Quest Diagnostics Incorporated (DGX) Cash Flow Statement
Where DGX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.89B +41.4% vs 2024
- Capital expenditures
- $527.0M 4.8% of revenue
- Free cash flow
- $1.36B 12.3% margin
- Returned to shareholders
- $803.0M 59% of free cash flow
- Change in cash
- −$129.0M cash at year-end $420.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DGX operating cash flow, capex and free cash flow
DGX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.07B2016 | $1.89B2025 | +6.5%/yr | |
| Capital expenditures | $293.0M2016 | $527.0M2025 | +6.7%/yr | |
| Free cash flow | $776.0M2016 | $1.36B2025 | +6.4%/yr | |
| Free cash flow margin | 10.3%2016 | 12.3%2025 | +2.0 pts | |
| Operating cash flow / net income | 1.542016 | 1.802025 | +0.27 | |
| Stock-based compensation | $69.0M2016 | $88.0M2025 | +2.7%/yr | |
| Dividends paid | $223.0M2016 | $353.0M2025 | +5.2%/yr | |
| Share buybacks (net) | $590.0M2016 | $450.0M2025 | −3.0%/yr | |
| Capex / revenue | 3.9%2016 | 4.8%2025 | +0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DGX cash flow by activity
DGX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DGX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.05B | $921.0M | $908.0M | $1.01B | $2.08B | $1.50B | $906.0M | $788.0M | $824.0M | $696.0M |
| Depreciation & amortization | $570.0M | $493.0M | $439.0M | $437.0M | $408.0M | $361.0M | $329.0M | $309.0M | $270.0M | $249.0M |
| Stock-based compensation | $88.0M | $88.0M | $77.0M | $77.0M | $79.0M | $97.0M | $56.0M | $61.0M | $79.0M | $69.0M |
| Change in working capital | $50.0M | −$201.0M | −$145.0M | $119.0M | $87.0M | $22.0M | $35.0M | −$49.0M | −$316.0M | −$166.0M |
| Other non-cash items | $132.0M | $33.0M | −$7.0M | $70.0M | −$421.0M | $26.0M | −$83.0M | $91.0M | $318.0M | $221.0M |
| Cash from operating activities | $1.89B | $1.33B | $1.27B | $1.72B | $2.23B | $2.00B | $1.24B | $1.20B | $1.18B | $1.07B |
| Investing activities | ||||||||||
| Capital expenditures | −$527.0M | −$425.0M | −$408.0M | −$404.0M | −$403.0M | −$418.0M | −$400.0M | −$383.0M | −$252.0M | −$293.0M |
| Investments (net) | — | −$2.55B | −$1.12B | −$543.0M | $752.0M | −$772.0M | −$411.0M | −$801.0M | −$805.0M | −$152.0M |
| Acquisitions & other investing | −$104.0M | $425.0M | $468.0M | $404.0M | −$328.0M | $418.0M | $400.0M | $383.0M | $252.0M | $293.0M |
| Cash from investing activities | −$631.0M | −$2.55B | −$1.06B | −$543.0M | $21.0M | −$772.0M | −$411.0M | −$801.0M | −$805.0M | −$152.0M |
| Financing activities | ||||||||||
| Dividends paid | −$353.0M | −$331.0M | −$314.0M | −$305.0M | −$309.0M | −$297.0M | −$286.0M | −$266.0M | −$247.0M | −$223.0M |
| Share repurchases & issuance (net) | −$450.0M | −$151.0M | −$275.0M | −$1.41B | −$2.20B | −$325.0M | −$353.0M | −$322.0M | −$465.0M | −$590.0M |
| Net borrowing (repayment) | −$602.0M | $1.54B | $748.0M | −$2.0M | −$2.0M | −$805.0M | $832.0M | $124.0M | $23.0M | $145.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $17.0M | $23.0M | $1.0M | −$17.0M | −$30.0M | $160.0M | $32.0M | $63.0M | $97.0M | −$23.0M |
| Cash from financing activities | −$1.39B | $1.08B | $160.0M | −$1.73B | −$2.54B | −$1.27B | $225.0M | −$401.0M | −$592.0M | −$691.0M |
| Summary | ||||||||||
| Net change in cash | −$129.0M | −$137.0M | $371.0M | −$557.0M | −$286.0M | −$34.0M | $1.06B | −$2.0M | −$222.0M | $226.0M |
| Cash at end of period | $420.0M | $549.0M | $686.0M | $315.0M | $872.0M | $1.16B | $1.19B | $135.0M | $137.0M | $359.0M |
| Free cash flow | $1.36B | $909.0M | $864.0M | $1.31B | $1.83B | $1.59B | $843.0M | $817.0M | $923.0M | $776.0M |
| Free cash flow margin | 12.3% | 9.2% | 9.3% | 13.3% | 17.0% | 16.8% | 10.9% | 10.8% | 12.0% | 10.3% |
| Capex / revenue | 4.8% | 4.3% | 4.4% | 4.1% | 3.7% | 4.4% | 5.2% | 5.1% | 3.3% | 3.9% |
| Operating cash flow / net income | 1.80 | 1.45 | 1.40 | 1.69 | 1.07 | 1.34 | 1.37 | 1.52 | 1.43 | 1.54 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $334.0M | $264.0M | $245.0M | $259.0M | $296.0M | $235.0M | $222.0M | $237.0M | $228.0M | $208.0M | $192.0M | $237.0M |
| Depreciation & amortization | $146.0M | $147.0M | $145.0M | $142.0M | $143.0M | $140.0M | $135.0M | $125.0M | $117.0M | $116.0M | $109.0M | $111.0M |
| Stock-based compensation | $23.0M | $20.0M | $25.0M | $20.0M | $21.0M | $22.0M | $27.0M | $19.0M | $20.0M | $22.0M | $19.0M | $18.0M |
| Change in working capital | $81.0M | −$210.0M | $64.0M | $35.0M | $55.0M | −$90.0M | $13.0M | −$42.0M | −$6.0M | −$186.0M | $174.0M | −$148.0M |
| Other non-cash items | −$116.0M | $57.0M | −$14.0M | $107.0M | $29.0M | $7.0M | $67.0M | $17.0M | $1.0M | −$6.0M | $33.0M | −$11.0M |
| Cash from operating activities | $468.0M | $278.0M | $465.0M | $563.0M | $544.0M | $314.0M | $464.0M | $356.0M | $360.0M | $154.0M | $527.0M | $207.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$138.0M | −$114.0M | −$158.0M | −$144.0M | −$108.0M | −$117.0M | −$123.0M | −$106.0M | −$92.0M | −$104.0M | −$72.0M | −$105.0M |
| Investments (net) | — | — | — | −$201.0M | −$124.0M | −$115.0M | −$502.0M | −$1.63B | −$200.0M | −$213.0M | −$114.0M | −$107.0M |
| Acquisitions & other investing | $4.0M | −$38.0M | −$33.0M | $144.0M | $108.0M | $117.0M | $123.0M | $106.0M | $92.0M | $104.0M | $72.0M | −$735.0M |
| Cash from investing activities | −$134.0M | −$152.0M | −$191.0M | −$201.0M | −$124.0M | −$115.0M | −$502.0M | −$1.63B | −$200.0M | −$213.0M | −$114.0M | −$947.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$96.0M | −$88.0M | −$90.0M | −$89.0M | −$90.0M | −$84.0M | −$84.0M | −$84.0M | −$84.0M | −$79.0M | −$80.0M | −$80.0M |
| Share repurchases & issuance (net) | −$102.0M | — | −$300.0M | −$150.0M | $42.0M | $29.0M | −$151.0M | −$1.0M | — | −$23.0M | −$275.0M | $60.0M |
| Net borrowing (repayment) | −$6.0M | −$1.0M | −$1.0M | $0 | −$216.0M | −$385.0M | −$1.0M | $1.84B | — | — | — | −$42.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$192.0M | −$63.0M | $104.0M | −$8.0M | −$29.0M | −$121.0M | $66.0M | $10.0M | −$279.0M | −$51.0M | $485.0M | −$21.0M |
| Cash from financing activities | −$396.0M | −$152.0M | −$287.0M | −$247.0M | −$293.0M | −$561.0M | −$170.0M | $1.77B | −$363.0M | −$153.0M | $130.0M | −$83.0M |
| Summary | ||||||||||||
| Net change in cash | −$63.0M | −$27.0M | −$12.0M | $113.0M | $131.0M | −$361.0M | −$215.0M | $493.0M | −$203.0M | −$212.0M | $543.0M | $17.0M |
| Cash at end of period | $330.0M | $393.0M | $420.0M | $432.0M | $319.0M | $188.0M | $549.0M | $764.0M | $271.0M | $474.0M | $686.0M | $143.0M |
| Free cash flow | $330.0M | $164.0M | $307.0M | $419.0M | $436.0M | $197.0M | $341.0M | $250.0M | $268.0M | $50.0M | $455.0M | $102.0M |
| Free cash flow margin | 10.8% | 5.7% | 10.9% | 14.9% | 15.8% | 7.4% | 13.0% | 10.0% | 11.2% | 2.1% | 19.9% | 4.4% |
| Capex / revenue | 4.5% | 3.9% | 5.6% | 5.1% | 3.9% | 4.4% | 4.7% | 4.3% | 3.8% | 4.4% | 3.1% | 4.6% |
| Operating cash flow / net income | 1.40 | 1.05 | 1.90 | 2.17 | 1.84 | 1.34 | 2.09 | 1.50 | 1.58 | 0.74 | 2.74 | 0.87 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DGX cash generation
In fiscal 2025 (ended December 31, 2025), Quest Diagnostics generated $1.9 billion of cash from operations (up 41.4%) and spent $527.0 million on capital expenditures, leaving free cash flow of $1.4 billion, 12.3% of revenue. It returned $803.0 million to shareholders through dividends ($353.0 million) and net share buybacks ($450.0 million). Cash and equivalents fell by $129.0 million over the year.
Related: DGX income statement, DGX balance sheet, DGX dividend history. See the DGX stock overview for the latest quote and news.
DGX cash flow FAQ
What is Quest Diagnostics's free cash flow?
Quest Diagnostics's free cash flow was $1.4 billion in fiscal 2025: $1.9 billion of operating cash flow minus $527.0 million of capital expenditures It was $909.0 million a year earlier..
How much cash does Quest Diagnostics generate from operations?
Quest Diagnostics generated $1.9 billion of cash from operating activities in fiscal 2025, 1.80 times its net income of $1.0 billion.
How much does Quest Diagnostics spend on capital expenditures?
Quest Diagnostics spent $527.0 million on capital expenditures in fiscal 2025, 4.8% of revenue, compared with $425.0 million the year before.
How much stock does Quest Diagnostics buy back?
Quest Diagnostics spent $450.0 million on net share repurchases in fiscal 2025.
How much does Quest Diagnostics pay in dividends?
Quest Diagnostics paid $353.0 million in dividends in fiscal 2025, 26.0% of free cash flow.