Research · Sep 3, 2026
[LH] Labcorp Thesis 2026: Diagnostics Organic Growth Returns After Lab Expansion Year
Labcorp Holdings Inc. FY25 revenue $13.95B (+7%); op income $1.52B (+40%); NI $877M (+18%); EPS $10.46 (+18%). Op margin 10.9% (+250bp YoY). Q4 Diagnostics Laboratories revenue $2.7B (+5.5% YoY); organic +4.1%, acquisitions +1.5%; volume +2.2% / price-mix +3.3%. Q4 Biopharma Laboratory Services revenue $793M (+3.4%); organic +0.6%, FX +2.8%. Central Labs Q4 +11% (+8% cc). 130+ new specialty tests launched FY25. Invitae integration completed. Labcorp OnDemand (Consumer Health DTC) growing. AI-powered solutions advancing. Strategic investment in new central laboratory facility announced. FY26 guide: enterprise revenue +4.7-6%; Diagnostics +5-6% (majority organic); BLS +3-5% (FX + early development streamlining); enterprise margins improving in both segments; adj EPS $17.65-$18.25 (+9% midpoint); FCF $1.24-$1.36B.