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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.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.
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