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Quest Diagnostics (DGX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 23, 2026 · Quest Diagnostics (DGX) Q3 2026 earnings results →

Q3 2026 Revenue up 10% year over year to $3.1B · 10¢ of every $1 of revenue kept as net profit · operating margin 15.5%

Quest Diagnostics made $3.1B in Q3 2026 (+10% Y/Y): DIS business $3.0B, All other operating segments $62.0M. Operating margin 15.5%, net earnings $312M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.

Revenue$3.1B
Year over year+10%
Operating margin15.5%
Net earnings$312M
Operating cash flow$611M

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Quest Diagnostics Q3 2026 revenue breakdown: Sankey diagram of revenue (DIS business, All other operating segments), costs, profit and cash flow
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What changed this quarter

Revenue was $3.1B in Q3 2026, up 10% year over year and up 2% from the previous quarter. DIS business was the largest line at 98% of revenue. DIS business added $0.28B year over year (up 10%), 100% of the total change.

Operating profit was $0.48B, a 15.5% margin (up 1.8 points year over year). Of the extra revenue versus Q3 2025, 33% reached operating profit, above the 14% margin then. Total costs grew 8% against revenue growth of 10%. The fastest-growing cost line was Cost of revenue (+10%). Net earnings were $0.31B, up 27% year over year. The effective tax rate was 23.3%.

Operating cash flow was $0.61B (up 9% year over year), 187% of net income including minority interests. Non-cash charges added back $0.15B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.12B. Capital expenditures of $0.17B left free cash flow of $0.45B.

Quarterly history

Quest Diagnostics revenue by quarterQuest Diagnostics revenue by quarter$2.7BQ1 2025$2.8BQ2 2025$2.8BQ3 2025$2.8BQ4 2025$2.9BQ1 2026$3.0BQ2 2026$3.1BQ3 2026
Quest Diagnostics net earnings by quarterQuest Diagnostics net earnings by quarter$220MQ1 2025$282MQ2 2025$245MQ3 2025$245MQ4 2025$252MQ1 2026$320MQ2 2026$312MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 23, 2026$3.1B+10%15.5%$312M$611M
Q2 202610-QJul 23, 2026$3.0B+10%15.1%$320M$597M
Q1 202610-QApr 22, 2026$2.9B+9%13.8%$252M$278M
Q4 202510-KFeb 26, 2026$2.8B+7%13.8%$245M$465M
Q3 202510-QOct 21, 2025$2.8B+13%13.7%$245M$563M
Q2 202510-QJul 23, 2025$2.8B+15%15.9%$282M$544M
Q1 202510-QApr 23, 2025$2.7B+12%13.0%$220M$314M

Charts

Quest Diagnostics: revenue growth, year over year and quarter over quarterQuest Diagnostics: revenue growth, year over year and quarter over quarterY/YQ/Q+12%Q1 2025+15%+4%Q2 2025+13%+2%Q3 2025+7%0%Q4 2025+9%+3%Q1 2026+10%+5%Q2 2026+10%+2%Q3 2026
Latest (Q3 2026): Y/Y +10%, Q/Q +2%.
Quest Diagnostics: where the cash came from (+) and went (−), TTM to Q3 2026Quest Diagnostics: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.0BCapital spending−$576MBuybacks−$552MDividends−$369MCash drawn (+) / kept (−)−$365MShares issued$126MAcquisitions−$89.0MPartners−$48.0MOther financing−$44.0MTaxes on employees’ shares−$41.0MOther investing$19.0MNet borrowing (+) / repaid (−)−$11.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Quest Diagnostics: profit against cash, quarter by quarterQuest Diagnostics: profit against cash, quarter by quarterNet incomeOperating cash flow$236M$464MQ4 2024$235M$314MQ1 2025$296M$544MQ2 2025$259M$563MQ3 2025$256M$465MQ4 2025$264M$278MQ1 2026$334M$597MQ2 2026$326M$611MQ3 2026
Latest (Q3 2026): Net income $326M, Operating cash flow $611M.
Quest Diagnostics: diluted shares by fiscal yearQuest Diagnostics: diluted shares by fiscal year136MFY2020128MFY2021118MFY2022113MFY2023113MFY2024113MFY2025
-16.9% since FY2020: buybacks shrank the count.
Quest Diagnostics: long-term debt falling due (FY2025)Quest Diagnostics: long-term debt falling due (FY2025)$503M2026$403M2027$1.0M2028$1.1B2029$801M2030$2.9BLater
Cash $420M, short-term investments —, long-term debt $5.7B at 2025-12-31.
Quest Diagnostics in its industry: growth against margin (22 companies, SIC 8071)Quest Diagnostics in its industry: growth against margin (22 companies, SIC 8071)revenue growth, year over year →↑ operating marginmedian +24%median -3%LHNTRAFTRERDNTGHCAILMRIVCYTCDNABLLNCSTLFLGTCFORGRALPSNLBDSXXGNAMSBGLCSERAACONDGX (+10%, 16%)
Services-Medical Laboratories; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Sells to

About Quest Diagnostics

Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians, and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. In the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world.

In its own words, from its 10-K, filed Feb 26, 2026.

Quest Diagnostics against its Services-Medical Laboratories peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +15%. Operating margin: 15.5% against the peers' median 7.0%.

CompanyQuarterRevenueY/YOp. margin
DGX Quest DiagnosticsQ3 2026$3.1B+10%15.5%
LH Labcorp HoldingsQ3 2026$3.8B+7%10.6%
NTRA NateraQ3 2026$794M+34%-8.6%
FTRE Fortrea HoldingsQ3 2026$692M-1%2.2%
RDNT RadNetQ2 2026$623M+25%6.3%
GH Guardant HealthQ3 2026$361M+36%-36.8%
CAI Caris Life SciencesQ3 2026$275M+27%7.0%
LMRI Lumexa Imaging HoldingsQ2 2026$264M+5%8.7%
VCYT VeracyteQ3 2026$152M+15%10.9%

Source: Quest Diagnostics 10-Q on SEC EDGAR · CIK 1022079 · Services-Medical Laboratories

Guidance and outlook

Quest Diagnostics Revenue: guidance against what was reportedQuest Diagnostics Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$9.9BFY2025$11.0BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns DGX and who is buying

Largest holders of DGX (13F)Largest holders of DGX (13F)Vanguard Group$2.5BBlackRock$2.0BVanguard Capital Management LLC$1.5BVanguard Portfolio Management LLC$1.3BState Street$1.2BPrice T Rowe Associates$1.2BBoston Partners$1.0BGeode Capital Management, LLC$663MMorgan Stanley$522MEdgePoint Investment Group$476M
Funds' net buying of DGX by quarter (13F)Funds' net buying of DGX by quarter (13F)−$215M2024-09$10.7M2024-12$416M2025-03$763M2025-06−$338M2025-09$14.2M2025-12−$298M2026-03$290M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DGX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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