DGX · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Quest Diagnostics

33 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Health plans (five largest)

earns from · approximately 20%named as a risk

Reimbursement from our five largest health plans totaled approximately 20%, and no one health plan accounted for 10%, of our consolidated net revenues in 2025.Business (Item 1)

Health plans

earns from · approximately 40% of our net revenues from diagnostic information servicesnamed as a risk

Health plans typically negotiate directly or indirectly with a number of diagnostic information services providers, and represent nearly one-half of our total clinical testing volume and approximately 40% of our net revenues from diagnostic information services.Business (Item 1)

Hospitals (reference testing)

earns from · approximately $1.2 billion in revenue

In 2025, we generated approximately $1.2 billion in revenue from “reference testing,” where we perform testing that hospitals do not perform in their own in-hospital labs.Business (Item 1)

Also named by DVA

Hospitals (Collaborative Lab Solutions)

earns from · approximately $800 million in revenues and management fees

In 2025, our Collaborative Lab Solutions (formerly known as Professional Laboratory Services) offering generated approximately $800 million in revenues and management fees supporting hospitals in the operation of their own labs.Business (Item 1)

Also named by DVA

Centers for Disease Control and Prevention (CDC)

earns from

We strive to provide diagnostic solutions for emerging infectious diseases, and were the first commercial laboratory to introduce a test for the H5 avian flu virus based on a preparedness contract from the Centers for Disease Controls and Prevention (“CDC”).Business (Item 1)

Also named by ARE, PFE

UnitedHealthcare Preferred Lab Network

earns from

The UnitedHealthcare Preferred Lab Network, which chose us to participate, is an example of a health plan taking these steps.Business (Item 1)

Life insurance industry (ExamOne)

earns from

Our risk assessment service, ExamOne®, is the largest provider of risk assessment services to the life insurance industry in North America and comprises underwriting support services, including data gathering, paramedical examinations and clinical laboratory testing and analytics, designed to assist life insurance companies objectively to evaluate the mortalityBusiness (Item 1)

Suppliers

Third-party billing provider

depends onnamed as a risk

The majority of billing and related operations for our Company are being provided by a third party under the Company's oversight.Risk factors (Item 1A)

Retrieval-Masters Creditors Bureau, Inc./American Medical Collection Agency (AMCA)

depends onnamed as a risk

For example, in June 2019, the Company reported that Retrieval-Masters Creditors Bureau, Inc./American Medical Collection Agency (AMCA), informed the Company that an unauthorized user had access to AMCA’s system.Risk factors (Item 1A)

Partners and platforms

Corewell Health

51% by Quest and 49% by Corewell Health

Equity ownership of the joint venture is shared 51% by Quest and 49% by Corewell Health.Business (Item 1)

Epic

depends onnamed as a risk

Any disruption or failure of our IT systems, including in connection with Project Nova, could have a material impact on our ability to serve our customers and patients, including negatively affecting our reputation in the marketplace, or otherwise adversely impact our business.Risk factors (Item 1A)

Walmart

earns from

We take opportunities to provide services to retail providers of healthcare services, such as "big-box" retailers, like Walmart, pharmacy chains, like CVS Health, supermarkets, like Safeway, urgent care centers and Internet-based service providers.Business (Item 1)

Also named by AIOT, BRK/B, CART, COST, DG, EEFT, FDX, KDP and 6 more

Google Cloud

depends on

In 2025, we announced a collaboration with Google to use Google Cloud's data analytics and generative AI to help us streamline our data management, improve data analytics, and personalize the experiences we deliver to patients, providers, and other customers.Business (Item 1)

Also named by AAON, CME, ETSY, FTNT, GTLB, LBTYA, MSTR, NTAP and 4 more

Other companies

Spectra Laboratories (Fresenius Medical Care)

In 2025, we acquired select clinical testing and dialysis-related water testing assets of Fresenius Medical Care's wholly-owned Spectra Laboratories, a leading provider of renal-specific laboratory testing services in the United States.Business (Item 1)

Competitors

Laboratory Corporation of America Holdings, Inc.

competes withnamed as a risk

Our largest commercial clinical laboratory competitor is Laboratory Corporation of America Holdings, Inc.Business (Item 1)

Places

Canada

operates in · approximately 23 million test requisitionsnamed as a risk

During the full year of 2025, LifeLabs performed approximately 23 million test requisitions to help diagnose, treat, monitor and prevent diseases for millions of Canadians.Business (Item 1)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

United States

concentrated in

We are a leading provider of diagnostic information services in the United States, where we conduct substantially all of our business.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Hazards

Hurricanes and earthquakes

operates innamed as a risk

Our operations may be adversely impacted by the effects of natural disasters such as hurricanes and earthquakes, public health emergencies and pandemics, geopolitical conflicts, hostilities or acts of terrorism and other criminal activities.Risk factors (Item 1A)

Also named by AOS

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

Our business and operations could be adversely impacted by the FDA's approach to regulation.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Centers for Medicare and Medicaid Services (CMS)

subject tonamed as a risk

In addition, CMS has adopted policies limiting or excluding coverage for clinical tests that we perform.Risk factors (Item 1A)

Also named by ABBV, CDNA, CHE, DOC, ENSG, GD, GEHC, GHC and 6 more

Drug Enforcement Administration (DEA)

subject to

To obtain access to controlled substances used to perform drugs-of-abuse testing in the United States, laboratories must be licensed by the Drug Enforcement Administration.Business (Item 1)

Also named by CAH, COR, DHR, HALO, HSIC, IQV, LH, MCK and 7 more

College of American Pathologists (CAP)

subject to

All of our major laboratories, including our laboratories outside the United States, a number of our rapid response laboratories, and our biorepository facility are accredited by the CAP.Business (Item 1)

Also named by GH, TEM, WGS

Substance Abuse and Mental Health Services Administration (SAMHSA)

subject to

All U.S. laboratories that perform drug testing for certain public sector employees and employees of certain federally regulated businesses are required to be certified as meeting the detailed performance and quality standards of the Substance Abuse and Mental Health Services Administration.Business (Item 1)

Laws and programs

Medicare

earns fromnamed as a risk

Government payers, such as Medicare and Medicaid, have taken steps to reduce the utilization and reimbursement of healthcare services, including clinical testing services.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

U.S. tariffs

subject tonamed as a risk

These actions could also negatively impact our supply chain costs or availability of products we need to operate our business.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Medicaid

earns fromnamed as a risk

Medicaid reimbursement varies by state and is subject to administrative and billing requirements and budget pressures.Risk factors (Item 1A)

Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more

False Claims Act

subject tonamed as a risk

Certain violations of these laws may also provide the basis for a civil remedy under the federal False Claims Act, including fines and damages of up to three times the amount claimed.Risk factors (Item 1A)

Also named by ACN, ASTS, CDW, CHE, CI, CVS, FLR, GE and 13 more

Health Insurance Portability and Accountability Act (HIPAA)

subject tonamed as a risk

If we do not use or adequately safeguard that information in compliance with applicable requirements under federal, state and international laws, or if it were disclosed to persons or entities that should not have access to it, our business could be materially impaired, our reputation could suffer, and we could be subject to fines, penalties and litigation.Risk factors (Item 1A)

Also named by ADI, BBY, BR, BWIN, CART, CTSH, IQV, KR and 8 more

Medicare Advantage

earns fromnamed as a risk

There has been growth of health insurance plans offering Medicare Advantage programs, and of beneficiary enrollment in these programs.Risk factors (Item 1A)

Also named by BWIN, CDNA, CHE, CNC, CVS, DOC, DVA, ELV and 3 more

Clinical Laboratory Improvement Amendments (CLIA)

subject tonamed as a risk

(i) Denial, suspension or revocation of CLIA certification or other licenses for any of our clinical laboratories under the CLIA standards, revocation or suspension of the right to bill the Medicare and Medicaid programs or other adverse regulatory actions by federal, state and local agencies.Risk factors (Item 1A)

Also named by COO, GH, ILMN, IQV, LH, MEDP, NTRA

Protecting Access to Medicare Act of 2014 (PAMA)

subject tonamed as a risk

Pursuant to PAMA, reimbursement rates for many clinical laboratory tests provided under Medicare were reduced during 2018 - 2020.Risk factors (Item 1A)

Also named by CDNA, DHR, GH, NTRA, WGS

Budget Control Act of 2011

subject tonamed as a risk

Reimbursement for Medicare services also is subject to annual reduction under the Budget Control Act of 2011, and the Statutory Pay-As-You-Go Act of 2010.Risk factors (Item 1A)

Also named by DVA, KTOS

U.S. Department of Health and Human Services (HHS) Corporate Integrity Agreement

subject tonamed as a risk

For example, the Company recently entered into a Corporate Integrity Agreement with HHS.Business (Item 1)