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Quest Diagnostics (DGX) Financials

Quest Diagnostics logo
$193.67 -0.08 (-0.04%)
Closing price 03:59 PM Eastern
Extended Trading
$194.03 +0.36 (+0.18%)
As of 06:43 PM Eastern
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Annual Income Statements for Quest Diagnostics

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

Quarterly Income Statements for Quest Diagnostics

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 225 192 194 229 226 222 220 282 245 245 252
Consolidated Net Income / (Loss)		 237 205 208 240 237 236 235 296 259 256 264
Net Income / (Loss) Continuing Operations		 237 205 208 240 237 236 235 296 259 256 264
Total Pre-Tax Income 		299 237 266 314 296 299 276 384 328 330 334
Total Operating Income		 342 267 300 355 330 361 346 438 386 386 399
Total Gross Profit		 754 736 771 804 811 858 863 943 949 910 942
Total Revenue		 2,295 2,288 2,366 2,397 2,488 2,621 2,652 2,761 2,816 2,806 2,895
Operating Revenue		 2,295 2,288 2,366 2,397 2,488 2,621 2,652 2,761 2,816 2,806 2,895
Total Cost of Revenue		 1,541 1,552 1,595 1,593 1,677 1,763 1,789 1,818 1,867 1,896 1,953
Operating Cost of Revenue		 1,541 1,552 1,595 1,593 1,677 1,763 1,789 1,818 1,867 1,896 1,953
Total Operating Expenses		 412 469 471 449 481 497 517 505 563 524 543
Selling, General & Admin Expense		 380 407 440 416 448 466 476 486 501 504 504
Amortization Expense		 27 27 29 29 32 37 39 39 39 37 37
Other Operating Expenses / (Income)		 5.00 35 2.00 4.00 1.00 -6.00 2.00 -20 23 -17 2.00
Total Other Income / (Expense), net		 -43 -30 -34 -41 -34 -62 -70 -54 -58 -56 -65
Interest & Investment Income		 -40 - -43 -44 -49 - -67 -67 -66 -64 -63
Other Income / (Expense), net		 -3.00 10 9.00 3.00 15 3.00 -3.00 13 8.00 8.00 -2.00
Income Tax Expense		 68 40 66 74 65 68 59 97 77 81 74
Other Gains / (Losses), net		 6.00 8.00 8.00 0.00 6.00 5.00 18 9.00 8.00 7.00 4.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 12 13 14 11 11 14 15 14 14 11 12
Basic Earnings per Share		 $1.99 $1.72 $1.74 $2.05 $2.01 $1.98 $1.97 $2.51 $2.18 $2.21 $2.27
Weighted Average Basic Shares Outstanding		 112M 110.71M 111M 111M 112M 110.98M 111M 112M 112M 109.87M 110M
Diluted Earnings per Share		 $1.96 $1.70 $1.72 $2.03 $1.99 $1.95 $1.94 $2.47 $2.16 $2.18 $2.24
Weighted Average Diluted Shares Outstanding		 114M 110.71M 112M 112M 113M 110.98M 113M 113M 113M 109.87M 112M
Weighted Average Basic & Diluted Shares Outstanding		 112.43M 110.71M 111.09M 111.32M 111.62M 110.98M 111.64M 111.82M 111.24M 109.87M 110.70M
Cash Dividends to Common per Share		 $0.71 - $0.75 $0.75 $0.75 - $0.80 $0.80 $0.80 - $0.86

Annual Cash Flow Statements for Quest Diagnostics

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

Quarterly Cash Flow Statements for Quest Diagnostics

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 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
Net Change in Cash & Equivalents		 17 543 -212 -203 493 -215 -361 131 113 -12 -27
Net Cash From Operating Activities		 207 527 154 360 356 464 314 544 563 465 278
Net Cash From Continuing Operating Activities		 207 527 154 360 356 464 314 544 563 465 278
Net Income / (Loss) Continuing Operations		 237 205 208 240 237 236 235 296 259 256 264
Consolidated Net Income / (Loss)		 237 205 208 240 237 236 235 296 259 256 264
Depreciation Expense		 111 109 116 117 125 135 140 143 142 145 147
Non-Cash Adjustments To Reconcile Net Income		 30 49 34 27 21 26 22 49 31 13 29
Changes in Operating Assets and Liabilities, net		 -171 164 -204 -24 -27 67 -83 56 131 51 -162
Net Cash From Investing Activities		 -107 -114 -213 -200 -1,633 -502 -115 -124 -201 -191 -152
Net Cash From Continuing Investing Activities		 -107 -114 -213 -200 -1,633 -502 -115 -124 -201 -191 -152
Purchase of Property, Plant & Equipment		 -105 -72 -104 -92 -106 -123 -117 -108 -144 -158 -114
Acquisitions		 -2.00 - -142 -106 -1,533 -383 0.00 -17 -34 -50 -38
Other Investing Activities, net		 - -42 33 -2.00 6.00 4.00 2.00 1.00 -23 17 0.00
Net Cash From Financing Activities		 -83 130 -153 -363 1,770 -170 -561 -293 -247 -287 -152
Net Cash From Continuing Financing Activities		 -83 130 -153 -363 1,770 -170 -561 -293 -247 -287 -152
Repayment of Debt		 -559 -400 -52 -288 2.00 56 -661 -390 -21 99 -85
Payment of Dividends		 -93 -96 -90 -91 -101 -96 -102 -101 -103 -103 -95
Issuance of Debt		 556 889 0.00 - 1,846 - 215 185 10 - 0.00
Other Financing Activities, net		 13 12 -11 16 23 21 -13 13 17 17 28
Effect of Exchange Rate Changes		 - - 0.00 - - - 1.00 4.00 -2.00 1.00 -1.00

Annual Balance Sheets for Quest Diagnostics

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

Quarterly Balance Sheets for Quest Diagnostics

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 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
Total Assets		 13,425 13,482 14,022 13,954 13,881 16,095 16,153 15,797 15,969 16,197 16,673
Total Current Assets		 1,733 1,815 2,372 2,228 2,017 2,623 2,392 2,075 2,198 2,407 2,566
Cash & Equivalents		 126 143 686 474 271 764 549 188 319 432 393
Accounts Receivable		 1,235 1,281 1,210 1,322 1,319 1,376 1,304 1,404 1,419 1,456 1,587
Inventories, net		 184 184 190 181 182 184 188 189 187 186 225
Prepaid Expenses		 188 207 286 251 245 299 351 294 273 333 361
Plant, Property, & Equipment, net		 1,814 1,830 1,816 1,810 1,832 2,093 2,113 2,098 2,120 2,145 2,189
Total Noncurrent Assets		 9,878 9,837 9,834 9,916 10,032 11,379 11,648 11,624 11,651 11,645 11,918
Long-Term Investments		 135 130 135 133 126 125 123 134 136 137 134
Goodwill		 7,733 7,732 7,733 7,830 7,885 8,605 8,856 8,849 8,883 8,901 9,120
Intangible Assets		 1,247 1,219 1,166 1,192 1,202 1,716 1,763 1,725 1,706 1,662 1,717
Other Noncurrent Operating Assets		 763 756 800 761 819 933 906 916 926 945 947
Total Liabilities & Shareholders' Equity		 13,425 13,482 14,022 13,954 13,881 16,095 16,153 15,797 15,969 16,197 16,673
Total Liabilities		 7,061 6,943 7,604 7,408 7,146 9,174 9,257 8,754 8,623 8,821 8,928
Total Current Liabilities		 1,875 1,618 1,815 2,298 2,012 2,092 2,169 1,441 2,024 2,134 2,177
Short-Term Debt		 518 304 303 906 606 603 602 1.00 504 504 503
Accounts Payable		 1,201 1,157 1,359 1,239 1,247 1,313 1,394 1,267 1,349 1,457 1,500
Other Current Liabilities		 156 157 153 153 159 176 173 173 171 173 174
Total Noncurrent Liabilities		 5,186 5,325 5,789 5,110 5,134 7,082 7,088 7,313 6,599 6,687 6,751
Long-Term Debt		 3,777 3,946 4,410 3,804 3,816 5,648 5,615 5,858 5,169 5,171 5,155
Other Noncurrent Operating Liabilities		 1,409 1,379 1,379 1,306 1,318 1,434 1,473 1,455 1,430 1,516 1,596
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		 77 76 76 77 79 80 83 81 81 81 79
Total Equity & Noncontrolling Interests		 6,287 6,463 6,342 6,469 6,656 6,841 6,813 6,962 7,265 7,295 7,666
Total Preferred & Common Equity		 6,249 6,425 6,307 6,432 6,617 6,809 6,778 6,929 7,228 7,258 7,366
Total Common Equity		 6,249 6,425 6,307 6,432 6,617 6,809 6,778 6,929 7,228 7,258 7,366
Common Stock		 2,286 2,304 2,322 2,294 2,316 2,334 2,363 2,312 2,334 2,357 2,349
Retained Earnings		 8,566 8,711 8,825 8,935 9,080 9,222 9,360 9,490 9,682 9,837 10,151
Treasury Stock		 -4,587 -4,570 -4,826 -4,781 -4,760 -4,732 -4,857 -4,790 -4,772 -4,896 -5,091
Accumulated Other Comprehensive Income / (Loss)		 -16 -20 -14 -16 -19 -15 -88 -83 -16 -40 -43
Noncontrolling Interest		 38 38 35 37 39 32 35 33 37 37 300

Annual Metrics And Ratios for Quest Diagnostics

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%

Quarterly Metrics And Ratios for Quest Diagnostics

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 109,866,320.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 109,866,320.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.29
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -7.68% -1.93% 1.50% 2.52% 8.41% 14.55% 12.09% 15.19% 13.18% 7.06% 9.16%
EBITDA Growth		 -8.54% 50.19% 1.43% 1.93% 4.44% 29.27% 13.65% 25.05% 14.04% 8.02% 12.63%
EBIT Growth		 -11.72% 96.45% -0.96% 1.13% 1.77% 31.41% 11.00% 25.98% 14.20% 8.24% 15.74%
NOPAT Growth		 -12.38% 58.58% -3.37% 2.14% -2.53% 25.67% 20.60% 20.65% 14.70% 4.43% 14.18%
Net Income Growth		 -14.13% 76.72% -4.15% -3.61% 0.00% 15.12% 12.98% 23.33% 9.28% 8.47% 12.34%
EPS Growth		 -9.68% 84.78% -3.37% -0.98% 1.53% 14.71% 12.79% 21.67% 8.54% 11.79% 15.46%
Operating Cash Flow Growth		 -58.76% 57.78% 63.83% -18.92% 71.98% -11.95% 103.90% 51.11% 58.15% 0.22% -11.47%
Free Cash Flow Firm Growth		 -452.04% -440.51% -7,966.32% 83.73% -98.93% -237.94% -183.86% -1,528.72% 106.39% 117.89% 100.88%
Invested Capital Growth		 10.78% 8.07% 8.23% 3.48% 16.80% 20.67% 18.13% 16.77% 1.62% -0.32% 2.35%
Revenue Q/Q Growth		 -1.84% -0.31% 3.41% 1.31% 3.80% 5.35% 1.18% 4.11% 1.99% -0.36% 3.17%
EBITDA Q/Q Growth		 -3.43% -14.22% 10.10% 11.76% -1.05% 6.17% -3.21% 22.98% -9.76% 0.56% 0.93%
EBIT Q/Q Growth		 -4.24% -18.29% 11.55% 15.86% -3.63% 5.51% -5.77% 31.49% -12.64% 0.00% 0.76%
NOPAT Q/Q Growth		 -0.54% -16.00% 1.63% 20.29% -5.09% 8.30% -2.46% 20.34% -9.77% -1.40% 6.64%
Net Income Q/Q Growth		 -4.82% -13.50% 1.46% 15.38% -1.25% -0.42% -0.42% 25.96% -12.50% -1.16% 3.13%
EPS Q/Q Growth		 -4.39% -13.27% 1.18% 18.02% -1.97% -2.01% -0.51% 27.32% -12.55% 0.93% 2.75%
Operating Cash Flow Q/Q Growth		 -53.38% 154.59% -70.78% 133.77% -1.11% 30.34% -32.33% 73.25% 3.49% -17.41% -40.22%
Free Cash Flow Firm Q/Q Growth		 -36.14% 27.77% -6.64% 84.49% -1,564.93% -22.70% 10.43% 10.99% 106.53% 243.68% -95.59%
Invested Capital Q/Q Growth		 1.13% -1.96% 3.29% 1.04% 14.15% 1.29% 1.12% -0.13% -0.65% -0.65% 3.83%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 32.85% 32.17% 32.59% 33.54% 32.60% 32.74% 32.54% 34.15% 33.70% 32.43% 32.54%
EBITDA Margin		 19.61% 16.87% 17.96% 19.82% 18.89% 19.04% 18.21% 21.51% 19.03% 19.21% 18.79%
Operating Margin		 14.90% 11.67% 12.68% 14.81% 13.26% 13.77% 13.05% 15.86% 13.71% 13.76% 13.78%
EBIT Margin		 14.77% 12.11% 13.06% 14.94% 13.87% 13.89% 12.93% 16.33% 13.99% 14.04% 13.71%
Profit (Net Income) Margin		 10.33% 8.96% 8.79% 10.01% 9.53% 9.00% 8.86% 10.72% 9.20% 9.12% 9.12%
Tax Burden Percent		 79.26% 86.50% 78.20% 76.43% 80.07% 78.93% 85.14% 77.08% 78.96% 77.58% 79.04%
Interest Burden Percent		 88.20% 85.56% 86.08% 87.71% 85.80% 82.14% 80.47% 85.14% 83.25% 83.76% 84.13%
Effective Tax Rate		 22.74% 16.88% 24.81% 23.57% 21.96% 22.74% 21.38% 25.26% 23.48% 24.55% 22.16%
Return on Invested Capital (ROIC)		 10.70% 9.04% 8.64% 10.00% 8.66% 9.23% 8.97% 10.70% 9.19% 9.22% 9.51%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.93% 8.59% 8.19% 9.22% 8.22% 8.33% 8.20% 10.02% 8.50% 8.56% 8.63%
Return on Net Nonoperating Assets (RNNOA)		 5.49% 5.13% 5.01% 5.67% 5.70% 5.90% 5.82% 6.58% 6.22% 6.43% 6.23%
Return on Equity (ROE)		 16.19% 14.17% 13.65% 15.67% 14.37% 15.14% 14.79% 17.27% 15.41% 15.66% 15.73%
Cash Return on Invested Capital (CROIC)		 -1.23% 2.17% 1.63% 5.87% -6.94% -9.65% -7.33% -5.73% 7.87% 9.86% 7.29%
Operating Return on Assets (OROA)		 10.28% 8.34% 9.07% 10.22% 8.94% 9.09% 8.83% 11.52% 9.40% 9.57% 9.53%
Return on Assets (ROA)		 7.19% 6.17% 6.10% 6.85% 6.14% 5.89% 6.05% 7.56% 6.18% 6.22% 6.33%
Return on Common Equity (ROCE)		 15.90% 13.92% 13.41% 15.40% 14.13% 14.88% 14.54% 16.98% 15.16% 15.40% 15.21%
Return on Equity Simple (ROE_SIMPLE)		 12.75% 0.00% 13.98% 13.45% 13.07% 0.00% 13.68% 13.89% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 264 222 226 271 258 279 272 327 295 291 311
NOPAT Margin		 11.51% 9.70% 9.53% 11.32% 10.35% 10.64% 10.26% 11.86% 10.49% 10.38% 10.73%
Net Nonoperating Expense Percent (NNEP)		 0.76% 0.46% 0.45% 0.78% 0.44% 0.91% 0.77% 0.68% 0.70% 0.66% 0.87%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.01% - - - 2.14% 2.12% 2.53% 2.28% 2.26% 2.33%
Cost of Revenue to Revenue		 67.15% 67.83% 67.41% 66.46% 67.40% 67.26% 67.46% 65.85% 66.30% 67.57% 67.46%
SG&A Expenses to Revenue		 16.56% 17.79% 18.60% 17.36% 18.01% 17.78% 17.95% 17.60% 17.79% 17.96% 17.41%
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		 17.95% 20.50% 19.91% 18.73% 19.33% 18.96% 19.49% 18.29% 19.99% 18.67% 18.76%
Earnings before Interest and Taxes (EBIT)		 339 277 309 358 345 364 343 451 394 394 397
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 450 386 425 475 470 499 483 594 536 539 544
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.07 2.39 2.31 2.29 2.53 2.47 2.70 2.76 2.92 2.68 2.91
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)		 1.43 1.63 1.60 1.62 1.80 1.70 1.84 1.90 1.96 1.74 1.90
Price to Earnings (P/E)		 17.45 17.68 17.59 18.01 20.45 19.24 20.83 21.01 21.90 19.37 20.94
Dividend Yield		 2.31% 2.08% 2.15% 2.12% 1.89% 1.97% 1.78% 1.71% 1.63% 1.82% 1.64%
Earnings Yield		 5.73% 5.65% 5.69% 5.55% 4.89% 5.20% 4.80% 4.76% 4.57% 5.16% 4.78%
Enterprise Value to Invested Capital (EV/IC)		 1.65 1.85 1.79 1.79 1.85 1.80 1.93 2.01 2.12 1.97 2.09
Enterprise Value to Revenue (EV/Rev)		 1.87 2.07 2.06 2.06 2.38 2.27 2.40 2.40 2.44 2.22 2.39
Enterprise Value to EBITDA (EV/EBITDA)		 10.93 11.10 11.06 11.10 12.91 12.00 12.63 12.36 12.52 11.36 12.18
Enterprise Value to EBIT (EV/EBIT)		 15.19 14.90 14.93 15.02 17.59 16.29 17.26 16.83 17.04 15.45 16.47
Enterprise Value to NOPAT (EV/NOPAT)		 19.34 19.40 19.54 19.60 23.22 21.70 22.54 22.28 22.54 20.63 22.01
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.13 15.02 14.34 15.44 16.23 16.81 16.29 15.08 14.03 12.96 14.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 88.85 114.16 31.02 0.00 0.00 0.00 0.00 27.15 19.95 29.03
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.65 0.73 0.72 0.66 0.90 0.90 0.83 0.77 0.77 0.78 0.73
Long-Term Debt to Equity		 0.60 0.69 0.58 0.57 0.82 0.81 0.83 0.70 0.70 0.71 0.67
Financial Leverage		 0.55 0.60 0.61 0.62 0.69 0.71 0.71 0.66 0.73 0.75 0.72
Leverage Ratio		 2.07 2.16 2.10 2.08 2.20 2.27 2.19 2.12 2.26 2.28 2.20
Compound Leverage Factor		 1.83 1.85 1.81 1.83 1.89 1.86 1.76 1.81 1.88 1.91 1.85
Debt to Total Capital		 39.39% 42.34% 41.84% 39.63% 47.46% 47.41% 45.41% 43.57% 43.48% 43.77% 42.21%
Short-Term Debt to Total Capital		 2.82% 2.72% 8.05% 5.43% 4.58% 4.59% 0.01% 3.87% 3.86% 3.89% 3.75%
Long-Term Debt to Total Capital		 36.57% 39.62% 33.80% 34.20% 42.88% 42.82% 45.40% 39.70% 39.62% 39.88% 38.46%
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		 1.06% 1.00% 1.01% 1.06% 0.85% 0.90% 0.88% 0.91% 0.90% 0.90% 2.83%
Common Equity to Total Capital		 59.55% 56.66% 57.14% 59.31% 51.69% 51.69% 53.70% 55.52% 55.61% 55.34% 54.96%
Debt to EBITDA		 2.67 2.74 2.73 2.55 3.56 3.33 3.04 2.77 2.69 2.64 2.56
Net Debt to EBITDA		 2.50 2.26 2.38 2.32 3.05 2.97 2.87 2.55 2.42 2.38 2.32
Long-Term Debt to EBITDA		 2.48 2.56 2.20 2.20 3.22 3.00 3.04 2.53 2.45 2.40 2.33
Debt to NOPAT		 4.72 4.78 4.82 4.50 6.40 6.02 5.43 5.00 4.84 4.78 4.62
Net Debt to NOPAT		 4.42 3.95 4.20 4.09 5.49 5.37 5.13 4.60 4.35 4.32 4.19
Long-Term Debt to NOPAT		 4.38 4.48 3.89 3.88 5.78 5.43 5.43 4.55 4.41 4.36 4.21
Altman Z-Score		 2.85 2.85 2.83 2.94 2.63 2.60 2.88 3.00 3.06 2.92 3.08
Noncontrolling Interest Sharing Ratio		 1.77% 1.81% 1.80% 1.78% 1.68% 1.72% 1.68% 1.68% 1.61% 1.65% 3.33%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.12 1.31 0.97 1.00 1.25 1.10 1.44 1.09 1.13 1.04 1.18
Quick Ratio		 0.88 1.04 0.78 0.79 1.02 0.85 1.10 0.86 0.88 0.80 0.91
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -759 -548 -584 -91 -1,509 -1,852 -1,659 -1,477 96 331 15
Operating Cash Flow to CapEx		 197.14% 731.94% 148.08% 391.30% 335.85% 377.24% 268.38% 503.70% 390.97% 294.30% 243.86%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -13.59 -2.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 3.58 8.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 1.16 6.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.70 0.69 0.69 0.68 0.65 0.65 0.68 0.71 0.67 0.68 0.69
Accounts Receivable Turnover		 7.26 7.69 7.21 7.32 7.18 7.85 7.45 7.69 7.66 8.14 7.54
Inventory Turnover		 33.91 32.46 33.61 34.32 34.88 35.07 36.88 38.20 39.12 39.10 36.40
Fixed Asset Turnover		 5.26 5.17 5.15 5.13 4.86 5.03 5.20 5.32 5.12 5.11 5.26
Accounts Payable Turnover		 4.78 4.50 5.12 5.13 5.20 4.82 5.44 5.43 5.23 4.92 5.45
Days Sales Outstanding (DSO)		 50.27 47.44 50.62 49.87 50.83 46.48 48.98 47.49 47.64 44.85 48.40
Days Inventory Outstanding (DIO)		 10.76 11.25 10.86 10.63 10.47 10.41 9.90 9.56 9.33 9.34 10.03
Days Payable Outstanding (DPO)		 76.38 81.11 71.34 71.13 70.25 75.80 67.04 67.23 69.85 74.14 67.03
Cash Conversion Cycle (CCC)		 -15.34 -22.42 -9.86 -10.62 -8.95 -18.92 -8.17 -10.18 -12.89 -19.95 -8.60
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10,516 10,310 10,649 10,760 12,283 12,441 12,580 12,564 12,482 12,401 12,876
Invested Capital Turnover		 0.93 0.93 0.91 0.88 0.84 0.87 0.87 0.90 0.88 0.89 0.89
Increase / (Decrease) in Invested Capital		 1,023 770 810 362 1,767 2,131 1,931 1,804 199 -40 296
Enterprise Value (EV)		 17,402 19,105 19,098 19,268 22,671 22,419 24,337 25,298 26,441 24,447 26,948
Market Capitalization		 13,311 15,102 14,881 15,125 17,197 16,756 18,686 19,962 21,217 19,216 21,438
Book Value per Share		 $57.25 $56.09 $57.95 $59.56 $61.17 $60.73 $62.44 $64.75 $64.91 $64.45 $67.05
Tangible Book Value per Share		 ($22.51) ($23.05) ($23.33) ($22.23) ($31.55) ($34.41) ($32.84) ($30.11) ($29.56) ($30.66) ($31.59)
Total Capital		 10,789 11,131 11,256 11,157 13,172 13,113 12,902 13,019 13,051 12,957 13,403
Total Debt		 4,250 4,713 4,710 4,422 6,251 6,217 5,859 5,673 5,675 5,671 5,658
Total Long-Term Debt		 3,946 4,410 3,804 3,816 5,648 5,615 5,858 5,169 5,171 5,167 5,155
Net Debt		 3,977 3,892 4,103 4,025 5,362 5,545 5,537 5,218 5,106 5,115 5,131
Capital Expenditures (CapEx)		 105 72 104 92 106 123 117 108 144 158 114
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 358 174 362 340 370 276 447 359 345 184 499
Debt-free Net Working Capital (DFNWC)		 501 860 836 611 1,134 825 635 678 777 604 892
Net Working Capital (NWC)		 197 557 -70 5.00 531 223 634 174 273 100 389
Net Nonoperating Expense (NNE)		 27 17 18 31 21 43 37 31 36 35 47
Net Nonoperating Obligations (NNO)		 3,977 3,892 4,103 4,025 5,362 5,545 5,537 5,218 5,106 5,115 5,131
Total Depreciation and Amortization (D&A)		 111 109 116 117 125 135 140 143 142 145 147
Debt-free, Cash-free Net Working Capital to Revenue		 3.85% 1.88% 3.90% 3.64% 3.88% 2.80% 4.40% 3.41% 3.18% 1.67% 4.42%
Debt-free Net Working Capital to Revenue		 5.39% 9.30% 9.00% 6.54% 11.89% 8.36% 6.25% 6.44% 7.16% 5.47% 7.91%
Net Working Capital to Revenue		 2.12% 6.02% -0.75% 0.05% 5.57% 2.26% 6.24% 1.65% 2.52% 0.91% 3.45%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.99 $1.72 $1.74 $2.05 $2.01 $1.98 $1.97 $2.51 $2.18 $2.21 $2.27
Adjusted Weighted Average Basic Shares Outstanding		 112M 110.71M 111M 111M 112M 110.98M 111M 112M 112M 109.87M 110M
Adjusted Diluted Earnings per Share		 $1.96 $1.70 $1.72 $2.03 $1.99 $1.95 $1.94 $2.47 $2.16 $2.18 $2.24
Adjusted Weighted Average Diluted Shares Outstanding		 114M 110.71M 112M 112M 113M 110.98M 113M 113M 113M 109.87M 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		 112.43M 110.71M 111.09M 111.32M 111.62M 110.98M 111.64M 111.82M 111.24M 109.87M 110.70M
Normalized Net Operating Profit after Tax (NOPAT)		 264 222 226 271 258 279 272 327 295 291 311
Normalized NOPAT Margin		 11.51% 9.70% 9.53% 11.32% 10.35% 10.64% 10.26% 11.86% 10.49% 10.38% 10.73%
Pre Tax Income Margin		 13.03% 10.36% 11.24% 13.10% 11.90% 11.41% 10.41% 13.91% 11.65% 11.76% 11.54%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 7.19 8.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 5.25 6.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 4.77 6.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 2.83 4.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 44.57% 40.86% 41.49% 41.57% 42.47% 41.04% 41.14% 39.84% 39.18% 39.10% 37.40%
Augmented Payout Ratio		 44.57% 71.15% 41.49% 41.57% 42.47% 57.44% 41.14% 39.84% 68.52% 82.12% 37.40%

Financials Breakdown Chart

Key Financial Trends

Quest Diagnostics (NYSE: DGX) has delivered a consistent pattern of profitability and cash generation over the last four years, with notable activity and shifts in capital allocation in 2023–2025. Below are the key takeaways drawn from quarterly statements, focusing on trends most relevant to retail investors.

  • Revenue stability in 2025: Operating revenue in Q4 2025 was around $2.806B and was broadly similar to Q3 2025 ($2.816B), indicating steady top-line performance within the $2.6B–$2.8B range across 2025.
  • Solid quarterly earnings power: Net income to common shareholders hovered in the $220M–$296M range per quarter in 2025, with EPS generally around the $2.0–$2.5 per share band (basic/diluted varies by quarter).
  • Strong cash flow from operations: Net cash from continuing operating activities was typically in the mid-to-high hundreds of millions, including a peak around $563M in Q3 2025 and around $465M in Q4 2025, underscoring durable cash generation.
  • Positive free cash flow potential: In Q4 2025, operating cash flow (~$465M) minus investing cash outflows (~$191M) yields an approximate free cash flow of around $274M, indicating capacity to fund purchases, dividends, or debt service from operations.
  • Cash liquidity fluctuates yet remains adequate: Cash & equivalents ranged roughly from $319M (Q2 2025) to $549M (Q4 2024), with Q3 2025 around $432M. This shows liquidity variability but generally solid short-term liquidity.
  • Large but stable balance sheet base: Total assets typically sit in the $16–17B band with total equity around $6.3–7.3B, and goodwill/noncurrent assets in the several billions, indicating a sizable, entrenched capital structure.
  • Dividend policy appears steady: Quarterly cash dividends per share are around $0.75–$0.80, suggesting a stable, shareholder-friendly payout albeit at a moderate yield level.
  • Significant debt remains a consideration: Long-term debt has been consistently large (roughly $5B to $6B across recent periods), implying ongoing interest costs and debt-service considerations.
  • Share repurchases and financing actions: Notable equity repurchases (for example, a $300M repurchase in some quarters) plus other financing activities have produced sizable net cash outflows from financing, which can pressure cash reserves in tougher periods.
  • Financing cash flow patterns often negative: Across several quarters, net cash from financing activities was negative due to dividends and buybacks, indicating cash is being returned to shareholders rather than retained on the balance sheet during those periods.
05/21/26 06:45 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. See where experts think Quest Diagnostics is headed by visiting Quest Diagnostics' forecast page.

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%.

Quest Diagnostics' total liabilities were at $8.94 billion at the end of 2025, a 3.4% decrease from 2024, and a 72.6% increase since 2015.

In the past 10 years, Quest Diagnostics' cash and equivalents has ranged from $133 million in 2015 to $1.19 billion in 2019, and is currently $420 million as of their latest financial filing in 2025.

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 4/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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