Quest Diagnostics — Jan 30, 2025 release

1 Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 Change 2024 2023 Change (dollars in millions, except per share data) Reported: Net revenues $ 2,621  $ 2,288  14.5  % $ 9,872  $ 9,252  6.7  % Diagnostic information services revenues $ 2,556  $ 2,221  15.1  % $ 9,614  $ 8,976  7.1  % Revenue per requisition 0.2  % 1.3  % Requisition volume 13.9  % 5.5  % Organic requisition volume 0.6  % 0.7  % Operating income (a) $ 361  $ 267  35.3  % $ 1,346  $ 1,262  6.7  % Operating income as a percentage of net revenues (a) 13.8  % 11.7  % 2.1  % 13.6  % 13.6  % —  % Net income attributable to Quest Diagnostics (a) $ 222  $ 192  15.1  % $ 871  $ 854  2.0  % Diluted EPS (a) $ 1.95  $ 1.70  14.7  % $ 7.69  $ 7.49  2.7  % Cash provided by operations $ 464  $ 527  (12.3) % $ 1,334  $ 1,272  4.8  % Capital expenditures $ 123  $ 72  73.9  % $ 425  $ 408  4.4  % Adjusted (a): Operating income $ 409  $ 338  21.2  % $ 1,541  $ 1,457  5.8  % Operating income as a percentage of net revenues 15.6  % 14.8  % 0.8  % 15.6  % 15.8  % (0.2) % Net income attributable to Quest Diagnostics $ 253  $ 245  3.7  % $ 1,011  $ 994  1.8  % Diluted EPS $ 2.23  $ 2.15  3.7  % $ 8.93  $ 8.71  2.5  % (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. Dividend Increased Quest Diagnostics' Board of Directors has authorized a 6.7% increase in its quarterly dividend from $0.75 to $0.80 per share, or $3.20 per share annually, effective with the dividend payable on April 21, 2025 to shareholders of record of Quest Diagnostics common stock on April 7, 2025. The company has raised its dividend annually since 2011. Guidance for Full Year 2025 The company estimates its full year 2025 guidance in the table below. The company has included a presentation that includes additional guidance information on the Events and Presentations page of its investor relations website, which can be found at www.QuestDiagnostics.com/investor. Low High Net revenues $10.70 billion $10.85 billion Net revenues increase 8.4% 9.9% Reported diluted EPS $8.34 $8.59 Adjusted diluted EPS $9.55 $9.80 Cash provided by operations Approximately $1.45 billion Capital expenditures Approximately $500 million Note on Non-GAAP Financial Measures As used in this press release the term “reported” refers to measures under accounting principles generally accepted in the United States (“GAAP”). The term “adjusted” refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, gains and losses associ