Quest Diagnostics
DGX · NYSEServices-Medical Laboratories · Fiscal year ends Dec 31
Quest Diagnostics reported revenue of $11B in the fiscal year ended Dec 2025, up 11.8% from the year before. Operating income was $1.6B, an operating margin of 14.1%, and net income was $992M. Operating cash flow of $1.9B less capital expenditure of $527M left free cash flow of $1.4B. Net debt was $5.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $10.8B | $9.9B | $9.3B | $9.9B | $11B |
| Cost of revenue | $6.6B | $6.5B | $6.2B | $6.6B | $7.4B |
| Gross profit | $4.2B | $3.4B | $3.1B | $3.2B | $3.7B |
| Selling, general & admin | $1.7B | $1.9B | $1.6B | $1.8B | $2B |
| Operating income | $2.4B | $1.4B | $1.3B | $1.3B | $1.6B |
| Net interest incomeBanks | −$151M | −$138M | −$152M | −$201M | −$264M |
| Interest expense | $152M | $148M | $163M | – | – |
| Pre-tax income | $2.6B | $1.2B | $1.1B | $1.2B | $1.3B |
| Income tax | $597M | $264M | $248M | $273M | $314M |
| Net income | $2B | $946M | $854M | $871M | $992M |
| Diluted EPS | 15.55 | 7.97 | 7.49 | 7.69 | 8.75 |
| Diluted shares | 128M | 118M | 113M | 113M | 113M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $872M | $315M | $686M | $549M | $420M |
| Receivables | $1.4B | $1.2B | $1.2B | $1.3B | $1.4B |
| Inventory | $208M | $192M | $190M | $188M | $189M |
| Current assets | $2.7B | $1.9B | $2.4B | $2.4B | $2.4B |
| Net PP&E | $1.7B | $1.8B | $1.8B | $2.1B | $2.2B |
| Goodwill | $7.1B | $7.2B | $7.7B | $8.9B | $8.9B |
| Total assets | $13.6B | $12.8B | $14B | $16.2B | $16.2B |
| Current liabilities | $1.8B | $1.6B | $1.8B | $2.2B | $2.3B |
| Short-term debt | $2M | $2M | $303M | $602M | $504M |
| Long-term debt | $4B | $4B | $4.4B | $5.6B | $5.2B |
| Shareholders' equity | $6.4B | $5.9B | $6.3B | $6.8B | $7.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $1.7B | $1.3B | $1.3B | $1.9B |
| Capital expenditure | $403M | $404M | $408M | $425M | $527M |
| Free cash flow | $1.8B | $1.3B | $864M | $909M | $1.4B |
| Depreciation & amortisation | $408M | $437M | $439M | $493M | $570M |
| Stock-based compensation | $79M | $77M | $77M | $88M | $88M |
| Acquisitions | $331M | $144M | $611M | $2.2B | $101M |
| Share buybacks | $2.2B | $1.4B | $275M | $151M | $450M |
| Dividends paid | $309M | $305M | $314M | $331M | $353M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −8.4% | −6.4% | 6.7% | 11.8% |
| Operating income growth (YoY) | – | −40.0% | −11.6% | 6.7% | 15.6% |
| EPS growth (YoY) | – | −48.7% | −6.0% | 2.7% | 13.8% |
| Gross margin | 39.0% | 34.7% | 33.0% | 32.9% | 33.2% |
| Operating margin | 22.1% | 14.4% | 13.6% | 13.6% | 14.1% |
| Net margin | 18.5% | 9.6% | 9.2% | 8.8% | 9.0% |
| Return on equityBlank when equity is negative | 31.0% | 16.1% | 13.5% | 12.9% | 13.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.1% | 12.7% | 10.3% | 9.6% | 11.2% |
| Free cash flow margin | 17.0% | 13.3% | 9.3% | 9.2% | 12.3% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.82x | 1.49x | 1.53x | 1.90x |
| Receivable days | 49 | 44 | 48 | 48 | 47 |
| Inventory days | 12 | 11 | 11 | 10 | 9 |
| Interest cover | 15.7x | 9.65x | 7.74x | – | – |
| Debt ÷ equity | 0.62x | 0.68x | 0.75x | 0.92x | 0.79x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.1B | $3.7B | $4B | $5.7B | $5.3B |
| Current ratio | 1.56x | 1.22x | 1.31x | 1.10x | 1.04x |
Recent filings
More in Services-Medical Laboratories
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.