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LH

Labcorp Holdings Inc.

LH

Labcorp Holdings Inc. • NYSE
$268.78 ▲ 0.19% (+0.51)
Market Cap $22.28 B
52w High $293.72
52w Low $209.38
Dividend Yield 2.88%
P/E 26.38
Volume 310.26K
Outstanding Shares 82.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.563B ▲ $628.5M ▼ $261.1M ▲ 7.327% ▲ $3.14 ▲ $564M ▲
Q2-2025 $3.527B ▲ $651.7M ▲ $237.9M ▲ 6.745% ▲ $2.86 ▲ $532.1M ▲
Q1-2025 $3.345B ▲ $622M ▼ $212.8M ▲ 6.362% ▲ $2.54 ▲ $498M ▲
Q4-2024 $3.329B ▲ $679.8M ▲ $143.4M ▼ 4.307% ▼ $1.72 ▼ $417.8M ▼
Q3-2024 $3.282B $650.3M $169.3M 5.158% $2.02 $422.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $598.1M ▼ $18.262B ▲ $9.549B ▼ $8.697B ▲
Q2-2025 $647.3M ▲ $18.06B ▲ $9.57B ▲ $8.473B ▲
Q1-2025 $369.4M ▼ $17.604B ▼ $9.282B ▼ $8.307B ▲
Q4-2024 $1.519B ▲ $18.379B ▼ $10.313B ▼ $8.052B ▼
Q3-2024 $1.517B $18.613B $10.427B $8.17B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 ▼ $387.2M ▼ $-374M ▼ $-59.5M ▲ $-49.2M ▼ $280.5M ▼
Q2-2025 $238.3M ▲ $620.6M ▲ $-94.1M ▲ $-267.4M ▲ $277.9M ▲ $542.7M ▲
Q1-2025 $213M ▲ $18.5M ▼ $-336M ▼ $-839.7M ▼ $-1.149B ▼ $-107.5M ▼
Q4-2024 $143.6M ▼ $777.2M ▲ $-209.6M ▲ $-546.7M ▼ $1.4M ▼ $665.1M ▲
Q3-2024 $169.6M $277.3M $-579.1M $1.548B $1.252B $161.5M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
LabCorp Diagnostics
LabCorp Diagnostics
 $2.59Bn ▲$2.63Bn ▲$2.75Bn ▲$2.77Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Labcorp’s revenue has been fairly steady over the last few years, with a clear pattern: a temporary boost during the pandemic, then a step-down as COVID testing faded, followed by a gradual rebuild from its core businesses. Profitability was exceptionally strong in the pandemic years, then compressed meaningfully in 2022–2023, and improved again in the most recent year. Margins today look more “normal” and less inflated than during COVID, but they are still solid for a lab services business. Operating profit and earnings per share have rebounded from their recent low point, though they remain below the peak levels seen at the height of pandemic testing. Overall, the income statement shows a company that has largely digested the post‑COVID reset and is stabilizing with healthier earnings momentum.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable asset base, underpinned by significant laboratory infrastructure and intangible assets. Total assets dipped somewhat after the peak pandemic period but have since grown again, reflecting ongoing investment and acquisitions. Debt levels are on the higher side and have ticked up recently, which means Labcorp is using meaningful leverage to support its strategy. However, the company also maintains a solid equity base, suggesting a reasonable capital structure rather than an overly aggressive one. Cash on hand is noticeably stronger now than a couple of years ago, improving near‑term financial flexibility. Overall, the balance sheet looks sound but clearly geared: not distressed, yet reliant on continued strong cash generation to comfortably manage debt.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow was exceptionally high during the pandemic and then stepped down, but it has remained healthy and has recently improved again. Free cash flow has been consistently positive throughout the period, even after funding ongoing capital spending on labs, technology, and equipment. Capital spending has been steady and disciplined rather than flashy, indicating a focus on maintaining and upgrading the network rather than large one‑off bets. The pattern suggests Labcorp can fund its investments, support acquisitions, and service its debt from internal cash flows, which reduces dependence on external financing.

Competitive Edge

Competitive Edge Labcorp operates in a structurally attractive position: one of two dominant national players in U.S. clinical lab testing, alongside Quest Diagnostics. This scale gives it cost advantages, broad geographic reach, and strong negotiating power with suppliers and payers. Its dense network of labs and patient service centers, long‑standing contracts with hospitals and insurers, and deep regulatory experience create high barriers for new entrants. The combination of routine testing, specialty and esoteric tests, and integrated drug‑development services offers a breadth of capabilities that smaller labs struggle to match. On the risk side, the company still faces reimbursement pressure from government and private payers, competition from hospital labs and niche specialists, and periodic regulatory changes. But overall, Labcorp’s position is that of a well‑entrenched, scaled incumbent with a durable, if not unassailable, moat.

Innovation and R&D

Innovation and R&D Labcorp is leaning heavily into innovation, especially around data, automation, and advanced diagnostics. It is using large datasets, artificial intelligence, and robotics to automate lab workflows, improve accuracy, and cut costs. Its push into digital pathology with partners like Roche helps address labor shortages in pathology and enables remote, AI‑assisted diagnosis. On the test menu side, Labcorp is emphasizing higher‑value areas such as oncology, genetics, women’s health, neurology, autoimmune diseases, and Alzheimer’s biomarkers. Recent acquisitions in genetic testing and oncology labs deepen these capabilities and broaden its specialty offering. The company is also active in precision medicine and companion diagnostics, working with biopharma partners to match patients with targeted therapies. The Labcorp OnDemand direct‑to‑consumer platform extends its reach to consumers and taps into the trend toward more consumer‑driven healthcare. The flipside is execution risk: integrating acquisitions, keeping pace with rapid technology change, and navigating regulation around advanced diagnostics and AI all pose challenges. Still, the R&D and partnership strategy appears tightly aligned with long‑term industry trends.

Summary

Labcorp today looks like a mature, scaled healthcare infrastructure company coming off a pandemic high and settling into a more sustainable, but still attractive, profile. The income statement shows normalization after COVID with earnings recovering from a trough and margins returning to a more steady range. The balance sheet is solid but uses meaningful leverage, making continued strong cash flow important. Cash generation remains a clear positive, consistently funding investment and debt service. Strategically, Labcorp benefits from a strong competitive position in a duopolistic market, fortified by scale, a broad service portfolio, and regulatory know‑how. Its innovation focus—AI, digital pathology, specialty testing, precision medicine, and consumer access—aims to shift the business mix toward higher‑value, faster‑growing segments. Key watchpoints include reimbursement pressure, regulatory changes, competition in high‑margin specialty areas, and successful integration of acquisitions. Overall, the picture is of a financially resilient, innovation‑driven lab leader transitioning from extraordinary pandemic conditions back to a more normalized, yet still strategically favorable, environment.

NEWS

November 24, 2025 · 8:30 AM UTC

Labcorp Appoints Victor Bulto to Board of Directors

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November 19, 2025 · 7:04 AM UTC

Labcorp® Plasma Detect™ Clinical Studies Featured in Nature Medicine and Clinical Cancer Research

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November 17, 2025 · 9:00 AM UTC

Lunit and Labcorp Announce Strategic Collaboration to Advance AI-Powered Digital Pathology Research

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October 28, 2025 · 6:50 AM UTC

Labcorp Announces 2025 Third Quarter Results

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October 23, 2025 · 7:00 AM UTC

Labcorp to Offer First FDA-Cleared Blood Test to Rule out Alzheimer's-Related Amyloid Pathology in Primary Care Settings

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