Company file · LH
Labcorp
Labcorp's revenue rose 7.2% in FY2025, to $14.0B, and net income rose 17.5% to $876M
Revenue rose 7.2% to $14.0B in FY2025, from $13.0B in FY2024. Net income rose 17.5% to $876M. Diagnostics was the largest segment, at 78% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Labcorp (NYSE: LH) took in $14.0B of revenue (up 7.2% on fiscal 2024); net income was $876M (up 17.5%). The most recent quarter, ended Sep 30, 2026, brought revenue of $3.8B, up 6.9% year over year, with net income of $263M. Diagnostics was the biggest single line by segment: 78% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 30, 2026).
Source: 10-K FY2025, filed Feb 24, 2026
Source: 10-Q filed May 4, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Oct 30, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Diagnostics (78%) and Biopharma Laboratory Services (22%), as shares of total revenue. Total revenue was $14.0B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Labcorp 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026
By segment
Source: Labcorp 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026
The bull case and the bear case
The bull case
- Revenue rose 7.2% in FY2025 to $14.0B, from $13.0B a year earlier. 10-K, FY2025
- Net income rose 17.5% in FY2025 to $876M, from $746M. 10-K, FY2025
- Operating cash flow rose 3.4% in FY2025 to $1.6B. 10-K, FY2025
- Total debt fell 11.8% in FY2025 to $5.6B. 10-K, FY2025
The bear case
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Labcorp is in the health care services industry, part of the health care sector. The SEC files it under Services-Medical Laboratories.
Labcorp reports 2 segments: Diagnostics and Biopharma Laboratory Services.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the health care services industry. They are not a summary of Labcorp’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $12.2B | $13.0B | $14.0B |
| Net income | $418M | $746M | $876M |
| Operating cash flow | $1.3B | $1.6B | $1.6B |
| Cash & equivalents (year end) | $537M | $1.5B | $532M |
| Total debt (year end) | $5.1B | $6.3B | $5.6B |
| Diluted shares | 88M | 84M | 84M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Debt due within one year plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Unrecognized tax benefits
- Accounts receivable and days sales outstanding
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 30, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | May 4, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 10, 2026 | Apr 10, 2026 |
| 10-K | Feb 24, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Labcorp
How does Labcorp make money?
In fiscal 2025, revenue totaled $14.0B. By segment in FY2025: Diagnostics (78%) and Biopharma Laboratory Services (22%), as shares of total revenue. Total revenue was $14.0B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What was Labcorp's revenue in fiscal 2025?
Revenue came to $14.0B in the year ended Dec 31, 2025. Going back two years, it was $12.2B in fiscal 2023 and $13.0B in fiscal 2024, so the latest year was up 7.2%. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
Is Labcorp profitable?
Yes, by US accounting rules (GAAP): net income was $876M in fiscal 2025, up 17.5% from $746M a year earlier. For the quarter ended Sep 30, 2026, net income was $263M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What did Labcorp report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $3.8B, against $3.6B in the same quarter a year before (up 6.9%), and net income of $263M, against $261M (up 0.7%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026.
How much cash and debt does Labcorp have?
On Sep 30, 2026, cash and cash equivalents stood at $262M and total debt at $5.9B. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 30, 2026.
What are the main risks Labcorp faces?
Labcorp's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the health care services industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these Labcorp numbers come from?
Two filings Labcorp made with the SEC: its fiscal 2025 10-K, filed Feb 24, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Labcorp
- Millennium Management: 228,043 shares, reported value $63.9M at Jun 30, 2026 (+83.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 137,444 shares, reported value $38.5M at Jun 30, 2026 (−47.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 35,367 shares, reported value $9.9M at Jun 30, 2026 (−50.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 2,798 shares, reported value $0.8M at Jun 30, 2026 (−75.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 2,700 shares, reported value $0.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in LH
- The editor holds no position in Labcorp (LH). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell LH from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold LH, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| LabcorpLH | FY2025 | $14.0B | +7.2% | $876M |
| CVS HealthCVS | FY2025 | $402.1B | +7.8% | $1.8B |
| CignaCI | FY2025 | $274.9B | +11.2% | $6.0B |
| Quest DiagnosticsDGX | FY2025 | $11.0B | +11.8% | $992M |
| DaVitaDVA | FY2025 | $13.6B | +6.5% | $747M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.