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Quest Diagnostics vs Fortrea: revenue, profit, margins and growth compared

Quest Diagnostics brought in $11B of revenue in fiscal 2025, Fortrea $2.7B in fiscal 2025. Revenue changed by +11.8% at Quest Diagnostics and +1.0% at Fortrea on the year before, so Quest Diagnostics grew faster. Quest Diagnostics kept 9.0% of its revenue as net profit, Fortrea -36.2%. Free cash flow was $1.4B at Quest Diagnostics and $88.3M at Fortrea.

Side by side, latest fiscal year

DGXFTRE
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11B$2.7B
Revenue growth+11.8%+1.0%
Net income$992M-$986.2M
Net margin9.0%-36.2%
Free cash flow$1.4B$88.3M
Free cash flow margin12.3%3.2%
Earnings per share (diluted)$8.75-$10.81
Cash$420M$174.6M
Debt$5.7B$1.1B
Price to earnings27.0n/a
Market value$26.1B$1.9B
Dividend yieldn/an/a
Rank by revenue in sector#43 of 523 · Health care#91 of 523 · Health care

Over the years

Revenue
DGX FY2018: $7.5BDGX FY2019: $7.7BDGX FY2020: $9.4BDGX FY2021: $10.8BDGX FY2022: $9.9BDGX FY2023: $9.3BDGX FY2024: $9.9BDGX FY2025: $11BFTRE FY2021: $3.1BFTRE FY2023: $2.8BFTRE FY2023: $2.8BFTRE FY2024: $2.7BFTRE FY2025: $2.7BFY18FY19FY20FY21FY22FY23FY24FY25
DGX $11BFTRE $2.7B
Net income
DGX FY2018: $736MDGX FY2019: $858MDGX FY2020: $1.4BDGX FY2021: $2BDGX FY2022: $946MDGX FY2023: $854MDGX FY2024: $871MDGX FY2025: $992MFTRE FY2021: $98MFTRE FY2023: $186.2MFTRE FY2023: -$25.2MFTRE FY2024: -$328.5MFTRE FY2025: -$986.2MFY18FY19FY20FY21FY22FY23FY24FY25
DGX $992MFTRE -$986.2M
Net margin
DGX FY2018: 9.8%DGX FY2019: 11.1%DGX FY2020: 15.2%DGX FY2021: 18.5%DGX FY2022: 9.6%DGX FY2023: 9.2%DGX FY2024: 8.8%DGX FY2025: 9.0%FTRE FY2021: 3.2%FTRE FY2023: 6.6%FTRE FY2023: -0.9%FTRE FY2024: -12.2%FTRE FY2025: -36.2%FY18FY19FY20FY21FY22FY23FY24FY25
DGX 9.0%FTRE -36.2%
Revenue growth
DGX FY2019: +2.6%DGX FY2020: +22.1%DGX FY2021: +14.3%DGX FY2022: -8.4%DGX FY2023: -6.4%DGX FY2024: +6.7%DGX FY2025: +11.8%FTRE FY2023: -7.2%FTRE FY2023: +0.2%FTRE FY2024: -5.1%FTRE FY2025: +1.0%FY19FY20FY21FY22FY23FY24FY25
DGX +11.8%FTRE +1.0%
Free cash flow
DGX FY2018: $817MDGX FY2019: $843MDGX FY2020: $1.6BDGX FY2021: $1.8BDGX FY2022: $1.3BDGX FY2023: $864MDGX FY2024: $909MDGX FY2025: $1.4BFTRE FY2021: $143.3MFTRE FY2023: $28.3MFTRE FY2023: $128.1MFTRE FY2024: $237.3MFTRE FY2025: $88.3MFY18FY19FY20FY21FY22FY23FY24FY25
DGX $1.4BFTRE $88.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Quest Diagnostics and Fortrea

Which is bigger by revenue, Quest Diagnostics or Fortrea?

Quest Diagnostics is bigger by revenue: $11B in fiscal 2025, against $2.7B for Fortrea in fiscal 2025.

Which keeps more of its revenue as profit, Quest Diagnostics or Fortrea?

Quest Diagnostics had a net margin of 9.0% in fiscal 2025; Fortrea had -36.2% in fiscal 2025.

Which grew revenue faster, Quest Diagnostics or Fortrea?

In their latest fiscal years revenue changed by +11.8% at Quest Diagnostics and +1.0% at Fortrea.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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