Quest Diagnostics Inc
questdiagnostics.comWhat Do They Do?
Performs clinical laboratory tests and provides diagnostic information to physicians, hospitals, and patients and consumers.
10-K for FY2025, filed Feb 26, 2026Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights…View ↗
We play a critical role in healthcare decisions for customers across the healthcare ecosystem, including physicians, hospitals, patients…View ↗
We serve approximately half the physicians in the United States each year. We serve virtually all types of physicians from primary care…View ↗
We serve approximately half the hospitals in the United States each year in many ways, including:View ↗
How Do They Make Money?
Most revenue comes from laboratory testing: insurers, government payers, healthcare clients and patients are billed for completed tests or services, with payment following billing. Its smaller services businesses bill when products are delivered or services are performed.
10-K for FY2025, filed Feb 26, 2026Net revenues in the Company’s DIS business accounted for greater than 95% of the Company’s consolidated net revenues for the years ended…View ↗
Collection of the Company's net revenues from healthcare insurers is normally a function of providing complete and correct billing…View ↗
Client payers include physicians, hospitals, employers, new and emerging retail healthcare providers, pharmaceutical companies and other…View ↗
Uninsured patients are billed based on established patient fee schedules or fees negotiated with physicians on behalf of their patients.…View ↗
The Company’s DS businesses primarily satisfy their performance obligations and recognize revenues when delivery has occurred or services…View ↗
-
10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$11B
-
10-K for FY2025, filed Feb 26, 2026
$11B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
DIS business
|
98%
FY2022: 97%
|
DIS business, FY2025
$10.8B Sources
|
|
|
DS businesses
Sold outright
|
2.3%
FY2022: 2.8%
|
DS businesses, FY2025
$250M Sources
|
Sold outright |
Who Are Their Customers?
Physicians refer patients for testing, while hospitals use Quest for reference testing and lab support. Consumers can buy tests through QuestHealth.com; telehealth and retail brands can offer Quest testing through partnerships.
10-K for FY2025, filed Feb 26, 2026Physicians and physician assistants requiring diagnostic information services for patients are the primary referral source for our…View ↗
Serving as a hospital lab’s laboratory. In 2025, we generated approximately $1.2 billion in revenue from “reference testing,” where we…View ↗
As consumers increasingly seek more involvement and control over their health and wellness, we aim to meet them where they are. Our…View ↗
We continually evaluate technologies with the potential to improve choice and convenience for patients and consumers. We offer patients and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$1.6BView ↗
10-K for FY2025, filed Feb 26, 2026
$992MView ↗
10-K for FY2025, filed Feb 26, 2026
$1.4BView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Oct 23, 2026
Open tableView ↗
-
Jul 23, 2026
Raises 2026 revenue and earnings guidance
Revenue guidance is now $11.95 billion to $12.05 billion; reported diluted EPS guidance is $9.97 to $10.17.
Sources
8-K, filed Jul 23, 2026
Updated Guidance Prior Guidance Low High Low High Net revenues $11.95 billion $12.05 billion $11.78 billion $11.90 billion Net revenues…View ↗
Flat. Revenue was $11B in FY2025, about the same as the $10.8B of FY2021.
Who Do They Compete With?
Competes with Laboratory Corporation of America Holdings
10-K for FY2025, filed Feb 26, 2026While there has been consolidation in the diagnostic information services industry in recent years, which we expect to continue, our…View ↗
Loading...
