LH

MKT CAP:$22B

Labcorp Holdings Inc.

Market Cap

$22B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$264.92+$13.26 (+5.27%)

Apr 23, 2026

Company Details

Labcorp Holdings, Inc. provides laboratory services to help doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. The company was founded on April 16, 2024 and is headquartered in Burling...

CEO

Adam H. Schechter

IPO Date

Mar 29, 1990

Website

www.labcorp.com

Key Metrics TTM

Revenue

$13.7B

+7.9% YoY

Net Income

$759M

EPS (Diluted)

$9.04

Free Cash Flow

$1.6B

Revenue / Share

$164.88

Gross Margin

27.8%

Operating Margin

9.6%

Net Margin

5.5%

FCF Margin

11.6%

P/S

1.6x

P/E

28.7x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 24, 2026

$14.0B+7.2%EPS $10.46

Q4 2025

Feb 24, 2026

$3.5B+5.6%EPS $1.98

Q2 2025

Aug 1, 2025

$3.5B+9.5%EPS $2.84

Q1 2025

Apr 29, 2025

$3.3B+5.3%EPS $2.52

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$4.1B	$1.4B	$767M
Q4 21	$4.1B	$1.4B	$731M
Q1 22	$3.9B	$1.2B	$688M
Q2 22	$2.9B	$943M	$429M
Q3 22	$2.9B	$886M	$374M
Q4 22	$3.7B	$970M	$91M
Q2 23	$3.0B	$842M	$266M
Q3 23	$3.1B	$851M	$252M
Q4 23	$3.0B	$821M	-$123M
Q1 24	$3.2B	$897M	$321M
Q2 24	$3.2B	$926M	$295M
Q3 24	$3.3B	$904M	$254M
Q4 24	$3.3B	$896M	$217M
Q1 25	$3.3B	$948M	$326M
Q2 25	$3.5B	$1.0B	$395M
Q4 25	$3.5B	$921M	$382M

Valuation

Quarter	P/S	P/E
Q3 21	1.3x	7.9x
Q4 21	1.3x	9.1x
Q1 22	1.4x	10.4x
Q2 22	1.5x	10.9x
Q3 22	1.6x	12.4x
Q4 22	1.6x	17.0x
Q2 23	1.7x	22.3x
Q3 23	1.7x	27.1x
Q4 23	1.7x	77.3x
Q1 24	1.8x	50.2x
Q2 24	1.7x	48.4x
Q3 24	1.7x	49.9x
Q4 24	1.7x	29.2x
Q1 25	1.7x	29.8x
Q2 25	1.6x	28.5x
Q4 25	1.6x	28.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$767M	$650M
Q4 21	$698M	$548M
Q1 22	$356M	$239M
Q2 22	$573M	$429M
Q3 22	$374M	$270M
Q4 22	$654M	$536M
Q2 23	$341M	$238M
Q3 23	$276M	$171M
Q4 23	$580M	$412M
Q1 24	-$30M	-$164M
Q2 24	$561M	$433M
Q3 24	$277M	$162M
Q4 24	$777M	$665M
Q1 25	$19M	-$108M
Q2 25	$621M	$543M
Q4 25	$614M	$490M

Capital Expenditures

Quarter	CapEx
Q3 21	$118M
Q4 21	$150M
Q1 22	$117M
Q2 22	$143M
Q3 22	$104M
Q4 22	$118M
Q2 23	$103M
Q3 23	$105M
Q4 23	$167M
Q1 24	$134M
Q2 24	$128M
Q3 24	$116M
Q4 24	$112M
Q1 25	$126M
Q2 25	$78M
Q4 25	$124M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+4.3%	+15.7%
Q4 21	-9.7%	+4.0%
Q1 22	-6.3%	+3.5%
Q2 22	-23.9%	-20.5%
Q3 22	-29.4%	-24.4%
Q4 22	-9.4%	+7.8%
Q2 23	-22.2%	-13.8%
Q3 23	+4.6%	+12.4%
Q4 23	+5.8%	+26.6%
Q1 24	-13.5%	-20.3%
Q2 24	+6.2%	+5.7%
Q3 24	+7.4%	+8.0%
Q4 24	+9.8%	-1.4%
Q1 25	+5.3%	+5.7%
Q2 25	+9.5%	+7.1%
Q4 25	+7.1%	+3.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$59M	1.5%
Q4 21	$42M	1.0%
Q1 22	$38M	1.0%
Q2 22	$39M	1.3%
Q3 22	$36M	1.3%
Q4 22	$30M	0.8%
Q2 23	$34M	1.1%
Q3 23	$34M	1.1%
Q4 23	$27M	0.9%
Q1 24	$32M	1.0%
Q2 24	$31M	1.0%
Q3 24	$27M	0.8%
Q4 24	$27M	0.8%
Q1 25	$33M	1.0%
Q2 25	$34M	1.0%
Q4 25	$30M	0.8%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	—	$520M
Q4 21	—	$544M
Q1 22	—	$464M
Q2 22	—	$432M
Q3 22	—	$453M
Q4 22	—	$537M
Q2 23	—	$506M
Q3 23	—	$526M
Q4 23	$2M	$533M
Q1 24	—	$508M
Q2 24	—	$558M
Q3 24	—	$569M
Q4 24	—	$595M
Q1 25	—	$546M
Q2 25	—	$579M
Q4 25	—	$539M

Revenue Segments

Quarter	Covance Drug Development	LabCorp Diagnostics	Biopharma Laboratory Services
Q3 21	$1.5B	$2.6B	—
Q4 21	$1.5B	$2.6B	—
Q1 22	$1.5B	$2.5B	—
Q4 22	$1.4B	$2.3B	—
Q2 23	$699M	$2.3B	—
Q3 23	$719M	$2.3B	—
Q1 24	$711M	$2.5B	—
Q2 24	$707M	$2.5B	—
Q3 24	$738M	$2.6B	—
Q1 25	—	$2.6B	$721M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$0	$1.2B
Q2 22	$1.1B	$0	$1.1B
Q3 22	$410M	$0	$410M
Q4 22	$321M	$0	$321M
Q1 23	$394M	$0	$394M
Q2 23	$1.9B	$0	$1.9B
Q3 23	$728M	$0	$728M
Q4 23	$537M	$0	$537M
Q1 24	$99M	$0	$99M
Q2 24	$265M	$0	$265M
Q3 24	$1.5B	$0	$1.5B
Q4 24	$1.5B	$0	$1.5B
Q1 25	$369M	$0	$369M
Q2 25	$647M	$0	$647M
Q3 25	$598M	$0	$598M
Q4 25	$532M	$0	$532M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	97M	-1.1%	-1.0%
Q4 21	96M	-0.9%	-2.1%
Q1 22	94M	-2.3%	-4.6%
Q2 22	93M	-1.4%	-5.6%
Q3 22	91M	-2.2%	-6.6%
Q4 22	89M	-1.9%	-7.5%
Q2 23	89M	0.0%	-5.3%
Q3 23	87M	-2.2%	-6.1%
Q4 23	85M	-2.4%	-6.4%
Q1 24	85M	-0.2%	-4.8%
Q2 24	84M	-0.5%	-5.3%
Q3 24	84M	+0.1%	-3.0%
Q4 24	84M	-0.2%	-0.8%
Q1 25	84M	+0.1%	-0.5%
Q2 25	84M	-0.2%	-0.2%
Q4 25	83M	-1.1%	-1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$56.1K	72K
Q4 21	$130.8K	31K
Q1 22	$125.8K	31K
Q2 22	$94.3K	31K
Q3 22	$92.5K	31K
Q4 22	$105.0K	35K
Q2 23	$86.7K	35K
Q3 23	$87.3K	35K
Q4 23	$97.8K	31K
Q1 24	$102.5K	31K
Q2 24	$103.9K	31K
Q3 24	$105.9K	31K
Q4 24	$47.6K	70K
Q1 25	$47.8K	70K
Q2 25	$50.4K	70K
Q4 25	$49.5K	71K

Revenue / Employee