Quest Diagnostics Reports Second Quarter 2025 Financial Results; Raises Guidance for Full Year 2025
Quest Diagnostics (NYSE:DGX) reported strong Q2 2025 financial results, with revenues reaching $2.76 billion, up 15.2% year-over-year. The company's reported diluted EPS increased 21.7% to $2.47, while adjusted diluted EPS grew 11.5% to $2.62.
Key performance metrics include a 16.3% increase in requisition volume, with organic requisition volume up 2.1%. Operating income rose 23.3% to $438 million, and cash from operations surged 67.1% to $858 million year-to-date.
Following these strong results, Quest has raised its full-year 2025 guidance, now expecting net revenues between $10.80-10.92 billion and adjusted diluted EPS of $9.63-9.83. The company attributes its performance to innovative clinical solutions, expanded enterprise accounts, and operational efficiency gains through automation and digital technologies.
Quest Diagnostics (NYSE:DGX) ha riportato solidi risultati finanziari per il secondo trimestre del 2025, con ricavi pari a 2,76 miliardi di dollari, in aumento del 15,2% rispetto all'anno precedente. L'EPS diluito segnalato dall'azienda è cresciuto del 21,7%, raggiungendo 2,47 dollari, mentre l'EPS diluito rettificato è aumentato dell'11,5%, attestandosi a 2,62 dollari.
I principali indicatori di performance mostrano un incremento del 16,3% nel volume delle richieste, con un aumento organico del 2,1%. Il reddito operativo è salito del 23,3%, raggiungendo 438 milioni di dollari, mentre la liquidità generata dalle operazioni è aumentata del 67,1%, arrivando a 858 milioni di dollari da inizio anno.
A seguito di questi risultati positivi, Quest ha rivisto al rialzo le previsioni per l'intero anno 2025, prevedendo ora ricavi netti compresi tra 10,80 e 10,92 miliardi di dollari e un EPS diluito rettificato tra 9,63 e 9,83 dollari. L'azienda attribuisce queste performance a soluzioni cliniche innovative, all'espansione dei conti aziendali e ai miglioramenti di efficienza operativa ottenuti grazie all'automazione e alle tecnologie digitali.
Quest Diagnostics (NYSE:DGX) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos que alcanzaron los 2.76 mil millones de dólares, un aumento del 15.2% interanual. Las ganancias diluidas por acción reportadas aumentaron un 21.7% hasta 2.47 dólares, mientras que las ganancias diluidas ajustadas crecieron un 11.5% hasta 2.62 dólares.
Las métricas clave incluyen un incremento del 16.3% en el volumen de requisiciones, con un crecimiento orgánico del 2.1%. El ingreso operativo subió un 23.3% hasta 438 millones de dólares, y el efectivo generado por operaciones aumentó un 67.1% hasta 858 millones de dólares en lo que va del año.
Tras estos sólidos resultados, Quest ha elevado su guía para todo el año 2025, esperando ahora ingresos netos entre 10.80 y 10.92 mil millones de dólares y ganancias diluidas ajustadas por acción entre 9.63 y 9.83 dólares. La compañía atribuye su desempeño a soluciones clínicas innovadoras, la expansión de cuentas empresariales y mejoras en la eficiencia operativa mediante la automatización y tecnologías digitales.
퀘스트 다이애그노스틱스 (NYSE:DGX)는 2025년 2분기 강력한 재무 실적을 발표했으며, 매출은 27억 6천만 달러로 전년 대비 15.2% 증가했습니다. 회사의 희석 주당순이익(EPS)은 21.7% 상승한 2.47달러를 기록했고, 조정 희석 EPS는 11.5% 증가한 2.62달러를 기록했습니다.
주요 성과 지표로는 청구량이 16.3% 증가했으며, 유기적 청구량은 2.1% 상승했습니다. 영업이익은 23.3% 증가한 4억 3,800만 달러를 기록했고, 영업활동으로 인한 현금 흐름은 연초 대비 67.1% 급증한 8억 5,800만 달러에 달했습니다.
이러한 강력한 실적에 힘입어 퀘스트는 2025년 전체 연간 가이던스를 상향 조정하여 순매출을 108억~109.2억 달러로, 조정 희석 EPS를 9.63~9.83달러로 예상하고 있습니다. 회사는 혁신적인 임상 솔루션, 기업 계정 확대, 자동화 및 디지털 기술을 통한 운영 효율성 향상 덕분이라고 평가했습니다.
Quest Diagnostics (NYSE:DGX) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec des revenus atteignant 2,76 milliards de dollars, en hausse de 15,2 % en glissement annuel. Le BPA dilué déclaré de la société a augmenté de 21,7 % pour atteindre 2,47 dollars, tandis que le BPA dilué ajusté a progressé de 11,5 % pour s'établir à 2,62 dollars.
Les indicateurs clés de performance incluent une augmentation de 16,3 % du volume des demandes, avec une croissance organique du volume des demandes de 2,1 %. Le résultat d'exploitation a augmenté de 23,3 % pour atteindre 438 millions de dollars, et les flux de trésorerie provenant des opérations ont bondi de 67,1 % pour atteindre 858 millions de dollars depuis le début de l'année.
Suite à ces solides résultats, Quest a relevé ses prévisions pour l'ensemble de l'année 2025, s'attendant désormais à des revenus nets compris entre 10,80 et 10,92 milliards de dollars et un BPA dilué ajusté compris entre 9,63 et 9,83 dollars. La société attribue ses performances à des solutions cliniques innovantes, à l'expansion des comptes d'entreprise et à des gains d'efficacité opérationnelle grâce à l'automatisation et aux technologies numériques.
Quest Diagnostics (NYSE:DGX) meldete starke Finanzergebnisse für das zweite Quartal 2025, mit Umsätzen von 2,76 Milliarden US-Dollar, was einem Anstieg von 15,2 % im Jahresvergleich entspricht. Das berichtete verwässerte Ergebnis je Aktie (EPS) stieg um 21,7 % auf 2,47 US-Dollar, während das bereinigte verwässerte EPS um 11,5 % auf 2,62 US-Dollar zunahm.
Wichtige Leistungskennzahlen umfassen eine Steigerung des Anforderungsvolumens um 16,3 %, wobei das organische Anforderungsvolumen um 2,1 % zunahm. Das Betriebsergebnis stieg um 23,3 % auf 438 Millionen US-Dollar, und der operative Cashflow erhöhte sich im Jahresverlauf um 67,1 % auf 858 Millionen US-Dollar.
Nach diesen starken Ergebnissen hat Quest seine Prognose für das Gesamtjahr 2025 angehoben und erwartet nun Nettoumsätze zwischen 10,80 und 10,92 Milliarden US-Dollar sowie ein bereinigtes verwässertes EPS von 9,63 bis 9,83 US-Dollar. Das Unternehmen führt seine Leistung auf innovative klinische Lösungen, den Ausbau von Unternehmenskonten und Effizienzgewinne durch Automatisierung und digitale Technologien zurück.
- Revenue growth of 15.2% to $2.76 billion in Q2 2025
- Reported diluted EPS increased 21.7% to $2.47
- Operating income grew 23.3% to $438 million
- Cash from operations up 67.1% to $858 million year-to-date
- Raised full-year 2025 guidance for both revenue and EPS
- Requisition volume increased 16.3% with 2.1% organic growth
- Revenue per requisition declined 0.4% in Q2 2025
- Capital expenditures increased 17.3% to $108 million
Insights
Quest reports strong Q2 with 15.2% revenue growth, raises 2025 guidance amid operational improvements and acquisition benefits.
Quest Diagnostics has delivered an impressive second quarter with
Diving into the operating metrics, the
Cash flow generation has been exceptional, with operating cash flow increasing
Quest's raised guidance is a vote of confidence in continued strong performance, with full-year revenue now expected between
The combination of volume growth, margin expansion, and strong cash generation positions Quest Diagnostics favorably for the remainder of 2025, with management's increased guidance suggesting confidence in sustaining this momentum through year-end.
- Second quarter revenues of
$2.76 billion 15.2% from 2024 - Second quarter reported diluted earnings per share ("EPS") of
$2.47 21.7% from 2024; and adjusted diluted EPS of$2.62 11.5% from 2024 - Year-to-date cash provided by operations of
$858 million 67.1% from 2024 - Full year 2025 reported diluted EPS now expected to be between
$8.60 $8.80 $9.63 $9.83
"Through continued execution of our strategy, we delivered a strong second quarter, with revenues growing
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2025 | 2024 | Change | 2025 | 2024 | Change | |||||||
(dollars in millions, except per share data) | ||||||||||||
Reported: | ||||||||||||
Net revenues | $ 2,761 | $ 2,397 | 15.2 % | $ 5,413 | $ 4,763 | 13.7 % | ||||||
Diagnostic Information Services revenues | $ 2,699 | $ 2,333 | 15.7 % | $ 5,288 | $ 4,631 | 14.2 % | ||||||
Revenue per requisition | (0.4) % | — % | ||||||||||
Requisition volume | 16.3 % | 14.3 % | ||||||||||
Organic requisition volume | 2.1 % | 0.6 % | ||||||||||
Operating income (a) | $ 438 | $ 355 | 23.3 % | $ 784 | $ 655 | 19.7 % | ||||||
Operating income as a percentage of net revenues (a) | 15.9 % | 14.8 % | 1.1 % | 14.5 % | 13.7 % | 0.8 % | ||||||
Net income attributable to Quest Diagnostics (a) | $ 282 | $ 229 | 23.1 % | $ 502 | $ 423 | 18.6 % | ||||||
Diluted EPS (a) | $ 2.47 | $ 2.03 | 21.7 % | $ 4.41 | $ 3.75 | 17.6 % | ||||||
Cash provided by operations | $ 544 | $ 360 | 51.5 % | $ 858 | $ 514 | 67.1 % | ||||||
Capital expenditures | $ 108 | $ 92 | 17.3 % | $ 225 | $ 196 | 14.4 % | ||||||
Adjusted (a): | ||||||||||||
Operating income | $ 466 | $ 398 | 17.3 % | $ 872 | $ 747 | 16.8 % | ||||||
Operating income as a percentage of net revenues | 16.9 % | 16.6 % | 0.3 % | 16.1 % | 15.7 % | 0.4 % | ||||||
Net income attributable to Quest Diagnostics | $ 298 | $ 266 | 12.3 % | $ 549 | $ 496 | 10.7 % | ||||||
Diluted EPS | $ 2.62 | $ 2.35 | 11.5 % | $ 4.83 | $ 4.39 | 10.0 % | ||||||
(a) | For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below. |
Updated Guidance for Full Year 2025
The company updates its full year 2025 guidance as follows:
Updated Guidance | Prior Guidance | ||||||
Low | High | Low | High | ||||
Net revenues | |||||||
Net revenues increase | 9.4 % | 10.6 % | 8.4 % | 9.9 % | |||
Reported diluted EPS | |||||||
Adjusted diluted EPS | |||||||
Cash provided by operations | Approximately | Approximately | |||||
Capital expenditures | Approximately | Approximately | |||||
Note on Non-GAAP Financial Measures
As used in this press release the term "reported" refers to measures under accounting principles generally accepted in
Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables below include reconciliations of non-GAAP adjusted measures to GAAP measures.
Conference Call Information
Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the
A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on July 22, 2025 until midnight Eastern Time on August 5, 2025, by phone at 866-388-5361 for domestic callers or 203-369-0416 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.
About Quest Diagnostics
Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, Quest's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics annually serves one in three adult Americans and half the physicians and hospitals in
Forward Looking Statements
The statements in this press release which 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, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, uncertain and volatile economic conditions, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government policies, including related to trade, and regulations, changing relationships with customers, payers, suppliers or strategic partners, acquisitions and other factors discussed in the company's most recently filed Annual Report on Form 10-K and in any of the company's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the "Business," "Risk Factors," "Cautionary Factors that May Affect Future Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those reports.
This earnings release, including the attached financial tables, is available online in the Newsroom section at www.QuestDiagnostics.com.
ADDITIONAL TABLES FOLLOW
Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2025 and 2024 (in millions, except per share data) (unaudited)
| |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net revenues | $ 2,761 | $ 2,397 | $ 5,413 | $ 4,763 | |||
Operating costs and expenses and other operating income: | |||||||
Cost of services | 1,818 | 1,593 | 3,607 | 3,188 | |||
Selling, general and administrative | 486 | 416 | 962 | 856 | |||
Amortization of intangible assets | 39 | 29 | 78 | 58 | |||
Other operating (income) expense, net | (20) | 4 | (18) | 6 | |||
Total operating costs and expenses, net | 2,323 | 2,042 | 4,629 | 4,108 | |||
Operating income | 438 | 355 | 784 | 655 | |||
Other income (expense): | |||||||
Interest expense, net | (67) | (44) | (134) | (87) | |||
Other income, net | 13 | 3 | 10 | 12 | |||
Total non-operating expense, net | (54) | (41) | (124) | (75) | |||
Income before income taxes and equity in earnings of equity method investees | 384 | 314 | 660 | 580 | |||
Income tax expense | (97) | (74) | (156) | (140) | |||
Equity in earnings of equity method investees, net of taxes | 9 | — | 27 | 8 | |||
Net income | 296 | 240 | 531 | 448 | |||
Less: Net income attributable to noncontrolling interests | 14 | 11 | 29 | 25 | |||
Net income attributable to Quest Diagnostics | $ 282 | $ 229 | $ 502 | $ 423 | |||
Earnings per share attributable to Quest Diagnostics' common stockholders: | |||||||
Basic | $ 2.51 | $ 2.05 | $ 4.48 | $ 3.79 | |||
Diluted | $ 2.47 | $ 2.03 | $ 4.41 | $ 3.75 | |||
Weighted average common shares outstanding: | |||||||
Basic | 112 | 111 | 112 | 111 | |||
Diluted | 113 | 112 | 113 | 112 | |||
Quest Diagnostics Incorporated and Subsidiaries Consolidated Balance Sheets June 30, 2025 and December 31, 2024 (in millions, except per share data) (unaudited)
| |||
June 30, | December 31, | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 319 | $ 549 | |
Accounts receivable, net | 1,419 | 1,304 | |
Inventories | 187 | 188 | |
Prepaid expenses and other current assets | 273 | 351 | |
Total current assets | 2,198 | 2,392 | |
Property, plant and equipment, net | 2,120 | 2,113 | |
Operating lease right-of-use assets | 655 | 651 | |
Goodwill | 8,883 | 8,856 | |
Intangible assets, net | 1,706 | 1,763 | |
Investments in equity method investees | 136 | 123 | |
Other assets | 271 | 255 | |
Total assets | $ 15,969 | $ 16,153 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable and accrued expenses | $ 1,349 | $ 1,394 | |
Current portion of long-term debt | 504 | 602 | |
Current portion of long-term operating lease liabilities | 171 | 173 | |
Total current liabilities | 2,024 | 2,169 | |
Long-term debt | 5,169 | 5,615 | |
Long-term operating lease liabilities | 540 | 535 | |
Other liabilities | 890 | 938 | |
Redeemable noncontrolling interest | 81 | 83 | |
Stockholders' equity: | |||
Quest Diagnostics stockholders' equity: | |||
Common stock, par value | 2 | 2 | |
Additional paid-in capital | 2,332 | 2,361 | |
Retained earnings | 9,682 | 9,360 | |
Accumulated other comprehensive loss | (16) | (88) | |
Treasury stock, at cost; 50 and 51 shares as of June 30, 2025 and December 31, 2024, respectively | (4,772) | (4,857) | |
Total Quest Diagnostics stockholders' equity | 7,228 | 6,778 | |
Noncontrolling interests | 37 | 35 | |
Total stockholders' equity | 7,265 | 6,813 | |
Total liabilities and stockholders' equity | $ 15,969 | $ 16,153 | |
Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2025 and 2024 (in millions) (unaudited)
| |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Cash flows from operating activities: | |||
Net income | $ 531 | $ 448 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 283 | 233 | |
Provision for credit losses | 2 | 3 | |
Deferred income tax expense (benefit) | 8 | (36) | |
Stock-based compensation expense | 43 | 42 | |
Other, net | 26 | 16 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (115) | (113) | |
Accounts payable and accrued expenses | (11) | (111) | |
Income taxes payable | 9 | 20 | |
Other assets and liabilities, net | 82 | 12 | |
Net cash provided by operating activities | 858 | 514 | |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (17) | (248) | |
Capital expenditures | (225) | (196) | |
Other investing activities, net | 3 | 31 | |
Net cash used in investing activities | (239) | (413) | |
Cash flows from financing activities: | |||
Proceeds from borrowings | 400 | — | |
Repayments of debt | (1,001) | (301) | |
Exercise of stock options | 42 | 28 | |
Employee payroll tax withholdings on stock issued under stock-based compensation plans | (42) | (23) | |
Dividends paid | (174) | (163) | |
Distributions to noncontrolling interest partners | (29) | (18) | |
Other financing activities, net | (50) | (39) | |
Net cash used in financing activities | (854) | (516) | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 5 | — | |
Net change in cash and cash equivalents and restricted cash | (230) | (415) | |
Cash and cash equivalents and restricted cash, beginning of period | 549 | 686 | |
Cash and cash equivalents and restricted cash, end of period | $ 319 | $ 271 | |
Cash paid during the period for: | |||
Interest | $ 145 | $ 105 | |
Income taxes | $ 110 | $ 118 | |
Notes to Financial Tables
1) The computation of basic and diluted earnings per common share is as follows:
| |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(in millions, except per share data) | |||||||
Amounts attributable to Quest Diagnostics' common stockholders: | |||||||
Net income attributable to Quest Diagnostics | $ 282 | $ 229 | $ 502 | $ 423 | |||
Less: earnings allocated to participating securities | 1 | 1 | 2 | 2 | |||
Earnings available to Quest Diagnostics' common stockholders - basic and diluted | $ 281 | $ 228 | $ 500 | $ 421 | |||
Weighted average common shares outstanding - basic | 112 | 111 | 112 | 111 | |||
Effect of dilutive securities: | |||||||
Stock options and performance share units | 1 | 1 | 1 | 1 | |||
Weighted average common shares outstanding - diluted | 113 | 112 | 113 | 112 | |||
Earnings per share attributable to Quest Diagnostics' common stockholders: | |||||||
Basic | $ 2.51 | $ 2.05 | $ 4.48 | $ 3.79 | |||
Diluted | $ 2.47 | $ 2.03 | $ 4.41 | $ 3.75 | |||
2) The following tables reconcile reported GAAP results to non-GAAP adjusted results:
| |||||||||||
Three Months Ended June 30, 2025 | |||||||||||
(dollars in millions, except per share data) | |||||||||||
Operating | Operating | Income tax | Equity in | Net income | Diluted EPS | ||||||
As reported | $ 438 | 15.9 % | $ (97) | $ 9 | $ 282 | $ 2.47 | |||||
Restructuring and integration charges (a) | 7 | 0.3 | (2) | — | 5 | 0.04 | |||||
Other charges (b) | 28 | 1.0 | (6) | — | 22 | 0.19 | |||||
Gains and losses on investments (c) | — | — | 1 | (1) | (2) | (0.01) | |||||
Other gains (d) | (46) | (1.7) | 12 | — | (34) | (0.30) | |||||
Amortization expense | 39 | 1.4 | (11) | — | 28 | 0.25 | |||||
ETB | — | — | (3) | — | (3) | (0.02) | |||||
As adjusted | $ 466 | 16.9 % | $ (106) | $ 8 | $ 298 | $ 2.62 | |||||
Six Months Ended June 30, 2025 | |||||||||||
(dollars in millions, except per share data) | |||||||||||
Operating | Operating | Income tax | Equity in | Net income | Diluted EPS | ||||||
As reported | $ 784 | 14.5 % | $ (156) | $ 27 | $ 502 | $ 4.41 | |||||
Restructuring and integration charges (a) | 26 | 0.5 | (7) | — | 19 | 0.17 | |||||
Other charges (b) | 30 | 0.6 | (6) | — | 24 | 0.21 | |||||
Gains and losses on investments (c) | — | — | 1 | (1) | (2) | (0.01) | |||||
Other gains (d) | (46) | (0.9) | 14 | (8) | (40) | (0.36) | |||||
Amortization expense | 78 | 1.4 | (20) | — | 58 | 0.51 | |||||
ETB | — | — | (12) | — | (12) | (0.10) | |||||
As adjusted | $ 872 | 16.1 % | $ (186) | $ 18 | $ 549 | $ 4.83 | |||||
Three Months Ended June 30, 2024 | |||||||||||
(dollars in millions, except per share data) | |||||||||||
Operating | Operating | Income tax | Equity in | Net income | Diluted EPS | ||||||
As reported | $ 355 | 14.8 % | $ (74) | $ — | $ 229 | $ 2.03 | |||||
Restructuring and integration charges (a) | 10 | 0.4 | (3) | — | 7 | 0.06 | |||||
Other charges (b) | 4 | 0.2 | — | — | 4 | 0.03 | |||||
Gains and losses on investments (c) | — | — | (3) | 9 | 6 | 0.05 | |||||
Amortization expense | 29 | 1.2 | (8) | — | 21 | 0.19 | |||||
ETB | — | — | (1) | — | (1) | (0.01) | |||||
As adjusted | $ 398 | 16.6 % | $ (89) | $ 9 | $ 266 | $ 2.35 | |||||
Six Months Ended June 30, 2024 | |||||||||||
(dollars in millions, except per share data) | |||||||||||
Operating | Operating | Income tax | Equity in | Net income | Diluted EPS | ||||||
As reported | $ 655 | 13.7 % | $ (140) | $ 8 | $ 423 | $ 3.75 | |||||
Restructuring and integration charges (a) | 27 | 0.6 | (7) | — | 20 | 0.17 | |||||
Other charges (b) | 7 | 0.2 | — | — | 7 | 0.06 | |||||
Gains and losses on investments (c) | — | — | (3) | 9 | 6 | 0.05 | |||||
Amortization expense | 58 | 1.2 | (15) | — | 43 | 0.39 | |||||
ETB | — | — | (3) | — | (3) | (0.03) | |||||
As adjusted | $ 747 | 15.7 % | $ (168) | $ 17 | $ 496 | $ 4.39 | |||||
(a) | For each of the three and six months ended June 30, 2025 and 2024, the pre-tax impact represents costs primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. The following table summarizes the pre-tax impact of restructuring and integration charges on our consolidated statements of operations: |
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(dollars in millions) | |||||||
Cost of services | $ 1 | $ 1 | $ 7 | $ 14 | |||
Selling, general and administrative | 6 | 9 | 19 | 13 | |||
Operating income | $ 7 | $ 10 | $ 26 | $ 27 | |||
(b) | For both the three and six months ended June 30, 2025, the pre-tax impact primarily represents a |
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(dollars in millions) | |||||||
Selling, general and administrative | $ — | $ 1 | $ — | $ 1 | |||
Other operating (income) expense, net | 28 | 3 | 30 | 6 | |||
Operating income | $ 28 | $ 4 | $ 30 | $ 7 | |||
(c) | For each of the three and six months ended June 30, 2025 and 2024, the pre-tax impact represents gains and losses associated with changes in the carrying value of our strategic investments, recorded in equity in earnings of equity method investees, net of taxes, and other income, net. | ||||||||
(d) | The three and six months ended June 30, 2025 include a | ||||||||
(e) | For restructuring and integration charges, other gains/charges, gains and losses on investments and amortization expense, income tax impacts, where recorded, were primarily calculated using combined statutory income tax rates of |
3) | The outlook for adjusted diluted EPS represents management's estimates for the full year 2025 before the impact of special items. Further impacts to earnings related to special items may occur throughout 2025. Additionally, the amount of ETB is dependent upon employee stock option exercises and our stock price, which are difficult to predict. The following table reconciles our 2025 outlook for diluted EPS under GAAP to our outlook for adjusted diluted EPS: |
Low | High | ||
Diluted EPS | $ 8.60 | $ 8.80 | |
Restructuring and integration charges (a) | 0.24 | 0.24 | |
Amortization expense (b) | 1.03 | 1.03 | |
Other charges (c) | 0.27 | 0.27 | |
Other gains (d) | (0.36) | (0.36) | |
Gains and losses on investments | (0.01) | (0.01) | |
ETB | (0.14) | (0.14) | |
Adjusted diluted EPS | $ 9.63 | $ 9.83 | |
(a) | Represents estimated pre-tax charges of | ||||||||||
(b) | Represents estimated pre-tax amortization expenses of | ||||||||||
(c) | Principally represents a | ||||||||||
(d) | Includes a pre-tax gain of |
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SOURCE Quest Diagnostics
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