Quest Diagnostics Incorporated · NYSE:DGX
Quest Diagnostics — Q3 2026 Earnings Presentation
21 slides from Quest Diagnostics's earnings presentation, Oct 22, 2026
Slide 1: Q3 2026 Performance
Recent highlights “ AD-Detect® We delivered revenue growth of 10% and Q3 2026 Performance adjusted EPS growth of over 15% on continued strength across our physician, Strong results and growth momentum hospital and consumer channels, complemented by productivity gains from Extended our AD-Detect® men
Slide 2: Supplemental Financial Information Q3 2026
Supplemental Financial Information Q3 2026 October 22, 2026
Slide 3: Safe harbor disclosure
The statements in this presentation that are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management’s current estimates, projections, expe
Slide 4: Note on non-GAAP financial measures
As used in this presentation the term “reported” refers to measures under accounting principles generally accepted in the United States (“GAAP”). The term “adjusted” refers to non-GAAP operating performance measures that exclude special items such as restructuring Note on and integration charges, am
Slide 5: Third quarter 2026 financial results
Third quarter 2026 financial results Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share data) 2026 2025 Change 2026 2025 Change Reported Net revenues $3,097 $2,816 10.0% $9,035 $8,229 9.8% Diagnostic information services revenues $3,035 $2,755 10.
Slide 6: Guidance for full year 2026
Updated Guidance Prior Guidance Low High Low High Guidance for Net revenues $12.065B $12.105B $11.95B $12.05B full year 2026 Net revenues increase 9.3% 9.7% 8.3% 9.2% Reported diluted EPS $10.21 $10.31 $9.97 $10.17 Adjusted diluted EPS $11.25 $11.35 $11.05 $11.25 Cash provided by operations Approxim
Slide 7: Underlying assumptions for full year 2026 guidance
• Revenue guide does not include any contribution from prospective M&A • Nova expense expectations remain consistent for the full year • EPS impact of $0.25, with approximately 70% of the expenses to be incurred in the second half of this year. Underlying assumptions for • Operating margin is expect
Slide 8: Q3 revenue growth of +10.0%, all organic across channels
Q3 revenue growth of +10.0%, reflecting all organic growth across our physician, hospital and consumer channels 15.2% 14.5% Total Net Revenue 13.1% Growth 12.1% 10.2% 10.0% 9.2% 8.5% 10.0% 10.0% 9.0% 7.1% Acquisition Net 6.8% Revenue Growth 6.4% 5.2% 4.8% 4.2% Organic Net 2.4% Revenue Growth Q3 '24
Slide 9: Q3 revenue per req of (4.2%) impacted by Fresenius and Corewell mix
Q3 revenue per req of (4.2%) was impacted as expected by Fresenius Medical Care and Corewell Health mix; Excluding this mix, revenue per req was +1.7% 16.3% Total Net 13.9% 14.5% Volume Growth 13.1% 12.4% 12.5% 14.4% 10.9% 13.0% Acquisition Net 8.5% 10.8% Volume Growth 5.5% 7.9% Organic Net Volume G
Slide 10: Trended quarterly net revenues by payer customer type
Trended quarterly net revenues by payer customer type 10% 10% 13% 12% 12% 12% 13% 12% Patients 14% 10% 33% 32% 30% 31% 31% Client payers 31% 32% 32% 33% 13% 16% 16% 16% 16% 16% 16% 16% Government payers 16% 3% 3% 3% 2% 3% 3% 2% 2% Health insurers 3% (capitated) 38% 36% 37% 37% Health insurers 35% 36
Slide 11: 2025 net revenues by customer channel and major service
2025 net revenues of $11.0B by customer channel and major service Customer channel Major service DS revenues Anatomic All other 2% pathology 2% Other DIS testing services 9% 6% Hospital lab services Routine clinical 18% Gene-based testing and Physician and esoteric* other services lab services testi
Slide 12: Data tables
Data tables Quest Diagnostics?
Slide 13: Trended quarterly growth metrics
Trended quarterly growth metrics 2024 2025 2026 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Total net revenue growth 8.5% 14.5% 6.7% 12.1% 15.2% 13.1% 7.1% 11.8% 9.2% 10.2% 10.0% 9.8% Organic net revenue growth 4.2% 4.8% 2.9% 2.4% 5.2% 6.8% 6.4% 5.3% 9.0% 10.0% 10.0% 9.6% DIS revenue growth 9.0% 15.1% 7.1%
Slide 14: Trended quarterly net revenues by payer customer type
Trended quarterly net revenues by payer customer type 2024 2025 2026 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Healthcare insurers Fee-for-service 38% 36% 37% 35% 37% 37% 36% 36% 33% 35% 35% Capitated 3% 3% 3% 3% 3% 2% 3% 3% 3% 2% 2% Total healthcare insurers 41% 39% 40% 38% 40% 39% 39% 39% 36% 37% 37% Gover
Slide 15: Trended annual net revenues by customer channel
Trended annual net revenues by customer channel 2023 2024 2025 Physician lab services 66% 68% 71% Hospital lab services 21% 20% 18% Other DIS 10% 9% 9% Total DIS revenues 97% 97% 98% DS revenues 3% 3% 2% Total net revenues 100% 100% 100% 15
Slide 16: Trended annual net revenues by major service
Trended annual net revenues by major service 2023 2024 2025 Routine clinical testing and 51% 51% 54% other services COVID-19 testing services 2% 1% 0% Gene-based and esoteric (including advanced diagnostics) 38% 39% 38% testing services Anatomic pathology testing services 6% 6% 6% All other 3% 3% 2%
Slide 17: Computation of Basic and Diluted Earnings per Common Share
Computation of Basic and Diluted Earnings per Common Share 17
Slide 18: Non-GAAP reconciliations
Non-GAAP reconciliations 18
Slide 19: Non-GAAP reconciliations
Non-GAAP reconciliations 19
Slide 20: Non-GAAP reconciliations
Non-GAAP reconciliations 20
Slide 21: Non-GAAP reconciliations
Non-GAAP reconciliations 21