1,349,320)(1,493,770)(851,676)(2,932,640)
Net Issuance / (Repayments) of Long-Term Debt(121,783)(412,188)(75,323)19,794
Issuance of Common Shares71423,87825,59725,110
Repurchases of Common Shares(360,673)(119,175)(24,155)(38,651)
Net Issuance / (Repurchases) of Common Shares(359,959)(95,297)1,442(13,541)
Other Financing Activities(54,984)(43,442)(11,640)(48,650)
Cash from Financing Activities(536,726)(550,927)(85,521)(42,397)
Effect of Exchange Rate Changes on Cash and Cash Equivalents18,828(17,474)8,04425,579
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash10,427(78,910)43,266(5,100)

Key Metrics & Ratios

MetricValue
Market Cap$9.82B
P/E-68.58x
P/S2.45x
EV/EBITDA28.52x
Return on Equity-4.2%
Return on Invested Capital0.6%
Current Ratio1.29x
Free Cash Flow Margin12.9%

Margins

Gross margin
33.0%
Operating margin
0.6%
Net margin
-3.5%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026 $996M +1.2% 12.0% $120M
Q4 2025 $994M +-0.8% -28.5% $-283M
Q3 2025 $1.00B +-0.5% 13.3% $134M
Q2 2025 $1.03B +0.6% 9.7% $100M
Q1 2025 $984M — 7.6% $75M
Q4 2024 $1.00B — -16.7% $-168M
Q3 2024 $1.01B — 11.6% $117M
Q2 2024 $1.03B — 14.8% $152M

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Financial data last updated 2026-06-20. Figures compiled from public company filings.

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