IQVIA Reports Third-Quarter 2026 Results
GAAP Net Income $350 million, Adjusted EBITDA $1,032 million, up 8.7% year-over- year
GAAP Diluted Earnings per Share $2.10, Adjusted Diluted Earnings per Share $3.34, up 11.3% year-over-year
Commercial Solutions Revenue $1,789 million, up 6.9% year-over-year, up 7.9% at constant currency
R&D Solutions Revenue $2,639 million, up 8.7% year-over-year, up 9.1% at constant currency
Raising full-year 2026 guidance for Revenue, Adjusted EBITDA and Adjusted Diluted Earnings per Share
– IQVIA Holdings Inc. (“IQVIA”) (NYSE:IQV), a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries, today reported financial results for the quarter ended September 30, 2026.
As previously disclosed, effective January 1, 2026, the company implemented a new, simplified organizational model to strengthen collaboration, enhance efficiency, and support continued growth. As a result, the company reports its results within two segments: Commercial Solutions and Research & Development Solutions (R&DS). In conjunction with this change, prior period segment amounts have been recast to conform to this reporting structure.
"IQVIA delivered another record quarter, with revenue, Adjusted EBITDA and Adjusted Diluted EPS all exceeding the high end of our expectations," said Ari Bousbib, chairman and CEO of IQVIA. "Multiple demand indicators continue to validate the strengthening market environment. EBP funding, RFP flow, clinical trial starts, FDA approvals, outsourcing trends, and pipeline growth across clinical and commercial are all favorable. At the same time, the team's ongoing excellent execution delivered margin expansion, strong free cash flow, higher win rates that resulted in our strongest clinical quarterly bookings since 2022, increased penetration of AI-powered solutions with over 400 AI agents deployed to date, and organic growth acceleration year-over-year to double the rate for commercial and nearly triple the rate for clinical."
Revenue for the third quarter of $4,428 million increased 8.0% on a reported basis and 8.6% at constant currency, compared to the third quarter of 2025. Commercial Solutions revenue of $1,789 million increased 6.9% on a reported basis and 7.9% at constant currency. Research & Development Solutions revenue of $2,639 million grew 8.7% on a reported basis and 9.1% at constant currency. Excluding reimbursed expenses, R&DS revenue grew 6.8% on a reported basis.
Third quarter net new bookings were $3.2 billion, up 15% year-over-year, representing a book-to-bill ratio of 1.2x. Last-twelve-month net new bookings were $11.7 billion, up 14% year-over-year.
As previously discussed, the company conducted a detailed review of inactive trials in our backlog estimates. This review resulted in an adjustment to backlog of approximately $2.1 billion. The adjustment has no impact on historical financial results, 2026 guidance, book-to-bill, or next-twelve-month revenue from backlog estimates. As of September 30, 2026, R&DS contracted backlog was $32.6 billion. The company expects approximately $9.4 billion of this backlog to convert to revenue in the next twelve months, representing growth of 10% year-over-year. 1 Third-quarter GAAP Net Income was $350 million and GAAP Diluted Earnings per Share was $2.10. Adjusted EBITDA was $1,032 million, up 8.7% year-over-year. Adjusted Net Income was $557 million and Adjusted Diluted Earnings per Share was $3.34, up 11.3% year-over-year.
Revenue for the first nine months of 2026 was $12,947 million, up 8.4% on a reported basis and 7.7% at constant currency, compared to the first nine months of 2025. Commercial Solutions revenue of $5,336 million increased 9.0% on a reported basis and 8.3% at constant currency. Research & Development Solutions revenue of $7,611 million increased 8.0% on a reported basis and 7.4% at constant currency.
GAAP Net Income was $880 million and GAAP Diluted Earnings per Share was $5.24. Adjusted EBITDA was $2,958 million, up 7.9% year-over-year. Adjusted Net Income was $1,576 million and Adjusted Diluted Earnings per Share was $9.38, up 10.4% year-over-year.
As of September 30, 2026, cash and cash equivalents were $2,249 million and debt was $16,067 million, resulting in net debt of $13,818 million. IQVIA’s Net Leverage Ratio was 3.45x trailing twelve-month Adjusted EBITDA. For the third quarter, Operating Cash Flow was $825 million, and Free Cash Flow was $667 million, representing 120% of Adjusted Net Income.
The company is raising its full-year 2026 guidance for revenue to be between $17,350 million and $17,500 million, for Adjusted EBITDA to be between $4,025 million and $4,055 million and for Adjusted Diluted Earnings per Share to be between $12.90 and $13.00.
This revenue guidance now anticipates 250 basis points of contribution from acquisitions, including acquisitions the company expects to complete by the end of the year, and approximately 20 basis points of tailwind from foreign exchange.
All financial guidance assumes foreign currency exchange rates as of October 26, 2026 remain in effect for the forecast period.
IQVIA will host an Investor Day on Tuesday, December 1, 2026. Management will provide an update on the business, with presentations from members of IQVIA’s senior executive team starting at 9:00 a.m. ET and concluding at approximately 12:30 p.m. ET. Registration is required to attend the event. More information on the event will be available shortly on the IQVIA Investor Relations website at http://ir.iqvia.com.
IQVIA will host a conference call at 9:00 a.m. Eastern Time today to discuss its third-quarter 2026 results and full-year 2026 guidance. To listen to the event and view the presentation slides via webcast, join from the IQVIA Investor Relations website at http://ir.iqvia.com. To participate in the conference call, interested parties must register in advance by clicking on this link. Following registration, participants will receive a confirmation email containing details on how to join the conference call, including the dial-in and a unique passcode and registrant ID. At the time of the live event, registered participants connect to the call using the information provided in the confirmation email and will be placed directly into the call. 2
IQVIA (NYSE:IQV) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI ® , advanced analytics, the latest technologies and extensive domain expertise. IQVIA is committed to using artificial intelligence responsibly, with AI-powered capabilities built on best- in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 95,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.
IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com. 3 Cautionary Statements Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, our full-year 2026 guidance. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “intend,” “plan,” “forecast,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from our expectations due to a number of factors, including, but not limited to, the following: business disruptions caused by natural disasters, pandemics, and the public health policy response to any outbreak, and international conflicts or other disruptions outside of our control; most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or future changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners’ security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenue; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the number or scope of indications for medicines and treatments or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to the enactment of legislation or the imposition of regulations or other restrictions or actions by governments that create business uncertainty and have the potential to limit trade; changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions, inflation, and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses. In addition, we may not achieve the expected benefits of our reorganized business segment structure. For a further discussion of the risks relating to our business, see the “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be amended or updated from time to time in our subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We assume no obligation to update any such forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise. 4
This release includes information based on financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share, Gross Leverage Ratio, Net Leverage Ratio and Free Cash Flow. Non-GAAP financial measures are presented only as a supplement to the company’s financial statements based on GAAP. Non-GAAP financial information is provided to enhance understanding of the company’s financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP. The company uses non-GAAP measures in its operational and financial decision making, and believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful indicator of the underlying operating performance of the business. For example, the company excludes all the amortization of intangible assets associated with acquired customer relationships and backlog, databases, non-compete agreements, trademarks and trade names from non-GAAP expense and income measures as such amounts can be significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that revenue generated from such intangibles is included within revenue in determining net income. As a result, internal management reports feature non-GAAP measures which are also used to prepare strategic plans and annual budgets and review management compensation. The company also believes that investors may find non- GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures.
The non-GAAP financial measures are not presented in accordance with GAAP. Please refer to the schedules attached to this release for reconciliations of non-GAAP financial measures contained herein to the most directly comparable GAAP measures. Our full-year 2026 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, stock-based compensation and other items not reflective of the company's ongoing operations.
Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to the company, many of which present non-GAAP measures when reporting their results. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP.
(in millions, except per September 30, December 31, share data) 2026 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash $ 2,249 $ 1,980 equivalents Trade accounts receivable and 3,293 3,400 unbilled services, net Prepaid 210 162 expenses Income taxes 39 27 receivable Investments in debt, equity 173 161 and other securities Other current assets and 487 519 receivables Total current 6,451 6,249 assets Property and 534 533 equipment, net Operating lease right-of-use 313 290 assets Investments in debt, equity 86 108 and other securities Investments in unconsolidated 438 324 affiliates Goodwill 16,900 16,616 Other identifiable 4,738 4,962 intangibles, net Deferred income 408 357 taxes Deposits and other assets, 606 505 net Total assets $ 30,474 $ 29,944 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and $ 3,676 $ 3,751 accrued expenses Unearned income 2,313 2,118 Income taxes 171 140 payable Current portion of long-term 1,244 1,840 debt Other current 373 489 liabilities Total current 7,777 8,338 liabilities Long-term debt, less current 14,823 13,884 portion Deferred income 157 179 taxes Operating lease 247 225 liabilities Other 679 688 liabilities Total 23,683 23,314 liabilities Commitments and contingencies Stockholders’ equity: Common stock and additional paid-in capital, 400.0 shares authorized as of September 30, 2026 and December 31, 2025, $0.01 par value, 259.8 11,576 11,378 shares issued and 164.8 shares outstanding as of September 30, 2026; 259.1 shares issued and 169.6 shares outstanding as of December 31, 2025 Retained 8,305 7,425 earnings Treasury stock, at cost, 95.0 and 89.5 shares as of September 30, -12,315 -11,357 2026 and December 31, 2025, respectively Accumulated other -906 -943 comprehensive loss Equity attributable to IQVIA Holdings 6,660 6,503 Inc.’s stockholders Noncontrolling 131 127 interests Total stockholders’ 6,791 6,630 equity Total liabilities and $ 30,474 $ 29,944 stockholders’ equity
Nine Months Ended (in millions) September 30, Operating activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 885 $ 847 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and 901 827 amortization Amortization of debt issuance costs and 17 17 discount Stock-based compensation 243 187 (Earnings) losses from unconsolidated -65 14 affiliates Loss (gain) on 7 -20 investments, net Benefit from deferred -97 -132 income taxes Changes in operating assets and liabilities: Change in accounts receivable, unbilled 341 442 services and unearned income Change in other operating assets and -231 -263 liabilities Net cash provided by operating 2,001 1,919 activities Investing activities: Acquisition of property, equipment and -483 -429 software Acquisition of businesses, net of cash -589 -798 acquired Sales of marketable 3 2 securities, net Investments in unconsolidated -67 -28 affiliates, net of payments received Investments in debt and equity — -20 securities Proceeds from sale of property, — 75 equipment and software Other — -3 Net cash used in -1,136 -1,201 investing activities Financing activities: Proceeds from issuance 3,758 3,985 of debt Payment of debt issuance -49 -34 costs Repayment of debt and principal payments -2,458 -2,676 on finance leases Proceeds from revolving 1,350 1,375 credit facility Repayment of revolving -2,150 -2,200 credit facility Payments related to employee stock -43 -66 incentive plans Repurchase of common -950 -1,032 stock Distributions to noncontrolling -1 — interests, net Contingent consideration and deferred -17 -26 purchase price payments Other -9 -11 Net cash used in -569 -685 financing activities Effect of foreign currency exchange rate -27 79 changes on cash Increase in cash and 269 112 cash equivalents Cash and cash equivalents at beginning 1,980 1,702 of period Cash and cash equivalents at end of $ 2,249 $ 1,814 period
(1) Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses.
(2) Reflects restructuring costs as well as accelerated expenses related to lease exits. 9
(2) Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses.
(3) Reflects restructuring costs as well as accelerated expenses related to lease exits. 10
(in millions) ────────────────────────────────────────────────────────────── Gross Debt, net of Unamortized Discount and Debt Issuance Costs, as of September $ 16,067 30, 2026 Net Debt as of September 30, 2026 $ 13,818 Adjusted EBITDA for the twelve months $ 4,004 ended September 30, 2026 Gross Leverage Ratio (Gross Debt/LTM 4.01x Adjusted EBITDA) Net Leverage Ratio (Net Debt/LTM 3.45x Adjusted EBITDA)
Full text with the tables
Exhibit 99.1
IQVIA Reports Third-Quarter 2026 Results
•
Revenue $4,428 million, up 8.0% year-over-year, up 8.6% at constant currency
•
GAAP Net Income $350 million, Adjusted EBITDA $1,032 million, up 8.7% year-over-
year
•
GAAP Diluted Earnings per Share $2.10, Adjusted Diluted Earnings per Share
$3.34, up 11.3% year-over-year
•
Commercial Solutions Revenue $1,789 million, up 6.9% year-over-year, up 7.9% at
constant currency
•
R&D Solutions Revenue $2,639 million, up 8.7% year-over-year, up 9.1% at
constant currency
•
R&D Solutions Net New Bookings $3.2 billion, up 15% year-over-year
•
Operating Cash Flow $825 million,
and Free Cash Flow $667 million, representing 120% of Adjusted Net Income
•
Raising full-year 2026 guidance for Revenue, Adjusted EBITDA and Adjusted
Diluted Earnings per Share
•
Investor Day to be held on December 1, 2026
RESEARCH TRIANGLE PARK, N.C.
– (BUSINESS WIRE) –
October 27, 2026
– IQVIA Holdings Inc. (“IQVIA”) (NYSE:IQV), a leading global provider of
clinical research services, commercial insights and healthcare intelligence to
the life sciences and healthcare industries, today reported financial results
for the quarter ended September 30, 2026.
Year-Over-Year Comparisons
As previously disclosed, effective January 1, 2026, the company implemented a
new, simplified organizational model to strengthen collaboration, enhance
efficiency, and support continued growth. As a result, the company reports its
results within two segments: Commercial Solutions and Research & Development
Solutions (R&DS). In conjunction with this change, prior period segment amounts
have been recast to conform to this reporting structure.
Third-Quarter 2026 Operating Results
"IQVIA delivered another record quarter, with revenue, Adjusted EBITDA and
Adjusted Diluted EPS all exceeding the high end of our expectations," said Ari
Bousbib, chairman and CEO of IQVIA. "Multiple demand indicators continue to
validate the strengthening market environment. EBP funding, RFP flow, clinical
trial starts, FDA approvals, outsourcing trends, and pipeline growth across
clinical and commercial are all favorable. At the same time, the team's ongoing
excellent execution delivered margin expansion, strong free cash flow, higher
win rates that resulted in our strongest clinical quarterly bookings since 2022,
increased penetration of AI-powered solutions with over 400 AI agents deployed
to date, and organic growth acceleration year-over-year to double the rate for
commercial and nearly triple the rate for clinical."
Revenue for the third quarter of $4,428 million increased 8.0% on a reported
basis and 8.6% at constant currency, compared to the third quarter of 2025.
Commercial Solutions revenue of $1,789 million increased 6.9% on a reported
basis and 7.9% at constant currency. Research & Development Solutions revenue of
$2,639 million grew 8.7% on a reported basis and 9.1% at constant currency.
Excluding reimbursed expenses, R&DS revenue grew 6.8% on a reported basis.
Third quarter net new bookings were $3.2 billion, up 15% year-over-year,
representing a book-to-bill ratio of 1.2x. Last-twelve-month net new bookings
were $11.7 billion, up 14% year-over-year.
As previously discussed, the company conducted a detailed review of inactive
trials in our backlog estimates. This review resulted in an adjustment to
backlog of approximately $2.1 billion. The adjustment has no impact on
historical financial results, 2026 guidance, book-to-bill, or next-twelve-month
revenue from backlog estimates. As of September 30, 2026, R&DS contracted
backlog was $32.6 billion. The company expects approximately $9.4 billion of
this backlog to convert to revenue in the next twelve months, representing
growth of 10% year-over-year.
1
Third-quarter GAAP Net Income was $350 million and GAAP Diluted Earnings per
Share was $2.10. Adjusted EBITDA was $1,032 million, up 8.7% year-over-year.
Adjusted Net Income was $557 million and Adjusted Diluted Earnings per Share was
$3.34, up 11.3% year-over-year.
Year-to-Date 2026 Operating Results
Revenue for the first nine months of 2026 was $12,947 million, up 8.4% on a
reported basis and 7.7% at constant currency, compared to the first nine months
of 2025. Commercial Solutions revenue of $5,336 million increased 9.0% on a
reported basis and 8.3% at constant currency. Research & Development Solutions
revenue of $7,611 million increased 8.0% on a reported basis and 7.4% at
constant currency.
GAAP Net Income was $880 million and GAAP Diluted Earnings per Share was $5.24.
Adjusted EBITDA was $2,958 million, up 7.9% year-over-year. Adjusted Net Income
was $1,576 million and Adjusted Diluted Earnings per Share was $9.38, up 10.4%
year-over-year.
Financial Position
As of September 30, 2026, cash and cash equivalents were $2,249 million and debt
was $16,067 million, resulting in net debt of $13,818 million. IQVIA’s Net
Leverage Ratio was 3.45x trailing twelve-month Adjusted EBITDA. For the third
quarter, Operating Cash Flow was $825 million, and Free Cash Flow was $667
million, representing 120% of Adjusted Net Income.
Full-Year 2026 Guidance
The company is raising its full-year 2026 guidance for revenue to be between
$17,350 million and $17,500 million, for Adjusted EBITDA to be between $4,025
million and $4,055 million and for Adjusted Diluted Earnings per Share to be
between $12.90 and $13.00.
This revenue guidance now anticipates 250 basis points of contribution from
acquisitions, including acquisitions the company expects to complete by the end
of the year, and approximately 20 basis points of tailwind from foreign
exchange.
All financial guidance assumes foreign currency exchange rates as of October 26,
2026 remain in effect for the forecast period.
Investor Day
IQVIA will host an Investor Day on Tuesday, December 1, 2026. Management will
provide an update on the business, with presentations from members of IQVIA’s
senior executive team starting at 9:00 a.m. ET and concluding at approximately
12:30 p.m. ET. Registration is required to attend the event. More information on
the event will be available shortly on the IQVIA Investor Relations website at
http://ir.iqvia.com.
Webcast & Conference Call Details
IQVIA will host a conference call at 9:00 a.m. Eastern Time today to discuss its
third-quarter 2026 results and full-year 2026 guidance. To listen to the event
and view the presentation slides via webcast, join from the IQVIA Investor
Relations website at http://ir.iqvia.com. To participate in the conference call,
interested parties must register in advance by clicking on this link. Following
registration, participants will receive a confirmation email containing details
on how to join the conference call, including the dial-in and a unique passcode
and registrant ID. At the time of the live event, registered participants
connect to the call using the information provided in the confirmation email and
will be placed directly into the call.
2
About IQVIA
IQVIA (NYSE:IQV) is a leading global provider of clinical research services,
commercial insights and healthcare intelligence to the life sciences and
healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA
Connected Intelligence™ to deliver actionable insights and services built on
high-quality health data, Healthcare-grade AI ® , advanced analytics, the latest
technologies and extensive domain expertise. IQVIA is committed to using
artificial intelligence responsibly, with AI-powered capabilities built on best-
in-class approaches to privacy, regulatory compliance and patient safety, and
delivering AI to the high standards of trust, scalability and precision demanded
by the industry. With approximately 95,000 employees in over 100 countries,
including experts in healthcare, life sciences, data science, technology and
operational excellence, IQVIA is dedicated to accelerating the development and
commercialization of innovative medical treatments to help improve patient
outcomes and population health worldwide.
IQVIA is a global leader in protecting individual patient privacy. The company
uses a wide variety of privacy-enhancing technologies and safeguards to protect
individual privacy while generating and analyzing information on a scale that
helps healthcare stakeholders identify disease patterns and correlate with the
precise treatment path and therapy needed for better outcomes. IQVIA’s insights
and execution capabilities help biotech, medical device and pharmaceutical
companies, medical researchers, government agencies, payers and other healthcare
stakeholders tap into a deeper understanding of diseases, human behaviors and
scientific advances, in an effort to advance their path toward cures. To learn
more, visit www.iqvia.com.
3
Cautionary Statements Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of
the federal securities laws, including Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, without limitation, our full-year 2026 guidance. In this
context, forward-looking statements often address expected future business and
financial performance and financial condition, and often contain words such as
“expect,” “assume,” “anticipate,” “intend,” “plan,” “forecast,” “believe,”
“seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or
negatives of these words that are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. Actual results may differ materially from our expectations
due to a number of factors, including, but not limited to, the following:
business disruptions caused by natural disasters, pandemics, and the public
health policy response to any outbreak, and international conflicts or other
disruptions outside of our control; most of our contracts may be terminated on
short notice, and we may lose or experience delays with large client contracts
or be unable to enter into new contracts; the market for our services may not
grow as we expect; we may be unable to successfully develop and market new
services or enter new markets; imposition of restrictions on our use of data by
data suppliers or their refusal to license data to us; any failure by us to
comply with contractual, regulatory or ethical requirements under our contracts,
including current or future changes to data protection and privacy laws;
breaches or misuse of our or our outsourcing partners’ security or
communications systems; failure to meet our productivity or business
transformation objectives; failure to successfully invest in growth
opportunities; our ability to protect our intellectual property rights and our
susceptibility to claims by others that we are infringing on their intellectual
property rights; the expiration or inability to acquire third party licenses for
technology or intellectual property; any failure by us to accurately and timely
price and formulate cost estimates for contracts, or to document change orders;
hardware and software failures, delays in the operation of our computer and
communications systems or the failure to implement system enhancements; the rate
at which our backlog converts to revenue; our ability to acquire, develop and
implement technology necessary for our business; consolidation in the industries
in which our clients operate; risks related to client or therapeutic
concentration; government regulators or our customers may limit the number or
scope of indications for medicines and treatments or withdraw products from the
market, and government regulators may impose new regulatory requirements or may
adopt new regulations affecting the biopharmaceutical industry; the risks
associated with operating on a global basis, including currency or exchange rate
fluctuations and legal compliance, including anti-corruption laws; risks related
to the enactment of legislation or the imposition of regulations or other
restrictions or actions by governments that create business uncertainty and have
the potential to limit trade; changes in accounting standards; general economic
conditions in the markets in which we operate, including financial market
conditions, inflation, and risks related to sales to government entities; the
impact of changes in tax laws and regulations; and our ability to successfully
integrate, and achieve expected benefits from, our acquired businesses. In
addition, we may not achieve the expected benefits of our reorganized business
segment structure. For a further discussion of the risks relating to our
business, see the “Risk Factors” in our annual report on Form 10-K for the
fiscal year ended December 31, 2025, filed with the Securities and Exchange
Commission (the "SEC"), as such factors may be amended or updated from time to
time in our subsequent periodic and other filings with the SEC, which are
accessible on the SEC’s website at www.sec.gov. These factors should not be
construed as exhaustive and should be read in conjunction with the other
cautionary statements that are included in this release and in our filings with
the SEC. We assume no obligation to update any such forward-looking statement
after the date of this release, whether as a result of new information, future
developments or otherwise.
4
Note on Non-GAAP Financial Measures
This release includes information based on financial measures that are not
recognized under generally accepted accounting principles in the United States
("GAAP"), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted
Earnings per Share, Gross Leverage Ratio, Net Leverage Ratio and Free Cash Flow.
Non-GAAP financial measures are presented only as a supplement to the company’s
financial statements based on GAAP. Non-GAAP financial information is provided
to enhance understanding of the company’s financial performance, but none of
these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP
measures should not be considered in isolation from, or as a substitute analysis
for, the company’s results of operations as determined in accordance with GAAP.
The company uses non-GAAP measures in its operational and financial decision
making, and believes that it is useful to exclude certain items in order to
focus on what it regards to be a more meaningful indicator of the underlying
operating performance of the business. For example, the company excludes all the
amortization of intangible assets associated with acquired customer
relationships and backlog, databases, non-compete agreements, trademarks and
trade names from non-GAAP expense and income measures as such amounts can be
significantly impacted by the timing and size of acquisitions. Although we
exclude amortization of acquired intangible assets from our non-GAAP expenses,
we believe that it is important for investors to understand that revenue
generated from such intangibles is included within revenue in determining net
income. As a result, internal management reports feature non-GAAP measures which
are also used to prepare strategic plans and annual budgets and review
management compensation. The company also believes that investors may find non-
GAAP financial measures useful for the same reasons, although investors are
cautioned that non-GAAP financial measures are not a substitute for GAAP
disclosures.
The non-GAAP financial measures are not presented in accordance with GAAP.
Please refer to the schedules attached to this release for reconciliations of
non-GAAP financial measures contained herein to the most directly comparable
GAAP measures. Our full-year 2026 guidance measures (other than revenue) are
provided on a non-GAAP basis without a reconciliation to the most directly
comparable GAAP measure because the company is unable to predict with a
reasonable degree of certainty certain items contained in the GAAP measures
without unreasonable efforts. For the same reasons, the company is unable to
address the probable significance of the unavailable information. Such items
include, but are not limited to, acquisition related expenses, restructuring and
related expenses, stock-based compensation and other items not reflective of the
company's ongoing operations.
Non-GAAP measures are frequently used by securities analysts, investors and
other interested parties in their evaluation of companies comparable to the
company, many of which present non-GAAP measures when reporting their results.
Non-GAAP measures have limitations as an analytical tool. They are not
presentations made in accordance with GAAP, are not measures of financial
condition or liquidity and should not be considered as an alternative to profit
or loss for the period determined in accordance with GAAP or operating cash
flows determined in accordance with GAAP. Non-GAAP measures are not necessarily
comparable to similarly titled measures used by other companies. As a result,
you should not consider such performance measures in isolation from, or as a
substitute analysis for, the company’s results of operations as determined in
accordance with GAAP.
IQVIAFIN
# # #
5
Table 1
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(preliminary and unaudited)
(in
million… Three Nine
except Months Months
per Ended Ended
share September Septemb…
data) 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Revenues $ 4,428 $ 4,100 $ 12,947 $ 11,946
Cost of
revenue…
exclusi…
of 2,930 2,727 8,659 7,952
depreci…
and
amortiz…
Selling,
general
and 569 514 1,645 1,531
adminis…
expenses
Depreci…
and 321 286 901 827
amortiz…
Restruc… 36 20 150 81
costs
Income
from 572 553 1,592 1,555
operati…
Interest -12 -13 -29 -34
income
Interest 203 189 592 536
expense
Loss on
extingu… — — 3 4
of debt
Other
(income) -5 -31 11 -5
expense,
net
Income
before
income
taxes
and
equity 386 408 1,015 1,054
in
earnings
(losses)
of
unconso…
affilia…
Income
tax 76 76 195 193
expense
Income
before
equity
in
earnings 310 332 820 861
(losses)
of
unconso…
affilia…
Equity
in
earnings
(losses) 42 — 65 -14
of
unconso…
affilia…
Net 352 332 885 847
income
Net
income
attribu… -2 -1 -5 -1
to
noncont…
interes…
Net
income
attribu… $ 350 $ 331 $ 880 $ 846
to IQVIA
Holdings
Inc.
Earnings
per
share
attribu…
to
common
stockho…
Basic $ 2.13 $ 1.94 $ 5.29 $ 4.90
Diluted $ 2.10 $ 1.93 $ 5.24 $ 4.86
Weighted
average
common
shares
outstan…
Basic 164.7 170.2 166.4 172.6
Diluted 167.0 171.7 168.0 174.1
6
Table 2
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(preliminary and unaudited)
(in millions,
except per September 30, December 31,
share data) 2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash $ 2,249 $ 1,980
equivalents
Trade accounts
receivable and 3,293 3,400
unbilled
services, net
Prepaid 210 162
expenses
Income taxes 39 27
receivable
Investments in
debt, equity 173 161
and other
securities
Other current
assets and 487 519
receivables
Total current 6,451 6,249
assets
Property and 534 533
equipment, net
Operating lease
right-of-use 313 290
assets
Investments in
debt, equity 86 108
and other
securities
Investments in
unconsolidated 438 324
affiliates
Goodwill 16,900 16,616
Other
identifiable 4,738 4,962
intangibles,
net
Deferred income 408 357
taxes
Deposits and
other assets, 606 505
net
Total assets $ 30,474 $ 29,944
LIABILITIES AND
STOCKHOLDERS’
EQUITY
Current
liabilities:
Accounts
payable and $ 3,676 $ 3,751
accrued
expenses
Unearned income 2,313 2,118
Income taxes 171 140
payable
Current portion
of long-term 1,244 1,840
debt
Other current 373 489
liabilities
Total current 7,777 8,338
liabilities
Long-term debt,
less current 14,823 13,884
portion
Deferred income 157 179
taxes
Operating lease 247 225
liabilities
Other 679 688
liabilities
Total 23,683 23,314
liabilities
Commitments and
contingencies
Stockholders’
equity:
Common stock
and additional
paid-in
capital, 400.0
shares
authorized as
of
September 30,
2026 and
December 31,
2025, $0.01 par
value, 259.8 11,576 11,378
shares
issued and
164.8 shares
outstanding as
of September
30, 2026; 259.1
shares
issued and
169.6 shares
outstanding as
of December 31,
2025
Retained 8,305 7,425
earnings
Treasury stock,
at cost, 95.0
and 89.5
shares as of
September 30, -12,315 -11,357
2026 and
December 31,
2025,
respectively
Accumulated
other -906 -943
comprehensive
loss
Equity
attributable to
IQVIA Holdings 6,660 6,503
Inc.’s
stockholders
Noncontrolling 131 127
interests
Total
stockholders’ 6,791 6,630
equity
Total
liabilities and $ 30,474 $ 29,944
stockholders’
equity
7
Table 3
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(preliminary and unaudited)
Nine Months Ended
(in millions) September 30,
Operating activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 885 $ 847
Adjustments to reconcile
net income to
cash provided by
operating activities:
Depreciation and 901 827
amortization
Amortization of debt
issuance costs and 17 17
discount
Stock-based compensation 243 187
(Earnings) losses from
unconsolidated -65 14
affiliates
Loss (gain) on 7 -20
investments, net
Benefit from deferred -97 -132
income taxes
Changes in operating
assets and
liabilities:
Change in accounts
receivable, unbilled 341 442
services and unearned
income
Change in other
operating assets and -231 -263
liabilities
Net cash provided by
operating 2,001 1,919
activities
Investing activities:
Acquisition of property,
equipment and -483 -429
software
Acquisition of
businesses, net of cash -589 -798
acquired
Sales of marketable 3 2
securities, net
Investments in
unconsolidated -67 -28
affiliates, net of
payments received
Investments in debt and
equity — -20
securities
Proceeds from sale of
property, — 75
equipment and software
Other — -3
Net cash used in -1,136 -1,201
investing activities
Financing activities:
Proceeds from issuance 3,758 3,985
of debt
Payment of debt issuance -49 -34
costs
Repayment of debt and
principal payments -2,458 -2,676
on finance leases
Proceeds from revolving 1,350 1,375
credit facility
Repayment of revolving -2,150 -2,200
credit facility
Payments related to
employee stock -43 -66
incentive plans
Repurchase of common -950 -1,032
stock
Distributions to
noncontrolling -1 —
interests, net
Contingent consideration
and deferred -17 -26
purchase price payments
Other -9 -11
Net cash used in -569 -685
financing activities
Effect of foreign
currency exchange rate -27 79
changes on cash
Increase in cash and 269 112
cash equivalents
Cash and cash
equivalents at beginning 1,980 1,702
of period
Cash and cash
equivalents at end of $ 2,249 $ 1,814
period
8
Table 4
IQVIA HOLDINGS INC. AND SUBSIDIARIES
NET INCOME TO ADJUSTED EBITDA RECONCILIATION
(preliminary and unaudited)
Three Nine
Months Months
Ended Ended
(in September September
millions) 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
Income
Attribut… $ 350 $ 331 $ 880 $ 846
to IQVIA
Holdings
Inc.
Provision
for 76 76 195 193
income
taxes
Deprecia…
and 321 286 901 827
amortiza…
Interest
expense, 191 176 563 502
net
(Income)
loss in -42 — -65 14
unconsol…
affiliat…
Income
from 2 1 5 1
noncontr…
interests
Stock-ba… 83 55 243 187
compensa…
Other
expense 2 -21 43 23
(income),
net(1)
Loss on
extingui… — — 3 4
of debt
Restruct…
and 41 30 161 114
related
expenses…
Acquisit…
related 8 15 29 31
expenses
Adjusted $ 1,032 $ 949 $ 2,958 $ 2,742
EBITDA
(1) Reflects certain non-operating income items, revaluations of contingent
consideration and certain non-recurring expenses.
(2) Reflects restructuring costs as well as accelerated expenses related to
lease exits.
9
Table 5
IQVIA HOLDINGS INC. AND SUBSIDIARIES
NET INCOME TO ADJUSTED NET INCOME RECONCILIATION
(preliminary and unaudited)
(in
million… Three Nine
except Months Months
per Ended Ended
share September September
data) 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
Income
Attribu… $ 350 $ 331 $ 880 $ 846
to IQVIA
Holdings
Inc.
Provisi…
for 76 76 195 193
income
taxes
Purchase
account… 163 138 436 394
amortiz…
(Income)
loss in -42 — -65 14
unconso…
affilia…
Income
from 2 1 5 1
noncont…
interes…
Stock-b… 83 55 243 187
compens…
Other
expense 2 -21 43 23
(income…
net(2)
Loss on
extingu… — — 3 4
of debt
Restruc…
and 41 30 161 114
related
expense…
Acquisi…
related 8 15 29 31
expenses
Adjusted
Pre Tax $ 683 $ 625 $ 1,930 $ 1,807
Income
Adjusted
tax -124 -109 -349 -326
expense
Income
from -2 -1 -5 -1
noncont…
interes…
Adjusted
Net $ 557 $ 515 $ 1,576 $ 1,480
Income
Adjusted
earnings
per
share
attribu…
to
common
stockho…
Basic $ 3.38 $ 3.03 $ 9.47 $ 8.57
Diluted $ 3.34 $ 3.00 $ 9.38 $ 8.50
Weighted
average
common
shares
outstan…
Basic 164.7 170.2 166.4 172.6
Diluted 167.0 171.7 168.0 174.1
(1) Reflects all the amortization of acquired intangible assets.
(2) Reflects certain non-operating income items, revaluations of contingent
consideration and certain non-recurring expenses.
(3) Reflects restructuring costs as well as accelerated expenses related to
lease exits.
10
Table 6
IQVIA HOLDINGS INC. AND SUBSIDIARIES
NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW RECONCILIATION
(preliminary and unaudited)
Three Nine
Months Months
Ended Ended
(in September September
million… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net Cash
provided
by $ 825 $ 908 $ 2,001 $ 1,919
Operati…
Activit…
Acquisi…
of
propert… -158 -136 -483 -429
equipme…
and
software
Free
Cash $ 667 $ 772 $ 1,518 $ 1,490
Flow
11
Table 7
IQVIA HOLDINGS INC. AND SUBSIDIARIES
CALCULATION OF GROSS AND NET LEVERAGE RATIOS
AS OF SEPTEMBER 30, 2026
(preliminary and unaudited)
(in millions)
──────────────────────────────────────────────────────────────
Gross Debt, net of Unamortized Discount
and Debt Issuance Costs, as of September $ 16,067
30, 2026
Net Debt as of September 30, 2026 $ 13,818
Adjusted EBITDA for the twelve months $ 4,004
ended September 30, 2026
Gross Leverage Ratio (Gross Debt/LTM 4.01x
Adjusted EBITDA)
Net Leverage Ratio (Net Debt/LTM 3.45x
Adjusted EBITDA)
Contacts:
Kerri Joseph, IQVIA Investor Relations (kerri.joseph@iqvia.com)
+1.973.541.3558
12