Quest Diagnostics (DGX) FY2023 results: revenue $9.3 billion, down 6.4% on the year
Quest Diagnostics Inc. (DGX) reported revenue of $9.3 billion for fiscal 2023, the year ended 31 December 2023, down 6.4% on the year before. Net income was $854 million, down 9.7%, and diluted earnings per share $7.49. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$9.3 billion
-6.4% on the year
FY2016FY2023
Operating margin
13.6%
14.4% a year earlier
FY2016FY2023
Net income
$854 million
-9.7% on the year
FY2016FY2023
Diluted EPS
$7.49
-6.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,272
1,718
2,233
-26.0%
Capital expenditure
408
404
403
+1.0%
Free cash flow
864
1,314
1,830
-34.2%
Free cash flow margin
9.3%
13.3%
17.0%
Cash from investing
-1,061
-543
21.0
Cash from financing
160
-1,732
-2,540
Depreciation and amortisation
439
437
408
+0.5%
Share-based compensation
77.0
77.0
79.0
0.0%
Buybacks
275
1,408
2,199
-80.5%
Dividends paid
314
305
309
+3.0%
Diluted shares, weighted
113m
118m
128m
-4.2%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
6,307
5,893
6,444
+7.0%
Non-controlling interest
35.0
37.0
39.0
-5.4%
Redeemable equity
76.0
77.0
79.0
-1.3%
Debt
4,713
3,980
4,012
+18.4%
Operating lease liabilities
503
489
494
+2.9%
Finance lease liabilities
6.0
7.0
32.0
-14.3%
Other liabilities
2,382
2,354
2,511
+1.2%
Total liabilities and equity
14,022
12,837
13,611
+9.2%
Fixed assets
1,816
1,766
1,707
+2.8%
Goodwill
7,733
7,220
7,095
+7.1%
Intangible assets
1,166
1,092
1,167
+6.8%
Securities held for sale or to maturity
2.0
2.0
1.0
0.0%
Cash and equivalents
686
315
872
+117.8%
Receivables
1,210
1,195
1,438
+1.3%
Inventory
190
192
208
-1.0%
Other assets
1,219
1,055
1,123
+15.5%
Total assets
14,022
12,837
13,611
+9.2%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.