Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

9. STOCKHOLDERS' EQUITY

Bio-Rad’s issued and outstanding stock consists of Class A and Class B common stock. Each share of Class A and Class B common stock participates equally in the earnings and losses of Bio-Rad, and each share is identical to the next in all respects except as follows. Class A common stock has limited voting rights compared to Class B. Each share of Class A is entitled to one-tenth of a vote on most matters, whereas each share of Class B is always entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the directors, with Class B stockholders electing the remaining directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares. In contrast, no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder. The founders of Bio-Rad, the Schwartz family, collectively hold a majority of Bio-Rad’s voting stock. As a result, the Schwartz family is able to exercise control over Bio-Rad.

Changes to Bio-Rad's issued common stock shares are as follows (in thousands):


	Class A Shares	Class B Shares
Balance at December 31, 2022	25,162	5,074
Class B to Class A conversions	8	(8)
Issuance of common stock	—	30
Balance at December 31, 2023	25,170	5,096
Class B to Class A conversions	21	(21)
Issuance of common stock	—	—
Balance at December 31, 2024	25,191	5,075
Class B to Class A conversions	8	(8)
Issuance of common stock	—	—
Balance at December 31, 2025	25,199	5,067

Treasury Shares

The share repurchase activity under the share repurchase programs through open market transactions for the years ended December 31, 2025, 2024 and 2023 are summarized as follows:


	Number of Shares Purchased	Weighted-Average Price per Share		Total Shares Repurchased To Date	Remaining Authorized Value (in millions)



May 1, 2023 – May 31, 2023	549,863	$	377.20	1,709,638	$	—
September 1, 2023 – September 30, 2023	58,478	$	364.61	1,768,116	$	478.7
November 1, 2023 – November 30, 2023	659,416	$	303.30	2,427,532	$	278.7
March 1, 2024 – March 31, 2024	14,250	$	329.98	2,441,782	$	274.0
May 1, 2024 – May 31, 2024	221,893	$	289.69	2,663,675	$	209.7
June 1, 2024 – June 30, 2024	124,333	$	287.29	2,788,008	$	174.0
July 1, 2024 – July 31, 2024	328,171	$	293.01	3,116,179	$	577.8
August 1, 2024 – August 31, 2024	2,210	$	321.73	3,118,389	$	577.1
March 1, 2025 – March 31, 2025	399,295	$	252.74	3,517,684	$	476.2
April 1, 2025 – April 30, 2025	422,648	$	234.43	3,940,332	$	377.1
June 1, 2025 – June 30, 2025	170,860	$	232.51	4,111,192	$	337.4
July 1, 2025 – July 31, 2025	187,057	$	248.99	4,298,249	$	290.8
August 1, 2025 – August 31, 2025	25,521	$	245.00	4,323,770	$	284.6

For the years ended December 31, 2025 and 2024, we used 184,633 and 183,567, respectively, of the repurchased shares in connection with the vesting of restricted stock units, exercise of stock options, and our Employee Stock Purchase Program. In July 2023, the board of directors authorized a new share repurchase program ("2023 Share Repurchase Program") granting the Company authority to repurchase, on a discretionary basis, up to $500 million of the outstanding shares of the Company's common stock. In July 2024, the board of directors granted the Company authority to repurchase, on a discretionary basis, up to an additional $500 million of the outstanding shares of the Company’s common stock under the 2023 Share Repurchase Program. As of December 31, 2025, the Company had repurchased $715.4 million under the 2023 Share Repurchase Program. As of December 31, 2025, $284.6 million remained available for repurchases under the 2023 Share Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

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+ Details

BIO-RAD LABORATORIES, INC. 10-K