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Fortrea vs Labcorp: revenue, profit, margins and growth compared

Fortrea brought in $2.7B of revenue in fiscal 2025, Labcorp $14B in fiscal 2025. Revenue changed by +1.0% at Fortrea and +7.2% at Labcorp on the year before, so Labcorp grew faster. Fortrea kept -36.2% of its revenue as net profit, Labcorp 6.3%. Free cash flow was $88.3M at Fortrea and $1.2B at Labcorp.

Side by side, latest fiscal year

FTRELH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.7B$14B
Revenue growth+1.0%+7.2%
Net income-$986.2M$876.5M
Net margin-36.2%6.3%
Free cash flow$88.3M$1.2B
Free cash flow margin3.2%8.6%
Earnings per share (diluted)-$10.81$10.46
Cash$174.6M$532.3M
Debt$1.1B$5.6B
Price to earningsn/a29.6
Market value$1.9B$25.1B
Dividend yieldn/a0.93%
Rank by revenue in sector#91 of 523 · Health care#35 of 523 · Health care

Over the years

Revenue
FTRE FY2021: $3.1BFTRE FY2023: $2.8BFTRE FY2023: $2.8BFTRE FY2024: $2.7BFTRE FY2025: $2.7BLH FY2018: $11.3BLH FY2019: $11.6BLH FY2020: $14BLH FY2021: $13.1BLH FY2021: $11.9BLH FY2023: $12.2BLH FY2024: $13BLH FY2025: $14BFY18FY19FY20FY21FY23FY24FY25
FTRE $2.7BLH $14B
Net income
FTRE FY2021: $98MFTRE FY2023: $186.2MFTRE FY2023: -$25.2MFTRE FY2024: -$328.5MFTRE FY2025: -$986.2MLH FY2018: $883.7MLH FY2019: $823.8MLH FY2020: $1.6BLH FY2021: $2.4BLH FY2021: $1.3BLH FY2023: $418MLH FY2024: $746MLH FY2025: $876.5MFY18FY19FY20FY21FY23FY24FY25
FTRE -$986.2MLH $876.5M
Net margin
FTRE FY2021: 3.2%FTRE FY2023: 6.6%FTRE FY2023: -0.9%FTRE FY2024: -12.2%FTRE FY2025: -36.2%LH FY2018: 7.8%LH FY2019: 7.1%LH FY2020: 11.1%LH FY2021: 18.1%LH FY2021: 10.8%LH FY2023: 3.4%LH FY2024: 5.7%LH FY2025: 6.3%FY18FY19FY20FY21FY23FY24FY25
FTRE -36.2%LH 6.3%
Revenue growth
FTRE FY2023: -7.2%FTRE FY2023: +0.2%FTRE FY2024: -5.1%FTRE FY2025: +1.0%LH FY2019: +2.0%LH FY2020: +21.0%LH FY2021: -6.0%LH FY2021: -9.7%LH FY2023: +2.5%LH FY2024: +7.0%LH FY2025: +7.2%FY19FY20FY21FY23FY24FY25
FTRE +1.0%LH +7.2%
Free cash flow
FTRE FY2021: $143.3MFTRE FY2023: $28.3MFTRE FY2023: $128.1MFTRE FY2024: $237.3MFTRE FY2025: $88.3MLH FY2018: $925.6MLH FY2019: $1BLH FY2020: $1.8BLH FY2021: $2.7BLH FY2021: $1.5BLH FY2023: $874.1MLH FY2024: $1.1BLH FY2025: $1.2BFY18FY19FY20FY21FY23FY24FY25
FTRE $88.3MLH $1.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Fortrea and Labcorp

Which is bigger by revenue, Fortrea or Labcorp?

Labcorp is bigger by revenue: $14B in fiscal 2025, against $2.7B for Fortrea in fiscal 2025.

Which keeps more of its revenue as profit, Fortrea or Labcorp?

Fortrea had a net margin of -36.2% in fiscal 2025; Labcorp had 6.3% in fiscal 2025.

Which grew revenue faster, Fortrea or Labcorp?

In their latest fiscal years revenue changed by +1.0% at Fortrea and +7.2% at Labcorp.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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