LH 10-Q report for 2026-03-31

LH 10-Q report for 2026-03-31 lh-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to  ______ Commission file number  1-11353 LABCORP HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 99-2588107 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 358 South Main Street Burlington , North Carolina 27215 (Address of principal executive offices) (Zip Code) (Registrant’s telephone number, including area code) 336 - 229-1127 Securities registered pursuant to Section 12(b) of the Act. Title of each class Trading Symbol Name of exchange on which registered Common Stock, $0.10 par value LH New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of May 1, 2026, there were 82.0 million shares of the registrant’s common stock, $0.10 par value, outstanding. TABLE OF CONTENTS Page Commonly Used Abbreviations 2 Part I. Financial Information Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Operations (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Notes to the Condensed Consolidated Financial Statements (Unaudited) 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures about Market Risk 28 Item 4. Controls and Procedures 29 Part II. Other Information Item 1. Legal Proceedings 30 Item 1A. Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 Signatures 32 1 TABLE OF CONTENTS COMMONLY USED ABBREVIATIONS The abbreviations listed below may be commonly used in this report. AMCA American Medical Collection Agency Annual Report Annual Report on Form 10-K for the fiscal year ended December 31, 2025 AR Facility accounts receivable securitization facility ASU Accounting Standards Update BLS Biopharma Laboratory Services Board board of directors of Labcorp Holdings Inc. CODM chief operating decision maker Common Stock common stock, par value $0.10 per share CRO contract research organization DCP deferred compensation plan Dx Diagnostics Laboratories ED Early Development Research Laboratories EPS earnings per share FASB Financial Accounting Standards Board Fortrea Fortrea Holdings Inc. GAAP U.S. generally accepted accounting principles LCAH Laboratory Corporation of America Holdings MCO managed care organization N/A not applicable OBBBA One Big Beautiful Bill Act OCR U.S. Office of Civil Rights Parkview Parkview Health System, Inc. PSC patient service center S&P Standard & Poor’s SEC U.S. Securities and Exchange Commission SG&A selling, general, and administrative expenses SOFR secured overnight financing rate Spin-off June 2023 spin-off of Fortrea SPV bankruptcy-remote special purpose vehicle 2026 Term Loan term loan credit agreement entered on March 20, 2026 TSA transition services agr Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures about Market Risk 28 Item 4. Controls and Procedures 29 Part II. Other Information Item 1. Legal Proceedings 30 Item 1A. Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 Signatures 32 1 TABLE OF CONTENTS COMMONLY USED ABBREVIATIONS The abbreviations listed below may be commonly used in this report. AMCA American Medical Collection Agency Annual Report Annual Report on Form 10-K for the fiscal year ended December 31, 2025 AR Facility accounts receivable securitization facility ASU Accounting Standards Update BLS Biopharma Laboratory Services Board board of directors of Labcorp Holdings Inc. CODM chief operating decision maker Common Stock common stock, par value $0.10 per share CRO contract research organization DCP deferred compensation plan Dx Diagnostics Laboratories ED Early Development Research Laboratories EPS earnings per share FASB Financial Accounting Standards Board Fortrea Fortrea Holdings Inc. GAAP U.S. generally accepted accounting principles LCAH Laboratory Corporation of America Holdings MCO managed care organization N/A not applicable OBBBA One Big Beautiful Bill Act OCR U.S. Office of Civil Rights Parkview Parkview Health System, Inc. PSC patient service center S&P Standard & Poor’s SEC U.S. Securities and Exchange Commission SG&A selling, general, and administrative expenses SOFR secured overnight financing rate Spin-off June 2023 spin-off of Fortrea SPV bankruptcy-remote special purpose vehicle 2026 Term Loan term loan credit agreement entered on March 20, 2026 TSA transition services agreement with Fortrea U.K. United Kingdom U.S. United States of America USD U.S. Dollar 2 TABLE OF CONTENTS PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In Millions) (Unaudited) March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 981.1 $ 532.3 Accounts receivable, net 2,288.6 2,103.8 Unbilled services, net 161.9 156.9 Supplies inventory 497.7 534.7 Prepaid expenses and other 629.5 692.8 Total current assets 4,558.8 4,020.5 Property, plant, and equipment, net 3,065.5 3,081.5 Goodwill, net 6,955.2 6,789.5 Intangible assets, net 3,636.1 3,596.0 Joint venture partnerships and equity method investments 146.6 153.9 Other assets, net 724.9 751.3 Total assets $ 19,087.1 $ 18,392.7 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 695.7 $ 840.8 Accrued expenses and other 851.9 847.8 Unearned revenue 405.2 439.1 Short-term operating lease liabilities 183.2 191.1 Short-term finance lease liabilities 4.6 4.6 Short-term borrowings and current portion of long-term debt 500.4 500.1 Total current liabilities 2,641.0 2,823.5 Long-term debt 5,833.7 5,084.6 Operating lease liabilities 656.5 682.6 Finance lease liabilities 62.2 63.0 Deferred income taxes and other tax liabilities 456.4 454.5 Other liabilities 691.8 647.8 Total liabilities 10,341.6 9,756.0 Commitments and contingent liabilities Noncontrolling interest 16.9 16.9 Shareholders’ equity: Common stock, 82.3 and 82.2 shares outstanding at March 31, 2026, and December 31, 2025, respectively 7.4 7.5 Additional paid-in capital — — Retained earnings 8,784.4 8,639.9 Accumulated other comprehensive loss ( 63.2 ) ( 27.6 ) Total shareholders’ equity 8,728.6 8,619.8 Total liabilities and shareholders’ equity $ 19,087.1 $ 18,392.7 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 3 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Millions, Except Per Share Data) (Unaudited) Three Months Ended March 31, 2026 2025 Revenues $ 3,537.6 $ 3,345.1 Cost of revenues 2,523.8 2,397.1 Gross profit 1,013.8 948.0 Selling, general, and administrative expenses 551.0 546.0 Amortization of intangibles and other assets 75.6 69.6 Restructuring and other charges 6.4 6.4 Operating income 380.8 326.0 Other (expense) income: Interest expense ( 55.1 ) ( 56.0 ) Investment income 12.2 6.5 Equity method loss, net ( 5.1 ) ( 0.3 ) Other, net ( 13.1 ) ( 1.0 ) Earnings from operations before income taxes 319.7 275.2 Provision for income taxes 41.7 62.2 Net earnings 278.0 213.0 Less: Net earnings attributable to the noncontrolling interest ( 0.2 ) ( 0.2 ) Net earnings attributable to Labcorp Holdings Inc. $ 277.8 $ 212.8 Earnings per share: Basic earnings per share $ 3.37 $ 2.54 Diluted earnings per share $ 3.35 $ 2.52 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 4 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (In Millions) (Unaudited) Three Months Ended March 31, 2026 2025 Net earnings $ 278.0 $ 213.0 Foreign currency translation adjustments ( 36.0 ) 69.7 Net benefit plan adjustments 0.5 0.4 Other comprehensive (loss) earnings before tax ( 35.5 ) 70.1 Provision for income tax related to items of comprehensive earnings ( 0.1 ) ( 0.1 ) Other comprehensive (loss) earnings, net of tax ( 35.6 ) 70.0 Comprehensive earnings 242.4 283.0 Less: Net earnings attributable to the noncontrolling interest ( 0.2 ) ( 0.2 ) Comprehensive earnings attributable to Labcorp Holdings Inc. $ 242.2 $ 282.8 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 5 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (In Millions) (Unaudited) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shareholders’ Equity BALANCE AT DECEMBER 31, 2024 $ 7.6 $ 2.8 $ 8,303.4 $ ( 261.6 ) $ 8,052.2 Net earnings attributable to Labcorp Holdings Inc. — — 212.8 — 212.8 Other comprehensive earnings, net of tax — — — 70.0 70.0 Dividends declared — — ( 60.6 ) — ( 60.6 ) Issuance of common stock under employee stock plans — 25.7 — — 25.7 Net share settlement tax payments from issuance of stock to employees — ( 25.5 ) — — ( 25.5 ) Stock compensation — 32.8 — — 32.8 BALANCE AT MARCH 31, 2025 $ 7.6 $ 35.8 $ 8,455.6 $ ( 191.6 ) $ 8,307.4 BALANCE AT DECEMBER 31, 2025 $ 7.5 $ — $ 8,639.9 $ ( 27.6 ) $ 8,619.8 Net earnings attributable to Labcorp Holdings Inc. — — 277.8 — 277.8 Other comprehensive loss, net of tax — — — ( 35.6 ) ( 35.6 ) Dividends declared — — ( 60.2 ) — ( 60.2 ) Issuance of common stock under employee stock plans — 32.9 — — 32.9 Net share settlement tax payments from issuance of stock to employees — ( 39.8 ) — — ( 39.8 ) Stock compensation — 31.7 — — 31.7 Purchase of common stock ( 0.1 ) ( 24.8 ) ( 73.1 ) — ( 98.0 ) BALANCE AT MARCH 31, 2026 $ 7.4 $ — $ 8,784.4 $ ( 63.2 ) $ 8,728.6 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 6 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Millions) (Unaudited) Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 278.0 $ 213.0 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 173.3 166.8 Stock compensation 31.7 32.8 Operating lease right-of-use asset expense 48.0 48.6 Deferred income taxes 2.0 ( 6.1 ) Other, net 11.4 8.1 Change in assets and liabilities (net of effects of acquisitions and divestitures): Increase in accounts receivable ( 187.9 ) ( 170.8 ) (Increase) decrease in unbilled services ( 6.2 ) 3.9 Decrease in supplies inventory 35.4 8.4 Decrease in prepaid expenses and other 4.0 45.0 Decrease in accounts payable ( 138.7 ) ( 147.6 ) Decrease in unearned revenue ( 32.1 ) ( 8.9 ) Decrease in accrued expenses and other ( 27.4 ) ( 174.7 ) Net cash provided by operating activities 191.5 18.5 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ( 121.0 ) ( 126.0 ) Proceeds from sale of assets 7.8 0.5 Purchase of equity affiliates or other investments ( 6.7 ) ( 157.0 ) Acquisition of businesses, net of cash acquired ( 202.2 ) ( 53.5 ) Net cash used for investing activities ( 322.1 ) ( 336.0 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from term loan 750.0 — Payments on senior notes — ( 1,000.0 ) Proceeds from revolving credit facilities — 64.8 Payments on revolving credit facilities — ( 64.8 ) Proceeds from accounts receivable securitization — 225.0 Net share settlement tax payments from issuance of stock to employees ( 39.8 ) ( 25.5 ) Net proceeds from issuance of stock to employees 32.9 25.7 Dividends paid ( 61.2 ) ( 61.6 ) Purchase of common stock ( 98.0 ) — Other, net ( 3.4 ) ( 3.3 ) Net cash provided by (used for) financing activities 580.5 ( 839.7 ) Effect of exchange rate on changes in Cash and cash equivalents ( 1.1 ) 7.9 Net increase (decrease) in Cash and cash equivalents 448.8 ( 1,149.3 ) Cash and cash equivalents at beginning of period 532.3 1,518.7 Cash and cash equivalents at end of period $ 981.1 $ 369.4 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 7 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars and Shares in Millions, Except Per Share Data) (Unaudited) 1.     BASIS OF FINANCIAL STATEMENT PRESENTATION Labcorp ® Holdings Inc. (Labcorp, LHI, or the Company) is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its unparalleled diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives. The Company reports its business in two segments, Diagnostics Laboratories and Biopharma Laboratory Services. During each of the three months ended March 31, 2026, and 2025, Dx and BLS contributed approximately 78 % and 22 %, respectively, of Revenues to the Company. The accompanying Condensed Consolidated Financial Statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The balance sheet for the year ended December 31, 2025 presented herein, was derived from the Company’s annual audited Consolidated Financial Statements but does not include all disclosures required by GAAP, which are contained within the Annual Report. These unaudited Condensed Consolidated Financial Statements and notes are presented in accordance with the rules and regulations of the SEC and GAAP for interim reporting. As such, certain notes or other information that are normally required by the SEC or GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited Consolidated Financial Statements contained within its Annual Report. Accordingly, these Condensed Consolidated Financial Statements and notes should be read in conjunction with the Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report. These Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. The Company also has investments in other companies or investment funds that develop technology relating to the Company’s operations. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20 % and no representation on the investee’s board of directors) are accounted for at fair value, or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. The carrying value of these type of investments was $ 201.6 and $ 201.9 at March 31, 2026 and December 31, 2025, respectively, and is included within Other assets, net in the Company’s Condensed Consolidated Balance Sheets. All significant intercompany transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in these Condensed Consolidated Financial Statements. The financial statements of the Company’s operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in Accumulated other comprehensive loss within the Condensed Consolidated Balance Sheets. Recent Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets . This accounting pronouncement provi Item 1A. Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 Signatures 32 1 TABLE OF CONTENTS COMMONLY USED ABBREVIATIONS The abbreviations listed below may be commonly used in this report. AMCA American Medical Collection Agency Annual Report Annual Report on Form 10-K for the fiscal year ended December 31, 2025 AR Facility accounts receivable securitization facility ASU Accounting Standards Update BLS Biopharma Laboratory Services Board board of directors of Labcorp Holdings Inc. CODM chief operating decision maker Common Stock common stock, par value $0.10 per share CRO contract research organization DCP deferred compensation plan Dx Diagnostics Laboratories ED Early Development Research Laboratories EPS earnings per share FASB Financial Accounting Standards Board Fortrea Fortrea Holdings Inc. GAAP U.S. generally accepted accounting principles LCAH Laboratory Corporation of America Holdings MCO managed care organization N/A not applicable OBBBA One Big Beautiful Bill Act OCR U.S. Office of Civil Rights Parkview Parkview Health System, Inc. PSC patient service center S&P Standard & Poor’s SEC U.S. Securities and Exchange Commission SG&A selling, general, and administrative expenses SOFR secured overnight financing rate Spin-off June 2023 spin-off of Fortrea SPV bankruptcy-remote special purpose vehicle 2026 Term Loan term loan credit agreement entered on March 20, 2026 TSA transition services agreement with Fortrea U.K. United Kingdom U.S. United States of America USD U.S. Dollar 2 TABLE OF CONTENTS PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In Millions) (Unaudited) March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 981.1 $ 532.3 Accounts receivable, net 2,288.6 2,103.8 Unbilled services, net 161.9 156.9 Supplies inventory 497.7 534.7 Prepaid expenses and other 629.5 692.8 Total current assets 4,558.8 4,020.5 Property, plant, and equipment, net 3,065.5 3,081.5 Goodwill, net 6,955.2 6,789.5 Intangible assets, net 3,636.1 3,596.0 Joint venture partnerships and equity method investments 146.6 153.9 Other assets, net 724.9 751.3 Total assets $ 19,087.1 $ 18,392.7 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 695.7 $ 840.8 Accrued expenses and other 851.9 847.8 Unearned revenue 405.2 439.1 Short-term operating lease liabilities 183.2 191.1 Short-term finance lease liabilities 4.6 4.6 Short-term borrowings and current portion of long-term debt 500.4 500.1 Total current liabilities 2,641.0 2,823.5 Long-term debt 5,833.7 5,084.6 Operating lease liabilities 656.5 682.6 Finance lease liabilities 62.2 63.0 Deferred income taxes and other tax liabilities 456.4 454.5 Other liabilities 691.8 647.8 Total liabilities 10,341.6 9,756.0 Commitments and contingent liabilities Noncontrolling interest 16.9 16.9 Shareholders’ equity: Common stock, 82.3 and 82.2 shares outstanding at March 31, 2026, and December 31, 2025, respectively 7.4 7.5 Additional paid-in capital — — Retained earnings 8,784.4 8,639.9 Accumulated other comprehensive loss ( 63.2 ) ( 27.6 ) Total shareholders’ equity 8,728.6 8,619.8 Total liabilities and shareholders’ equity $ 19,087.1 $ 18,392.7 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 3 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Millions, Except Per Share Data) (Unaudited) Three Months Ended March 31, 2026 2025 Revenues $ 3,537.6 $ 3,345.1 Cost of revenues 2,523.8 2,397.1 Gross profit 1,013.8 948.0 Selling, general, and administrative expenses 551.0 546.0 Amortization of intangibles and other assets 75.6 69.6 Restructuring and other charges 6.4 6.4 Operating income 380.8 326.0 Other (expense) income: Interest expense ( 55.1 ) ( 56.0 ) Investment income 12.2 6.5 Equity method loss, net ( 5.1 ) ( 0.3 ) Other, net ( 13.1 ) ( 1.0 ) Earnings from operations before income taxes 319.7 275.2 Provision for income taxes 41.7 62.2 Net earnings 278.0 213.0 Less: Net earnings attributable to the noncontrolling interest ( 0.2 ) ( 0.2 ) Net earnings attributable to Labcorp Holdings Inc. $ 277.8 $ 212.8 Earnings per share: Basic earnings per share $ 3.37 $ 2.54 Diluted earnings per share $ 3.35 $ 2.52 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 4 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (In Millions) (Unaudited) Three Months Ended March 31, 2026 2025 Net earnings $ 278.0 $ 213.0 Foreign currency translation adjustments ( 36.0 ) 69.7 Net benefit plan adjustments 0.5 0.4 Other comprehensive (loss) earnings before tax ( 35.5 ) 70.1 Provision for income tax related to items of comprehensive earnings ( 0.1 ) ( 0.1 ) Other comprehensive (loss) earnings, net of tax ( 35.6 ) 70.0 Comprehensive earnings 242.4 283.0 Less: Net earnings attributable to the noncontrolling interest ( 0.2 ) ( 0.2 ) Comprehensive earnings attributable to Labcorp Holdings Inc. $ 242.2 $ 282.8 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 5 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (In Millions) (Unaudited) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shareholders’ Equity BALANCE AT DECEMBER 31, 2024 $ 7.6 $ 2.8 $ 8,303.4 $ ( 261.6 ) $ 8,052.2 Net earnings attributable to Labcorp Holdings Inc. — — 212.8 — 212.8 Other comprehensive earnings, net of tax — — — 70.0 70.0 Dividends declared — — ( 60.6 ) — ( 60.6 ) Issuance of common stock under employee stock plans — 25.7 — — 25.7 Net share settlement tax payments from issuance of stock to employees — ( 25.5 ) — — ( 25.5 ) Stock compensation — 32.8 — — 32.8 BALANCE AT MARCH 31, 2025 $ 7.6 $ 35.8 $ 8,455.6 $ ( 191.6 ) $ 8,307.4 BALANCE AT DECEMBER 31, 2025 $ 7.5 $ — $ 8,639.9 $ ( 27.6 ) $ 8,619.8 Net earnings attributable to Labcorp Holdings Inc. — — 277.8 — 277.8 Other comprehensive loss, net of tax — — — ( 35.6 ) ( 35.6 ) Dividends declared — — ( 60.2 ) — ( 60.2 ) Issuance of common stock under employee stock plans — 32.9 — — 32.9 Net share settlement tax payments from issuance of stock to employees — ( 39.8 ) — — ( 39.8 ) Stock compensation — 31.7 — — 31.7 Purchase of common stock ( 0.1 ) ( 24.8 ) ( 73.1 ) — ( 98.0 ) BALANCE AT MARCH 31, 2026 $ 7.4 $ — $ 8,784.4 $ ( 63.2 ) $ 8,728.6 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 6 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Millions) (Unaudited) Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 278.0 $ 213.0 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 173.3 166.8 Stock compensation 31.7 32.8 Operating lease right-of-use asset expense 48.0 48.6 Deferred income taxes 2.0 ( 6.1 ) Other, net 11.4 8.1 Change in assets and liabilities (net of effects of acquisitions and divestitures): Increase in accounts receivable ( 187.9 ) ( 170.8 ) (Increase) decrease in unbilled services ( 6.2 ) 3.9 Decrease in supplies inventory 35.4 8.4 Decrease in prepaid expenses and other 4.0 45.0 Decrease in accounts payable ( 138.7 ) ( 147.6 ) Decrease in unearned revenue ( 32.1 ) ( 8.9 ) Decrease in accrued expenses Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures about Market Risk 28 Item 4. Controls and Procedures 29 Part II. Other Information Item 1. Legal Proceedings 30 Item 1A. Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 Signatures 32 1 TABLE OF CONTENTS COMMONLY USED ABBREVIATIONS The abbreviations listed below may be commonly used in this report. AMCA American Medical Collection Agency Annual Report Annual Report on Form 10-K for the fiscal year ended December 31, 2025 AR Facility accounts receivable securitization facility ASU Accounting Standards Update BLS Biopharma Laboratory Services Board board of directors of Labcorp Holdings Inc. CODM chief operating decision maker Common Stock common stock, par value $0.10 per share CRO contract research organization DCP deferred compensation plan Dx Diagnostics Laboratories ED Early Development Research Laboratories EPS earnings per share FASB Financial Accounting Standards Board Fortrea Fortrea Holdings Inc. GAAP U.S. generally accepted accounting principles LCAH Laboratory Corporation of America Holdings MCO managed care organization N/A not applicable OBBBA One Big Beautiful Bill Act OCR U.S. Office of Civil Rights Parkview Parkview Health System, Inc. PSC patient service center S&P Standard & Poor’s SEC U.S. Securities and Exchange Commission SG&A selling, general, and administrative expenses SOFR secured overnight financing rate Spin-off June 2023 spin-off of Fortrea SPV bankruptcy-remote special purpose vehicle 2026 Term Loan term loan credit agreement entered on March 20, 2026 TSA transition services agreement with Fortrea U.K. United Kingdom U.S. United States of America USD U.S. Dollar 2 TABLE OF CONTENTS PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In Millions) (Unaudited) March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 981.1 $ 532.3 Accounts receivable, net 2,288.6 2,103.8 Unbilled services, net 161.9 156.9 Supplies inventory 497.7 534.7 Prepaid expenses and other 629.5 692.8 Total current assets 4,558.8 4,020.5 Property, plant, and equipment, net 3,065.5 3,081.5 Goodwill, net 6,955.2 6,789.5 Intangible assets, net 3,636.1 3,596.0 Joint venture partnerships and equity method investments 146.6 153.9 Other assets, net 724.9 751.3 Total assets $ 19,087.1 $ 18,392.7 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 695.7 $ 840.8 Accrued expenses and other 851.9 847.8 Unearned revenue 405.2 439.1 Short-term operating lease liabilities 183.2 191.1 Short-term finance lease liabilities 4.6 4.6 Short-term borrowings and current portion of long-term debt 500.4 500.1 Total current liabilities 2,641.0 2,823.5 Long-term debt 5,833.7 5,084.6 Operating lease liabilities 656.5 682.6 Finance lease liabilities 62.2 63.0 Deferred income taxes and other tax liabilities 456.4 454.5 Other liabilities 691.8 647.8 Total liabilities 10,341.6 9,756.0 Commitments and contingent liabilities Noncontrolling interest 16.9 16.9 Shareholders’ equity: Common stock, 82.3 and 82.2 shares outstanding at March 31, 2026, and December 31, 2025, respectively 7.4 7.5 Additional paid-in capital — — Retained earnings 8,784.4 8,639.9 Accumulated other comprehensive loss ( 63.2 ) ( 27.6 ) Total shareholders’ equity 8,728.6 8,619.8 Total liabilities and shareholders’ equity $ 19,087.1 $ 18,392.7 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 3 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Millions, Except Per Share Data) (Unaudited) Three Months Ended March 31, 2026 2025 Revenues $ 3,537.6 $ 3,345.1 Cost of revenues 2,523.8 2,397.1 Gross profit 1,013.8 948.0 Selling, general, and administrative expenses 551.0 546.0 Amortization of intangibles and other assets 75.6 69.6 Restructuring and other charges 6.4 6.4 Operating income 380.8 326.0 Other (expense) income: Interest expense ( 55.1 ) ( 56.0 ) Investment income 12.2 6.5 Equity method loss, net ( 5.1 ) ( 0.3 ) Other, net ( 13.1 ) ( 1.0 ) Earnings from operations before income taxes 319.7 275.2 Provision for income taxes 41.7 62.2 Net earnings 278.0 213.0 Less: Net earnings attributable to the noncontrolling interest ( 0.2 ) ( 0.2 ) Net earnings attributable to Labcorp Holdings Inc. $ 277.8 $ 212.8 Earnings per share: Basic earnings per share $ 3.37 $ 2.54 Diluted earnings per share $ 3.35 $ 2.52 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 4 TABLE OF CONTENTS LABCORP HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED

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