BIO-TECHNE Corp FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$1.2B
Gross margin	64.8%
Operating income	$102.3M
Net income	$73.4M
Diluted EPS	$0.46
Cash & equivalents	$162.2M
Total assets	$2.6B
Long-term debt	$346.0M

Key takeaway

Bio-Techne closed fiscal 2025 with $1.22 billion in revenue and 64.8% gross margin, but operating income of just $102.3 million reflects heavy amortization and operating costs.

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Beneath the surface

The effective tax rate of 25.5% versus the 21% statutory rate was driven largely by a 12.5% impact from non-deductible stock-based compensation costs, an unusually large swing factor for the tax line.

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