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DGXQuest Diagnostics

Health care · Medical Labs · NYSE
DGX quote by TradingView
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FY2025 at a glance

Sales up 11.8%, free cash flow up to $1.4B

XBRL, from each 10-K
RevenueStatements ↓
$11.0B
from $9.9B in FY2024
FY2016FY2025
Net incomeStatements ↓
$992.0M
from $871.0M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.4B
from $909.0M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.75
from $7.69 in FY2024
FY2016FY2025
Operating marginStatements ↓
14.1%
from 13.6% in FY2024
FY2016FY2025
Total debtStatements ↓
$5.7B
from $6.2B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)10.04Sales (ttm)11.8BNet income (ttm)1.1BSales growth+11.8%EPS growth+13.8%Sales Q/Q+10.0%
Free cash flow1.4BGross margin33.1%Oper. margin14.6%Net margin9.5%FCF margin11.6%ROE14.8%
ROA6.6%R&D / sales-Dividend-Debt/Eq0.73Curr. ratio1.70Cash797.0M
Op. cash flow (ttm)2.0BEBITDA2.1BEBITDA margin19.3%Net debt4.8BQuick ratio1.60Interest cover5.56
ROIC9.0%Tax rate23.8%Stock pay / sales0.8%Shares out.110.0MShares Y/Y0.0%Book / share69.37
Cash / share7.24Sales / share107.63Asset turnover0.69Inventory turns38.99Days sales out.47Sales 3Y CAGR+3.7%
Sales 5Y CAGR+3.2%EPS 3Y CAGR+3.2%EPS 5Y CAGR-3.5%Employees57,000Sales / employee208K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 50%$909.0M → $1.4B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +11.8%+6.7% → +11.8% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

DGX against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
DGXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+11.8%13th of 60 · median +7.1%
Net margin
9.5%31st of 60 · median 9.6%
Return on equity
14.8%21st of 54 · median 13.1%
Free cash flow margin
11.6%36th of 56 · median 15.5%
Debt / equity (less is better)
0.7332nd of 49 · median 0.66
DGX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
DGX Quest Diagnostics$11.8B +11.8%33.1%9.5%14.8%11.6%0.73
HSIC Henry Schein$13.7B +4.0%31.6%3.1%13.3%4.1%1.12
VRTX Vertex Pharmaceuticals$13.0B +8.9%85.5%30.7%19.0%24.7%0.22
BAX Baxter International$11.6B +5.7%30.1%-6.2%-11.1%9.7%1.45
ISRG Intuitive Surgical$11.6B +20.5%67.2%25.5%18.5%31.1%-
BIIB Biogen$10.3B +2.2%74.0%3.4%1.8%20.1%0.39
Where each dollar goes

From $10.8B of sales to $2.0B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.2BRevenue to Cost of revenue: $6.6BGross profit to Operating profit: $2.4BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $1.8BOperating profit to Tax: $597.0MOther income to Net profit: $211.0M Revenue: $10.8B Revenue$10.8B +14% Y/Y Gross profit: $4.2B · 39% margin Gross profit$4.2B39% margin Cost of revenue: $6.6B · 61% of revenue Cost of revenue$6.6B61% of revenue Operating profit: $2.4B · 22% margin Operating profit$2.4B22% margin +21% Y/Y Other income: $211.0M · 2% of revenue Other income$211.0M2% of revenue Operating expenses: $1.8B · 17% of revenue Operating expenses$1.8B17% of revenue Net profit: $2.0B · 18% margin Net profit$2.0B18% margin +39% Y/Y Tax: $597.0M · 6% of revenue Tax$597.0M6% of revenue

Swipe sideways for the whole flow →

From $9.9B of sales to $946.0M of profit

FY2022, from the 10-K income statement and revenue by segment
DIS business to Revenue: $9.6BDS businesses to Revenue: $274.0MRevenue to Gross profit: $3.4BRevenue to Cost of revenue: $6.5BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $2.0BOperating profit to Net profit: $946.0MOperating profit to Tax & other: $482.0M DIS business: $9.6B · 97% DIS business$9.6B97% DS businesses: $274.0M · 3% DS businesses$274.0M3% Revenue: $9.9B Revenue$9.9B −8% Y/Y Gross profit: $3.4B · 35% margin Gross profit$3.4B35% margin Cost of revenue: $6.5B · 65% of revenue Cost of revenue$6.5B65% of revenue Operating profit: $1.4B · 14% margin Operating profit$1.4B14% margin −40% Y/Y Operating expenses: $2.0B · 20% of revenue Operating expenses$2.0B20% of revenue Net profit: $946.0M · 10% margin Net profit$946.0M10% margin −53% Y/Y Tax & other: $482.0M · 5% of revenue Tax & other$482.0M5% of revenue

Swipe sideways for the whole flow →

From $9.3B of sales to $854.0M of profit

FY2023, from the 10-K income statement and revenue by segment
DIS business to Revenue: $9.0BDS businesses to Revenue: $276.0MRevenue to Gross profit: $3.1BRevenue to Cost of revenue: $6.2BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $854.0MOperating profit to Tax & other: $408.0M DIS business: $9.0B · 97% DIS business$9.0B97% DS businesses: $276.0M · 3% DS businesses$276.0M3% Revenue: $9.3B Revenue$9.3B −6% Y/Y Gross profit: $3.1B · 33% margin Gross profit$3.1B33% margin Cost of revenue: $6.2B · 67% of revenue Cost of revenue$6.2B67% of revenue Operating profit: $1.3B · 14% margin Operating profit$1.3B14% margin −12% Y/Y Operating expenses: $1.8B · 19% of revenue Operating expenses$1.8B19% of revenue Net profit: $854.0M · 9% margin Net profit$854.0M9% margin −10% Y/Y Tax & other: $408.0M · 4% of revenue Tax & other$408.0M4% of revenue

Swipe sideways for the whole flow →

From $9.9B of sales to $871.0M of profit

FY2024, from the 10-K income statement and revenue by segment
DIS business to Revenue: $9.6BDS businesses to Revenue: $258.0MRevenue to Gross profit: $3.2BRevenue to Cost of revenue: $6.6BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $1.9BOperating profit to Net profit: $871.0MOperating profit to Tax & other: $475.0M DIS business: $9.6B · 97% DIS business$9.6B97% DS businesses: $258.0M · 3% DS businesses$258.0M3% Revenue: $9.9B Revenue$9.9B +7% Y/Y Gross profit: $3.2B · 33% margin Gross profit$3.2B33% margin Cost of revenue: $6.6B · 67% of revenue Cost of revenue$6.6B67% of revenue Operating profit: $1.3B · 14% margin Operating profit$1.3B14% margin +7% Y/Y Operating expenses: $1.9B · 19% of revenue Operating expenses$1.9B19% of revenue Net profit: $871.0M · 9% margin Net profit$871.0M9% margin +2% Y/Y Tax & other: $475.0M · 5% of revenue Tax & other$475.0M5% of revenue

Swipe sideways for the whole flow →

From $11.0B of sales to $992.0M of profit

FY2025, from the 10-K income statement and revenue by segment
DIS business to Revenue: $10.8BDS businesses to Revenue: $250.0MRevenue to Gross profit: $3.7BRevenue to Cost of revenue: $7.4BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $2.1BOperating profit to Net profit: $992.0MOperating profit to Tax & other: $564.0M DIS business: $10.8B · 98% DIS business$10.8B98% DS businesses: $250.0M · 2% DS businesses$250.0M2% Revenue: $11.0B Revenue$11.0B +12% Y/Y Gross profit: $3.7B · 33% margin Gross profit$3.7B33% margin Cost of revenue: $7.4B · 67% of revenue Cost of revenue$7.4B67% of revenue Operating profit: $1.6B · 14% margin Operating profit$1.6B14% margin +16% Y/Y Operating expenses: $2.1B · 19% of revenue Operating expenses$2.1B19% of revenue Net profit: $992.0M · 9% margin Net profit$992.0M9% margin +14% Y/Y Tax & other: $564.0M · 5% of revenue Tax & other$564.0M5% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median9.5% vs 9.6%
  • !
    Return on equity below 15%14.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 8.9% → 9.0%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 5.6× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.73 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.70
  • !
    Net debt over 3 years of free cash flow$4.8B net debt, 3.5 years
Debt / equity at each year end, FY2016 to FY2025: 0.81 → 0.79
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.4B last year
  • ✓
    Share count down over 5 years−16.9%
  • ✓
    Cash from operations above net income$1.9B vs $992.0M
Free cash flow, FY2016 to FY2025: 823.0M → 1.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$5.7B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 11.0B Net income 992.0M
FY2016 revenue 7.2B · SalesRevenueNet, 0001022079-19-000030 FY2016 net income 645.0M · NetIncomeLoss, 0001022079-19-000030 7.2B FY2016 FY2017 revenue 7.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-20-000017 FY2017 net income 772.0M · NetIncomeLoss, 0001022079-20-000017 7.4B FY2017 FY2018 revenue 7.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-21-000029 FY2018 net income 736.0M · NetIncomeLoss, 0001022079-21-000029 7.5B FY2018 FY2019 revenue 7.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-22-000027 FY2019 net income 858.0M · NetIncomeLoss, 0001022079-22-000027 7.7B FY2019 FY2020 revenue 9.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-23-000018 FY2020 net income 1.4B · NetIncomeLoss, 0001022079-23-000018 9.4B FY2020 FY2021 revenue 10.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-24-000041 FY2021 net income 2.0B · NetIncomeLoss, 0001022079-24-000041 10.8B FY2021 FY2022 revenue 9.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-25-000044 FY2022 net income 946.0M · NetIncomeLoss, 0001022079-25-000044 9.9B FY2022 FY2023 revenue 9.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-26-000015 FY2023 net income 854.0M · NetIncomeLoss, 0001022079-26-000015 9.3B FY2023 FY2024 revenue 9.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-26-000015 FY2024 net income 871.0M · NetIncomeLoss, 0001022079-26-000015 9.9B FY2024 FY2025 revenue 11.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001022079-26-000015 FY2025 net income 992.0M · NetIncomeLoss, 0001022079-26-000015 11.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

DGX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue11.0B
FY2016: 7.2BFY2017: 7.4BFY2018: 7.5BFY2019: 7.7BFY2020: 9.4BFY2021: 10.8BFY2022: 9.9BFY2023: 9.3BFY2024: 9.9BFY2025: 11.0B FY2017FY2019FY2021FY2023FY2025
Net income992.0M
FY2016: 645.0MFY2017: 772.0MFY2018: 736.0MFY2019: 858.0MFY2020: 1.4BFY2021: 2.0BFY2022: 946.0MFY2023: 854.0MFY2024: 871.0MFY2025: 992.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow1.4B
FY2016: 823.0MFY2017: 923.0MFY2018: 817.0MFY2019: 843.0MFY2020: 1.6BFY2021: 1.8BFY2022: 1.3BFY2023: 864.0MFY2024: 909.0MFY2025: 1.4B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.75
FY2016: 4.51FY2017: 5.50FY2018: 5.29FY2019: 6.28FY2020: 10.47FY2021: 15.55FY2022: 7.97FY2023: 7.49FY2024: 7.69FY2025: 8.75 FY2017FY2019FY2021FY2023FY2025
Dividend per share1.80
FY2016: 1.65FY2017: 1.80FY2018: -FY2019: -FY2020: -FY2021: -FY2022: -FY2023: -FY2024: -FY2025: - FY2017FY2019FY2021FY2023FY2025
Diluted shares113.0M
FY2016: 142.0MFY2017: 140.0MFY2018: 139.0MFY2019: 136.0MFY2020: 136.0MFY2021: 128.0MFY2022: 118.0MFY2023: 113.0MFY2024: 113.0MFY2025: 113.0M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
DIS business 10.8B97.7% +12.2%
DS businesses 250.0M2.3% -3.1%

10-K 0001022079-26-000015, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue7.2B7.4B7.5B7.7B9.4B10.8B9.9B9.3B9.9B11.0B
Cost of revenue4.6B4.7B4.9B5.0B5.8B6.6B6.5B6.2B6.6B7.4B
Gross profit2.9B2.7B2.6B2.7B3.6B-----
SG&A1.4B1.4B1.4B1.5B1.6B1.7B1.9B1.6B1.8B2.0B
Operating income1.3B1.2B1.1B1.2B2.0B2.4B1.4B1.3B1.3B1.6B
Interest expense144.0M153.0M169.0M180.0M166.0M152.0M148.0M163.0M262.0M280.0M
Pretax income1.1B1.0B926.0M1.1B1.9B2.6B1.2B1.1B1.2B1.3B
Income tax429.0M241.0M182.0M247.0M460.0M597.0M264.0M248.0M273.0M314.0M
Net income645.0M772.0M736.0M858.0M1.4B2.0B946.0M854.0M871.0M992.0M
EPS (diluted)4.515.505.296.2810.4715.557.977.497.698.75
Diluted shares142.0M140.0M139.0M136.0M136.0M128.0M118.0M113.0M113.0M113.0M
Depreciation & amortization249.0M270.0M309.0M329.0M361.0M408.0M437.0M439.0M493.0M570.0M
EBITDA1.5B1.4B1.4B1.6B2.3B2.8B1.9B1.7B1.8B2.1B
Gross margin40.2%36.2%34.6%34.8%38.5%-----
Operating margin17.7%15.7%14.6%15.9%20.9%22.1%14.4%13.6%13.6%14.1%
Net margin8.9%10.4%9.8%11.1%15.2%18.5%9.6%9.2%8.8%9.0%
Revenue growth-+2.6%+1.7%+2.6%+22.1%+14.3%-8.4%-6.4%+6.7%+11.8%
EPS growth-+22.0%-3.8%+18.7%+66.7%+48.5%-48.7%-6.0%+2.7%+13.8%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash359.0M137.0M135.0M1.2B1.2B872.0M315.0M686.0M549.0M420.0M
Receivables926.0M924.0M1.0B1.1B1.5B1.4B1.2B1.2B1.3B1.4B
Inventory82.0M95.0M99.0M123.0M223.0M208.0M192.0M190.0M188.0M189.0M
Current assets1.5B1.3B1.4B2.5B3.1B2.7B1.9B2.4B2.4B2.4B
Property & equipment1.0B1.1B1.3B1.5B1.6B1.7B1.8B1.8B2.1B2.2B
Goodwill6.0B6.3B6.6B6.6B6.9B7.1B7.2B7.7B8.9B8.9B
Total assets10.1B10.5B11.0B12.8B14.0B13.6B12.8B14.0B16.2B16.2B
Current liabilities981.0M1.1B1.5B2.0B1.8B1.8B1.6B1.8B2.2B2.3B
Total debt3.7B3.8B3.9B4.8B4.0B4.0B4.0B4.7B6.2B5.7B
Shareholders' equity4.6B4.9B5.2B5.6B6.8B6.4B5.9B6.3B6.8B7.2B
Retained earnings6.6B7.1B7.6B8.2B9.3B7.6B8.3B8.8B9.4B10.0B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.1B1.2B1.2B1.2B2.0B2.2B1.7B1.3B1.3B1.9B
Capital spending293.0M252.0M383.0M400.0M418.0M403.0M404.0M408.0M425.0M527.0M
Free cash flow823.0M923.0M817.0M843.0M1.6B1.8B1.3B864.0M909.0M1.4B
Stock-based pay (added back)69.0M79.0M61.0M56.0M97.0M79.0M77.0M77.0M88.0M88.0M
Dividends paid223.0M247.0M266.0M286.0M297.0M309.0M305.0M314.0M331.0M353.0M
Buybacks590.0M465.0M322.0M353.0M325.0M2.2B1.4B275.0M151.0M450.0M
Acquisitions139.0M581.0M421.0M58.0M330.0M331.0M144.0M611.0M2.2B101.0M
Debt raised1.9B205.0M2.1B2.3B749.0M002.6B1.8B410.0M
Debt repaid1.7B182.0M2.0B1.4B1.6B2.0M2.0M1.8B303.0M1.0B
Investing cash flow-127.0M-830.0M-801.0M-411.0M-772.0M21.0M-543.0M-1.1B-2.5B-631.0M
Financing cash flow-738.0M-592.0M-401.0M225.0M-1.3B-2.5B-1.7B160.0M1.1B-1.4B
Dividend per share1.651.80--------

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)69.0M79.0M61.0M56.0M97.0M79.0M77.0M77.0M88.0M88.0M
Stock-based pay / revenue1.0%1.1%0.8%0.7%1.0%0.7%0.8%0.8%0.9%0.8%
Operating lease cost---294.0M------
Operating lease cash paid---180.0M185.0M185.0M185.0M192.0M201.0M221.0M
Finance lease principal paid---4.0M3.0M2.0M1.0M1.0M1.0M2.0M
Right-of-use assets--0518.0M604.0M597.0M585.0M602.0M651.0M657.0M
Operating lease liabilities--550.0M558.0M640.0M645.0M642.0M656.0M708.0M711.0M
Finance lease liabilities---33.0M27.0M34.0M9.0M7.0M17.0M21.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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