01—Abstract
Summary
Summary of the 10-K filed February 17, 2026. Cited figures are marked; the original filing is the authoritative source.
IQVIA Holdings Inc. (IQV) reported 2025 revenues of $16.31 billiona, up 5.9% from $15.41 billion in 2024, with income from operations of $2.18 billion and diluted EPS of $7.84 compared with $7.49 in 2024.
Technology & Analytics Solutions revenue rose 7.6% to $6.63 billionb, and Research & Development Solutions revenue rose 4.3% to $8.90 billion, while its segment profit fell 3.9% to $1.87 billion. Management described 2025 as a year in which macroeconomic uncertainty slowed client decision-making. Contracted R&D backlog grew to $32.7 billion, and total remaining performance obligations were approximately $34.2 billion.
Cash flow from operations was $2.65 billionc, and the company spent $1.71 billion, net of cash, on acquisitions across all three segments. Total indebtedness was $15.80 billion at year end, including the $2.0 billion 6.250% senior notes due 2032 issued in June 2025. The company repurchased 7.4 million shares for $1.24 billion during the year, and $1.77 billion remained under its repurchase authorization at December 31, 2025.
Starting January 1, 2026, IQVIA will report two segments, Commercial Solutions and Research & Development Solutions, with Contract Sales & Medical Solutions folded into Commercial Solutions and certain Real-World offerings moved to R&D Solutions. Restructuring costs rose to $105 milliond in 2025, and the company expects restructuring actions to continue through 2026.
02—Key points
Key Highlights
- Revenues increased 5.9% to $16.31 billion in 2025; Technology & Analytics Solutions grew 7.6% and Research & Development Solutions grew 4.3%.
- Net income attributable to IQVIA was $1.36 billion, with diluted EPS of $7.84 versus $7.49 in 2024; effective tax rate was 15.8% versus 18.0%.
- Research & Development Solutions contracted backlog rose to $32.7 billion from $31.1 billion, with about $8.3 billion expected to convert to revenue in the next 12 months.
- Cash from operations was $2.65 billion; $1.71 billion was spent on business acquisitions, net of cash acquired.
- Total debt was $15.80 billion at December 31, 2025, and the company repurchased $1.24 billion of common stock during 2025.
- Segment reporting changes effective January 1, 2026 consolidate the business into Commercial Solutions and Research & Development Solutions, with recast results beginning with the Q1 2026 Form 10-Q.
- Restructuring costs were $105 million in 2025, up from $67 million in 2024, and are expected to continue throughout 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 17, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $16.31B$15.40B | +5.9% |
| SG&A Expenses | $2.00B$1.99B | +0.4% |
| Operating Income | $2.18B$2.20B | −0.9% |
| Interest Expense | $729.00M$670.00M | +8.8% |
| Net Income | $1.36B$1.37B | −0.9% |
| EPS (Basic) | $7.91$7.57 | +4.5% |
| EPS (Diluted) | $7.84$7.49 | +4.7% |
| Shares Outstanding (Basic) | 171.90M181.30M | −5.2% |
| Shares Outstanding (Diluted) | 173.50M183.40M | −5.4% |
05—Questions
Frequently Asked Questions
How did IQVIA perform financially in 2025?
Revenues rose 5.9% to $16.31 billion, income from operations was $2.18 billion, and diluted EPS was $7.84, up from $7.49 in 2024. Cash flow from operating activities was $2.65 billion.
What drove segment results in 2025?
Technology & Analytics Solutions revenue grew 7.6% to $6.63 billion, mainly from Real-World services and information and technology services. Research & Development Solutions revenue grew 4.3% to $8.90 billion, though its segment profit declined 3.9% to $1.87 billion as cost of revenues rose.
How much debt does IQVIA carry and how is it financed?
Total indebtedness was $15.80 billion at December 31, 2025. In June 2025 the company issued $2.0 billion of 6.250% senior notes due 2032, and in December 2025 it amended its Credit Agreement to refinance term A and revolving loans. The company stated it was in compliance with its financial covenants in all material respects.
What changes are coming to IQVIA's reporting structure?
Effective January 1, 2026, the company will report two segments: Commercial Solutions, which absorbs Contract Sales & Medical Solutions and is renamed from Technology & Analytics Solutions, and Research & Development Solutions, which takes on certain Real-World offerings. Segment information will be recast beginning with the Form 10-Q for the quarter ended March 31, 2026.
What is IQVIA's capital return activity?
In 2025 the company repurchased 7.4 million shares for $1.24 billion. The Board raised the repurchase authorization by $2.0 billion in February 2025, bringing the total authorized amount to $13.73 billion, and $1.77 billion remained available as of December 31, 2025. The company does not currently intend to pay regular cash dividends.
06—Continue