Quest Diagnostics Incorporated (DGX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$2.82	$3.12	+10.6%	—	—	—
Q3 26	$2.37	$2.5	+5.5%	—	—	—
Q2 26	$2.36	$2.42	+2.5%	—	—	—
Q1 26	$2.5	$2.6	+4.0%	—	—	—
Q4 25	$1.23	$2.36	+91.9%	—	—	—
Q3 25	$2.15	$2.21	+2.8%	—	—	—
Q2 25	$2.18	$2.23	+2.3%	—	—	—
Q1 25	$2.33	$2.35	+0.9%	—	—	—
Q4 24	$1.86	$2.04	+9.7%	—	—	—
Q3 24	$2.11	$2.15	+1.9%	—	—	—
Q2 24	$2.19	$2.22	+1.4%	—	—	—
Q1 24	$2.26	$2.3	+1.8%	—	—	—
Q4 23	$1.97	$2.04	+3.6%	—	—	—
Q3 23	$1.9	$1.98	+4.2%	—	—	—
Q2 23	$2.19	$2.36	+7.8%	—	—	—
Q1 23	$2.27	$2.36	+4.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.87	—	—	$11B	—
FY24	—	$7.78	—	—	$9.9B	—
FY23	—	$7.59	—	—	$9.3B	—
FY22	—	$8.1	—	—	$9.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.2B	$7.4B	$7.5B	$7.7B	$9.4B	$10.8B	$9.9B	$9.3B	$9.9B	$11B
YoY change	-3.72%	+2.61%	+1.74%	+2.59%	+22.1%	+14.3%	-8.39%	-6.38%	+6.7%	+11.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.2B	7.4B	7.5B	7.7B	9.4B	10.8B	9.9B	9.3B	9.9B	11B
Cost of revenue	4.6B	4.7B	4.9B	5B	5.8B	6.6B	6.5B	6.2B	6.6B	7.4B
Gross profit	2.6B	2.7B	2.6B	2.7B	3.6B	4.2B	3.4B	3.1B	3.2B	3.7B
Gross margin	36%	36.2%	34.6%	34.8%	38.5%	39%	34.7%	33%	32.9%	33.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.4B	1.4B	1.4B	1.5B	1.6B	1.7B	1.9B	1.6B	1.8B	2B
Operating expenses	1.4B	1.4B	1.4B	1.4B	1.6B	1.7B	1.9B	1.7B	1.8B	2B
Operating income	1.2B	1.2B	1.1B	1.2B	2B	2.4B	1.4B	1.3B	1.3B	1.6B
Operating margin	16.1%	15.7%	14.6%	15.9%	20.9%	22.1%	14.4%	13.6%	13.6%	14.1%
Non-operating income, net	70M	16M	-8M	20M	76M	369M	-55M	20M	30M	26M
Pretax income	1.1B	1B	926M	1.1B	1.9B	2.6B	1.2B	1.1B	1.2B	1.3B
Income tax	429M	241M	182M	247M	460M	597M	264M	248M	273M	314M
Net income	696M	824M	788M	906M	1.5B	2.1B	1B	908M	921M	1B
Net margin	9.65%	11.1%	10.5%	11.7%	15.9%	19.3%	10.3%	9.81%	9.33%	9.48%
EBITDA	1.4B	1.5B	1.4B	1.6B	2.4B	3.2B	1.8B	1.7B	1.9B	2.2B
EPS	4.58	5.63	5.39	6.36	10.6	15.8	8.1	7.59	7.78	8.87
Diluted EPS	4.51	5.5	5.29	6.28	10.5	15.6	7.97	7.49	7.69	8.75

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.3B	2.3B	2.4B	2.4B	2.5B	2.6B	2.7B	2.8B	2.8B	2.8B	2.9B	3B
Cost of revenue	1.5B	1.6B	1.6B	1.6B	1.7B	1.8B	1.8B	1.8B	1.9B	1.9B	2B	2B
Gross profit	754M	736M	771M	804M	811M	858M	863M	943M	949M	910M	942M	1B
Gross margin	32.9%	32.2%	32.6%	33.5%	32.6%	32.7%	32.5%	34.2%	33.7%	32.4%	32.5%	33.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	380M	407M	440M	416M	448M	466M	476M	486M	501M	504M	499M	529M
Operating expenses	385M	442M	442M	420M	449M	460M	478M	466M	524M	487M	501M	530M
Operating income	342M	267M	300M	355M	330M	361M	346M	438M	386M	386M	404M	459M
Operating margin	14.9%	11.7%	12.7%	14.8%	13.3%	13.8%	13%	15.9%	13.7%	13.8%	14%	15.1%
Non-operating income, net	-3M	10M	9M	3M	15M	3M	-3M	13M	8M	8M	-7M	16M
Pretax income	299M	237M	266M	314M	296M	299M	276M	384M	328M	330M	334M	412M
Income tax	68M	40M	66M	74M	65M	68M	59M	97M	77M	81M	74M	88M
Net income	237M	205M	208M	240M	237M	236M	235M	296M	259M	256M	264M	334M
Net margin	10.3%	8.96%	8.79%	10%	9.53%	9%	8.86%	10.7%	9.2%	9.12%	9.12%	11%
EBITDA	451M	392M	431M	478M	479M	506M	488M	596M	539M	542M	551M	626M
EPS	1.99	1.72	1.74	2.05	2.01	1.98	1.97	2.51	2.18	2.21	2.27	2.88
Diluted EPS	1.96	1.7	1.72	2.03	1.99	1.95	1.94	2.47	2.16	2.18	2.24	2.84

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	12.9B	13.5B	11.3B	14.3B	16B	21.6B	18.1B	15.4B	16.7B	19.3B	26.2B
Enterprise value	16.3B	17.2B	15.2B	18.5B	19.6B	25.5B	22.5B	20.3B	23.3B	25.4B	32.2B
Shares outstanding	140M	137M	136M	134M	134M	125M	116M	112M	111M	111M	111M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.5	16.4	14.4	15.8	10.7	10.4	17.9	17	18.2	18.4	25
P/S	1.78	1.82	1.5	1.85	1.69	2	1.84	1.67	1.7	1.75	2.25
P/B	2.72	2.68	2.12	2.48	2.32	3.3	3.02	2.41	2.43	2.64	3.45
EV/EBITDA	12	11.8	10.8	11.7	8.14	8.08	12.4	11.7	12.3	11.7	14.2
EV/Sales	2.26	2.33	2.02	2.4	2.08	2.37	2.28	2.19	2.36	2.3	2.79
Earnings yield	5.41%	6.11%	6.96%	6.33%	9.39%	9.62%	5.59%	5.88%	5.5%	5.43%	4%
FCF yield	6.4%	6.84%	7.21%	5.89%	9.94%	8.46%	7.24%	5.59%	5.43%	7.06%	3.47%
PEG	—	—	—	—	—	—	—	—	—	—	1.7

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	36%	36.2%	34.6%	34.8%	38.5%	39%	34.7%	33%	32.9%	33.2%	33.7%
Operating margin	16.1%	15.7%	14.6%	15.9%	20.9%	22.1%	14.4%	13.6%	13.6%	14.1%	15.2%
Net margin	9.65%	11.1%	10.5%	11.7%	15.9%	19.3%	10.3%	9.81%	9.33%	9.48%	9.19%
ROE	14.7%	16.4%	14.7%	15.7%	21.8%	31.7%	16.9%	14.1%	13.4%	14.4%	14.6%
ROA	6.89%	7.85%	7.16%	7.05%	10.7%	15.3%	7.91%	6.48%	5.7%	44%	6.4%
ROIC	8.61%	10.2%	9.62%	9.5%	14.1%	17.5%	10.8%	8.77%	7.69%	8.81%	9.24%
Return on tangible assets	-18.3%	-18.7%	-17.4%	-34.4%	-73%	-71.4%	-26.8%	-24%	-18.1%	-5.57%	-24%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.56	1.24	0.94	1.25	1.72	1.56	1.22	1.31	1.1	1.04	1.59
Quick ratio	1.48	1.15	0.87	1.19	1.6	1.44	1.1	1.2	1.02	0.96	1.46
Debt / equity	0.79	0.77	0.75	0.94	0.7	0.73	0.78	0.86	1.03	0.9	0.81
Debt / assets	0.37	0.37	0.36	0.42	0.34	0.35	0.37	0.39	0.44	2.77	0.38
Net debt / EBITDA	2.5	2.56	2.75	2.66	1.51	1.23	2.42	2.78	3.45	2.85	2.55
Interest coverage	8.54	7.73	6.48	6.98	12.3	18.1	9.34	7.93	6.2	5.76	6.22
Effective tax rate	39.5%	23.4%	19.7%	23%	24.4%	23%	21.4%	21.9%	23.2%	23.8%	22.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	51.5	54	55.4	57.7	70.4	86.3	85.2	82.6	88.9	99.4	105.1
EPS (basic)	4.58	5.63	5.39	6.36	10.6	15.8	8.1	7.59	7.78	8.87	8.87
EPS (diluted)	4.51	5.5	5.29	6.28	10.5	15.6	7.97	7.49	7.69	8.75	9.42
Book value per share	33.8	36.8	39.3	43	51.4	52.5	51.8	57.3	62.1	65.6	68.3
FCF per share	5.88	6.74	6.01	6.29	11.8	14.6	11.3	7.71	8.19	12.2	12
Cash per share	2.56	1	0.99	8.9	8.64	6.98	2.72	6.13	4.95	3.78	5.67
Capex per share	—	0.01	0.01	0.68	0.02	0.02	—	—	—	4.75	4.95

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	0.01%	0.03%	1.18%	0.03%	0.03%	—	—	—	4.78%	4.79%
Capex / operating cash flow	—	0.09%	0.17%	7.15%	0.15%	0.12%	—	—	—	27.9%	29.1%
Payout ratio	32%	30%	33.8%	31.6%	19.8%	14.9%	30%	34.6%	35.9%	33.7%	26.1%
Dividend yield	1.73%	1.83%	2.35%	2%	1.86%	1.43%	1.68%	2.03%	1.98%	1.83%	1.45%

Yield

1.45%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.86

ex-dividend Jul 8, 2026

Payout ratio

26%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 8, 2026	$0.86
Apr 6, 2026	$0.86
Jan 13, 2026	$0.80

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.3B	$2.3B	$2.4B	$2.4B	$2.5B	$2.6B	$2.7B	$2.8B	$2.8B	$2.8B	$2.9B	$3B
YoY change	-7.68%	-1.93%	+1.5%	+2.52%	+8.41%	+14.6%	+12.1%	+15.2%	+13.2%	+7.06%	+9.16%	+10.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	359M	137M	135M	1.2B	1.2B	872M	315M	686M	549M	420M
Receivables	926M	924M	1B	1.1B	1.5B	1.4B	1.2B	1.2B	1.3B	1.4B
Inventory	82M	95M	99M	123M	223M	208M	192M	190M	188M	189M
Total current assets	1.5B	1.3B	1.4B	2.5B	3.1B	2.7B	1.9B	2.4B	2.4B	2.4B
Property, plant & equipment	650M	715M	859M	1.6B	1.7B	1.8B	1.8B	1.9B	2.2B	2.2B
Goodwill & intangibles	13.9B	14.9B	15.5B	15.5B	16.1B	16.5B	16.6B	17.8B	21.2B	21.2B
Total assets	10.1B	10.5B	11B	12.8B	14B	13.6B	12.8B	14B	16.2B	2.4B
Accounts payable	231M	224M	222M	263M	446M	357M	324M	378M	287M	307M
Short-term debt	36M	107M	562M	1B	296M	269M	247M	585M	937M	881M
Total current liabilities	981M	1.1B	1.5B	2B	1.8B	1.8B	1.6B	1.8B	2.2B	2.3B
Long-term debt	3.7B	3.7B	3.4B	4.4B	4.5B	4.5B	4.5B	4.9B	6.2B	5.7B
Total liabilities	5.4B	5.5B	5.7B	7.1B	7.1B	7B	6.8B	7.6B	9.3B	8.9B
Shareholders' equity	4.7B	5B	5.3B	5.8B	6.9B	6.6B	6B	6.4B	6.9B	7.3B
Total debt	3.8B	3.9B	4B	5.4B	4.8B	4.8B	4.7B	5.5B	7.1B	6.6B
Net debt	3.4B	3.7B	3.9B	4.2B	3.6B	3.9B	4.4B	4.8B	6.5B	6.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	432M	420M	393M	626M
Receivables	—	—	—	—	—	—	—	—	1.5B	1.4B	1.6B	1.7B
Inventory	—	—	—	—	—	—	—	—	186M	189M	225M	233M
Total current assets	—	—	—	—	—	—	—	—	2.4B	2.4B	2.6B	2.8B
Property, plant & equipment	—	—	—	—	—	—	—	—	2.8B	1.3B	2.9B	2.9B
Goodwill & intangibles	7.7B	7.7B	7.8B	7.9B	8.6B	8.9B	8.8B	8.9B	21.1B	21.2B	21.7B	21.6B
Total assets	11.7B	11.7B	11.7B	11.9B	13.5B	13.8B	13.7B	13.8B	16.2B	16.2B	16.7B	16.9B
Accounts payable	—	—	—	—	—	—	—	—	—	307M	—	—
Short-term debt	—	—	—	—	—	—	—	—	677M	881M	677M	190M
Total current liabilities	—	—	—	—	—	—	—	—	2.1B	2.3B	2.2B	1.8B
Long-term debt	—	—	—	—	—	—	—	—	5.7B	5.7B	5.7B	6.2B
Total liabilities	—	—	—	—	—	—	—	—	8.8B	8.9B	8.9B	9B
Shareholders' equity	—	—	—	—	—	—	—	—	7.4B	7.3B	7.7B	7.9B
Total debt	—	—	—	—	—	—	—	—	6.4B	6.6B	6.4B	6.4B
Net debt	—	—	—	—	—	—	—	—	6B	6.2B	6B	5.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	696M	824M	788M	906M	1.5B	2.1B	1B	908M	921M	1B
Depreciation & amortization	249M	270M	309M	329M	361M	408M	437M	439M	493M	570M
Stock-based compensation	69M	79M	61M	56M	97M	79M	77M	77M	88M	88M
Change in working capital	93M	-25M	-53M	6M	0	107M	150M	-143M	-217M	26M
Operating cash flow	1.1B	1.1B	1.2B	1.3B	2B	2.6B	1.7B	1.3B	1.3B	1.9B
Capital expenditure	—	1M	2M	91M	3M	3M	—	—	—	-527M
Investing cash flow	166M	-577M	-418M	-11M	-354M	424M	-139M	-611M	-2.1B	-631M
Dividends paid	-223M	-247M	-266M	-286M	-297M	-309M	-305M	-314M	-331M	-353M
Share repurchases	-590M	-465M	-322M	-353M	-325M	-2.2B	-1.4B	-275M	-151M	-450M
Financing cash flow	-811M	-722M	-500M	106M	-1.5B	-2.7B	-1.9B	88M	1B	-1.5B
Net change in cash	497M	-150M	266M	1.4B	151M	318M	-248M	750M	201M	-212M
Free cash flow	823M	923M	817M	843M	1.6B	1.8B	1.3B	864M	909M	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	237M	205M	208M	240M	237M	236M	235M	296M	259M	256M	264M	334M
Depreciation & amortization	111M	109M	116M	117M	125M	135M	140M	143M	142M	145M	147M	146M
Stock-based compensation	18M	19M	22M	20M	19M	27M	22M	21M	20M	25M	20M	23M
Change in working capital	-143M	176M	-228M	16M	-53M	48M	-105M	61M	31M	39M	-223M	97M
Operating cash flow	211M	528M	111M	380M	344M	478M	298M	549M	563M	465M	278M	597M
Capital expenditure	—	—	—	—	—	—	—	—	-144M	-158M	-114M	-138M
Investing cash flow	-2M	0	-109M	-108M	-1.5B	-379M	2M	-16M	-201M	-191M	-152M	-138M
Dividends paid	-80M	-80M	-79M	-84M	-84M	-84M	-84M	-90M	-89M	-90M	-88M	-96M
Share repurchases	0	-275M	—	—	—	—	—	—	-150M	-300M	—	—
Financing cash flow	-96M	118M	-165M	-379M	1.7B	-40M	-590M	-306M	-266M	-305M	-217M	-143M
Net change in cash	113M	646M	-163M	-107M	563M	59M	-290M	227M	96M	-31M	-91M	316M
Free cash flow	102M	455M	50M	268M	250M	341M	197M	436M	419M	307M	164M	459M

Date	Ratio
Jun 21, 2005	2:1
Jun 1, 2001	2:1

Quest Diagnostics Incorporated Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history