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Quest Diagnostics (DGX) investor relations material

Quest Diagnostics Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary21 Oct, 2025

Executive summary

  • Q3 2025 revenues rose 13.1% year-over-year to $2.82 billion, driven by strong demand for clinical solutions, consumer channel expansion, and recent acquisitions including LifeLabs and select assets from Spectra Laboratories and Fresenius Medical Care.

  • Reported diluted EPS for Q3 was $2.16, up 8.5% year-over-year; adjusted diluted EPS was $2.60, up 13.0%.

  • Raised full-year 2025 guidance for revenues and EPS based on strong year-to-date performance and continued momentum in clinical innovations and consumer channels.

  • Announced major collaborations and technology partnerships, including a joint venture with Corewell Health, Project Nova with Epic, and partnerships with consumer health brands.

  • Year-to-date cash from operations totaled $1.42 billion, up 63.1% year-over-year, driven by higher operating income, working capital timing, and tax credits.

Financial highlights

  • Q3 2025 consolidated revenues were $2.82 billion, up 13.1% year-over-year; nine-month revenues totaled $8.23 billion, up 13.5%.

  • Operating income for Q3 2025 was $386 million (13.7% margin), with adjusted operating income at $458 million (16.3% margin), both up from prior year.

  • Net income attributable to shareholders was $245 million for Q3 2025, up 8.5% year-over-year.

  • Cash provided by operations in Q3 2025 was $563 million, up 57.4% year-over-year; capital expenditures for Q3 were $144 million, up 37.0%.

  • Diagnostic Information Services revenues increased 13.5% year-over-year, with total volume up 12.5% and organic volume up 3.9%.

Outlook and guidance

  • Full-year 2025 revenue guidance raised to $10.96–$11.00 billion, reflecting 11.0–11.4% growth; adjusted EPS expected at $9.76–$9.84, reported EPS at $8.58–$8.66.

  • Cash from operations expected to be approximately $1.8 billion; capital expenditures projected at $500 million.

  • Guidance assumes 4.5–5% organic revenue growth plus contributions from 2024 acquisitions; includes investments in Project Nova.

  • Operating margin expected to expand versus prior year.

  • OBBBA and expiration of enhanced Premium Tax Credits are not expected to materially impact 2025–2026 revenues.

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Frequently asked questions

Quest Diagnostics Incorporated provides diagnostic testing, information, and services to patients, physicians, health care providers, and hospitals in the United States. The company's Diagnostic Services segment offers anatomic pathology services comprising anatomic pathology services; clinical pathology services comprising clinical chemistry tests and hematology on-demand laboratory services; parasitology laboratory services; thyroidservice; microbiology laboratory services; clinical pathology laboratory services consisting of test menu items classified into various panels; cytology laboratory services; urology service comprising cystoscopy on-demand laboratory service, digital rectal examinations on-demand examination service, flexible cystoscopy on-demand examination service, prostate needle aspirate cytology on-demand examination service, prostate digital rectal examination on demand examination service, and prostate ultrasound examination on demand investigation service. The company is based in Secaucus, New Jersey.

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