Laboratory Corporation of America Holdings (LH) financial statements
Laboratory Corporation of America Holdings reported revenue of $14.0B in fiscal 2025, up 4.3% a year over 9 years.
Net income was $876M and the operating margin 9.9%, against 13.3% in 2016.
Free cash flow was $1.2B, and the company returned $241M in dividends and $450M in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Laboratory Corporation of America Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.6B | $10.3B | $11.3B | $11.6B | $14.0B | $13.1B | $11.9B | $12.2B | $13.0B | $14.0B |
| Cost of revenue | $6.7B | $7.2B | $8.2B | $8.3B | $9.0B | $8.1B | $8.2B | $8.8B | $9.4B | $9.9B |
| Gross profit | $2.9B | $3.1B | $3.2B | $3.3B | $5.0B | $5.0B | $3.7B | $3.4B | $3.6B | $4.0B |
| Selling, general and admin | $1.3B | $1.5B | $1.6B | $1.6B | $1.7B | $1.7B | $1.8B | $2.0B | $2.2B | $2.2B |
| Operating income | $1.3B | $1.3B | $1.3B | $1.3B | $2.4B | $3.0B | $1.4B | $726M | $1.1B | $1.4B |
| Interest expense | $219M | $235M | $244M | $241M | $207M | $212M | $180M | $200M | $208M | $224M |
| Pre-tax income | $884M | $839M | $938M | $784M | $1.8B | $2.5B | $1.1B | $504M | $630M | $729M |
| Income tax | $361M | -$155M | $384M | $280M | $662M | $690M | $234M | $188M | $212M | $230M |
| Net income | $712M | $1.2B | $884M | $824M | $1.6B | $2.4B | $1.3B | $418M | $746M | $876M |
| EPS (diluted) | $6.82 | $11.81 | $8.61 | $8.35 | $15.88 | $24.39 | $13.97 | $4.77 | $8.84 | $10.46 |
| Diluted shares | 104M | 104M | 103M | 99M | 98M | 98M | 92M | 88M | 84M | 84M |
| Gross margin | 29.9% | 30.0% | 28.0% | 28.1% | 35.4% | 38.0% | 31.3% | 27.7% | 27.9% | 28.8% |
| Operating margin | 13.3% | 12.7% | 11.7% | 11.5% | 17.5% | 23.2% | 12.1% | 6.0% | 8.4% | 9.9% |
| Net margin | 7.5% | 11.9% | 7.8% | 7.1% | 11.1% | 18.1% | 10.8% | 3.4% | 5.7% | 6.3% |
Balance sheet
Fiscal years, from Laboratory Corporation of America Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $434M | $317M | $427M | $338M | $1.3B | $1.5B | $321M | $537M | $1.5B | $532M |
| Receivables | $1.3B | $1.5B | $1.5B | $1.5B | $2.5B | $2.3B | $1.8B | $1.9B | $1.9B | $2.1B |
| Inventory | $205M | $227M | $237M | $245M | $423M | $401M | $471M | $475M | $493M | $535M |
| Total current assets | $2.5B | $2.7B | $2.8B | $3.0B | $5.1B | $5.3B | $4.6B | $3.8B | $4.8B | $4.0B |
| Property, plant and equipment | $1.7B | $1.7B | $1.7B | $2.6B | $2.7B | $2.8B | $2.8B | $2.9B | $3.0B | $3.1B |
| Goodwill | $6.4B | $7.4B | $7.4B | $7.9B | $7.8B | $5.9B | $6.1B | $6.1B | $6.4B | $6.8B |
| Total assets | $14.2B | $16.7B | $16.2B | $18.0B | $20.1B | $20.4B | $20.2B | $16.7B | $18.4B | $18.4B |
| Total current liabilities | $1.8B | $2.2B | $1.9B | $2.7B | $3.1B | $2.8B | $3.1B | $3.2B | $3.3B | $2.8B |
| Long-term debt | $5.3B | $6.3B | $6.0B | $5.8B | $5.4B | $5.4B | $5.0B | $4.1B | $5.3B | $5.1B |
| Total liabilities | $8.7B | $9.8B | $9.2B | $10.5B | $10.6B | $10.1B | $10.0B | $8.8B | $10.3B | $9.8B |
| Shareholders' equity | $5.5B | $6.8B | $7.0B | $7.6B | $9.4B | $10.3B | $10.1B | $7.9B | $8.1B | $8.6B |
| Net debt | $5.4B | $6.4B | $5.6B | $5.9B | $4.5B | $3.9B | $5.0B | $4.5B | $4.8B | $5.1B |
Cash flow
Fiscal years, from Laboratory Corporation of America Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.5B | $1.3B | $1.4B | $2.1B | $3.1B | $2.0B | $1.3B | $1.6B | $1.6B |
| Capital spending | $279M | $313M | $380M | $400M | $382M | $422M | $429M | $454M | $490M | $434M |
| Free cash flow | $918M | $1.2B | $926M | $1.0B | $1.8B | $2.7B | $1.5B | $874M | $1.1B | $1.2B |
| Stock-based compensation | $110M | $110M | $92M | $107M | $112M | $133M | $117M | $129M | $117M | $126M |
| Dividends paid | — | — | — | — | — | — | $195M | $254M | $243M | $241M |
| Share buybacks (net) | -$44M | -$338M | -$700M | -$450M | -$100M | -$1.7B | -$1.1B | -$1.0B | -$250M | -$450M |
| Net borrowing | $0 | $1.2B | $0 | $1.1B | $0 | $1.0B | $0 | — | — | — |
| Free cash flow margin | 9.6% | 11.5% | 8.2% | 9.0% | 12.5% | 20.5% | 12.9% | 7.2% | 8.4% | 8.6% |
| Dividends per share | — | — | — | — | — | — | $2.13 | $2.90 | $2.88 | $2.87 |
Questions
What was Laboratory Corporation of America Holdings's revenue in 2025?
$14.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Laboratory Corporation of America Holdings generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Laboratory Corporation of America Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.