Labcorp Holdings Inc. Revenue & Financials

Labcorp reported FY2024 revenue of $13.009 billion, an increase of 6.6% from $12.20 billion in 2023. Operating income was $1.087 billion (8.4% margin), adjusted operating income was $1.797 billion (13.8% margin), and net earnings attributable to Labcorp Holdings Inc. were $746 million (5.7% net margin). Diluted earnings per share were $8.84, while adjusted EPS was $14.57. The revenue growth was driven by organic growth of approximately 4.4%, acquisitions net of divestitures contributing 2.5%, and foreign currency translation adding 0.4%. Diagnostics Laboratories revenue grew approximately 6.0% on a base business basis, while Biopharma Laboratory Services revenue grew approximately 4.6%. The company's cost structure reflects the labor and technology intensity of laboratory operations: cost of revenues was $9.385 billion (72.1% of revenue), selling general and administrative expenses were $2.230 billion (17.1%), and amortization of intangibles was $256 million. Interest expense was $208 million. The balance sheet at December 31, 2024, showed cash of $1.519 billion, total debt of $5.054 billion, total assets of $16.725 billion, and shareholders' equity of $7.875 billion. Free cash flow from continuing operations was $1.10 billion. Capital allocation in 2024 included $450 million in share repurchases and approximately $599 million in dividends ($2.88 per share annualized). The 2026 guidance calls for revenue of $14.61 billion to $14.79 billion (5.4% growth at midpoint), adjusted EPS of $17.55 to $18.25 (8.9% growth at midpoint), and free cash flow of $1.24 billion to $1.36 billion (7.8% growth at midpoint). Q4 2025 revenue was $3.52 billion with adjusted operating income of $487.7 million (13.9% margin), demonstrating continued momentum.