IQVIA Holdings Inc. (IQV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.03	$3.15	+4.0%	—	$4.4B	—
Q1 26	$2.82	$2.9	+2.8%	—	$4.2B	—
Q4 25	$3.4	$3.42	+0.6%	—	$4.4B	—
Q3 25	$2.98	$3	+0.7%	—	$4.1B	—
Q2 25	$2.77	$2.81	+1.4%	—	$4B	—
Q1 25	$2.63	$2.7	+2.7%	—	$3.8B	—
Q4 24	$3.11	$3.12	+0.3%	—	$4B	—
Q3 24	$2.81	$2.84	+1.1%	—	$3.9B	—
Q2 24	$2.56	$2.64	+3.1%	—	$3.8B	—
Q1 24	$2.48	$2.54	+2.4%	—	$3.7B	—
Q4 23	$2.82	$2.84	+0.7%	—	$3.9B	—
Q3 23	$2.45	$2.49	+1.6%	—	$3.7B	—
Q2 23	$2.37	$2.43	+2.5%	—	$3.7B	—
Q1 23	$2.41	$2.45	+1.7%	—	$3.7B	—
Q4 22	$2.76	$2.78	+0.7%	—	$3.7B	—
Q3 22	$2.38	$2.48	+4.2%	—	$3.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.91	—	—	$16.3B	—
FY24	—	$7.57	—	—	$15.4B	—
FY23	—	$7.39	—	—	$15B	—
FY22	—	$5.82	—	—	$14.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.8B	$9.7B	$10.4B	$11.1B	$11.4B	$13.9B	$14.4B	$15B	$15.4B	$16.3B
YoY change	+18.8%	+42.4%	+7.32%	+6.49%	+2.44%	+22.1%	+3.86%	+3.98%	+2.81%	+5.87%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.8B	9.7B	10.4B	11.1B	11.4B	13.9B	14.4B	15B	15.4B	16.3B
Cost of revenue	4.7B	6.3B	6.7B	7.3B	7.5B	9.2B	9.4B	9.7B	10B	10.9B
Gross profit	2.1B	3.4B	3.7B	3.8B	3.9B	4.6B	5B	5.2B	5.4B	5.4B
Gross margin	30.3%	35.1%	35.2%	34.2%	34%	33.5%	34.9%	35%	34.9%	33.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1B	1.6B	1.7B	1.7B	1.8B	2B	2.1B	2.1B	2B	2B
Operating expenses	1B	1.6B	1.7B	1.7B	1.8B	2B	2.1B	2.1B	2B	2B
Operating income	762M	768M	809M	852M	783M	1.4B	1.8B	2.1B	2.3B	2.3B
Operating margin	11.2%	7.92%	7.77%	7.68%	6.89%	10.2%	12.7%	13.8%	14.7%	14%
Non-operating income, net	-206M	-135M	-75M	-62M	—	84M	-61M	34M	23M	-12M
Pretax income	416M	294M	328M	352M	373M	1.1B	1.4B	1.5B	1.7B	1.6B
Income tax	325M	-992M	59M	116M	72M	163M	260M	101M	301M	252M
Net income	87M	1.3B	284M	227M	308M	971M	1.1B	1.4B	1.4B	1.4B
Net margin	1.28%	13.4%	2.73%	2.05%	2.71%	7%	7.57%	9.06%	8.91%	8.34%
EBITDA	1.1B	1.8B	2B	2.1B	2.1B	2.8B	2.9B	3.3B	3.5B	3.6B
EPS	0.77	6.01	1.27	0.98	1.46	5.05	5.82	7.39	7.57	7.91
Diluted EPS	0.76	5.88	1.24	0.96	1.43	4.95	5.72	7.29	7.49	7.84

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.7B	3.9B	3.7B	3.8B	3.9B	4B	3.8B	4B	4.1B	4.4B	4.2B	4.4B
Cost of revenue	2.4B	2.5B	2.4B	2.5B	2.5B	2.6B	2.5B	2.7B	2.7B	2.9B	2.8B	2.9B
Gross profit	1.3B	1.4B	1.3B	1.3B	1.4B	1.4B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B
Gross margin	35.1%	35.9%	34.6%	34.8%	35.4%	34.8%	33.9%	32.9%	33.5%	32.9%	32.6%	32.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	502M	556M	508M	509M	522M	453M	508M	509M	514M	468M	502M	574M
Operating expenses	502M	556M	508M	509M	522M	453M	508M	509M	514M	468M	502M	574M
Operating income	511M	518M	521M	548M	578M	622M	525M	538M	573M	651M	565M	569M
Operating margin	13.7%	13.4%	13.9%	14.4%	14.8%	15.7%	13.7%	13.4%	14%	14.9%	13.6%	13%
Non-operating income, net	5M	24M	-26M	39M	-72M	82M	-48M	-43M	11M	68M	-55M	-78M
Pretax income	349M	373M	340M	436M	349M	544M	323M	323M	408M	537M	328M	301M
Income tax	51M	-102M	49M	75M	65M	112M	61M	56M	76M	59M	59M	60M
Net income	303M	469M	288M	363M	285M	437M	249M	266M	332M	514M	275M	258M
Net margin	8.11%	12.1%	7.71%	9.52%	7.32%	11%	6.5%	6.62%	8.1%	11.8%	6.62%	5.91%
EBITDA	857M	893M	785M	896M	825M	1B	786M	813M	903M	1.1B	859M	856M
EPS	1.66	2.58	1.58	1.99	1.57	2.44	1.42	1.55	1.94	3.02	1.63	1.54
Diluted EPS	1.63	2.54	1.56	1.97	1.55	2.42	1.4	1.54	1.93	2.99	1.61	1.53

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	23.7B	30.1B	34.3B	54B	38.4B	42.5B	35.6B	38.7B	44.6B
Enterprise value	—	—	33.7B	41.3B	45.3B	65B	50.1B	54.9B	47.9B	52.6B	58.8B
Shares outstanding	149.1M	217.8M	203.7M	195.1M	191.3M	191.4M	187.6M	183.8M	181.3M	171.9M	171.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	83.3	132.8	111.3	55.6	35.2	31.3	25.9	28.5	33.7
P/S	—	—	2.27	2.72	3.02	3.89	2.67	2.84	2.31	2.38	2.62
P/B	—	—	3.4	4.81	5.46	8.94	6.67	6.96	5.87	5.84	7.21
EV/EBITDA	—	—	17.3	19.7	21.1	23.1	17.1	16.4	13.6	14.7	19.3
EV/Sales	—	—	3.24	3.72	3.99	4.68	3.48	3.67	3.11	3.22	3.46
Earnings yield	—	—	1.2%	0.75%	0.9%	1.8%	2.84%	3.19%	3.85%	3.51%	2.97%
FCF yield	—	—	3.36%	2.77%	3.92%	4.26%	4.13%	3.53%	5.93%	5.29%	4.82%
PEG	—	—	—	—	—	—	—	—	—	—	-52.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.3%	35.1%	35.2%	34.2%	34%	33.5%	34.9%	35%	34.9%	33.3%	32.9%
Operating margin	11.2%	7.92%	7.77%	7.68%	6.89%	10.2%	12.7%	13.8%	14.7%	14%	13%
Net margin	1.28%	13.4%	2.73%	2.05%	2.71%	7%	7.57%	9.06%	8.91%	8.34%	8.1%
ROE	0.98%	15.7%	4.08%	3.62%	4.9%	16.1%	18.9%	22.2%	22.6%	20.5%	22.8%
ROA	0.41%	5.67%	1.26%	0.98%	1.25%	3.93%	4.31%	5.09%	5.1%	4.55%	5.06%
ROIC	1.12%	4.4%	3.9%	3.28%	3.66%	7.11%	8.46%	10.4%	10.1%	9.42%	9.66%
Return on tangible assets	-0.67%	-9.24%	-2.19%	-1.88%	-2.76%	-8.23%	-8.98%	-11.2%	-11.9%	-10.3%	-10.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.23	1.13	1.1	1.05	1.12	0.91	0.89	0.86	0.84	0.75	0.71
Quick ratio	1.23	1.13	1.1	1.05	1.12	0.91	0.89	0.86	0.84	0.75	0.71
Debt / equity	0.81	1.24	1.58	1.92	2.05	2.06	2.26	2.27	2.33	2.41	2.58
Debt / assets	0.34	0.45	0.49	0.52	0.53	0.5	0.51	0.52	0.53	0.53	0.54
Net debt / EBITDA	5.59	5.2	5.16	5.31	5.14	3.9	3.98	3.71	3.5	3.86	3.84
Interest coverage	3.89	1.85	1.79	1.79	1.9	4.01	4.28	3.17	3.49	3.18	3.04
Effective tax rate	78.1%	0%	18%	33%	19.3%	14.5%	19.1%	6.92%	18%	15.8%	16.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	45.7	44.5	51.1	56.8	59.4	72.5	76.8	81.5	85	94.9	100.7
EPS (basic)	0.77	6.01	1.27	0.98	1.46	5.05	5.82	7.39	7.57	7.91	7.91
EPS (diluted)	0.76	5.88	1.24	0.96	1.43	4.95	5.72	7.29	7.49	7.84	8.03
Book value per share	59.4	37.9	34.1	32.1	32.8	31.6	30.7	33.3	33.5	38.6	37.5
FCF per share	4.67	2.76	3.9	4.28	7.02	12	8.45	8.16	11.7	11.9	13.1
Cash per share	8.3	4.61	4.6	4.61	9.94	7.72	6.98	8.14	10.2	12.5	12.6
Capex per share	1.1	1.69	2.25	2.98	3.22	3.34	3.59	3.53	3.18	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.41%	3.8%	4.41%	5.25%	5.42%	4.61%	4.68%	4.33%	3.75%	—	—
Capex / operating cash flow	20.1%	34.1%	31.7%	37.6%	27.7%	21.5%	28.7%	28.2%	20%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.7B	$3.9B	$3.7B	$3.8B	$3.9B	$4B	$3.8B	$4B	$4.1B	$4.4B	$4.2B	$4.4B
YoY change	+4.88%	+3.45%	+2.33%	+2.31%	+4.28%	+2.33%	+2.46%	+5.32%	+5.24%	+10.3%	+8.41%	+8.74%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.2B	1B	938M	899M	1.9B	1.5B	1.3B	1.5B	1.8B	2.1B
Receivables	998M	1.2B	1.3B	1.3B	1.2B	1.3B	1.3B	1.5B	1.4B	1.7B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	3.3B	3.6B	3.9B	4.1B	5.1B	4.8B	5B	5.6B	5.8B	6.2B
Property, plant & equipment	406M	440M	434M	954M	953M	903M	863M	819M	773M	823M
Goodwill & intangibles	34.2B	36.9B	35.5B	35.3B	35.7B	36.5B	37.5B	38.8B	38.4B	43.2B
Total assets	21.2B	22.9B	22.5B	23.3B	24.6B	24.7B	25.3B	26.7B	26.9B	29.9B
Accounts payable	250M	322M	2.3B	2.5B	581M	621M	645M	709M	736M	780M
Short-term debt	92M	103M	100M	100M	149M	91M	152M	718M	1.1B	1.8B
Total current liabilities	2.7B	3.2B	3.5B	3.9B	4.6B	5.2B	5.6B	6.5B	7B	8.3B
Long-term debt	7.1B	10.1B	10.9B	11.9B	12.8B	12.3B	12.9B	13.2B	13B	14.1B
Total liabilities	12.3B	14.6B	15.6B	17B	18.3B	18.6B	19.6B	20.6B	20.8B	23.3B
Shareholders' equity	8.9B	8.2B	7B	6.3B	6.3B	6B	5.8B	6.1B	6.1B	6.6B
Total debt	7.2B	10.2B	11B	12B	12.9B	12.4B	13B	13.9B	14.2B	15.9B
Net debt	6B	9.3B	10.1B	11.2B	11.1B	11.1B	11.8B	12.5B	12.5B	14B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.3B	1.5B	1.6B	1.7B	1.7B	1.8B	1.9B	2.2B	2B	2.1B	2.1B	2.1B
Receivables	1.3B	1.5B	1.4B	1.4B	1.2B	1.4B	1.4B	1.5B	1.4B	1.7B	1.6B	1.6B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	5.2B	5.6B	5.7B	5.6B	5.6B	5.8B	5.9B	6.3B	6B	6.2B	6.2B	6.2B
Property, plant & equipment	790M	819M	791M	768M	772M	773M	768M	816M	824M	823M	809M	851M
Goodwill & intangibles	38.4B	38.8B	38.5B	38.2B	39.6B	38.4B	39.1B	40.4B	41.3B	43.2B	42.7B	42.7B
Total assets	26B	26.7B	26.6B	26.4B	27.2B	26.9B	27.3B	28.6B	28.7B	29.9B	29.7B	29.9B
Accounts payable	3.1B	709M	3.5B	3.3B	3.4B	736M	3.6B	3.4B	3.5B	780M	3.6B	3.6B
Short-term debt	1.3B	718M	717M	1.2B	1.2B	1.1B	1.2B	1.3B	2.2B	1.8B	1.8B	2.3B
Total current liabilities	6.6B	6.5B	6.4B	6.6B	7B	7B	7.2B	7.6B	8.5B	8.3B	8.3B	8.8B
Long-term debt	12.5B	13.2B	13B	12.3B	12.5B	13B	13.3B	14.4B	13B	14.1B	14.2B	13.9B
Total liabilities	20.2B	20.6B	20.2B	19.7B	20.2B	20.8B	21.3B	22.8B	22.4B	23.3B	23.3B	23.6B
Shareholders' equity	5.8B	6.1B	6.3B	6.7B	7B	6.1B	6B	5.8B	6.3B	6.6B	6.3B	6.3B
Total debt	13.8B	13.9B	13.7B	13.4B	13.7B	14.2B	14.5B	15.7B	15.2B	15.9B	16.1B	16.2B
Net debt	12.6B	12.5B	12.3B	11.9B	12.1B	12.5B	12.8B	13.7B	13.4B	14B	14.1B	14.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	87M	1.3B	284M	227M	308M	971M	1.1B	1.4B	1.4B	1.4B
Depreciation & amortization	289M	1B	1.1B	1.2B	1.3B	1.3B	1.1B	1.1B	1.1B	1.1B
Stock-based compensation	80M	106M	113M	146M	95M	170M	194M	217M	206M	247M
Change in working capital	213M	-119M	78M	116M	688M	697M	37M	-150M	306M	206M
Operating cash flow	814M	1.1B	1.4B	1.5B	2.2B	3B	2.4B	2.3B	2.9B	2.7B
Capital expenditure	-164M	-369M	-459M	-582M	-616M	-640M	-674M	-649M	-577M	—
Investing cash flow	1.7B	-1.2B	-810M	-1.2B	-796M	-2.1B	-2B	-1.6B	-1.4B	-1.8B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-1.1B	-2.6B	-1.4B	-949M	-447M	-406M	-1.2B	-992M	-1.4B	-1.2B
Financing cash flow	-2.3B	-1.8B	-2.8B	-3.1B	-1.8B	-1.8B	-2.3B	-3B	-814M	-83M
Net change in cash	261M	-1.9B	-2.1B	-2.7B	-384M	-898M	-1.9B	-2.3B	633M	794M
Free cash flow	696M	601M	795M	835M	1.3B	2.3B	1.6B	1.5B	2.1B	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	303M	469M	288M	363M	285M	437M	249M	266M	332M	514M	275M	258M
Depreciation & amortization	297M	316M	264M	269M	278M	303M	265M	276M	286M	317M	288M	292M
Stock-based compensation	47M	45M	56M	48M	54M	48M	72M	60M	55M	60M	65M	95M
Change in working capital	-22M	-64M	-16M	-82M	151M	138M	4M	-104M	279M	123M	10M	-34M
Operating cash flow	583M	619M	531M	590M	739M	916M	554M	459M	908M	735M	618M	558M
Capital expenditure	-146M	-179M	-145M	-118M	-150M	-164M	-142M	-151M	—	—	—	—
Investing cash flow	-573M	-212M	-314M	-221M	-597M	-310M	-305M	-346M	-489M	-930M	-69M	-183M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-144M	-229M	0	0	-200M	-1.1B	-375M	-657M	0	-212M	-552M	-398M
Financing cash flow	-94M	-942M	-46M	-260M	-136M	-372M	-223M	145M	-541M	536M	-393M	-213M
Net change in cash	-84M	-535M	171M	109M	6M	234M	26M	258M	-122M	341M	156M	162M
Free cash flow	437M	568M	377M	445M	571M	721M	426M	292M	772M	561M	491M	360M

IQVIA Holdings Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement