Quest Diagnostics vs Toyota: Revenue, Profit and Business Model
Quest Diagnostics reported $11B of revenue in FY2025 and $992M of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Quest Diagnostics
- Latest revenue
- $11B (FY2025)
- Net income
- $992M
- Net margin
- 9.0%
- Revenue growth
- +4.8% a year, FY2016–FY2025
Toyota
- Latest revenue
- ~$339.6B (FY2026)
- Net income
- ~$25.8B
- Net margin
- 7.6%
- Revenue growth
- +6.0% a year, FY2016–FY2026
Financial summary
Quest Diagnostics
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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
Revenue and profit by year
Quest Diagnostics
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11B | $992M | 9.0% | +11.8% | Source |
| FY2024 | $9.9B | $871M | 8.8% | +6.7% | Source |
| FY2023 | $9.3B | $854M | 9.2% | -6.4% | Source |
| FY2022 | $9.9B | $946M | 9.6% | -8.4% | Source |
| FY2021 | $10.8B | $2B | 18.5% | +14.3% | Source |
| FY2020 | $9.4B | $1.4B | 15.2% | +22.1% | Source |
| FY2019 | $7.7B | $858M | 11.1% | +2.6% | Source |
| FY2018 | $7.5B | $736M | 9.8% | +1.7% | Source |
| FY2017 | $7.4B | $772M | 10.4% | +2.6% | Source |
| FY2016 | $7.2B | $645M | 8.9% | — | Source |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | Source |
Where the revenue comes from
Quest Diagnostics
- Diagnostic Information Services - Routine Clinical Testing~60-65%
High-volume routine clinical chemistry, hematology, urinalysis, and basic microbiology tests performed for physicians, hospitals, and other healthcare providers. These tests have lower margins but provide the volume base that drives operating leverage. Reimbursed primarily through Medicare, Medicaid, and commercial insurance.
- Diagnostic Information Services - Advanced Diagnostics~20-25%
Higher-margin specialized testing including oncology (Haystack MRD, molecular profiling), neurology (AD-Detect Alzheimer's tests), genomics (Blueprint Genetics), advanced cardiometabolic panels, infectious disease testing, and women's health/prenatal genetics. These tests command premium pricing and represent the primary growth vector.
- Diagnostic Information Services - Hospital Outreach and Health System Partnerships~10-15%
Laboratory services provided under partnership arrangements with hospital systems, including acquired outreach operations (NewYork-Presbyterian, Memorial Hermann, Hackensack Meridian, Mercy, Steward) and joint ventures (Sonora Quest with Banner Health). These partnerships provide captive patient volumes and institutional credibility.
- Consumer-Initiated Testing and Retail Partnerships~2-3%
Direct-to-consumer testing through QuestDirect, questhealth.com, and retail partnerships with Walmart, Safeway, and CVS. Includes wellness panels, genetic tests, hormone assessments, and specialized health screenings. Generates direct patient payments at list price with the highest margins in the portfolio.
- Pharmaceutical Services and Corporate~1-2%
Clinical trials testing support for pharmaceutical companies, research collaborations, and corporate activities. Includes testing for drug development, companion diagnostics, and post-market surveillance.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
Business model and strategy
Quest Diagnostics
How it makes money
Quest Diagnostics earns fee-for-service revenue for lab tests ordered by physicians, hospitals, health plans, employers and consumers. Diagnostic Information Services (DIS) produced $2.978B of the company's $3.043B Q2 2026 revenue. Payment comes from commercial insurers, Medicare and Medicaid, hospitals that send it outreach or reference work, employers, and patients paying directly through questhealth.com.
Growth strategy
Quest is growing in four ways. First, it buys hospital outreach labs and signs Co-Lab Solutions lab-management deals, such as its Corewell Health joint venture in Michigan. Second, it adds large partner volume, such as dialysis testing for Fresenius Medical Care.
Competitive advantage
Quest's main advantage is density. It has a national patient service center footprint, in-network contracts with most major U.S. health plans, EHR connections to physician offices, and regional labs that spread fixed costs across hundreds of millions of tests a year. Only Labcorp operates at comparable U.S. scale. That scale lets Quest offer health systems a lower-cost option for outreach testing.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about Quest Diagnostics vs Toyota
Which company has higher revenue — Quest Diagnostics Incorporated or Toyota Motor Corporation?
Quest Diagnostics Incorporated reported $11.0B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Quest Diagnostics Incorporated reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Quest Diagnostics Incorporated vs Toyota Motor Corporation?
Quest Diagnostics Incorporated's market capitalisation stands at $27.2B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Quest Diagnostics Incorporated.
Which is more financially efficient — Quest Diagnostics Incorporated or Toyota Motor Corporation?
Quest Diagnostics Incorporated generates $194k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Toyota Motor Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Quest Diagnostics Incorporated and Toyota Motor Corporation make money?
Quest Diagnostics Incorporated and Toyota Motor Corporation generate revenue in fundamentally different ways. Quest Diagnostics Incorporated: Quest Diagnostics earns fee-for-service revenue for lab tests ordered by physicians, hospitals, health plans, employers and consumers. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — Quest Diagnostics Incorporated or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Quest Diagnostics Incorporated trades at 2.5x P/S and Toyota Motor Corporation at 0.8x P/S. Quest Diagnostics Incorporated commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Quest Diagnostics Incorporated bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Quest Diagnostics Incorporated ($11.0B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Quest Diagnostics vs Toyota overview