Labcorp Holdings (LH) Q1 FY2026 earnings: revenue $3.5 billion, up 5.8% on the year

Labcorp Holdings Inc. (LH) reported revenue of $3.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 5.8% on the same quarter a year earlier. Net income was $278 million, up 30.5% on the year, and diluted earnings per share $3.35. The figures are the company's own, from the 10-Q it filed with the SEC on 4 May 2026.

Revenue

$3.5 billion

+5.8% on the year · +0.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

10.8%

9.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$278 million

+30.5% on the year · +68.7% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$3.35

+32.9% on the year · +69.2% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 3 raised, 2 kept.

Revenue grew 5.8% to $3.54 billion: Total revenue rose 5.8%. Organic growth contributed 3.1%, acquisitions net of divestitures 1.4%, and foreign exchange 1.3%.
Adjusted EPS rose 10.6% to $4.25: Adjusted EPS was $4.25 against $3.84. Diluted EPS was $3.35 against $2.52, on net earnings attributable to Labcorp of $277.8 million against $212.8 million.
Diagnostics revenue grew 5.0%: Diagnostics revenue rose to $2.76 billion from $2.63 billion. Organic growth was 2.9%, acquisitions 2.0%, and foreign exchange 0.2%. Requisitions rose 2.5% and price/mix 2.6%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,538	3,516	3,345	+0.6%	+5.8%
Cost of revenue	2,524	2,523	2,397	+0.0%	+5.3%
Gross profit	1,014	993	948	+2.1%	+6.9%
Gross margin	28.7%	28.2%	28.3%
Selling, general and administrative	551	539	546	+2.3%	+0.9%
Operating income	381	268	326	+42.3%	+16.8%
Operating margin	10.8%	7.6%	9.7%
Interest expense	55.1	55.0	56.0	+0.2%	-1.6%
Income tax	41.7	25.7	62.2	+62.3%	-33.0%
Net income	278	165	213	+68.7%	+30.5%
Net margin	7.9%	4.7%	6.4%
Diluted EPS	$3.35	$1.98	$2.52	+69.2%	+32.9%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	192	614	18.5	-68.8%	+935.1%
Capital expenditure	121	124	126	-2.3%	-4.0%
Free cash flow	70.5	490	-108	-85.6%
Free cash flow margin	2.0%	13.9%	-3.2%
Cash from investing	-322	-390	-336
Cash from financing	580	-290	-840
Depreciation and amortisation	173	173	167	+0.2%	+3.9%
Share-based compensation	31.7	29.7	32.8	+6.7%	-3.4%
Buybacks	98.0	225	0.0	-56.4%
Dividends paid	61.2	59.3	61.6	+3.2%	-0.6%
Dividend per share	$0.72	n/a	$0.72		0.0%
Diluted shares, weighted	83m	83m	84m	-0.4%	-1.7%
Shares outstanding at period end	82m	82m	84m	+0.1%	-1.8%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	8,729	8,620	8,307	+1.3%	+5.1%
Debt	6,334	5,585	5,569	+13.4%	+13.7%
Operating lease liabilities	656	683	696	-3.8%	-5.7%
Finance lease liabilities	62.2	63.0	66.5	-1.3%	-6.5%
Other liabilities	3,306	3,443	2,965	-4.0%	+11.5%
Total liabilities and equity	19,087	18,393	17,604	+3.8%	+8.4%
Fixed assets	3,066	3,082	3,091	-0.5%	-0.8%
Goodwill	6,955	6,790	6,421	+2.4%	+8.3%
Intangible assets	3,636	3,596	3,487	+1.1%	+4.3%
Cash and equivalents	981	532	369	+84.3%	+165.6%
Receivables	2,289	2,104	2,123	+8.8%	+7.8%
Inventory	498	535	488	-6.9%	+1.9%
Other assets	1,663	1,755	1,624	-5.2%	+2.4%
Total assets	19,087	18,393	17,604	+3.8%	+8.4%

Questions

What was Labcorp Holdings' revenue in Q1 FY2026?

Labcorp Holdings (LH) reported revenue of $3.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 5.8% on the same quarter a year earlier.

How much did Labcorp Holdings earn in Q1 FY2026?

Net income for Q1 FY2026 was $278 million, up 30.5% on the year, and diluted earnings per share $3.35.

When did Labcorp Holdings report Q1 FY2026 results?

Labcorp Holdings filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 4 May 2026.

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-Q for the period ended 31 March 2026, filed 4 May 2026: the filing.