01—Abstract
Summary
Summary of the 8-K filed July 22, 2025. Cited figures are marked; the original filing is the authoritative source.
IQVIA Holdings Inc. filed this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) to furnish its press release reporting second-quarter 2025 results for the quarter ended June 30, 2025.
Revenue was $4,017 milliona, up 5.3 percent on a reported basis and 3.6 percent at constant currency. GAAP Net Income was $266 million and GAAP Diluted EPS was $1.54, while Adjusted EBITDA was $910 million and Adjusted Diluted EPS was $2.81. TAS revenue of $1,628 million grew 8.9 percent reported, R&DS revenue of $2,201 million grew 2.5 percent reported, and R&DS contracted backlog reached $32.1 billion, up 5.1 percent year-over-year.
R&DS quarterly bookings were $2.5 billionb, a book-to-bill ratio of 1.12x. The company updated full-year 2025 guidance to revenue of $16,100 million to $16,300 million, Adjusted EBITDA of $3,750 million to $3,825 million, and Adjusted Diluted EPS of $11.75 to $12.05. The guidance assumes approximately $100 million of COVID-related revenue step-down, entirely in R&DS.
As of June 30, 2025, cash and cash equivalents were $2,039 millionc, debt was $15,490 million, and net debt was $13,451 million, a Net Leverage Ratio of 3.61x trailing twelve-month Adjusted EBITDA. Second-quarter Operating Cash Flow was $443 million and Free Cash Flow was $292 million.
During the quarter, IQVIA repurchased $607 milliond of common stock, bringing first-half repurchases to $1,032 million, with $1,981 million of authorization remaining as of June 30, 2025. The filing states that the information is furnished and not deemed filed under Section 18 of the Exchange Act.
02—Key points
Key Highlights
- Q2 2025 revenue of $4,017 million, up 5.3 percent reported and 3.6 percent at constant currency
- TAS revenue of $1,628 million, up 8.9 percent reported; R&DS revenue of $2,201 million, up 2.5 percent reported
- GAAP Diluted EPS of $1.54 and Adjusted Diluted EPS of $2.81; Adjusted EBITDA of $910 million
- R&DS contracted backlog of $32.1 billion, up 5.1 percent year-over-year; Q2 bookings of $2.5 billion with a 1.12x book-to-bill ratio
- Full-year 2025 guidance updated: revenue $16,100 million to $16,300 million, Adjusted EBITDA $3,750 million to $3,825 million, Adjusted Diluted EPS $11.75 to $12.05
- Net debt of $13,451 million and Net Leverage Ratio of 3.61x; Q2 Free Cash Flow of $292 million
- Repurchased $607 million of stock in Q2 and $1,032 million year-to-date, with $1,981 million authorization remaining
03—Questions
Frequently Asked Questions
How did IQVIA perform in the second quarter of 2025?
Revenue was $4,017 million, up 5.3 percent on a reported basis and 3.6 percent at constant currency. GAAP Net Income was $266 million, and Adjusted EBITDA was $910 million, up 2.6 percent year-over-year.
What changed in IQVIA's full-year 2025 guidance?
The company updated full-year 2025 guidance to revenue of $16,100 million to $16,300 million, Adjusted EBITDA of $3,750 million to $3,825 million, and Adjusted Diluted EPS of $11.75 to $12.05. Revenue guidance assumes roughly $100 million of COVID-related step-down, about 100 basis points of FX tailwind, and about 150 basis points from acquisitions.
How strong is the R&DS backlog and demand?
R&DS contracted backlog was $32.1 billion as of June 30, 2025, up 5.1 percent year-over-year. Quarterly net bookings were $2.5 billion, a book-to-bill ratio of 1.12x, and the trailing-twelve-month book-to-bill ratio was 1.10x. The company expects approximately $8.1 billion of backlog to convert to revenue in the next twelve months.
What is IQVIA's leverage and capital return position?
As of June 30, 2025, debt was $15,490 million and net debt was $13,451 million, a Net Leverage Ratio of 3.61x trailing twelve-month Adjusted EBITDA. The company repurchased $607 million of stock in the quarter and $1,032 million year-to-date, with $1,981 million of authorization remaining.
04—Continue