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DGX

Quest Diagnostics Incorporated

DGX

Quest Diagnostics Incorporated • NYSE
$189.18 ▼ -0.27% (-0.51)
Market Cap $21.14 B
52w High $197.55
52w Low $148.70
Dividend Yield 3.15%
P/E 22.23
Volume 374.04K
Outstanding Shares 111.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.816B ▲ $563M ▲ $245M ▼ 8.7% ▼ $2.18 ▼ $547M ▼
Q2-2025 $2.761B ▲ $505M ▼ $282M ▲ 10.214% ▲ $2.51 ▲ $596M ▲
Q1-2025 $2.652B ▲ $517M ▲ $220M ▼ 8.296% ▼ $1.97 ▼ $488M ▼
Q4-2024 $2.621B ▲ $497M ▲ $222M ▼ 8.47% ▼ $1.98 ▼ $507M ▲
Q3-2024 $2.488B $481M $226M 9.084% $2.01 $479M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $432M ▲ $16.197B ▲ $8.821B ▲ $7.258B ▲
Q2-2025 $319M ▲ $15.969B ▲ $8.623B ▼ $7.228B ▲
Q1-2025 $188M ▼ $15.797B ▼ $8.754B ▼ $6.929B ▲
Q4-2024 $549M ▼ $16.153B ▲ $9.257B ▲ $6.778B ▼
Q3-2024 $764M $16.095B $9.174B $6.809B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $259M ▼ $563M ▲ $-201M ▼ $-247M ▲ $113M ▼ $419M ▼
Q2-2025 $296M ▲ $544M ▲ $-124M ▼ $-293M ▲ $131M ▲ $436M ▲
Q1-2025 $235M ▲ $314M ▼ $-115M ▲ $-561M ▼ $-361M ▼ $197M ▼
Q4-2024 $222M ▼ $464M ▲ $-502M ▲ $-170M ▼ $-215M ▼ $341M ▲
Q3-2024 $237M $356M $-1.633B $1.77B $493M $250M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Diagnostic Information Services Business
Diagnostic Information Services Business
 $2.56Bn ▲$2.59Bn ▲$2.70Bn ▲$2.75Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively steady over the last several years, with a clear spike during the height of COVID testing and then a step down as that temporary demand faded. Since then, sales have stabilized and inched back up, which suggests the core diagnostic business is holding up reasonably well. Profitability is lower than the pandemic peak but still solid, with operating and net income showing a consistent, if unspectacular, pattern over the past few years. Overall, the income statement reflects a business that has transitioned from an exceptional, one‑off boost back to a mature, stable model with decent margins and earnings that are more normalized now.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been gradually growing its asset base while also taking on more debt. Debt levels have risen noticeably over five years, which increases financial leverage and interest obligations, but equity has also grown, indicating continued reinvestment and retained profits. Cash on hand is modest rather than abundant, so Quest leans more on its steady cash generation and access to credit than on a large cash cushion. Overall, the financial position looks sound but more leveraged than in the past, which is manageable as long as earnings and cash flows remain steady.

Cash Flow

Cash Flow Cash generation from the core business is a key strength. Operating cash flow has come down from the pandemic surge but remains healthy and comfortably supports capital spending and a solid level of free cash flow. Investment in equipment and facilities has been relatively steady, suggesting a disciplined approach to maintaining and upgrading labs rather than aggressive expansion at any cost. The free cash flow profile provides flexibility for dividends, buybacks, debt service, and acquisitions, though it is no longer flattered by extraordinary COVID-related volumes.

Competitive Edge

Competitive Edge Quest holds a leading position in U.S. diagnostic testing, supported by a very large network of labs and patient service centers, deep relationships with physicians and hospitals, and a strong, trusted brand. Its scale gives it cost advantages and a vast data set that many smaller rivals cannot match, creating a meaningful barrier to entry. At the same time, the company operates in a highly regulated, price-sensitive environment, facing reimbursement pressure from payers, intense competition from another major national player and hospital labs, and potential disruption from newer testing technologies. The moat is real, but it must be actively defended through efficiency, service quality, and continued innovation.

Innovation and R&D

Innovation and R&D Quest is leaning heavily into automation, digital tools, and advanced diagnostics to stay ahead. Its highly automated “lab of the future,” use of AI, and the Quanum digital platform aim to cut costs, speed turnaround, and make it easier for clinicians to work with Quest. The company is expanding higher-value areas like genetic and molecular testing, neurology (including Alzheimer’s blood tests), oncology (such as minimal residual disease and liquid biopsy work), and direct-to-consumer testing through QuestDirect. Partnerships in next-generation sequencing and a steady stream of acquisitions indicate a focus on personalized medicine and specialized testing, which could support long-term growth but also require sustained investment and careful execution.

Summary

Quest Diagnostics today looks like a mature, cash-generative healthcare service company that is past the extraordinary COVID testing boom and back to a more normal growth and profit profile. Earnings and cash flows remain solid, and the balance sheet, while more leveraged than a few years ago, appears manageable given the stability of the business. The company’s national scale, entrenched relationships, and data assets give it a strong competitive foundation, but it still faces ongoing pressures from reimbursement, regulation, and competition. Its push into automation, digital connectivity, advanced diagnostics, and personalized medicine reflects a clear strategy to move up the value chain. The main story is of a stable core franchise using its cash flow and scale to adapt to a changing healthcare landscape, with both opportunities and execution risks tied to that evolution.

NEWS

November 11, 2025 · 4:22 PM UTC

Quest Diagnostics Declares Quarterly Cash Dividend

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November 3, 2025 · 4:09 PM UTC

Quest Diagnostics to Speak at Citi's 2025 Global Healthcare Conference

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October 27, 2025 · 7:45 AM UTC

New Study Demonstrates Accuracy of Two Quest AD-Detect® Tests for Alzheimer's Disease Diagnosis

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October 21, 2025 · 6:45 AM UTC

Quest Diagnostics Reports Third Quarter 2025 Financial Results; Raises Guidance for Full Year 2025

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September 25, 2025 · 10:00 AM UTC

Quest Diagnostics to Release Third Quarter 2025 Financial Results on October 21, 2025

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