What is Quest Diagnostics' operating income?

Quest Diagnostics' total operating income in 2025 was $1.56 billion, based on the following breakdown: Total Gross Profit: $3.67 billion Total Operating Expenses: $2.11 billion

Quest Diagnostics (DGX) Financials

$246.28 +3.72 (+1.53%)

As of 01:57 PM Eastern

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Annual Income Statements for Quest Diagnostics

This table shows Quest Diagnostics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	709	645	772	736	858	1,431	1,995	946	854	871	992
Consolidated Net Income / (Loss)	753	696	824	788	906	1,499	2,080	1,015	908	921	1,046
Net Income / (Loss) Continuing Operations	753	696	824	788	886	1,499	2,080	1,015	908	921	1,046
Total Pre-Tax Income	1,103	1,086	1,030	926	1,076	1,884	2,599	1,235	1,130	1,175	1,318
Total Operating Income	1,399	1,277	1,165	1,101	1,231	1,971	2,381	1,428	1,262	1,346	1,556
Total Gross Profit	2,836	2,598	2,683	2,605	2,689	3,633	4,209	3,433	3,053	3,244	3,665
Total Revenue	7,493	7,214	7,402	7,531	7,726	9,437	10,788	9,883	9,252	9,872	11,035
Operating Revenue	7,493	7,214	7,402	7,531	7,726	9,437	10,788	9,883	9,252	9,872	11,035
Total Cost of Revenue	4,657	4,616	4,719	4,926	5,037	5,804	6,579	6,450	6,199	6,628	7,370
Operating Cost of Revenue	4,657	4,616	4,719	4,926	5,037	5,804	6,579	6,450	6,199	6,628	7,370
Total Operating Expenses	1,437	1,321	1,518	1,504	1,458	1,662	1,828	2,005	1,791	1,898	2,109
Selling, General & Admin Expense	1,679	1,380	1,443	1,424	1,457	1,550	1,727	1,874	1,642	1,770	1,967
Amortization Expense	81	72	74	90	96	103	103	120	108	127	154
Other Operating Expenses / (Income)	-323	-131	1.00	-10	-95	9.00	-2.00	11	41	1.00	-12
Total Other Income / (Expense), net	-296	-191	-135	-175	-155	-87	218	-193	-132	-171	-238
Interest & Investment Income	-	-	-	-	-	-	-	-138	-152	-201	-264
Other Income / (Expense), net	-143	-48	16	-8.00	20	76	369	-55	20	30	26
Income Tax Expense	373	429	241	182	247	460	597	264	248	273	314
Other Gains / (Losses), net	23	39	35	44	57	75	78	44	26	19	42
Net Income / (Loss) Attributable to Noncontrolling Interest	44	51	52	52	48	68	85	69	54	50	54
Basic Earnings per Share	$4.92	$4.58	$5.63	$5.39	$6.36	$10.62	$15.85	$8.10	$7.59	$7.78	$8.87
Weighted Average Basic Shares Outstanding	144M	4.03B	137M	136M	133.46M	133.45M	119.45M	111.32M	110.71M	110.98M	109.87M
Diluted Earnings per Share	$4.87	$4.51	$5.50	$5.29	$6.28	$10.47	$15.55	$7.97	$7.49	$7.69	$8.75
Weighted Average Diluted Shares Outstanding	144M	4.03B	137M	136M	133.46M	133.45M	119.45M	111.32M	110.71M	110.98M	109.87M
Weighted Average Basic & Diluted Shares Outstanding	144M	4.03B	137M	136M	133.46M	133.45M	119.45M	111.32M	110.71M	110.98M	109.87M
Cash Dividends to Common per Share	$1.52	$1.65	$1.80	$2.03	$2.12	$2.24	$2.48	$2.64	$2.84	$3.00	$3.20

This table shows Quest Diagnostics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	194	229	226	222	220	282	245	245	252	320	312
Consolidated Net Income / (Loss)	208	240	237	236	235	296	259	256	264	334	326
Net Income / (Loss) Continuing Operations	208	240	237	236	235	296	259	256	264	334	326
Total Pre-Tax Income	266	314	296	299	276	384	328	330	334	412	416
Total Operating Income	300	355	330	361	346	438	386	386	399	459	479
Total Gross Profit	771	804	811	858	863	943	949	910	942	1,027	1,042
Total Revenue	2,366	2,397	2,488	2,621	2,652	2,761	2,816	2,806	2,895	3,043	3,097
Operating Revenue	2,366	2,397	2,488	2,621	2,652	2,761	2,816	2,806	2,895	3,043	3,097
Total Cost of Revenue	1,595	1,593	1,677	1,763	1,789	1,818	1,867	1,896	1,953	2,016	2,055
Operating Cost of Revenue	1,595	1,593	1,677	1,763	1,789	1,818	1,867	1,896	1,953	2,016	2,055
Total Operating Expenses	471	449	481	497	517	505	563	524	543	568	563
Selling, General & Admin Expense	440	416	448	466	476	486	501	504	504	529	523
Amortization Expense	29	29	32	37	39	39	39	37	37	38	37
Other Operating Expenses / (Income)	2.00	4.00	1.00	-6.00	2.00	-20	23	-17	2.00	1.00	3.00
Total Other Income / (Expense), net	-34	-41	-34	-62	-70	-54	-58	-56	-65	-47	-63
Interest & Investment Income	-43	-44	-49	-	-67	-67	-66	-64	-63	-63	-61
Other Income / (Expense), net	9.00	3.00	15	3.00	-3.00	13	8.00	8.00	-2.00	16	-2.00
Income Tax Expense	66	74	65	68	59	97	77	81	74	88	99
Other Gains / (Losses), net	8.00	0.00	6.00	5.00	18	9.00	8.00	7.00	4.00	10	9.00
Net Income / (Loss) Attributable to Noncontrolling Interest	14	11	11	14	15	14	14	11	12	14	14
Basic Earnings per Share	$1.74	$2.05	$2.01	$1.98	$1.97	$2.51	$2.18	$2.21	$2.27	$2.88	$2.82
Weighted Average Basic Shares Outstanding	111M	111M	112M	110.98M	111M	112M	112M	109.87M	110M	111M	110M
Diluted Earnings per Share	$1.72	$2.03	$1.99	$1.95	$1.94	$2.47	$2.16	$2.18	$2.24	$2.84	$2.78
Weighted Average Diluted Shares Outstanding	112M	112M	113M	110.98M	113M	113M	113M	109.87M	112M	112M	112M
Weighted Average Basic & Diluted Shares Outstanding	111.09M	111.32M	111.62M	110.98M	111.64M	111.82M	111.24M	109.87M	110.70M	110.37M	110.02M

This table details how cash moves in and out of Quest Diagnostics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-59	251	-247	-2.00	1,057	-34	-286	-557	371	-137	-129
Net Cash From Operating Activities	821	1,116	1,175	1,200	1,243	2,005	2,233	1,718	1,272	1,334	1,886
Net Cash From Continuing Operating Activities	821	1,116	1,175	1,200	1,243	2,005	2,233	1,718	1,272	1,334	1,886
Net Income / (Loss) Continuing Operations	753	696	824	788	906	1,499	2,080	1,015	908	921	1,046
Consolidated Net Income / (Loss)	753	696	824	788	906	1,499	2,080	1,015	908	921	1,046
Depreciation Expense	304	249	270	309	329	361	408	437	439	493	570
Non-Cash Adjustments To Reconcile Net Income	21	53	81	79	-42	78	-285	146	119	108	115
Changes in Operating Assets and Liabilities, net	-257	118	0.00	24	50	67	30	120	-194	-188	155
Net Cash From Investing Activities	-362	-127	-830	-801	-411	-772	21	-543	-1,061	-2,548	-631
Net Cash From Continuing Investing Activities	-362	-127	-830	-801	-411	-772	21	-543	-1,061	-2,548	-631
Purchase of Property, Plant & Equipment	-263	-293	-252	-383	-400	-418	-403	-404	-408	-425	-527
Acquisitions	-100	-139	-581	-421	-58	-330	-331	-144	-611	-2,164	-101
Other Investing Activities, net	1.00	10	1.00	1.00	-44	-24	0.00	5.00	-42	41	-3.00
Net Cash From Financing Activities	-518	-738	-592	-401	225	-1,267	-2,540	-1,732	160	1,084	-1,388
Net Cash From Continuing Financing Activities	-518	-738	-592	-401	225	-1,267	-2,540	-1,732	160	1,084	-1,388
Repayment of Debt	-2,558	-1,816	-182	-1,966	-1,466	-1,510	-40	-41	-1,830	-282	-973
Repurchase of Common Equity	-224	-590	-465	-322	-353	-325	-2,199	-1,408	-275	-151	-450
Payment of Dividends	-254	-264	-298	-320	-340	-355	-408	-378	-371	-378	-409
Issuance of Debt	2,453	1,869	242	2,113	2,281	749	0.00	0.00	2,592	1,846	410
Other Financing Activities, net	2.00	63	107	78	103	174	107	95	44	49	34
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	0.00	0.00	-7.00	4.00

This table details how cash moves in and out of Quest Diagnostics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	-212	-203	493	-215	-361	131	113	-12	-27	233	171
Net Cash From Operating Activities	154	360	356	464	314	544	563	465	278	597	611
Net Cash From Continuing Operating Activities	154	360	356	464	314	544	563	465	278	597	611
Net Income / (Loss) Continuing Operations	208	240	237	236	235	296	259	256	264	334	326
Consolidated Net Income / (Loss)	208	240	237	236	235	296	259	256	264	334	326
Depreciation Expense	116	117	125	135	140	143	142	145	147	146	147
Non-Cash Adjustments To Reconcile Net Income	34	27	21	26	22	49	31	13	29	31	30
Changes in Operating Assets and Liabilities, net	-204	-24	-27	67	-83	56	131	51	-162	86	108
Net Cash From Investing Activities	-213	-200	-1,633	-502	-115	-124	-201	-191	-152	-134	-169
Net Cash From Continuing Investing Activities	-213	-200	-1,633	-502	-115	-124	-201	-191	-152	-134	-169
Purchase of Property, Plant & Equipment	-104	-92	-106	-123	-117	-108	-144	-158	-114	-138	-166
Acquisitions	-142	-106	-1,533	-383	0.00	-17	-34	-50	-38	-	-1.00
Other Investing Activities, net	33	-2.00	6.00	4.00	2.00	1.00	-23	17	0.00	4.00	-2.00
Net Cash From Financing Activities	-153	-363	1,770	-170	-561	-293	-247	-287	-152	-229	-271
Net Cash From Continuing Financing Activities	-153	-363	1,770	-170	-561	-293	-247	-287	-152	-229	-271
Repayment of Debt	-52	-288	2.00	56	-661	-390	-21	99	-85	-525	-63
Repurchase of Common Equity	-	-	-	-	-	-	-	-300	-	-	-150
Payment of Dividends	-90	-91	-101	-96	-102	-101	-103	-103	-95	-111	-108
Other Financing Activities, net	-11	16	23	21	-13	13	17	17	28	15	25

This table presents Quest Diagnostics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	9,962	10,100	10,503	11,003	12,843	14,026	13,611	12,837	14,022	16,153	16,225
Total Current Assets	1,501	1,531	1,306	1,390	2,490	3,058	2,741	1,898	2,372	2,392	2,378
Cash & Equivalents	133	359	137	135	1,192	1,158	872	315	686	549	420
Accounts Receivable	901	926	924	1,012	1,063	1,520	1,438	1,195	1,210	1,304	1,408
Inventories, net	84	82	95	99	123	223	208	192	190	188	189
Prepaid Expenses	207	155	150	144	112	157	223	196	286	351	361
Plant, Property, & Equipment, net	925	1,029	1,145	1,288	1,453	1,627	1,707	1,766	1,816	2,113	2,203
Total Noncurrent Assets	7,536	7,540	8,052	8,325	8,900	9,341	9,163	9,173	9,834	11,648	11,644
Long-Term Investments	473	443	462	436	482	521	141	132	135	123	136
Goodwill	5,905	6,000	6,335	6,563	6,619	6,873	7,095	7,220	7,733	8,856	8,945
Intangible Assets	984	949	1,119	1,207	1,121	1,167	1,167	1,092	1,166	1,763	1,636
Other Noncurrent Operating Assets	174	148	136	119	678	780	760	729	800	906	927
Total Liabilities & Shareholders' Equity	9,962	10,100	10,503	11,003	12,843	14,026	13,611	12,837	14,022	16,153	16,225
Total Liabilities	5,179	5,363	5,468	5,659	7,080	7,135	7,049	6,830	7,604	9,257	8,939
Total Current Liabilities	1,173	981	1,057	1,485	1,990	1,776	1,753	1,551	1,815	2,169	2,278
Short-Term Debt	159	6.00	36	464	804	2.00	2.00	2.00	303	602	504
Accounts Payable	1,014	975	1,021	1,021	1,041	1,633	1,600	1,396	1,359	1,394	1,600
Other Current Liabilities	-	-	-	0.00	145	141	151	153	153	173	174
Total Noncurrent Liabilities	4,006	4,382	4,411	4,174	5,090	5,359	5,296	5,279	5,789	7,088	6,661
Long-Term Debt	3,492	3,728	3,748	3,429	3,966	4,013	4,010	3,978	4,410	5,615	5,167
Other Noncurrent Operating Liabilities	514	654	663	745	1,124	1,346	1,286	1,301	1,379	1,473	1,494
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	77	80	77	76	82	79	77	76	83	80
Total Equity & Noncontrolling Interests	4,713	4,660	4,955	5,267	5,687	6,809	6,483	5,930	6,342	6,813	7,206
Total Preferred & Common Equity	4,684	4,628	4,921	5,216	5,641	6,759	6,444	5,893	6,307	6,778	7,170
Total Common Equity	4,684	4,628	4,921	5,216	5,641	6,759	6,444	5,893	6,307	6,778	7,170
Common Stock	2,483	2,547	2,614	2,669	2,724	2,843	2,262	2,297	2,322	2,363	2,383
Retained Earnings	6,199	6,613	7,138	7,602	8,174	9,303	7,649	8,290	8,825	9,360	9,994
Treasury Stock	-3,960	-4,460	-4,783	-4,996	-5,218	-5,366	-3,453	-4,673	-4,826	-4,857	-5,180
Accumulated Other Comprehensive Income / (Loss)	-38	-72	-48	-59	-39	-21	-14	-21	-14	-88	-27
Noncontrolling Interest	29	32	34	51	46	50	39	37	35	35	36

This table presents Quest Diagnostics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	14,022	13,954	13,881	16,095	16,153	15,797	15,969	16,197	16,673	16,939	17,221
Total Current Assets	2,372	2,228	2,017	2,623	2,392	2,075	2,198	2,407	2,566	2,844	3,117
Cash & Equivalents	686	474	271	764	549	188	319	432	393	626	797
Accounts Receivable	1,210	1,322	1,319	1,376	1,304	1,404	1,419	1,456	1,587	1,666	1,712
Inventories, net	190	181	182	184	188	189	187	186	225	233	218
Prepaid Expenses	286	251	245	299	351	294	273	333	361	319	390
Plant, Property, & Equipment, net	1,816	1,810	1,832	2,093	2,113	2,098	2,120	2,145	2,189	2,219	2,275
Total Noncurrent Assets	9,834	9,916	10,032	11,379	11,648	11,624	11,651	11,645	11,918	11,876	11,829
Long-Term Investments	135	133	126	125	123	134	136	137	134	137	139
Goodwill	7,733	7,830	7,885	8,605	8,856	8,849	8,883	8,901	9,120	9,112	9,112
Intangible Assets	1,166	1,192	1,202	1,716	1,763	1,725	1,706	1,662	1,717	1,672	1,634
Other Noncurrent Operating Assets	800	761	819	933	906	916	926	945	947	955	944
Total Liabilities & Shareholders' Equity	14,022	13,954	13,881	16,095	16,153	15,797	15,969	16,197	16,673	16,939	17,221
Total Liabilities	7,604	7,408	7,146	9,174	9,257	8,754	8,623	8,821	8,928	9,040	9,190
Total Current Liabilities	1,815	2,298	2,012	2,092	2,169	1,441	2,024	2,134	2,177	1,788	1,834
Short-Term Debt	303	906	606	603	602	1.00	504	504	503	10	10
Accounts Payable	1,359	1,239	1,247	1,313	1,394	1,267	1,349	1,457	1,500	1,598	1,643
Other Current Liabilities	153	153	159	176	173	173	171	173	174	180	181
Total Noncurrent Liabilities	5,789	5,110	5,134	7,082	7,088	7,313	6,599	6,687	6,751	7,252	7,356
Long-Term Debt	4,410	3,804	3,816	5,648	5,615	5,858	5,169	5,171	5,155	5,632	5,540
Other Noncurrent Operating Liabilities	1,379	1,306	1,318	1,434	1,473	1,455	1,430	1,516	1,596	1,620	1,816
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	76	77	79	80	83	81	81	81	79	80	81
Total Equity & Noncontrolling Interests	6,342	6,469	6,656	6,841	6,813	6,962	7,265	7,295	7,666	7,819	7,950
Total Preferred & Common Equity	6,307	6,432	6,617	6,809	6,778	6,929	7,228	7,258	7,366	7,516	7,632
Total Common Equity	6,307	6,432	6,617	6,809	6,778	6,929	7,228	7,258	7,366	7,516	7,632
Common Stock	2,322	2,294	2,316	2,334	2,363	2,312	2,334	2,357	2,349	2,376	2,399
Retained Earnings	8,825	8,935	9,080	9,222	9,360	9,490	9,682	9,837	10,151	10,374	10,593
Treasury Stock	-4,826	-4,781	-4,760	-4,732	-4,857	-4,790	-4,772	-4,896	-5,091	-5,172	-5,294
Accumulated Other Comprehensive Income / (Loss)	-14	-16	-19	-15	-88	-83	-16	-40	-43	-62	-66
Noncontrolling Interest	35	37	39	32	35	33	37	37	300	303	318

This table displays calculated financial ratios and metrics derived from Quest Diagnostics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.78%	-3.72%	2.61%	1.74%	2.59%	22.15%	14.32%	-8.39%	-6.38%	6.70%	11.78%
EBITDA Growth	19.91%	-5.26%	-1.83%	-3.38%	12.70%	52.41%	31.15%	-42.69%	-4.92%	8.60%	15.14%
EBIT Growth	27.25%	-2.15%	-3.91%	-7.45%	14.46%	63.63%	34.34%	-50.07%	-6.63%	7.33%	14.97%
NOPAT Growth	38.18%	-16.56%	15.52%	-0.87%	7.21%	57.08%	23.11%	-38.78%	-12.27%	4.90%	14.71%
Net Income Growth	27.20%	-7.57%	18.39%	-4.37%	14.97%	65.45%	38.76%	-51.20%	-10.54%	1.43%	13.57%
EPS Growth	27.82%	-7.39%	21.95%	-3.82%	18.71%	66.72%	48.52%	-48.75%	-6.02%	2.67%	13.78%
Operating Cash Flow Growth	-13.03%	35.93%	5.29%	2.13%	3.58%	61.30%	11.37%	-23.06%	-25.96%	4.87%	41.38%
Free Cash Flow Firm Growth	3,525.34%	-30.11%	-56.52%	31.95%	72.23%	48.49%	33.73%	-23.75%	-81.20%	-610.50%	211.62%
Invested Capital Growth	-2.15%	0.10%	7.31%	5.43%	2.23%	4.15%	3.62%	-0.22%	8.07%	20.67%	-0.32%
Revenue Q/Q Growth	-0.45%	-3.85%	4.30%	-0.34%	1.14%	12.87%	-2.34%	-3.99%	-0.48%	3.49%	1.71%
EBITDA Q/Q Growth	-1.33%	1.72%	0.35%	-3.77%	11.35%	22.54%	-7.34%	-17.65%	8.10%	6.44%	1.89%
EBIT Q/Q Growth	-1.26%	3.02%	-0.42%	-5.45%	14.67%	26.36%	-8.58%	-22.47%	11.87%	6.75%	1.93%
NOPAT Q/Q Growth	0.76%	-5.33%	14.55%	-12.60%	13.94%	26.46%	-9.06%	-19.79%	9.46%	5.82%	1.05%
Net Income Q/Q Growth	0.00%	-4.53%	13.81%	-13.97%	16.15%	29.78%	-8.61%	-22.64%	10.87%	3.48%	1.95%
EPS Q/Q Growth	-0.20%	-4.25%	15.30%	-14.54%	17.60%	29.42%	-6.77%	-21.56%	11.62%	3.36%	2.70%
Operating Cash Flow Q/Q Growth	-4.31%	7.62%	-2.33%	-2.28%	4.45%	10.65%	-2.62%	-7.88%	17.89%	-4.51%	0.05%
Free Cash Flow Firm Q/Q Growth	-6.42%	2.62%	-48.31%	-3.00%	72.33%	14.57%	-7.62%	-12.95%	274.74%	-38.85%	25.81%
Invested Capital Q/Q Growth	-0.03%	-0.84%	4.57%	2.91%	0.50%	2.36%	1.64%	0.50%	-1.96%	1.29%	-0.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.85%	36.01%	36.25%	34.59%	34.80%	38.50%	39.02%	34.74%	33.00%	32.86%	33.21%
EBITDA Margin	20.82%	20.49%	19.60%	18.62%	20.45%	25.52%	29.27%	18.31%	18.60%	18.93%	19.50%
Operating Margin	18.67%	17.70%	15.74%	14.62%	15.93%	20.89%	22.07%	14.45%	13.64%	13.63%	14.10%
EBIT Margin	16.76%	17.04%	15.96%	14.51%	16.19%	21.69%	25.49%	13.89%	13.86%	13.94%	14.34%
Profit (Net Income) Margin	10.05%	9.65%	11.13%	10.46%	11.73%	15.88%	19.28%	10.27%	9.81%	9.33%	9.48%
Tax Burden Percent	68.27%	64.09%	80.00%	85.10%	84.20%	79.56%	80.03%	82.19%	80.35%	78.38%	79.36%
Interest Burden Percent	87.82%	88.36%	87.21%	84.72%	86.01%	92.04%	94.51%	89.95%	88.14%	85.39%	83.31%
Effective Tax Rate	33.82%	39.50%	23.40%	19.65%	22.96%	24.42%	22.97%	21.38%	21.95%	23.23%	23.82%
Return on Invested Capital (ROIC)	11.97%	10.09%	11.24%	10.48%	10.82%	16.47%	19.52%	11.76%	9.92%	9.08%	9.54%
ROIC Less NNEP Spread (ROIC-NNEP)	6.59%	7.48%	9.00%	7.51%	9.50%	16.81%	28.74%	8.46%	7.85%	6.70%	6.93%
Return on Net Nonoperating Assets (RNNOA)	4.69%	4.64%	5.63%	4.71%	5.49%	7.22%	11.40%	4.40%	4.69%	4.75%	5.21%
Return on Equity (ROE)	16.65%	14.73%	16.86%	15.18%	16.31%	23.69%	30.92%	16.15%	14.62%	13.84%	14.75%
Cash Return on Invested Capital (CROIC)	14.14%	9.99%	4.19%	5.19%	8.62%	12.40%	15.97%	11.98%	2.17%	-9.65%	9.86%
Operating Return on Assets (OROA)	12.67%	12.25%	11.46%	10.16%	10.49%	15.24%	19.90%	10.38%	9.55%	9.12%	9.77%
Return on Assets (ROA)	7.60%	6.94%	8.00%	7.33%	7.60%	11.16%	15.05%	7.68%	6.76%	6.10%	6.46%
Return on Common Equity (ROCE)	16.55%	14.52%	16.48%	14.83%	15.95%	23.22%	30.35%	15.85%	14.35%	13.60%	14.51%
Return on Equity Simple (ROE_SIMPLE)	16.08%	15.04%	16.74%	15.11%	16.06%	22.18%	32.28%	17.22%	14.40%	13.59%	0.00%
Net Operating Profit after Tax (NOPAT)	926	773	892	885	948	1,490	1,834	1,123	985	1,033	1,185
NOPAT Margin	12.36%	10.71%	12.06%	11.75%	12.28%	15.79%	17.00%	11.36%	10.65%	10.47%	10.74%
Net Nonoperating Expense Percent (NNEP)	5.38%	2.61%	2.24%	2.97%	1.32%	-0.34%	-9.22%	3.30%	2.07%	2.38%	2.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	11.33%	8.91%	7.93%	9.20%
Cost of Revenue to Revenue	62.15%	63.99%	63.75%	65.41%	65.20%	61.50%	60.98%	65.26%	67.00%	67.14%	66.79%
SG&A Expenses to Revenue	22.41%	19.13%	19.49%	18.91%	18.86%	16.42%	16.01%	18.96%	17.75%	17.93%	17.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.18%	18.31%	20.51%	19.97%	18.87%	17.61%	16.94%	20.29%	19.36%	19.23%	19.11%
Earnings before Interest and Taxes (EBIT)	1,256	1,229	1,181	1,093	1,251	2,047	2,750	1,373	1,282	1,376	1,582
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,560	1,478	1,451	1,402	1,580	2,408	3,158	1,810	1,721	1,869	2,152
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.84	2.38	2.40	1.95	2.34	2.23	3.15	2.89	2.39	2.47	2.68
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.15	1.53	1.60	1.35	1.71	1.60	1.88	1.72	1.63	1.70	1.74
Price to Earnings (P/E)	12.18	17.08	15.32	13.82	15.39	10.53	10.17	17.98	17.68	19.24	19.37
Dividend Yield	2.44%	1.99%	2.07%	2.61%	2.16%	1.98%	1.46%	1.74%	2.08%	1.97%	1.82%
Earnings Yield	8.21%	5.85%	6.53%	7.24%	6.50%	9.49%	9.83%	5.56%	5.65%	5.20%	5.16%
Enterprise Value to Invested Capital (EV/IC)	1.53	1.84	1.84	1.57	1.85	1.90	2.45	2.16	1.85	1.80	1.97
Enterprise Value to Revenue (EV/Rev)	1.56	1.95	2.04	1.81	2.13	1.86	2.17	2.09	2.07	2.27	2.22
Enterprise Value to EBITDA (EV/EBITDA)	7.51	9.51	10.42	9.72	10.39	7.28	7.41	11.41	11.10	12.00	11.36
Enterprise Value to EBIT (EV/EBIT)	9.32	11.44	12.81	12.46	13.13	8.57	8.51	15.04	14.90	16.29	15.45
Enterprise Value to NOPAT (EV/NOPAT)	12.65	18.20	16.95	15.40	17.31	11.77	12.76	18.40	19.40	21.70	20.63
Enterprise Value to Operating Cash Flow (EV/OCF)	14.27	12.60	12.87	11.35	13.21	8.75	10.48	12.02	15.02	16.81	12.96
Enterprise Value to Free Cash Flow (EV/FCFF)	10.71	18.39	45.50	31.06	21.74	15.64	15.60	18.06	88.85	0.00	19.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.77	0.79	0.75	0.73	0.83	0.58	0.61	0.66	0.73	0.90	0.78
Long-Term Debt to Equity	0.74	0.79	0.74	0.64	0.69	0.58	0.61	0.66	0.69	0.81	0.71
Financial Leverage	0.71	0.62	0.63	0.63	0.58	0.43	0.40	0.52	0.60	0.71	0.75
Leverage Ratio	2.19	2.12	2.11	2.07	2.15	2.12	2.05	2.10	2.16	2.27	2.28
Compound Leverage Factor	1.92	1.88	1.84	1.76	1.85	1.95	1.94	1.89	1.91	1.94	1.90
Debt to Total Capital	43.65%	44.08%	42.91%	42.15%	45.29%	36.81%	37.94%	39.85%	42.34%	47.41%	43.77%
Short-Term Debt to Total Capital	1.90%	0.07%	0.41%	5.02%	7.63%	0.02%	0.02%	0.02%	2.72%	4.59%	3.89%
Long-Term Debt to Total Capital	41.75%	44.01%	42.50%	37.12%	37.65%	36.80%	37.92%	39.83%	39.62%	42.82%	39.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.35%	1.29%	1.29%	1.39%	1.16%	1.21%	1.12%	1.14%	1.00%	0.90%	0.90%
Common Equity to Total Capital	56.00%	54.63%	55.80%	56.47%	53.56%	61.98%	60.94%	59.01%	56.66%	51.69%	55.34%
Debt to EBITDA	2.34	2.53	2.61	2.78	3.02	1.67	1.27	2.20	2.74	3.33	2.64
Net Debt to EBITDA	1.95	1.98	2.20	2.37	1.96	0.97	0.95	1.95	2.26	2.97	2.38
Long-Term Debt to EBITDA	2.24	2.52	2.58	2.45	2.51	1.67	1.27	2.20	2.56	3.00	2.40
Debt to NOPAT	3.94	4.83	4.24	4.40	5.03	2.70	2.19	3.54	4.78	6.02	4.78
Net Debt to NOPAT	3.29	3.80	3.57	3.76	3.26	1.57	1.64	3.15	3.95	5.37	4.32
Long-Term Debt to NOPAT	3.77	4.83	4.20	3.88	4.18	2.69	2.19	3.54	4.48	5.43	4.36
Altman Z-Score	3.08	3.33	3.35	3.05	2.98	3.46	4.06	3.55	3.08	2.81	3.16
Noncontrolling Interest Sharing Ratio	0.64%	1.46%	2.28%	2.33%	2.25%	2.01%	1.86%	1.85%	1.81%	1.72%	1.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.28	1.56	1.24	0.94	1.25	1.72	1.56	1.22	1.31	1.10	1.04
Quick Ratio	0.88	1.31	1.00	0.77	1.13	1.51	1.32	0.97	1.04	0.85	0.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,094	765	332	439	755	1,122	1,500	1,144	215	-1,098	1,225
Operating Cash Flow to CapEx	312.17%	380.89%	468.13%	314.96%	402.27%	479.67%	554.09%	425.25%	311.76%	313.88%	357.87%
Free Cash Flow to Firm to Interest Expense	7.15	5.35	2.20	2.63	4.32	6.88	9.93	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	5.37	7.80	7.78	7.19	7.10	12.30	14.79	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	3.65	5.76	6.12	4.90	5.34	9.74	12.12	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.72	0.72	0.70	0.65	0.70	0.78	0.75	0.69	0.65	0.68
Accounts Receivable Turnover	8.18	7.90	8.00	7.78	7.45	7.31	7.29	7.51	7.69	7.85	8.14
Inventory Turnover	48.01	55.61	53.32	50.78	45.38	33.55	30.53	32.25	32.46	35.07	39.10
Fixed Asset Turnover	8.07	7.38	6.81	6.19	5.64	6.13	6.47	5.69	5.17	5.03	5.11
Accounts Payable Turnover	4.22	4.64	4.73	4.82	4.89	4.34	4.07	4.31	4.50	4.82	4.92
Days Sales Outstanding (DSO)	44.64	46.22	45.61	46.92	49.01	49.95	50.04	48.62	47.44	46.48	44.85
Days Inventory Outstanding (DIO)	7.60	6.56	6.85	7.19	8.04	10.88	11.96	11.32	11.25	10.41	9.34
Days Payable Outstanding (DPO)	86.41	78.64	77.19	75.65	74.71	84.08	89.68	84.77	81.11	75.80	74.14
Cash Conversion Cycle (CCC)	-34.16	-25.86	-24.73	-21.55	-17.65	-23.25	-27.69	-24.83	-22.42	-18.92	-19.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,652	7,660	8,220	8,666	8,859	9,227	9,561	9,540	10,310	12,441	12,401
Invested Capital Turnover	0.97	0.94	0.93	0.89	0.88	1.04	1.15	1.03	0.93	0.87	0.89
Increase / (Decrease) in Invested Capital	-168	8.00	560	446	193	368	334	-21	770	2,131	-40
Enterprise Value (EV)	11,712	14,060	15,124	13,621	16,420	17,541	23,404	20,654	19,105	22,419	24,447
Market Capitalization	8,638	11,019	11,825	10,171	13,202	15,073	20,287	17,007	15,102	16,756	19,216
Book Value per Share	$32.68	$33.38	$36.10	$38.33	$41.88	$50.15	$52.53	$51.74	$56.09	$60.73	$64.45
Tangible Book Value per Share	($15.38)	($16.74)	($18.58)	($18.77)	($15.58)	($9.51)	($14.82)	($21.24)	($23.05)	($34.41)	($30.66)
Total Capital	8,364	8,471	8,819	9,237	10,533	10,906	10,574	9,987	11,131	13,113	12,957
Total Debt	3,651	3,734	3,784	3,893	4,770	4,015	4,012	3,980	4,713	6,217	5,671
Total Long-Term Debt	3,492	3,728	3,748	3,429	3,966	4,013	4,010	3,978	4,410	5,615	5,167
Net Debt	3,045	2,932	3,185	3,322	3,096	2,336	2,999	3,533	3,892	5,545	5,115
Capital Expenditures (CapEx)	263	293	251	381	309	418	403	404	408	425	527
Debt-free, Cash-free Net Working Capital (DFCFNWC)	354	197	148	234	112	126	118	34	174	276	184
Debt-free Net Working Capital (DFNWC)	487	556	285	369	1,304	1,284	990	349	860	825	604
Net Working Capital (NWC)	328	550	249	-95	500	1,282	988	347	557	223	100
Net Nonoperating Expense (NNE)	173	77	68	97	42	-9.24	-246	108	77	112	139
Net Nonoperating Obligations (NNO)	2,939	2,923	3,185	3,322	3,096	2,336	2,999	3,533	3,892	5,545	5,115
Total Depreciation and Amortization (D&A)	304	249	270	309	329	361	408	437	439	493	570
Debt-free, Cash-free Net Working Capital to Revenue	4.72%	2.73%	2.00%	3.11%	1.45%	1.34%	1.09%	0.34%	1.88%	2.80%	1.67%
Debt-free Net Working Capital to Revenue	6.50%	7.71%	3.85%	4.90%	16.88%	13.61%	9.18%	3.53%	9.30%	8.36%	5.47%
Net Working Capital to Revenue	4.38%	7.62%	3.36%	-1.26%	6.47%	13.58%	9.16%	3.51%	6.02%	2.26%	0.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.92	$4.58	$5.63	$5.39	$6.36	$10.62	$15.85	$8.10	$7.59	$7.78	$8.87
Adjusted Weighted Average Basic Shares Outstanding	142.76M	137.50M	135.64M	134.26M	133.46M	133.45M	119.45M	111.32M	110.71M	110.98M	109.87M
Adjusted Diluted Earnings per Share	$4.87	$4.51	$5.50	$5.29	$6.28	$10.47	$15.55	$7.97	$7.49	$7.69	$8.75
Adjusted Weighted Average Diluted Shares Outstanding	142.76M	137.50M	135.64M	134.26M	133.46M	133.45M	119.45M	111.32M	110.71M	110.98M	109.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	142.76M	137.50M	135.64M	134.26M	133.46M	133.45M	119.45M	111.32M	110.71M	110.98M	109.87M
Normalized Net Operating Profit after Tax (NOPAT)	926	773	892	885	948	1,490	1,834	1,123	985	1,033	1,185
Normalized NOPAT Margin	12.36%	10.71%	12.06%	11.75%	12.28%	15.79%	17.00%	11.36%	10.65%	10.47%	10.74%
Pre Tax Income Margin	14.72%	15.05%	13.92%	12.30%	13.93%	19.96%	24.09%	12.50%	12.21%	11.90%	11.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.21	8.59	7.82	6.54	7.15	12.56	18.21	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	6.05	5.40	5.91	5.30	5.42	9.14	12.15	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	6.49	6.55	6.16	4.26	5.38	9.99	15.54	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	4.33	3.35	4.25	3.02	3.65	6.58	9.48	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.73%	37.93%	36.17%	40.61%	37.53%	23.68%	19.62%	37.24%	40.86%	41.04%	39.10%
Augmented Payout Ratio	63.48%	122.70%	92.60%	81.47%	76.49%	45.36%	125.34%	175.96%	71.15%	57.44%	82.12%

This table displays calculated financial ratios and metrics derived from Quest Diagnostics' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	109,866,320.00	110,696,429.00	110,373,360.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	109,866,320.00	110,696,429.00	110,373,360.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	2.29	2.89	2.83
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.50%	2.52%	8.41%	14.55%	12.09%	15.19%	13.18%	7.06%	9.16%	10.21%	9.98%
EBITDA Growth	1.43%	1.93%	4.44%	29.27%	13.65%	25.05%	14.04%	8.02%	12.63%	4.55%	16.42%
EBIT Growth	-0.96%	1.13%	1.77%	31.41%	11.00%	25.98%	14.20%	8.24%	15.74%	5.32%	21.07%
NOPAT Growth	-3.37%	2.14%	-2.53%	25.67%	20.60%	20.65%	14.70%	4.43%	14.18%	10.26%	23.57%
Net Income Growth	-4.15%	-3.61%	0.00%	15.12%	12.98%	23.33%	9.28%	8.47%	12.34%	12.84%	25.87%
EPS Growth	-3.37%	-0.98%	1.53%	14.71%	12.79%	21.67%	8.54%	11.79%	15.46%	14.98%	28.70%
Operating Cash Flow Growth	63.83%	-18.92%	71.98%	-11.95%	103.90%	51.11%	58.15%	0.22%	-11.47%	9.74%	8.53%
Free Cash Flow Firm Growth	-7,966.32%	83.73%	-98.93%	-237.94%	-183.86%	-1,528.72%	106.39%	117.89%	100.88%	109.95%	109.59%
Invested Capital Growth	8.23%	3.48%	16.80%	20.67%	18.13%	16.77%	1.62%	-0.32%	2.35%	1.70%	1.31%
Revenue Q/Q Growth	3.41%	1.31%	3.80%	5.35%	1.18%	4.11%	1.99%	-0.36%	3.17%	5.11%	1.77%
EBITDA Q/Q Growth	10.10%	11.76%	-1.05%	6.17%	-3.21%	22.98%	-9.76%	0.56%	0.93%	14.15%	0.48%
EBIT Q/Q Growth	11.55%	15.86%	-3.63%	5.51%	-5.77%	31.49%	-12.64%	0.00%	0.76%	19.65%	0.42%
NOPAT Q/Q Growth	1.63%	20.29%	-5.09%	8.30%	-2.46%	20.34%	-9.77%	-1.40%	6.64%	16.21%	1.12%
Net Income Q/Q Growth	1.46%	15.38%	-1.25%	-0.42%	-0.42%	25.96%	-12.50%	-1.16%	3.13%	26.52%	-2.40%
EPS Q/Q Growth	1.18%	18.02%	-1.97%	-2.01%	-0.51%	27.32%	-12.55%	0.93%	2.75%	26.79%	-2.11%
Operating Cash Flow Q/Q Growth	-70.78%	133.77%	-1.11%	30.34%	-32.33%	73.25%	3.49%	-17.41%	-40.22%	114.75%	2.35%
Free Cash Flow Firm Q/Q Growth	-6.64%	84.49%	-1,564.93%	-22.70%	10.43%	10.99%	106.53%	243.68%	-95.59%	906.67%	37.46%
Invested Capital Q/Q Growth	3.29%	1.04%	14.15%	1.29%	1.12%	-0.13%	-0.65%	-0.65%	3.83%	-0.76%	-1.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.59%	33.54%	32.60%	32.74%	32.54%	34.15%	33.70%	32.43%	32.54%	33.75%	33.65%
EBITDA Margin	17.96%	19.82%	18.89%	19.04%	18.21%	21.51%	19.03%	19.21%	18.79%	20.41%	20.15%
Operating Margin	12.68%	14.81%	13.26%	13.77%	13.05%	15.86%	13.71%	13.76%	13.78%	15.08%	15.47%
EBIT Margin	13.06%	14.94%	13.87%	13.89%	12.93%	16.33%	13.99%	14.04%	13.71%	15.61%	15.40%
Profit (Net Income) Margin	8.79%	10.01%	9.53%	9.00%	8.86%	10.72%	9.20%	9.12%	9.12%	10.98%	10.53%
Tax Burden Percent	78.20%	76.43%	80.07%	78.93%	85.14%	77.08%	78.96%	77.58%	79.04%	81.07%	78.37%
Interest Burden Percent	86.08%	87.71%	85.80%	82.14%	80.47%	85.14%	83.25%	83.76%	84.13%	86.74%	87.21%
Effective Tax Rate	24.81%	23.57%	21.96%	22.74%	21.38%	25.26%	23.48%	24.55%	22.16%	21.36%	23.80%
Return on Invested Capital (ROIC)	8.64%	10.00%	8.66%	9.23%	8.97%	10.70%	9.19%	9.22%	9.51%	10.82%	11.11%
ROIC Less NNEP Spread (ROIC-NNEP)	8.19%	9.22%	8.22%	8.33%	8.20%	10.02%	8.50%	8.56%	8.63%	10.29%	10.31%
Return on Net Nonoperating Assets (RNNOA)	5.01%	5.67%	5.70%	5.90%	5.82%	6.58%	6.22%	6.43%	6.23%	6.81%	6.50%
Return on Equity (ROE)	13.65%	15.67%	14.37%	15.14%	14.79%	17.27%	15.41%	15.66%	15.73%	17.64%	17.61%
Cash Return on Invested Capital (CROIC)	1.63%	5.87%	-6.94%	-9.65%	-7.33%	-5.73%	7.87%	9.86%	7.29%	8.24%	9.27%
Operating Return on Assets (OROA)	9.07%	10.22%	8.94%	9.09%	8.83%	11.52%	9.40%	9.57%	9.53%	10.97%	10.91%
Return on Assets (ROA)	6.10%	6.85%	6.14%	5.89%	6.05%	7.56%	6.18%	6.22%	6.33%	7.71%	7.46%
Return on Common Equity (ROCE)	13.41%	15.40%	14.13%	14.88%	14.54%	16.98%	15.16%	15.40%	15.21%	17.06%	17.02%
Return on Equity Simple (ROE_SIMPLE)	13.98%	13.45%	13.07%	0.00%	13.68%	13.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	226	271	258	279	272	327	295	291	311	361	365
NOPAT Margin	9.53%	11.32%	10.35%	10.64%	10.26%	11.86%	10.49%	10.38%	10.73%	11.86%	11.79%
Net Nonoperating Expense Percent (NNEP)	0.45%	0.78%	0.44%	0.91%	0.77%	0.68%	0.70%	0.66%	0.87%	0.53%	0.80%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	2.14%	2.12%	2.53%	2.28%	2.26%	2.33%	2.68%	2.70%
Cost of Revenue to Revenue	67.41%	66.46%	67.40%	67.26%	67.46%	65.85%	66.30%	67.57%	67.46%	66.25%	66.35%
SG&A Expenses to Revenue	18.60%	17.36%	18.01%	17.78%	17.95%	17.60%	17.79%	17.96%	17.41%	17.38%	16.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.91%	18.73%	19.33%	18.96%	19.49%	18.29%	19.99%	18.67%	18.76%	18.67%	18.18%
Earnings before Interest and Taxes (EBIT)	309	358	345	364	343	451	394	394	397	475	477
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	425	475	470	499	483	594	536	539	544	621	624
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.31	2.29	2.53	2.47	2.70	2.76	2.92	2.68	2.91	3.11	3.36
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.60	1.62	1.80	1.70	1.84	1.90	1.96	1.74	1.90	2.02	2.16
Price to Earnings (P/E)	17.59	18.01	20.45	19.24	20.83	21.01	21.90	19.37	20.94	22.00	22.70
Dividend Yield	2.15%	2.12%	1.89%	1.97%	1.78%	1.71%	1.63%	1.82%	1.64%	1.54%	1.43%
Earnings Yield	5.69%	5.55%	4.89%	5.20%	4.80%	4.76%	4.57%	5.16%	4.78%	4.54%	4.41%
Enterprise Value to Invested Capital (EV/IC)	1.79	1.79	1.85	1.80	1.93	2.01	2.12	1.97	2.09	2.24	2.42
Enterprise Value to Revenue (EV/Rev)	2.06	2.06	2.38	2.27	2.40	2.40	2.44	2.22	2.39	2.48	2.59
Enterprise Value to EBITDA (EV/EBITDA)	11.06	11.10	12.91	12.00	12.63	12.36	12.52	11.36	12.18	12.78	13.16
Enterprise Value to EBIT (EV/EBIT)	14.93	15.02	17.59	16.29	17.26	16.83	17.04	15.45	16.47	17.25	17.58
Enterprise Value to NOPAT (EV/NOPAT)	19.54	19.60	23.22	21.70	22.54	22.28	22.54	20.63	22.01	22.75	23.07
Enterprise Value to Operating Cash Flow (EV/OCF)	14.34	15.44	16.23	16.81	16.29	15.08	14.03	12.96	14.57	15.04	15.71
Enterprise Value to Free Cash Flow (EV/FCFF)	114.16	31.02	0.00	0.00	0.00	0.00	27.15	19.95	29.03	27.41	26.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.66	0.90	0.90	0.83	0.77	0.77	0.78	0.73	0.71	0.69
Long-Term Debt to Equity	0.58	0.57	0.82	0.81	0.83	0.70	0.70	0.71	0.67	0.71	0.69
Financial Leverage	0.61	0.62	0.69	0.71	0.71	0.66	0.73	0.75	0.72	0.66	0.63
Leverage Ratio	2.10	2.08	2.20	2.27	2.19	2.12	2.26	2.28	2.20	2.16	2.17
Compound Leverage Factor	1.81	1.83	1.89	1.86	1.76	1.81	1.88	1.91	1.85	1.87	1.89
Debt to Total Capital	41.84%	39.63%	47.46%	47.41%	45.41%	43.57%	43.48%	43.77%	42.21%	41.67%	40.87%
Short-Term Debt to Total Capital	8.05%	5.43%	4.58%	4.59%	0.01%	3.87%	3.86%	3.89%	3.75%	0.07%	0.07%
Long-Term Debt to Total Capital	33.80%	34.20%	42.88%	42.82%	45.40%	39.70%	39.62%	39.88%	38.46%	41.59%	40.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.01%	1.06%	0.85%	0.90%	0.88%	0.91%	0.90%	0.90%	2.83%	2.83%	2.94%
Common Equity to Total Capital	57.14%	59.31%	51.69%	51.69%	53.70%	55.52%	55.61%	55.34%	54.96%	55.51%	56.20%
Debt to EBITDA	2.73	2.55	3.56	3.33	3.04	2.77	2.69	2.64	2.56	2.52	2.38
Net Debt to EBITDA	2.38	2.32	3.05	2.97	2.87	2.55	2.42	2.38	2.32	2.18	1.98
Long-Term Debt to EBITDA	2.20	2.20	3.22	3.00	3.04	2.53	2.45	2.40	2.33	2.51	2.38
Debt to NOPAT	4.82	4.50	6.40	6.02	5.43	5.00	4.84	4.78	4.62	4.48	4.18
Net Debt to NOPAT	4.20	4.09	5.49	5.37	5.13	4.60	4.35	4.32	4.19	3.88	3.47
Long-Term Debt to NOPAT	3.89	3.88	5.78	5.43	5.43	4.55	4.41	4.36	4.21	4.48	4.17
Altman Z-Score	2.83	2.94	2.63	2.60	2.88	3.00	3.06	2.92	3.08	3.26	3.40
Noncontrolling Interest Sharing Ratio	1.80%	1.78%	1.68%	1.72%	1.68%	1.68%	1.61%	1.65%	3.33%	3.29%	3.36%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	1.00	1.25	1.10	1.44	1.09	1.13	1.04	1.18	1.59	1.70
Quick Ratio	0.78	0.79	1.02	0.85	1.10	0.86	0.88	0.80	0.91	1.28	1.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-584	-91	-1,509	-1,852	-1,659	-1,477	96	331	15	147	202
Operating Cash Flow to CapEx	148.08%	391.30%	335.85%	377.24%	268.38%	503.70%	390.97%	294.30%	243.86%	432.61%	368.07%
Free Cash Flow to Firm to Interest Expense	-13.59	-2.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.58	8.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.16	6.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	0.68	0.65	0.65	0.68	0.71	0.67	0.68	0.69	0.70	0.71
Accounts Receivable Turnover	7.21	7.32	7.18	7.85	7.45	7.69	7.66	8.14	7.54	7.49	7.48
Inventory Turnover	33.61	34.32	34.88	35.07	36.88	38.20	39.12	39.10	36.40	36.82	39.21
Fixed Asset Turnover	5.15	5.13	4.86	5.03	5.20	5.32	5.12	5.11	5.26	5.33	5.36
Accounts Payable Turnover	5.12	5.13	5.20	4.82	5.44	5.43	5.23	4.92	5.45	5.25	5.11
Days Sales Outstanding (DSO)	50.62	49.87	50.83	46.48	48.98	47.49	47.64	44.85	48.40	48.70	48.83
Days Inventory Outstanding (DIO)	10.86	10.63	10.47	10.41	9.90	9.56	9.33	9.34	10.03	9.91	9.31
Days Payable Outstanding (DPO)	71.34	71.13	70.25	75.80	67.04	67.23	69.85	74.14	67.03	69.56	71.43
Cash Conversion Cycle (CCC)	-9.86	-10.62	-8.95	-18.92	-8.17	-10.18	-12.89	-19.95	-8.60	-10.94	-13.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,649	10,760	12,283	12,441	12,580	12,564	12,482	12,401	12,876	12,778	12,645
Invested Capital Turnover	0.91	0.88	0.84	0.87	0.87	0.90	0.88	0.89	0.89	0.91	0.94
Increase / (Decrease) in Invested Capital	810	362	1,767	2,131	1,931	1,804	199	-40	296	214	163
Enterprise Value (EV)	19,098	19,268	22,671	22,419	24,337	25,298	26,441	24,447	26,948	28,629	30,642
Market Capitalization	14,881	15,125	17,197	16,756	18,686	19,962	21,217	19,216	21,438	23,367	25,629
Book Value per Share	$57.95	$59.56	$61.17	$60.73	$62.44	$64.75	$64.91	$64.45	$67.05	$67.90	$69.15
Tangible Book Value per Share	($23.33)	($22.23)	($31.55)	($34.41)	($32.84)	($30.11)	($29.56)	($30.66)	($31.59)	($29.52)	($28.21)
Total Capital	11,256	11,157	13,172	13,113	12,902	13,019	13,051	12,957	13,403	13,541	13,581
Total Debt	4,710	4,422	6,251	6,217	5,859	5,673	5,675	5,671	5,658	5,642	5,550
Total Long-Term Debt	3,804	3,816	5,648	5,615	5,858	5,169	5,171	5,167	5,155	5,632	5,540
Net Debt	4,103	4,025	5,362	5,545	5,537	5,218	5,106	5,115	5,131	4,879	4,614
Capital Expenditures (CapEx)	104	92	106	123	117	108	144	158	114	138	166
Debt-free, Cash-free Net Working Capital (DFCFNWC)	362	340	370	276	447	359	345	184	499	440	496
Debt-free Net Working Capital (DFNWC)	836	611	1,134	825	635	678	777	604	892	1,066	1,293
Net Working Capital (NWC)	-70	5.00	531	223	634	174	273	100	389	1,056	1,283
Net Nonoperating Expense (NNE)	18	31	21	43	37	31	36	35	47	27	39
Net Nonoperating Obligations (NNO)	4,103	4,025	5,362	5,545	5,537	5,218	5,106	5,115	5,131	4,879	4,614
Total Depreciation and Amortization (D&A)	116	117	125	135	140	143	142	145	147	146	147
Debt-free, Cash-free Net Working Capital to Revenue	3.90%	3.64%	3.88%	2.80%	4.40%	3.41%	3.18%	1.67%	4.42%	3.81%	4.19%
Debt-free Net Working Capital to Revenue	9.00%	6.54%	11.89%	8.36%	6.25%	6.44%	7.16%	5.47%	7.91%	9.22%	10.92%
Net Working Capital to Revenue	-0.75%	0.05%	5.57%	2.26%	6.24%	1.65%	2.52%	0.91%	3.45%	9.13%	10.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.74	$2.05	$2.01	$1.98	$1.97	$2.51	$2.18	$2.21	$2.27	$2.88	$2.82
Adjusted Weighted Average Basic Shares Outstanding	111M	111M	112M	110.98M	111M	112M	112M	109.87M	110M	111M	110M
Adjusted Diluted Earnings per Share	$1.72	$2.03	$1.99	$1.95	$1.94	$2.47	$2.16	$2.18	$2.24	$2.84	$2.78
Adjusted Weighted Average Diluted Shares Outstanding	112M	112M	113M	110.98M	113M	113M	113M	109.87M	112M	112M	112M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	111.09M	111.32M	111.62M	110.98M	111.64M	111.82M	111.24M	109.87M	110.70M	110.37M	110.02M
Normalized Net Operating Profit after Tax (NOPAT)	226	271	258	279	272	327	295	291	311	361	365
Normalized NOPAT Margin	9.53%	11.32%	10.35%	10.64%	10.26%	11.86%	10.49%	10.38%	10.73%	11.86%	11.79%
Pre Tax Income Margin	11.24%	13.10%	11.90%	11.41%	10.41%	13.91%	11.65%	11.76%	11.54%	13.54%	13.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.19	8.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	5.25	6.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	4.77	6.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.83	4.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	41.49%	41.57%	42.47%	41.04%	41.14%	39.84%	39.18%	39.10%	37.40%	37.02%	35.34%
Augmented Payout Ratio	41.49%	41.57%	42.47%	57.44%	41.14%	39.84%	68.52%	82.12%	37.40%	86.61%	82.12%

Financials Breakdown Chart

Key Financial Trends

Quest Diagnostics (NYSE: DGX) is showing meaningful revenue and earnings growth, although the latest results also highlight margin pressure, acquisition-related leverage and working-capital volatility. Based on the provided quarterly data, revenue increased from $2.333 billion in Q4 2022 to $3.043 billion in Q2 2026. The company has also expanded its asset base, with total assets rising from $12.8 billion at the end of 2022 to $16.9 billion at June 30, 2026.

The strongest recent performance came in Q2 2026. Revenue rose approximately 10.2% from $2.761 billion in Q2 2025, while net income attributable to common shareholders increased 13.5% to $320 million. Diluted earnings per share climbed from $2.47 to $2.84. Operating income also increased to $459 million from $438 million in Q2 2025, although the operating margin narrowed modestly because operating expenses grew faster than revenue.

Cash generation remains a key strength. Operating cash flow reached $597 million in Q2 2026, up from $544 million a year earlier, and free cash flow after capital expenditures was approximately $459 million. Cash flow was weaker in Q1 2026, when operating cash flow fell to $278 million and working capital consumed $162 million. However, the reversal in Q2 suggests that quarterly working-capital movements, rather than a persistent deterioration, are driving much of the volatility.

Quest has maintained substantial investment in its laboratory and operating infrastructure. Quarterly capital expenditures generally ranged from roughly $92 million to $158 million across the provided period, while acquisitions added to the company’s long-term growth opportunities. The balance sheet also improved from Q1 2026: cash increased to $626 million, short-term debt declined to $10 million from $503 million, and the current ratio improved to approximately 1.6 from about 1.2.

Revenue growth remains consistent: Quarterly revenue increased from $2.333 billion in Q4 2022 to $3.043 billion in Q2 2026, with Q2 2026 revenue up approximately 10% year over year.
Earnings and EPS momentum improved: Q2 2026 net income attributable to common shareholders rose to $320 million, while diluted EPS increased 15% year over year to $2.84. Q1 2026 also produced double-digit year-over-year EPS growth.
Operating cash flow is strong: Q2 2026 operating cash flow of $597 million exceeded both Q1 2026’s $278 million and Q2 2025’s $544 million, supporting dividends, investment and debt service.
Free cash flow comfortably covers the dividend: Q2 2026 free cash flow after capital expenditures was approximately $459 million compared with $111 million of dividend payments.
Liquidity improved in the latest quarter: Cash rose to $626 million and short-term debt fell to $10 million at June 30, 2026, reducing near-term refinancing pressure compared with Q1 2026.
Shareholder distributions are supported by rising retained earnings: Retained earnings increased from $8.29 billion at the end of 2022 to $10.37 billion by Q2 2026, while the quarterly dividend increased from $0.66 in Q3 2022 to $0.86 in Q1 2026.
Acquisitions remain an important growth lever: Quest has continued to spend on acquisitions, including $383 million in Q4 2024 and additional investments in 2025 and 2026. The strategy may expand the company’s testing network, but its returns will depend on successful integration.
Working-capital trends are uneven: Accounts receivable increased to $1.666 billion at Q2 2026 from $1.235 billion at Q2 2023. This supports reported growth but also requires continued attention to collections and cash conversion.
Margins have recently come under pressure: Q2 2026 gross margin was approximately 33.7%, below 34.2% in Q2 2025, while operating margin declined to about 15.1% from 15.9% as selling, general and administrative expenses increased.
Leverage remains elevated: Total debt was approximately $5.642 billion at Q2 2026, compared with $4.713 billion at the end of 2023. Net debt after cash was roughly $5.0 billion, leaving Quest exposed to interest costs and refinancing requirements.

Investors should also monitor the company’s substantial acquisition-related intangible assets. Goodwill and intangible assets totaled approximately $10.8 billion at Q2 2026, or roughly 64% of total assets. This creates a potential impairment risk if acquired businesses underperform. Overall, the statements point to a company with improving revenue, earnings and cash generation, but the investment case depends on sustaining growth while protecting margins and managing acquisition-related debt.

10/28/26 01:58 PM ETAI Generated. May Contain Errors.

Quest Diagnostics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Quest Diagnostics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Quest Diagnostics' net income appears to be on an upward trend, with a most recent value of $1.05 billion in 2025, rising from $753 million in 2015. The previous period was $921 million in 2024. Find out what analysts predict for Quest Diagnostics in the coming months.

Quest Diagnostics' total operating income in 2025 was $1.56 billion, based on the following breakdown:

Total Gross Profit: $3.67 billion
Total Operating Expenses: $2.11 billion

Over the last 10 years, Quest Diagnostics' total revenue changed from $7.49 billion in 2015 to $11.04 billion in 2025, a change of 47.3%.

In the past 11 quarters, Quest Diagnostics' cash and equivalents has ranged from $188 million in Q1 2025 to $797 million in Q3 2026, and is currently $797 million as of their latest financial filing in Q3 2026.

Quest Diagnostics had total debt of $5.67 billion at the end of 2025, a 8.8% decrease from 2024, and a 55.3% increase since 2015.

Over the last 10 years, Quest Diagnostics' book value per share changed from 32.68 in 2015 to 64.45 in 2025, a change of 97.3%.

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Financial statements for NYSE:DGX last updated on 10/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Quest Diagnostics (DGX) Financials

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