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IQVIA Holdings 8-K Report, Financial Results (Feb 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 5, 2026
Period End
February 5, 2026
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 · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

IQVIA Holdings Inc. (NYSE: IQV) furnished an 8-K on February 5, 2026 under Item 2.02 attaching a press release reporting preliminary, unaudited fourth-quarter and full-year 2025 results and full-year 2026 guidance.

For Q4 2025, revenue was $4,364 milliona, up 10.3% reported and 8.1% at constant currency; GAAP net income was $514 million and GAAP diluted EPS was $2.99, while Adjusted Diluted EPS was $3.42 and Adjusted EBITDA was $1,046 million. For full-year 2025, revenue was $16,310 million, up 5.9% reported, GAAP net income was $1,360 million (down 0.9%), and Adjusted Diluted EPS was $11.92. Operating cash flow for 2025 was $2,654 million and free cash flow was $2,051 million, equal to 99% of Adjusted Net Income.

R&D Solutions contracted backlog reached $32.7 billionb, up 5.3% year-over-year, with a Q4 book-to-bill ratio of 1.18x. At year-end, cash was $1,980 million, debt was $15,724 million, net debt was $13,744 million, and the Net Leverage Ratio was 3.63x. The company repurchased $1,244 million of stock in 2025 and had $1,769 million of authorization remaining.

For 2026, IQVIA guided to revenue of $17,150 million to $17,350 millionc, Adjusted EBITDA of $3,975 million to $4,025 million, and Adjusted Diluted EPS of $12.55 to $12.85. The guidance includes about 150 basis points of contribution from acquisitions, about 100 basis points of foreign exchange tailwind, and roughly $80 million of higher interest expense.

Effective January 1, 2026, the company is reorganizing its segments: CSMS is folded into TAS, which is renamed Commercial Solutions, and Real-World Late Phase and certain other Real-World offerings move into R&DS. Segment recast figures for 2025 and 2024 are provided.

02—Key points

Key Highlights

  1. Q4 2025 revenue of $4,364 million rose 10.3% reported (8.1% constant currency); full-year revenue reached $16,310 million, up 5.9%.
  2. Q4 GAAP diluted EPS was $2.99, up 23.6% year-over-year; Q4 Adjusted Diluted EPS was $3.42, up 9.6%.
  3. R&DS contracted backlog was $32.7 billion, up 5.3% year-over-year, with Q4 book-to-bill of 1.18x and a trailing-twelve-month book-to-bill of 1.12x.
  4. Full-year 2025 free cash flow was $2,051 million, representing 99% of Adjusted Net Income; the Net Leverage Ratio was 3.63x at year-end.
  5. 2026 guidance calls for revenue of $17,150 million to $17,350 million, Adjusted EBITDA of $3,975 million to $4,025 million, and Adjusted Diluted EPS of $12.55 to $12.85.
  6. Segment reorganization effective January 1, 2026 folds CSMS into TAS (renamed Commercial Solutions) and moves $674 million of 2025 Real-World revenue into R&DS; the 2026 interest expense step-up is about $80 million.
  7. The company repurchased $1,244 million of common stock in 2025 and had $1,769 million of authorization remaining at year-end.

03—Questions

Frequently Asked Questions

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

    Revenue was $4,364 million, up 10.3% on a reported basis and 8.1% at constant currency. GAAP net income was $514 million and GAAP diluted EPS was $2.99, up 23.6%. Adjusted Diluted EPS was $3.42, up 9.6%, and Adjusted EBITDA was $1,046 million.

  2. What is the company guiding for 2026?

    IQVIA expects 2026 revenue of $17,150 million to $17,350 million, Adjusted EBITDA of $3,975 million to $4,025 million, and Adjusted Diluted EPS of $12.55 to $12.85. Guidance assumes about 150 basis points from acquisitions and about 100 basis points from foreign exchange, and includes an approximately $80 million step-up in interest expense.

  3. What is changing in the segment structure?

    Effective January 1, 2026, CSMS (2025 revenue of $788 million) is incorporated into TAS, which is renamed Commercial Solutions. Real-World Late Phase and certain other Real-World offerings ($674 million of 2025 revenue) move from TAS to R&DS. The company will reflect this in its Form 10-Q for the quarter ending March 31, 2026, and provides recast 2025 and 2024 segment revenue in the interim.

  4. How strong is the balance sheet and cash generation?

    At December 31, 2025, cash was $1,980 million and debt was $15,724 million, for net debt of $13,744 million and a Net Leverage Ratio of 3.63x. Full-year operating cash flow was $2,654 million and free cash flow was $2,051 million.

  5. What do the backlog and bookings figures indicate?

    R&DS contracted backlog, including reimbursed expenses, was $32.7 billion, up 5.3% year-over-year. The company expects about $8.3 billion of this to convert to revenue in the next twelve months. Q4 bookings exceeded $2.7 billion, a book-to-bill ratio of 1.18x.

04—Continue

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