LABCORP HOLDINGS INC.

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

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FY2025 · Filed Feb 24, 2026

LH$370.88-0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2025	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$877.7	$747.1	$419.2
Earnings from discontinued operations	—	—	(38.8)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	681.1	643.5	577.3
Stock compensation	125.8	116.7	128.7
Operating lease right-of-use asset expense	208.1	185.3	168.0
Goodwill and other asset impairments	4.3	5.3	349.0
Non-cash portion of Restructuring and other charges	101.3	—	—
Deferred income taxes	97.6	(20.1)	(78.1)
Other, net	70.7	62.1	38.9
Change in assets and liabilities (net of effects of acquisitions and divestitures):
Increase in accounts receivable	(125.5)	(52.3)	(103.8)
Decrease in unbilled services	3.3	30.4	28.5
Increase in supplies inventory	(30.2)	(12.6)	(0.7)
Increase in prepaid expenses and other	(25.2)	(54.5)	(25.8)
(Decrease) increase in accounts payable	(52.8)	72.1	(42.4)
Increase (decrease) in unearned revenue	34.6	(24.6)	105.5
Decrease in accrued expenses and other	(330.3)	(112.6)	(323.2)
Net cash provided by continuing operating activities	1,640.5	1,585.8	1,202.3
Net cash provided by discontinued operating activities	—	—	125.4
Net cash provided by operating activities	1,640.5	1,585.8	1,327.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(434.5)	(489.9)	(453.6)
Purchase of equity affiliates or other investments	(192.4)	(55.0)	(29.0)
Proceeds from sale of assets	8.0	2.0	0.6
Proceeds from sale or distribution of equity affiliates or other investments	6.9	—	6.7
Proceeds from sale of business	—	15.1	—
Acquisition of businesses, net of cash acquired	(582.0)	(839.0)	(671.5)
Net cash used for continuing investing activities	(1,194.0)	(1,366.8)	(1,146.8)
Net cash used for discontinued investing activities	—	—	(24.7)
Net cash used for investing activities	(1,194.0)	(1,366.8)	(1,171.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior note offerings	—	2,000.0	—
Payments on senior notes	(1,000.0)	(1,000.0)	(300.0)
Proceeds from accounts receivable securitization	225.0	300.0	—
Proceeds from revolving credit facilities	64.8	2,463.7	2,488.2
Payments on revolving credit facilities	(64.8)	(2,463.7)	(2,488.2)
Net share settlement tax payments from issuance of stock to employees	(31.9)	(46.4)	(39.8)
Net proceeds from issuance of stock to employees	54.3	56.2	54.4
Dividends paid	(240.7)	(243.1)	(254.0)
Purchase of common stock	(450.0)	(250.1)	(1,000.0)
Other, net	(13.7)	(36.7)	(19.6)
Net cash (used for) provided by continuing financing activities	(1,457.0)	779.9	(1,559.0)
Net cash provided by discontinued financing activities	—	—	1,499.7
Net cash (used for) provided by financing activities	(1,457.0)	779.9	(59.3)
Effect of exchange rate changes on cash and cash equivalents	24.1	(17.0)	9.9
Net (decrease) increase in cash and cash equivalents	(986.4)	981.9	106.8
Cash and cash equivalents at beginning of period	1,518.7	536.8	430.0
Cash and cash equivalents at end of period	$532.3	$1,518.7	$536.8

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