On February 10, 2026 Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, reported financial results for the fourth quarter and full year ended December 31, 2025.
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"We closed 2025 with a strong fourth quarter, and delivered double-digit growth in revenues and earnings per share for the full year," said Jim Davis, Chairman, CEO, and President. "Our robust performance demonstrates continued execution of our strategy to deliver category-defining clinical innovations that fulfill customers’ needs and to form strategic collaborations supporting growth. Our 2026 guidance reflects our continued confidence in our business strengths and market fundamentals."
Key 2025 Highlights:
Serving Clinicians and Health Systems
Began to deploy our largest Co-Lab Solutions implementation to date for Corewell Health, a leading health system in Michigan. Also finalized a laboratory-services joint venture with Corewell Health that includes plans to open a state-of-the-art laboratory in southeast Michigan in 2027.
Scaled lab testing to deliver services for more than 200,000 patients at Fresenius Medical Care’s dialysis centers in the United States while also adding leading water-purity testing capabilities to our menu.
Integrated eight acquisitions completed in 2024, providing the basis for growth in new geographies, including Canada.
Expanded and initiated new collaborations to serve in-network providers and members in new geographies.
Formed a first-of-its-kind collaboration with Epic to be our technology partner for Project Nova, our multi-year order-to-cash transformation to streamline systems and improve customer experiences, regardless of the electronic health record they use, for smarter, simpler testing.
Serving Consumers
Further advanced our position as the premier lab engine powering the wellness industry through questhealth.com, our consumer-initiated test platform, and through new collaborations with top consumer wellness and wearables companies.
Expanded our offerings on questhealth.com to more than 150 tests, including our new Elite Health Panel for assessing health based on over 85 biomarkers.
Delivering Clinical Innovations
Added category-defining innovations to our Advanced Diagnostics portfolio, including a new Quest AD-Detect blood test for aiding the diagnosis of Alzheimer’s disease, long-read gene sequencing to identify the cause of ataxia movement disorders, and HPV self-collection options for cervical cancer screening.
Secured FDA breakthrough device designation for the Haystack MRD test for monitoring patients treated for solid-tumor cancers.
Formed collaborations with The University of Texas MD Anderson Cancer Center and Rutgers Cancer Institute to research and develop innovations for detecting early signs of cancer.
Supported public health with Oropouche virus testing under a preparedness contract with the U.S. Centers for Disease Control and Prevention.
Driving Operational Excellence
Delivered 3% annual cost savings and productivity improvements through our Invigorate program.
Deployed AI and automation across lab, customer and administrative systems, including automated sample processing, logistics and cytology, improving quality, experiences and productivity.
Engaged Google Cloud to use generative AI to simplify and improve data management and analytics.
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
Change
2025
2024
Change
(dollars in millions, except per share data)
Reported:
Net revenues
$ 2,806
$ 2,621
7.1 %
$ 11,035
$ 9,872
11.8 %
Diagnostic information services revenues
$ 2,742
$ 2,556
7.3 %
$ 10,785
$ 9,614
12.2 %
Revenue per requisition
(0.1) %
0.1 %
Requisition volume
8.5 %
12.3 %
Organic requisition volume
7.9 %
3.4 %
Operating income (a)
$ 386
$ 361
7.0 %
$ 1,556
$ 1,346
15.6 %
Operating income as a percentage of net revenues
(a)
13.8 %
13.8 %
— %
14.1 %
13.6 %
0.5 %
Net income attributable to Quest Diagnostics (a)
$ 245
$ 222
10.7 %
$ 992
$ 871
13.9 %
Diluted EPS (a)
$ 2.18
$ 1.95
11.8 %
$ 8.75
$ 7.69
13.8 %
Cash provided by operations
$ 465
$ 464
0.5 %
$ 1,886
$ 1,334
41.4 %
Capital expenditures
$ 158
$ 123
27.4 %
$ 527
$ 425
23.8 %
Adjusted (a):
Operating income
$ 429
$ 409
4.7 %
$ 1,759
$ 1,541
14.1 %
Operating income as a percentage of net revenues
15.3 %
15.6 %
(0.3) %
15.9 %
15.6 %
0.3 %
Net income attributable to Quest Diagnostics
$ 273
$ 253
7.4 %
$ 1,118
$ 1,011
10.5 %
Diluted EPS
$ 2.42
$ 2.23
8.5 %
$ 9.85
$ 8.93
10.3 %
a)
For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.
Guidance for Full Year 2026
The company estimates its full year 2026 guidance in the table below. The company has included a presentation that includes additional guidance information on the Events and Presentations page of its investor relations website, which can be found at www.QuestDiagnostics.com/investor.
Low
High
Net revenues
$11.70 billion
$11.82 billion
Net revenues increase
6.0 %
7.1 %
Reported diluted EPS
$9.45
$9.65
Adjusted diluted EPS
$10.50
$10.70
Cash provided by operations
Approximately $1.75 billion
Capital expenditures
Approximately $550 million
Note on Non-GAAP Financial Measures
As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments, impairment charges and other items.
Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures.
Conference Call Information
Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at www.QuestDiagnostics.com/investor. We suggest participants dial in approximately 10 minutes before the call.
A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on February 10, 2026 until midnight Eastern Time on February 24, 2026, by phone at 866-388-5361 for domestic callers and 203-369-0416 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.
(Press release, Quest Diagnostics, FEB 10, 2026, View Source [SID1234662572])