Labcorp
LH · NYSEServices-Medical Laboratories · Fiscal year ends Dec 31
Labcorp reported revenue of $14B in the fiscal year ended Dec 2025, up 7.2% from the year before. Operating income was $1.4B, an operating margin of 9.9%, and net income was $877M. Operating cash flow of $1.6B less capital expenditure of $435M left free cash flow of $1.2B. Net debt was $5.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13.1B | $11.9B | $12.2B | $13B | $14B |
| Cost of revenue | $8.1B | $8.2B | $8.8B | $9.4B | $9.9B |
| Gross profit | $5B | $3.7B | $3.4B | $3.6B | $4B |
| Selling, general & admin | $1.7B | $1.8B | $2B | $2.2B | $2.2B |
| Operating income | $3B | $1.4B | $726M | $1.1B | $1.4B |
| Interest expense | $212M | $180M | $200M | $208M | $224M |
| Income tax | $690M | $234M | $189M | $212M | $230M |
| Net income | $2.4B | $1.3B | $418M | $746M | $877M |
| Diluted EPS | 24.39 | 13.97 | 4.77 | 8.84 | 10.46 |
| Diluted shares | 98M | 92M | 88M | 84M | 84M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $321M | $537M | $1.5B | $532M |
| Receivables | $2.3B | $1.8B | $1.9B | $1.9B | $2.1B |
| Inventory | $401M | $471M | $475M | $493M | $535M |
| Current assets | $5.3B | $4.6B | $3.8B | $4.8B | $4B |
| Net PP&E | $2.8B | $2.8B | $2.9B | $3B | $3.1B |
| Goodwill | $5.9B | $6.1B | $6.1B | $6.4B | $6.8B |
| Total assets | $20.4B | $20.2B | $16.7B | $18.4B | $18.4B |
| Payables | $621M | $852M | $828M | $876M | $841M |
| Deferred revenue | $559M | $311M | $422M | $392M | $439M |
| Current liabilities | $2.8B | $3.1B | $3.2B | $3.3B | $2.8B |
| Short-term debt | $2M | $301M | $1,000M | $1B | $500M |
| Long-term debt | $5.4B | $5B | $4.1B | $5.3B | $5.1B |
| Total liabilities | $10.1B | $10B | $8.8B | $10.3B | $9.8B |
| Shareholders' equity | $10.3B | $10.1B | $7.9B | $8.1B | $8.6B |
| Backlog (remaining obligations) | $5.8B | $5.1B | – | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.1B | $2B | $1.3B | $1.6B | $1.6B |
| Capital expenditure | $422M | $429M | $454M | $490M | $435M |
| Free cash flow | $2.7B | $1.5B | $874M | $1.1B | $1.2B |
| Depreciation & amortisation | $577M | $537M | $577M | $644M | $681M |
| Stock-based compensation | $133M | $117M | $129M | $117M | $126M |
| Acquisitions | $497M | $1.2B | $672M | $839M | $582M |
| Share buybacks | $1.7B | $1.1B | $1B | $250M | $450M |
| Dividends paid | – | $195M | $254M | $243M | $241M |
| Dividend per share | – | 2.16 | 2.88 | 2.88 | 2.88 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −9.7% | 2.5% | 7.0% | 7.2% |
| Operating income growth (YoY) | – | −52.9% | −49.5% | 49.8% | 27.4% |
| EPS growth (YoY) | – | −42.7% | −65.9% | 85.3% | 18.3% |
| Gross margin | 38.0% | 31.3% | 27.7% | 27.9% | 28.8% |
| Operating margin | 23.2% | 12.1% | 6.0% | 8.4% | 9.9% |
| Net margin | 18.1% | 10.8% | 3.4% | 5.7% | 6.3% |
| Return on equityBlank when equity is negative | 23.1% | 12.7% | 5.3% | 9.3% | 10.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.3% | 8.4% | 5.4% | 7.2% | 8.9% |
| Free cash flow margin | 20.5% | 12.9% | 7.2% | 8.4% | 8.6% |
| Cash conversion (CFO ÷ net income) | 1.31x | 1.53x | 3.18x | 2.13x | 1.87x |
| Receivable days | 63 | 55 | 57 | 55 | 55 |
| Inventory days | 18 | 21 | 20 | 19 | 20 |
| Payable days | 28 | 38 | 34 | 34 | 31 |
| Interest cover | 14.4x | 7.99x | 3.64x | 5.22x | 6.18x |
| Debt ÷ equity | 0.53x | 0.53x | 0.64x | 0.79x | 0.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.9B | $5B | $4.5B | $4.8B | $5.1B |
| Current ratio | 1.92x | 1.50x | 1.17x | 1.44x | 1.42x |
Recent filings
More in Services-Medical Laboratories
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.