QUEST DIAGNOSTICS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QUEST DIAGNOSTICS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,214	7,402	7,531	7,726	9,437	10,788	9,883	9,252	9,872	11,035
Cost of revenue	4,616	4,719	4,926	5,037	5,804	6,579	6,450	6,199	6,628	7,370
Gross profit	2,899	2,683	2,605	2,689	3,633	4,209	3,433	3,053	3,244	3,665
Selling, general and administrative	1,380	1,443	1,424	1,457	1,550	1,727	1,874	1,642	1,770	1,967
Operating income	1,277	1,165	1,101	1,231	1,971	2,381	1,428	1,262	1,346	1,556
Interest expense	144	153	169	180	166	152	148	163
Other non-operating income	-191	-135	-175	-155	-87	218	-193	-132	-171	-238
Pre-tax income	1,086	1,030	926	1,076	1,884	2,599	1,235	1,130	1,175	1,318
Income tax	429	241	182	247	460	597	264	248	273	314
Income from continuing operations	645	772	736	838	1,431	1,995
Net income to minority interests	51	52	52	48	68	85	69	54	50	54
Net income	645	772	736	858	1,431	1,995	946	854	871	992
EBITDA	1,526	1,435	1,410	1,560	2,332	2,789	1,865	1,701	1,839	2,126
EPS, basic	4.58	5.63	5.39	6.36	10.62	15.85	8.10	7.59	7.78	8.87
EPS, diluted	4.51	5.50	5.29	6.28	10.47	15.55	7.97	7.49	7.69	8.75
Shares, basic (weighted)	140	137	136	134	134	125	116	112	111	111
Shares, diluted (weighted)	142	140	139	136	136	128	118	113	113	113
Dividend per share	1.65	1.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	359	137	135	1,192	1,158	872	315	686	549	420
Receivables	926	924	1,012	1,063	1,520	1,438	1,195	1,210	1,304	1,408
Inventory	82	95	99	123	223	208	192	190	188	189
Other current assets	155	150	144	112	157	223	196	286	351	361
Total current assets	1,531	1,306	1,390	2,490	3,058	2,741	1,898	2,372	2,392	2,378
Property, plant and equipment	1,029	1,145	1,288	1,453	1,627	1,707	1,766	1,816	2,113	2,203
Lease right-of-use assets			0	518	604	597	585	602	651	657
Goodwill	6,000	6,335	6,563	6,619	6,873	7,095	7,220	7,733	8,856	8,945
Intangible assets	949	1,119	1,207	1,121	1,167	1,167	1,092	1,166	1,763	1,636
Other non-current assets	148	136	119	160	176	163	144	198	255	270
Total assets	10,100	10,503	11,003	12,843	14,026	13,611	12,837	14,022	16,153	16,225
Accounts payable	231	224	222	263	446	357	324	378	287	307
Accrued liabilities	254	246	274	223	356	460	392	287	306	338
Short-term debt	6	36	464	804	2	2	2	303	602	504
Total current liabilities	981	1,057	1,485	1,990	1,776	1,753	1,551	1,815	2,169	2,278
Long-term debt	3,728	3,748	3,429	3,966	4,013	4,010	3,978	4,410	5,615	5,167
Lease liabilities			0	413	499	494	489	503	535	537
Other non-current liabilities	654	663	745	711	847	792	812	876	938	957
Total liabilities	5,440	5,548	5,736	7,156	7,217	7,128	6,907	7,680	9,340	9,019
Total debt	3,734	3,784	3,893	4,770	4,015	4,012	3,980	4,713	6,217	5,671
Paid-in capital	2,545	2,612	2,667	2,722	2,841	2,260	2,295	2,320	2,361	2,381
Retained earnings	6,613	7,138	7,602	8,174	9,303	7,649	8,290	8,825	9,360	9,994
Treasury stock	-4,460	-4,783	-4,996	-5,218	-5,366	-3,453	-4,673	-4,826	-4,857	-5,180
Other comprehensive income	-72	-48	-59	-39	-21	-14	-21	-14	-88	-27
Shareholders' equity	4,628	4,921	5,216	5,641	6,759	6,444	5,893	6,307	6,778	7,170
Minority interests	32	34	51	46	50	39	37	35	35	36
Total equity	4,660	4,955	5,267	5,687	6,809	6,483	5,930	6,342	6,813	7,206
Total liabilities and equity	10,100	10,503	11,003	12,843	14,026	13,611	12,837	14,022	16,153	16,225

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	696	824	788	906	1,499	2,080	1,015	908	921	1,046
Depreciation and amortization	249	270	309	329	361	408	437	439	493	570
Stock-based compensation	69	79	61	56	97	79	77	77	88	88
Deferred income tax	37	9	73	15	85	-57	1	-49	13	105
Change in receivables	-42	9	-65	-63	-455	81	246	-15	-71	-106
Change in payables	56	-8	-19	73	452	35	-149	-55	-67	129
Cash from operations	1,116	1,175	1,200	1,243	2,005	2,233	1,718	1,272	1,334	1,886
Capital expenditures	-293	-252	-383	-400	-418	-403	-404	-408	-425	-527
Acquisitions	-139	-581	-421	-58	-330	-331	-144	-611	-2,164	-101
Cash from investing	-127	-830	-801	-411	-772	21	-543	-1,061	-2,548	-631
Debt issued	1,869	205	2,090	2,281	749	0	0	2,592	1,846	410
Debt repaid	-1,728	-182	-1,966	-1,449	-1,554	-2	-2	-1,844	-303	-1,012
Stock issued	73	130	99	119	189	129	123	72	73	79
Share buybacks	-590	-465	-322	-353	-325	-2,199	-1,408	-275	-151	-450
Dividends paid	-223	-247	-266	-286	-297	-309	-305	-314	-331	-353
Cash from financing	-738	-592	-401	225	-1,267	-2,540	-1,732	160	1,084	-1,388
Exchange rate effect							0	0	-7	4
Net change in cash	226	-222	-2	1,057	-34	-286	-557	371	-137	-129
Free cash flow	823	923	817	843	1,587	1,830	1,314	864	909	1,359
Interest paid	148	159	174	192	201	159	156	134	262	280
Income taxes paid	361	243	84	202	360	709	283	317	256	169

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $236.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.1%	Gross profit / revenue.
Operating margin	14.1%	Operating income / revenue.
EBITDA margin	19.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.1%	Pre-tax income / revenue.
Net margin	9.2%	Net income / revenue.
FCF margin	11.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.5%	Cash from operations / revenue.
Effective tax rate	22.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	10.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	17.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-4.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	15.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	13.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-7.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-3.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	41.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	49.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.59x	Current assets / current liabilities.
Quick ratio	1.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.75x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.3%	Total debt / total assets.
Liabilities / assets	53.8%	Total liabilities / total assets.
Net debt	$5.02B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	63.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.27B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	5.21x	Revenue / average property, plant and equipment.
Inventory turnover	33.2x	Cost of revenue / average inventory.
Days inventory	11 days	365 x average inventory / cost of revenue.
Receivables turnover	6.94x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	18 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	45 days	Days inventory + days sales outstanding - days payables.
FCF conversion	127.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$103.21	Revenue / diluted weighted shares.
FCF per share	$12.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.99	Cash from operations / diluted weighted shares.
Book value per share	$67.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$29.18	Tangible book value / shares outstanding.
Cash per share	$5.59	(Cash + short-term investments) / shares outstanding.
Payout ratio	34.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$26.08B	Share price x shares outstanding.
Enterprise value	$31.10B	Market cap + total debt - cash - short-term investments.
P/E	24.6x	Market cap / net income. Only when net income is positive.
P/S	2.26x	Market cap / revenue.
P/B	3.47x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.7x	Market cap / cash from operations, when positive.
EV/Sales	2.69x	Enterprise value / revenue.
EV/EBIT	19.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.
PEG	7.77x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was QUEST DIAGNOSTICS INC's revenue in fiscal 2025?

QUEST DIAGNOSTICS INC reported revenue of $11.04B for fiscal 2025, 11.8% higher than the year before.

Was QUEST DIAGNOSTICS INC profitable in fiscal 2025?

Yes. Net income was $992.0M, a net margin of 9%.

How much free cash flow did QUEST DIAGNOSTICS INC generate in fiscal 2025?

Cash from operations of $1.89B minus capital expenditures of $527.0M left free cash flow of $1.36B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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