NYSE : DGX
Quest Diagnostics Incorporated — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 251.82 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 27.71B
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Financial statements
Quest Diagnostics Incorporated (DGX) reported revenue of 11.84B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 11.84B | 11.04B | 9.87B | 9.25B | 9.88B | 10.79B |
| Cost of Revenue | 7.91B | 7.36B | 6.60B | 6.19B | 6.43B | 6.57B |
| Gross Profit | 3.93B | 3.68B | 3.27B | 3.07B | 3.45B | 4.22B |
| Selling, General & Admin | 2.02B | 1.92B | 1.73B | 1.63B | 1.84B | 1.72B |
| Amortization of Goodwill & Intangibles | 149.00M | 154.00M | 127.00M | 108.00M | 120.00M | 103.00M |
| Other Operating Expenses | -3.00M | -1.00M | 1.00M | 12.00M | -3.00M | -2.00M |
| Operating Expenses | 2.16B | 2.07B | 1.86B | 1.75B | 1.96B | 1.82B |
| Operating Income | 1.77B | 1.60B | 1.41B | 1.32B | 1.50B | 2.39B |
| Interest Expense | -267.00M | -277.00M | -226.00M | -163.00M | -148.00M | -152.00M |
| Interest & Investment Income | 16.00M | 13.00M | 25.00M | 11.00M | 10.00M | 1.00M |
| Earnings From Equity Investments | 30.00M | 42.00M | 19.00M | 26.00M | 44.00M | 78.00M |
| Other Non Operating Income (Expenses) | 21.00M | 26.00M | 18.00M | 20.00M | -55.00M | 55.00M |
| EBT Excluding Unusual Items | 1.57B | 1.41B | 1.25B | 1.21B | 1.35B | 2.38B |
| Merger & Restructuring Charges | -46.00M | -83.00M | -50.00M | -54.00M | -69.00M | -12.00M |
| Gain (Loss) on Sale of Investments | -1.00M | 314.00M | ||||
| Legal Settlements | -7.00M | -22.00M | ||||
| Other Unusual Items | 9.00M | 56.00M | -6.00M | |||
| Pretax Income | 1.52B | 1.36B | 1.19B | 1.16B | 1.28B | 2.68B |
| Income Tax Expense | 342.00M | 314.00M | 273.00M | 248.00M | 264.00M | 597.00M |
| Earnings From Continuing Operations | 1.18B | 1.05B | 921.00M | 908.00M | 1.01B | 2.08B |
| Net Income to Company | 1.18B | 1.05B | 921.00M | 908.00M | 1.01B | 2.08B |
| Minority Interest in Earnings | -51.00M | -54.00M | -50.00M | -54.00M | -69.00M | -85.00M |
| Net Income | 1.13B | 992.00M | 871.00M | 854.00M | 946.00M | 2.00B |
| Preferred Dividends & Other Adjustments | 4.00M | 4.00M | 5.00M | 4.00M | 4.00M | 7.00M |
| Net Income to Common | 1.12B | 988.00M | 866.00M | 850.00M | 942.00M | 1.99B |
| Shares Outstanding (Basic) | 109.50M | 111.00M | 111.00M | 112.00M | 116.00M | 125.00M |
| Shares Outstanding (Diluted) | 112.25M | 113.00M | 113.00M | 113.00M | 118.00M | 128.00M |
| EPS (Basic) | 10.27 | 8.90 | 7.80 | 7.59 | 8.12 | 15.90 |
| EPS (Diluted) | 10.04 | 8.75 | 7.69 | 7.49 | 7.97 | 15.55 |
| Free Cash Flow | 1.38B | 1.36B | 909.00M | 864.00M | 1.31B | 1.83B |
| Free Cash Flow Per Share | 12.25 | 12.03 | 8.04 | 7.65 | 11.14 | 14.30 |
| Dividend Per Share | 3.38 | 3.20 | 3.00 | 2.84 | 2.64 | 2.48 |
| Gross Margin | 33.18% | 33.33% | 33.15% | 33.14% | 34.93% | 39.09% |
| Operating Margin | 14.92% | 14.54% | 14.32% | 14.22% | 15.15% | 22.18% |
| Profit Margin | 9.50% | 8.95% | 8.77% | 9.19% | 9.53% | 18.43% |
| Free Cash Flow Margin | 11.61% | 12.31% | 9.21% | 9.34% | 13.30% | 16.96% |
| EBITDA | 2.35B | 2.17B | 1.91B | 1.75B | 1.93B | 2.80B |
| EBITDA Margin | 19.86% | 19.71% | 19.32% | 18.97% | 19.57% | 25.96% |
| D&A For EBITDA | 585.00M | 570.00M | 493.00M | 439.00M | 437.00M | 408.00M |
| EBIT | 1.77B | 1.60B | 1.41B | 1.32B | 1.50B | 2.39B |
| EBIT Margin | 14.92% | 14.54% | 14.32% | 14.22% | 15.15% | 22.18% |
| Effective Tax Rate | 22.47% | 23.09% | 22.86% | 21.45% | 20.64% | 22.30% |
| Advertising Expenses | 35.00M | 28.00M | 31.00M | 74.00M | 78.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 797.00M | 420.00M | 549.00M | 686.00M | 315.00M | 872.00M |
| Short-Term Investments | 44.00M | |||||
| Cash & Short-Term Investments | 797.00M | 420.00M | 549.00M | 686.00M | 315.00M | 916.00M |
| Accounts Receivable | 1.71B | 1.41B | 1.30B | 1.21B | 1.20B | 1.44B |
| Receivables | 1.71B | 1.41B | 1.30B | 1.21B | 1.20B | 1.44B |
| Inventory | 218.00M | 189.00M | 188.00M | 190.00M | 192.00M | 208.00M |
| Prepaid Expenses | 390.00M | 329.00M | 304.00M | 238.00M | 170.00M | 143.00M |
| Other Current Assets | 32.00M | 47.00M | 48.00M | 26.00M | 36.00M | |
| Total Current Assets | 3.12B | 2.38B | 2.39B | 2.37B | 1.90B | 2.74B |
| Property, Plant & Equipment | 2.94B | 2.86B | 2.76B | 2.42B | 2.35B | 2.30B |
| Long-Term Investments | 139.00M | 183.00M | 160.00M | 155.00M | 138.00M | 146.00M |
| Goodwill | 9.11B | 8.95B | 8.86B | 7.73B | 7.22B | 7.09B |
| Other Intangible Assets | 1.63B | 1.64B | 1.76B | 1.17B | 1.09B | 1.17B |
| Long-Term Deferred Tax Assets | 10.00M | 28.00M | ||||
| Other Long-Term Assets | 274.00M | 213.00M | 190.00M | 178.00M | 138.00M | 158.00M |
| Total Assets | 17.22B | 16.23B | 16.15B | 14.02B | 12.84B | 13.61B |
| Accounts Payable | 1.58B | 307.00M | 287.00M | 378.00M | 324.00M | 357.00M |
| Accrued Expenses | 932.00M | 856.00M | 768.00M | 881.00M | 1.04B | |
| Short-Term Debt | 203.00M | 162.00M | 129.00M | 92.00M | 116.00M | |
| Current Portion of Long-Term Debt | 10.00M | 501.00M | 601.00M | 302.00M | ||
| Current Portion of Leases | 181.00M | 177.00M | 174.00M | 154.00M | 155.00M | 153.00M |
| Current Income Taxes Payable | 18.00M | 2.00M | 10.00M | |||
| Other Current Liabilities | 60.00M | 140.00M | 89.00M | 84.00M | 97.00M | 79.00M |
| Total Current Liabilities | 1.83B | 2.28B | 2.17B | 1.81B | 1.55B | 1.75B |
| Long-Term Debt | 5.65B | 5.15B | 5.63B | 4.40B | 3.97B | 3.98B |
| Long-Term Leases | 554.00M | 555.00M | 551.00M | 509.00M | 496.00M | 526.00M |
| Long-Term Deferred Tax Liabilities | 354.00M | 278.00M | 270.00M | 295.00M | 290.00M | |
| Other Long-Term Liabilities | 1.15B | 603.00M | 626.00M | 606.00M | 517.00M | 502.00M |
| Total Liabilities | 9.19B | 8.94B | 9.26B | 7.60B | 6.83B | 7.05B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 2.40B | 2.38B | 2.36B | 2.32B | 2.29B | 2.26B |
| Retained Earnings | 10.59B | 9.99B | 9.36B | 8.82B | 8.29B | 7.65B |
| Treasury Stock | -5.29B | -5.18B | -4.86B | -4.83B | -4.67B | -3.45B |
| Comprehensive Income & Other | -66.00M | -27.00M | -88.00M | -14.00M | -21.00M | -14.00M |
| Total Common Equity | 7.63B | 7.17B | 6.78B | 6.31B | 5.89B | 6.44B |
| Minority Interest | 399.00M | 116.00M | 118.00M | 111.00M | 114.00M | 118.00M |
| Shareholders' Equity | 8.03B | 7.29B | 6.90B | 6.42B | 6.01B | 6.56B |
| Total Liabilities & Equity | 17.22B | 16.23B | 16.15B | 14.02B | 12.84B | 13.61B |
| Total Debt | 6.40B | 6.58B | 7.12B | 5.50B | 4.71B | 4.77B |
| Net Cash (Debt) | -5.60B | -6.17B | -6.57B | -4.81B | -4.40B | -3.86B |
| Net Cash Per Share | -49.89 | -54.56 | -58.16 | -42.58 | -37.28 | -30.13 |
| Filing Date Shares Outstanding | 110.02M | 109.87M | 110.98M | 110.71M | 111.32M | 119.45M |
| Total Common Shares Outstanding | 110.00M | 110.00M | 111.00M | 111.00M | 111.00M | 119.00M |
| Working Capital | 1.28B | 100.00M | 223.00M | 557.00M | 347.00M | 988.00M |
| Book Value Per Share | 69.38 | 65.18 | 61.06 | 56.82 | 53.09 | 54.15 |
| Tangible Book Value | -3.11B | -3.41B | -3.84B | -2.59B | -2.42B | -1.82B |
| Tangible Book Value Per Share | -28.31 | -31.01 | -34.60 | -23.35 | -21.79 | -15.28 |
| Land | 84.00M | 81.00M | 40.00M | 43.00M | 43.00M | |
| Buildings | 629.00M | 610.00M | 513.00M | 520.00M | 532.00M | |
| Machinery | 2.50B | 2.35B | 2.18B | 2.14B | 2.01B | |
| Construction In Progress | 252.00M | 235.00M | 248.00M | 277.00M | 214.00M | |
| Leasehold Improvements | 894.00M | 881.00M | 827.00M | 760.00M | 705.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.13B | 992.00M | 871.00M | 854.00M | 946.00M | 2.00B |
| Depreciation & Amortization | 585.00M | 570.00M | 493.00M | 439.00M | 437.00M | 408.00M |
| Loss (Gain) From Sale of Investments | -314.00M | |||||
| Stock-Based Compensation | 88.00M | 88.00M | 88.00M | 77.00M | 77.00M | 79.00M |
| Provision & Write-off of Bad Debts | 6.00M | 3.00M | 5.00M | 1.00M | 3.00M | 4.00M |
| Other Operating Activities | 202.00M | 183.00M | 78.00M | 46.00M | 136.00M | -26.00M |
| Change in Accounts Receivable | -261.00M | -106.00M | -71.00M | -15.00M | 246.00M | 81.00M |
| Change in Accounts Payable | 260.00M | 129.00M | -67.00M | -55.00M | -149.00M | 35.00M |
| Change in Income Taxes | 1.00M | 24.00M | 16.00M | -2.00M | -31.00M | -20.00M |
| Change in Other Net Operating Assets | -59.00M | 3.00M | -79.00M | -73.00M | 53.00M | -9.00M |
| Operating Cash Flow | 1.95B | 1.89B | 1.33B | 1.27B | 1.72B | 2.23B |
| Capital Expenditures | -576.00M | -527.00M | -425.00M | -408.00M | -404.00M | -403.00M |
| Cash Acquisitions | -89.00M | -101.00M | -2.16B | -611.00M | -144.00M | -331.00M |
| Investment in Securities | 755.00M | |||||
| Other Investing Activities | 19.00M | -3.00M | 41.00M | -42.00M | 5.00M | |
| Investing Cash Flow | -646.00M | -631.00M | -2.55B | -1.06B | -543.00M | 21.00M |
| Long-Term Debt Issued | 410.00M | 1.85B | 2.59B | |||
| Long-Term Debt Repaid | -1.01B | -303.00M | -1.84B | -2.00M | -2.00M | |
| Net Debt Issued (Repaid) | -11.00M | -602.00M | 1.54B | 748.00M | -2.00M | -2.00M |
| Issuance of Common Stock | 126.00M | 79.00M | 73.00M | 72.00M | 123.00M | 129.00M |
| Repurchase of Common Stock | -593.00M | -495.00M | -175.00M | -303.00M | -1.44B | -2.22B |
| Common Dividends Paid | -369.00M | -353.00M | -331.00M | -314.00M | -305.00M | -309.00M |
| Other Financing Activities | -92.00M | -17.00M | -26.00M | -43.00M | -112.00M | -137.00M |
| Financing Cash Flow | -939.00M | -1.39B | 1.08B | 160.00M | -1.73B | -2.54B |
| Foreign Exchange Rate Adjustments | -1.00M | 4.00M | -7.00M | |||
| Net Cash Flow | 365.00M | -129.00M | -137.00M | 371.00M | -557.00M | -286.00M |
| Free Cash Flow | 1.38B | 1.36B | 909.00M | 864.00M | 1.31B | 1.83B |
| Free Cash Flow Margin | 11.61% | 12.31% | 9.21% | 9.34% | 13.30% | 16.96% |
| Free Cash Flow Per Share | 12.25 | 12.03 | 8.04 | 7.65 | 11.14 | 14.30 |
| Levered Free Cash Flow | 872.50M | 1.01B | 743.50M | 651.62M | 1.02B | 1.56B |
| Unlevered Free Cash Flow | 1.04B | 1.18B | 884.75M | 753.50M | 1.11B | 1.66B |
| Cash Interest Paid | 264.00M | 280.00M | 262.00M | 134.00M | 156.00M | 159.00M |
| Cash Income Tax Paid | 199.00M | 169.00M | 256.00M | 317.00M | 283.00M | 709.00M |
| Change in Working Capital | -59.00M | 50.00M | -201.00M | -145.00M | 119.00M | 87.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 27.59B | 19.30B | 16.84B | 15.50B | 17.82B | 21.22B |
| Enterprise Value | 33.19B | 25.37B | 23.16B | 20.39B | 21.87B | 25.01B |
| Last Close Price | 251.82 | 170.66 | 145.61 | 130.28 | 144.84 | 157.08 |
| PE Ratio | 24.99 | 19.54 | 19.44 | 18.24 | 18.91 | 10.68 |
| Forward PE | 21.62 | 17.07 | 15.97 | 15.53 | 18.91 | 18.61 |
| PS Ratio | 2.32 | 1.75 | 1.71 | 1.68 | 1.80 | 1.97 |
| PB Ratio | 3.63 | 2.65 | 2.44 | 2.42 | 2.97 | 3.23 |
| P/FCF Ratio | 19.99 | 14.20 | 18.52 | 17.94 | 13.56 | 11.60 |
| P/OCF Ratio | 14.09 | 10.23 | 12.62 | 12.19 | 10.37 | 9.51 |
| PEG Ratio | 2.31 | 2.04 | 2.42 | 13.48 | 13.48 | 13.48 |
| EV/Sales Ratio | 2.79 | 2.30 | 2.35 | 2.20 | 2.21 | 2.32 |
| EV/EBITDA Ratio | 14.07 | 11.66 | 12.14 | 11.62 | 11.31 | 8.93 |
| EV/EBIT Ratio | 18.73 | 15.81 | 16.38 | 15.49 | 14.61 | 10.45 |
| EV/FCF Ratio | 24.07 | 18.67 | 25.47 | 23.59 | 16.64 | 13.66 |
| Debt / Equity Ratio | 0.80 | 0.90 | 1.03 | 0.86 | 0.79 | 0.73 |
| Debt / EBITDA Ratio | 2.23 | 2.49 | 3.08 | 2.61 | 2.07 | 1.53 |
| Debt / FCF Ratio | 4.65 | 4.84 | 7.83 | 6.36 | 3.59 | 2.61 |
| Net Debt / Equity Ratio | 0.70 | 0.85 | 0.95 | 0.75 | 0.73 | 0.59 |
| Net Debt / EBITDA Ratio | 2.38 | 2.83 | 3.45 | 2.74 | 2.27 | 1.38 |
| Net Debt / FCF Ratio | 4.07 | 4.54 | 7.23 | 5.57 | 3.35 | 2.11 |
| Asset Turnover | 0.71 | 0.68 | 0.65 | 0.69 | 0.75 | 0.78 |
| Inventory Turnover | 39.17 | 39.03 | 34.91 | 32.39 | 32.16 | 30.49 |
| Quick Ratio | 1.37 | 0.80 | 0.85 | 1.04 | 0.97 | 1.34 |
| Current Ratio | 1.70 | 1.04 | 1.10 | 1.31 | 1.22 | 1.56 |
| Return on Equity (ROE) | 15.32% | 14.75% | 13.84% | 14.62% | 16.15% | 30.92% |
| Return on Assets (ROA) | 6.61% | 6.20% | 5.86% | 6.12% | 7.07% | 10.82% |
| Return on Invested Capital (ROIC) | 10.03% | 9.17% | 8.83% | 9.55% | 11.41% | 17.74% |
| Return on Capital Employed (ROCE) | 11.50% | 11.50% | 10.10% | 10.80% | 13.30% | 20.20% |
| Earnings Yield | 4.00% | 5.14% | 5.17% | 5.51% | 5.31% | 9.40% |
| FCF Yield | 5.00% | 7.04% | 5.40% | 5.57% | 7.38% | 8.62% |
| Dividend Yield | 1.37% | 1.82% | 1.98% | 2.03% | 1.65% | 1.39% |
| Payout Ratio | 34.27% | 35.59% | 38.00% | 36.77% | 32.24% | 15.49% |
| Buyback Yield / Dilution | 1.32% | 0.89% | 4.24% | 7.81% | 5.88% | |
| Total Shareholder Return | 2.70% | 1.82% | 2.87% | 6.27% | 9.46% | 7.27% |