You can use the Application Builder to build an EXE out of your VIs. This module is included in the Professional version of LabVIEW, but you would have to purchase it separately if you have the Base or Full version. You can learn more at ni.com/labview.
Only the development system needs the application builder.
All target machines need to install the LabVIEW runtime engine. The runtime engine can be freely downloaded from NI. Alternatively, you can even include it with the installer of your application. (Of course you also need to typically install NI-DAQ).
If you use certain LabVIEW add-on modules, the license for distributing applications could be different. (I don't know any details).