Short answer
Quest Diagnostics (DGX) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $11.0B (+11.8% year over year) and net income of $992M.
- Top risk flagged: PAMA reimbursement reform risk: Congress introduced 2025 Results Act to fix structural flaws; prior 2018-2020 cuts exceeded original 10-year savings projections
FY2025 key financial metrics · XBRL
- Revenue
- $11.0B
- +11.8% YoY
- Net income
- $992M
- +13.9% YoY
- Operating margin
- 14.1%
- +0.5 pp YoY
- EPS (diluted)
- $8.75
- +13.8% YoY
- ROE
- 13.8%
- +1.0 pp YoY
- Operating cash flow
- $1.9B
- +41.4% YoY
Source: XBRL data from the Quest Diagnostics (DGX) FY2025 10-K on SEC EDGAR. USD.
Quest Diagnostics FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Largest national lab services provider: ~$11.0B net revenue in 2025, serving ~⅓ of U.S. adult population annually and processing 244 million test requisitions
- Advanced Diagnostics™ five-franchise segment (oncology, cardiometabolic, brain health, autoimmune, women's health) surpassed $1B revenue on double-digit growth
- Haystack Oncology MRD ctDNA test received FDA Breakthrough Device Designation in 2025 for early-stage colorectal cancer, with clinical trials launched at Mass General Brigham and Rutgers Cancer Institute
- Project Nova launched Feb 2025: multi-year Epic-powered "Order to Cash" modernization targeting completion 2031–2032; Google Cloud generative AI collaboration also announced in 2025
- LifeLabs acquisition (2024) added ~6,800 employees and ~23 million Canadian test requisitions in first full year, bringing global headcount to nearly 57,000
Management Discussion & Analysis
- Revenue $11.0B in FY2025; no explicit YoY dollar comparison provided in the MD&A text
- Advanced Diagnostics segment: oncology, cardiometabolic, brain health, autoimmune, women's health/genetics, exceeded $1B revenue on double-digit growth
- Hospital channel: reference testing ~$1.2B; Collaborative Lab Solutions ~$800M in 2025
- Capital return: quarterly dividend raised ~7.5% to $0.86/share; ~$8.1B returned via buybacks since 2012
- Key risks: PAMA reimbursement reform pending, Project Nova IT modernization through 2031–2032, and evolving AI/regulatory landscape
Risk Factors
- PAMA reimbursement reform risk: Congress introduced 2025 Results Act to fix structural flaws; prior 2018-2020 cuts exceeded original 10-year savings projections
- Debt load $5.7B outstanding as of Dec 31, 2025 with restrictive covenants limiting operational flexibility
- IT modernization via multi-year Project Nova, partnered with Epic; system failure could disrupt billing and customer service operations
- AI-enabled point-of-care and home testing competitors threatening volume; hospitals internalizing advanced testing without commercial labs
- Tariffs and trade policy uncertainty raising supply chain costs for testing equipment and materials across international operations
Generated from the filing text; verify against the original. How to read a 10-K
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