IQVIA Holdings, Inc. (IQV) Earnings

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Sep 2026upcoming

Next quarter

Reports Oct 27, 2026.

Consensus is $2.96 EPS for Sep 2026 across 6 estimates, ranging $2.90 to $3.00.

IQV Jun 2026

Reported Jul 28, 2026

: 1.10%
: +1.90%

: $2.72
: $2.75
: —
: —

Highlights

Revenue: Second-quarter revenue was $4.368 billion, up 8.7% year over year and 5.3% from $4.15 billion in Q1; constant-currency growth was 8.5%.
Adjusted earnings: Adjusted EBITDA rose 9.2% year over year to $994 million and adjusted diluted EPS increased 12.1% to $3.15; reported EPS was $2.75 versus consensus of $2.72, a 1.1% beat.
GAAP results: GAAP net income attributable to IQVIA was $256 million versus $266 million a year ago and $274 million in Q1; diluted GAAP EPS was $1.53 versus $1.54 a year ago and $1.61 in Q1.
Segment breadth: Commercial Solutions revenue increased 8.6% to $1.793 billion, while Research & Development Solutions revenue rose 8.8% to $2.575 billion.
Commercial momentum: Commercial Solutions segment profit increased 10.6% to $419 million, supported by double-digit growth in patient solutions and commercial engagement services, high-single-digit analytics and consulting growth, and greater AI adoption.
R&D bookings: Research & Development Solutions net new bookings reached a record $3.15 billion, up 19% year over year, producing a 1.22x book-to-bill ratio; contracted backlog was $34.2 billion.
Forward revenue: IQVIA expects approximately $9.2 billion of R&DS backlog to convert into revenue over the next twelve months, up 7.5% year over year.
Guidance: Full-year revenue guidance was raised to $17.275 billion-$17.475 billion, adjusted EBITDA to $4.000 billion-$4.050 billion and adjusted diluted EPS to $12.80-$13.00; the revenue-growth midpoint increased to 6.5% from 5.8%.
Cash returns: Second-quarter free cash flow was $360 million, up 23.3%, and IQVIA repurchased $398 million of stock; first-half repurchases totaled $950 million, leaving $2.819 billion authorized.

Analysis

IQVIA’s second quarter was a broad operating acceleration with a modest adjusted-EPS beat and a stronger outlook. Revenue of $4.368 billion grew 8.7% year over year, versus $4.017 billion in Q2 2025, and increased 5.3% sequentially from $4.15 billion in Q1. Reported EPS of $2.75 exceeded the $2.72 consensus by 1.1%. Adjusted diluted EPS rose 12.1% to $3.15, although GAAP diluted EPS was $1.53, versus $1.54 a year ago and $1.61 in Q1. GAAP operating income was $506 million, flat year over year and down from $514 million sequentially, as higher restructuring and corporate costs offset growth.

The defining feature was improving demand across both businesses. Commercial Solutions delivered 8.6% revenue growth and 10.6% segment-profit growth, while R&DS grew revenue 8.8% and segment profit 11.2%. R&DS bookings were particularly strong at $3.15 billion, up 19%, with 1.22x book-to-bill and $34.2 billion of backlog. Cash generation also improved, with quarterly free cash flow up 23.3% to $360 million. Management raised full-year revenue, adjusted EBITDA and adjusted EPS guidance, citing roughly 100 basis points of higher organic growth, partly offset by a less favorable foreign-exchange assumption.

Revenue and earnings

The quarter combined strong top-line growth with stable GAAP operating income and better adjusted profitability. Revenue rose $351 million year over year, while adjusted EBITDA increased $84 million to $994 million. The GAAP operating margin was approximately 11.6%, unchanged in dollars from a year ago, as restructuring costs rose to $63 million from $32 million and general corporate and unallocated expenses increased to $84 million from $38 million. Adjusted net income was $527 million, up from $486 million.

Sequential comparison: Revenue increased from $4.15 billion in Q1 to $4.368 billion, while operating income declined from $514 million to $506 million and net income attributable to IQVIA fell from $274 million to $256 million.
Cost profile: Cost of revenue increased 8.9% year over year to $2.933 billion, broadly tracking revenue growth, while SG&A rose 12.8% to $574 million, driven primarily by compensation and stock-based compensation.
Share count: Diluted weighted-average shares declined to 167.3 million from 173.2 million a year ago, supporting the 12.1% increase in adjusted diluted EPS.

Segment execution

Both newly reported segments contributed to the acceleration. Commercial Solutions benefited from patient solutions and commercial engagement services, while analytics and consulting remained high-single-digit growers. Research & Development Solutions was driven by higher clinical-services and lab-testing volumes. The company’s two-segment structure was implemented on January 1, 2026, with prior periods recast.

Commercial Solutions: Revenue was $1.793 billion, up 8.6%, and segment profit was $419 million, up 10.6%; segment margin expanded to approximately 23.4% from 23.0%.
Research & Development Solutions: Revenue was $2.575 billion, up 8.8%, and segment profit was $526 million, up 11.2%; segment margin improved to approximately 20.4% from 20.0%.
AI adoption: Management cited increased adoption of AI solutions as one contributor to the acceleration in Commercial Solutions organic revenue growth.

Bookings and backlog

R&DS provided the clearest forward-demand signal in the quarter. Net new bookings of $3.15 billion were a record level and grew faster than revenue, lifting book-to-bill above one. Contracted backlog increased only modestly from $34.0 billion at December 31, 2025 to $34.2 billion at June 30, reflecting the timing of bookings and conversion.

Bookings: Quarterly net new bookings rose 19% year over year to $3.15 billion, while last-twelve-month bookings increased 13% to $11.3 billion.
Conversion: Approximately $9.2 billion of contracted backlog is expected to convert to revenue in the next twelve months, representing 7.5% growth from the comparable period.
Longer-term visibility: Remaining performance obligations totaled approximately $36.4 billion, with roughly 30% expected to be recognized over the next twelve months and 85% over the next five years.

Raised 2026 guidance

IQVIA raised all three principal full-year metrics, with the revenue increase primarily reflecting stronger organic growth and additional M&A contribution. The revised outlook also incorporates a materially smaller foreign-exchange tailwind than the prior forecast, making the organic-growth improvement more important to the upgrade.

Revenue: Guidance is now $17.275 billion-$17.475 billion, implying a midpoint of $17.375 billion and 6.5% growth, versus the prior 5.8% midpoint.
Profitability: Adjusted EBITDA guidance is $4.000 billion-$4.050 billion, and adjusted diluted EPS guidance is $12.80-$13.00.
Guidance bridge: The revenue midpoint reflects approximately 100 basis points of higher organic growth and 50 basis points more M&A contribution, offset by an approximately 80-basis-point deterioration in foreign-exchange impact. M&A is now expected to contribute about 200 basis points versus 150 basis points previously.

Cash, debt and buybacks

Cash conversion strengthened, allowing IQVIA to continue substantial repurchases despite a leveraged balance sheet. Second-quarter operating cash flow was $558 million and free cash flow was $360 million. At June 30, cash was $1.909 billion against $15.999 billion of debt, leaving net debt of $14.090 billion and a 3.59x net leverage ratio based on trailing-twelve-month adjusted EBITDA.

Capital returns: IQVIA repurchased $398 million of stock in the quarter and 5.5 million shares for $950 million in the first half; $2.819 billion remained under the authorization at June 30.
Debt refinancing: The company issued €950 million of 4.625% senior notes due 2033 and used the proceeds to repay its $650 million 2027 term loan and reduce revolver borrowings.
Cash generation: First-half operating cash flow rose 16.3% to $1.176 billion and free cash flow increased 18.5% to $851 million.

IQVIA Holdings, Inc.

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