Quest Diagnostics Incorporated provides diagnostic testing and services in the United States. The company develops and delivers diagnostic information services, such as routine, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services. It also provides services under the Quest Diagnostics brand, as well as under the AmeriPath, Dermpath Diagnostics, ExamOne, and Quanum brands to physicians, hospitals, patients and consumers, health plans, government agencies, employers, retailers, pharmaceutical companies and insurers commercial clinical laboratories, and accountable care organizations through a network of laboratories, patient service centers, phlebotomists in physician offices, call centers and mobile phlebotomists, nurses, and other health and wellness professionals. In addition, the company offers risk assessment services for the life insurance industry; healthcare IT healthcare providers and payers; testing and medical director services at hospital laboratories; test offerings in cardiometabolic and endocrine; cancer; clinical drug monitoring and toxicology; infectious disease, including autoimmune; neurology diagnostics, including Alzheimer's disease; and women's health, such as prenatal genetic; workplace drug testing, testing urine, hair, and oral fluid specimens services; and employer population health services, including biometric screenings, flu shots, and related preventative services. Further, it provides population health solutions; extended care services; develops in vitro diagnostic tests; laboratory diagnostic information and digital health connectivity systems; underwriting support services, including data gathering, paramedical examinations, and clinical laboratory testing and analytics; and national specimen collection and health data solutions. Quest Diagnostics Incorporated was founded in 1967 and is headquartered in Secaucus, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.0B | $2.2B | $992M | $1.4B | 13.8% | 11.8% | 13.9% |
| 2024 | $9.9B | $1.9B | $871M | $909M | 12.9% | 6.7% | 2.0% |
| 2023 | $9.3B | $1.7B | $854M | $864M | 13.5% | -6.4% | -9.7% |
| 2022 | $9.9B | $1.8B | $946M | $1.3B | 16.1% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 9,883 | 9,252 | 9,872 | 11,035 |
| Operating Revenue | - | 9,883 | 9,252 | 9,872 | 11,035 |
| Cost Of Revenue | - | 6,450 | 6,199 | 6,628 | 7,370 |
| Gross Profit | - | 3,433 | 3,053 | 3,244 | 3,665 |
| Operating Expense | - | 2,005 | 1,791 | 1,898 | 2,109 |
| Selling General And Administration | - | 1,874 | 1,642 | 1,770 | 1,967 |
| Total Expenses | - | 8,455 | 7,990 | 8,526 | 9,479 |
| Operating Income | - | 1,428 | 1,262 | 1,346 | 1,556 |
| Total Operating Income As Reported | - | 1,428 | 1,262 | 1,346 | 1,556 |
| EBITDA | - | 1,820 | 1,732 | 1,894 | 2,165 |
| Normalized EBITDA | - | 1,820 | 1,732 | 1,894 | 2,165 |
| EBIT | - | 1,383 | 1,293 | 1,401 | 1,595 |
| Interest Income | - | 10 | 11 | 25 | 13 |
| Interest Expense | - | 148 | 163 | 226 | 277 |
| Net Interest Income | - | -138 | -152 | -201 | -264 |
| Other Non Operating Income Expenses | - | -55 | 20 | 30 | 26 |
| Other Income Expense | - | -55 | 20 | 30 | 26 |
| Interest Income Non Operating | - | 10 | 11 | 25 | 13 |
| Interest Expense Non Operating | - | 148 | 163 | 226 | 277 |
| Net Non Operating Interest Income Expense | - | -138 | -152 | -201 | -264 |
| Pretax Income | - | 1,235 | 1,130 | 1,175 | 1,318 |
| Tax Provision | - | 264 | 248 | 273 | 314 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 1,015 | 908 | 921 | 1,046 |
| Net Income From Continuing And Discontinued Operation | - | 946 | 854 | 871 | 992 |
| Net Income From Continuing Operation Net Minority Interest | - | 946 | 854 | 871 | 992 |
| Net Income | - | 946 | 854 | 871 | 992 |
| Net Income Common Stockholders | - | 942 | 850 | 866 | 988 |
| Net Income Including Noncontrolling Interests | - | 1,015 | 908 | 921 | 1,046 |
| Normalized Income | - | 946 | 854 | 871 | 992 |
| Diluted NI Availto Com Stockholders | - | 942 | 850 | 866 | 988 |
| Basic Average Shares | - | 116 | 112 | 111 | 111 |
| Diluted Average Shares | - | 118 | 113 | 113 | 113 |
| Reconciled Depreciation | - | 437 | 439 | 493 | 570 |
| Reconciled Cost Of Revenue | - | 6,133 | 5,868 | 6,262 | 6,954 |
| Minority Interests | - | -69 | -54 | -50 | -54 |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Earnings From Equity Interest Net Of Tax | - | 44 | 26 | 19 | 42 |
| Depreciation Amortization Depletion Income Statement | - | 120 | 108 | 127 | 154 |
| Depreciation And Amortization In Income Statement | - | 120 | 108 | 127 | 154 |
| Other Operating Expenses | - | 11 | 41 | 1 | -12 |
| Otherunder Preferred Stock Dividend | - | 4 | 4 | 5 | 4 |
| Amortization | - | 120 | 108 | 127 | 154 |
| Amortization Of Intangibles Income Statement | - | 120 | 108 | 127 | 154 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Quest Diagnostics Incorporatedthis co. | DGX | $21.7B | 21.88β discount | 3.03 | 13.8% | 12.88 |
| Mettler-Toledo International Inc. | MTD | $23.9B | 27.44 | - | -3676.8% | 20.87 |
| Insmed Incorporated | INSM | $22.7B | -17.81 | 30.77 | -172.8% | - |
| West Pharmaceutical Services, Inc. | WST | $22.4B | 45.41 | 7.06 | 15.5% | 28.40 |
| Labcorp Holdings Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| LH |
| $21.4B |
| 24.41 |
| 2.48 |
| 10.2% |
| 13.61 |
| STERIS plc | STE | $20.7B | 26.48 | 2.88 | 10.9% | 14.02 |
| Moderna, Inc. | MRNA | $20.5B | -7.25 | 2.37 | -32.6% | -7.54 |
| Incyte Corporation | INCY | $20.2B | 15.72 | 3.91 | 24.9% | 9.75 |
| Viatris Inc. | VTRS | $18.5B | - | 1.26 | -23.9% | - |
| Peer Median | - | 24.41 | 2.88 | -6.9% | 13.82 | |