Quest Diagnostics — Oct 21, 2025 release

1 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change (dollars in millions, except per share data) Reported: Net revenues $ 2,816  $ 2,488  13.1  % $ 8,229  $ 7,251  13.5  % Diagnostic Information Services revenues $ 2,755  $ 2,427  13.5  % $ 8,043  $ 7,058  14.0  % Revenue per requisition 0.8  % 0.2  % Requisition volume 12.5  % 13.8  %   Organic requisition volume 3.9  % 1.8  % Operating income (a) $ 386  $ 330  16.8  % $ 1,170  $ 985  18.7  % Operating income as a percentage of net revenues (a) 13.7  % 13.3  % 0.4  % 14.2  % 13.6  % 0.6  % Net income attributable to Quest Diagnostics (a) $ 245  $ 226  8.5  % $ 747  $ 649  15.0  % Diluted EPS (a) $ 2.16  $ 1.99  8.5  % $ 6.57  $ 5.74  14.5  % Cash provided by operations $ 563  $ 356  57.4  % $ 1,421  $ 870  63.1  % Capital expenditures $ 144  $ 106  37.0  % $ 369  $ 302  22.3  % Adjusted (a): Operating income $ 458  $ 385  18.9  % $ 1,330  $ 1,132  17.5  % Operating income as a percentage of net revenues 16.3  % 15.5  % 0.8  % 16.2  % 15.6  % 0.6  % Net income attributable to Quest Diagnostics $ 296  $ 262  13.1  % $ 845  $ 758  11.5  % Diluted EPS $ 2.60  $ 2.30  13.0  % $ 7.43  $ 6.70  10.9  % (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. 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 $10.96 billion $11.00 billion $10.80 billion $10.92 billion Net revenues increase 11.0% 11.4% 9.4% 10.6% Reported diluted EPS $8.58 $8.66 $8.60 $8.80 Adjusted diluted EPS $9.76 $9.84 $9.63 $9.83 Cash provided by operations Approximately $1.8 billion Approximately $1.55 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 performa