Labcorp
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Labcorp (LH) investor relations material

Labcorp Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Revenue grew 7.2% year-over-year to $13.95 billion for 2025, with Q4 revenue up 5.6% to $3.52 billion compared to 2024.

  • Adjusted EPS increased 12.8% to $16.44 for 2025, with Q4 adjusted EPS up 18% to $4.07.

  • Free cash flow for 2025 was $1.21 billion, up 10% from 2024.

  • Strategic progress included 13 new or expanded partnerships, multiple acquisitions, and over 130 new specialty tests launched in oncology, women's health, neurology, and autoimmune disease.

  • Successfully integrated Invitae, advanced AI and automation, and expanded leadership in genetic testing.

Financial highlights

  • Diagnostics Laboratories contributed 77.4% of Q4 2025 revenue, with Biopharma Laboratory Services at 22.6%.

  • Diagnostics Laboratories Q4 2025 revenue grew 5.5% year-over-year to $2.73 billion; Biopharma Laboratory Services Q4 revenue was $793 million, up 3.4%.

  • Adjusted operating margin for 2025 was 14.3%, up 50 bps year-over-year; Q4 adjusted operating margin was 13.9%, up from 12.7%.

  • Adjusted EBITDA for Q4 2025 was $584.1 million, with a trailing twelve-month total of $2.38 billion.

  • Q4 free cash flow was $490 million.

Outlook and guidance

  • 2026 revenue guidance: $14.61–$14.79 billion, representing 4.7–6.0% growth; midpoint 5.4%.

  • Diagnostics Laboratories 2026 revenue expected to grow 5–6%; Biopharma Laboratory Services 3–5%.

  • Adjusted EPS guidance for 2026: $17.55–$18.25, implying 6.8–11.0% growth; midpoint 8.9%.

  • Free cash flow guidance for 2026: $1.24–$1.36 billion, with higher capital expenditures due to new central lab facility investment.

  • Enterprise margins expected to increase, with BLS margin expansion outpacing Diagnostics.

Biopharma segment growth drivers for 2026
Impact of new Central Lab facility on growth
Q4 2025 FCF decrease: working capital timing
Early Development margin improvement outlook
AI's current impact on testing demand
Consumer health market share strategy
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Frequently asked questions

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. The company offers a range of tests in its human diagnostic division, which is operated under the name of LabCorp. The Division provides testing and analytical services to the clients in health care industry, pharmaceutical companies, manufacturers, academic institutions and government agencies. Its offerings include anatomic pathology services, such as fine needle aspiration cytology (FNAC), cancer genetics/genomics, oncology focused protein marker testing, genetic counseling, and targeted genomic medicine; clinical chemistry test such as quantitative immunoassays and traditional immunoassays for the detection of infectious diseases; molecular diagnostics; microbiology - includes products for culture identification and antimicrobial sensitivity determination for transplant recipients and suspected infectious disease patients. In addition, the announced plans to acquire Knight Diagnostic Laboratories from New Jersey based Knight Human Capital Management. Laboratory Corporation of America Holdingsin is based in Burlington, North Carolina.

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