Labcorp Holdings Inc.
labcorp.comWhat Do They Do?
Performs routine and specialty diagnostic tests for patients and healthcare providers, and provides laboratory services that support pharmaceutical and biotechnology companies’ drug development.
10-K for FY2025, filed Feb 24, 2026Dx offers a comprehensive menu of frequently requested core testing and specialty testing through an integrated network of primary and…View ↗
Dx provides broad patient access through strategically located service sites across the U.S., including more than 2,200 PSCs and more than…View ↗
The BLS global sales and customer service organizations provide customer coverage primarily to pharmaceutical and biotechnology companies…View ↗
How Do They Make Money?
For diagnostic testing, payers and clients are billed for tests, with revenue tied to completed testing and reported results; monthly fees apply to some non-testing services. Biopharma customers buy laboratory and drug-development work under fixed-price or fee-for-service contracts, with revenue earned as services are delivered or completed.
10-K for FY2025, filed Feb 24, 2026Within the Dx segment, a majority of the revenue transactions are initiated when Dx receives a requisition form to perform a diagnostic…View ↗
Client payers represent the portion of Dx’s revenue related to physicians, hospitals, health systems, ACOs, employers, and other entities…View ↗
BLS revenue is generally recognized over time, as the services are delivered to the customer, based on the extent of progress towards…View ↗
Fixed-price contracts are typically recognized as revenue over time based on a proportional-performance basis, using either input or output…View ↗
Fee-for-service contracts are typically priced based on transaction volume or time and materials. For volume-based contracts, the contract…View ↗
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10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by reportable segment ↗
$14B
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10-K for FY2025, filed Feb 24, 2026
$14B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Diagnostics
|
78%
FY2022: 78%
|
Diagnostics, FY2025
$10.9B Sources
|
|
Biopharma Laboratory Services
|
22%
FY2022: 23%
|
Biopharma Laboratory Services, FY2025
$3.1B Sources
|
Who Are Their Customers?
Physicians and other healthcare providers order diagnostic tests; health plans, government programs, clients and patients pay for them, and consumers can buy tests directly through Labcorp OnDemand. Pharmaceutical, biotechnology, medical-device and diagnostic companies and CROs buy drug-development laboratory services.
10-K for FY2025, filed Feb 24, 2026Clients. Physicians and other healthcare providers who are authorized to order clinical laboratory testing for their patients are a primary…View ↗
Clinical laboratories submit bills for tests and other related services and are reimbursed by the applicable responsible party, which…View ↗
Clients include physicians, hospitals, health systems, ACOs, employers, and other entities who pay for testing services ordered by or on…View ↗
The BLS global sales and customer service organizations provide customer coverage primarily to pharmaceutical and biotechnology companies…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.
10-K for FY2025, filed Feb 24, 2026
$1.4BView ↗
10-K for FY2025, filed Feb 24, 2026
$876.5MView ↗
10-K for FY2025, filed Feb 24, 2026
$1.2BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$298.7MView ↗
- ▲ +26%
- vs $237.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
Flat. Revenue was $14B in FY2025, about the same as the $13.1B of FY2021.
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