01—Abstract
Summary
Summary of the 10-Q filed July 22, 2025. Cited figures are marked; the original filing is the authoritative source.
IQVIA Holdings Inc. reported second-quarter 2025 revenues of $4,017 milliona, up $203 million, or 5.3%, from $3,814 million a year earlier, with constant currency revenue growth of approximately $139 million, or 3.6%.
Net income fell to $266 millionb from $363 million, and diluted EPS was $1.54 versus $1.97. Income from operations declined to $506 million from $520 million, as higher cost of revenues (up $206 million, to 67.1% of revenues from 65.2%) and higher interest expense ($182 million versus $163 million) outpaced revenue growth. For the six months, revenues rose 3.9% to $7,846 million, while net income dropped to $515 million from $651 million and diluted EPS was $2.94 versus $3.53.
Balance sheet and capital activity were significant in the period. Total debt principal rose to $15,573 millionc from $14,045 million at December 31, 2024, driven by the June 2025 issuance of $2,000 million of 6.250% senior notes due 2032 and a March 2025 incremental Term B-5 loan of $1,985 million. Cash and equivalents increased to $2,039 million from $1,702 million.
The company repurchased 6.4 million shares for $1,032 milliond in the first half, leaving $1,981 million of remaining authorization under its Repurchase Program. Goodwill increased to $15,611 million, largely from foreign currency effects and business combinations. Operationally, Research & Development Solutions remained the largest segment at $2,201 million of second-quarter revenue, though its segment profit fell to $451 million from $493 million.
Technology & Analytics Solutions grew revenue 8.9% in the quarter to $1,628 million, with segment profit up 7.8% to $389 million. Backlog for Research & Development Solutions rose to $32.1 billion from $31.1 billion at December 31, 2024. Management stated that disclosure controls were effective and that no material changes were made to its risk factors.
02—Key points
Key Highlights
- Q2 2025 revenues of $4,017 million, up 5.3% year over year (constant currency growth of approximately 3.6%).
- Q2 2025 net income of $266 million, down from $363 million; diluted EPS of $1.54 versus $1.97.
- Interest expense rose to $182 million in Q2 2025 from $163 million, reflecting higher outstanding debt balances.
- Total debt principal increased to $15,573 million, including $2,000 million of 6.250% senior notes due 2032 issued June 4, 2025.
- Repurchased 6.4 million shares for $1,032 million in the first six months; $1,981 million remains under the Repurchase Program.
- Research & Development Solutions backlog increased to $32.1 billion from $31.1 billion at December 31, 2024.
- Technology & Analytics Solutions Q2 revenue grew 8.9% to $1,628 million, with segment profit up 7.8% to $389 million.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 22, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $4.02B$3.81B | +5.3% |
| SG&A Expenses | $509.00M$509.00M | 0.0% |
| Operating Income | $506.00M$520.00M | −2.7% |
| Interest Expense | $182.00M$163.00M | +11.7% |
| Net Income | $266.00M$363.00M | −26.7% |
| EPS (Basic) | $1.55$1.99 | −22.1% |
| EPS (Diluted) | $1.54$1.97 | −21.8% |
| Shares Outstanding (Basic) | 171.80M182.20M | −5.7% |
| Shares Outstanding (Diluted) | 173.20M184.30M | −6.0% |
05—Questions
Frequently Asked Questions
Why did net income decline despite higher revenues?
Cost of revenues, exclusive of depreciation and amortization, rose $206 million in Q2 2025 to 67.1% of revenues from 65.2% a year earlier. Interest expense also increased to $182 million from $163 million, and other expense, net was $11 million compared with other income of $67 million in Q2 2024. Together these items reduced pre-tax income to $323 million from $436 million.
How did the company's debt position change in 2025?
Total principal debt rose to $15,573 million at June 30, 2025 from $14,045 million at December 31, 2024. The company issued $2,000 million of 6.250% senior notes due 2032 in June 2025 and used the proceeds to repay revolving credit borrowings. In March 2025 it also established a $1,985 million Term B-5 dollar loan facility. Remaining revolving credit availability was $1,995 million.
How much did IQVIA return to shareholders through buybacks?
During the first six months of 2025, IQVIA repurchased 6.4 million shares for $1,032 million under its Repurchase Program. The Board raised the authorization by $2,000 million on February 5, 2025, bringing the total authorized to $13,725 million. As of June 30, 2025, $1,981 million remained available for repurchases.
Which segment performed best in the second quarter?
Technology & Analytics Solutions had the strongest growth, with Q2 revenues of $1,628 million, up 8.9%, and segment profit of $389 million, up 7.8%. Research & Development Solutions remained the largest segment with $2,201 million of revenues, but its segment profit declined to $451 million from $493 million.
06—Continue