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

Quest Diagnostics brought in $11B of revenue in fiscal 2025, Labcorp $14B in fiscal 2025. Revenue changed by +11.8% at Quest Diagnostics and +7.2% at Labcorp on the year before, so Quest Diagnostics grew faster. Quest Diagnostics kept 9.0% of its revenue as net profit, Labcorp 6.3%. Free cash flow was $1.4B at Quest Diagnostics and $1.2B at Labcorp.

Side by side, latest fiscal year

DGXLH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11B$14B
Revenue growth+11.8%+7.2%
Net income$992M$876.5M
Net margin9.0%6.3%
Free cash flow$1.4B$1.2B
Free cash flow margin12.3%8.6%
Earnings per share (diluted)$8.75$10.46
Cash$420M$532.3M
Debt$5.7B$5.6B
Price to earnings27.029.6
Market value$26.1B$25.1B
Dividend yieldn/a0.93%
Rank by revenue in sector#43 of 523 · Health care#35 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: $11BLH FY2018: $11.3BLH FY2019: $11.6BLH FY2020: $14BLH FY2021: $13.1BLH FY2021: $11.9BLH FY2023: $12.2BLH FY2024: $13BLH FY2025: $14BFY18FY19FY20FY21FY22FY23FY24FY25
DGX $11BLH $14B
Net income
DGX FY2018: $736MDGX FY2019: $858MDGX FY2020: $1.4BDGX FY2021: $2BDGX FY2022: $946MDGX FY2023: $854MDGX FY2024: $871MDGX FY2025: $992MLH FY2018: $883.7MLH FY2019: $823.8MLH FY2020: $1.6BLH FY2021: $2.4BLH FY2021: $1.3BLH FY2023: $418MLH FY2024: $746MLH FY2025: $876.5MFY18FY19FY20FY21FY22FY23FY24FY25
DGX $992MLH $876.5M
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%LH FY2018: 7.8%LH FY2019: 7.1%LH FY2020: 11.1%LH FY2021: 18.1%LH FY2021: 10.8%LH FY2023: 3.4%LH FY2024: 5.7%LH FY2025: 6.3%FY18FY19FY20FY21FY22FY23FY24FY25
DGX 9.0%LH 6.3%
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%LH FY2019: +2.0%LH FY2020: +21.0%LH FY2021: -6.0%LH FY2021: -9.7%LH FY2023: +2.5%LH FY2024: +7.0%LH FY2025: +7.2%FY19FY20FY21FY22FY23FY24FY25
DGX +11.8%LH +7.2%
Free cash flow
DGX FY2018: $817MDGX FY2019: $843MDGX FY2020: $1.6BDGX FY2021: $1.8BDGX FY2022: $1.3BDGX FY2023: $864MDGX FY2024: $909MDGX FY2025: $1.4BLH FY2018: $925.6MLH FY2019: $1BLH FY2020: $1.8BLH FY2021: $2.7BLH FY2021: $1.5BLH FY2023: $874.1MLH FY2024: $1.1BLH FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
DGX $1.4BLH $1.2B

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

Questions about Quest Diagnostics and Labcorp

Which is bigger by revenue, Quest Diagnostics or Labcorp?

Labcorp is bigger by revenue: $14B in fiscal 2025, against $11B for Quest Diagnostics in fiscal 2025.

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

Quest Diagnostics had a net margin of 9.0% in fiscal 2025; Labcorp had 6.3% in fiscal 2025.

Which grew revenue faster, Quest Diagnostics or Labcorp?

In their latest fiscal years revenue changed by +11.8% at Quest Diagnostics and +7.2% at Labcorp.

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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