Quest Diagnostics (DGX) Q4 FY2025 earnings: revenue $2.8 billion, up 7.1% on the year

Quest Diagnostics Inc. (DGX) reported revenue of $2.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.1% on the same quarter a year earlier. Net income was $245 million, up 10.4% on the year, and diluted earnings per share $2.18. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$2.8 billion

+7.1% on the year · -0.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

13.8%

13.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$245 million

+10.4% on the year · 0.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.18

+11.8% on the year · +0.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 new.

Full-year revenue rose 11.8%: Full-year net revenues were $11.04 billion, up 11.8% from 2024. Fourth-quarter net revenues were $2.81 billion, up 7.1%.
Full-year reported diluted EPS up 13.8%: Full-year reported diluted EPS was $8.75, up 13.8%, and adjusted diluted EPS was $9.85, up 10.3%. Fourth-quarter reported diluted EPS was $2.18, up 11.8%.
Requisition volume drove revenue growth: Requisition volume rose 12.3% for the year and 8.5% in the fourth quarter. Organic requisition volume rose 3.4% for the year and 7.9% in the fourth quarter. Revenue per requisition was down 0.1% in the quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,806	2,816	2,621	-0.4%	+7.1%
Cost of revenue	1,896	1,867	1,763	+1.6%	+7.5%
Gross profit	910	949	858	-4.1%	+6.1%
Gross margin	32.4%	33.7%	32.7%
Selling, general and administrative	504	501	466	+0.6%	+8.2%
Operating income	386	386	361	0.0%	+6.9%
Operating margin	13.8%	13.7%	13.8%
Interest expense	64.0	66.0	56.0	-3.0%	+14.3%
Pre-tax income	330	328	299	+0.6%	+10.4%
Income tax	81.0	77.0	68.0	+5.2%	+19.1%
Effective tax rate	24.5%	23.5%	22.7%
Net income	245	245	222	0.0%	+10.4%
Net margin	8.7%	8.7%	8.5%
Diluted EPS	$2.18	$2.16	$1.95	+0.9%	+11.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	465	563	464	-17.4%	+0.2%
Capital expenditure	158	144	123	+9.7%	+28.5%
Free cash flow	307	419	341	-26.7%	-10.0%
Free cash flow margin	10.9%	14.9%	13.0%
Cash from investing	-191	-201	-502
Cash from financing	-287	-247	-170
Depreciation and amortisation	145	142	135	+2.1%	+7.4%
Share-based compensation	25.0	20.0	27.0	+25.0%	-7.4%
Buybacks	n/a	150	n/a
Dividends paid	90.0	89.0	84.0	+1.1%	+7.1%
Dividend per share	$0.80	$0.80	$0.75	0.0%	+6.7%
Diluted shares, weighted	112m	113m	113m	-0.9%	-0.9%
Shares outstanding at period end	110m	111m	111m	-1.2%	-1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	7,170	7,258	6,778	-1.2%	+5.8%
Non-controlling interest	36.0	37.0	35.0	-2.7%	+2.9%
Redeemable equity	80.0	81.0	83.0	-1.2%	-3.6%
Debt	5,671	5,675	6,217	-0.1%	-8.8%
Operating lease liabilities	537	534	535	+0.6%	+0.4%
Finance lease liabilities	18.0	n/a	16.0		+12.5%
Other liabilities	2,713	2,612	2,489	+3.9%	+9.0%
Total liabilities and equity	16,225	16,197	16,153	+0.2%	+0.4%
Fixed assets	2,203	2,145	2,113	+2.7%	+4.3%
Goodwill	8,945	8,901	8,856	+0.5%	+1.0%
Intangible assets	1,636	1,662	1,763	-1.6%	-7.2%
Securities held for sale or to maturity	0.0	n/a	0.0
Trading assets	78.0	n/a	n/a
Cash and equivalents	420	432	549	-2.8%	-23.5%
Receivables	1,408	1,456	1,304	-3.3%	+8.0%
Inventory	189	186	188	+1.6%	+0.5%
Other assets	1,346	1,415	1,380	-4.9%	-2.5%
Total assets	16,225	16,197	16,153	+0.2%	+0.4%

Questions

What was Quest Diagnostics' revenue in Q4 FY2025?

Quest Diagnostics (DGX) reported revenue of $2.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.1% on the same quarter a year earlier.

How much did Quest Diagnostics earn in Q4 FY2025?

Net income for Q4 FY2025 was $245 million, up 10.4% on the year, and diluted earnings per share $2.18.

When did Quest Diagnostics report Q4 FY2025 results?

Quest Diagnostics filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,744	2,611	2,453	2,486	2,333	2,331	2,338	2,295	2,288	2,366	2,397	2,488	2,621	2,652	2,761	2,816	2,806	2,895	3,043	3,097
Cost of revenue	1,718	1,646	1,611	1,618	1,575	1,560	1,546	1,541	1,552	1,595	1,593	1,677	1,763	1,789	1,818	1,867	1,896	1,953	2,016	2,055
Gross profit	1,026	965	842	868	758	771	792	754	736	771	804	811	858	863	943	949	910	942	1,027	1,042
Gross margin	37%	37%	34%	35%	32%	33%	34%	33%	32%	33%	34%	33%	33%	33%	34%	34%	32%	33%	34%	34%
SG&A	464	425	422	464	563	439	416	380	407	440	416	448	466	476	486	501	504	504	529	523
Operating income	536	513	388	392	135	305	348	342	267	300	355	330	361	346	438	386	386	399	459	479
Operating margin	20%	20%	16%	16%	6%	13%	15%	15%	12%	13%	15%	13%	14%	13%	16%	14%	14%	14%	15%	15%
Interest expense	38.0	37.0	38.0	37.0	36.0	37.0	39.0	41.0	46.0	49.0	47.0	49.0	56.0	67.0	67.0	66.0	64.0	63.0	63.0	61.0
Pre-tax income	502	452	323	351	109	277	317	299	237	266	314	296	299	276	384	328	330	334	412	416
Tax rate	23%	24%	24%	23%	-4%	23%	24%	23%	17%	25%	24%	22%	23%	21%	25%	23%	25%	22%	21%	24%
Net income	390	355	234	256	101	202	235	225	192	194	229	226	222	220	282	245	245	252	320	312
Net margin	14%	14%	10%	10%	4%	9%	10%	10%	8%	8%	10%	9%	8%	8%	10%	9%	9%	9%	11%	10%
Diluted EPS	$3.11	$2.92	$1.96	$2.17	$0.87	$1.78	$2.05	$1.96	$1.70	$1.72	$2.03	$1.99	$1.95	$1.94	$2.47	$2.16	$2.18	$2.24	$2.84	$2.78
Operating cash flow	481	480	402	502	334	94.0	444	207	527	154	360	356	464	314	544	563	465	278	597	611
Capital expenditure	144	63.0	76.0	118	147	127	104	105	72.0	104	92.0	106	123	117	108	144	158	114	138	166
Free cash flow	337	417	326	384	187	-33.0	340	102	455	50.0	268	250	341	197	436	419	307	164	459	445
Buybacks	289	373	200	374	461	0.0	0.0	0.0	275	n/a	n/a	n/a	n/a	n/a	n/a	150	n/a	n/a	n/a	150
Dividends paid	77.0	74.0	78.0	78.0	75.0	74.0	80.0	80.0	80.0	79.0	84.0	84.0	84.0	84.0	90.0	89.0	90.0	88.0	96.0	95.0
Shares outstanding	119m	117m	117m	114m	111m	112m	112m	112m	111m	111m	111m	112m	111m	112m	112m	111m	110m	111m	110m	110m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.