$LH · LABCORP HOLDINGS INC.
Labcorp Holdings reported Q3 2026 results with revenue of $3.81B (+6.9% YoY), GAAP diluted EPS of $3.22, and adjusted EPS of $4.78 (+14.5% YoY). The company raised full-year 2026 guidance: enterprise revenue growth of 5.9%–6.7% and adjusted EPS of $18.30–$18.70. Four M&A transactions were announced or closed during the quarter, including agreements to acquire BioReference Health assets, Myriad Genetics' Prenatal Health business, and Millennium Health.
- Q3 revenue of $3.81B, up 6.9% YoY; organic growth of 5.5%.
- Adjusted EPS of $4.78 beat prior-year $4.18 by 14.5%; GAAP diluted EPS $3.22.
- Full-year 2026 adjusted EPS guidance raised to $18.30–$18.70, up $0.18 at the midpoint.
- Biopharma Laboratory Services segment revenue grew 8.5% with adjusted operating margin expanding 180 bps to 18.3%.
- Free cash flow for Q3 was $412.2M, up from $280.5M a year ago, driven by working capital improvement.
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Labcorp delivered broad-based beats across revenue, margins, and EPS while raising guidance and simultaneously announcing four M&A deals that expand its diagnostics and women's health footprint.
Labcorp's 6.9% revenue growth and margin expansion outpace the broader lab services sector, with the Biopharma Laboratory Services segment's 1.10x book-to-bill and $8.92B backlog signaling sustained demand from pharma clients. The FDA approval of PGDx elio® tissue complete CDx strengthens its competitive position in companion diagnostics.
Forward-looking statement caveats cite inflation, competitive actions, payer regulation changes, and IT/data security failures as key risks. Integration risk from four announced or closed acquisitions, including BioReference Health assets and Myriad Genetics' Prenatal Health business, could pressure near-term execution.