Labcorp (LH) FY2025 10-K Annual Report
Labcorp (LH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Labcorp FY2025 10-K Analysis
Business Overview
- • Dual-segment lab services platform: Dx (clinical testing, $10.9B revenue) and BLS (drug development services, $3.1B revenue), total revenues $13.95B
- • New specialty test launches in 2025: Alzheimer's disease diagnostics, molecular residual disease detection, expanded oncology precision testing; also nationwide self-collection HPV/STI testing via Labcorp OnDemand
Management Discussion & Analysis
- • Revenue $13,951.7 in FY2025, up 7.2% YoY from $13,008.9; driven by 4.4% organic growth, 2.5% acquisitions net of divestitures, 0.4% FX tailwind
- • Operating margin 9.9% vs 8.4% YoY; cost of revenues fell to 71.2% vs 72.1%; SG&A fell to 15.9% vs 17.1% of revenue
Risk Factors
- • Ravgen patent verdict: $272M jury award + $100M enhanced damages + $2.6M supplemental + $100/test ongoing royalty through patent life
- • PAMA Medicare reimbursement cuts frozen 2026, resuming 2027–2029 capped at 15%/year with further reductions possible thereafter
Labcorp FY2025 Key Financial MetricsXBRL
Revenue
$14.0B
▲ +7.2% YoY
Net Income
$877M
▲ +17.5% YoY
Gross Margin
28.8%
▲ +90bp YoY
Operating Margin
9.9%
▲ +157bp YoY
Net Margin
6.3%
▲ +55bp YoY
ROE
10.2%
▲ +90bp YoY
Total Assets
$18.4B
▲ +0.1% YoY
EPS (Diluted)
$10.46
▲ +18.3% YoY
Operating Cash Flow
$1.6B
▲ +3.4% YoY
Source: XBRL data from Labcorp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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