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LABCORP HOLDINGS INC.

CIK:0000920148|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 3,731.1	$ 3,527.3	$ 7,268.7	$ 6,872.4
Cost of revenues	2,619.1	2,481.1	5,142.9	4,878.2
Gross profit	1,112.0	1,046.2	2,125.8	1,994.2
Selling, general, and administrative expenses	577.2	579.3	1,128.2	1,125.3
Amortization of intangibles and other assets	78.1	68.3	153.7	137.9
Restructuring and other charges	5.1	4.1	11.5	10.5
Operating income	451.6	394.5	832.4	720.5
Interest expense	(61.1)	(57.1)	(116.2)	(113.1)
Investment income	5.6	1.7	17.8	8.2
Equity method loss, net	(6.2)	(1.7)	(11.3)	(2.0)
Other, net	(3.5)	(32.7)	(16.6)	(33.7)
Earnings from operations before income taxes	386.4	304.7	706.1	579.9
Provision for income taxes	87.3	66.4	129.0	128.6
Net earnings	299.1	238.3	577.1	451.3
Less: Net earnings attributable to the noncontrolling interest	(0.4)	(0.4)	(0.6)	(0.6)
Net earnings attributable to Labcorp Holdings Inc.	$ 298.7	$ 237.9	$ 576.5	$ 450.7
Basic earnings per share (in dollars per share)	$ 3.66	$ 2.85	$ 7.03	$ 5.40
Diluted earnings per share (in dollars per share)	$ 3.64	$ 2.84	$ 6.99	$ 5.36

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 577.1	$ 451.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	352.3	337.1
Stock compensation	66.6	66.9
Operating lease right-of-use asset expense	97.1	99.4
Deferred income taxes	26.4	(12.2)
Other, net	25.6	46.1
Change in assets and liabilities (net of effects of acquisitions and divestitures):
Increase in accounts receivable	(247.1)	(139.9)
(Increase) decrease in unbilled services	(6.9)	4.8
Increase in supplies inventory	(29.7)	(3.5)
Decrease in prepaid expenses and other	27.1	57.8
Decrease in accounts payable	(150.4)	(80.6)
Decrease in unearned revenue	(49.7)	(8.7)
Decrease in accrued expenses and other	(51.4)	(179.4)
Net cash provided by operating activities	637.0	639.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(252.6)	(203.9)
Proceeds from sale of assets	9.7	2.4
Proceeds from sale or distribution of equity affiliates or other investments	0.0	6.9
Purchase of equity affiliates or other investments	(17.5)	(172.0)
Acquisition of businesses, net of cash acquired	(427.9)	(63.5)
Net cash used for investing activities	(688.3)	(430.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from term loan	750.0	0.0
Payments on senior notes	(500.0)	(1,000.0)
Proceeds from revolving credit facilities	0.0	64.8
Payments on revolving credit facilities	0.0	(64.8)
Proceeds from accounts receivable securitization	175.0	225.0
Repayments of Accounts Receivable Securitization	(150.0)	0.0
Net share settlement tax payments from issuance of stock to employees	(46.1)	(29.0)
Net proceeds from issuance of stock to employees	34.7	25.7
Dividends paid	(119.9)	(121.5)
Purchase of common stock	(451.8)	(200.0)
Other, net	(31.3)	(7.3)
Net cash used for financing activities	(339.4)	(1,107.1)
Effect of exchange rate on changes in Cash and cash equivalents	0.2	26.7
Net decrease in Cash and cash equivalents	(390.5)	(871.4)
Cash and cash equivalents at beginning of period	532.3	1,518.7
Cash and cash equivalents	$ 141.8	$ 647.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 141.8	$ 532.3
Accounts receivable, net	2,342.4	2,103.8
Unbilled services, net	162.4	156.9
Supplies inventory	562.2	534.7
Prepaid expenses and other	606.1	692.8
Total current assets	3,814.9	4,020.5
Property, plant, and equipment, net	3,100.5	3,081.5
Goodwill, net	7,030.1	6,789.5
Intangible assets, net	3,678.2	3,596.0
Joint venture partnerships and equity method investments	139.3	153.9
Other assets, net	769.3	751.3
Total assets	18,532.3	18,392.7
Current liabilities:
Accounts payable	688.5	840.8
Accrued expenses and other	862.4	847.8
Unearned revenue	387.8	439.1
Short-term operating lease liabilities	180.3	191.1
Short-term finance lease liabilities	4.7	4.6
Short-term borrowings and current portion of long-term debt	0.9	500.1
Total current liabilities	2,124.6	2,823.5
Long-term debt	5,857.6	5,084.6
Operating lease liabilities	661.0	682.6
Finance lease liabilities	61.6	63.0
Deferred income taxes and other tax liabilities	486.7	454.5
Other liabilities	717.6	647.8
Total liabilities	9,909.1	9,756.0
Commitments and contingent liabilities
Noncontrolling interest	16.4	16.9
Shareholders' equity:
Common stock, 80.9 and 82.2 shares outstanding at June 30, 2026, and December 31, 2025, respectively	7.3	7.5
Additional paid-in capital	0.0	0.0
Retained earnings	8,701.4	8,639.9
Accumulated other comprehensive loss	(101.9)	(27.6)
Total shareholders’ equity	8,606.8	8,619.8
Total liabilities and shareholders’ equity	$ 18,532.3	$ 18,392.7
CommonStockSharesIssuedNotDisclosed	true	true