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IQVIA Holdings 8-K Report, Financial Results (Oct 28, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 28, 2025
Period End
October 28, 2025
Security
IQV
In the 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. Material agreement8-K · Jun ’18Jun ’18
  2. Leadership change8-K · Jul ’20Jul ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Material agreement8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed October 28, 2025. Cited figures are marked; the original filing is the authoritative source.

IQVIA Holdings Inc. filed this Form 8-K on October 28, 2025 to furnish its press release reporting results for the third quarter ended September 30, 2025.

Third-quarter revenue was $4,100 milliona, up 5.2 percent on a reported basis and 3.9 percent at constant currency. GAAP net income attributable to IQVIA was $331 million, or $1.93 per diluted share, and Adjusted EBITDA was $949 million, up 1.1 percent year-over-year. Adjusted diluted EPS was $3.00.

Free cash flow was $772 millionb, up 35 percent year-over-year, equal to 150 percent of Adjusted Net Income. By segment, Technology & Analytics Solutions (TAS) revenue was $1,631 million, up 5.0 percent reported, and Research & Development Solutions (R&DS) revenue was $2,260 million, up 4.5 percent reported. R&DS delivered $2.6 billion of quarterly bookings, a book-to-bill ratio of 1.15x, and contracted backlog of $32.4 billion, up 4.1 percent year-over-year.

Contract Sales & Medical Solutions (CSMS) revenue was $209 millionc, up 16.1 percent reported. Management cited R&DS bookings growth of 13 percent year-over-year and RFP growth of 20 percent. Balance sheet leverage stood at a Net Leverage Ratio of 3.52x trailing twelve-month Adjusted EBITDA, with net debt of $13,143 million.

For full-year 2025, IQVIA reaffirmed the midpoint of its guidance and narrowed ranges: revenue of $16,150 million to $16,250 milliond, Adjusted EBITDA of $3,775 million to $3,800 million, and Adjusted Diluted EPS of $11.85 to $11.95. The revenue guidance includes approximately $100 million of COVID-related revenue step-down, entirely in R&DS.

02—Key points

Key Highlights

  1. Q3 2025 revenue of $4,100 million rose 5.2 percent reported (3.9 percent at constant currency) year-over-year.
  2. GAAP diluted EPS was $1.93 and Adjusted diluted EPS was $3.00; Adjusted EBITDA was $949 million, up 1.1 percent.
  3. R&DS quarterly bookings of $2.6 billion produced a 1.15x book-to-bill ratio; contracted backlog reached $32.4 billion, up 4.1 percent year-over-year.
  4. Free cash flow of $772 million was up 35 percent year-over-year and represented 150 percent of Adjusted Net Income.
  5. Net leverage of 3.52x trailing twelve-month Adjusted EBITDA, with net debt of $13,143 million at September 30, 2025.
  6. Full-year 2025 guidance midpoint reaffirmed with narrowed ranges: revenue $16,150–$16,250 million, Adjusted EBITDA $3,775–$3,800 million, Adjusted diluted EPS $11.85–$11.95.
  7. Full-year guidance includes roughly $100 million of COVID-related revenue step-down, entirely in R&DS, plus about 150 basis points from acquisitions and 100 basis points from foreign exchange.

03—Questions

Frequently Asked Questions

  1. How did IQVIA perform in the third quarter of 2025?

    Revenue was $4,100 million, up 5.2 percent reported and 3.9 percent at constant currency. GAAP net income attributable to IQVIA was $331 million ($1.93 per diluted share), and Adjusted EBITDA was $949 million, up 1.1 percent year-over-year.

  2. What do the R&DS bookings and backlog figures indicate?

    R&DS generated $2.6 billion of net new bookings in the quarter, a 1.15x book-to-bill ratio, and a trailing-twelve-month book-to-bill of 1.12x. Contracted backlog was $32.4 billion, up 4.1 percent year-over-year, with about $8.1 billion expected to convert to revenue over the next twelve months.

  3. How is IQVIA's balance sheet and cash generation positioned?

    As of September 30, 2025, cash was $1,814 million and debt was $14,957 million, for net debt of $13,143 million and a Net Leverage Ratio of 3.52x. Third-quarter operating cash flow was $908 million and free cash flow was $772 million.

  4. What is the full-year 2025 outlook?

    IQVIA reaffirmed the midpoint of its full-year 2025 guidance and narrowed ranges: revenue of $16,150–$16,250 million, Adjusted EBITDA of $3,775–$3,800 million, and Adjusted diluted EPS of $11.85–$11.95. Guidance assumes foreign exchange rates as of October 27, 2025.

04—Continue

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