Quest Diagnostics Incorporated
DGX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for DGX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · DGX
Quest Diagnostics is a clinical laboratory services company that reported $11.04B in net revenues for 2025, with ongoing investments in AI and digital transformation to improve operational efficiency and customer experience.
Key risk: Economic volatility
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$26.79B
Cash Runway
—
Lead Asset
—
Next Catalyst
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Financial data as of Jun 30, 2026.
Quest Diagnostics is a clinical laboratory services company that reported $11.04B in net revenues for 2025, with ongoing investments in AI and digital transformation to improve operational efficiency and customer experience.
- Net revenues for 2025 were $11.04B, with operating income as a percentage of net revenues at 14.1% and diluted EPS of $8.75 [sec · filed 2026-04-06].
- Cash provided by operations in 2025 was $1.89B [sec · filed 2026-04-06].
- As of 2026-06-30, the company reported cash & equivalents of $626.0M, total revenue of $3,043.0M, net income of $320.0M, shareholders' equity of $7,170.0M, and total debt of $5,642.0M [sec].
- In 2025, the company announced a collaboration with Google to use Google Cloud's data analytics and generative AI to streamline data management and personalize customer experiences [sec · filed 2026-04-06].
- The company formed a collaboration with Epic as its technology partner for Project Nova, a multi-year order-to-cash transformation project [sec · filed 2026-04-06].
What works
- Strong revenue growth of nearly 12% in 2025, with net revenues reaching $11.04B [sec · filed 2026-04-06].
- Continued investment in automation and AI across the value chain, including a collaboration with Google Cloud to enhance data analytics and personalization [sec · filed 2026-04-06].
- Disciplined capital allocation and increased returns to stockholders in 2025 [sec · filed 2026-04-06].
What to weigh
- The company faces risks from uncertain and volatile economic conditions, which could affect future results [sec · filed 2026-01-12].
- Complexity of billing, reimbursement, and revenue recognition for clinical laboratory testing presents ongoing operational challenges [sec · filed 2026-01-12].
- Pending or future government investigations, lawsuits, or private actions could have adverse effects [sec · filed 2026-01-12].
From the filings
Quoted directly from source documents.
Collaboration with Google Cloud for AI and data analytics
“we announced a collaboration with Google to use Google Cloud's data analytics and generative AI to help us streamline our data management, improve data analytics, and personalize the experiences we deliver to patients, providers, and other customers.”
SEC filings · April 6, 2026
Project Nova with Epic as technology partner
“We formed a first-of-its-kind collaboration with Epic to be our technology partner for Project Nova, our multi-year order-to-cash transformation project designed to streamline systems and improve customer experiences”
SEC filings · April 6, 2026
Risks & what to watch (3)›
Key risks
- Economic volatility — Uncertain and volatile economic conditions could materially affect future results [sec · filed 2026-01-12].
- Billing and reimbursement complexity — Complexity of billing, reimbursement, and revenue recognition for clinical lab testing poses operational risk [sec · filed 2026-01-12].
- Legal and regulatory exposure — Adverse results from government investigations, lawsuits, or private actions could impact the company [sec · filed 2026-01-12].
What to watch
- Progress and impact of the Google Cloud collaboration on data analytics and AI initiatives [sec · filed 2026-04-06].
- Execution of Project Nova with Epic and its effect on order-to-cash processes and customer experience [sec · filed 2026-04-06].
- Future financial performance and capital allocation decisions, given the company's debt level of $5,642.0M as of 2026-06-30 [sec].
Sources: SEC filings · SEC MD&A · Generated August 26, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
Profitable (positive operating cash flow)
D/E 1.25 · 1% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 10 sells (180d)
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
1,058
Total value held
$18.34B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 14,291,344 | $2.80B |
| blackrock, inc. | 9,172,292 | $1.80B |
| vanguard portfolio management llc | 6,081,400 | $1.19B |
| state street corp | 5,380,821 | $1.05B |
| geode capital management, llc | 3,086,308 | $602.7M |
| morgan stanley | 2,479,720 | $486.0M |
| edgepoint investment group inc. | 2,243,869 | $439.8M |
| dimensional fund advisors lp | 1,949,535 | $382.1M |
| grantham, mayo, van otterloo & co. llc | 1,883,024 | $369.0M |
| victory capital management inc | 1,846,336 | $361.8M |
Showing top 10 of 1,058 institutional holders of Quest Diagnostics Incorporated. Open the full 13F history after sign-in.
Short Interest
as of May 10, 2026- % of float
- 3.2%
- Days to cover
- 4.1
- Shares short
- 3,551,568
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
DGX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Quest Diagnostics Incorporated?
Quest Diagnostics is a clinical laboratory services company that reported $11.04B in net revenues for 2025, with ongoing investments in AI and digital transformation to improve operational efficiency and customer experience.
Who is the CEO of Quest Diagnostics Incorporated?
Mr. James E. Davis is the chief executive officer of Quest Diagnostics Incorporated (DGX).
Where is Quest Diagnostics Incorporated headquartered?
Quest Diagnostics Incorporated (DGX) is headquartered in Secaucus, NJ, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.