On July 30, 2026 Labcorp Holdings Inc. (NYSE: LH), a global leader of innovative and comprehensive laboratory services, reported results for the second quarter ended June 30, 2026 and updated its full-year financial guidance.
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"Labcorp delivered another very strong quarter, with 6% revenue growth, significant margin expansion, and double-digit adjusted EPS growth reflecting continued momentum across the business," said Adam Schechter, Chairman and CEO of Labcorp. "During the second quarter, we expanded our leadership in oncology and other high-growth specialty areas, strengthened our position as the partner of choice for health systems, biopharmaceutical companies, and regional/local laboratories, and advanced our use of technology to improve the experience for consumers and providers. Our performance and continued execution position us well to deliver sustainable growth and long-term value for customers and shareholders."
Labcorp continues to advance its strategic priorities:
Lead in specialty testing, with several advancements in Labcorp Oncology:
•Added an advanced DPYD genotyping test that helps identify patients at risk for severe chemotherapy treatment-related toxicity.
•Launched ColoSense nationwide, the first FDA-approved, RNA-based colorectal cancer screening test with at-home collection. With Medicare and expanding commercial payer coverage, this test increases patient access to screening and enables earlier detection. As ColoSense’s primary nationwide distributor, we are further strengthening our comprehensive colorectal cancer portfolio.
•Entered into a clinical trial collaboration with Fox Chase Cancer Center to evaluate Labcorp’s Plasma Detect Genome MRD in patients at risk of early-stage non-small cell lung cancer recurrence.
•Expanded nationwide access to Roche’s FDA-approved VENTANA PTEN (SP218) companion diagnostic for people living with prostate cancer who may now be eligible for combination treatment with AstraZeneca’s targeted therapy TRUQAP.
Be a partner of choice for health systems and regional/local laboratories:
•Awarded once again a Department of Defense contract to provide laboratory testing for service members and their families across military hospitals worldwide.
•Completed the acquisition of select outreach laboratory services from Parkview Health in Indiana and Ohio.
•Completed the acquisition of Tribal Diagnostics, a clinical laboratory serving communities in Oklahoma and Texas.
Grow Consumer Health:
•Announced the Marker by Labcorp Genetic Health Panel through Labcorp OnDemand where consumers can get their biomarker and genetic testing and insights from a single source.
•Introduced Canada’s first at-home, self-collection test to measure women’s fertility-related hormones and men’s testosterone levels.
•Launched an AI-powered app, MyLabcorp, which has been downloaded by millions of consumers. The app allows patients to schedule appointments, view their test results, and gain deeper insights into their health.
Shape our future through technology and innovation:
•Expanded a collaboration with Epic to place 6,500-plus diagnostic tests on Epic’s Aura platform.
•Enhanced the patient experience at Labcorp’s Patient Service Centers, through expanded appointment availability, streamlined scheduling, and proactive rescheduling reminders and assistance.
Labcorp also remains committed to a disciplined allocation of capital. In the second quarter of 2026, the company invested $225.7 million in acquisitions, repurchased $353.8 million of stock, and paid out $58.7 million in dividends. The company also paid down $500.0 million in senior notes in June. On July 9, 2026, the company announced a quarterly cash dividend of $0.72 per share of common stock, payable on September 11, 2026, to stockholders of record at the close of business on August 28, 2026. In July, the Board of Directors approved an increase of $1.0 billion in the company’s share repurchase authorization, bringing the remaining total authorization to $1.4 billion.
3
LABCORP HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED RESULTS
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 Delta 2026 2025 Delta
Revenue Summary (Dollars in millions)
Total Revenue $ 3,731.1 $ 3,527.3 5.8 % $ 7,268.7 $ 6,872.4 5.8 %
Organic(1)
4.2 % 3.6 %
Acquisitions, net of Divestitures(2)
1.2 % 1.3 %
Foreign Exchange 0.4 % 0.9 %
(1) Excludes the impact from acquisitions, divestitures, and currency, as well as other strategic actions taken in Early Development.
(2) Includes the impact from strategic actions taken in Early Development.
Earnings Summary (Dollars in millions, except per share data)
Operating Income ("OI") $ 451.6 $ 394.5 $ 832.4 $ 720.5
OI as % of Revenue 12.1 % 11.2 % 90 bps 11.5 % 10.5 % 100 bps
Adjustments (3)
$ 137.1 $ 137.1 $ 264.2 $ 280.1
Adjusted Operating Income ("AOI") (4)
$ 588.7 (5) $ 531.6 $ 1,096.6 $ 1,000.6
AOI as % of Revenue 15.8 % (5) 15.1 % 70 bps 15.1 % 14.6 % 50 bps
Net Earnings Attributable to Labcorp Holdings Inc. $ 298.7 $ 237.9 $ 576.5 $ 450.7
Diluted EPS $ 3.64 $ 2.84 $ 6.99 $ 5.36
Adjusted EPS (4)
$ 4.99 $ 4.35 14.9 % $ 9.24 $ 8.19 12.8 %
(3) Adjustments include amortization, impairment charges, restructuring charges, and special items.
(4) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information.
(5) The increase in adjusted operating income and margin was due to organic growth and operating efficiencies.
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LABCORP HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED RESULTS
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Cash Flow Summary (Dollars in millions)
Operating Cash Flow $ 445.5 $ 620.6 $ 637.0 $ 639.1
Capital Expenditures 131.6 77.9 252.6 203.9
Free Cash Flow $ 313.9 (1) $ 542.7 $ 384.4 $ 435.2
(1) The difference in free cash flow was primarily due to working capital timing and planned increases in capital expenditures.
Capital Allocation Summary
•At the end of the quarter, Labcorp’s cash and cash equivalents balance was $141.8 million and total debt was $5.86 billion. In June, we retired $500.0 million in senior notes.
•During the quarter, the company invested $225.7 million in acquisitions, repurchased $353.8 million of stock, and paid out $58.7 million in dividends.
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LABCORP HOLDINGS INC. AND SUBSIDIARIES
Diagnostics Laboratories Segment Summary
Three Months Ended June 30,
2026 2025 Delta
Revenue Summary (Dollars in millions)
Total Revenue $ 2,900.7 $ 2,748.8 5.5 %
Organic 3.6 %
Acquisitions, net of Divestitures 1.9 %
Earnings Summary (1) (Dollars in millions)
Adjusted Operating Income ("AOI") (2)
$ 522.6 (3) $ 482.8
AOI as % of Revenue 18.0 % (3) 17.6 % 50 bps
(1) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information.
(2) Excludes amortization, restructuring charges, special items, and unallocated corporate expenses.
(3) Adjusted Operating Income and margin increased due to organic growth and operating efficiencies.
Three Months Ended June 30, 2026
Requisition Price/Mix
Volume Delta (4)
Delta (4)
Metrics Summary
Total 3.0 % 2.5 %
Organic (5)
1.8 % 1.8 %
Acquisitions, net of Divestitures 1.3 % 0.6 %
Foreign Exchange — % — %
(4) Column shows changes versus the three months ended June 30, 2025.
(5) Organic price/mix includes lab management agreements.
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LABCORP HOLDINGS INC. AND SUBSIDIARIES
Biopharma Laboratory Services Segment Summary
Three Months Ended June 30,
2026 2025 Delta
Revenue Summary (Dollars in millions)
Total Revenue $ 836.2 $ 784.8 6.5 %
(1)
Organic(2)
6.2 %
Acquisitions, net of Divestitures(3)
(1.4) %
Foreign Exchange 1.8 %
(1) Central Labs revenue growth of 9.8%; Early Development revenue was down 1.4%.
(2) Excludes the impact from acquisitions, divestitures, and currency, as well as other strategic actions taken in Early Development.
(3) Includes the impact from strategic actions taken in Early Development.
Earnings Summary (4) (Dollars in millions)
Adjusted Operating Income ("AOI") (5)
$ 142.2
(6)
$ 123.3
AOI as % of Revenue 17.0 %
(6)
15.7 % 130 bps
(4) Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for additional information.
(5) Excludes amortization, restructuring charges, special items, and unallocated corporate expenses.
(6) Adjusted Operating Income and margin increased, driven by organic growth and operating efficiencies from the strategic actions taken in Early Development.
As of
June 30, 2026
Metrics Summary (Dollars in billions)
TTM Net Orders $ 3.32
TTM Book to Bill 1.03
Backlog $ 8.73
(7)
Next Twelve Months Forecast Backlog Conversion $ 2.75
(Press release, LabCorp, JUL 30, 2026, View Source [SID1234669538])