Labcorp (LH) Financials

$257.58 +0.64 (+0.25%)

Closing price 05/7/2026 03:59 PM Eastern

Extended Trading

$258.04 +0.46 (+0.18%)

As of 05/7/2026 07:36 PM Eastern

Annual Income Statements for Labcorp

This table shows Labcorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	438	712	1,227	884	824	1,556	2,377	1,279	418	746	877
Consolidated Net Income / (Loss)	439	713	1,233	884	825	1,557	2,380	1,281	419	747	878
Net Income / (Loss) Continuing Operations	439	713	1,233	884	825	1,557	2,198	1,004	380	747	878
Total Pre-Tax Income	726	1,074	1,078	1,268	1,105	2,219	2,888	1,237	569	960	1,108
Total Operating Income	997	1,271	1,305	1,326	1,330	2,445	3,049	1,437	726	1,087	1,385
Total Gross Profit	2,903	2,854	3,092	3,176	3,253	4,953	4,992	3,709	3,365	3,624	4,013
Total Revenue	8,680	9,553	10,308	11,333	11,555	13,979	13,136	11,864	12,162	13,009	13,952
Operating Revenue	8,680	9,553	10,308	11,333	11,555	13,979	13,136	11,864	12,162	13,009	13,952
Total Cost of Revenue	5,777	6,699	7,216	8,157	8,302	9,026	8,144	8,155	8,797	9,385	9,939
Operating Cost of Revenue	5,777	6,699	7,216	8,157	8,302	9,026	8,144	8,155	8,797	9,385	9,939
Total Operating Expenses	1,907	1,583	1,787	1,851	1,922	2,507	1,944	2,272	2,639	2,538	2,628
Selling, General & Admin Expense	1,628	1,346	1,499	1,571	1,625	1,729	1,690	1,763	2,021	2,230	2,216
Amortization Expense	165	180	217	232	243	275	230	194	220	256	280
Impairment Charge	-	-	-	0.00	-	462	0.00	262	349	5.30	4.30
Restructuring Charge	114	58	71	48	55	41	24	54	49	46	127
Total Other Income / (Expense), net	-271	-197	-228	-57	-225	-226	-161	-199	-157	-127	-277
Interest Expense	275	219	235	244	241	207	212	180	200	208	224
Interest & Investment Income	12	9.60	13	19	19	13	35	13	27	21	1.90
Other Income / (Expense), net	-7.80	13	-6.00	168	-3.20	-32	16	-32	16	60	-55
Income Tax Expense	287	361	-155	384	280	662	690	234	189	212	230
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	182	277	39	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	1.10	1.10	5.80	0.20	1.10	0.90	2.20	1.50	1.20	1.10	1.20
Basic Earnings per Share	-	-	-	-	-	-	$24.60	$14.05	$4.80	$8.89	$10.54
Weighted Average Basic Shares Outstanding	98.80M	102.50M	102.40M	101.40M	97.30M	195.20M	93.40M	88.50M	84.10M	83.70M	82.40M
Diluted Earnings per Share	-	-	-	-	-	-	$24.39	$13.97	$4.77	$8.84	$10.46
Weighted Average Diluted Shares Outstanding	98.80M	102.50M	102.40M	101.40M	97.30M	195.20M	93.40M	88.50M	84.10M	83.70M	82.40M
Weighted Average Basic & Diluted Shares Outstanding	98.80M	102.50M	102.40M	101.40M	97.30M	195.20M	93.40M	88.50M	84.10M	83.70M	82.40M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$2.16	$2.88	$2.88	$2.88

This table shows Labcorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	183	-167	228	205	169	143	213	238	261	165	278
Consolidated Net Income / (Loss)	184	-167	228	206	170	144	213	238	262	165	278
Net Income / (Loss) Continuing Operations	184	-167	228	206	170	144	213	238	262	165	278
Total Pre-Tax Income	239	-147	297	268	211	184	275	305	337	191	320
Total Operating Income	252	-123	321	295	254	217	326	395	397	268	381
Total Gross Profit	851	821	897	926	904	896	948	1,046	1,025	993	1,014
Total Revenue	3,057	3,033	3,177	3,221	3,282	3,329	3,345	3,527	3,564	3,516	3,538
Operating Revenue	3,057	3,033	3,177	3,221	3,282	3,329	3,345	3,527	3,564	3,516	3,538
Total Cost of Revenue	2,206	2,212	2,279	2,295	2,378	2,433	2,397	2,481	2,538	2,523	2,524
Operating Cost of Revenue	2,206	2,212	2,279	2,295	2,378	2,433	2,397	2,481	2,538	2,523	2,524
Total Operating Expenses	599	944	576	632	650	680	622	652	629	726	633
Selling, General & Admin Expense	526	533	508	558	569	595	546	579	552	539	551
Amortization Expense	56	59	60	62	64	70	70	68	70	73	76
Restructuring Charge	7.50	18	5.00	12	18	11	6.40	4.10	5.90	111	6.40
Total Other Income / (Expense), net	-14	-24	-24	-27	-44	-33	-51	-90	-60	-77	-61
Interest Expense	50	49	47	48	50	63	56	57	56	55	55
Interest & Investment Income	16	6.30	3.00	1.00	2.60	14	6.20	0.00	-1.70	-2.60	7.10
Other Income / (Expense), net	21	18	20	20	4.30	16	-1.00	-33	-1.90	-19	-13
Income Tax Expense	55	20	69	62	41	40	62	66	76	26	42
Net Income / (Loss) Attributable to Noncontrolling Interest	0.30	0.30	0.30	0.30	0.30	0.20	0.20	0.40	0.40	0.20	0.20
Basic Earnings per Share	$2.12	($1.86)	$2.71	$2.44	$2.02	$1.72	$2.54	$2.85	$3.14	$2.01	$3.37
Weighted Average Basic Shares Outstanding	84.90M	84.10M	84.29M	83.96M	83.64M	83.70M	83.70M	83.10M	82.90M	82.40M	82M
Diluted Earnings per Share	$2.11	($1.85)	$2.69	$2.43	$2.00	$1.72	$2.52	$2.84	$3.12	$1.98	$3.35
Weighted Average Diluted Shares Outstanding	84.90M	84.10M	84.29M	83.96M	83.64M	83.70M	83.70M	83.10M	82.90M	82.40M	82M
Weighted Average Basic & Diluted Shares Outstanding	84.90M	84.10M	84.29M	83.96M	83.64M	83.70M	83.70M	83.10M	82.90M	82.40M	82M
Cash Dividends to Common per Share	-	-	-	$0.72	$0.72	-	$0.72	$0.72	$0.72	-	$0.72

This table details how cash moves in and out of Labcorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	136	-283	-117	480	-89	983	152	-555	107	982	-986
Net Cash From Operating Activities	982	1,197	1,498	1,305	1,445	2,135	3,110	1,956	1,328	1,586	1,641
Net Cash From Continuing Operating Activities	982	1,197	1,498	1,675	1,445	2,135	2,846	1,765	1,202	1,586	1,641
Net Income / (Loss) Continuing Operations	439	713	1,233	884	825	1,557	2,198	1,004	380	747	878
Consolidated Net Income / (Loss)	439	713	1,233	884	825	1,557	2,380	1,281	419	747	878
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	182	277	39	0.00	0.00
Depreciation Expense	458	499	533	552	771	825	741	537	577	644	681
Non-Cash Adjustments To Reconcile Net Income	149	103	110	196	61	531	92	528	674	338	443
Changes in Operating Assets and Liabilities, net	-63	-118	-378	44	-213	-778	-184	185	-430	-143	-361
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	263	191	125	0.00	0.00
Net Cash From Investing Activities	-3,995	-796	-2,229	207	-1,283	-643	-885	-1,652	-1,172	-1,367	-1,194
Net Cash From Continuing Investing Activities	-3,995	-796	-2,229	207	-1,283	-643	-846	-1,600	-1,147	-1,367	-1,194
Purchase of Property, Plant & Equipment	-256	-279	-313	-380	-400	-382	-422	-429	-454	-490	-435
Acquisitions	-3,748	-561	-1,921	-140	-904	-308	-525	-1,181	-672	-839	-582
Purchase of Investments	-	-	-	-	-	-	-	-	-29	-55	-192
Sale of Property, Plant & Equipment	0.60	31	5.50	50	7.70	42	87	1.40	0.60	2.00	8.00
Divestitures	8.00	14	0.00	658	0.00	3.10	0.00	1.60	0.00	15	0.00
Sale and/or Maturity of Investments	-	0.00	0.00	18	13	1.00	13	8.10	6.70	0.00	6.90
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-39	-53	-25	0.00	0.00
Net Cash From Financing Activities	3,185	-671	593	-1,390	-253	-517	-2,066	-1,322	-59	780	-1,457
Net Cash From Continuing Financing Activities	3,185	-671	593	-1,390	-253	-517	-2,066	-1,322	-1,559	780	-1,457
Repayment of Debt	-602	-643	-2,401	-1,162	-1,727	-591	-1,402	-814	-2,808	-3,500	-1,079
Repurchase of Common Equity	0.00	-44	-338	-700	-450	-100	-1,669	-1,100	-1,000	-250	-450
Payment of Dividends	0.00	-2.10	-	-	-	-	-	-195	-254	-243	-241
Issuance of Debt	3,960	140	3,342	467	1,900	117	1,000	787	2,488	4,764	290
Issuance of Common Equity	99	71	74	69	65	56	4.20	51	54	56	54
Other Financing Activities, net	-272	-192	-84	-64	-41	-	-	-51	-40	-46	-32
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	0.00	0.00	1,500	0.00	0.00

This table details how cash moves in and out of Labcorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1,312	-140	-438	166	1,252	1.40	-1,149	278	-49	-66	449
Net Cash From Operating Activities	276	580	-30	561	277	777	19	621	387	614	192
Net Cash From Continuing Operating Activities	276	580	-30	561	277	777	19	621	387	614	192
Net Income / (Loss) Continuing Operations	184	-167	228	206	170	144	213	238	262	165	278
Consolidated Net Income / (Loss)	184	-167	228	206	170	144	213	238	262	165	278
Depreciation Expense	189	18	199	201	210	34	167	221	221	24	173
Non-Cash Adjustments To Reconcile Net Income	10	576	79	11	7.50	119	85	29	118	266	74
Changes in Operating Assets and Liabilities, net	-108	205	-535	143	-109	404	-447	132	-213	160	-333
Net Cash From Investing Activities	-488	-331	-393	-185	-579	-210	-336	-94	-374	-390	-322
Net Cash From Continuing Investing Activities	-488	-331	-393	-185	-579	-210	-336	-94	-374	-390	-322
Purchase of Property, Plant & Equipment	-105	-167	-134	-128	-116	-112	-126	-78	-107	-124	-121
Acquisitions	-390	-164	-273	-57	-464	-101	-54	147	-261	-258	-202
Purchase of Investments	-	-	-	-	-	-	-157	-	-7.90	-13	-6.70
Sale of Property, Plant & Equipment	0.10	0.30	0.10	0.10	0.40	1.40	0.50	1.90	1.10	4.50	7.80
Net Cash From Financing Activities	-1,097	-447	-12	-210	1,548	-547	-840	-267	-60	-290	581
Net Cash From Continuing Financing Activities	-988	-447	-12	-210	1,548	-547	-840	-267	-60	-290	581
Repayment of Debt	-458	-929	-215	-721	-2,132	-437	-1,068	-4.00	-1.60	-4.80	-3.40
Repurchase of Common Equity	-1,009	9.00	-	-	-75	-75	0.00	-	-25	-225	-98
Payment of Dividends	-64	-61	-62	-60	-61	-60	-62	-60	-60	-59	-61
Issuance of Debt	548	520	253	699	3,812	-	290	-	-	-	750
Issuance of Common Equity	-	-	27	-	26	3.20	26	-	29	-	33
Other Financing Activities, net	-4.50	15	-15	-27	-23	22	-26	-3.50	-1.60	-1.30	-40
Effect of Exchange Rate Changes	-2.80	6.40	-2.90	-0.30	5.70	-	7.90	19	-2.90	-	-1.10

This table presents Labcorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	14,105	14,247	16,673	16,185	18,046	20,072	20,385	20,155	16,725	18,379	18,393
Total Current Assets	2,621	2,479	2,734	2,835	2,981	5,125	5,331	4,625	3,765	4,807	4,021
Cash & Equivalents	716	434	317	427	338	1,321	1,473	321	537	1,519	532
Accounts Receivable	1,375	1,519	1,848	1,862	2,025	3,017	2,978	1,997	2,099	2,097	2,261
Inventories, net	191	205	227	237	245	423	401	471	475	493	535
Prepaid Expenses	339	321	309	309	374	365	478	610	655	698	693
Plant, Property, & Equipment, net	1,747	1,719	1,707	1,740	2,637	2,730	2,815	2,794	2,912	3,045	3,082
Total Noncurrent Assets	9,734	10,048	11,843	11,610	12,429	12,217	12,240	12,736	10,048	10,527	11,291
Long-Term Investments	58	58	58	61	85	74	61	66	27	16	154
Goodwill	6,202	6,424	7,401	7,360	7,865	7,752	7,959	6,124	6,143	6,370	6,790
Intangible Assets	3,324	3,401	4,166	3,911	4,035	3,961	3,736	3,124	3,342	3,489	3,596
Other Noncurrent Operating Assets	150	165	218	276	435	410	463	378	537	652	751
Total Liabilities & Shareholders' Equity	14,105	14,247	16,673	16,185	18,046	20,072	20,385	20,155	16,725	18,379	18,393
Total Liabilities	9,145	8,726	9,762	9,195	10,459	10,614	10,091	10,059	8,835	10,313	9,756
Total Current Liabilities	1,701	1,828	2,166	1,879	2,656	3,079	2,783	3,079	3,225	3,330	2,824
Short-Term Debt	424	550	418	10	415	377	1.50	301	1,000	1,000	500
Accounts Payable	497	508	574	635	632	639	621	852	828	876	841
Accrued Expenses	633	594	793	870	942	1,358	1,404	787	804	871	848
Current Deferred Revenue	146	176	381	356	451	507	559	311	422	392	439
Other Current Liabilities	-	-	-	7.90	215	199	198	170	172	191	196
Total Noncurrent Liabilities	7,444	6,898	7,596	7,316	7,804	7,536	7,309	6,980	5,609	6,982	6,933
Long-Term Debt	5,940	5,300	6,345	5,991	5,790	5,419	5,417	5,039	4,055	5,331	5,085
Noncurrent Deferred & Payable Income Tax Liabilities	1,181	1,206	876	940	943	829	763	543	418	383	455
Other Noncurrent Operating Liabilities	323	392	376	334	1,071	1,288	1,129	1,157	1,058	1,194	1,393
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	20	21	21	-	16	14	17
Total Equity & Noncontrolling Interests	4,960	5,521	6,825	6,991	7,567	9,437	10,273	10,097	7,875	8,052	8,620
Total Preferred & Common Equity	4,960	5,521	6,825	6,971	7,567	9,437	10,273	10,097	7,875	8,052	8,620
Total Common Equity	4,960	5,521	6,825	6,971	7,567	9,437	10,273	10,097	7,875	8,052	8,620
Common Stock	2,001	2,159	2,023	1,463	36	119	8.50	8.10	46	10	7.50
Retained Earnings	4,224	4,956	6,196	7,080	7,904	9,479	10,457	10,582	7,888	8,303	8,640
Accumulated Other Comprehensive Income / (Loss)	-287	-581	-334	-463	-372	-162	-192	-493	-59	-262	-28

This table presents Labcorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	17,719	16,886	16,725	16,531	16,712	18,613	18,379	17,604	18,060	18,262	19,087
Total Current Assets	5,121	3,954	3,765	3,457	3,571	4,910	4,807	3,790	4,087	4,079	4,559
Cash & Equivalents	1,931	728	537	99	265	1,517	1,519	369	647	598	981
Accounts Receivable	2,043	2,065	2,099	2,204	2,246	2,225	2,097	2,275	2,277	2,265	2,451
Inventories, net	488	461	475	475	442	483	493	488	508	522	498
Prepaid Expenses	660	700	655	678	618	685	698	658	655	694	630
Plant, Property, & Equipment, net	2,762	2,821	2,912	2,898	2,933	3,050	3,045	3,091	3,134	3,113	3,066
Total Noncurrent Assets	9,836	10,111	10,048	10,177	10,209	10,653	10,527	10,723	10,839	11,070	11,463
Long-Term Investments	67	40	27	18	18	17	16	168	160	168	147
Goodwill	6,182	6,332	6,143	6,219	6,220	6,482	6,370	6,421	6,551	6,682	6,955
Intangible Assets	3,154	3,276	3,342	3,394	3,332	3,541	3,489	3,487	3,494	3,571	3,636
Other Noncurrent Operating Assets	426	457	537	546	639	613	652	647	633	648	725
Total Liabilities & Shareholders' Equity	17,719	16,886	16,725	16,531	16,712	18,613	18,379	17,604	18,060	18,262	19,087
Total Liabilities	8,914	8,994	8,835	8,556	8,692	10,427	10,313	9,282	9,571	9,549	10,342
Total Current Liabilities	2,183	2,901	3,225	3,942	4,065	3,412	3,330	2,065	2,717	2,629	2,641
Short-Term Debt	301	991	1,000	2,042	2,020	1,400	1,000	0.40	500	500	500
Accounts Payable	713	691	828	696	761	661	876	718	793	669	696
Accrued Expenses	658	690	804	649	708	758	871	770	836	878	852
Current Deferred Revenue	350	361	422	378	388	403	392	388	398	392	405
Other Current Liabilities	161	169	172	178	189	191	191	188	190	191	188
Total Noncurrent Liabilities	6,750	6,112	5,609	4,630	4,642	7,030	6,982	7,218	6,854	6,919	7,701
Long-Term Debt	5,042	4,428	4,055	3,048	3,047	5,352	5,331	5,569	5,077	5,083	5,834
Noncurrent Deferred & Payable Income Tax Liabilities	565	500	418	397	376	358	383	388	355	442	456
Other Noncurrent Operating Liabilities	1,144	1,185	1,058	1,185	1,218	1,320	1,194	1,194	1,356	1,331	1,411
Commitments & Contingencies	-	-	0.00	-	-	-	0.00	-	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	16	-	-	-	14	14	17	16	17
Total Equity & Noncontrolling Interests	8,785	7,873	7,875	7,960	8,006	8,170	8,052	8,307	8,473	8,697	8,729
Total Preferred & Common Equity	8,785	7,873	7,875	7,960	8,006	8,170	8,052	8,307	8,473	8,697	8,729
Total Common Equity	8,785	7,873	7,875	7,960	8,006	8,170	8,052	8,307	8,473	8,697	8,729
Common Stock	103	12	46	90	20	7.60	10	43	9.30	41	7.40
Retained Earnings	8,836	8,070	7,888	8,055	8,178	8,276	8,303	8,456	8,498	8,698	8,784
Accumulated Other Comprehensive Income / (Loss)	-154	-209	-59	-185	-192	-113	-262	-192	-35	-42	-63

This table displays calculated financial ratios and metrics derived from Labcorp's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	44.39%	10.06%	7.90%	9.95%	1.95%	20.98%	-6.03%	-9.68%	2.51%	6.97%	7.25%
EBITDA Growth	24.05%	23.19%	2.81%	11.63%	2.58%	54.33%	17.50%	-48.98%	-32.09%	35.80%	12.31%
EBIT Growth	7.41%	29.74%	1.25%	14.95%	-11.14%	81.86%	26.97%	-54.17%	-47.23%	54.76%	15.94%
NOPAT Growth	6.70%	40.07%	77.01%	-38.14%	7.49%	72.77%	35.22%	-49.79%	-58.35%	74.40%	29.69%
Net Income Growth	-14.42%	62.50%	72.94%	-28.31%	-6.68%	88.75%	52.83%	-46.18%	-67.27%	78.22%	17.48%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-42.72%	-65.86%	85.32%	18.33%
Operating Cash Flow Growth	32.94%	21.85%	25.14%	-12.86%	10.67%	47.80%	45.63%	-37.10%	-32.12%	19.44%	3.45%
Free Cash Flow Firm Growth	-1,309.92%	110.83%	-198.18%	346.58%	-85.65%	587.25%	63.06%	82.88%	-107.92%	227.27%	18.37%
Invested Capital Growth	102.80%	3.13%	18.37%	-2.49%	6.49%	3.66%	2.31%	-17.59%	6.63%	3.83%	5.11%
Revenue Q/Q Growth	9.98%	0.41%	4.09%	0.38%	1.46%	12.35%	-20.65%	10.25%	7.60%	2.33%	1.35%
EBITDA Q/Q Growth	5.00%	4.56%	2.88%	-3.45%	7.74%	42.29%	-20.73%	-22.08%	-4.28%	24.60%	0.26%
EBIT Q/Q Growth	1.45%	5.41%	2.90%	-4.21%	6.65%	63.22%	-20.70%	-26.75%	-9.23%	41.70%	1.16%
NOPAT Q/Q Growth	0.84%	5.28%	77.57%	-36.13%	3.63%	72.98%	-19.12%	-27.51%	-24.10%	62.96%	5.76%
Net Income Q/Q Growth	-2.16%	8.21%	74.38%	-37.57%	9.13%	84.11%	-13.93%	-27.15%	-36.72%	71.08%	2.49%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-25.53%	-37.15%	67.74%	2.55%
Operating Cash Flow Q/Q Growth	21.06%	7.69%	6.76%	-5.68%	6.13%	10.61%	-2.42%	-2.20%	-5.28%	14.23%	-9.04%
Free Cash Flow Firm Q/Q Growth	18.37%	-71.83%	49.01%	-21.45%	-45.98%	13.10%	-13.80%	635.63%	-109.44%	207.05%	-47.55%
Invested Capital Q/Q Growth	-12.76%	-1.71%	-0.17%	-1.61%	-0.14%	4.24%	2.42%	-21.85%	-0.51%	-3.37%	0.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.45%	29.88%	29.99%	28.03%	28.15%	35.43%	38.01%	31.26%	27.67%	27.86%	28.76%
EBITDA Margin	16.67%	18.66%	17.78%	18.05%	18.16%	23.17%	28.97%	16.36%	10.84%	13.76%	14.41%
Operating Margin	11.48%	13.30%	12.66%	11.70%	11.51%	17.49%	23.21%	12.11%	5.97%	8.35%	9.93%
EBIT Margin	11.39%	13.43%	12.60%	13.18%	11.48%	17.26%	23.33%	11.84%	6.09%	8.82%	9.53%
Profit (Net Income) Margin	5.05%	7.46%	11.96%	7.80%	7.14%	11.14%	18.11%	10.79%	3.45%	5.74%	6.29%
Tax Burden Percent	60.43%	66.40%	114.42%	69.69%	74.66%	70.16%	82.40%	103.49%	73.69%	77.86%	79.25%
Interest Burden Percent	73.41%	83.67%	82.94%	84.93%	83.26%	91.95%	94.24%	88.12%	76.76%	83.66%	83.29%
Effective Tax Rate	39.57%	33.60%	-14.42%	30.31%	25.34%	29.84%	23.90%	18.90%	33.13%	22.14%	20.75%
Return on Invested Capital (ROIC)	7.65%	7.88%	12.58%	7.27%	7.66%	12.60%	16.55%	9.01%	4.02%	6.66%	8.27%
ROIC Less NNEP Spread (ROIC-NNEP)	3.53%	5.49%	8.01%	6.58%	4.70%	9.48%	17.98%	13.23%	1.88%	4.57%	3.80%
Return on Net Nonoperating Assets (RNNOA)	3.60%	5.73%	7.40%	5.53%	3.66%	5.67%	7.54%	3.55%	0.64%	2.70%	2.24%
Return on Equity (ROE)	11.25%	13.60%	19.97%	12.80%	11.32%	18.27%	24.09%	12.56%	4.66%	9.36%	10.51%
Cash Return on Invested Capital (CROIC)	-60.25%	4.80%	-4.25%	9.78%	1.38%	9.01%	14.27%	28.29%	-2.40%	2.90%	3.29%
Operating Return on Assets (OROA)	9.24%	9.05%	8.40%	9.09%	7.75%	12.66%	15.15%	6.93%	4.02%	6.53%	7.23%
Return on Assets (ROA)	4.10%	5.03%	7.97%	5.38%	4.82%	8.17%	11.76%	6.32%	2.27%	4.26%	4.77%
Return on Common Equity (ROCE)	11.25%	13.60%	19.97%	12.78%	11.29%	18.23%	24.04%	12.55%	4.66%	9.35%	10.49%
Return on Equity Simple (ROE_SIMPLE)	8.84%	12.91%	18.06%	12.68%	10.90%	16.50%	23.16%	12.68%	5.32%	9.28%	0.00%
Net Operating Profit after Tax (NOPAT)	602	844	1,493	924	993	1,716	2,320	1,165	485	846	1,097
NOPAT Margin	6.94%	8.83%	14.49%	8.15%	8.59%	12.27%	17.66%	9.82%	3.99%	6.50%	7.87%
Net Nonoperating Expense Percent (NNEP)	4.12%	2.39%	4.57%	0.69%	2.96%	3.12%	-1.43%	-4.23%	2.14%	2.10%	4.47%
Return On Investment Capital (ROIC_SIMPLE)	5.32%	7.42%	10.99%	7.08%	7.21%	11.26%	14.79%	7.55%	3.73%	5.85%	7.69%
Cost of Revenue to Revenue	66.55%	70.12%	70.01%	71.97%	71.85%	64.57%	61.99%	68.74%	72.33%	72.14%	71.24%
SG&A Expenses to Revenue	18.76%	14.08%	14.54%	13.86%	14.06%	12.37%	12.87%	14.86%	16.62%	17.14%	15.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.96%	16.58%	17.33%	16.33%	16.64%	17.94%	14.80%	19.15%	21.70%	19.51%	18.84%
Earnings before Interest and Taxes (EBIT)	989	1,283	1,299	1,493	1,327	2,413	3,064	1,404	741	1,147	1,330
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,447	1,782	1,832	2,046	2,098	3,238	3,805	1,942	1,318	1,790	2,011
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.49	2.37	2.35	1.81	2.14	2.07	2.89	2.04	2.52	2.51	2.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.26	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.42	1.37	1.56	1.11	1.40	1.40	2.26	1.74	1.63	1.56	1.59
Price to Earnings (P/E)	28.23	18.34	13.07	14.25	19.69	12.58	12.49	16.11	47.52	27.13	25.33
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.94%	1.15%
Earnings Yield	3.54%	5.45%	7.65%	7.02%	5.08%	7.95%	8.01%	6.21%	2.10%	3.69%	3.95%
Enterprise Value to Invested Capital (EV/IC)	1.70	1.69	1.74	1.45	1.65	1.73	2.37	2.19	1.96	1.94	2.00
Enterprise Value to Revenue (EV/Rev)	2.07	1.93	2.18	1.60	1.91	1.72	2.56	2.15	2.01	1.93	1.95
Enterprise Value to EBITDA (EV/EBITDA)	12.40	10.33	12.24	8.88	10.50	7.41	8.83	13.16	18.54	14.03	13.52
Enterprise Value to EBIT (EV/EBIT)	18.14	14.35	17.26	12.17	16.60	9.94	10.96	18.20	32.99	21.90	20.44
Enterprise Value to NOPAT (EV/NOPAT)	29.79	21.83	15.01	19.67	22.18	13.99	14.48	21.94	50.39	29.69	24.77
Enterprise Value to Operating Cash Flow (EV/OCF)	18.27	15.38	14.97	13.92	15.24	11.24	10.80	13.07	18.41	15.84	16.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	35.84	0.00	14.61	123.37	19.56	16.80	6.99	0.00	68.13	62.27
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.28	1.06	0.99	0.87	0.82	0.61	0.53	0.53	0.65	0.79	0.65
Long-Term Debt to Equity	1.20	0.96	0.93	0.86	0.76	0.57	0.53	0.50	0.52	0.67	0.60
Financial Leverage	1.02	1.04	0.92	0.84	0.78	0.60	0.42	0.27	0.34	0.59	0.59
Leverage Ratio	2.75	2.71	2.50	2.38	2.35	2.24	2.05	1.99	2.05	2.20	2.20
Compound Leverage Factor	2.02	2.26	2.08	2.02	1.96	2.06	1.93	1.75	1.57	1.84	1.83
Debt to Total Capital	56.20%	51.44%	49.77%	46.40%	44.99%	38.00%	34.48%	34.59%	39.41%	44.26%	39.54%
Short-Term Debt to Total Capital	3.74%	4.83%	3.07%	0.08%	3.01%	2.47%	0.01%	1.95%	7.68%	6.91%	3.50%
Long-Term Debt to Total Capital	52.46%	46.61%	46.70%	46.33%	41.98%	35.53%	34.47%	32.64%	31.74%	37.35%	36.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.15%	0.15%	0.14%	0.13%	0.00%	0.12%	0.10%	0.12%
Common Equity to Total Capital	43.80%	48.56%	50.23%	53.45%	54.86%	61.87%	65.39%	65.41%	60.47%	55.64%	60.34%
Debt to EBITDA	4.40	3.28	3.69	2.96	2.96	1.79	1.42	2.75	3.89	3.58	2.81
Net Debt to EBITDA	3.86	3.01	3.49	2.72	2.76	1.36	1.02	2.55	3.47	2.72	2.47
Long-Term Debt to EBITDA	4.11	2.97	3.46	2.95	2.76	1.67	1.42	2.60	3.14	3.02	2.56
Debt to NOPAT	10.57	6.93	4.53	6.55	6.25	3.38	2.34	4.58	10.58	7.57	5.15
Net Debt to NOPAT	9.28	6.35	4.28	6.02	5.82	2.57	1.67	4.25	9.42	5.76	4.52
Long-Term Debt to NOPAT	9.86	6.28	4.25	6.54	5.83	3.16	2.33	4.33	8.52	6.39	4.69
Altman Z-Score	2.16	2.41	2.42	2.51	2.45	2.98	3.77	2.87	2.92	2.82	3.10
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.14%	0.27%	0.24%	0.21%	0.10%	0.09%	0.19%	0.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.54	1.36	1.26	1.51	1.12	1.66	1.92	1.50	1.17	1.44	1.42
Quick Ratio	1.23	1.07	1.00	1.22	0.89	1.41	1.60	0.75	0.82	1.09	0.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,744	514	-504	1,244	179	1,227	2,000	3,658	-290	369	436
Operating Cash Flow to CapEx	384.95%	482.51%	487.35%	395.94%	368.08%	628.77%	930.46%	457.09%	293.09%	325.03%	384.64%
Free Cash Flow to Firm to Interest Expense	-17.26	2.35	-2.15	5.09	0.74	5.92	9.44	20.35	-1.45	1.77	1.95
Operating Cash Flow to Interest Expense	3.57	5.46	6.37	5.35	6.00	10.30	14.68	10.88	6.65	7.61	7.32
Operating Cash Flow Less CapEx to Interest Expense	2.65	4.33	5.06	4.00	4.37	8.66	13.10	8.50	4.38	5.27	5.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.81	0.67	0.67	0.69	0.68	0.73	0.65	0.59	0.66	0.74	0.76
Accounts Receivable Turnover	7.93	6.60	6.12	6.11	5.94	5.54	4.38	4.77	5.94	6.20	6.40
Inventory Turnover	34.96	33.82	33.38	35.12	34.45	27.03	19.75	18.70	18.61	19.39	19.34
Fixed Asset Turnover	6.85	5.51	6.02	6.58	5.28	5.21	4.74	4.23	4.26	4.37	4.55
Accounts Payable Turnover	14.82	13.32	13.33	13.50	13.11	14.20	12.92	11.07	10.47	11.02	11.58
Days Sales Outstanding (DSO)	46.05	55.27	59.60	59.74	61.40	65.83	83.29	76.54	61.47	58.86	57.00
Days Inventory Outstanding (DIO)	10.44	10.79	10.94	10.39	10.60	13.51	18.48	19.51	19.61	18.82	18.87
Days Payable Outstanding (DPO)	24.63	27.40	27.37	27.04	27.85	25.70	28.24	32.98	34.85	33.12	31.52
Cash Conversion Cycle (CCC)	31.86	38.66	43.16	43.09	44.15	53.63	73.53	63.08	46.23	44.56	44.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,547	10,877	12,875	12,555	13,370	13,859	14,178	11,685	12,460	12,937	13,598
Invested Capital Turnover	1.10	0.89	0.87	0.89	0.89	1.03	0.94	0.92	1.01	1.02	1.05
Increase / (Decrease) in Invested Capital	5,346	330	1,998	-320	815	489	320	-2,493	775	477	661
Enterprise Value (EV)	17,945	18,415	22,421	18,173	22,023	23,999	33,597	25,555	24,448	25,122	27,181
Market Capitalization	12,355	13,057	16,034	12,590	16,220	19,577	29,692	20,602	19,863	20,237	22,203
Book Value per Share	$49.01	$53.60	$67.04	$69.09	$77.93	$96.89	$107.35	$113.96	$92.76	$96.27	$103.98
Tangible Book Value per Share	($45.11)	($41.79)	($46.58)	($42.62)	($44.62)	($23.37)	($14.85)	$9.59	($18.96)	($21.60)	($21.30)
Total Capital	11,324	11,371	13,587	13,042	13,792	15,253	15,712	15,437	13,024	14,472	14,284
Total Debt	6,364	5,850	6,762	6,052	6,205	5,796	5,418	5,340	5,133	6,406	5,648
Total Long-Term Debt	5,940	5,300	6,345	6,042	5,790	5,419	5,417	5,039	4,133	5,406	5,148
Net Debt	5,590	5,358	6,387	5,565	5,783	4,401	3,884	4,954	4,569	4,871	4,962
Capital Expenditures (CapEx)	255	248	307	330	393	340	334	428	453	488	427
Debt-free, Cash-free Net Working Capital (DFCFNWC)	628	767	669	540	403	1,103	1,076	1,527	1,003	958	1,165
Debt-free Net Working Capital (DFNWC)	1,345	1,201	986	967	741	2,424	2,549	1,848	1,540	2,477	1,697
Net Working Capital (NWC)	921	651	568	957	325	2,047	2,548	1,547	540	1,476	1,197
Net Nonoperating Expense (NNE)	164	131	261	40	168	159	-59	-116	66	99	220
Net Nonoperating Obligations (NNO)	5,587	5,356	6,050	5,565	5,783	4,401	3,884	1,588	4,569	4,871	4,962
Total Depreciation and Amortization (D&A)	458	499	533	552	771	825	741	537	577	644	681
Debt-free, Cash-free Net Working Capital to Revenue	7.24%	8.03%	6.49%	4.76%	3.49%	7.89%	8.19%	12.87%	8.25%	7.36%	8.35%
Debt-free Net Working Capital to Revenue	15.49%	12.57%	9.56%	8.53%	6.41%	17.34%	19.41%	15.58%	12.66%	19.04%	12.16%
Net Working Capital to Revenue	10.61%	6.82%	5.51%	8.44%	2.82%	14.64%	19.39%	13.04%	4.44%	11.35%	8.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.80	$8.89	$10.54
Adjusted Weighted Average Basic Shares Outstanding	0.00	102.30M	101.90M	98.60M	97.30M	97.60M	0.00	88.50M	84.10M	83.70M	82.40M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.77	$8.84	$10.46
Adjusted Weighted Average Diluted Shares Outstanding	0.00	102.30M	101.90M	98.60M	97.30M	97.60M	0.00	88.50M	84.10M	83.70M	82.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	102.30M	101.90M	98.60M	97.30M	97.60M	0.00	88.50M	84.10M	83.70M	82.40M
Normalized Net Operating Profit after Tax (NOPAT)	671	882	963	957	1,034	2,068	2,338	1,421	751	886	1,202
Normalized NOPAT Margin	7.73%	9.24%	9.34%	8.45%	8.95%	14.80%	17.80%	11.98%	6.18%	6.81%	8.61%
Pre Tax Income Margin	8.36%	11.24%	10.45%	11.19%	9.56%	15.88%	21.98%	10.43%	4.68%	7.38%	7.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.60	5.86	5.53	6.12	5.51	11.64	14.47	7.81	3.71	5.51	5.93
NOPAT to Interest Expense	2.19	3.85	6.35	3.78	4.13	8.27	10.95	6.48	2.43	4.06	4.90
EBIT Less CapEx to Interest Expense	2.67	4.72	4.22	4.77	3.88	10.00	12.89	5.43	1.44	3.16	4.03
NOPAT Less CapEx to Interest Expense	1.26	2.72	5.04	2.43	2.50	6.64	9.38	4.10	0.16	1.72	2.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	15.24%	60.59%	32.54%	27.42%
Augmented Payout Ratio	0.00%	6.45%	27.42%	79.19%	54.55%	6.42%	70.12%	101.14%	299.14%	66.02%	78.69%

This table displays calculated financial ratios and metrics derived from Labcorp's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	82,400,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	82,400,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.37
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.63%	39.49%	4.57%	6.17%	7.37%	9.76%	5.30%	9.51%	8.58%	5.60%	5.75%
EBITDA Growth	-13.01%	-211.87%	6.81%	18.04%	1.15%	407.73%	0.09%	13.03%	31.50%	1.99%	10.00%
EBIT Growth	-23.29%	-258.22%	5.70%	26.02%	-5.49%	322.66%	-4.78%	15.11%	52.75%	6.57%	13.14%
NOPAT Growth	-40.96%	-126.57%	-2.28%	12.30%	5.45%	296.78%	2.30%	36.27%	50.39%	36.87%	31.24%
Net Income Growth	-48.02%	-318.32%	7.03%	8.73%	-7.63%	186.09%	-6.70%	15.90%	54.19%	14.83%	30.52%
EPS Growth	-45.90%	-290.72%	12.55%	14.62%	-5.21%	192.97%	-6.32%	16.87%	56.00%	15.12%	32.94%
Operating Cash Flow Growth	-26.30%	-11.32%	-124.59%	59.68%	0.65%	34.09%	162.08%	10.60%	39.63%	-20.97%	935.14%
Free Cash Flow Firm Growth	435.77%	-135.06%	95.34%	-184.68%	-125.13%	64.19%	57.43%	98.20%	115.53%	-39.30%	14.84%
Invested Capital Growth	-16.24%	6.63%	6.60%	0.00%	6.90%	3.83%	3.78%	4.18%	1.53%	5.11%	3.96%
Revenue Q/Q Growth	0.76%	-0.77%	4.72%	1.39%	1.90%	1.44%	0.47%	5.45%	1.03%	-1.34%	0.62%
EBITDA Q/Q Growth	5.91%	-118.74%	722.72%	-4.48%	-9.25%	-42.99%	102.55%	7.86%	5.58%	-55.78%	98.82%
EBIT Q/Q Growth	9.62%	-138.26%	426.29%	-7.91%	-17.79%	-9.87%	39.54%	11.32%	9.09%	-37.12%	48.15%
NOPAT Q/Q Growth	-3.74%	-144.30%	386.93%	-8.20%	-9.62%	-17.34%	49.17%	22.28%	-0.25%	-24.77%	43.03%
Net Income Q/Q Growth	-2.91%	-190.85%	236.87%	-9.94%	-17.51%	-15.33%	48.33%	11.88%	9.74%	-36.94%	68.59%
EPS Q/Q Growth	-0.47%	-187.68%	245.41%	-9.67%	-17.70%	-14.00%	46.51%	12.70%	9.86%	-36.54%	69.19%
Operating Cash Flow Q/Q Growth	-21.60%	110.38%	-105.14%	1,982.89%	-50.58%	180.27%	-97.62%	3,254.59%	-37.61%	58.63%	-68.82%
Free Cash Flow Firm Q/Q Growth	-82.32%	-132.82%	35.64%	-2,167.58%	94.75%	53.23%	23.48%	4.33%	145.35%	-519.53%	45.17%
Invested Capital Q/Q Growth	0.00%	-0.51%	3.79%	-1.10%	4.68%	-3.37%	3.73%	-0.71%	2.02%	0.04%	3.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.85%	27.08%	28.25%	28.76%	27.56%	26.92%	28.34%	29.66%	28.77%	28.25%	28.66%
EBITDA Margin	15.14%	-2.86%	17.00%	16.01%	14.26%	8.01%	16.16%	16.53%	17.27%	7.74%	15.29%
Operating Margin	8.25%	-4.05%	10.11%	9.15%	7.74%	6.50%	9.75%	11.18%	11.13%	7.61%	10.76%
EBIT Margin	8.94%	-3.45%	10.74%	9.76%	7.87%	7.00%	9.72%	10.26%	11.08%	7.06%	10.39%
Profit (Net Income) Margin	6.01%	-5.50%	7.19%	6.38%	5.17%	4.31%	6.37%	6.76%	7.34%	4.69%	7.86%
Tax Burden Percent	76.92%	113.39%	76.77%	76.80%	80.53%	78.13%	77.40%	78.21%	77.60%	86.52%	86.96%
Interest Burden Percent	87.31%	140.63%	87.14%	85.17%	81.50%	78.92%	84.68%	84.22%	85.38%	76.79%	86.95%
Effective Tax Rate	23.08%	0.00%	23.23%	23.20%	19.47%	21.87%	22.60%	21.79%	22.40%	13.48%	13.04%
Return on Invested Capital (ROIC)	5.22%	-2.85%	7.62%	13.73%	6.12%	5.20%	7.54%	9.03%	8.81%	6.92%	9.67%
ROIC Less NNEP Spread (ROIC-NNEP)	5.00%	-5.48%	7.18%	12.86%	5.41%	4.66%	6.76%	7.57%	7.90%	5.57%	8.64%
Return on Net Nonoperating Assets (RNNOA)	2.65%	-1.88%	3.57%	7.68%	3.33%	2.76%	4.18%	4.42%	4.72%	3.28%	5.22%
Return on Equity (ROE)	7.87%	-4.73%	11.19%	21.41%	9.44%	7.96%	11.73%	13.45%	13.53%	10.20%	14.89%
Cash Return on Invested Capital (CROIC)	22.33%	-2.40%	-2.53%	-192.00%	-2.66%	2.90%	2.76%	3.07%	6.17%	3.29%	4.72%
Operating Return on Assets (OROA)	5.51%	-2.27%	7.72%	7.29%	5.64%	5.18%	7.50%	7.95%	8.27%	5.36%	8.01%
Return on Assets (ROA)	3.70%	-3.63%	5.16%	4.77%	3.70%	3.20%	4.92%	5.24%	5.48%	3.56%	6.06%
Return on Common Equity (ROCE)	7.87%	-4.73%	11.19%	21.41%	9.44%	7.95%	11.72%	13.44%	13.52%	10.18%	14.86%
Return on Equity Simple (ROE_SIMPLE)	8.41%	0.00%	5.46%	5.63%	5.35%	0.00%	8.81%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	194	-86	247	226	205	169	252	309	308	232	331
NOPAT Margin	6.35%	-2.83%	7.76%	7.03%	6.24%	5.08%	7.54%	8.75%	8.64%	6.59%	9.36%
Net Nonoperating Expense Percent (NNEP)	0.22%	2.63%	0.44%	0.87%	0.71%	0.54%	0.78%	1.46%	0.92%	1.36%	1.03%
Return On Investment Capital (ROIC_SIMPLE)	1.46%	-0.66%	1.89%	1.73%	1.37%	1.17%	1.81%	2.19%	2.15%	1.62%	2.20%
Cost of Revenue to Revenue	72.15%	72.92%	71.75%	71.24%	72.44%	73.08%	71.66%	70.34%	71.23%	71.75%	71.34%
SG&A Expenses to Revenue	17.19%	17.57%	16.00%	17.32%	17.32%	17.88%	16.32%	16.42%	15.50%	15.32%	15.58%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.59%	31.13%	18.13%	19.61%	19.81%	20.42%	18.59%	18.48%	17.64%	20.64%	17.89%
Earnings before Interest and Taxes (EBIT)	273	-105	341	314	258	233	325	362	395	248	368
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	463	-87	540	516	468	267	540	583	615	272	541
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.23	2.52	2.40	2.23	2.41	2.51	2.48	2.73	2.92	2.58	2.71
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.55	1.63	1.55	1.43	1.55	1.56	1.56	1.72	1.85	1.59	1.67
Price to Earnings (P/E)	26.57	47.52	44.08	39.71	45.15	27.13	28.18	30.35	29.71	25.33	25.08
Dividend Yield	0.00%	0.00%	0.00%	0.36%	0.65%	0.94%	1.24%	1.10%	1.00%	1.15%	1.08%
Earnings Yield	3.76%	2.10%	2.27%	2.52%	2.21%	3.69%	3.55%	3.29%	3.37%	3.95%	3.99%
Enterprise Value to Invested Capital (EV/IC)	1.77	1.96	1.86	1.77	1.86	1.94	1.92	2.10	2.23	2.00	2.07
Enterprise Value to Revenue (EV/Rev)	1.97	2.01	1.96	1.81	1.96	1.93	1.95	2.08	2.20	1.95	2.04
Enterprise Value to EBITDA (EV/EBITDA)	16.13	18.54	17.79	15.81	17.32	14.03	14.36	15.08	15.11	13.52	14.00
Enterprise Value to EBIT (EV/EBIT)	27.21	32.99	31.68	27.46	30.74	21.90	22.74	23.79	23.05	20.44	21.01
Enterprise Value to NOPAT (EV/NOPAT)	34.76	50.39	49.79	44.23	47.92	29.69	30.17	29.98	29.20	24.77	24.48
Enterprise Value to Operating Cash Flow (EV/OCF)	15.85	18.41	20.45	16.33	17.92	15.84	15.73	16.55	16.80	16.57	15.90
Enterprise Value to Free Cash Flow (EV/FCFF)	7.24	0.00	0.00	0.00	0.00	68.13	70.65	69.99	36.41	62.27	44.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.65	0.64	0.63	0.83	0.79	0.68	0.66	0.65	0.65	0.72
Long-Term Debt to Equity	0.56	0.52	0.38	0.38	0.66	0.67	0.68	0.61	0.59	0.60	0.67
Financial Leverage	0.53	0.34	0.50	0.60	0.62	0.59	0.62	0.58	0.60	0.59	0.60
Leverage Ratio	2.04	2.05	2.05	2.09	2.21	2.20	2.10	2.11	2.18	2.20	2.15
Compound Leverage Factor	1.78	2.88	1.78	1.78	1.80	1.74	1.78	1.78	1.86	1.69	1.87
Debt to Total Capital	40.77%	39.41%	39.00%	38.76%	45.25%	44.26%	40.38%	39.93%	39.32%	39.54%	42.00%
Short-Term Debt to Total Capital	7.46%	7.68%	15.65%	15.45%	9.38%	6.91%	0.00%	3.54%	3.48%	3.50%	3.32%
Long-Term Debt to Total Capital	33.31%	31.74%	23.36%	23.31%	35.87%	37.35%	40.37%	36.39%	35.84%	36.04%	38.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.12%	0.00%	0.00%	0.00%	0.10%	0.10%	0.12%	0.11%	0.12%	0.11%
Common Equity to Total Capital	59.23%	60.47%	61.00%	61.24%	54.75%	55.64%	59.52%	59.95%	60.56%	60.34%	57.88%
Debt to EBITDA	3.93	3.89	3.76	3.54	4.70	3.58	3.15	3.04	2.82	2.81	3.07
Net Debt to EBITDA	3.38	3.47	3.68	3.34	3.63	2.72	2.85	2.60	2.43	2.47	2.53
Long-Term Debt to EBITDA	3.21	3.14	2.25	2.13	3.72	3.02	3.15	2.77	2.57	2.56	2.83
Debt to NOPAT	8.48	10.58	10.53	9.90	13.00	7.57	6.61	6.04	5.44	5.15	5.38
Net Debt to NOPAT	7.28	9.42	10.29	9.35	10.05	5.76	5.98	5.17	4.70	4.52	4.42
Long-Term Debt to NOPAT	6.93	8.52	6.31	5.96	10.31	6.39	6.61	5.50	4.96	4.69	4.95
Altman Z-Score	2.64	2.75	2.80	2.69	2.58	2.66	2.93	3.02	3.18	2.90	2.94
Noncontrolling Interest Sharing Ratio	0.00%	0.09%	0.00%	0.00%	0.00%	0.19%	0.09%	0.10%	0.10%	0.19%	0.18%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.36	1.17	0.88	0.88	1.44	1.44	1.84	1.50	1.55	1.42	1.73
Quick Ratio	0.96	0.82	0.58	0.62	1.10	1.09	1.28	1.08	1.09	0.99	1.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,623	-861	-554	-12,564	-659	-308	-236	-226	102	-429	-201
Operating Cash Flow to CapEx	262.88%	347.27%	-22.29%	438.02%	240.29%	702.08%	14.74%	816.58%	366.67%	514.41%	169.17%
Free Cash Flow to Firm to Interest Expense	52.14	-17.64	-11.81	-263.94	-13.08	-4.86	-4.21	-3.95	1.83	-7.81	-3.65
Operating Cash Flow to Interest Expense	5.48	11.88	-0.64	11.79	5.50	12.26	0.33	10.87	6.91	11.17	3.48
Operating Cash Flow Less CapEx to Interest Expense	3.39	8.46	-3.49	9.10	3.21	10.51	-1.91	9.54	5.03	9.00	1.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.66	0.72	0.75	0.72	0.74	0.77	0.78	0.75	0.76	0.77
Accounts Receivable Turnover	4.48	5.94	5.79	5.56	5.93	6.20	5.88	5.96	6.13	6.40	5.99
Inventory Turnover	17.47	18.61	18.46	20.35	19.41	19.39	19.73	20.40	19.61	19.34	20.42
Fixed Asset Turnover	3.96	4.26	4.35	4.26	4.33	4.37	4.40	4.45	4.47	4.55	4.60
Accounts Payable Turnover	11.14	10.47	12.62	11.82	13.56	11.02	13.45	12.47	14.82	11.58	14.24
Days Sales Outstanding (DSO)	81.50	61.47	63.01	65.66	61.58	58.86	62.03	61.22	59.53	57.00	60.97
Days Inventory Outstanding (DIO)	20.90	19.61	19.77	17.93	18.81	18.82	18.50	17.89	18.61	18.87	17.88
Days Payable Outstanding (DPO)	32.76	34.85	28.92	30.88	26.92	33.12	27.15	29.26	24.63	31.52	25.63
Cash Conversion Cycle (CCC)	69.64	46.23	53.85	52.72	53.47	44.56	53.38	49.85	53.51	44.36	53.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,524	12,460	12,932	12,790	13,388	12,937	13,420	13,324	13,593	13,598	13,952
Invested Capital Turnover	0.82	1.01	0.98	1.95	0.98	1.02	1.00	1.03	1.02	1.05	1.03
Increase / (Decrease) in Invested Capital	-2,429	775	801	12,790	864	477	488	534	205	661	532
Enterprise Value (EV)	22,221	24,448	24,063	22,634	24,880	25,122	25,710	28,024	30,301	27,181	28,836
Market Capitalization	17,570	19,863	19,091	17,850	19,663	20,237	20,597	23,172	25,405	22,203	23,613
Book Value per Share	$88.86	$92.76	$94.43	$94.98	$97.31	$96.27	$99.25	$101.23	$104.66	$103.98	$105.93
Tangible Book Value per Share	($19.58)	($18.96)	($19.61)	($18.35)	($22.07)	($21.60)	($19.13)	($18.79)	($18.73)	($21.30)	($22.61)
Total Capital	13,292	13,024	13,049	13,073	14,922	14,472	13,957	14,132	14,360	14,284	15,080
Total Debt	5,419	5,133	5,089	5,067	6,752	6,406	5,636	5,643	5,647	5,648	6,334
Total Long-Term Debt	4,428	4,133	3,048	3,047	5,352	5,406	5,635	5,143	5,147	5,148	5,834
Net Debt	4,651	4,569	4,972	4,784	5,218	4,871	5,098	4,835	4,880	4,962	5,206
Capital Expenditures (CapEx)	105	167	134	128	115	111	126	76	106	119	113
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,317	1,003	1,457	1,261	1,381	958	1,356	1,223	1,351	1,165	1,437
Debt-free Net Working Capital (DFNWC)	2,044	1,540	1,557	1,526	2,898	2,477	1,726	1,870	1,950	1,697	2,418
Net Working Capital (NWC)	1,053	540	-485	-493	1,498	1,476	1,725	1,370	1,450	1,197	1,918
Net Nonoperating Expense (NNE)	10	81	18	21	35	26	39	70	46	67	53
Net Nonoperating Obligations (NNO)	4,651	4,569	4,972	4,784	5,218	4,871	5,098	4,835	4,880	4,962	5,206
Total Depreciation and Amortization (D&A)	189	18	199	201	210	34	215	221	221	24	173
Debt-free, Cash-free Net Working Capital to Revenue	11.65%	8.25%	11.85%	10.10%	10.86%	7.36%	10.29%	9.07%	9.82%	8.35%	10.16%
Debt-free Net Working Capital to Revenue	18.09%	12.66%	12.65%	12.22%	22.79%	19.04%	13.09%	13.87%	14.16%	12.16%	17.10%
Net Working Capital to Revenue	9.32%	4.44%	-3.94%	-3.95%	11.78%	11.35%	13.09%	10.16%	10.53%	8.58%	13.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.12	($1.86)	$2.71	$2.44	$2.02	$1.72	$2.54	$2.85	$3.14	$2.01	$3.37
Adjusted Weighted Average Basic Shares Outstanding	84.90M	84.10M	84.29M	83.96M	83.64M	83.70M	83.70M	83.10M	82.90M	82.40M	82M
Adjusted Diluted Earnings per Share	$2.11	($1.85)	$2.69	$2.43	$2.00	$1.72	$2.52	$2.84	$3.12	$1.98	$3.35
Adjusted Weighted Average Diluted Shares Outstanding	84.90M	84.10M	84.29M	83.96M	83.64M	83.70M	83.70M	83.10M	82.90M	82.40M	82M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	84.90M	84.10M	84.29M	83.96M	83.64M	83.70M	83.70M	83.10M	82.90M	82.40M	82M
Normalized Net Operating Profit after Tax (NOPAT)	208	161	252	235	219	180	257	312	313	330	337
Normalized NOPAT Margin	6.79%	5.29%	7.95%	7.31%	6.68%	5.41%	7.69%	8.84%	8.78%	9.40%	9.52%
Pre Tax Income Margin	7.81%	-4.85%	9.36%	8.31%	6.42%	5.52%	8.23%	8.64%	9.46%	5.42%	9.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.44	-2.14	7.28	6.60	5.13	3.67	5.80	6.34	7.05	4.51	6.67
NOPAT to Interest Expense	3.86	-1.76	5.26	4.76	4.06	2.67	4.51	5.40	5.50	4.21	6.01
EBIT Less CapEx to Interest Expense	3.35	-5.56	4.43	3.91	2.84	1.93	3.56	5.01	5.16	2.34	4.62
NOPAT Less CapEx to Interest Expense	1.77	-5.18	2.41	2.07	1.77	0.92	2.26	4.07	3.61	2.04	3.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.72%	60.59%	57.97%	54.91%	55.90%	32.54%	33.15%	31.67%	28.20%	27.42%	25.49%
Augmented Payout Ratio	236.34%	299.14%	57.97%	298.98%	93.91%	66.02%	33.15%	77.46%	63.24%	78.69%	83.62%

Financials Breakdown Chart

Key Financial Trends

Here are the top trends for Labcorp (LH) based on four years of quarterly statements, up to Q4 2025.

Revenue has trended higher, rising from about $2.17B in Q4 2022 to $3.52B in Q4 2025.
Gross margin improved in Q4 2025 to about 28.3% versus 26.9% in Q4 2024, signaling improved efficiency or mix.
Operating income grew to $267.6M in Q4 2025 from $216.5M in Q4 2024, indicating stronger operating leverage.
Earnings per share improved in Q4 2025: basic at $2.01 and diluted at $1.98, versus Q4 2024’s roughly $1.86 (basic) and $1.85 (diluted).
Net cash from continuing operating activities remained robust but declined in Q4 2025 to about $614M from roughly $777M a year earlier, suggesting some working capital effects.
Cash and equivalents fluctuated, with around $598M at Q3 2025 and higher levels earlier in 2025, indicating liquidity management rather than a consistent cash buildup.
The balance sheet shows total liabilities around $9.55B and total equity around $8.68B at Q3 2025, reflecting a balanced capitalization with meaningful leverage but ample equity cushion.
Long-term debt has remained in the mid-to-high $5B range across 2023–2025, implying ongoing leverage with manageable debt levels.
Quarterly share repurchases occurred, including a notable $225M buyback in Q4 2025, which reduces cash and increases per-share value but lowers near-term liquidity.
Total assets hovered around the $18–20B range over the period, with a slight net decrease by 2025, suggesting a stable asset base rather than aggressive expansion.

05/08/26 02:11 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Labcorp's Financials

When does Labcorp's financial year end?

According to the most recent income statement we have on file, Labcorp's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Labcorp's net income changed over the last 10 years?

Over the last 10 years, Labcorp's net income changed from $438.70 million in 2015 to $877.70 million in 2025, a change of 100.1%. Check out Labcorp's forecast to explore projected trends and price targets.

What is Labcorp's operating income?

Labcorp's total operating income in 2025 was $1.38 billion, based on the following breakdown:

Total Gross Profit: $4.01 billion
Total Operating Expenses: $2.63 billion

How has Labcorp's revenue changed over the last 10 years?

Over the last 10 years, Labcorp's total revenue changed from $8.68 billion in 2015 to $13.95 billion in 2025, a change of 60.7%.

How much debt does Labcorp have?

Labcorp's total liabilities were at $9.76 billion at the end of 2025, a 5.4% decrease from 2024, and a 6.7% increase since 2015.

How much cash does Labcorp have?

In the past 10 years, Labcorp's cash and equivalents has ranged from $316.60 million in 2017 to $1.52 billion in 2024, and is currently $532.30 million as of their latest financial filing in 2025.

How has Labcorp's book value per share changed over the last 10 years?

Over the last 10 years, Labcorp's book value per share changed from 49.01 in 2015 to 103.98 in 2025, a change of 112.1%.

Related Companies

Financial statements for NYSE:LH last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Labcorp (LH) Financials

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Labcorp (LH) Financials

Annual Income Statements for Labcorp

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Quarterly Cash Flow Statements for Labcorp

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Quarterly Balance Sheets for Labcorp

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Quarterly Metrics And Ratios for Labcorp

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Key Financial Trends

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