FirmAtlas
Company handbook · IQV · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
IQV · CIK 1478242 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
IQVIA HOLDINGS INC.
$266.90
−4.14 (−1.53%)
Close, Oct 16, 2026 · 52-week $154–277
Last fiscal year
IQVIA HOLDINGS INC. reported revenue of $16.3B for the year ended Dec 31, 2025 (FY25), up 5.9% from FY24. Net income was $1.4B, operating cash flow $2.7B and free cash flow $2.1B. Source: 10-K filed Feb 17, 2026.
Market cap
$45.3B
P/E
32.7
EV/EBITDA
17.7x
P/B
7.3
ROIC
9.6%
Revenue 1Y
5.9%/yr
EPS 1Y
4.7%/yr
Shares 1Y
−4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOAri Bousbib
HQDurham, NC
AuditorPricewaterhouseCoopers LLP
Employees93,000
Year endsDecember
Revenue by segment · FY25
Research And Development Solutions55%
Technology And Analytics Solutions41%
Contract Sales And Medical Solutions5%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.5%
1.4%
10.3%
29.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$6.2B deployed
Capex
$1.2B
19.3%
Acquisitions
$2.4B
39.2%
Buybacks
$2.6B
41.5%
Operating cash flow over the period: $5.4B. Total debt changed by +$1.7B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY15).
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
15,405
16,310+5.9%
16,632
YoY
+5.9%
Operating income
2,202
2,182−0.9%
2,200
Operating margin
14.3%
13.4%−0.9 pp
—
EBITDA
3,316
3,326+0.3%
—
EBITDA margin
21.5%
20.4%−1.1 pp
—
Interest expense
670
729+8.8%
—
Interest coverage
4.95x
4.56x−0.39x
—
Net income
1,373
1,360−0.9%
1,385
YoY
−0.9%
Net margin
8.9%
8.3%−0.6 pp
—
EPS (diluted, $)
7.49
7.84+4.7%
8.11
YoY
+4.7%
Balance sheet
Total assets
26,899
29,944+11.3%
29,675
Cash & short-term investments
1,843
2,141+16.2%
—
Accounts receivable
3,204
3,400+6.1%
—
Net PP&E
535
533−0.4%
—
Other assets
21,317
23,870+12.0%
—
Total liabilities
20,832
23,441+12.5%
23,454
Total debt
13,983
15,724+12.5%
15,833
Other liabilities
6,849
7,717+12.7%
—
Shareholders’ equity
6,067
6,503+7.2%
6,221
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,716
2,654−2.3%
2,704
Net income
1,373
1,361−0.9%
—
Depreciation & amortization
1,114
1,144+2.7%
—
Stock-based compensation
206
247+19.9%
—
Working capital & other
23
(98)−526.1%
—
Cash from investing
(1,444)
(2,305)n/m
—
Capex
(602)
(603)n/m
—
PP&E sold
25
75+200.0%
—
Acquisitions
(735)
(1,714)n/m
—
Other investing
(132)
(63)n/m
—
Cash from financing
(878)
(150)n/m
—
Debt raised
0
6,465n/m
—
Debt repaid
(172)
(5,193)n/m
—
Buybacks
(1,350)
(1,244)n/m
—
Other financing
644
(178)−127.6%
—
Net change in cash
326
278−14.7%
—
Free cash flow (OCF − capex)
2,114
2,051−3.0%
2,116
Where the cash went
Operating cash flow
2,716
2,654−2.3%
2,704
Reinvested in the business
1,337
2,317+73.3%
—
% of operating cash flow
49.2%
87.3%
Capex
602
603+0.2%
588
Acquisitions
735
1,714+133.2%
—
Free cash flow
2,114
2,051−3.0%
2,116
YoY
−3.0%
Returned to shareholders
1,350
1,244−7.9%
—
% of free cash flow
63.9%
60.7%
Buybacks
1,350
1,244−7.9%
—
Change in total debt
—
1,741
—
Cash left over
—
834
—
FCF conversion (FCF ÷ net income)
154.0%
150.8%−3.2 pp
—
Owner earnings
—
1,705
—
Owner earnings margin
—
10.5%
—
Returns & ratios
ROIC (all capital)
9.9%
9.6%−0.3 pp
—
ROIC (operating)
48.3%
47.9%−0.4 pp
—
Net debt / EBITDA
3.66x
4.08x+0.42x
—
Debt / equity
2.30x
2.42x+0.11x
—
ROE
22.6%
20.9%−1.7 pp
—
ROA
5.1%
4.5%−0.6 pp
—
ROCE
11.0%
10.1%−0.9 pp
—
NOPAT
1,805
1,836+1.7%
—
Invested capital (operating)
3,739
3,933+5.2%
—
Invested capital (all)
18,207
20,086+10.3%
—
Reinvestment rate
—
10.6%
—
Net debt is 4.1x EBITDA (FY25).
Income
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
4,017
4,100
4,364
4,151
vs year-ago quarter
Operating income
506
553
627
514
Net income
266
331
514
274
vs year-ago quarter
Net margin
6.6%
8.1%
11.8%
6.6%
EPS (diluted, $)
1.54
1.93
3.03
1.61
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
28,632
28,727
29,944
29,675
Cash & equivalents
2,039
1,814
2,141
1,947
Total debt
15,490
14,957
15,724
15,833
Shareholders’ equity
5,778
6,160
6,503
6,221
Cash flow
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
443
908
735
618
Capex
151
136
174
127
Free cash flow
292
772
561
491
vs year-ago quarter