Quest Diagnostics Incorporated (DGX) financial statements: income statement, balance sheet and cash flow

Quest Diagnostics Incorporated's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Quest Diagnostics Incorporated reported revenue of $11.0B (+11.8% year on year) and net income of $1.0B (+13.6% year on year).

Income statement

Quest Diagnostics Incorporated income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net revenues	$11.0B	$9.9B	$9.3B	$9.9B
Cost of services	$7.4B	$6.6B	$6.2B	$6.5B
Selling, general and administrative	$2.0B	$1.8B	$1.6B	$1.9B
Amortization of intangible assets	$154.0M	$127.0M	$108.0M	$120.0M
Other operating (income) expense, net	($12.0M)	$1.0M	$41.0M	$11.0M
Total operating costs and expenses, net	$9.5B	$8.5B	$8.0B	$8.5B
Operating income	$1.6B	$1.3B	$1.3B	$1.4B
Interest expense, net	($264.0M)	($201.0M)	($152.0M)	($138.0M)
Other Nonoperating Income (Expense)	$26.0M	$30.0M	$20.0M	($55.0M)
Total non-operating expense, net	($238.0M)	($171.0M)	($132.0M)	($193.0M)
Income before income taxes and equity in earnings of equity method investees	$1.3B	$1.2B	$1.1B	$1.2B
Income tax expense	($314.0M)	($273.0M)	($248.0M)	($264.0M)
Equity in earnings of equity method investees, net of taxes	$42.0M	$19.0M	$26.0M	$44.0M
Net income	$1.0B	$921.0M	$908.0M	$1.0B
Less: Net income attributable to noncontrolling interests	$54.0M	$50.0M	$54.0M	$69.0M
Net income attributable to Quest Diagnostics	$992.0M	$871.0M	$854.0M	$946.0M
Basic (in dollars per share)	$8.87	$7.78	$7.59	$8.10
Diluted (in dollars per share)	$8.75	$7.69	$7.49	$7.97

Quest Diagnostics Incorporated income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Net revenues	$3.1B	$3.0B	$2.9B	$2.8B
Cost of services	$2.1B	$2.0B	$2.0B	$1.9B
Selling, general and administrative	$523.0M	$529.0M	$504.0M	$501.0M
Amortization of intangible assets	$37.0M	$38.0M	$37.0M	$39.0M
Other operating expense, net	$3.0M	$1.0M	$2.0M	$23.0M
Total operating costs and expenses, net	$2.6B	$2.6B	$2.5B	$2.4B
Operating income	$479.0M	$459.0M	$399.0M	$386.0M
Interest expense, net	($61.0M)	($63.0M)	($63.0M)	($66.0M)
Other (expense) income, net	($2.0M)	$16.0M	($2.0M)	$8.0M
Total non-operating expense, net	($63.0M)	($47.0M)	($65.0M)	($58.0M)
Income before income taxes and equity in earnings of equity method investees	$416.0M	$412.0M	$334.0M	$328.0M
Income tax expense	($99.0M)	($88.0M)	($74.0M)	($77.0M)
Equity in earnings of equity method investees, net of taxes	$9.0M	$10.0M	$4.0M	$8.0M
Net income	$326.0M	$334.0M	$264.0M	$259.0M
Less: Net income attributable to noncontrolling interests	$14.0M	$14.0M	$12.0M	$14.0M
Net income attributable to Quest Diagnostics	$312.0M	$320.0M	$252.0M	$245.0M
Basic (in dollars per share)	$2.82	$2.88	$2.27	$2.18
Diluted (in dollars per share)	$2.78	$2.84	$2.24	$2.16
Basic (in shares)	110.0M	111.0M	110.0M	112.0M
Diluted (in shares)	112.0M	112.0M	112.0M	113.0M

Balance sheet

Quest Diagnostics Incorporated balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$420.0M	$549.0M	$686.0M	$315.0M
Accounts receivable, net of allowance for credit losses of $25 and $29 as of December 31, 2025 and 2024, respectively	$1.4B	$1.3B	$1.2B	$1.2B
Inventories	$189.0M	$188.0M	$190.0M	$192.0M
Prepaid expenses and other current assets	$361.0M	$351.0M	$286.0M	$196.0M
Total current assets	$2.4B	$2.4B	$2.4B	$1.9B
Property, plant and equipment, net	$2.2B	$2.1B	$1.8B	$1.8B
Operating lease right-of-use assets	$657.0M	$651.0M	$602.0M	$585.0M
Goodwill	$8.9B	$8.9B	$7.7B	$7.2B
Intangible assets, net	$1.6B	$1.8B	$1.2B	$1.1B
Investments in equity method investees	$136.0M	$123.0M	$135.0M	$132.0M
Other assets	$270.0M	$255.0M	$198.0M	$144.0M
Total assets	$16.2B	$16.2B	$14.0B	$12.8B
Accounts payable and accrued expenses	$1.6B	$1.4B	$1.4B	$1.4B
Less: Current portion of long-term debt	$504.0M	$602.0M	$303.0M	$2.0M
Current portion of long-term operating lease liabilities	$174.0M	$173.0M	$153.0M	$153.0M
Total current liabilities	$2.3B	$2.2B	$1.8B	$1.6B
Long-term debt	$5.2B	$5.6B	$4.4B	$4.0B
Long-term operating lease liabilities	$537.0M	$535.0M	$503.0M	$489.0M
Other liabilities	$957.0M	$938.0M	$876.0M	$812.0M
Redeemable noncontrolling interest	$80.0M	$83.0M	$76.0M	$77.0M
Common stock, par value $0.01 per share; 600 shares authorized as of both December 31, 2025 and 2024; 162 shares issued as of both December 31, 2025 and 2024	$2000000.00	$2000000.00	$2000000.00	$2000000.00
Additional paid-in capital	$2.4B	$2.4B	$2.3B	$2.3B
Retained earnings	$10.0B	$9.4B	$8.8B	$8.3B
Accumulated other comprehensive loss	($27.0M)	($88.0M)	($14.0M)	($21.0M)
Treasury stock, at cost; 52 shares and 51 shares as of December 31, 2025 and 2024, respectively	-5.2B	-4.9B	-4.8B	-4.7B
Total Quest Diagnostics stockholders’ equity	$7.2B	$6.8B	$6.3B	$5.9B
Noncontrolling interests	$36.0M	$35.0M	$35.0M	$37.0M
Total stockholders’ equity	$7.2B	$6.8B	$6.3B	$5.9B
Total liabilities and stockholders’ equity	$16.2B	$16.2B	$14.0B	$12.8B

Quest Diagnostics Incorporated balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash and cash equivalents	$797.0M	$626.0M	$393.0M	$432.0M
Accounts receivable, net of allowance for credit losses of $27 and $25 as of September 30, 2026 and December 31, 2025, respectively	$1.7B	$1.7B	$1.6B	$1.5B
Inventories	$218.0M	$233.0M	$225.0M	$186.0M
Prepaid expenses and other current assets	$390.0M	$319.0M	$361.0M	$333.0M
Total current assets	$3.1B	$2.8B	$2.6B	$2.4B
Property, plant and equipment, net	$2.3B	$2.2B	$2.2B	$2.1B
Operating lease right-of-use assets	$670.0M	$678.0M	$691.0M	$649.0M
Goodwill	$9.1B	$9.1B	$9.1B	$8.9B
Intangible assets, net	$1.6B	$1.7B	$1.7B	$1.7B
Investments in equity method investees	$139.0M	$137.0M	$134.0M	$137.0M
Other assets	$274.0M	$277.0M	$256.0M	$296.0M
Total assets	$17.2B	$16.9B	$16.7B	$16.2B
Accounts payable and accrued expenses	$1.6B	$1.6B	$1.5B	$1.5B
Less: Current portion of long-term debt	$10.0M	$10.0M	$503.0M	$504.0M
Current portion of long-term operating lease liabilities	$181.0M	$180.0M	$174.0M	$173.0M
Total current liabilities	$1.8B	$1.8B	$2.2B	$2.1B
Long-term debt	$5.5B	$5.6B	$5.2B	$5.2B
Long-term operating lease liabilities	$554.0M	$561.0M	$574.0M	$534.0M
Other liabilities	$1.3B	$1.1B	$1.0B	$982.0M
Redeemable noncontrolling interest	$81.0M	$80.0M	$79.0M	$81.0M
Common stock, par value $0.01 per share; 600 shares authorized as of both September 30, 2026 and December 31, 2025; 162 shares issued as of both September 30, 2026 and December 31, 2025	$2000000.00	$2000000.00	$2000000.00	$2000000.00
Additional paid-in capital	$2.4B	$2.4B	$2.3B	$2.4B
Retained earnings	$10.6B	$10.4B	$10.2B	$9.8B
Accumulated other comprehensive loss	($66.0M)	($62.0M)	($43.0M)	($40.0M)
Treasury stock, at cost; 52 shares as of both September 30, 2026 and December 31, 2025	-5.3B	-5.2B	-5.1B	-4.9B
Total Quest Diagnostics stockholders’ equity	$7.6B	$7.5B	$7.4B	$7.3B
Noncontrolling interests	$318.0M	$303.0M	$300.0M	$37.0M
Total stockholders’ equity	$8.0B	$7.8B	$7.7B	$7.3B
Total liabilities and stockholders’ equity	$17.2B	$16.9B	$16.7B	$16.2B

Cash flow statement

Quest Diagnostics Incorporated cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$1.0B	$921.0M	$908.0M	$1.0B
Depreciation and amortization	$570.0M	$493.0M	$439.0M	$437.0M
Provision for credit losses	$3.0M	$5.0M	$1.0M	$3.0M
Deferred income tax provision (benefit)	$105.0M	$13.0M	($49.0M)	$1.0M
Stock-based compensation expense	$88.0M	$88.0M	$77.0M	$77.0M
Other, net	$24.0M	$15.0M	$41.0M	$66.0M
Accounts receivable	($106.0M)	($71.0M)	($15.0M)	$246.0M
Accounts payable and accrued expenses	$129.0M	($67.0M)	($55.0M)	($149.0M)
Income taxes payable	$24.0M	$16.0M	($2.0M)	($31.0M)
Other assets and liabilities, net	$3.0M	($79.0M)	($73.0M)	$53.0M
Net cash provided by operating activities	$1.9B	$1.3B	$1.3B	$1.7B
Business acquisitions, net of cash acquired	($101.0M)	($2.2B)	($611.0M)	($144.0M)
Capital expenditures	($527.0M)	($425.0M)	($408.0M)	($404.0M)
Other investing activities, net	($3.0M)	$41.0M	($42.0M)	$5.0M
Net cash used in investing activities	($631.0M)	($2.5B)	($1.1B)	($543.0M)
Proceeds from borrowings	$410.0M	$1.8B	$2.6B	$0
Repayments of debt	($1.0B)	($303.0M)	($1.8B)	($2.0M)
Purchases of treasury stock	($450.0M)	($151.0M)	($275.0M)	($1.4B)
Exercise of stock options	$79.0M	$73.0M	$72.0M	$123.0M
Employee payroll tax withholdings on stock issued under stock-based compensation plans	($45.0M)	($24.0M)	($28.0M)	($28.0M)
Dividends paid	($353.0M)	($331.0M)	($314.0M)	($305.0M)
Distributions to noncontrolling interest partners	($56.0M)	($47.0M)	($57.0M)	($73.0M)
Other financing activities, net	$39.0M	$21.0M	$14.0M	($39.0M)
Net cash (used in) provided by financing activities	($1.4B)	$1.1B	$160.0M	($1.7B)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	$4.0M	($7.0M)	—	—
Net change in cash and cash equivalents and restricted cash	($129.0M)	($137.0M)	$371.0M	($557.0M)
Cash and cash equivalents and restricted cash, beginning of year	$549.0M	$686.0M	$315.0M	$872.0M
Cash and cash equivalents and restricted cash, end of year	$420.0M	$549.0M	$686.0M	$315.0M

Quest Diagnostics Incorporated cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net income	$924.0M	$598.0M	$264.0M	$790.0M
Depreciation and amortization	$440.0M	$293.0M	$147.0M	$425.0M
Provision for credit losses	$5.0M	$3.0M	$1.0M	$2.0M
Deferred income tax expense	$155.0M	$46.0M	$48.0M	$118.0M
Stock-based compensation expense	$63.0M	$43.0M	$20.0M	$63.0M
Other, net	$22.0M	$14.0M	$8.0M	$37.0M
Accounts receivable	($308.0M)	($259.0M)	($180.0M)	($153.0M)
Accounts payable and accrued expenses	$244.0M	$130.0M	($12.0M)	$113.0M
Income taxes payable	($24.0M)	$4.0M	$13.0M	($1.0M)
Other assets and liabilities, net	($35.0M)	$3.0M	($31.0M)	$27.0M
Net cash provided by operating activities	$1.5B	$875.0M	$278.0M	$1.4B
Business acquisitions, net of cash acquired	($39.0M)	($38.0M)	($38.0M)	($51.0M)
Capital expenditures	($418.0M)	($252.0M)	($114.0M)	($369.0M)
Other investing activities, net	$2.0M	$4.0M	$0	($20.0M)
Net cash used in investing activities	($455.0M)	($286.0M)	($152.0M)	($440.0M)
Proceeds from borrowings	$494.0M	$494.0M	$0	$410.0M
Repayments of debt	($504.0M)	($501.0M)	($1.0M)	($1.0B)
Purchases of treasury stock	($252.0M)	($102.0M)	—	($150.0M)
Exercise of stock options	$108.0M	$81.0M	$65.0M	$61.0M
Employee payroll tax withholdings on stock issued under stock-based compensation plans	($40.0M)	($38.0M)	($37.0M)	($44.0M)
Dividends paid	($279.0M)	($184.0M)	($88.0M)	($263.0M)
Distributions to noncontrolling interest partners	($35.0M)	($22.0M)	($7.0M)	($43.0M)
Contributions from noncontrolling interest partners	$25.0M	—	—	—
Other financing activities, net	($169.0M)	($109.0M)	($84.0M)	($61.0M)
Net cash used in financing activities	($652.0M)	($381.0M)	($152.0M)	($1.1B)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	($2.0M)	($2.0M)	($1.0M)	$3.0M
Net change in cash and cash equivalents and restricted cash	$377.0M	$206.0M	($27.0M)	($117.0M)
Cash and cash equivalents and restricted cash, beginning of period	$420.0M	$420.0M	$420.0M	$549.0M
Cash and cash equivalents and restricted cash, end of period	$797.0M	$626.0M	$393.0M	$432.0M

Quest Diagnostics Incorporated score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.