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BUSINESS ACQUISITIONS | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS Acquisition of LifeLabs On August 23, 2024, the Company acquired all of the issued and outstanding common shares of LifeLabs Inc. and all of the partnership interests of BPC Lab Finance LP (collectively, "LifeLabs") in an all-cash transaction for approximately CAN $1.35 billion (approximately USD $1 billion), net of cash acquired. LifeLabs provides laboratory diagnostic information and digital health connectivity systems in Canada. The Company recorded the assets acquired and liabilities assumed based on a preliminary purchase price allocation. During the nine months ended September 30, 2025, the Company finalized its purchase price allocation and recorded a $9 million increase to deferred income tax assets and a corresponding decrease to goodwill. The measurement period adjustment did not impact the Company's consolidated results of operations. The following unaudited pro forma combined financial information reflects the consolidated statement of operations of the Company as if the acquisition of LifeLabs had occurred as of January 1, 2023. The pro forma information includes adjustments primarily related to the amortization of acquired intangible assets, interest expense associated with debt of LifeLabs which was extinguished prior to the acquisition, interest expense associated with senior notes issued to fund the acquisition, the impact on depreciation expense of recording acquired property, plant and equipment at fair value, and transaction costs related to the LifeLabs acquisition. The pro forma combined financial information does not include the estimated annual synergies expected to be realized upon completion of the integration of LifeLabs and therefore is not indicative of the results of operations as they would have been had the transaction been effected on the assumed date (in millions, except per share data).
| Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |  |
Pro forma net revenues | $ | 2,588 |  | $ | 7,700 |  |  |
Pro forma net income attributable to Quest Diagnostics | $ | 222 |  | $ | 647 |  |  |
Pro forma earnings per share attributable to Quest Diagnostics' common stockholders: |  |  |  |
Basic | $ | 1.97 |  | $ | 5.78 |  |  |
Diluted | $ | 1.95 |  | $ | 5.72 |  |  |
Acquisition of select assets of Spectra Laboratories During February 2025, the Company entered into a definitive agreement to acquire select clinical testing assets and select 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 U.S. On August 4, 2025, the acquisition of the select clinical testing assets closed and the Company paid $34 million of cash consideration for such business. Based on the preliminary purchase price allocation, which may be revised as additional information becomes available during the measurement period, the assets acquired and liabilities assumed primarily consist of $25 million of tax-deductible goodwill and $9 million of customer-related intangible assets. The intangible assets are being amortized over a useful life of 15 years. The acquisition of the select dialysis-related water testing assets is expected to close by the end of 2025 and such closing remains subject to customary closing conditions. The acquisition was accounted for under the acquisition method of accounting. As such, the assets acquired and liabilities assumed were recorded based on their estimated fair values as of the closing date. Supplemental pro forma combined financial information has not been presented as the impact of the acquisition is not material to the Company's consolidated financial statements. The goodwill recorded primarily includes the expected synergies resulting from combining the operations of the acquired entity with those of the Company and the value associated with an assembled workforce and other intangible assets that do not qualify for separate recognition. All of the goodwill acquired in connection with the acquisition has been allocated to the Company's DIS business. For further details regarding business segment information, see Note 12. For details regarding the Company's 2024 acquisitions, see Note 6 to the audited consolidated financial statements in the Company's 2024 Annual Report on Form 10-K. Venture with Corewell Health During August 2025, the Company and Corewell Health signed a definitive agreement to enter into a venture which will perform laboratory testing in the state of Michigan via a new laboratory facility. Equity ownership of the venture will be shared 51% by Quest and 49% by Corewell Health. The parties expect to complete the transaction during the first quarter of 2026 and they expect to construct a new laboratory facility to be operational during 2027. The transaction is subject to customary closing conditions.

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