Labcorp Holdings Inc.
Financial Performance
Labcorp Revenue & Financials
Revenue
$14B (FY2025)
Market Cap
$25.1B
Net Income
$876.5M
Employees
71,000
What is Labcorp's revenue?
Labcorp had $14B in revenue for fiscal year 2025, up 7.2% from 2024. Net income was $876.5M.
- Latest revenue
- $14B (FY2025)
- Year-over-year
- +7.2%
- Growth rate (CAGR)
- 4.3% over 9 years
- Peak revenue
- $14B (FY2020)
- Years of data
- 10
- Employees
- 71,000
Financial Analysis
Revenue rose from $13.01 billion in 2024 to $13.95 billion in 2025 (up 7.2%), with diluted EPS of $10.46, adjusted EPS of $16.44, and free cash flow of $1.21 billion. Momentum carried into 2026: second-quarter revenue reached $3.73 billion (up 5.8%, 4.2% organic), adjusted operating margin widened 70 basis points to 15.8%, and adjusted EPS climbed 14.9% to $4.99. In July 2026 management raised full-year guidance to 5.4%-6.3% revenue growth and adjusted EPS of $18.10-$18.55, and the board added $1.0 billion to the buyback authorization. Laboratory Corporation of America Holdings (Labcorp) is a dominant American healthcare diagnostics and clinical lab network, commanding a market valuation typically over $18 billion.
Revenue Trend Analysis
YoY Change
+7.2%
9-Year CAGR
+4.3%
Peak Year
2020
Trend
Consistent Growth
Labcorp Holdings Inc. has 10 full fiscal year figures on this page, compounding at +4.3% annually over 9 years. The most recent year saw a 7.2% increase versus the prior year. Annual revenue peaked in fiscal year 2020 at $14B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
Click any row to see year details.
Labcorp Holdings Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $1.6B | $434.5M | $18.4B | $9.8B | $8.6B | $1.2B | Form 10-K |
| FY2024ended Dec 31, 2024 | $1.6B | $489.9M | $18.4B | $10.3B | $8.1B | $1.1B | Form 10-K |
| FY2023ended Dec 31, 2023 | $1.3B | $453.6M | $16.7B | $8.8B | $7.9B | $874.1M | Form 10-K |
| FY2022ended Dec 31, 2022 | $2B | $429.3M | $20.2B | $10B | $10.1B | $1.5B | Form 10-K |
| FY2021ended Dec 31, 2021 | $3.1B | $421.5M | $20.4B | $10.1B | $10.3B | $2.7B | Form 10-K |
| FY2020ended Dec 31, 2020 | $2.1B | $381.7M | $20.1B | $10.6B | $9.4B | $1.8B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.4B | $400.2M | $18B | $10.5B | $7.6B | $1B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.3B | $379.8M | $16.2B | $9.2B | $7B | $925.6M | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.5B | $312.9M | $16.7B | $9.8B | $6.8B | $1.2B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.2B | $278.9M | $14.2B | $8.7B | $5.5B | $918.2M | Form 10-K |
Keep researching Labcorp
Labcorp Revenue and Financial FAQ
What is Labcorp Holdings Inc.'s annual revenue scale?
Labcorp Holdings Inc. reported revenue of $14.0 billion for fiscal year 2025, up from $13.0 billion in fiscal 2024.
What is Labcorp's gross margin and adjusted operating margin profile?
Labcorp delivers gross profit margins typically between 28% and 31% and adjusted operating income margins of 13% to 15%, generating approximately $1.8 billion to $2.1 billion in annual adjusted operating income through high laboratory automation.
What is Labcorp's annual free cash flow generation and capital expenditure budget?
Labcorp generates strong, predictable operating free cash flow of $1.0 billion to $1.4 billion annually, allocating $400 million to $500 million in annual capital expenditures toward high-throughput robotic testing instrumentation and digital informatics.
How does Labcorp return capital to shareholders through dividends and share buybacks?
Labcorp pays a regular quarterly cash dividend ($0.72 per share, yielding attractive returns) and executes multi-hundred-million-dollar accelerated share repurchase (ASR) programs funded by free cash flow and proceeds from the Fortrea spin-off.
What is Labcorp's balance sheet structure, debt rating, and leverage target?
Labcorp maintains a solid investment-grade credit rating (Baa2/BBB tier) with conservative balance sheet leverage, targeting a net debt-to-adjusted EBITDA ratio between 2.0x and 2.5x, funded through senior unsecured corporate notes.
How does the Protecting Access to Medicare Act (PAMA) impact Labcorp's reimbursement?
PAMA established market-based private payer data reporting for Medicare Clinical Laboratory Fee Schedule (CLFS) rates; Labcorp actively mitigates statutory Medicare fee cuts by driving higher diagnostic test volume, expanding specialty testing, and executing internal lab cost-reduction programs.
How did the COVID-19 pandemic financially impact Labcorp?
During 2020 and 2021, Labcorp processed tens of millions of molecular COVID-19 PCR tests, generating billions in surge diagnostic revenue that was redeployed to pay down corporate debt, fund strategic hospital lab acquisitions, and invest in next-generation sequencing (NGS).
What percentage of Labcorp's revenue is generated from esoteric and specialty testing?
Specialty, genomic, and esoteric testing accounts for approximately 45% to 50% of Labcorp's diagnostic revenues, providing higher average reimbursement per test and faster organic growth than standard routine blood chemistry tests.
Is Labcorp financially stable?
Incredibly so. Because blood testing is completely essential to modern healthcare, their revenue is virtually recession-proof. During the 2020 pandemic, Labcorp generated massive billions in pure profit by processing millions of COVID-19 PCR tests. In 2023, to further boost their stock price, they executed a massive spin-off of their clinical trial division into a new public company called Fortrea.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Labcorp Revenue & Financials." CorpDigest, https://corpdigest.com/company/labcorp/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Labcorp reported $14B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/labcorp/financials" target="_blank" rel="noopener">CorpDigest — Labcorp financials</a></div>Related Financial Audits
Compare revenue, net income, and market cap scale
Explore Labcorp
Core profile pages, founders and related research hubs for this company.