Quest Diagnostics said FY 2025 net revenues rose to USD 11.0 billion (+11.8%), including Diagnostic Information Services $(DIS)$ revenues of USD 10.8 billion (+12.2%) and Diagnostic Solutions (DS) revenues of USD 250 million (-3.3%). Operating income totaled USD 1.6 billion (+15.6%), while net income attributable to shareholders was USD 992 million (+13.9%), with diluted EPS of USD 8.75 (+13.8%). Net cash provided by operating activities was USD 1.9 billion, and capital expenditures were USD 527 million. The effective income tax rate was 23.8% in FY 2025. DIS requisition volume increased 12.3% in FY 2025, with organic requisition volume up 3.4%; revenue per requisition increased 0.1% (organic +2.4%), with the company citing the impact of the LifeLabs acquisition as a driver of lower revenue per requisition. Quest said it processed approximately 244 million test requisitions in FY 2025. Key updates included the acquisition of select Spectra Laboratories assets for USD 84 million, and continued focus on Advanced Diagnostics, with certain offerings across five clinical areas generating over USD 1.0 billion in FY 2025 revenues on double-digit revenue growth. Quest also highlighted progress in oncology monitoring, including an FDA breakthrough device designation in 2025 for the Haystack Oncology minimal residual disease test for early-stage colorectal cancer, and a collaboration with Google to use Google Cloud data analytics and generative AI. The company said it launched a multi-year “Project Nova” modernization of “Order to Cash” processes in partnership with Epic, targeting completion in 2031 to 2032, and reiterated its Invigorate cost program, which it said has consistently delivered 3% annual cost savings and productivity improvements.
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