[DGX] Quest Diagnostics: Q3 2026 earnings preview on core lab volume and margins

Quest Diagnostics is one of the broadest independent clinical laboratory companies in the United States, serving physicians, hospitals, consumers, health plans and employers through its laboratory network, about 2,400 patient service centers, in-office phlebotomists and mobile collection services[1]. According to the Drillr earnings calendar, the company is scheduled to hold its earnings call on 2026-10-22 to report the third quarter 2026, the three months ended September 30, 2026[2]. In the latest disclosed period, the second quarter of 2026, revenue rose 10.2% to $3.04 billion ($3,043 million), with 10.0% organic growth, and adjusted diluted EPS rose 19.1% to $3.12[3]; the adjusted operating margin was 16.5%, 40 basis points below 16.9% a year earlier[4]. The company gives only full-year guidance. After its second raise in July, the 2026 outlook calls for revenue of $11.95 billion to $12.05 billion (up 8.3% to 9.2%), adjusted diluted EPS of $11.05 to $11.25, operating cash flow of about $1.80 billion and capital expenditures of about $550 million[5]. On the first-quarter call, management said the first half would account for just over 49% of full-year revenue and EPS[6]. Drillr's analyst aggregate, updated October 16, puts the third-quarter revenue consensus at $3.05 billion (nine analysts, range $3.01 billion to $3.10 billion) and the EPS consensus at $2.87 (11 analysts, range $2.84 to $2.92)[7]; the full-year EPS consensus of $11.20 sits close to the midpoint of company guidance[8].

Three things matter most in this Quest Diagnostics Q3 2026 earnings report, and they map to revenue quality, margin direction and cash conversion. The first is core volume and revenue per requisition excluding the two new Corewell and Fresenius relationships: in the second quarter, core volume grew about 4.1% and revenue per requisition adjusted for business mix rose 2.9%[9], and once the two relationships enter the prior-year base in the fourth quarter, growth will rely mainly on this core demand. The second is the adjusted operating margin: the two relationships cut about 30 basis points from the second-quarter margin[10], management still says the full-year operating margin will expand, and the third quarter is the first test of whether that dilution starts to narrow. The third is collections: days sales outstanding (DSO) rose to 50 days at June 30 from 47 days a year earlier[11], receivables growth absorbed $259 million of cash in the first half[12], and the full-year operating cash flow guidance of about $1.80 billion needs collections to cooperate in the second half. The third-quarter report can confirm the first-half strength, weaken it, or leave all three questions unresolved.

Company Background and Business Structure

Quest Diagnostics' core asset is a national network for collecting, transporting and testing specimens. The company says it serves half of U.S. physicians and hospitals and one-third of American adults each year; it processed about 244 million test requisitions in 2025 and, through health-plan relationships, has access to more than 90% of U.S. insured lives[1]. About 5,000 courier vehicles and 18 aircraft carry specimens to its laboratories, and the company employs about 900 M.D.s and Ph.D.s plus about 25,000 phlebotomists, nurses and other health professionals[1]. In 2025 substantially all of its services were provided within the United States, so U.S. Medicare policy and commercial insurance rates are the main external variables for revenue[13].

Revenue is highly concentrated in one reportable segment, Diagnostic Information Services (DIS). DIS generated $10.785 billion in 2025, or 97.7% of total revenue; the remaining $250 million came from Diagnostic Solutions (DS), mainly insurance risk-assessment and healthcare IT services[14]. By customer channel, physician lab services made up 71% of 2025 revenue, hospital lab services 18% and other DIS 9%; by service, routine clinical testing made up 54%, gene-based and esoteric testing 38% and anatomic pathology 6%[15]. By payer, commercial health insurers accounted for 39%, government payers 16%, client payers (hospitals, physician groups, employers and others that pay directly) 31% and patients 12%[13].

From order to collection, the business runs through specimen collection, transport, testing and billing, and its costs sit in those same steps. After a physician or consumer orders a test, the specimen is drawn at a service center or in-office site, shipped to a laboratory, tested and then billed to the responsible payer, with most amounts collected within 30 to 60 days of billing[13]. Cost of services consists mainly of staff compensation, supplies and facility costs for obtaining, transporting and testing specimens[16]. The company uses its Invigorate program to target about 3% annual cost savings and productivity gains[17], and it is working with Epic on Project Nova, a rebuild of its order-to-cash systems that is slated for completion in 2031 to 2032[18]. On consolidation, the Michigan laboratory venture formed with Corewell Health in January 2026 is 51% owned by Quest and 49% by Corewell and is consolidated by Quest, with a new laboratory due to open in 2027[19]; in 2025 Quest paid $84 million for select clinical testing assets of Fresenius' Spectra Laboratories[17], and equity-method earnings for the year were $42 million[14].

Financial History and Current Position

On an annual basis, revenue fell and then recovered after COVID testing faded, and 2025 growth came mainly from acquisitions. Revenue rose from $9.252 billion in 2023 to $9.872 billion in 2024 and $11.035 billion in 2025[20]; 2025 growth was 11.8%, GAAP operating income was $1.556 billion, and the operating margin improved from 13.6% to 14.1%[14]. Net income attributable to Quest was $992 million in 2025, diluted EPS was $8.75, operating cash flow was $1.886 billion and capital expenditures were $527 million[20]. Volume grew 12.3% that year, but organic volume grew only 3.4%; revenue per requisition rose 0.1%, or 2.4% on an organic basis[16]. Operating cash flow in 2025 benefited from a payroll tax credit under the CARES Act and lower tax payments, year-end DSO was 48 days, and the company repurchased $450 million of stock[21].

Revenue grew more than 9% in both quarters of 2026, and profit grew faster than revenue. First-quarter revenue rose 9.2% to $2.90 billion ($2,895 million), and adjusted EPS rose 13.1% to $2.50[22]. Second-quarter revenue rose 10.2% to $3.04 billion; GAAP operating income was $459 million, a 15.1% margin, and adjusted operating income was $502 million, a 16.5% margin versus 16.9% a year earlier[4]. Second-quarter adjusted EPS of $3.12 rose 19.1%, including a $0.10 benefit from the favorable resolution of tax contingencies; excluding that item, growth was 15.3%[9]. The first-half adjusted operating margin was 16.0%, 10 basis points below the prior-year period[4].

First-half cash flow grew much more slowly than profit, and the balance sheet still carries meaningful leverage. Operating cash flow in the first half of 2026 was $875 million versus $858 million a year earlier, up only 2%, with higher receivables absorbing $259 million compared with $115 million in the prior-year period[12]; the prior-year figure also included a $46 million payroll tax credit under the CARES Act[11]. First-half capital expenditures were $252 million, dividends $184 million and buybacks $100 million, leaving $1.3 billion of repurchase authorization at midyear[12]. At June 30 the company held $626 million of cash and $5.632 billion of long-term debt, and DSO was 50 days[11]. Quest raised full-year guidance in both April and July, and the July update lifted the operating cash flow outlook from about $1.75 billion to about $1.80 billion[22][5].

Operating Model

Quest's revenue breaks down into requisition volume multiplied by revenue per requisition, plus a small DS business. The company measures DIS performance by requisitions and revenue per requisition, and revenue per requisition is driven by unit price, test mix, payer mix, business mix and the number of tests per requisition[23]. In the second quarter of 2026, DIS revenue rose 10.3% to $2.978 billion; volume grew 13.1%, or 13.0% organically, with about 9 percentage points coming from Corewell and Fresenius and core organic volume up about 4% excluding them; reported revenue per requisition fell 2.8%, but rose about 3% excluding the lower-priced mix of the two relationships, mainly because of more tests per requisition[24], while unit pricing was roughly flat[9]. Management said tests per requisition have climbed from 3.5 to 4 before COVID to more than 4.5, and that consumer and advanced diagnostics mix is also lifting revenue per requisition[25]. The two relationships add about 3.3% to revenue this year, with roughly $250 million from Corewell and $80 million to $100 million from Fresenius[26]; once they lap in the fourth quarter, their contribution to growth falls within that same quarter[10].

Operating income is revenue minus cost of services and selling, general and administrative expense, and the margin direction depends on the balance between two sets of drivers. In the second quarter, cost of services was 66.3% of revenue and SG&A was 17.4%, leaving a 15.1% GAAP operating margin[27]; the rise in cost of services came mainly from higher compensation and from supplies tied to higher volume, partly offset by Invigorate savings[28]. Management split the 40-basis-point year-over-year decline in the adjusted operating margin into three drags: about 30 basis points from the two relationships, about 20 basis points from Project Nova and about 20 basis points from marking supplemental deferred compensation plans to market, for 70 basis points in total, partly offset by core growth[10]. More tests per requisition carry low incremental cost and push margins up; in the second half, Nova spending of about 70% of the full-year total and close to $10 million of extra fuel cost for the year push them down, while core volume growth and the fourth-quarter lapping of the two relationships are the offsets management cited[10].

Operating cash flow is roughly net income plus depreciation and amortization, minus the increase in receivables and other working-capital changes. In the first half of 2026, net income of $598 million and depreciation and amortization of $293 million, offset by a $259 million rise in receivables, produced $875 million of operating cash flow[12]. Client payers and patients pay most slowly and made up 44% and 20% of net receivables at June 30[29], so when revenue mix shifts toward those payers, DSO rises at the same quarter-end and cash flow growth trails profit growth. Full-year guidance of about $1.80 billion of operating cash flow and about $550 million of capital expenditures[5] implies that collections must run more smoothly in the second half than in the first.

Industry and Competitive Position

The clinical testing market is shared by independent commercial laboratories, hospital-affiliated laboratories and physician-office laboratories, and Quest also competes with regional labs, specialized labs and consumer-initiated testing providers[30]. Quest and Labcorp are the two national independent laboratories; management said the two companies submitted more than 80% of the data in the last Medicare rate survey, while Quest holds at best 17% to 20% of the Medicare testing market[31]. Quest grows by taking over hospital outreach testing, by managing hospital laboratories through Collaborative Lab Solutions such as Corewell[32], by acquiring regional laboratories and testing assets[16][17], and by expanding consumer-initiated and advanced testing such as Alzheimer's blood tests, cardiometabolic testing and Haystack minimal residual disease testing for cancer[25]. In the second quarter, hospital reference testing revenue grew at a mid-single-digit rate, and same-store revenue in the co-lab business excluding Corewell also grew mid-single digits[33].

Quest's cost position and Medicare's pricing rules act on it at the same time, and the available material supports only a directional comparison. Management said the rest of the laboratory market is paid two to three times Medicare rates by most health plans[31], which gives health plans a reason to steer testing toward lower-cost independent laboratories; yet hospital reference testing is competitive, and pricing there is slightly negative[34]. Medicare also reprices tests under PAMA based on commercial rates; the first round of cuts in 2018 to 2020 far exceeded the original savings projections, and Congress has repeatedly delayed later cuts since then, leaving independent labs under long-term pricing pressure[35]. The material here contains no comparable Labcorp financial data, so it cannot compare the two companies' volume growth, margins or collection efficiency.

Core Debates

Excluding the two new partnerships, can Quest's core testing demand and revenue per requisition keep growing at the second-quarter pace?

This question determines the quality of full-year guidance, because DIS is about 98% of revenue and a large part of the second quarter's growth came from new relationships. Second-quarter volume rose 13.1%, and about 9 percentage points of that came from Corewell and Fresenius[24]; once those businesses enter the prior-year base in the fourth quarter, growth will rely mainly on the core business. Management raised full-year guidance twice partly on the view that core volume growth of about 4% and adjusted revenue per requisition growth of about 3% can continue[36].

Current evidence shows core demand was stronger in the first half of 2026 than in 2025. In the second quarter, organic volume excluding the two relationships grew about 4.1% and adjusted revenue per requisition rose 2.9%[9]; first-quarter figures were 3.8% and 2.5%[26], both above 2025's full-year organic volume growth of 3.4% and organic revenue per requisition growth of 2.4%[16]. Hospital outreach revenue grew mid-single digits[33], physician-channel revenue and volume grew high-single digits, and the consumer business is tracking at the high end of the company's 20% to 30% growth expectation[36]. In the ACA exchange book, requisitions fell about 8% but tests per requisition rose 6%, keeping revenue roughly flat, and the company is still reserving about 0.3 percentage point of full-year revenue impact[37].

The transmission runs from physician, hospital outreach and consumer orders to core requisitions; tests per requisition and mix raise revenue per requisition, DIS revenue grows, and the low incremental cost of added tests lifts gross profit. What remains unresolved is how long that strength lasts. An alternative reading holds that part of the second-quarter strength came from an easy prior-year base and weather, and that the second half faces the second year of new Elevance access, more normal weather and a larger ACA effect, which could pull core volume back toward about 3%[36][6]. Management said in late July that volume in the first three weeks of the third quarter matched the second quarter[36], but that is only an early-quarter verbal comment.

The third-quarter report should be read on three points: the organic volume and revenue per requisition excluding the two relationships in the 10-Q and on the call; management's comments on pricing, the ACA effect and weather; and whether full-year revenue guidance changes again. If core volume falls below 3% and adjusted revenue per requisition growth drops below 1.5%, the first-half strength is not sustainable and full-year guidance leans more on consolidating the new relationships. If both measures hold at second-quarter levels, the core-demand view is confirmed.

Will the margin dilution from the new Corewell and Fresenius relationships start to narrow in the third quarter?

This question determines whether the full-year operating margin expands as management says it will. The two relationships contribute about 3.3% of full-year revenue but carry below-average pricing and margins[26]; the second-quarter adjusted operating margin of 16.5% was down 40 basis points year over year[4], with about 30 basis points of that from these two businesses[10]. Management still expects full-year margin expansion because partner margins improve each quarter, the relationships lap in the fourth quarter and core volume keeps growing, while Nova spending, about 70% of which falls in the second half, and about $10 million of added fuel cost push the other way[10].

Current evidence shows the partner margins are improving but have not yet offset their dilution of the company's overall margin. Management said Corewell adds about $250 million of revenue this year and its margin is improving from low single digits to mid single digits as planned; the Fresenius book adds close to $100 million of revenue this year, and its margin improves from the first quarter through the fourth[34]. Management had earlier said that business approaches the average enterprise margin about a year in[38]. Reported revenue per requisition fell 2.8% in the second quarter[24], and cost of services was 66.3% of revenue, 0.5 percentage point above 65.8% a year earlier[27]; the first-half adjusted operating margin was 16.0%, 10 basis points below the prior-year period[4].

The transmission runs from lower-priced routine tests entering revenue as the relationships ramp, which dilutes reported revenue per requisition, lifts the cost-of-services ratio and lowers the adjusted operating margin; as partner margins move from low single digits to mid single digits, the dilution narrows quarter by quarter. What remains unresolved is whether that narrowing outpaces other cost pressure. An alternative reading holds that margin pressure comes mainly from persistent costs such as wage increases and Nova[28], so even improving partner margins may not offset them in the third quarter; the prior-year period also included a $46 million payroll tax credit under the CARES Act[11], which is excluded from the adjusted figures but will make the GAAP comparison look worse. On October 6 the company said an executive vice president would take responsibility for health systems, the Corewell joint venture and Project Nova from November 1[39], which shows where these efforts sit on management's agenda but provides no margin data.

The third-quarter report should be read on three points: the year-over-year change in the adjusted operating margin and management's split among the relationships, Nova and deferred compensation; the relationships' volume contribution and reported revenue per requisition; and progress on the new Corewell laboratory. If the third-quarter adjusted operating margin is still down more than 40 basis points year over year, or the company lowers its Corewell margin expectation, full-year expansion depends on the fourth quarter. If the margin is flat or up year over year and partner dilution narrows, the margin ramp view is confirmed.

Days sales outstanding has risen for several quarters. Will collections slow further in the third quarter?

This question determines whether profit growth turns into cash, because nearly half of Quest's revenue comes from slower-paying payers. In the second quarter, client payers made up 32% of revenue (30% a year earlier) and patients 13% (12% a year earlier)[29]; DSO rose from 47 days a year earlier to 50 days at the end of June[11], and receivables absorbed $259 million of cash in the first half, $144 million more than in the prior-year period, so operating cash flow grew only 2%[12]. In July the company raised full-year operating cash flow guidance to about $1.80 billion[5], which needs collections to cooperate in the second half.

Management attributes the DSO increase to a technical factor and business mix rather than weaker collection ability. Management said one cause was the number of deposit days at quarter-end, a technical item, and the other was the growing share of client-bill and consumer business, both of which take longer to collect than business reimbursed by health plans[40]. Management also said hospital bad debt and collection timing have not deteriorated, and that patient concessions usually run around 5% of revenue and improved slightly in the second quarter from a year earlier[41]. At June 30, client payers made up 44% of net receivables and patients 20%, compared with 43% and 20% at the end of 2025[29].

The transmission runs from a larger share of client-bill and consumer business, the Corewell consolidation, denials and patient balances to higher receivables and higher DSO, which keeps operating cash flow growth below profit growth. What remains unresolved is whether the mix explanation is complete. An alternative reading holds that the Corewell consolidation, more denials or slower client payments are also lengthening collections and that the mix explanation hides them; reading third-quarter DSO alongside the client-bill share can separate the two, because a stable share with still-rising DSO would not be a mix problem. Project Nova is the long-term tool for faster collections, but it will not be completed until 2031 to 2032[18] and mainly shows up as expense this year.

The third-quarter report should be read on three points: DSO at September 30 and the receivables split by payer in the 10-Q; operating cash flow and the change in receivables for the first nine months; and full-year operating cash flow guidance. If DSO rises to 52 days or more while the client-bill share does not keep rising, or the company lowers its operating cash flow guidance, slower collections are more than a mix issue. If DSO falls back below 49 days, the earlier increase came mainly from technical and mix factors.

Risks and Falsifiers

The first risk is the PAMA repricing of the 2027 Medicare Clinical Laboratory Fee Schedule (CLFS), which exposes government-payer revenue and 2027 operating income. Government payers account for about 16% of Quest's revenue[29]; management describes Medicare as the company's best payer, and Quest holds about 17% to 20% of the Medicare testing market[31]. Investing.com reported that preliminary rates released by CMS in September indicate Medicare pays about 16% more than private payors for lab services, with cuts of up to 15% per test per year phased in over 2027 to 2029 and final rates expected in November; Evercore estimates the impact at about $90 million to $100 million of 2027 adjusted operating income, an outside estimate rather than company data[42]. Third-quarter results are not affected, but the call may update the 2027 impact and the company's response; the risk is falsified if Congress again delays the PAMA cuts before January 1, 2027, or passes the RESULTS Act, under which rates stay flat for 2027 and 2028[43].

The second risk is that ACA subsidy expiration, the second year of Elevance access and weather disruption combine in the second half to push core volume growth below 3%, which exposes DIS revenue. Based on second-quarter DIS revenue of about $2.978 billion, each percentage point of slower core volume growth means about $30 million less DIS revenue per quarter[24], while the company has reserved only about 0.3 percentage point of full-year revenue impact for the ACA[37][36]. The risk is falsified if third-quarter organic volume excluding the two relationships stays at or above 3.5%.

The third risk is that Corewell and Fresenius margins stay in the low single digits and, combined with concentrated second-half Nova spending and fuel costs, prevent full-year adjusted operating margin expansion, which exposes operating income. The two businesses together bring about $330 million to $350 million of revenue[26] and cut about 30 basis points from the second-quarter adjusted operating margin; applied to full-year revenue, the same drag equals roughly $35 million of operating income[10]. The risk is falsified if the third-quarter adjusted operating margin is flat or up year over year and management confirms that partner dilution is narrowing.

The fourth risk is that slower collections from denials, delayed hospital client payments or patient balances get classified as mix change and leave operating cash flow below the full-year guidance of about $1.80 billion, which exposes operating cash flow and room for capital allocation. At the current revenue scale, each extra day of DSO ties up about $33 million of working capital[11], and receivables had already absorbed $144 million more in the first half than a year earlier[12]. The risk is falsified if DSO returns below 49 days at September 30 and full-year operating cash flow guidance is maintained.

What to Watch Next

• Core demand and revenue per requisition: organic volume excluding the two relationships was about 4.1% in Q2 and 3.8% in Q1, and adjusted revenue per requisition was up 2.9% and 2.5%. Volume below 3% with revenue per requisition below +1.5% would weaken the view; both holding at Q2 levels would confirm it. Also watch management's comments on pricing, the ACA and weather, and the full-year revenue guidance.
• Partner margin dilution: the Q2 adjusted operating margin was 16.5%, down 40 basis points, with about 30 basis points from the relationships, and reported revenue per requisition fell 2.8%. A decline of more than 40 basis points or a lower Corewell margin expectation would weaken the view; a flat or higher margin would confirm it. Watch the split among the relationships, Nova and deferred compensation, and progress on the new Corewell lab.
• Collections and cash conversion: DSO was 50 days at June 30, and receivables absorbed $259 million in the first half. DSO at 52 days or more without a higher client-bill share, or a cut to cash flow guidance, would weaken the view; DSO back below 49 days would confirm it.
• 2027 Medicare rates: the preliminary schedule allows cuts of up to 15% per test per year. A delay or passage of the RESULTS Act before January 1, 2027 would remove the risk; watch what the call says about the 2027 impact and the response.

Conclusion

Quest Diagnostics' results run on three relationships: core testing demand and tests per requisition drive DIS revenue, the margin ramp of the new relationships sets the direction of the operating margin, and payer mix and collection efficiency decide whether profit becomes cash. In the second quarter of 2026, revenue rose 10.2% to $3.04 billion and adjusted EPS was $3.12[3], with core volume excluding the two relationships up about 4.1%[9]; yet the adjusted operating margin fell 40 basis points year over year[4], first-half operating cash flow grew only 2% and DSO rose to 50 days[12][11]. The central open relationship is whether first-half core demand can carry through as the relationships lap, while margins and cash conversion keep pace with revenue growth.

Since the second-quarter report, outside discussion has focused almost entirely on 2027 Medicare lab rates, and the two independent readings point in different directions. The Evercore view reported by Investing.com measures the cost if the cuts take effect: about $90 million to $100 million less adjusted operating income in 2027, a low-to-mid single-digit percentage hit to EPS that would bias Labcorp and Quest toward the low-to-middle end of their long-term guidance ranges[42]. TD Cowen analysts, cited by MedTech Dive, instead think Congress will most likely delay the 2027 PAMA cuts as it has in previous years; the same report notes that the House is in recess until after the November midterm elections, making passage of the RESULTS Act this year difficult, and that Quest CEO Jim Davis said the industry is pushing to include the bill in a year-end healthcare package[44]. Both are outside interpretations: the first ties this risk to the margin-ramp debate, because cuts that take effect would partly offset margin gains in the partner and core businesses, and the second is a reminder that the timing of the risk still depends on Congress.

From here, the current understanding of demand, margins and cash conversion would strengthen materially if third-quarter core volume excluding the two relationships stays above 3.5%, the adjusted operating margin is flat or up year over year, DSO at September 30 returns below 49 days and full-year operating cash flow guidance holds at about $1.80 billion. It would weaken if core volume falls below 3%, the margin is still down more than 40 basis points year over year, or DSO rises to 52 days or more without a further rise in the client-bill share; the final CMS rates in November and whether Congress delays the cuts will set the starting point for 2027 Medicare revenue.

Sources

[1] DGX 10-K filed 2026-02-26 · scale, access points and health-plan access · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[2] Drillr earnings_calendar (updated 2026-10-17) · DGX 2026-10-22 call · 2026-10-17 · Drillr earnings calendar

[3] DGX 8-K filed 2026-07-23 · Exhibit 99.1 second quarter 2026 results and raised guidance · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000067/dgx063020268-kex991.htm

[4] DGX 8-K filed 2026-07-23 · reported and adjusted operating income, Q2 and H1 2026 vs 2025 · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000067/dgx063020268-kex991.htm

[5] DGX 8-K filed 2026-07-23 · updated full-year 2026 guidance table · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000067/dgx063020268-kex991.htm

[6] DGX Q1 2026 earnings call 2026-04-21 · weather and first-half/second-half cadence · 2026-04-21 · earnings-call · https://gateway.drillr.ai/mcp/private

[7] Drillr analyst_financial_estimates (updated 2026-10-16) · DGX quarter ending 2026-09-30 · 2026-10-16 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[8] Drillr analyst_financial_estimates (updated 2026-10-16) · DGX FY2026 · 2026-10-16 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[9] DGX Q2 2026 earnings call 2026-07-23 · CFO remarks on volume, revenue per requisition, margin and guidance · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] DGX Q2 2026 earnings call 2026-07-23 · Q2 margin bridge and second-half margin drivers · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[11] DGX 10-Q filed 2026-07-23 · operating cash flow, DSO, capex and Project Nova · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000070/dgx-20260630.htm

[12] DGX 8-K filed 2026-07-23 · six-month cash flow statement 2026 vs 2025 · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000067/dgx063020268-kex991.htm

[13] DGX 10-K filed 2026-02-26 · net revenue and receivables by payer type · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[14] DGX 10-K filed 2026-02-26 · results of operations 2025 vs 2024 · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[15] DGX 10-K filed 2026-02-26 · net revenue by service and customer channel · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[16] DGX 10-K filed 2026-02-26 · 2025 DIS volume, revenue per requisition and cost drivers · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[17] DGX 10-K filed 2026-02-26 · Spectra Laboratories (Fresenius) acquisition and Invigorate · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[18] DGX 10-K filed 2026-02-26 · Project Nova order-to-cash modernization · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[19] DGX 10-K filed 2026-02-26 · Corewell Health venture (subsequent event) and Spectra acquisition · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[20] DGX 10-K filed 2026-02-26 · 2025 highlights: revenue, volume, revenue per requisition, cash · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[21] DGX 10-K filed 2026-02-26 · 2025 operating cash flow and DSO · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[22] DGX 8-K filed 2026-04-21 · Exhibit 99.1 first quarter 2026 results · 2026-04-21 · 8-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000040/dgx033120268-kex991.htm

[23] DGX 10-K filed 2026-02-26 · requisition volume and revenue per requisition as DIS performance measures · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[24] DGX 10-Q filed 2026-07-23 · Q2 2026 DIS volume and revenue per requisition excluding Corewell and Fresenius · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000070/dgx-20260630.htm

[25] DGX Q2 2026 earnings call 2026-07-23 · tests per requisition, consumer and advanced diagnostics · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[26] DGX Q1 2026 earnings call 2026-04-21 · volume and revenue per requisition excluding Corewell and Fresenius · 2026-04-21 · earnings-call · https://gateway.drillr.ai/mcp/private

[27] DGX 10-Q filed 2026-07-23 · results as a percentage of net revenues · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000070/dgx-20260630.htm

[28] DGX 10-Q filed 2026-07-23 · Q2 2026 cost of services, SG&A and margin table · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000070/dgx-20260630.htm

[29] DGX 10-Q filed 2026-07-23 · net revenue and receivables by payer type, Q2 2026 · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000070/dgx-20260630.htm

[30] DGX 10-K filed 2026-02-26 · competition and seasonality · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[31] DGX Q1 2026 earnings call 2026-04-21 · PAMA data collection and Medicare share · 2026-04-21 · earnings-call · https://gateway.drillr.ai/mcp/private

[32] DGX 10-Q filed 2026-07-23 · Corewell Health venture and Invigorate program · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000070/dgx-20260630.htm

[33] DGX Q2 2026 earnings call 2026-07-23 · hospital reference and co-lab growth, bad debt · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[34] DGX Q2 2026 earnings call 2026-07-23 · Corewell revenue and margin expectations, pricing · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[35] DGX 10-K filed 2026-02-26 · PAMA reimbursement trend · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm

[36] DGX Q2 2026 earnings call 2026-07-23 · second-half utilization headwinds and pricing · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[37] DGX Q2 2026 earnings call 2026-07-23 · ACA exchange book: requisitions down, tests per requisition up · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[38] DGX Q1 2026 earnings call 2026-04-21 · second-half margin, Corewell and Fresenius ramp, cadence · 2026-04-21 · earnings-call · https://gateway.drillr.ai/mcp/private

[39] DGX 8-K filed 2026-10-06 · Item 5.02 executive transition to Corewell JV and Project Nova · 2026-10-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1022079/000094787126000922/ss6908054_8k.htm

[40] DGX Q2 2026 earnings call 2026-07-23 · DSO increase explained by client-bill and consumer mix · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] DGX Q2 2026 earnings call 2026-07-23 · bad debt and patient concessions · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[42] Investing.com 2026-09-22 · Evercore sees Lab Corp, Quest shares facing Medicare pricing headwind · 2026-09-22 · Investing.com(报道 Evercore ISI 研究观点) · https://www.investing.com/news/analyst-ratings/evercore-sees-lab-corp-quest-shares-facing-medicare-pricing-headwind-93CH-4910497

[43] DGX Q2 2026 earnings call 2026-07-23 · PAMA outcomes and RESULTS Act · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[44] MedTech Dive 2026-09-25 · Lab test providers want Medicare payment reform. Will Congress pass it? (Susan Kelly) · 2026-09-25 · MedTech Dive(引用 TD Cowen 研究观点) · https://www.medtechdive.com/news/lab-test-providers-want-medicare-payment-reform-will-congress-pass-it/831384/