QUEST DIAGNOSTICS INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
DGX$258.44-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $1,046 | $921 | $908 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 570 | 493 | 439 |
| Provision for credit losses | 3 | 5 | 1 |
| Deferred income tax provision (benefit) | 105 | 13 | (49) |
| Stock-based compensation expense | 88 | 88 | 77 |
| Other, net | 24 | 15 | 41 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (106) | (71) | (15) |
| Accounts payable and accrued expenses | 129 | (67) | (55) |
| Income taxes payable | 24 | 16 | (2) |
| Other assets and liabilities, net | 3 | (79) | (73) |
| Net cash provided by operating activities | 1,886 | 1,334 | 1,272 |
| Cash flows from investing activities: | |||
| Business acquisitions, net of cash acquired | (101) | (2,164) | (611) |
| Capital expenditures | (527) | (425) | (408) |
| Other investing activities, net | (3) | 41 | (42) |
| Net cash used in investing activities | (631) | (2,548) | (1,061) |
| Cash flows from financing activities: | |||
| Proceeds from borrowings | 410 | 1,846 | 2,592 |
| Repayments of debt | (1,012) | (303) | (1,844) |
| Purchases of treasury stock | (450) | (151) | (275) |
| Exercise of stock options | 79 | 73 | 72 |
| Employee payroll tax withholdings on stock issued under stock-based compensation plans | (45) | (24) | (28) |
| Dividends paid | (353) | (331) | (314) |
| Distributions to noncontrolling interest partners | (56) | (47) | (57) |
| Other financing activities, net | 39 | 21 | 14 |
| Net cash (used in) provided by financing activities | (1,388) | 1,084 | 160 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 4 | (7) | — |
| Net change in cash and cash equivalents and restricted cash | (129) | (137) | 371 |
| Cash and cash equivalents and restricted cash, beginning of year | 549 | 686 | 315 |
| Cash and cash equivalents and restricted cash, end of year | $420 | $549 | $686 |
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