Quest Diagnostics (DGX) financial statements

Healthcare · Diagnostics & Research · Market cap $25.0B

Quest Diagnostics reported revenue of $11.0B in fiscal 2025, up 4.8% a year over 9 years.

Net income was $992M and the operating margin 14.1%, against 17.7% in 2016.

Free cash flow was $1.4B, and the company returned $353M in dividends and $450M in net buybacks.

The diluted share count fell 20% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

0510152016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Quest Diagnostics's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$7.2B$7.4B$7.5B$7.7B$9.4B$10.8B$9.9B$9.3B$9.9B$11.0B
Cost of revenue$4.6B$4.7B$4.9B$5.0B$5.8B$6.6B$6.5B$6.2B$6.6B$7.4B
Gross profit$2.9B$2.7B$2.6B$2.7B$3.6B$4.2B$3.4B$3.1B$3.2B$3.7B
Selling, general and admin$1.4B$1.4B$1.4B$1.5B$1.6B$1.7B$1.9B$1.6B$1.8B$2.0B
Operating income$1.3B$1.2B$1.1B$1.2B$2.0B$2.4B$1.4B$1.3B$1.3B$1.6B
Interest expense$144M$153M$169M$180M$166M$152M$148M$163M——
Pre-tax income$1.1B$1.0B$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$645M$772M$736M$858M$1.4B$2.0B$946M$854M$871M$992M
EPS (diluted)$4.51$5.50$5.29$6.28$10.47$15.55$7.97$7.49$7.69$8.75
Diluted shares142M140M139M136M136M128M118M113M113M113M
Gross margin40.2%36.2%34.6%34.8%38.5%39.0%34.7%33.0%32.9%33.2%
Operating margin17.7%15.7%14.6%15.9%20.9%22.1%14.4%13.6%13.6%14.1%
Net margin8.9%10.4%9.8%11.1%15.2%18.5%9.6%9.2%8.8%9.0%

Balance sheet

Fiscal years, from Quest Diagnostics's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$359M$137M$135M$1.2B$1.2B$872M$315M$686M$549M$420M
Receivables$926M$924M$1.0B$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 and equipment$1.0B$1.1B$1.3B$1.5B$1.6B$1.7B$1.8B$1.8B$2.1B$2.2B
Goodwill$6.0B$6.3B$6.6B$6.6B$6.9B$7.1B$7.2B$7.7B$8.9B$8.9B
Total assets$10.1B$10.5B$11.0B$12.8B$14.0B$13.6B$12.8B$14.0B$16.2B$16.2B
Total current liabilities$981M$1.1B$1.5B$2.0B$1.8B$1.8B$1.6B$1.8B$2.2B$2.3B
Long-term debt$3.7B$3.7B$3.4B$4.0B$4.0B$4.0B$4.0B$4.4B$5.6B$5.2B
Total liabilities$5.4B$5.5B$5.7B$7.2B$7.2B$7.1B$6.9B$7.7B$9.3B$9.0B
Shareholders' equity$4.6B$4.9B$5.2B$5.6B$6.8B$6.4B$5.9B$6.3B$6.8B$7.2B
Net debt$3.4B$3.6B$3.8B$3.6B$2.9B$3.1B$3.7B$4.0B$5.7B$5.3B

Cash flow

Fiscal years, from Quest Diagnostics's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$1.1B$1.2B$1.2B$1.2B$2.0B$2.2B$1.7B$1.3B$1.3B$1.9B
Capital spending$293M$252M$383M$400M$418M$403M$404M$408M$425M$527M
Free cash flow$823M$923M$817M$843M$1.6B$1.8B$1.3B$864M$909M$1.4B
Stock-based compensation$69M$79M$61M$56M$97M$79M$77M$77M$88M$88M
Dividends paid$223M$247M$266M$286M$297M$309M$305M$314M$331M$353M
Share buybacks (net)-$590M-$465M-$322M-$353M-$325M-$2.2B-$1.4B-$275M-$151M-$450M
Net borrowing$141M$23M$124M$832M-$805M-$2M-$2M$748M$1.5B-$602M
Free cash flow margin11.4%12.5%10.8%10.9%16.8%17.0%13.3%9.3%9.2%12.3%
Dividends per share$1.57$1.76$1.91$2.10$2.18$2.41$2.58$2.78$2.93$3.12
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Questions

What was Quest Diagnostics's revenue in 2025?

$11.0B in fiscal 2025, from its 10-K filing.

How much free cash flow does Quest Diagnostics generate?

$1.4B in fiscal 2025 (operating cash flow minus capital spending).

From Quest Diagnostics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.