Cover and table of contents

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Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2025

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 001-12215

Quest Diagnostics Incorporated

Delaware16-1387862
(State of Incorporation)(I.R.S. Employer Identification Number)
500 Plaza Drive
Secaucus,NJ07094
(973)520-2700
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $.01 par valueDGXNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes X No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes No X

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [☐ ]

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. [☒]

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. [☐]

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). [☐]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No X

As of June 30, 2025, the aggregate market value of the approximately 112 million shares of voting and non-voting common equity held by non-affiliates of the registrant was approximately $20.0 billion, based on the closing price on such date of the registrant's Common Stock on the New York Stock Exchange.

As of February 2, 2026, there were outstanding 109,866,320 shares of the registrant’s common stock, $.01 par value.

Documents Incorporated by ReferencePart of Form 10-K into which incorporated
Document
Portions of the registrant's Proxy Statement to be filed by April 30, 2026Part III

Such Proxy Statement, except for the portions thereof which have been specifically incorporated by reference, shall not be deemed “filed” as part of this report on Form 10-K.

TABLE OF CONTENTS

ItemPage
Item 1.Business1
Introduction1
Our Strategy2
Our Strengths5
Business Operations8
The Clinical Testing Industry10
General18
Regulation22
Available Information25
Information about Our Executive Officers26
Item 1A.Risk Factors28
Cautionary Factors That May Affect Future Results39
Item 1B.Unresolved Staff Comments42
Item 1C.Cybersecurity42
Item 2.Properties44
Item 3.Legal Proceedings42
Item 4.Mine Safety Disclosures44
Item 5.Market for Registrant's Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities45
Item 6.Reserved46
Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations46
Item 7A.Quantitative and Qualitative Disclosures About Market Risk47
Item 8.Financial Statements and Supplementary Data47
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure47
Item 9A.Controls and Procedures47
Item 9B.Other Information47
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections46
Item 10.Directors, Executive Officers and Corporate Governance49
Item 11.Executive Compensation49
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholders' Matters49
Item 13.Certain Relationships and Related Transactions, and Director Independence49
Item 14.Principal Accounting Fees and Services49
Item 15.Exhibits, Financial Statement Schedules50
Item 16.Form 10-K Summary56
Management's Discussion and Analysis of Financial Condition and Results of Operations59
Report of Management on Internal Control Over Financial Reporting75
Report of Independent Registered Public Accounting FirmF- 1
Consolidated Financial Statements and Related NotesF- 3

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Table of Contents

Next: Item 1. Business