Quest Diagnostics (DGX) FY2020 results: revenue $9.4 billion, up 22.1% on the year
Quest Diagnostics Inc. (DGX) reported revenue of $9.4 billion for fiscal 2020, the year ended 31 December 2020, up 22.1% on the year before. Net income was $1.4 billion, up 66.8%, and diluted earnings per share $10.47. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$9.4 billion
+22.1% on the year
FY2013FY2020
Operating margin
20.9%
15.9% a year earlier
FY2013FY2020
Net income
$1.4 billion
+66.8% on the year
FY2013FY2020
Diluted EPS
$10.47
+66.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
9,437
7,726
7,531
+22.1%
Cost of revenue
5,804
5,037
4,926
+15.2%
Gross profit
3,633
2,689
2,605
+35.1%
Gross margin
38.5%
34.8%
34.6%
Selling, general and administrative
1,550
1,457
1,424
+6.4%
Operating income
1,971
1,231
1,101
+60.1%
Operating margin
20.9%
15.9%
14.6%
Interest expense
166
180
169
-7.8%
Pre-tax income
1,884
1,076
926
+75.1%
Income tax
460
247
182
+86.2%
Effective tax rate
24.4%
23.0%
19.7%
Net income
1,431
858
736
+66.8%
Net margin
15.2%
11.1%
9.8%
Diluted EPS
$10.47
$6.28
$5.29
+66.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,005
1,243
1,200
+61.3%
Capital expenditure
418
400
383
+4.5%
Free cash flow
1,587
843
817
+88.3%
Free cash flow margin
16.8%
10.9%
10.8%
Cash from investing
-772
-411
-801
Cash from financing
-1,267
225
-401
Depreciation and amortisation
361
329
309
+9.7%
Share-based compensation
97.0
56.0
61.0
+73.2%
Buybacks
325
353
322
-7.9%
Dividends paid
297
286
266
+3.8%
Diluted shares, weighted
136m
136m
139m
0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,759
5,641
5,216
+19.8%
Non-controlling interest
50.0
46.0
51.0
+8.7%
Redeemable equity
82.0
76.0
77.0
+7.9%
Debt
4,015
4,770
3,893
-15.8%
Operating lease liabilities
499
413
0.0
+20.8%
Finance lease liabilities
25.0
30.0
n/a
-16.7%
Other liabilities
2,596
1,867
1,766
+39.0%
Total liabilities and equity
14,026
12,843
11,003
+9.2%
Fixed assets
1,627
1,453
1,288
+12.0%
Goodwill
6,873
6,619
6,563
+3.8%
Intangible assets
1,167
1,121
1,207
+4.1%
Securities held for sale or to maturity
12.0
12.0
0.0
0.0%
Cash and equivalents
1,158
1,192
135
-2.9%
Receivables
1,520
1,063
1,012
+43.0%
Inventory
223
123
99.0
+81.3%
Other assets
1,446
1,260
699
+14.8%
Total assets
14,026
12,843
11,003
+9.2%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.