Skip to content
AnalystLens

IQVIA HoldingsIQV

Legal name
IQVIA Holdings Inc.
Sector
Healthcare
Industry
Services-Commercial Physical & Biological Research
Exchange
NYSE

Stock Price $IQV

Latest filings

You are here#52 of 86 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K130

IQV filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 130 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’17Jul ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  15. $16.31B
YoY changeLargest recent move+41.1%in FY17Latest +5.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All IQV Financial Metrics57 metrics

Income Statement15

Balance Sheet24

Cash Flow13

Per Share5

02—Overview

IQVIA Holdings Financial Overview 2021–2025

Updated Nov 4, 2026

IQVIA's diluted EPS climbed 58% between FY2021 and FY2025, from $4.95 to $7.84a, while revenue rose just 18%. That gap is the story. Per-share profit has grown faster than the business, helped by buybacks and a heavier debt load. The core thesis: IQVIA is a steady compounder with a growing contracted pipeline, but its financial engineering is doing a lot of the work.

The long arc is clear. Revenue grew from $13.87 billion in FY2021 to $16.31 billionb in FY2025. The FY2025 growth rate of 5.9% was the fastest since the 22.1% pandemic-era surge in FY2021. Technology & Analytics Solutions rose 7.6% to $6.63 billion. Research & Development Solutions grew 4.3% to $8.90 billion, yet its segment profit fell 3.9% to $1.87 billion. Restructuring costs climbed to $105 million.

The balance sheet shows the trade-off. Total debt reached $15.80 billionc at the end of FY2025, up from $12.2 billion in FY2021. Operating cash flow of $2.65 billion funded $1.24 billion of buybacks, but also left less cushion. Offsetting that, R&D backlog hit $32.7 billion, up from $24.8 billion in FY2021.

The market paid up for that visibility. At the close of FY2025, the shares traded at $225.41d, or 28.8x earnings, for a market cap of $38.2 billion.

Recent Developments (Q2 and Q3 2026)

Revenue growth held near 8% in both quarters. Q2 2026 revenue rose 8.7% to $4,368 millione, and Q3 2026 reached $4,428 million. R&D Solutions net new bookings hit $3.15 billion in Q2, up 19%. Management raised full-year 2026 Adjusted EPS guidance to $12.90–$13.00. In Q3, a review of inactive trials cut contracted backlog by about $2.1 billion, to $32.6 billion. Restructuring reached $150 million over nine months, versus $81 million. IQVIA also issued €950 million and $2.0 billion of senior notes, the latter at 6.375%, and repurchased $950 million of stock.

Bull case: Adjusted EPS grew 11.3% in Q3, and free cash flow reached 120% of adjusted net income. Bear case: net debt remains $13,818 million, the backlog was cut, and the stock traded at 34.6x trailing earnings as of the Q3 2026 report date (October 26, 2026), not today.

What to watch: Investor Day on December 1, 2026; backlog conversion after the $2.1 billion reset

03—Filings

Recent SEC Filings

  1. 8-KIQVIA Holdings 8-K Report, Financial Results (Oct 27, 2026)IQVIA Holdings Inc. reported record third-quarter 2026 results, with revenue of $4,428 million, up 8.0% year-over-year (8.6% at constant currency). GAAP net income was $350 million and GAAP diluted EPS was $2.10. Adjusted EBITDA rose to $1,032 million, up 8.7%, and Adjusted Diluted EPS was $3.34, up 11.3%. R&D Solutions net new bookings reached $3.2 billion, up 15%, with a book-to-bill ratio of 1.2x. Management cited favorable demand indicators and said its organic growth acceleration was double the prior rate for Commercial Solutions and nearly triple for clinical. The company also adjusted R&DS contracted backlog following a review of inactive trials. The backlog adjustment was approximately $2.1 billion and, per the filing, had no impact on historical financial results, 2026 guidance, book-to-bill, or next-twelve-month revenue from backlog. R&DS contracted backlog stood at $32.6 billion as of September 30, 2026, with approximately $9.4 billion expected to convert to revenue in the next twelve months, representing 10% year-over-year growth. IQVIA raised its full-year 2026 guidance for revenue to $17,350 million–$17,500 million, Adjusted EBITDA to $4,025 million–$4,055 million, and Adjusted Diluted EPS to $12.90–$13.00. Net debt was $13,818 million and the Net Leverage Ratio was 3.45x trailing twelve-month Adjusted EBITDA. Free cash flow for the quarter was $667 million, equal to 120% of Adjusted Net Income. The company will hold an Investor Day on December 1, 2026.
  2. 8-KIQVIA Holdings 8-K Report, Material Agreement (Sep 23, 2026)On September 23, 2026, IQVIA Inc., a wholly owned subsidiary of IQVIA Holdings Inc., completed the issuance and sale of $2.0 billion in gross proceeds of 6.375% senior notes due 2034. The notes were issued under an indenture dated the same day among the Issuer, U.S. Bank Trust Company, National Association, as trustee, and certain subsidiaries of the Issuer as guarantors. The notes are unsecured obligations of the Issuer and mature on March 15, 2034, unless earlier repurchased or redeemed. The filing states that the net proceeds will be used to redeem in full the Issuer's Senior 5.000% Notes due 2026, to repay a portion of the outstanding indebtedness under the Issuer's revolving credit facility, and to pay fees and expenses related to the offering. This refinancing replaces existing debt, including a revolver balance, with longer-dated fixed-rate notes. Interest is payable semi-annually on March 15 and September 15, beginning March 15, 2027. The Issuer may redeem the notes before maturity at a customary make-whole premium at any time before September 15, 2029, subject to a customary equity claw redemption right. After that date, the redemption premium declines from 3.188% to 0.000%. The indenture is filed as Exhibit 4.1, and the filing incorporates the description of the notes under Item 2.03 as well.
  3. 8-KIQVIA Holdings 8-K Report, Corporate Update (Sep 9, 2026)IQVIA Holdings Inc. (NYSE: IQV) disclosed on September 9, 2026 that its wholly owned subsidiary, IQVIA Inc. (the "Issuer"), intends to raise $2,000,000,000 in gross proceeds through an offering of senior notes due 2034 and priced the offering. The Issuer entered into a purchase agreement with the representative of the purchasers for $2.0 billion in aggregate principal amount of senior notes bearing interest at 6.375% per annum. The company states that the net proceeds will be used to redeem in full the Issuer's Senior 5.000% Notes due 2026, to repay a portion of the outstanding indebtedness under the Issuer's revolving credit facility, and to pay fees and expenses related to the offering. The notes will pay interest semi-annually on March 15 and September 15, beginning March 15, 2027, and will mature on March 15, 2034. Closing is expected on or about September 23, 2026, subject to customary closing conditions. The notes are being offered in reliance on Rule 144A and Regulation S and have not been registered under the Securities Act. The filing is a refinancing and debt-management transaction that replaces the 5.000% notes due 2026 and reduces revolving credit facility borrowings.
  4. 8-KIQVIA Holdings 8-K Report, Financial Results (Jul 28, 2026)IQVIA Holdings Inc. furnished an 8-K under Item 2.02 on July 28, 2026, attaching a press release reporting results for the second quarter ended June 30, 2026. Revenue was $4,368 million, up 8.7% year-over-year on a reported basis, with GAAP net income of $256 million, GAAP diluted EPS of $1.53, Adjusted EBITDA of $994 million (up 9.2%), and Adjusted Diluted EPS of $3.15 (up 12.1%). R&D Solutions net new bookings were $3.15 billion, up 19% year-over-year, with a 1.22x book-to-bill ratio. Results are presented under the company's new two-segment structure, Commercial Solutions and Research & Development Solutions, effective January 1, 2026. Management raised full-year 2026 guidance for revenue to $17,275 million to $17,475 million, Adjusted EBITDA to $4,000 million to $4,050 million, and Adjusted Diluted EPS to $12.80 to $13.00. The filing attributes the revenue raise to approximately 100 basis points higher organic growth and about 50 basis points higher M&A contribution, partly offset by roughly 80 basis points of unfavorable foreign exchange versus prior guidance. Balance sheet metrics show cash of $1,909 million, debt of $15,999 million, net debt of $14,090 million, and a Net Leverage Ratio of 3.59x trailing twelve-month Adjusted EBITDA. Second-quarter operating cash flow was $558 million and free cash flow was $360 million. The company repurchased $398 million of stock in the quarter, with $2,819 million of authorization remaining as of June 30, 2026.
  5. 8-KIQVIA Holdings 8-K Report, Material Agreement (Jun 11, 2026)On June 11, 2026, IQVIA Inc., a wholly owned subsidiary of IQVIA Holdings Inc., completed the issuance and sale of €950,000,000 in gross proceeds of 4.625% senior notes due 2033. The Notes were issued under an Indenture dated June 11, 2026, among IQVIA Inc., U.S. Bank Trust Company, National Association, as trustee, and certain subsidiaries of the Issuer as guarantors. The Notes are unsecured obligations of the Issuer and bear interest payable semi-annually on June 15 and December 15, beginning December 15, 2026. The net proceeds will be used to refinance certain of the Issuer's existing indebtedness and to pay fees and expenses related to the offering. The filing also states the Issuer may redeem the Notes before their June 15, 2033 maturity, subject to a customary make-whole premium at any time before June 15, 2029 (with a customary equity claw redemption right), and thereafter at a redemption premium declining from 2.313% to 0.000%. The filing is limited to the debt issuance itself, reported under Item 1.01 (Material Definitive Agreement) and Item 2.03 (Direct Financial Obligation), with the Indenture filed as Exhibit 4.1.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.