Labcorp Holdings (LH) Q4 FY2025 earnings: revenue $3.5 billion, up 5.6% on the year

Labcorp Holdings Inc. (LH) reported revenue of $3.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.6% on the same quarter a year earlier. Net income was $165 million, up 14.9% on the year, and diluted earnings per share $1.98. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue

$3.5 billion

+5.6% on the year · -1.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

7.6%

6.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$165 million

+14.9% on the year · -36.9% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.98

+16.5% on the year · -36.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 7 new.

Full-year revenue rose 7.2%: Full-year revenue was $13.95 billion against $13.01 billion, with organic growth of 4.4%, acquisitions adding 2.5% and foreign exchange 0.4%. Fourth-quarter revenue was $3.52 billion against $3.33 billion.
Diluted and adjusted EPS grew: Adjusted EPS was $16.44 for the full year against $14.57, and $4.07 in the fourth quarter against $3.45. Diluted EPS was $10.46 for the full year against $8.84.
Diagnostics revenue rose 5.5%: Fourth-quarter Diagnostics revenue was $2.73 billion against $2.59 billion, with organic growth of 4.1% and acquisitions adding 1.5%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,516	3,564	3,329	-1.3%	+5.6%
Cost of revenue	2,523	2,538	2,433	-0.6%	+3.7%
Gross profit	993	1,025	896	-3.1%	+10.8%
Gross margin	28.2%	28.8%	26.9%
Selling, general and administrative	539	552	595	-2.5%	-9.5%
Operating income	268	397	216	-32.5%	+23.6%
Operating margin	7.6%	11.1%	6.5%
Interest expense	55.0	56.0	63.4	-1.8%	-13.2%
Income tax	25.7	75.5	40.2	-66.0%	-36.1%
Net income	165	261	143	-36.9%	+14.9%
Net margin	4.7%	7.3%	4.3%
Diluted EPS	$1.98	$3.12	$1.70	-36.5%	+16.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	614	387	777	+58.6%	-21.0%
Capital expenditure	124	107	112	+16.1%	+10.5%
Free cash flow	490	280	665	+74.8%	-26.3%
Free cash flow margin	13.9%	7.9%	20.0%
Cash from investing	-390	-374	-210
Cash from financing	-290	-59.5	-547
Depreciation and amortisation	173	171	171	+1.2%	+1.4%
Share-based compensation	29.7	29.2	27.3	+1.7%	+8.8%
Buybacks	225	25.0	n/a	+800.0%
Dividends paid	59.3	59.9	60.1	-1.0%	-1.3%
Dividend per share	n/a	$0.72	n/a
Diluted shares, weighted	83m	84m	84m	-0.6%	-1.2%
Shares outstanding at period end	82m	83m	83m	-1.0%	-1.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,620	8,697	8,052	-0.9%	+7.0%
Debt	5,585	5,582	6,332	+0.0%	-11.8%
Operating lease liabilities	683	692	676	-1.4%	+0.9%
Finance lease liabilities	63.0	64.3	74.3	-2.0%	-15.2%
Other liabilities	3,443	3,226	3,245	+6.7%	+6.1%
Total liabilities and equity	18,393	18,262	18,379	+0.7%	+0.1%
Fixed assets	3,082	3,113	3,045	-1.0%	+1.2%
Goodwill	6,790	6,682	6,370	+1.6%	+6.6%
Intangible assets	3,596	3,571	3,489	+0.7%	+3.1%
Cash and equivalents	532	598	1,519	-11.0%	-65.0%
Receivables	2,104	2,109	1,944	-0.3%	+8.2%
Inventory	535	522	493	+2.5%	+8.4%
Other assets	1,755	1,666	1,519	+5.3%	+15.5%
Total assets	18,393	18,262	18,379	+0.7%	+0.1%

Questions

What was Labcorp Holdings' revenue in Q4 FY2025?

Labcorp Holdings (LH) reported revenue of $3.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.6% on the same quarter a year earlier.

How much did Labcorp Holdings earn in Q4 FY2025?

Net income for Q4 FY2025 was $165 million, up 14.9% on the year, and diluted earnings per share $1.98.

When did Labcorp Holdings report Q4 FY2025 results?

Labcorp Holdings filed its 10-K for the year that ended with the quarter on 24 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,056	3,900	2,923	2,867	3,674	3,038	3,034	3,057	3,033	3,177	3,221	3,282	3,329	3,345	3,527	3,564	3,516	3,538	3,731	3,810
Cost of revenue	2,681	2,667	1,980	1,981	2,704	2,188	2,192	2,206	2,212	2,279	2,294	2,378	2,433	2,397	2,481	2,538	2,523	2,524	2,619	2,702
Gross profit	1,375	1,233	942	886	970	850	842	851	821	897	926	904	896	948	1,046	1,025	993	1,014	1,112	1,108
Gross margin	34%	32%	32%	31%	26%	28%	28%	28%	27%	28%	29%	28%	27%	28%	30%	29%	28%	29%	30%	29%
SG&A	544	464	432	453	536	457	506	526	533	508	558	569	595	546	579	552	539	551	577	611
Operating income	731	688	429	374	90.7	330	266	252	-123	321	295	254	216	326	394	397	268	381	452	402
Operating margin	18%	18%	15%	13%	2%	11%	9%	8%	-4%	10%	9%	8%	7%	10%	11%	11%	8%	11%	12%	11%
Interest expense	43.1	42.2	42.3	46.3	49.3	50.7	49.8	50.3	48.8	46.9	47.6	50.4	63.4	56.0	57.1	56.0	55.0	55.1	61.1	59.1
Net income	553	492	359	353	76.1	213	189	183	-167	228	205	169	143	213	238	261	165	278	299	263
Net margin	14%	13%	12%	12%	2%	7%	6%	6%	-6%	7%	6%	5%	4%	6%	7%	7%	5%	8%	8%	7%
Diluted EPS	$5.76	$5.23	$3.87	$3.90	$0.86	$2.39	$2.12	$2.11	-$1.95	$2.69	$2.43	$2.00	$1.70	$2.52	$2.84	$3.12	$1.98	$3.35	$3.64	$3.22
Operating cash flow	698	356	572	374	654	121	351	276	580	-29.8	561	277	777	18.5	621	387	614	192	446	564
Capital expenditure	150	117	143	104	118	93.9	87.6	105	167	134	128	116	112	126	77.9	107	124	121	132	152
Free cash flow	548	239	429	270	536	27.3	264	171	412	-164	433	162	665	-108	543	280	490	70.5	314	412
Buybacks	1,000	0.0	400	800	-100	n/a	n/a	1,009	n/a	n/a	n/a	75.0	n/a	0.0	200	25.0	225	98.0	354	0.0
Dividends paid	0.0	0.0	66.7	64.9	63.6	64.4	64.6	63.9	61.1	62.1	60.4	60.5	60.1	61.6	59.9	59.9	59.3	61.2	58.7	58.2
Shares outstanding	98m	96m	91m	90m	88m	89m	89m	85m	84m	84m	84m	84m	83m	84m	83m	83m	82m	82m	81m	81m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 24 February 2026: the filing.