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Quest Diagnostics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$445M in Q3 2026 · $1.4B over twelve months

Operating cash flow$611M
Capital spending−$166M
Free cash flow+$445M
Cash / net income1.9×
Cash conversion cycle42 days

Analysis

In Q3 2026, Quest Diagnostics generated $611M of operating cash flow and spent $166M on capital projects, leaving free cash flow of $445M. That is $26.0M more than in Q3 2025 ($419M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.0B; the largest uses were capital spending ($576M), buybacks ($552M), dividends ($369M); besides operations, cash came from shares issued ($126M), other investing ($19.0M); the cash balance rose by $365M.

Operating cash flow was $611M against net income of $326M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$147M, payables +$114M, deferred taxes +$109M.

Its cash conversion cycle was 42 days (receivables 50 + inventory 10 − payables 18).

Free cash flow

Quest Diagnostics: free cash flow by quarterQuest Diagnostics: free cash flow by quarter$341MQ4 2024$197MQ1 2025$436MQ2 2025$419MQ3 2025$307MQ4 2025$164MQ1 2026$459MQ2 2026$445MQ3 2026
Operating cash flow less capital spending.
Quest Diagnostics: operating cash flow against capital spendingQuest Diagnostics: operating cash flow against capital spendingOperating cash flowCapital spending$464M$123MQ4 2024$314M$117MQ1 2025$544M$108MQ2 2025$563M$144MQ3 2025$465M$158MQ4 2025$278M$114MQ1 2026$597M$138MQ2 2026$611M$166MQ3 2026
Latest (Q3 2026): Operating cash flow $611M, Capital spending $166M.

Capital allocation, year by year

Quest Diagnostics: where the cash came from (up) and went (down), by fiscal yearQuest Diagnostics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing −$4.0MFY2021: Shares issued $129MFY2021: Asset sales $3.0MFY2021: Capital spending −$403MFY2021: Acquisitions −$331MFY2021: Buybacks −$2.2BFY2021: Dividends −$309M$2.4BFY2021FY2022: Operating cash flow $1.7BFY2022: Net borrowing −$3.0MFY2022: Shares issued $123MFY2022: Capital spending −$404MFY2022: Acquisitions −$144MFY2022: Buybacks −$1.4BFY2022: Dividends −$305M$1.8BFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing $747MFY2023: Shares issued $72.0MFY2023: Capital spending −$408MFY2023: Acquisitions −$611MFY2023: Buybacks −$275MFY2023: Dividends −$314M$2.1BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing $1.5BFY2024: Shares issued $73.0MFY2024: Capital spending −$425MFY2024: Acquisitions −$2.2BFY2024: Buybacks −$151MFY2024: Dividends −$331M$2.9BFY2024FY2025: Operating cash flow $1.9BFY2025: Net borrowing −$604MFY2025: Shares issued $79.0MFY2025: Capital spending −$527MFY2025: Acquisitions −$101MFY2025: Buybacks −$450MFY2025: Dividends −$353M$2.0BFY2025
Over these 5 years operating cash flow totalled $8.4B; the largest uses were buybacks ($4.5B) and acquisitions ($3.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$797M
Debt$5.5B
Net debt$4.8B
Due within a year$503M

Quest Diagnostics funds itself: free cash flow was $1.4B over the last twelve months, and $797M of cash and investments stands against $5.5B of debt ($503M due within a year, 1.6× covered by cash).

Quest Diagnostics: debt maturities by year (FY2025)Quest Diagnostics: debt maturities by year (FY2025)$503MYear 1$403MYear 2$1.0MYear 3$1.1BYear 4$801MYear 5$2.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $797M of cash and investments now.

Where the cash came from and went

Quest Diagnostics: sources (+) and uses (−) of cash, Q3 2026Quest Diagnostics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$611MCash drawn (+) / kept (−)−$171MCapital spending−$166MBuybacks−$150MDividends−$95.0MOther financing−$35.0MShares issued$27.0MPartners−$13.0MNet borrowing (+) / repaid (−)−$3.0MTaxes on employees’ shares−$2.0MOther investing−$2.0MAcquisitions−$1.0M
Quest Diagnostics: sources (+) and uses (−) of cash, TTM to Q3 2026Quest Diagnostics: sources (+) and uses (−) of cash, 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 profit to cash

Quest Diagnostics: net income to operating cash flow, Q3 2026Quest Diagnostics: net income to operating cash flow, Q3 2026Net income$326MDepreciation & amortization$147MStock-based pay$20.0MDeferred taxes$109MOther non-cash$8.0MReceivables−$49.0MPayables$114MIncome taxes payable−$28.0MOther operating capital−$38.0MOperating cash flow$611M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202650101842
Q1 2026471071-15
Q4 20254791640
Q3 20254791739
Q1 202546967-12

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$611M−$166M−$1.0M−$150M−$95.0M−$3.0M$27.0M−$171M$445M
Q2 2026$597M−$138M——−$96.0M−$6.0M$16.0M−$233M$459M
Q1 2026$278M−$114M−$38.0M—−$88.0M−$1.0M$65.0M$27.0M$164M
Q4 2025$465M−$158M−$50.0M−$300M−$90.0M−$1.0M$18.0M$12.0M$307M
Q3 2025$563M−$144M−$34.0M−$150M−$89.0M—$19.0M−$113M$419M
Q2 2025$544M−$108M−$17.0M—−$90.0M−$216M$13.0M−$131M$436M
Q1 2025$314M−$117M——−$84.0M−$385M$29.0M$361M$197M
Q4 2024$464M−$123M−$383M−$151M−$84.0M−$1.0M$21.0M$215M$341M

Quest Diagnostics: income statement and cash flow

Quest Diagnostics, Q3 2026: revenue $3.1B (+10% year over year), operating margin 15.5%. The chart follows the revenue to costs, profit and cash.

Quest Diagnostics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.