Quest Diagnostics — Jul 22, 2025 release

Given our performance in the quarter and continued utilization trends, we are raising our full year 2025 guidance." Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change 2025 2024 Change (dollars in millions, except per share data) Reported: Net revenues $ 2,761  $ 2,397  15.2  % $ 5,413  $ 4,763  13.7  % Diagnostic Information Services revenues $ 2,699  $ 2,333  15.7  % $ 5,288  $ 4,631  14.2  % Revenue per requisition (0.4) % —  % Requisition volume 16.3  % 14.3  %   Organic requisition volume 2.1  % 0.6  % Operating income (a) $ 438  $ 355  23.3  % $ 784  $ 655  19.7  % Operating income as a percentage of net revenues (a) 15.9  % 14.8  % 1.1  % 14.5  % 13.7  % 0.8  % Net income attributable to Quest Diagnostics (a) $ 282  $ 229  23.1  % $ 502  $ 423  18.6  % Diluted EPS (a) $ 2.47  $ 2.03  21.7  % $ 4.41  $ 3.75  17.6  % Cash provided by operations $ 544  $ 360  51.5  % $ 858  $ 514  67.1  % Capital expenditures $ 108  $ 92  17.3  % $ 225  $ 196  14.4  % Adjusted (a): Operating income $ 466  $ 398  17.3  % $ 872  $ 747  16.8  % Operating income as a percentage of net revenues 16.9  % 16.6  % 0.3  % 16.1  % 15.7  % 0.4  % Net income attributable to Quest Diagnostics $ 298  $ 266  12.3  % $ 549  $ 496  10.7  % Diluted EPS $ 2.62  $ 2.35  11.5  % $ 4.83  $ 4.39  10.0  % (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 $10.80 billion $10.92 billion $10.70 billion $10.85 billion Net revenues increase 9.4% 10.6% 8.4% 9.9% Reported diluted EPS $8.60 $8.80 $8.62 $8.87 Adjusted diluted EPS $9.63 $9.83 $9.55 $9.80 Cash provided by operations Approximately $1.55 billion Approximately $1.5 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, impairment charges 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 performanc