Slide 1: Q4 2025 Highlights
Q4 2025 Highlights Q4 2025 Performance “ We closed 2025 with a strong fourth quarter and delivered double-digit growth in revenues A strong fourth quarter to finish 2025 and earnings per share for the full year. Our robust performance demonstrates continued execution of our strategy to Demonstrated
Slide 2: Supplemental Financial Information Q4 2025
Supplemental Financial Information Q4 2025 February 10, 2026
Slide 3: Safe harbor disclosure
The statements in this presentation that are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management’s current estimates, projections, expe
Slide 4: Note on non-GAAP financial measures
As used in this presentation 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 Note on and integration charges, am
Slide 5: Fourth quarter 2025 financial results
Fourth quarter 2025 financial results Three Months Ended December 31, Twelve Months Ended December 31, (dollars in millions, except per share data) 2025 2024 Change 2025 2024 Change Reported Net revenues $2,806 $2,621 7.1% $11,035 $9,872 11.8% Diagnostic information services revenues $2,742 $2,556 7
Slide 6: Guidance for full year 2026
Full Year Guidance Low High Guidance for Net revenues $11.70B $11.82B full year 2026 Net revenues increase 6.0% 7.1% Reported diluted EPS $9.45 $9.65 Adjusted diluted EPS $10.50 $10.70 Cash provided by operations Approximately $1.75B Capital expenditures Approximately $550M Note: A reconciliation of
Slide 7: Underlying assumptions for full year 2026 guidance
• We assume approximately 6.0% to 7.1% in revenue growth and this does not include any contribution from prospective M&A. • The severe weather impact experienced in January 2026 is creating a greater headwind than what we experienced during the same period a year ago. We have contemplated the impact
Slide 8: FY 2026 Adjusted Diluted EPS Guidance Range
FY 2026 Adjusted Diluted EPS Guidance Range of $10.50 - $10.70 which represents growth of 7.6% at the midpoint $0.05 ~($0.25) $10.50 -$10.70 ~($0.20) $9.85 ~$1.05 - $1.25 2025 Organic Revenue Corewell Health Co-Lab Project Nova Other 2026 Adjusted Diluted EPS Growth Adjusted Diluted EPS Notes: 1. Or
Slide 9: Q4 organic revenue growth
Q4 organic revenue growth of +6.4% driven primarily by high single digit revenue growth in the physician channel 9
Slide 10: Total Revenue per Requisition
Total Revenue per Requisition was -0.1% in Q4, and grew by +3.0% excluding the Fresenius and Corewell Health Co-Lab relationships 16.3% 13.9% 12.4% 12.5% 8.5% Total net 5.5% volume growth 3.3% 7.9% 1.9% 1.6% 1.1% 3.9% Organic net 1.6% 0.3% 2.1% 0.8% 1.4% volume growth 1.0% 0.7% (0.9%) (0.1%) 0.5% 0.
Slide 11: Trended quarterly net revenues by type of payer customer
Trended quarterly net revenues by type of payer customer 10% 12% 14% 10% 10% 13% 12% 12% 12% Patients 10% 35% 33% 33% 33% 32% 31% 30% 31% 31% Client payers 11% 12% 11% 13% 16% 16% 16% 16% 16% Government payers 3% 3% 3% Health insurers 3% 3% 3% 2% 3% 3% (capitated) 38% 37% 36% 38% 36% 35% 37% 37% 36%
Slide 12: 2025 net revenues by customer channel and major service
2025 net revenues of $11.0B by customer channel and major service Customer channel Major service DS revenues Anatomic All other 2% pathology 2% Other DIS testing services 9% 6% Hospital lab services Routine clinical 18% Gene-based testing and Physician and esoteric* other services lab services testi
Slide 13: Data tables
Data tables Quest Diagnostics"
Slide 14: Trended quarterly growth metrics
Trended quarterly growth metrics 2023 2024 2025 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Total net revenue growth (1.9%) (6.4%) 1.5% 2.5% 8.5% 14.5% 6.7% 12.1% 15.2% 13.1% 7.1% 11.8% Organic net revenue growth (2.7%) (6.9%) 0.8% 1.8% 4.2% 4.8% 2.9% 2.4% 5.2% 6.8% 6.4% 5.3% DIS revenue growth (2.0%) (6
Slide 15: Trended quarterly net revenues by type of payer customer
Trended quarterly net revenues by type of payer customer 2023 2024 2025 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Healthcare insurers: Fee-for-service 38% 37% 37% 36% 38% 36% 37% 35% 37% 37% 36% 36% Capitated 3% 3% 3% 3% 3% 3% 3% 3% 3% 2% 3% 3% Total healthcare insurers 41% 40% 40% 39% 41% 39% 40% 38% 40%
Slide 16: Trended annual net revenues by customer channel
Trended annual net revenues by customer channel 2023 2024 2025 Physician lab services 66% 68% 71% Hospital lab services 21% 20% 18% Other DIS 10% 9% 9% Total DIS revenues 97% 97% 98% DS revenues 3% 3% 2% Total net revenues 100% 100% 100% 16
Slide 17: Trended annual net revenues by major service
Trended annual net revenues by major service 2023 2024 2025 Routine clinical testing and 51% 51% 54% other services COVID-19 testing services 2% 1% 0% Gene-based and esoteric (including advanced diagnostics) 38% 39% 38% testing services Anatomic pathology testing services 6% 6% 6% All other 3% 3% 2%
Slide 18: Computation of basic and diluted earnings per common share
Computation of basic and diluted earnings per common share 18
Slide 19: Non-GAAP reconciliations
Non-GAAP reconciliations 19
Slide 20: Non-GAAP reconciliations
Non-GAAP reconciliations 20
Slide 21: Non-GAAP reconciliations
Non-GAAP reconciliations 21
Slide 22: Non-GAAP reconciliations
Non-GAAP reconciliations 22
Slide 23: Non-GAAP reconciliations
Non-GAAP reconciliations 23