QUEST DIAGNOSTICS INCDGX
QUEST DIAGNOSTICS INC Financial Overview 2021–2025
Updated Aug 8, 2026Quest Diagnostics absorbed a massive pandemic-era revenue cliff and still managed to hit $11.0 billion in net sales for FY2025, proving it can replace one-time testing spikes with durable volume. The company has successfully pivoted from unpredictable pandemic tailwinds to sustainable expansion driven by strategic acquisitions and core diagnostic growth. Revenue grew from $10.8 billion in FY2021—a period heavily skewed by 63 million COVID-19 tests—to $11.0 billion in FY2025, demonstrating a complete replacement of those temporary gains with recurring business.
This operational shift is anchored by aggressive capital deployment, including $2.2 billion spent on acquisitions in FY2024 to integrate assets like LifeLabs and Allina Health. These investments yielded tangible results, with the core Diagnostic Information Services segment driving a 10.2% year-over-year total revenue increase to $3.04 billion in Q2 2026. The company also cemented its institutional footprint in FY2025, generating $1.2 billion from hospital reference testing and $800 million from collaborative lab solutions. Investors have supported this steady execution and a reliable capital return strategy, which featured a 7.5% dividend increase in early 2026. At the close of FY2025, the stock traded at $173.53 per share, commanding a valuation of 19.8x earnings.
Recent Developments (Q1 and Q2 2026)
Quest Diagnostics expanded its testing volumes in early 2026 through clinical partnerships with Corewell Health and Fresenius Medical Care. These relationships fueled a 13.1% increase in diagnostic volume during Q2 2026. Top-line results followed suit, with net revenues climbing 9.2% to $2.9 billion in Q1 2026. The company also fortified its leadership and balance sheet. Management appointed former Walgreens executive Timothy Wentworth to the board in March 2026. Two months later, the company issued $500 million in 5.000% senior notes due 2036 to refinance maturing debt.
Bulls can point to robust profitability gains, highlighted by a 15.0% jump in diluted earnings per share to $2.84 during the second quarter. Conversely, bears will note that the evolving business mix from these new partnerships caused a slight decrease in revenue per requisition. The market has rewarded this earnings expansion, with shares trading at a premium 26.0x earnings as of the Q2 2026 reporting date.
What to watch: revenue per requisition trends; execution of the Invigorate cost-savings program.
Rev
$11.04B
FY2025
NI
$992.0M
FY2025
EPS
$8.87
FY2025
OCF
$1.89B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All DGX Financial Metrics(59)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accrued Liabilities
- Short-Term Debt
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
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- Treasury Stock
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Cash Flow
Recent SEC Filings
QUEST DIAGNOSTICS INC 8-K Report, Financial Results (Jul 23, 2026)
Quest Diagnostics Incorporated (DGX) has filed an 8-K report on July 23, 2026, to announce its financial results for the quarter ended June 30, 2026. The primary focus of this filing is the dissemination of these quarterly results, as detailed in the attached press release (Exhibit 99.1). Investors should refer to this press release for specific financial performance metrics, including revenue, earnings, and any forward-looking guidance provided by the company for the upcoming periods. While the 8-K itself is brief, indicating the press release contains the substance of the announcement, it serves as a formal notification to the market. The filing primarily confirms the release of Q2 2026 earnings and provides the official record for their disclosure. Investors are encouraged to review the accompanying press release for comprehensive details on the company's operational and financial condition, management's commentary, and any strategic updates.
QUEST DIAGNOSTICS INC 8-K Report, Shareholder Vote Results (May 21, 2026)
Quest Diagnostics Inc. (DGX) filed an 8-K report on May 21, 2026, detailing the results of its 2026 Annual Meeting of Stockholders held on May 20, 2026. The primary focus of this filing is the voting outcomes on key corporate governance matters, including director elections and executive compensation. The company saw overwhelming support for its nominated directors, with all nominees being re-elected with substantial 'For' votes, indicating strong shareholder confidence in the current board leadership. Furthermore, shareholders approved the executive compensation as disclosed in the 2026 Proxy Statement through an advisory resolution, and also ratified the appointment of PricewaterhouseCoopers as the independent registered public accounting firm for the fiscal year 2026. Notably, a stockholder proposal advocating for an independent board chairman was not approved, reflecting a preference for the current board structure. Overall, the results signal a positive shareholder sentiment regarding the company's governance and financial oversight.
QUEST DIAGNOSTICS INC 8-K Report, Material Agreement (May 8, 2026)
Quest Diagnostics Incorporated (DGX) has announced the issuance of $500 million in aggregate principal amount of 5.000% senior notes due 2036. This offering, detailed under Item 1.01 of their Form 8-K filed on May 8, 2026, represents a significant debt financing event for the company. The notes will mature on June 30, 2036, and will bear interest payable semi-annually. These senior unsecured notes rank equally with existing and future senior unsecured obligations of Quest Diagnostics. The issuance is governed by an indenture, which includes covenants restricting the company and certain subsidiaries from creating specific liens and entering into certain sale and leaseback transactions. Additionally, limitations are placed on the company's ability to consolidate, merge, or transfer substantially all of its assets. In the event of a change of control triggering event, Quest Diagnostics will be obligated to offer to repurchase the notes at 101% of their principal amount plus accrued interest.
QUEST DIAGNOSTICS INC 8-K Report, Corporate Update (May 1, 2026)
Quest Diagnostics Incorporated (DGX) has announced the pricing of a $500 million public offering of 5.000% senior notes due 2036. This offering, conducted under the company's shelf registration statement, is set to close on May 6, 2026, with net proceeds intended for general corporate purposes. A significant portion of these proceeds may be used to repay existing indebtedness, specifically the $500 million aggregate principal amount of 3.45% Senior Notes maturing on June 1, 2026. This proactive debt management strategy aims to refinance maturing debt with new, longer-term notes. Investors should note the timing of the offering's closing just ahead of the maturity date of the existing notes. The company has also entered into an underwriting agreement with major financial institutions, including Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Mizuho Securities USA LLC, for this transaction.
QUEST DIAGNOSTICS INC 8-K Report, Financial Results (Apr 21, 2026)
Quest Diagnostics Incorporated (DGX) filed an 8-K on April 21, 2026, to report its financial results for the quarter ended March 31, 2026. The primary purpose of this filing is to provide investors with the company's performance during the first quarter of 2026, as detailed in an attached press release. While the filing itself is procedural, referencing the press release (Exhibit 99.1) is crucial for understanding key financial metrics, revenue performance, profitability, and any forward-looking statements or guidance provided by the company. Investors should review the press release to assess the company's operational execution and its implications for future financial health and stock valuation.
View all 8-K filings →