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1 Q3 2026 Performance Strong results and growth momentum We delivered revenue growth of 10% and adjusted EPS growth of over 15% on continued strength across our physician, hospital and consumer channels, complemented by productivity gains from automation and AI. Our robust organic revenue growth demonstrates that our solutions are fulfilling the expanding clinical care needs of an aging population as well as the increasing number of people focused on prevention and wellness. With these growth trends and our strong performance, we are raising our revenue and EPS guidance for the full year. — Jim Davis, Chairman, CEO, and President “ “ 10.0% Total revenue $3.10 billion 16.7% Adjusted operating income %2, 3 15.4% Adjusted diluted EPS2, 3 $3.00 per share Company overview Quest Diagnostics works across healthcare to create a healthier world, one life at a time. $11.04 billion in revenues in 2025 • Serving 50% of US hospitals and physicians • Nearly 60,000 Quest and LifeLabs employees Read our Q3 earnings press release on our Investor Relations site. 1 1,3 Q3 2026 1. All percentages are based on comparisons to the same period of 2025. 2. This is a non-GAAP financial measure. Please refer to the “Data Tables” section at the end of this presentation for a reconciliation to the comparable GAAP measure. 3. Reported operating income as a percentage of net revenue was 15.5%. Reported diluted EPS of $2.78, up 28.7% over prior year period. Revenue: $12.065B - $12.105B Adjusted diluted EPS2: $11.25 - $11.35 Revised 2026 guidance Recent highlights Formed the first industry collaboration with Waters Corporation to provide access to the Onclarity Self- Collection Kit through clinical, health plan and consumer health channels in the United States AD-Detect® Extended our AD-Detect® menu to include the FDA-cleared Roche Elecsys® Phospho-Tau (217P) Plasma (pTau217) blood test and launched a new AD-Detect test panel with pTau217, amyloid beta and APOE to help guide diagnosis and treatment decisions for Alzheimer’s disease + Announced the ability for iPhone and iPad users in the United States to conveniently purchase a tailored Quest laboratory test panel with over 50 biomarkers directly through the Apple Health app, available to the public later this year
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Q3 2026 October 22, 2026 Supplemental Financial Information
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33 The statements in this presentation that are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management’s current estimates, projections, expectations, or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, uncertain and volatile economic conditions, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government policies, including related to trade, and regulations, changing relationships with customers, payers, suppliers or strategic partners, acquisitions, and other factors discussed in the company’s most recently filed Annual Report on Form 10-K and in any of the company’s subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the “Business,” “Risk Factors,” “Cautionary Factors that May Affect Future Results.” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those reports. Safe harbor disclosure
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44 As used in this presentation the term “reported” refers to measures under accounting principles generally accepted in the United States (“GAAP”). The term “adjusted” refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits (“ETB”) associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments and other items. Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts, and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors as well as to analyze the underlying trends in our business and to assess our performance. Please refer to the “Data Tables” section of this presentation for additional information about these non-GAAP measures, including a reconciliation to the most comparable GAAP measure. Note on non-GAAP financial measures
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5 Third quarter 2026 financial results (a) For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, including the non-GAAP measures, see the “Data Tables” section at the end of this presentation. Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share data) 2026 2025 Change 2026 2025 Change Reported Net revenues $3,097 $2,816 10.0% $9,035 $8,229 9.8% Diagnostic information services revenues $3,035 $2,755 10.2% $8,845 $8,043 10.0% Revenue per requisition (4.2%) (2.8%) Requisition volume 14.5% 12.9% Organic requisition volume 14.4% 12.8% Operating income (a) $479 $386 24.2% $1,337 $1,170 14.3% Operating income as a percentage of net revenues (a) 15.5% 13.7% 1.8% 14.8% 14.2% 0.6% Net income attributable to Quest Diagnostics (a) $312 $245 27.6% $884 $747 18.4% Diluted EPS (a) $2.78 $2.16 28.7% $7.86 $6.57 19.6% Cash provided by operations $611 $563 8.8% $1,486 $1,421 4.6% Capital expenditures $166 $144 15.0% $418 $369 13.2% Adjusted (a) Operating income $517 $458 13.0% $1,466 $1,330 10.3% Operating income as a percentage of net revenues 16.7% 16.3% 0.4% 16.2% 16.2% - % Net income attributable to Quest Diagnostics $338 $296 14.2% $969 $845 14.7% Diluted EPS $3.00 $2.60 15.4% $8.62 $7.43 16.0%
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66 Guidance for full year 2026 Updated Guidance Prior Guidance Low High Low High Net revenues $12.065B $12.105B $11.95B $12.05B Net revenues increase 9.3% 9.7% 8.3% 9.2% Reported diluted EPS $10.21 $10.31 $9.97 $10.17 Adjusted diluted EPS $11.25 $11.35 $11.05 $11.25 Cash provided by operations Approximately $1.9B Approximately $1.8B Capital expenditures Approximately $550M Approximately $550M Note: A reconciliation of Reported Diluted EPS to Adjusted Diluted EPS is included in the “Data Tables” section at the end of this presentation.
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77 • Revenue guide does not include any contribution from prospective M&A • Nova expense expectations remain consistent for the full year • EPS impact of $0.25, with approximately 70% of the expenses to be incurred in the second half of this year. • Operating margin is expected to expand versus the prior year • Share count is expected to be slightly below 2025 • Adjusted effective tax rate is expected to be consistent with 2025 • Interest expense is now expected to be lower than 2025 Underlying assumptions for full year 2026 guidance
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8 Acquisition Net Revenue Growth Organic Net Revenue Growth Q3 revenue growth of +10.0%, reflecting all organic growth across our physician, hospital and consumer channels 8.5% 14.5% 12.1% 15.2% 13.1% 7.1% 9.2% 10.2% 10.0% 4.2% 4.8% 2.4% 5.2% 6.8% 6.4% 9.0% 10.0% 10.0% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Total Net Revenue Growth
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9 Q3 revenue per req of (4.2%) was impacted as expected by Fresenius Medical Care and Corewell Health mix; Excluding this mix, revenue per req was +1.7% Acquisition Net Volume Growth Organic Net Volume Growth Total Revenue Per Req 5.5% 13.9% 12.4% 16.3% 12.5% 8.5% 10.9% 13.1% 14.5% 0.5% 0.6% (0.9%) 2.1% 3.9% 7.9% 10.8% 13.0% 14.4% 3.3% 0.2% 0.3% (0.4%) 0.8% (0.1%) (1.3%) (2.8%) (4.2%) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Total Net Volume Growth
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10 3% 3% 2% 2% 2% 2% 2% 2% 2% 38% 36% 35% 37% 37% 36% 33% 35% 35% 3% 3% 3% 3% 2% 3% 3% 2% 2% 13% 16% 16% 16% 16% 16% 16% 16% 16% 33% 32% 31% 30% 31% 31% 32% 32% 33% 10% 10% 13% 12% 12% 12% 14% 13% 12% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Trended quarterly net revenues by payer customer type Health insurers (fee-for service)* Health insurers (capitated) Government payers Client payers Patients 10% *Includes Medicare Advantage and Managed Medicaid. **DS businesses revenues. Other**
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11 2025 net revenues of $11.0B by customer channel and major service Customer channel Major service Physician lab services 71% Hospital lab services 18% Other DIS 9% DS revenues 2% Routine clinical testing and other services 54% Gene-based and esoteric* testing services 38% Anatomic pathology testing services 6% All other 2% *Includes advanced diagnostics Note: Net revenues by customer channel and major service are provided annually. Data for the last three years can be found in the data tables below.
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Data tables
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13 Trended quarterly growth metrics 2024 2025 2026 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Total net revenue growth 8.5% 14.5% 6.7% 12.1% 15.2% 13.1% 7.1% 11.8% 9.2% 10.2% 10.0% 9.8% Organic net revenue growth 4.2% 4.8% 2.9% 2.4% 5.2% 6.8% 6.4% 5.3% 9.0% 10.0% 10.0% 9.6% DIS revenue growth 9.0% 15.1% 7.1% 12.7% 15.7% 13.5% 7.3% 12.2% 9.4% 10.3% 10.2% 10.0% Total revenue per requisition 3.3% 0.2% 1.3% 0.3% (0.4%) 0.8% (0.1%) 0.1% (1.3%) (2.8%) (4.2%) (2.8%) Total requisition volume 5.5% 13.9% 5.5% 12.4% 16.3% 12.5% 8.5% 12.3% 10.9% 13.1% 14.5% 12.9% Organic requisition volume 0.5% 0.6% 0.7% (0.9%) 2.1% 3.9% 7.9% 3.4% 10.8% 13.0% 14.4% 12.8% DS revenue growth (7.9%) (3.5%) (6.3%) (7.7%) (3.1%) (1.0%) (0.9%) (3.3%) 0.8% 4.3% 2.3% 2.5%
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14 Trended quarterly net revenues by payer customer type 2024 2025 2026 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Healthcare insurers Fee-for-service 38% 36% 37% 35% 37% 37% 36% 36% 33% 35% 35% Capitated 3% 3% 3% 3% 3% 2% 3% 3% 3% 2% 2% Total healthcare insurers 41% 39% 40% 38% 40% 39% 39% 39% 36% 37% 37% Government payers 13% 16% 13% 16% 16% 16% 16% 16% 16% 16% 16% Client payers 33% 32% 33% 31% 30% 31% 31% 31% 32% 32% 33% Patients (a) 10% 10% 11% 13% 12% 12% 12% 12% 14% 13% 12% Total DIS 97% 97% 97% 98% 98% 98% 98% 98% 98% 98% 98% DS 3% 3% 3% 2% 2% 2% 2% 2% 2% 2% 2% Net revenues 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% (a) Including coinsurance and deductibles.
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15 Trended annual net revenues by customer channel 2023 2024 2025 Physician lab services 66% 68% 71% Hospital lab services 21% 20% 18% Other DIS 10% 9% 9% Total DIS revenues 97% 97% 98% DS revenues 3% 3% 2% Total net revenues 100% 100% 100%
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16 Trended annual net revenues by major service 2023 2024 2025 Routine clinical testing and other services 51% 51% 54% COVID-19 testing services 2% 1% 0% Gene-based and esoteric (including advanced diagnostics) testing services 38% 39% 38% Anatomic pathology testing services 6% 6% 6% All other 3% 3% 2% Net revenues 100% 100% 100%
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1717 Computation of Basic and Diluted Earnings per Common Share
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1818 Non-GAAP reconciliations
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1919 Non-GAAP reconciliations
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2020 Non-GAAP reconciliations
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2121 Non-GAAP reconciliations