LABCORP HOLDINGS INC.
For the period ended Sep 30, 2026. Filed Oct 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 30, 2026
LH$366.57+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0000920148-26-000175
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0000920148-26-000222
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 141 previous paragraphs and 146 current paragraphs.
93 unchanged; 42 reworded; 11 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
challenges, deficiencies, or higher-than-anticipated costs in implementing, integrating, or operating the Company’s new ERP system across broader areas of the Company could disrupt the Company’s business operations, including its supply chain and procurement processes, result in data errors, impair its ability to process transactions, or reduce cash flows or liquidity, including as a result of increased inventory purchases;
Current report
For the three months ended September 30, 2026, the Company’s revenues were $3,810.0, an increase of 6.9% from $3,563.5 for the corresponding period in 2025. The 6.9% increase for the three months ended September 30, 2026, as compared to the corresponding period in 2025, was primarily due to organic revenue of 5.5% and acquisitions, net of divestitures, of 1.5%, partially offset by unfavorable foreign currency translation of 0.1%.
Current report
Dx revenues for the three months ended September 30, 2026, were $2,948.9, an increase of 6.5% over $2,769.6 in the third quarter of 2025. The increase was primarily due to organic revenue of 4.4% and acquisitions, net of divestitures, of 2.2%, partially offset by unfavorable foreign currency translation of 0.1%.
Current report
During the three months ended September 30, 2026, the Company recorded net restructuring and other charges of $15.9. The charges were comprised of $12.3 related to severance and other personnel costs, $2.5 in long-lived asset impairment and other non-cash charges, and $2.3 in facility-related costs. The charges were adjusted by the reversal of previously established liabilities of $0.6 in unused facility-related costs, $0.5 in unused contract termination costs, and $0.1 in unused severance and other personnel costs.
Current report
During the nine months ended September 30, 2026, the Company recorded net restructuring and other charges of $27.4. The charges were comprised of $32.1 related to severance and other personnel costs, $5.6 in facility-related costs, $2.5 in long-lived asset impairment and other non-cash charges, and $0.1 in contract termination costs. The charges were adjusted by the reversal of previously established liabilities of $9.0 in unused facility-related costs, $3.6 in unused contract termination costs, and $0.3 in unused severance and other personnel costs.
Current report
Operating Results by Segment
Current report
40 basis points year-over-year. The increase in Dx segment operating margin was primarily due to organic growth and operating efficiencies.
Current report
On October 15, 2026, the Company announced that it entered into an agreement with OPKO Health, Inc. to acquire select assets of the laboratory business of BioReference Health, LLC, a wholly owned subsidiary of OPKO. Through this transaction, the Company will acquire BioReference Health’s laboratory testing businesses focused on clinical and women’s health testing services, urology, corrections, certain operational assets, including additional patient service centers, and the proprietary 4Kscore® Test, an FDA-approved blood test for prostate cancer. The estimated purchase price for the transaction is up to $872.0, including $722.0 payable in cash at closing and up to $150.0 of consideration contingent upon revenue from the 4Kscore® Test. This transaction is anticipated to close mid-2027, subject to regulatory approvals and customary closing conditions for a transaction of this type.
Current report
On October 20, 2026, the Company announced that it entered into an agreement to acquire the Prenatal Health testing business from Myriad Genetics, Inc. The estimated purchase price for this transaction is approximately $210.0 in cash, plus the value of the inventory of the Prenatal Health testing business at closing. The transaction is expected to close early 2027, subject to customary closing conditions and applicable regulatory approvals for a transaction of this type.
Current report
On October 23, 2026, the Company announced that it entered into an agreement to acquire Millennium Health, an accredited specialty laboratory with a focus on drug testing and surveillance. The estimated purchase price for the transaction is up to $375.0, including $245.0 payable in cash at closing and up to $130.0 of consideration contingent upon the outcome of specified future events. This transaction is anticipated to close in 2026, subject to regulatory approvals and customary closing conditions for a transaction of this type.
Current report
Borrowings under the Company’s 2026 Term Loan, the AR Facility, and the revolving credit facility bear interest at variable rates. In the current interest rate environment, the Company has experienced an increase in interest expense. Further increases in benchmark interest rates would further increase interest expense on the Company’s variable-rate debt, and wider credit spreads could increase the cost of any new debt the Company incurs. In addition, the Company expects to refinance its $600.0 3.60% senior notes due 2027, which mature on September 1, 2027. In the current interest rate environment, the Company expects that new or refinanced debt will bear interest at rates higher than that of the debt being replaced, which will also increase interest expense. See Item 3, “Quantitative and Qualitative Disclosures About Market Risk.”
Removed paragraphs (6)
Previous report
For the three months ended June 30, 2026, the Company’s revenues were $3,731.1, an increase of 5.8% from $3,527.3 for the corresponding period in 2025. The 5.8% increase for the three months ended June 30, 2026, as compared to the corresponding period in 2025, was primarily due to organic revenue of 4.2%, acquisitions, net of divestitures, of 1.2%, and favorable foreign currency translation of 0.4%.
Previous report
Dx revenues for the three months ended June 30, 2026, were $2,900.7, an increase of 5.5% over $2,748.8 in the second quarter of 2025. The increase was primarily due to organic revenue of 3.6% and acquisitions, net of divestitures, of 1.9%.
Previous report
During the three months ended June 30, 2025, the Company recorded net restructuring and other charges of $4.1. The charges were comprised of $15.1 in contract termination costs, $9.4 related to severance and other personnel costs, and $7.3 in facility-related costs. The charges were adjusted by the reversal of previously established liabilities of $26.4 in unused facility-related costs and $1.3 in unused severance and other personnel costs.
Previous report
(1)Amount does not cross-foot due to rounding.
Previous report
During the six months ended June 30, 2026, the Company recorded net restructuring and other charges of $11.5. The charges were comprised of $19.8 related to severance and other personnel costs, $3.3 in facility-related costs, and $0.1 in contract termination costs. The charges were adjusted by the reversal of a previously established liability of $8.4 in unused facility-related costs, $3.1 in unused contract termination costs, and $0.2 in unused severance and other personnel costs.
Previous report
Operating Income by Segment
Reworded paragraphs (42)
Previous wording
business interruption, receivables impairment, delays in cash collection impacting days sales outstanding, supply chain disruptions or inventory obsolescence, increases in the Company’s material costs or other operating costs, or other impacts on the business due to natural disasters, adverse weather, geopolitical events, public health crises, and other events beyond the Company’s control;
Current wording
business interruption, receivables impairment, delays in cash collection impacting days sales outstanding, supply chain disruptions or inventory obsolescence, increases in the Company’s material costs or other operating costs, or other impacts on the business due to natural disasters, adverse weather, chronic physical climate risks such as prolonged heat, drought, water stress, or rising energy costs, geopolitical events, public health crises, and other events beyond the Company’s control;
Previous wording
failure to maintain the expected capital structure for the Company, including failure to maintain the Company’s investment grade rating, or leverage ratio covenants under its revolving credit facility;
Current wording
failure to maintain the expected capital structure for the Company, including failure to maintain the Company’s investment grade rating, or failure to comply with the leverage ratio or other financial covenants under its debt agreements;
Previous wording
For the six months ended June 30, 2026, the Company’s revenues were $7,268.7, an increase of 5.8% from $6,872.4 for the corresponding period in 2025. The 5.8% increase for the six months ended June 30, 2026, as compared to the corresponding period in 2025, was due to organic revenue of 3.6%, acquisitions, net of divestitures, of 1.3%, and favorable foreign currency translation of 0.9%.
Current wording
For the nine months ended September 30, 2026, the Company’s revenues were $11,078.7, an increase of 6.2% from $10,435.9 for the corresponding period in 2025. The 6.2% increase for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, was due to organic revenue of 4.3%, acquisitions, net of divestitures, of 1.3%, and favorable foreign currency translation of 0.5%.
Previous wording
Dx total volume, measured by requisitions, increased by 2.8% as organic volume increased by 1.4% and acquisition volume, net of divestitures, contributed 1.3%. Price/mix increased by 2.5% due to organic growth of 1.8%, acquisitions, net of divestitures, of 0.6%, and favorable foreign currency translation of 0.1%.
Current wording
Dx total volume, measured by requisitions, increased by 4.8% as organic volume increased by 3.1% and acquisition volume, net of divestitures, contributed 1.6%. Price/mix increased by 1.7% due to organic growth of 1.3% and acquisitions, net of divestitures, of 0.5%, partially offset by unfavorable foreign currency translation of 0.1%.
Previous wording
BLS revenues for the three months ended June 30, 2026, were $836.2, an increase of 6.5% over $784.8 in the second quarter of 2025. The increase was due to organic growth of 6.2% and favorable foreign currency translation of 1.8%, partially offset by an unfavorable impact related to strategic actions undertaken in ED of 1.4%.
Current wording
BLS revenues for the three months ended September 30, 2026, were $866.7, an increase of 8.5% over $799.1 in the third quarter of 2025. The increase was due to organic growth of 9.6%, partially offset by a 0.8% reduction in acquisitions, net of divestitures, which included an unfavorable impact related to strategic actions undertaken in ED, and unfavorable foreign currency translation of 0.3%.
Previous wording
Cost of revenues increased 5.6% during the three months ended June 30, 2026, as compared with the corresponding period in 2025. Cost of revenues as a percentage of revenues during the three months ended June 30, 2026, decreased to 70.2% as compared to 70.3% in the corresponding period in 2025. This decrease was primarily due to organic growth and operating efficiencies, partially offset by increased personnel costs.
Current wording
Cost of revenues increased 6.4% during the three months ended September 30, 2026, as compared with the corresponding period in 2025. Cost of revenues as a percentage of revenues during the three months ended September 30, 2026, decreased to 70.9%, as compared to 71.2% in the corresponding period in 2025. This decrease was primarily due to organic growth and operating efficiencies.
Previous wording
SG&A as a percentage of revenues were 15.5% and 16.4% during the six months ended June 30, 2026, and 2025, respectively. The decrease was primarily due to revenue growth.
Current wording
SG&A as a percentage of revenues were 16.0% and 15.5% during the three months ended September 30, 2026, and 2025, respectively. The increase was primarily due to increased personnel costs and higher costs associated with LaunchPad initiatives, partially offset by revenue growth.
Previous wording
During the three months ended June 30, 2026, the Company recorded net restructuring and other charges of $5.1. The charges were comprised of $5.2 related to severance and other personnel costs, $1.7 in facility-related costs, and $0.1 in contract termination costs. The charges were adjusted by the reversal of previously established liabilities of $1.8 in unused facility-related costs and $0.1 in unused severance and other personnel costs.
Current wording
During the three months ended September 30, 2025, the Company recorded net restructuring and other charges of $5.9. The charges were comprised of $4.2 related to severance and other personnel costs, $1.8 in facility-related costs, and $0.2 in contract termination costs. The charges were adjusted by the reversal of previously established liabilities of $0.2 in unused severance and other personnel costs and $0.1 in unused facility-related costs.
Previous wording
For the three months ended June 30, 2026, interest expense increased 6.9%, as compared with the corresponding period in 2025. The increase was primarily due to a higher average amount of total debt outstanding during the three months ended June 30, 2026, when compared to the three months ended June 30, 2025.
Current wording
For the three months ended September 30, 2026, interest expense increased 5.6%, as compared with the corresponding period in 2025. The increase was primarily due to a higher average amount of total debt outstanding during the three months ended September 30, 2026, when compared to the three months ended September 30, 2025.
Previous wording
The change in Other, net was primarily due to a decrease in investment losses recorded during the three months ended June 30, 2026, as compared to the corresponding period of 2025.
Current wording
The change in Other, net was primarily due to a decrease in investment gains recorded during the three months ended September 30, 2026, as compared to the corresponding period of 2025.
Previous wording
The increase in the effective tax rate for the three months ended June 30, 2026, as compared with the corresponding period in 2025, was primarily attributable to the jurisdictional mix of earnings.
Current wording
The decrease in the effective tax rate for the three months ended September 30, 2026, as compared with the corresponding period in 2025, was primarily attributable to the release of uncertain tax positions related to U.S. research and development tax credits.
Previous wording
Dx segment operating income was $981.3 for the six months ended June 30, 2026, an increase of $71.0 over operating income of $910.3 in the corresponding period of 2025, and Dx segment operating margin increased approximately 40 basis points year-over-year. The increase in operating margin was primarily due to organic growth and operating efficiencies.
Current wording
Dx segment operating income was $491.6 for the three months ended September 30, 2026, an increase of $41.2 over operating income of $450.4 in the corresponding period of 2025, and Dx segment operating margin increased approximately 40 basis points year-over-year. The increase in Dx segment operating margin was primarily due to organic growth and operating efficiencies.
Previous wording
BLS segment operating income was $262.9 for the six months ended June 30, 2026, an increase of $32.7 over operating income of $230.2 in the corresponding period of 2025, and BLS segment operating margin increased approximately 100 basis points year-over-year. The increase in operating margin was primarily due to organic growth in the Central Laboratory business and operating efficiencies from the strategic actions taken in ED.
Current wording
BLS segment operating income was $159.0 for the three months ended September 30, 2026, an increase of $26.8 over operating income of $132.2 in the corresponding period of 2025, and BLS segment operating margin increased approximately 180 basis points year-over-year. The increase in BLS segment operating margin was primarily due to organic growth and operating efficiencies from the strategic actions taken in ED.
Previous wording
General corporate and unallocated expenses are comprised primarily of administrative services such as executive management, human resources, legal, finance, corporate affairs, and information technology. General corporate and unallocated expenses were $246.6 for the six months ended June 30, 2026, a decrease of $25.0 compared to general corporate and unallocated expenses of $271.6 in the corresponding period of 2025, primarily due to lower acquisition and disposition-related costs and LaunchPad costs.
Current wording
General corporate and unallocated expenses are comprised primarily of administrative services such as executive management, human resources, legal, finance, corporate affairs, and information technology. General corporate and unallocated expenses were $153.9 for the three months ended September 30, 2026, an increase of $43.3 compared to general corporate and unallocated expenses of $110.6 in the corresponding period of 2025, primarily due to higher LaunchPad costs and acquisition and disposition-related costs.
Previous wording
Dx revenues for the six months ended June 30, 2026, were $5,662.8, an increase of 5.3% over $5,378.4 during the six months ended June 30, 2025. The increase was due to organic revenue of 3.2%, acquisitions, net of divestitures, of 2.0%, and favorable foreign currency translation of 0.1%.
Current wording
Dx revenues for the nine months ended September 30, 2026, were $8,611.7, an increase of 5.7% over $8,148.0 during the nine months ended September 30, 2025. The increase was due to organic revenue of 3.6% and acquisitions, net of divestitures, of 2.0%.
Previous wording
Dx total volume, measured by requisitions, increased by 3.0% as organic volume increased by 1.8% and acquisition volume, net of divestitures, contributed 1.3%. Price/mix increased by 2.5% due to organic growth of 1.8% and acquisitions, net of divestitures, of 0.6%.
Current wording
Dx total volume, measured by requisitions, increased by 3.4% as organic volume increased by 2.0% and acquisition volume, net of divestitures, contributed 1.4%. Price/mix increased by 2.3% due to organic growth of 1.6% and acquisitions, net of divestitures, of 0.6%.
Previous wording
BLS revenues for the six months ended June 30, 2026, were $1,616.8, an increase of 7.3% over $1,506.1 during the six months ended June 30, 2025. The increase was due to organic growth of 5.0% and favorable foreign currency translation of 3.6%, partially offset by an unfavorable impact related to strategic actions undertaken in ED of 1.2%.
Current wording
BLS revenues for the nine months ended September 30, 2026, were $2,483.5, an increase of 7.7% over $2,305.2 during the nine months ended September 30, 2025. The increase was due to organic growth of 6.6% and favorable foreign currency translation of 2.2%, partially offset by a 1.1% reduction in acquisitions, net of divestitures, which included an unfavorable impact related to strategic actions undertaken in ED.
Previous wording
Cost of revenues increased 5.4% during the six months ended June 30, 2026, as compared with the corresponding period in 2025. Cost of revenues as a percentage of revenues during the six months ended June 30, 2026, decreased to 70.8% as compared to 71.0% in the corresponding period in 2025. This decrease was primarily due to organic growth and operating efficiencies, partially offset by increased personnel costs.
Current wording
Cost of revenues increased 5.8% during the nine months ended September 30, 2026, as compared with the corresponding period in 2025. Cost of revenues as a percentage of revenues during the nine months ended September 30, 2026, decreased to 70.8%, as compared to 71.1% in the corresponding period in 2025. This decrease was primarily due to organic growth and operating efficiencies.
Previous wording
SG&A as a percentage of revenues were 15.5% and 16.4% during the three months ended June 30, 2026, and 2025, respectively. The decrease was primarily due to revenue growth.
Current wording
SG&A as a percentage of revenues were 15.7% and 16.1% during the nine months ended September 30, 2026, and 2025, respectively. The decrease was primarily due to revenue growth.
Previous wording
During the six months ended June 30, 2025, the Company recorded net restructuring and other charges of $10.5. The charges were comprised of $17.0 related to severance and other personnel costs, $15.1 in contract termination costs, and $7.3 in facility-related costs. The charges were adjusted by the reversal of a previously established liability of $27.5 in unused facility-related costs and $1.4 in unused severance and other personnel costs.
Current wording
During the nine months ended September 30, 2025, the Company recorded net restructuring and other charges of $16.4. The charges were comprised of $21.2 related to severance and other personnel costs, $15.3 in contract termination costs, and $9.1 in facility-related costs. The charges were adjusted by the reversal of a previously established liability of $27.6 in unused facility-related costs and $1.6 in unused severance and other personnel costs.
Previous wording
For the six months ended June 30, 2026, interest expense increased 2.7%, as compared with the corresponding period in 2025. The increase was primarily due to a higher average amount of total debt outstanding during the six months ended June 30, 2026, when compared to the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, interest expense increased 3.7%, as compared with the corresponding period in 2025. The increase was primarily due to a higher average amount of total debt outstanding during the nine months ended September 30, 2026, when compared to the nine months ended September 30, 2025.
Previous wording
Equity method loss, net represents the Company’s ownership share in joint venture partnerships along with equity investments in other companies in the healthcare industry. The increase in Equity method loss, net for the six months ended June 30, 2026, as compared with the corresponding period in 2025, was primarily due to the loss recognized from the SYNLAB investment.
Current wording
Equity method loss, net represents the Company’s ownership share in joint venture partnerships along with equity investments in other companies in the healthcare industry. The increase in Equity method loss, net for the nine months ended September 30, 2026, as compared with the corresponding period in 2025, was primarily due to the loss recognized from the SYNLAB investment.
Previous wording
The change in Other, net for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily due to investment losses of $8.6 recorded during the six months ended June 30, 2026, compared to investment losses of $34.7 for the corresponding period of 2025. In addition, there were foreign currency transaction losses of $7.5 recognized for the six months ended June 30, 2026, as compared to losses of $3.1 for the corresponding period of 2025. As the TSA between Fortrea and LCAH expired on June 30, 2025, there were no fees charged to Fortrea for the six months ended June 30, 2026, as compared to $3.8 in the corresponding period in 2025.
Current wording
The change in Other, net for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to investment losses of $8.5 recorded during the nine months ended September 30, 2026, compared to investment losses of $32.4 for the corresponding period of 2025. In addition, there were foreign currency transaction losses of $13.1 recognized for the nine months ended September 30, 2026, as compared to losses of $8.0 for the corresponding period of 2025. As the TSA between Fortrea and LCAH expired on June 30, 2025, there were no fees charged to Fortrea for the nine months ended September 30, 2026, as compared to $3.8 in the corresponding period in 2025.
Previous wording
The decrease in the effective tax rate for the six months ended June 30, 2026, as compared to the corresponding period in 2025, was primarily attributable to discrete benefits recognized from the tax restructuring of certain foreign entities.
Current wording
The decrease in the effective tax rate for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, was primarily attributable to discrete benefits recognized from the tax restructuring of certain foreign entities.
Previous wording
Dx segment operating income was $522.6 for the three months ended June 30, 2026, an increase of $39.8 over operating income of $482.8 in the corresponding period of 2025, and Dx segment operating margin increased approximately 50 basis points year-over-year. The increase in operating income and operating margin was due to organic growth and operating efficiencies.
Current wording
Dx segment operating income was $1,472.9 for the nine months ended September 30, 2026, an increase of $112.2 over operating income of $1,360.7 in the corresponding period of 2025, and Dx segment operating margin increased approximately
Previous wording
BLS segment operating income was $142.2 for the three months ended June 30, 2026, an increase of $18.9 over operating income of $123.3 in the corresponding period of 2025, and BLS segment operating margin increased approximately 130 basis points year-over-year. The increase in operating income and operating margin was primarily due to organic growth in the Central Laboratory business and operating efficiencies from the strategic actions taken in ED.
Current wording
BLS segment operating income was $421.9 for the nine months ended September 30, 2026, an increase of $59.5 over operating income of $362.4 in the corresponding period of 2025, and BLS segment operating margin increased approximately 130 basis points year-over-year. The increase in BLS segment operating margin was primarily due to organic growth and operating efficiencies from the strategic actions taken in ED.
Previous wording
General corporate and unallocated expenses are comprised primarily of administrative services such as executive management, human resources, legal, finance, corporate affairs, and information technology. General corporate and unallocated expenses were $130.0 for the three months ended June 30, 2026, a decrease of $9.2 compared to general corporate and unallocated expenses of $139.2 in the corresponding period of 2025, primarily due to lower LaunchPad costs and other expenses, partially offset by higher acquisition and disposition-related costs.
Current wording
General corporate and unallocated expenses are comprised primarily of administrative services such as executive management, human resources, legal, finance, corporate affairs, and information technology. General corporate and unallocated expenses were $400.5 for the nine months ended September 30, 2026, an increase of $18.3 compared to general corporate and unallocated expenses of $382.2 in the corresponding period of 2025, primarily due to increased personnel costs and higher LaunchPad costs, partially offset by lower costs related to the Spin-off.
Previous wording
Cash and cash equivalents at June 30, 2026, and 2025, totaled $141.8 and $647.3, respectively. Cash and cash equivalents consist of highly liquid instruments, such as time deposits, and other money market investments, which have original maturities of three months or less.
Current wording
Cash and cash equivalents at September 30, 2026, and 2025, totaled $261.8 and $598.1, respectively. Cash and cash equivalents consist of highly liquid instruments, such as time deposits, and other money market investments, which have original maturities of three months or less.
Previous wording
During the six months ended June 30, 2026, the Company’s operations provided $637.0 of cash as compared to $639.1 during the same period in 2025. The $2.1 decrease in net cash provided by operations during the six months ended June 30, 2026, as compared with the corresponding 2025 period, was primarily due to changes in net working capital, partially offset by higher cash earnings.
Current wording
During the nine months ended September 30, 2026, the Company’s operations provided $1,200.8 of cash, as compared to $1,026.3 during the same period in 2025. The $174.5 increase in net cash provided by operations during the nine months ended September 30, 2026, as compared with the corresponding 2025 period, was primarily due to higher cash earnings.
Previous wording
Net cash used for investing activities for the six months ended June 30, 2026, was $688.3 as compared to $430.1 for the six months ended June 30, 2025. The increase in cash used for investing activities for the six months ended June 30, 2026, as compared to the corresponding period in 2025, was primarily due to increased business acquisitions and capital expenditures, partially offset by a decrease in the purchase of equity affiliates and other investments.
Current wording
Net cash used for investing activities for the nine months ended September 30, 2026, was $1,122.0, as compared to $804.1 for the nine months ended September 30, 2025. The increase in cash used for investing activities for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, was primarily due to increased business acquisitions and capital expenditures, partially offset by a decrease in the purchase of equity affiliates or other investments.
Previous wording
Capital expenditures were $252.6 and $203.9 for the six months ended June 30, 2026, and 2025, respectively. Capital expenditures for the six months ended June 30, 2026, were 3.5% of Revenues, primarily in connection with projects to support growth in the Company’s core businesses, facility expansion and updates, implement advanced technology, and further acquisition integration activities.
Current wording
Capital expenditures were $404.2 and $310.6 for the nine months ended September 30, 2026, and 2025, respectively. Capital expenditures for the nine months ended September 30, 2026, were 3.6% of Revenues, primarily in connection with projects to support growth in the Company’s core businesses, facility expansion and updates, implement advanced technology, and further acquisition integration activities.
Previous wording
Net cash used for financing activities for the six months ended June 30, 2026, was $339.4 as compared to $1,107.1 for the six months ended June 30, 2025. The decrease in cash flows used for financing activities for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily due to increased proceeds from the 2026 Term Loan of $750.0, decreased payments on senior notes of $500.0, increased Common Stock repurchases of $251.8, and decreased proceeds, net of repayments, from the Company’s AR Facility of $200.0.
Current wording
Net cash used for financing activities for the nine months ended September 30, 2026, was $349.4, as compared to $1,166.6 for the nine months ended September 30, 2025. The decrease in cash flows used for financing activities for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to increased proceeds from the 2026 Term Loan of $750.0, decreased payments on senior notes of $500.0, partially offset by increased Common Stock repurchases of $226.8 and decreased proceeds, net of repayments, from the Company’s AR Facility of $194.0.
Previous wording
Under the Company’s 2026 Term Loan, revolving credit facility, indentures relating to the Company’s senior notes, and AR Facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and with respect to the 2026 Term Loan and revolving credit facility, the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants at June 30, 2026, and expects that it will remain in compliance with its existing debt covenants for the next 12 months.
Current wording
Under the Company’s 2026 Term Loan, revolving credit facility, indentures relating to the Company’s senior notes, and AR Facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and with respect to the 2026 Term Loan and revolving credit facility, the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants at September 30, 2026, and expects continued compliance with its existing covenants and leverage ratios for the next 12 months.
Previous wording
At June 30, 2026, the Company had outstanding authorization from its Board to purchase up to $378.6 maximum value of Common Stock. On July 8, 2026, the Board authorized the repurchase of an additional $1,000.0 in the maximum value of the Company’s shares of Common Stock as part of the Company’s ongoing share repurchase program, bringing the total share repurchase authorization to $1,378.6 maximum value of shares of Common Stock. The repurchase authorization has no expiration date.
Current wording
On July 8, 2026, the Board authorized the repurchase of an additional $1,000.0 in the maximum value of the Company’s shares of Common Stock as part of the Company’s ongoing share repurchase program. At September 30, 2026, the Company had outstanding authorization from its Board to purchase up to $1,378.6 maximum value of shares of Common Stock. The repurchase authorization has no expiration date.
Previous wording
For the six months ended June 30, 2026, the Company paid $119.9 in Common Stock dividends. On July 9, 2026, the Company announced a cash dividend of $0.72 per share of Common Stock, or approximately $59.0 in the aggregate. The dividend will be paid on September 11, 2026, to stockholders of record of all issued and outstanding shares of Common Stock as of the close of business on August 28, 2026. The declaration and payment of any future dividends will be at the discretion of the Board.
Current wording
For the nine months ended September 30, 2026, the Company paid $178.1 in Common Stock dividends. On October 21, 2026, the Company announced a cash dividend of $0.72 per share of Common Stock, or approximately $59.0 in the aggregate. The dividend will be paid on December 11, 2026, to stockholders of record of all issued and outstanding shares of Common Stock as of the close of business on November 24, 2026. The declaration and payment of any future dividends will be at the discretion of the Board.
Previous wording
At June 30, 2026, there was $2,593.1 and $2,000.0 aggregate principal amount of issued and outstanding senior notes of LCAH, issued under the 2010 Indenture and the 2024 Indenture, respectively, that are fully and unconditionally guaranteed by the Company. Accordingly, pursuant to Rule 3-10 of Regulation S-X, separate consolidated financial statements of LCAH have not been presented. As permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, the Company has excluded the summarized financial information for LCAH because the assets, liabilities, and results of operations of LCAH are not materially different than the corresponding amounts in the Company’s Condensed Consolidated Financial Statements and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.
Current wording
At September 30, 2026, there was $2,650.0 and $2,000.0 aggregate principal amount of issued and outstanding senior notes of LCAH, issued under the 2010 Indenture and the 2024 Indenture, respectively, that are fully and unconditionally guaranteed by the Company. Accordingly, pursuant to Rule 3-10 of Regulation S-X, separate consolidated financial statements of LCAH have not been presented. As permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, the Company has excluded the summarized financial information for LCAH because the assets, liabilities, and results of operations of LCAH are not materially different than the corresponding amounts in the Company’s Condensed Consolidated Financial Statements and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.
Previous wording
The Company has a noncancelable contract with a vendor to purchase supplies inventory pursuant to which the Company is obligated to make expected total future minimum payments of $115.4, including $20.9 for the remainder of 2026, $20.5 in 2027, and $74.0 in 2028.
Current wording
The Company has a noncancelable contract with a vendor to purchase supplies inventory pursuant to which the Company is obligated to make expected total future minimum payments of $111.5, including $4.8 for the remainder of 2026, $32.7 in 2027, and $74.0 in 2028.
Previous wording
The Company has debt instruments outstanding. At June 30, 2026, the Company had total future payments of $5,894.0, with $0.9 payable within 12 months.
Current wording
At September 30, 2026, the Company has debt instruments, net of interest rate swaps, with total future payments of $5,885.8, of which $601.7 is payable within 12 months.
Previous wording
The Company has leases for PSCs, laboratories and testing facilities, clinical facilities, general office spaces, vehicles, and office and laboratory equipment. At June 30, 2026, the Company had total future lease payments for short-term and long-term leases of $1,098.9, with payments of $226.5 due within 12 months.
Current wording
The Company has leases for PSCs, laboratories and testing facilities, clinical facilities, general office spaces, vehicles, and office and laboratory equipment. At September 30, 2026, the Company had total future lease payments for short-term and long-term leases of $1,129.4, with payments of $229.3 due within 12 months.
Previous wording
On June 28, 2026, the Company entered into an agreement to acquire select assets of an outreach laboratory services business for a purchase price of approximately $155.0. The transaction is anticipated to close in the third quarter of 2026, subject to customary closing conditions and applicable regulatory approvals for a transaction of this type.
Current wording
On June 28, 2026, the Company entered into an agreement to acquire select assets of an outreach laboratory services business for a purchase price of approximately $155.0. The transaction is subject to customary closing conditions and applicable regulatory approvals for a transaction of this type.
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