Quest Diagnostics, Inc.
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Strong Q3 performance → raised full-year 2026 guidance
- Revenues $3.1B (+10% YoY); diagnostic information services +10.2% YoY, +10.1% organic.
- Adjusted EPS $3.00 (+15.4% YoY) (reported EPS $2.78).
- Operating income margin improved: reported 15.5% vs 13.7%; adjusted 16.7% vs 16.3%.
- Full-year 2026 guidance raised and narrowed:
- Revenues $12.065B–$12.105B (growth ~9.3%–9.7%).
- Reported EPS $10.21–$10.31; adjusted EPS $11.25–$11.35.
- Cash from ops ~ $1.9B, capex ~ $550M.
- Share count expected slightly below 2025; interest expense lower than 2025; operating margin expected to expand.
Demand and volume solid across channels (but mix impacts “price per requisition”)
- Total requisitions (volume) +14.5% YoY; organic volume +14.4%.
- Corewell Health + Fresenius contributed 9.5% of volume; ex those relationships, volumes grew ~5%.
- Revenue per requisition down 4.2% YoY due to mix, but up 1.7% ex-mix, driven by more tests per requisition; unit price reimbursement broadly flat.
- Channel signals:
- Physician: “high single-digit” revenue growth; strong demand across the test portfolio.
- Hospital: double-digit revenue growth; reference testing up mid-single digits; Co-Lab Solutions strength (Corewell in Michigan).
- Consumer: growth >30% expected for full year.
Opportunities: consumer platform expansion + diagnostics pipeline + automation/AI productivity
- Apple Health integration: iPhone/iPad users can order labs inside the Apple Health app; includes 50+ biomarkers (e.g., ApoB, Lp(a)) plus biometric capture (BP/weight) at PSC. Launch later this year; iPhone/iPad “beta testing mode” now. Management highlighted accresive margins driven by dense requisitions and no denials/patient concessions.
- Advanced diagnostics growth: double-digit growth in key areas (e.g., cardiometabolic/hormone/Alzheimer’s).
- Alzheimer’s strategy:
- Adding Roche p-tau217 soon; launching AD-Detect multi-biomarker panel (APOE, amyloid beta, p-tau217).
- Emphasis on future earlier diagnosis/treatment using blood-based multi-biomarker approaches.
- Automation/AI:
- Automated aliquoting now used in 10 labs; expanded to additional drug monitoring labs.
- AI used at Clifton, NJ for dialysis water microbe screening.
- Invigorate cost program: on track for ~3% annual cost savings/productivity.
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$194.81
19.7% downside
Current Fair Value
19.7% downsideOvervalued by 19.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $26.70 Billion |
|---|---|
| Enterprise Value | $32.19 Billion |
| Annual dividend | $3.38 |
| Dividend yield | 1.40% |
| Earnings per Share | $8.87 |
| Beta | 0.54 |
| Outstanding Shares | 110,000,000 |
Return
| Return on Equity | 14.79% |
|---|---|
| Return on Assets | 6.56% |
| Return on Invested Capital | 11.13% |
Valuation & Multiples
| P/E Ratio | 23.76 |
|---|---|
| PEG | 86.89 |
| Price to Sales | 2.27 |
| Price to Book Ratio | 3.32 |
| Enterprise Value to Revenue | 2.72 |
| Enterprise Value to EBIT | 18.79 |
| Enterprise Value to Net Income | 28 |
| Total Debt to Enterprise | 0.2 |
| Debt to Equity | 0.82 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$2.87
Consensus analyst estimateRevenue Estimate
$3.05 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$2.68
Consensus analyst estimateRevenue Estimate
$3.04 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 68.24% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.71%▼ 93.36% |
|---|---|
| Total Invested | $693.21M▼ 96.90% |
| Investors Holding | 266▼ 861.00% |
About Quest Diagnostics, Inc.
47,000 employees
CEO: Stephen Rusckowski
Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy beh...