QUEST DIAGNOSTICS INC DGX
Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians, and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. In the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world.
The patients we serve annually comprise approximately one-third of the adult population of the United States, and over a three-year period, we serve approximately one-half of the adult population of the United States. We estimate that annually we serve approximately half of the physicians and half of the hospitals in the United States.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.04B | $9.87B | $9.25B | $9.88B | $10.79B | $9.44B | $7.73B | $7.53B | $7.40B | $7.21B |
| Cost of revenue | $7.37B | $6.63B | $6.20B | $6.45B | $6.58B | $5.80B | $5.04B | $4.93B | $4.72B | $4.62B |
| Gross profit | $3.67B | $3.24B | $3.05B | $3.43B | $4.21B | $3.63B | $2.69B | $2.60B | $2.68B | $2.90B |
| SG&A | $1.97B | $1.77B | $1.64B | $1.87B | $1.73B | $1.55B | $1.46B | $1.42B | $1.44B | $1.38B |
| Total operating expenses | $9.48B | $8.53B | $7.99B | $8.46B | $8.41B | $7.47B | $6.50B | $6.43B | $6.24B | $5.94B |
| Operating income | $1.56B | $1.35B | $1.26B | $1.43B | $2.38B | $1.97B | $1.23B | $1.10B | $1.17B | $1.28B |
| Interest expense | $264.0M | $201.0M | $152.0M | $138.0M | $152.0M | $166.0M | $180.0M | $169.0M | $153.0M | $144.0M |
| Pre-tax income | $1.32B | $1.18B | $1.13B | $1.24B | $2.60B | $1.88B | $1.08B | $926.0M | $1.03B | $1.09B |
| Income tax | $314.0M | $273.0M | $248.0M | $264.0M | $597.0M | $460.0M | $247.0M | $182.0M | $241.0M | $429.0M |
| Net income | $1.05B | $921.0M | $908.0M | $1.01B | $2.08B | $1.43B | $858.0M | $736.0M | $772.0M | $645.0M |
| EPS, basic | 8.87 | 7.78 | 7.59 | 8.10 | 15.85 | 10.62 | 6.36 | 5.39 | 5.63 | 4.58 |
| EPS, diluted | 8.75 | 7.69 | 7.49 | 7.97 | 15.55 | 10.47 | 6.28 | 5.29 | 5.50 | 4.51 |
| Shares, diluted (wtd. avg.) | $113.0M | $113.0M | $113.0M | $118.0M | $128.0M | $136.0M | $136.0M | $139.0M | $140.0M | $142.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $420.0M | $549.0M | $686.0M | $315.0M | $872.0M | $1.16B | $1.19B | $135.0M | $137.0M | $384.0M |
| Receivables | $1.41B | $1.30B | $1.21B | $1.20B | $1.44B | $1.52B | $1.06B | $1.01B | $924.0M | $926.0M |
| Inventory | $189.0M | $188.0M | $190.0M | $192.0M | $208.0M | $223.0M | $123.0M | $99.0M | $95.0M | $82.0M |
| Total current assets | $2.38B | $2.39B | $2.37B | $1.90B | $2.74B | $3.06B | $2.49B | $1.39B | $1.31B | $1.53B |
| Property, plant and equipment | $2.20B | $2.11B | $1.82B | $1.77B | $1.71B | $1.63B | $1.45B | $1.29B | $1.15B | $1.03B |
| Goodwill | $8.95B | $8.86B | $7.73B | $7.22B | $7.09B | $6.87B | $6.62B | $6.56B | $6.33B | $6.00B |
| Other intangibles | $1.64B | $1.76B | $1.17B | $1.09B | $1.17B | $1.17B | $1.12B | $1.21B | $1.12B | $949.0M |
| Total assets | $16.23B | $16.15B | $14.02B | $12.84B | $13.61B | $14.03B | $12.84B | $11.00B | $10.50B | $10.10B |
| Accounts payable | $1.60B | $1.39B | $1.36B | $1.40B | $1.60B | $1.63B | $1.04B | $1.02B | $1.02B | $975.0M |
| Short-term debt | $504.0M | $602.0M | $303.0M | $2.0M | $2.0M | $2.0M | $804.0M | $464.0M | $36.0M | $6.0M |
| Total current liabilities | $2.28B | $2.17B | $1.81B | $1.55B | $1.75B | $1.78B | $1.99B | $1.49B | $1.06B | $981.0M |
| Long-term debt | $5.17B | $5.62B | $4.41B | $3.98B | $4.01B | $4.01B | $3.97B | $3.43B | $3.75B | $3.73B |
| Retained earnings | $9.99B | $9.36B | $8.82B | $8.29B | $7.65B | $9.30B | $8.17B | $7.60B | $7.14B | $6.61B |
| Total equity | $7.17B | $6.78B | $6.34B | $5.93B | $6.48B | $6.81B | $5.69B | $5.27B | $4.96B | $4.66B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.89B | $1.33B | $1.27B | $1.72B | $2.23B | $2.00B | $1.24B | $1.20B | $1.18B | $1.12B |
| Depreciation and amortisation | $570.0M | $493.0M | $439.0M | $437.0M | $408.0M | $361.0M | $329.0M | $309.0M | $270.0M | $249.0M |
| Stock-based compensation | $88.0M | $88.0M | $77.0M | $77.0M | $79.0M | $97.0M | $56.0M | $61.0M | $79.0M | $69.0M |
| Capital expenditure | $527.0M | $425.0M | $408.0M | $404.0M | $403.0M | $418.0M | $400.0M | $383.0M | $252.0M | $293.0M |
| Investing cash flow | -$631.0M | -$2.55B | -$1.06B | -$543.0M | $21.0M | -$772.0M | -$411.0M | -$801.0M | -$830.0M | -$127.0M |
| Financing cash flow | -$1.39B | $1.08B | $160.0M | -$1.73B | -$2.54B | -$1.27B | $225.0M | -$401.0M | -$592.0M | -$738.0M |
| Dividends paid | $353.0M | $331.0M | $314.0M | $305.0M | $309.0M | $297.0M | $286.0M | $266.0M | $247.0M | $223.0M |
| Buybacks | $450.0M | $151.0M | $275.0M | $1.41B | $2.20B | $325.0M | $353.0M | $322.0M | $465.0M | $590.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013356.
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