Quest Diagnostics Incorporated
Financial Performance
Quest Diagnostics Revenue & Financials
Revenue
$11B (FY2025)
Market Cap
$27.2B
Net Income
$992M
Employees
57,000
What is Quest Diagnostics's revenue?
Quest Diagnostics had $11B in revenue for fiscal year 2025, up 11.8% from 2024. Net income was $992M.
- Latest revenue
- $11B (FY2025)
- Year-over-year
- +11.8%
- Growth rate (CAGR)
- 4.8% over 9 years
- Peak revenue
- $11B (FY2025)
- Years of data
- 10
- Employees
- 57,000
- What is Quest Diagnostics's operating income?
- Quest Diagnostics reported operating income of $1.6B for fiscal year 2025. sec.gov
- How much profit does Quest Diagnostics make?
- Quest Diagnostics reported net income of $992M for fiscal year 2025. sec.gov
- How many employees does Quest Diagnostics have?
- Quest Diagnostics has about 57,000 employees.
Financial Analysis
Quest's results follow three phases. Before the pandemic, revenue grew slowly, from $7.21B in 2016 to $7.73B in 2019. COVID-19 testing then lifted revenue to $10.79B and net income to $1.995B in 2021. Revenue fell back to $9.25B in 2023 as that demand faded. Acquisitions and organic volume restarted growth: revenue reached $9.87B in 2024 and $11.035B in 2025, when operating income was $1.556B and operating cash flow was $1.886B. In the first half of 2026, revenue rose 9.7% to $5.938B and net income attributable to Quest rose 13.9% to $572M. Quest raised its quarterly dividend 7.5% to $0.86 per share in 2026. Quest Diagnostics Incorporated is a colossal American clinical laboratory operating a massive national network, sustaining a market valuation typically over $15 billion.
Revenue Trend Analysis
YoY Change
+11.8%
9-Year CAGR
+4.8%
Peak Year
2025
Trend
Consistent Growth
Quest Diagnostics Incorporated has 10 full fiscal year figures on this page, compounding at +4.8% annually over 9 years. The most recent year saw a 11.8% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $11B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
Click any row to see year details.
Quest Diagnostics Incorporated balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $1.9B | $527M | $16.2B | $7.2B | $1.4B | Form 10-K |
| FY2024ended Dec 31, 2024 | $1.3B | $425M | $16.2B | $6.8B | $909M | Form 10-K |
| FY2023ended Dec 31, 2023 | $1.3B | $408M | $14B | $6.3B | $864M | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.7B | $404M | $12.8B | $5.9B | $1.3B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.2B | $403M | $13.6B | $6.4B | $1.8B | Form 10-K |
| FY2020ended Dec 31, 2020 | $2B | $418M | $14B | $6.8B | $1.6B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.2B | $400M | $12.8B | $5.6B | $843M | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.2B | $383M | $11B | $5.2B | $817M | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.2B | $252M | $10.5B | $4.9B | $923M | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.1B | $293M | $10.1B | $4.6B | $823M | Form 10-K |
Keep researching Quest Diagnostics
Quest Diagnostics Revenue and Financial FAQ
What was Quest Diagnostics' total revenue and operating income for FY2025?
In FY2025, Quest Diagnostics reported net revenues of $11.035B (up 11.8%) and operating income of $1.556B (up 15.6%). Net income attributable to Quest was $992M.
What is Quest Diagnostics' market capitalization?
Quest Diagnostics' market capitalization was about $27B in mid-September 2026, according to StockAnalysis and Macrotrends data.
What is Quest's total annual diagnostic test volume?
Quest performs more than 500 million diagnostic laboratory test requisitions annually, serving approximately 150 million patients and over 50% of the hospitals and physicians in the United States.
What is Quest Diagnostics' dividend policy and shareholder return track record?
Quest maintains a dependable capital return program, increasing its quarterly cash dividend for more than 13 consecutive years (typically yielding 1.8% to 2.3%), paired with systematic multi-hundred-million-dollar annual share repurchase authorizations.
How does Quest allocate capital between acquisitions and internal investments?
Quest allocates its strong annual free cash flow (consistently $1.0B to $1.3B) toward accretive hospital outreach laboratory acquisitions ($300M, $500M annually), automation technology upgrades, and returning at least 50% of cash to shareholders.
What is Quest's revenue per requisition metric?
Quest tracks revenue per requisition (average revenue generated per test order), which typically averages between $48 and $54, driven higher by the growing mix of advanced molecular, oncology, and genetic esoteric tests.
What is Quest Diagnostics' balance sheet strength and credit rating?
Quest maintains an investment-grade balance sheet with low borrowing costs, holding credit ratings of 'Baa2' from Moody's and 'BBB+' from S&P Global Ratings, maintaining a conservative net debt-to-EBITDA ratio between 2.2x and 2.5x.
How did Quest transition financially following peak COVID-19 testing in 2020-2022?
While COVID-19 molecular testing generated billions in temporary emergency revenue, Quest successfully transitioned back to its core general diagnostics base, replacing pandemic testing revenues through accelerated routine care rebound and hospital outreach M&A.
What is Quest Diagnostics’ annual revenue scale?
Quest Diagnostics generates between $9.2 billion and $9.8+ billion in annual net revenues, reflecting a return to sustainable base clinical testing growth following peak pandemic testing surges.
What are Quest’s operating margins and profitability profile?
Quest typically generates operating margins between 14% and 17%, supported by continuous laboratory automation, supply chain procurement scale, and strategic hospital outreach laboratory acquisitions.
What is Quest’s annual diagnostic test volume (requisition volume)?
Quest performs clinical testing on hundreds of millions of patient specimens each year, touching approximately one in three adult Americans annually across its national laboratory footprint.
What is Quest Diagnostics’ dividend history?
Quest has increased its common stock dividend annually for over a decade, maintaining a secure payout ratio between 35% and 40% of adjusted earnings, paired with steady share buybacks.
How does Quest allocate capital between M&A and shareholder returns?
Quest targets deploying free cash flow roughly balanced between accretive hospital laboratory and regional acquisitions (approx. 2% annual revenue growth target) and returning cash to shareholders via dividends and repurchases.
How does the Protecting Access to Medicare Act (PAMA) impact Quest’s financials?
PAMA established market-based Medicare reimbursement rates for clinical lab tests; while historical phase-ins created modest pricing headwinds, Quest offsets cuts through volume expansion and hospital outsourcing partnerships.
What is Quest’s balance sheet rating and debt leverage profile?
Quest maintains an investment-grade credit rating (BBB+ / Baa2) with conservative debt-to-EBITDA leverage around 2.0x to 2.5x, ensuring low-cost access to commercial paper and bond markets.
What financial returns does Quest achieve on hospital outreach acquisitions?
Hospital outreach deals typically generate attractive returns on invested capital (ROIC) exceeding 10%–12% within two to three years as testing volume is absorbed into Quest’s existing automated regional lab infrastructure.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Quest Diagnostics Revenue & Financials." CorpDigest, https://corpdigest.com/company/quest-diagnostics/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Quest Diagnostics reported $11B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/quest-diagnostics/financials" target="_blank" rel="noopener">CorpDigest — Quest Diagnostics financials</a></div>Related Financial Audits
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