The strong beat and second consecutive guidance raise confirm robust demand across physician, hospital, and consumer channels. Traders should expect a positive reaction, but monitor the 2.8% decline in revenue per requisition and slight margin compression as potential headwinds. The raised cash flow guidance to ~$1.80B supports continued capital returns.
Price Chart
Executive Summary
Quest Diagnostics reported Q2 2026 adjusted EPS of $3.12, beating consensus of $2.82 by 10.6%, and revenue of $3.04B, beating $2.97B by 2.5%. The company raised full-year 2026 guidance for the second consecutive quarter, now expecting revenue of $11.95B-$12.05B and adjusted EPS of $11.05-$11.25, driven by 10.2% revenue growth and 19.1% adjusted EPS growth.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $3.04B, up 10.2% YoY (10.0% organic)
- Adjusted diluted EPS $3.12, up 19.1% YoY, beat consensus by 10.6%
- Full-year 2026 revenue guidance raised to $11.95B-$12.05B (prior $11.78B-$11.90B)
- Full-year 2026 adjusted EPS guidance raised to $11.05-$11.25 (prior $10.63-$10.83)
- Operating cash flow $597M in Q2, up 9.7% YoY; capex $138M
- Requisition volume grew 13.1% (organic 13.0%), but revenue per requisition declined 2.8%
Financial Impact
Revenue beat by ~$73M; EPS beat by $0.30; guidance raised by ~$170M at midpoint for revenue and $0.42 for adjusted EPS
Risk Factors
- Revenue per requisition declined 2.8% YoY, indicating mix shift or pricing pressure
- Reported operating margin contracted to 15.1% from 15.9% (adjusted 16.5% vs 16.9%)
- Historical stock reaction to DGX earnings has been muted (29% win rate at T+20)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001022079-26-000067 |
| Document: dgx-20260723.htm | 0001022079-26-000067 |
| Document: 0001022079-26-000067-index-headers.html | 0001022079-26-000067 |
| Document: 0001022079-26-000067-index.html | 0001022079-26-000067 |
| Document: 0001022079-26-000067.txt | 0001022079-26-000067 |
| 8-K Data (Synthetic) | 0001022079-26-000067 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | Press Release | $231.14 $247.45 | ▲ +7.06% | ▲ +7.56% | $233.27 (+0.92%) |
Sep 3, 2026 29d ago | Insider Cluster | $239.40 $235.02 | ▼ −1.83% | ▼ −0.68% | $233.27 (−2.56%) |
Jul 23, 2026 10w ago | 8-K | $227.90 $234.30 | ▲ +2.81% | ▲ +2.33% | $233.27 (+2.36%) |
May 8, 2026 20w ago | 8-K | $189.81 $189.84 | ▲ +0.02% | ▲ +0.10% | $233.27 (+22.90%) |
Apr 21, 2026 23w ago | 8-K | $205.04 $195.05 | ▼ −4.87% | ▼ −5.96% | $233.27 (+13.77%) |
Apr 16, 2026 24w ago | Court Ruling | $191.46 $199.53 | ▲ +4.21% | ▲ +3.25% | $233.27 (+21.84%) |
Mar 5, 2026 30w ago | Insider Cluster | $203.09 $200.01 | ▲ +1.52% | ▼ −0.72% | $233.27 (−14.86%) |
Mar 3, 2026 30w ago | Insider Cluster | $207.46 $200.03 | ▼ −3.58% | ▼ −3.10% | $233.27 (+12.44%) |
Mar 3, 2026 30w ago | Insider Cluster | $207.46 $200.03 | ▼ −3.58% | ▼ −3.10% | $233.27 (+12.44%) |
US Market Status
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