Quest Diagnostics Incorporated (DGX) Earnings
Quest Diagnostics Incorporated is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $2.81. DGX has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +3.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $2.37 | $2.50 | +5.5% | $2.9B | +2.3% |
| Oct 21, 2025 | $2.50 | $2.60 | +4.0% | $2.8B | +2.9% |
| Jul 22, 2025 | $2.57 | $2.62 | +1.9% | $2.8B | +1.3% |
| Apr 22, 2025 | $2.15 | $2.21 | +2.8% | $2.7B | +0.8% |
| Jan 30, 2025 | $2.19 | $2.23 | +1.8% | $2.6B | +1.6% |
| Oct 22, 2024 | $2.26 | $2.30 | +1.8% | $2.5B | +2.3% |
| Jul 23, 2024 | $2.34 | $2.35 | +0.4% | $2.4B | +0.3% |
| Feb 1, 2024 | $2.11 | $2.15 | +1.9% | $2.3B | +1.5% |
| Jul 26, 2023 | $2.27 | $2.30 | +1.3% | $2.3B | +3.7% |
| Apr 27, 2023 | $1.97 | $2.04 | +3.6% | $2.3B | +6.1% |
| Feb 2, 2023 | $1.90 | $1.98 | +4.2% | $2.3B | +3.4% |
| Oct 20, 2022 | $2.19 | $2.36 | +7.8% | $2.5B | +5.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 21, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Our strong first quarter performance reflects a focused business delivering innovative solutions that meet our customers' evolving needs for lab insights. We grew revenues over 9% almost entirely from organic revenue growth on broad-based demand for our clinical innovations, expansion into new clinical areas, and collaborations with elite healthcare and consumer health organizations. We grew adjusted diluted earnings per share by approximately 13%, supported by productivity gains from our deployment of automation and AI across our operations. We are raising our revenue and EPS guidance for the year. We executed our strategy across key customer channels and operations during the quarter. In the physician channel, we delivered high single-digit revenue growth. In the hospital channel, we grew revenues at a double-digit rate. In the consumer channel, we generated significant revenue growth. We delivered double-digit revenue growth across several key clinical areas. Our focus on operational excellence aims to improve productivity as well as quality and the patient experiences. Through our Invigorate program, we expect to continue to deliver 3% in annual cost savings and productivity improvements. We stepped up our deployment of AI and automation in several other areas.
Guidance
Given the solid performance in the first quarter, we are raising our full-year revenue and EPS estimates. We now expect revenues to be between $11.78 billion and $11.9 billion, a growth rate of 6.8% to 7.8%. Reported EPS to be in a range of $9.58 to $9.78, and adjusted EPS in a range of $10.63 to $10.83. Cash from operations to be approximately $1.75 billion. Capital expenditures to be approximately $550 million. Share count and interest expense to be consistent with 2025. Our 2026 guidance reflects the following considerations: Our revenue guide does not include any contribution from prospective M&A. Operating margin is expected to expand versus the prior year.
Segment performance
Consolidated revenues were $2.9 billion, up 9.2% versus the prior year, and consolidated organic revenues grew by 9% in the quarter. Revenues for diagnostic information services were up 9.4% compared to the prior year. Reported operating income in the first quarter was $399 million or 13.8% of revenues compared to $346 million or 13% of revenues last year. On an adjusted basis, operating income was $447 million or 15.4% of revenues compared to $406 million, or 15.3% of revenues last year. Reported EPS was $2.24 in the quarter compared to $1.94 a year ago. Adjusted EPS was $2.50 versus $2.21 a year ago. Cash from operations was $278 million in the first quarter, versus $314 million in the prior year.
Risks & headwinds
Risks and uncertainties that may affect Quest Diagnostics' future results include, but are not limited to, those described in our most recent annual report on Form 10-K and subsequently quarterly filed reports on Form 10-Q and current reports on Form 8-K. The impact of weather on business operations, potential negative impact from Medicare reimbursement changes and related initiatives like CRUSH, and potential impacts from ACA disenrollments or changes.
Analyst Q&A
Q: Michael Cherney with Laring Partners asked about organic volume dynamics, mix impact, and Corwell and Fresenius contribution.
A: Sam responded on organic volume growth, revenue per requisition, and Jim added on test-per-rec and Alzheimer's test lift.
Q: Elizabeth Anderson with Evercore ISI asked about weather impact and quarter cadence.
A: Jim and Sam talked about weather impact recovery and quarter cadence expectations.
Q: Patrick Dunley with Citi asked about Project Nova and cost impact.
A: Sam discussed Project Nova expense cadence and fuel cost impact.
Q: Anne Hines with the CEO of Securities asked about organic growth and ACA impact.
A: Jim and Sam talked about broad-based organic growth and ACA impact not seen yet.
Q: Jack Meehan with Nefan asked about PAMA prep and Medicare rates.
A: Jim responded on PAMA prep, Medicare data submission, and Results Act impact.
Q: Luke Serga with Barclays asked about consumer business and Function Health acquisition.
A: Sam talked about consumer business growth and Function Health acquisition positive impact.
Q: Eric Caldwell with Baird asked about CRUSH RFI impact.
A: Jim responded on CRUSH RFI, no Quest impact, and pre-authorization views.
Q: Erin Wright with Morgan Stanley asked about consumer margin and AI.
A: Sam talked about consumer margin profile and Jim on AI pipeline.
Q: Kevin Caliendo with UBS asked about second half offset and CRUSH pre-authorization.
A: Sam talked about second half offset and CRUSH pre-authorization views.
Q: Andrew Brackman with William Blair asked about advanced diagnostic investments.
A: Jim talked about advanced diagnostic investments and Sam on capital investment.
Q: Tycho Peterson with Jefferies asked about oncology partnership and Haystack EPS.
A: Jim and Sam talked about oncology partnership early adoption and Haystack progress.
Q: Lisa Gill with JP Morgan asked about M&A and Medicare impact.
A: Jim talked about M&A funnel and Medicare impact on health systems.
Q: David Westenberg with Piper Sandler asked about AI, wearables, and longitudinal testing.
A: Jim talked about convergence of factors and future healthcare trends