01—Abstract
Summary
Summary of the 10-Q filed October 27, 2026. Cited figures are marked; the original filing is the authoritative source.
IQVIA Holdings Inc. reported third-quarter 2026 revenues of $4,428 milliona, up from $4,100 million in the third quarter of 2025, and net income attributable to IQVIA Holdings Inc. of $350 million versus $331 million a year earlier.
Diluted EPS was $2.10b compared with $1.93. For the first nine months, revenues were $12,947 million (versus $11,946 million) and diluted EPS was $5.24 (versus $4.86). Income from operations for the nine months was $1,592 million, and restructuring costs rose to $150 million from $81 million.
The company describes constant currency revenue growth of approximately 8.6% in the third quarter, with Research & Development Solutions contributing a $221 millionc increase and Commercial Solutions a $132 million increase. Cash and cash equivalents rose to $2,249 million at September 30, 2026, from $1,980 million at December 31, 2025, while total debt principal reached $16,172 million, up from $15,800 million. During 2026 the company issued €950 million of 4.625% senior notes due 2033 and $2,000 million of 6.375% senior notes due 2034, and repaid its $650 million Term Loan due 2027 and the €550 million 1.750% Notes.
Nine-month operating cash flow was $2,001 milliond, and the company repurchased $950 million of common stock, leaving $2,819 million remaining under its Repurchase Program after the Board increased total authorization to $15,725 million in May 2026. The company reorganized its reporting into two segments, Commercial Solutions and Research & Development Solutions, effective January 1, 2026.
Research & Development Solutions' contracted backlog was $32.6 billion at September 30, 2026, down from $34.0 billion at year-end 2025, reflecting a $2.1 billion reduction from refined backlog criteria for inactive trials. Total remaining performance obligations were approximately $34.2 billion.
02—Key points
Key Highlights
- Third-quarter 2026 revenues of $4,428 million, up from $4,100 million; diluted EPS of $2.10 versus $1.93 in the prior-year quarter.
- Nine-month 2026 revenues of $12,947 million, up from $11,946 million; diluted EPS of $5.24 versus $4.86.
- Restructuring costs for the nine months were $150 million, compared with $81 million a year earlier, with actions expected to continue through 2026 and into 2027.
- Total debt principal rose to $16,172 million at September 30, 2026, from $15,800 million at December 31, 2025, following new 6.375% notes due 2034 ($2,000 million) and 4.625% notes due 2033 (€950 million).
- Nine-month operating cash flow of $2,001 million, versus $1,919 million in the prior-year period; cash and cash equivalents of $2,249 million at quarter end.
- Research & Development Solutions backlog declined to $32.6 billion from $34.0 billion at year-end 2025, including a $2.1 billion reduction from refined backlog criteria.
- Repurchased $950 million of common stock in the first nine months; $2,819 million remained under the Repurchase Program at September 30, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 27, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $4.43B$4.10B | +8.0% |
| SG&A Expenses | $569.00M$514.00M | +10.7% |
| Operating Income | $572.00M$553.00M | +3.4% |
| Interest Expense | $203.00M$189.00M | +7.4% |
| Net Income | $352.00M$332.00M | +6.0% |
| EPS (Basic) | $2.13$1.94 | +9.8% |
| EPS (Diluted) | $2.10$1.93 | +8.8% |
| Shares Outstanding (Basic) | 164.70M170.20M | −3.2% |
| Shares Outstanding (Diluted) | 167.00M171.70M | −2.7% |
05—Questions
Frequently Asked Questions
How did IQVIA's revenue and earnings perform in the third quarter of 2026?
Revenues were $4,428 million, up $328 million or 8.0% from $4,100 million. Net income attributable to IQVIA Holdings Inc. was $350 million, compared with $331 million, and diluted EPS was $2.10 versus $1.93. The filing states constant currency revenue growth of approximately $353 million, or 8.6%.
What drove the change in the company's segment structure?
Effective January 1, 2026, the company reorganized into two reportable segments, Commercial Solutions and Research & Development Solutions. The Contract Sales & Medical Solutions segment was incorporated into the former Technology & Analytics Solutions segment, which was renamed Commercial Solutions, and Real-World Late Phase and certain other Real-World offerings moved to Research & Development Solutions. Prior-year figures were recast to this presentation.
How did the company change its debt position in 2026?
The company issued €950 million of 4.625% senior notes due 2033 in June 2026 and $2,000 million of 6.375% senior notes due 2034 in September 2026. Proceeds repaid the $650 million Term Loan due 2027 and part of the revolving credit facility. Total debt principal was $16,172 million at September 30, 2026, and $1,995 million of revolving credit capacity remained available.
What does the decline in Research & Development Solutions backlog indicate?
Backlog fell from $34.0 billion at December 31, 2025 to $32.6 billion at September 30, 2026. The company attributed a $2.1 billion reduction to refined backlog assessment criteria for inactive trials, and expects about $9.4 billion of the backlog to convert to revenues in the next twelve months.
How is the company returning capital to shareholders?
In the first nine months of 2026, IQVIA repurchased 5.5 million shares for $950 million under its Repurchase Program. The Board increased total authorization to $15,725 million on May 7, 2026, leaving $2,819 million available as of September 30, 2026. The program has no obligation to repurchase any particular amount and may be modified or discontinued at any time.
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