Quest Diagnostics — Apr 22, 2025 release

“We are reaffirming our revenue and adjusted EPS guidance for the full year 2025." Three Months Ended March 31, 2025 2024 Change (dollars in millions, except per share data) Reported: Net revenues $ 2,652  $ 2,366  12.1  % Diagnostic Information Services revenues $ 2,589  $ 2,298  12.7  % Revenue per requisition 0.3  % Requisition volume 12.4  %   Organic requisition volume (0.9) % Operating income (a) $ 346  $ 300  15.4  % Operating income as a percentage of net revenues (a) 13.0  % 12.7  % 0.3  % Net income attributable to Quest Diagnostics (a) $ 220  $ 194  13.2  % Diluted EPS (a) $ 1.94  $ 1.72  12.8  % Cash provided by operations $ 314  $ 154  103.4  % Capital expenditures $ 117  $ 104  11.9  % Adjusted (a): Operating income $ 406  $ 349  16.3  % Operating income as a percentage of net revenues 15.3  % 14.8  % 0.5  % Net income attributable to Quest Diagnostics $ 251  $ 230  9.0  % Diluted EPS $ 2.21  $ 2.04  8.3  % (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. 1 Updated Guidance for Full Year 2025 The company updates its full year 2025 guidance as follows: Updated Guidance Prior Guidance Low High Low High Net revenues $10.70 billion $10.85 billion $10.70 billion $10.85 billion Net revenues increase 8.4% 9.9% 8.4% 9.9% Reported diluted EPS $8.62 $8.87 $8.34 $8.59 Adjusted diluted EPS $9.55 $9.80 $9.55 $9.80 Cash provided by operations Approximately $1.5 billion Approximately $1.45 billion Capital expenditures   Approximately $500 million 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 associated with changes in the carrying value of our strategic investments, and other items. Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period