Quest Diagnostics (DGX) FY2025 10-K Annual Report
Quest Diagnostics (DGX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Quest Diagnostics FY2025 10-K Analysis
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
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
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
Quest Diagnostics FY2025 Key Financial MetricsXBRL
Revenue
$11.0B
▲ +11.8% YoY
Net Income
$992M
▲ +13.9% YoY
Operating Margin
14.1%
▲ +47bp YoY
Net Margin
9.0%
▲ +17bp YoY
ROE
13.8%
▲ +99bp YoY
Total Assets
$16.2B
▲ +0.4% YoY
EPS (Diluted)
$8.75
▲ +13.8% YoY
Operating Cash Flow
$1.9B
▲ +41.4% YoY
Source: XBRL data from Quest Diagnostics FY2025 10-K filing on SEC EDGAR. All figures in USD.
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