LABCORP HOLDINGS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LABCORP HOLDINGS INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	9,553	10,308	11,333	11,555	13,979	13,136	11,864	12,162	13,009	13,952
Cost of revenue	6,699	7,216	8,157	8,302	9,026	8,144	8,155	8,797	9,385	9,939
Gross profit	2,854	3,092	3,176	3,253	4,953	4,992	3,709	3,365	3,624	4,013
Selling, general and administrative	1,346	1,499	1,571	1,625	1,729	1,690	1,763	2,021	2,230	2,216
Operating income	1,271	1,305	1,326	1,330	2,445	3,049	1,437	726	1,087	1,385
Interest expense	219	235	244	241	207	212	180	200	208	224
Other non-operating income	-197	-228	-57.4	-225	-226	15.5	-32.2	15.5	60.2	-55
Pre-tax income	885	839	938	784	1,847	2,455	1,098	504	630	729
Income tax	361	-155	384	280	662	690	234	189	212	230
Net income to minority interests	1.1	5.8	0.2	1.1	0.9	2.2	1.5	1.2	1.1	1.2
Net income	712	1,227	884	824	1,556	2,377	1,279	418	746	877
EBITDA	1,770	1,838	1,878	1,907	3,070	3,626	1,974	1,303	1,730	2,066
EPS, basic	6.94	11.99	8.71	8.42	15.99	24.60	14.05	4.80	8.89	10.54
EPS, diluted	6.82	11.81	8.61	8.35	15.88	24.39	13.97	4.77	8.84	10.46
Shares, basic (weighted)	103	102	101	97.9	97.3	96.7	91.1	87.1	83.9	83.2
Shares, diluted (weighted)	104	104	103	98.6	98	97.5	91.6	87.6	84.4	83.8
Dividend per share							2.16	2.88	2.88	2.88

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	434	317	427	338	1,321	1,473	321	537	1,519	532
Receivables	1,329	1,531	1,468	1,544	2,480	2,262	1,786	1,913	1,944	2,104
Inventory	205	227	237	245	423	401	471	475	493	535
Other current assets	321	309	309	374	365	478	610	655	698	693
Total current assets	2,479	2,734	2,835	2,981	5,125	5,331	4,625	3,765	4,807	4,021
Property, plant and equipment	1,719	1,707	1,740	2,637	2,730	2,815	2,794	2,912	3,045	3,082
Lease right-of-use assets				733	790	746	738	737	785	804
Goodwill	6,424	7,401	7,360	7,865	7,752	5,891	6,124	6,143	6,370	6,790
Intangible assets	3,401	4,166	3,911	4,035	3,961	3,736	3,124	3,342	3,489	3,596
Other non-current assets	165	218	276	435	410	463	378	537	652	751
Total assets	14,247	16,673	16,185	18,046	20,072	20,385	20,155	16,725	18,379	18,393
Accounts payable	508	574	635	632	639	621	852	828	876	841
Accrued liabilities	594	793	870	942	1,358	1,404	787	804	871	848
Deferred revenue	176	381	356	451	507	559	311	422	392	439
Short-term debt	550	418	10	415	377	1.5	301	1,000	1,000	500
Total current liabilities	1,828	2,186	1,879	2,656	3,079	2,783	3,079	3,225	3,330	2,824
Long-term debt	5,300	6,345	5,991	5,790	5,419	5,417	5,039	4,055	5,331	5,085
Lease liabilities			0	597	678	643	653	649	676	683
Other non-current liabilities	392	376	334	383	526	402	401	409	517	648
Total liabilities	8,726	9,848	9,195	10,459	10,614	10,091	10,040	8,835	10,313	9,756
Total debt	5,778	6,696	6,001	6,205	5,419	5,417	5,039	4,055	6,332	5,585
Paid-in capital	2,132	1,990	1,451	26.8	110	0	0	38.4	2.8	0
Retained earnings	4,969	6,196	7,157	7,981	9,479	10,457	10,582	7,888	8,303	8,640
Treasury stock	-1,013	-1,060	-1,108	0
Other comprehensive income	-582	-334	-463	-372	-162	-192	-493	-59.3	-262	-27.6
Shareholders' equity	5,518	6,804	7,048	7,644	9,437	10,273	10,097	7,875	8,052	8,620
Total equity	5,518	6,804	7,048	7,644	9,437	10,273	10,097	7,875	8,052	8,620
Total liabilities and equity	14,247	16,673	16,185	18,046	20,072	20,385	20,155	16,725	18,379	18,393
Shares outstanding	103	102	98.9	97.2	97.5	93.1	88.2	83.9	83.4	82.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	713	1,233	884	825	1,557	2,380	1,281	419	747	878
Depreciation and amortization	499	533	552	577	625	577	537	577	644	681
Stock-based compensation	110	110	91.6	107	112	133	117	129	117	126
Deferred income tax	54.7	-542	33.1	29.2	-47	-38.4	23.7	-78.1	-20.1	97.6
Change in receivables	-83.6	-13.2	50.2	-64.1	-913	267	46.5	-104	-52.3	-126
Change in inventory	-9.6	-16.4	-18.9	-21.9	-197	2.8	-45.5	-0.7	-12.6	-30.2
Change in payables	-8.7	172	43.3	-12.8	-5.3	-5.3	285	-42.4	72.1	-52.8
Cash from operations	1,197	1,498	1,305	1,445	2,135	3,110	1,956	1,328	1,586	1,641
Capital expenditures	-279	-313	-380	-400	-382	-422	-429	-454	-490	-435
Acquisitions	-549	-1,883	-118	-876	-268	-497	-1,164	-672	-839	-582
Purchases of investments								-29	-55	-192
Cash from investing	-796	-2,229	207	-1,283	-643	-885	-1,652	-1,172	-1,367	-1,194
Debt issued	0	1,200	0	1,050	0	1,000	0	0	2,000	0
Debt repaid	-455	-500	-400	-688	-412	-1,000	0	-300	-1,000	-1,000
Stock issued		43.9	37.5	27.6	17.5	6.8	7.1	2.9	6.5	2.5
Share buybacks	-43.9	-338	-700	-450	-100	-1,669	-1,100	-1,000	-250	-450
Dividends paid					0	0	-195	-254	-243	-241
Cash from financing	-671	593	-1,390	-253	-517	-2,066	-1,322	-59.3	780	-1,457
Exchange rate effect	-13.2	20.5	-12	1.8	8.6	-7.3	-24.2	9.9	-17	24.1
Net change in cash	-283	-117	110	-89.3	983	152	-1,043	107	982	-986
Free cash flow	918	1,185	926	1,045	1,754	2,688	1,527	874	1,096	1,206
Income taxes paid	346	348	350	217	500	965	475	207	215	171

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $309.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.9%	Gross profit / revenue.
Operating margin	10.4%	Operating income / revenue.
EBITDA margin	15.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	7.0%	Net income / revenue.
FCF margin	8.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.4%	Cash from operations / revenue.
Return on equity (ROE)	11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.4%	Net income / average total assets.
Return on invested capital (ROIC)	8.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	15.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	4.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-4.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	27.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-10.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-10.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-8.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	7.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.80x	Current assets / current liabilities.
Quick ratio	1.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.6%	Total debt / total assets.
Liabilities / assets	53.5%	Total liabilities / total assets.
Net debt	$5.72B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.61x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.59x	Operating income / interest expense.
Working capital	$1.69B	Current assets - current liabilities.
Goodwill and intangibles / assets	57.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.10B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	4.63x	Revenue / average property, plant and equipment.
Inventory turnover	18.1x	Cost of revenue / average inventory.
Days inventory	20 days	365 x average inventory / cost of revenue.
Receivables turnover	6.13x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	25 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	55 days	Days inventory + days sales outstanding - days payables.
FCF conversion	115.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$174.98	Revenue / diluted weighted shares.
FCF per share	$14.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$19.98	Cash from operations / diluted weighted shares.
Book value per share	$106.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$25.98	Tangible book value / shares outstanding.
Cash per share	$1.75	(Cash + short-term investments) / shares outstanding.
Payout ratio	23.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	60.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.11B	Share price x shares outstanding.
Enterprise value	$30.83B	Market cap + total debt - cash - short-term investments.
P/E	25.1x	Market cap / net income. Only when net income is positive.
P/S	1.75x	Market cap / revenue.
P/B	2.92x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	21.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.3x	Market cap / cash from operations, when positive.
EV/Sales	2.15x	Enterprise value / revenue.
EV/EBIT	20.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.6%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.

What was LABCORP HOLDINGS INC.'s revenue in fiscal 2025?

LABCORP HOLDINGS INC. reported revenue of $13.95B for fiscal 2025, 7.2% higher than the year before.

Was LABCORP HOLDINGS INC. profitable in fiscal 2025?

Yes. Net income was $876.5M, a net margin of 6.3%.

How much free cash flow did LABCORP HOLDINGS INC. generate in fiscal 2025?

Cash from operations of $1.64B minus capital expenditures of $434.5M left free cash flow of $1.21B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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