Labcorp Holdings Inc.NYSE: LH

Supplemental Financial Information (40a7a9f9 22fc 45ce 98aa ce8ece0cf512)

· Issued by Labcorp Holdings Inc.

Summary by 6ix AI

Labcorp reported revenues of $3,810.0 million for the three months ended September 30, 2026, up 6.9% from a year earlier, and diluted earnings per share under standard accounting rules (GAAP) of $3.22, compared with $3.12 a year earlier. It raised its 2026 revenue and adjusted EPS (earnings per share excluding amortization, restructuring and other special items) guidance.

Key details

  • Adjusted EPS was $4.78 for the third quarter of 2026, compared with $4.18 a year earlier. Net earnings attributable to Labcorp Holdings Inc. were $262.8 million, compared with $261.1 million.
  • Updated 2026 guidance as of October 28, 2026: enterprise revenue of $14,779 million to $14,887 million (previously $14,710 million to $14,827 million) and adjusted EPS of $18.30 to $18.70 (previously $18.10 to $18.55). Free cash flow (a measure of cash generated by the business) guidance stayed at $1,240 million to $1,360 million.
  • Third-quarter 2026 revenues were $2,949 million in Diagnostics Laboratories, up 6.5%, and $867 million in Biopharma Laboratory Services, up 8.5%. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding restructuring and special items) was $671.4 million.
  • Biopharma Laboratory Services backlog (contracted work not yet performed) was $8.92 billion as of September 30, 2026, with $2.82 billion of revenue estimated to convert in the next twelve months. Net orders for the twelve months ended September 30, 2026 were $3.59 billion, a net book-to-bill (orders compared with revenue) of 1.10x.
  • For the nine months ended September 30, 2026, revenues were $11,078.7 million, compared with $10,435.9 million, and GAAP diluted earnings per share were $10.22, compared with $8.48.

What’s still pending

  • The 2026 guidance figures are an outlook given as of October 28, 2026, not final results.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/labcorp-supplemental-financial-information-40a7a9f9-22fc-45ce-98aa-ce8ece0cf512

Watch Labcorp's latest callLabcorp Holdings (NYSE:LH) Q3 2026 Earnings Call · Replay · Oct 28Read the transcript of Labcorp Holdings (NYSE:LH) Q3 2026 Earnings Call

Third Quarter 2026 Supplemental Financial Information

October 28, 2026

Use of Adjusted Measures

The company has provided in this presentation and accompanying tables "adjusted" financial information that has not been prepared in accordance with GAAP, including adjusted net income, adjusted EBITDA, adjusted EPS (or adjusted net income per share), adjusted operating income, adjusted operating margin, free cash flow, and certain segment information. The company believes these adjusted measures are useful to investors as a supplement to, but not as a substitute for, GAAP measures, in evaluating the company's operational performance. The company further believes that the use of these non-GAAP financial measures provides an additional tool for investors in evaluating operating results and trends, and growth and shareholder returns, as well as in comparing the company's financial results with the financial results of other companies. However, the company notes that these adjusted measures may be different from and not directly comparable to the measures presented by other companies. Reconciliations of these non-GAAP measures to the most comparable GAAP measures and an identification of the components that comprise "special items" used for certain adjusted financial information are included in the tables accompanying this presentation.

Select Financial Metrics

(Dollars in Millions)

3Q25

4Q25

1Q26

2Q26

3Q26

Depreciation

$97.0

$96.4

$94.0

$97.5

$101.4

Amortization of Intangibles and Other Assets

$69.5

$72.6

$75.6

$78.1

$78.7

Total Adjusted EBITDA (1)

$610.3

$584.1

$601.9

$686.2

$671.4

Total Debt to Last Twelve Months Adjusted EBITDA (1)

2.4x

2.3x

2.6x

2.4x

2.3x

Total Net Debt to Last Twelve Months Adjusted EBITDA (1)(2)

2.1x

2.1x

2.2x

2.3x

2.2x

  1. Adjusted EBITDA excludes restructuring charges and special items. See Reconciliation on slide 11.

  2. Net debt equals total debt less cash and cash equivalents.

Third Quarter 2026 Foreign Exchange Impact to Revenues(1)

(Dollars in Millions)

Dollars

Year over Year

% Growth

Enterprise

Revenues, Constant Currency

$3,815

7.0%

Foreign Exchange Impact

(5)

(0.1%)

Revenues, as Reported

$3,810

6.9%

Diagnostics Laboratories

Revenues, Constant Currency

$2,951

6.6%

Foreign Exchange Impact

(2)

(0.1)%

Revenues, as Reported

$2,949

6.5%

Biopharma Laboratory Services

Revenues, Constant Currency

$870

8.8%

Foreign Exchange Impact

(3)

(0.3%)

Revenues, as Reported

$867

8.5%

(1) May not foot due to rounding.

Year to Date Foreign Exchange Impact to Revenues(1)

(Dollars in Millions)

Dollars

Year over Year

% Growth

Enterprise

Revenues, Constant Currency

$11,024

5.7%

Foreign Exchange Impact

$55

0.5%

Revenues, as Reported

$11,079

6.2%

Diagnostics Laboratories

Revenues, Constant Currency

$8,608

5.7%

Foreign Exchange Impact

$4

-%

Revenues, as Reported

$8,612

5.7%

Biopharma Laboratory Services

Revenues, Constant Currency

$2,432

5.6%

Foreign Exchange Impact

$51

2.2%

Revenues, as Reported

$2,484

7.7%

(1) May not foot due to rounding.

Third Quarter 2026 Revenue Distribution

Segment Distribution

Biopharma Laboratory Services 22.7%

Diagnostics Laboratories 77.3%

Geographic Distribution

Rest of World 16.8%

USA 83.2%

(1)

  1. Revenues recognized in several currencies; the largest foreign currency accounts for less than 10% of total revenues.

    Additional Quarterly Business Segment Information

    (Dollars in Millions)

    2024(1)

    2025

    2026

    Q1

    Q2

    Q3

    Q4

    Q1

    Q2

    Q3

    Q4

    Q1

    Q2

    Q3

    Diagnostics Laboratories Revenue

    Routine vs. Esoteric Mix:

    Routine (2)

    61.8%

    61.2%

    60.3%

    59.9%

    60.3%

    59.5%

    58.6%

    58.5%

    59.6%

    59.0%

    58.1%

    Esoteric

    38.2%

    38.8%

    39.7%

    40.1%

    39.7%

    40.5%

    41.4%

    41.5%

    40.4%

    41.0%

    41.9%

    Payer Mix:

    Clients

    32.0%

    31.0%

    31.7%

    30.7%

    31.1%

    30.5%

    30.1%

    30.0%

    29.5%

    28.9%

    29.2%

    Patients

    13.0%

    13.4%

    13.1%

    12.2%

    12.5%

    13.3%

    12.3%

    12.2%

    12.8%

    14.0%

    13.4%

    Medicare and Medicaid

    9.8%

    10.1%

    9.8%

    10.3%

    9.8%

    9.7%

    9.9%

    10.4%

    10.4%

    10.3%

    10.5%

    Third Party

    45.2%

    45.6%

    45.5%

    46.8%

    46.6%

    46.5%

    47.7%

    47.4%

    47.3%

    46.8%

    46.9%

    Biopharma Laboratory Services

    Quarterly Book-to-Bill Quarterly Net Orders ($)

    Business Unit Revenue ($):

    Early Development Research Labs Central Laboratories

    Total Biopharma Laboratory Services Revenue

    0.81

    577.5

    199.9

    510.9

    710.9

    1.03

    729.4

    191.2

    515.8

    707.0

    0.96

    711.0

    212.8

    524.9

    737.7

    1.17

    895.1

    239.4

    527.6

    767.0

    1.13

    1.18

    0.89

    1.16

    0.94

    1.14

    1.13

    813.2

    925.4

    710.8

    918.9

    736.2

    953.2

    981.1

    208.8

    230.1

    219.9

    207.0

    210.0

    226.9

    220.8

    512.5

    554.7

    579.2

    586.0

    570.6

    609.3

    645.9

    721.3

    784.8

    799.1

    793.0

    780.6

    836.2

    866.7

    1. Routine vs Esoteric Mix and Payer Mix reflect the base business in 2024.

    2. Revenue from lab management agreements are reflected in Routine.

Diagnostics Laboratories Price / Mix & Days

Revenue breakdown by Volume and Price / Mix

Year over Year % Change

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

Revenue (1)

6.0%

8.9%

8.5%

5.5%

5.0%

5.5%

6.5%

Volume (in requisitions) (2)

3.0%

4.9%

4.7%

2.2%

2.5%

3.0%

4.8%

Price / mix (3)

3.0%

4.0%

3.7%

3.3%

2.6%

2.5%

1.7%

Days in 2026 Versus 2025 (4)

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

Revenue Day Variance

-

-

+ 0.25 Day

-

+ 0.25 Day

Payroll Day Variance

-

-

-

-

-

  1. Revenue variance percent: YOY change in revenue divided by prior year revenue.

  2. Volume (in requisitions) variance percent: YOY change in volume divided by prior year volume.

  3. Price / mix percent: Calculated as revenue variance percent, less volume (in requisitions) variance percent.

  4. Day variances are rounded to the nearest quarter day.

Biopharma Laboratory Services: Select Financial Metrics(1)

Trailing Twelve Month (TTM) Results

Net Orders

Net Book-to-Bill

TTM Ending September 30, 2026

$3.59 billion

1.10x

TTM Ending June 30, 2026

$3.32 billion

1.03x

TTM Ending March 31, 2026

$3.29 billion

1.04x

TTM Ending December 31, 2025

$3.37 billion

1.09x

TTM Ending September 30, 2025

$3.34 billion

1.09x

Backlog

Estimated revenue expected to convert from backlog in the next twelve months

As of September 30, 2026

$8.92 billion

$2.82 billion

As of June 30, 2026

$8.73 billion

$2.75 billion

As of March 31, 2026

$8.64 billion

$2.69 billion

As of December 31, 2025

$8.72 billion

$2.66 billion

As of September 30, 2025

$8.58 billion

$2.66 billion

  1. Results shown include the impact from cancellations and foreign currency translation.

    Outlook for 2026 as of October 28, 2026 (Dollars in Millions, Except Per Share Data)

    Previous Updated

    2026 Guidance 2026 Guidance

    (in Dollars) (in Dollars)

    Revenue

    Low

    High

    Low

    High

    Labcorp Enterprise (1)(2)

    $14,710

    $14,827

    $14,779

    $14,887

    Growth (3)

    5.4%

    6.3%

    5.9%

    6.7%

    Diagnostics Laboratories

    $11,450

    $11,532

    $11,475

    $11,551

    Growth (3)

    5.3%

    6.0%

    5.5%

    6.2%

    Biopharma Laboratory Services (4)

    $3,269

    $3,300

    $3,328

    $3,358

    Growth (3)

    5.5%

    6.5%

    7.4%

    8.4%

    Adjusted EPS

    $18.10

    $18.55

    $18.30

    $18.70

    Free Cash Flow

    $1,240

    $1,360

    $1,240

    $1,360

    1. 2026 Updated Enterprise guidance includes an impact from foreign currency translation of 0.3%.

    2. Enterprise level revenue is presented net of intercompany transaction eliminations.

    3. Growth based on 2025 Enterprise revenue of $13,952 million, Diagnostics Laboratories revenue of $10,876 million, and Biopharma Laboratory Services revenue of $3,098 million.

    4. 2026 Updated Biopharma Laboratory Services guidance includes an impact from foreign currency translation of 1.3%.

Reconciliation of Non-GAAP Financial Measures -

Adjusted EBITDA

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26

3Q26

$ 326.0

$ 394.5

$ 396.6

$ 267.6

$ 380.8

$ 451.6

$ 402.1

6.4

4.1

5.9

110.8

6.4

5.1

15.9

67.0

64.7

41.3

36.7

45.1

53.9

73.3

91.6

96.2

97.0

96.4

94.0

97.5

101.4

69.6

68.3

69.5

72.6

75.6

78.1

78.7

$ 560.6

$ 627.8

$ 610.3

$ 584.1

$ 601.9

$ 686.2

$ 671.4

(In Millions)

Operating Income Add:

Restructuring and other charges Other special charges (1) Depreciation

Amortization of intangibles and other assets Adjusted EBITDA

  1. Other special charges represent the summation of the adjustments that impacted operating income excluding Restructuring and other charges and Amortization of intangibles and other assets.

    GAAP and Non-GAAP Income Statement

    (In Millions, Except Per Share Data)

    GAAP

    Non-GAAP (1)

    Three Months Ended September 30,

    Three Months Ended September 30,

    2026

    2025

    2026

    2025

    Revenues

    $ 3,810.0

    $ 3,563.5

    $ 3,810.0

    $ 3,563.5

    Cost of revenues

    2,701.9

    2,538.4

    2,676.9

    2,521.5

    Gross profit

    1,108.1

    1,025.1

    1,133.1

    1,042.0

    Selling, general, and administrative expenses

    611.4

    553.1

    563.1

    528.7

    Amortization of intangibles and other assets

    78.7

    69.5

    -

    -

    Restructuring and other charges

    15.9

    5.9

    -

    -

    Operating income

    402.1

    396.6

    570.0

    513.3

    Other (expense) income: Interest expense

    (59.1)

    (56.0)

    (59.2)

    (55.6)

    Investment income

    1.4

    3.5

    1.4

    3.5

    Equity method loss, net

    (11.0)

    (5.2)

    (0.1)

    (0.3)

    Other, net

    (5.4)

    (1.9)

    (5.6)

    (4.3)

    Earnings from operations before income taxes

    328.0

    337.0

    506.5

    456.6

    Provision for income taxes

    64.9

    75.5

    115.9

    106.4

    Net earnings

    263.1

    261.5

    390.6

    350.2

    Less: Net earnings attributable to the noncontrolling interest

    (0.3)

    (0.4)

    (0.3)

    (0.4)

    Net earnings attributable to Labcorp Holdings Inc.

    $ 262.8

    $ 261.1

    $ 390.3

    $ 349.8

    Weighted average diluted shares outstanding

    81.6

    83.7

    81.6

    83.7

    Diluted earnings per common share

    $ 3.22

    $ 3.12

    $ 4.78

    $ 4.18

    1. Non-GAAP financial measures. See slides 14 and 15 for reconciliations.

GAAP and Non-GAAP Income Statement

(In Millions, Except Per Share Data)

GAAP

Non-GAAP (1)

Nine Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Revenues

$ 11,078.7

$ 10,435.9

$ 11,078.7

$ 10,435.9

Cost of revenues

7,844.8

7,416.6

7,779.1

7,354.8

Gross profit

3,233.9

3,019.3

3,299.6

3,081.1

Selling, general, and administrative expenses

1,739.6

1,678.4

1,633.0

1,567.2

Amortization of intangibles and other assets

232.4

207.4

-

-

Restructuring and other charges

27.4

16.4

-

-

Operating income

1,234.5

1,117.1

1,666.6

1,513.9

Other (expense) income: Interest expense

(175.3)

(169.1)

(174.7)

(168.3)

Investment income

19.2

11.7

10.4

11.7

Equity method loss, net

(22.3)

(7.2)

(0.2)

(0.8)

Other, net

(22.0)

(35.6)

(13.4)

(6.9)

Earnings from operations before income taxes

1,034.1

916.9

1,488.7

1,349.6

Provision for income taxes

193.9

204.1

335.9

310.3

Net earnings

840.2

712.8

1,152.8

1,039.3

Less: Net earnings attributable to the noncontrolling interest

(0.9)

(1.0)

(0.9)

(1.0)

Net earnings attributable to Labcorp Holdings Inc.

$ 839.3

$ 711.8

$ 1,151.9

$ 1,038.3

Weighted average diluted shares outstanding

82.1

84.0

82.1

84.0

Diluted earnings per common share

$ 10.22

$ 8.48

$ 14.02

$ 12.37

(1) Non-GAAP financial measures. See slides 16 and 17 for reconciliations.

Reconciliation of Non-GAAP Income Statement(1)

Three Months Ended September 30, 2026

(In Millions, Except Per Share Data)

GAAP

Amortization of intangibles and other assets(a)

Restructuring and other charges(b)

Acquisition and disposition-related costs(c)

Launchpad Costs(d)

Venture Fund and SYNLAB Equity Method Investment(f)(g)

Other

Income Taxes(h)

Non-GAAP

$ 3,810.0

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 3,810.0

2,701.9

-

-

(9.8)

(2.0)

-

(13.2)

-

2,676.9

1,108.1

-

-

9.8

2.0

-

13.2

-

1,133.1

611.4

-

-

(13.2)

(26.6)

-

(8.5)

-

563.1

78.7

(78.7)

-

-

-

-

-

-

-

15.9

-

(15.9)

-

-

-

-

-

-

402.1

78.7

15.9

23.0

28.6

-

21.7

-

570.0

(59.1)

-

-

-

-

-

(0.1)

-

(59.2)

1.4

-

-

-

-

-

-

-

1.4

(11.0)

-

-

-

-

10.9

-

-

(0.1)

(5.4)

-

-

-

-

(0.1)

(0.1)

-

(5.6)

328.0

78.7

15.9

23.0

28.6

10.8

21.5

-

506.5

64.9

51.0

115.9

263.1

78.7

15.9

23.0

28.6

10.8

21.5

(51.0)

390.6

(0.3)

-

-

-

-

-

-

-

(0.3)

$ 262.8

$ 78.7

$ 15.9

$ 23.0

$ 28.6

$ 10.8

$ 21.5

$ (51.0)

$ 390.3

81.6

81.6

$ 3.22

$ 4.78

Revenues

Cost of revenues Gross profit

Selling, general, and administrative expenses Amortization of intangibles and other assets Restructuring and other charges

Operating income

Other (expense) income:

Interest expense Investment income Equity method loss, net Other, net

Earnings from operations before income taxes Provision for income taxes

Net earnings

Less: Net earnings attributable to the noncontrolling interest Net earnings attributable to Labcorp Holdings Inc.

Weighted average diluted shares outstanding Diluted earnings per common share

(1) Footnotes associated with Reconciliation of Non-GAAP Income Statement are presented on slide 19.

Reconciliation of Non-GAAP Income Statement(1)

Three Months Ended September 30, 2025

Venture Fund

Amortization

and SYNLAB

(In Millions, Except Per Share Data)

GAAP

Restructuring and other

Acquisition and disposition-

Launchpad

Non-GAAP

of intangibles and other

Equity Method

Income

assets(a)

charges(b)

related costs(c)

Costs(d)

Investment(f)(g)

Other

Taxes(h)

$ 3,563.5

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 3,563.5

2,538.4

-

-

(4.6)

(3.1)

-

(9.2)

-

2,521.5

1,025.1

-

-

4.6

3.1

-

9.2

-

1,042.0

553.1

-

-

(6.2)

(10.6)

-

(7.6)

-

528.7

69.5

(69.5)

-

-

-

-

-

-

-

5.9

-

(5.9)

-

-

-

-

-

-

396.6

69.5

5.9

10.8

13.7

-

16.8

-

513.3

(56.0)

-

-

-

-

-

0.4

-

(55.6)

3.5

-

-

-

-

-

-

-

3.5

(5.2)

-

-

-

-

5.0

(0.1)

-

(0.3)

(1.9)

-

-

-

-

(2.2)

(0.2)

-

(4.3)

337.0

69.5

5.9

10.8

13.7

2.8

16.9

-

456.6

75.5

30.9

106.4

261.5

69.5

5.9

10.8

13.7

2.8

16.9

(30.9)

350.2

(0.4)

-

-

-

-

-

-

-

(0.4)

$ 261.1

$ 69.5

$ 5.9

$ 10.8

$ 13.7

$ 2.8

$ 16.9

$ (30.9)

$ 349.8

83.7

83.7

$ 3.12

$ 4.18

Revenues

Cost of revenues Gross profit

Selling, general, and administrative expenses Amortization of intangibles and other assets Restructuring and other charges

Operating income

Other (expense) income:

Interest expense Investment income Equity method loss, net Other, net

Earnings from operations before income taxes Provision for income taxes

Net earnings

interest

Less: Net earnings attributable to the noncontrolling

Net earnings attributable to Labcorp Holdings Inc.

Weighted average diluted shares outstanding Diluted earnings per common share

(1) Footnotes associated with Reconciliation of Non-GAAP Income Statement are presented on slide 19.

Reconciliation of Non-GAAP Income Statement(1)

Nine Months Ended September 30, 2026

(In Millions, Except Per Share Data)

GAAP

Amortization of intangibles and other assets(a)

Restructuring and other charges(b)

Acquisition and disposition-related costs(c)

Launchpad Costs(d)

Venture Fund and SYNLAB Equity Method Investment(f)(g)

Other

Income Taxes(h)

Non-GAAP

$ 11,078.7

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 11,078.7

7,844.8

-

-

(22.7)

(6.9)

-

(36.1)

-

7,779.1

3,233.9

-

-

22.7

6.9

-

36.1

-

3,299.6

1,739.6

-

-

(31.5)

(46.4)

-

(28.7)

-

1,633.0

232.4

(232.4)

-

-

-

-

-

-

-

27.4

-

(27.4)

-

-

-

-

-

-

1,234.5

232.4

27.4

54.2

53.3

-

64.8

-

1,666.6

(175.3)

-

-

-

-

-

0.6

-

(174.7)

19.2

-

-

-

-

-

(8.8)

-

10.4

(22.3)

-

-

-

-

22.1

-

-

(0.2)

(22.0)

-

-

-

-

8.5

0.1

-

(13.4)

1,034.1

232.4

27.4

54.2

53.3

30.6

56.7

-

1,488.7

193.9

142.0

335.9

840.2

232.4

27.4

54.2

53.3

30.6

56.7

(142.0)

1,152.8

(0.9)

-

-

-

-

-

-

-

(0.9)

$ 839.3

$ 232.4

$ 27.4

$ 54.2

$ 53.3

$ 30.6

$ 56.7

$ (142.0)

$ 1,151.9

82.1

82.1

$ 10.22

$ 14.02

Revenues

Cost of revenues Gross profit

Selling, general, and administrative expenses Amortization of intangibles and other assets Restructuring and other charges

Operating income

Other (expense) income:

Interest expense Investment income Equity method loss, net Other, net

Earnings from operations before income taxes Provision for income taxes

Net earnings

Less: Net earnings attributable to the noncontrolling interest Net earnings attributable to Labcorp Holdings Inc.

Weighted average diluted shares outstanding Diluted earnings per common share

(1) Footnotes associated with Reconciliation of Non-GAAP Income Statement are presented on slide 19.

Reconciliation of Non-GAAP Income Statement(1)

Nine Months Ended September 30, 2025

(In Millions, Except Per Share Data)

GAAP

Amortization of intangibles and other assets(a)

Restructuring and other charges(b)

Acquisition and disposition-related costs(c)

Launchpad Costs(d)

TSA

Reimbursement(e)

Venture Fund and SYNLAB Equity Method Investment(f)(g)

Other

Income Taxes(h)

Non-GAAP

$ 10,435.9

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ -

$ 10,435.9

7,416.6

-

-

(24.7)

(9.4)

-

-

(27.7)

-

7,354.8

3,019.3

-

-

24.7

9.4

-

-

27.7

-

3,081.1

1,678.4

-

-

(30.3)

(41.6)

(3.8)

-

(35.5)

-

1,567.2

207.4

(207.4)

-

-

-

-

-

-

-

-

16.4

-

(16.4)

-

-

-

-

-

-

-

1,117.1

207.4

16.4

55.0

51.0

3.8

-

63.2

-

1,513.9

(169.1)

-

-

-

-

-

-

0.8

-

(168.3)

11.7

-

-

-

-

-

-

-

-

11.7

(7.2)

-

-

-

-

-

5.0

1.4

-

(0.8)

(35.6)

-

-

-

-

(3.8)

33.9

(1.4)

-

(6.9)

916.9

207.4

16.4

55.0

51.0

-

38.9

64.0

-

1,349.6

204.1

106.2

310.3

712.8

207.4

16.4

55.0

51.0

-

38.9

64.0

(106.2)

1,039.3

(1.0)

-

-

-

-

-

-

-

-

(1.0)

$ 711.8

$ 207.4

$ 16.4

$ 55.0

$ 51.0

$ -

$ 38.9

$ 64.0

$ (106.2)

$ 1,038.3

84.0

84.0

$ 8.48

$ 12.37

Revenues

Cost of revenues Gross profit

Selling, general, and administrative expenses Amortization of intangibles and other assets Restructuring and other charges

Operating income

Other (expense) income:

Interest expense Investment income Equity method loss, net Other, net

Earnings from operations before income taxes Provision for income taxes

Net earnings

Less: Net earnings attributable to the noncontrolling interest

Net earnings attributable to Labcorp Holdings Inc.

Weighted average diluted shares outstanding Diluted earnings per common share

  1. Footnotes associated with Reconciliation of Non-GAAP Income Statement are presented on slide 19.

    Reconciliation of Non-GAAP Financial Measures(1)

    (Dollars and Shares in Millions, Except Per Share Data)

    Three Months Ended September 30,

    Nine Months Ended September 30,

    2026

    2025

    2026

    2025

    Adjusted Operating Income

    Operating income

    $ 402.1

    $ 396.6

    $ 1,234.5

    $ 1,117.1

    Amortization of intangibles and other assets (a)

    78.7

    69.5

    232.4

    207.4

    Restructuring and other charges (b)

    15.9

    5.9

    27.4

    16.4

    Acquisition and disposition-related costs (c)

    23.0

    10.8

    54.2

    55.0

    LaunchPad costs (d)

    28.6

    13.7

    53.3

    51.0

    Other

    21.7

    16.8

    64.8

    63.2

    TSA reimbursement (e)

    -

    -

    -

    3.8

    Adjusted operating income

    $ 570.0

    $ 513.3

    $ 1,666.6

    $ 1,513.9

    Adjusted operating profit margin

    15.0 %

    14.4 %

    15.0 %

    14.5 %

    Adjusted Net Income

    Net income

    $ 262.8

    $ 261.1

    $ 839.3

    $ 711.8

    Impact of adjustments to operating income

    167.9

    116.7

    432.1

    396.8

    (Gain) loss on venture fund investments, net (f)

    (0.1)

    (2.2)

    8.5

    33.9

    Equity method loss from SYNLAB investment (g)

    10.9

    5.0

    22.1

    5.0

    TSA reimbursement (e)

    -

    -

    -

    (3.8)

    Other

    (0.2)

    0.1

    (8.1)

    0.8

    Income tax impact of adjustments (h)

    (51.0)

    (30.9)

    (142.0)

    (106.2)

    Adjusted net income

    $ 390.3

    $ 349.8

    $ 1,151.9

    $ 1,038.3

    Weighted average diluted shares outstanding

    81.6

    83.7

    82.1

    84.0

    Adjusted earnings per share

    $ 4.78

    $ 4.18

    $ 14.02

    $ 12.37

    1. Footnotes associated with Reconciliation of Non-GAAP Financial Measures are presented on slide 19.

Reconciliation of Non-GAAP Financial Measures -

Footnotes

  1. Amortization of intangible assets acquired as part of business acquisitions.

  2. Restructuring and other charges represent amounts incurred in connection with the elimination of redundant positions and facilities and contract termination costs within the organization in connection with our LaunchPad initiatives, and acquisitions or dispositions of businesses by the company.

  3. Acquisition and disposition-related costs include due-diligence legal and advisory fees, retention bonuses, impact of delayed contract or license transfers, and other integration or disposition related activities.

  4. LaunchPad costs include non-capitalized costs associated with the implementation of systems, consolidation of processes, and consulting costs incurred as part of various business process improvement initiatives.

  5. Represents transition services fees charged to Fortrea Holdings Inc. related to administrative and IT systems support. The costs to provide these services are included in operating income but the service fees are included in other income.

  6. The company makes investments in companies or investment funds developing promising technology related to its operations. The company recorded net gains and losses related to several distributions from venture funds, increases in the market value of investments, and impairments of other investments due to the underlying performance of the investments.

  7. Adjustment removes the impact of the equity method income from the Company's minority investment in SYNLAB.

  8. Income tax impact of adjustments calculated based on the tax rate applicable to each item.

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