IQVIA Holdings (IQV) Q4 FY2025 earnings: revenue $4.4 billion, up 10.3% on the year

IQVIA Holdings Inc. (IQV) reported revenue of $4.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.3% on the same quarter a year earlier. Net income was $514 million, up 17.6% on the year, and diluted earnings per share $2.99. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue

$4.4 billion

+10.3% on the year · +6.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

14.4%

15.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$514 million

+17.6% on the year · +55.3% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.99

+23.6% on the year · +54.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 new.

Fourth-quarter revenue rose 10.3%: Fourth-quarter revenue was $4,364 million, up 10.3% reported and 8.1% at constant currency. Full-year revenue was $16,310 million, up 5.9% reported and 4.8% at constant currency.
R&DS growth excluding pass-throughs was 4.9%: R&DS revenue was $2,333 million in the fourth quarter, up 9.9% reported and 8.2% at constant currency. Excluding pass-throughs, R&DS revenue grew 4.9% reported. Full-year R&DS revenue was $8,896 million, up 4.3%.
Book-to-bill was 1.18x in quarter: R&DS quarterly bookings were over $2.7 billion in the fourth quarter. The trailing-twelve-month book-to-bill ratio was 1.12x.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,364	4,100	3,958	+6.4%	+10.3%
Cost of revenue	2,928	2,727	2,580	+7.4%	+13.5%
Gross profit	1,436	1,373	1,378	+4.6%	+4.2%
Gross margin	32.9%	33.5%	34.8%
Selling, general and administrative	468	514	453	-8.9%	+3.3%
Operating income	627	553	626	+13.4%	+0.2%
Operating margin	14.4%	13.5%	15.8%
Interest expense	193	189	171	+2.1%	+12.9%
Pre-tax income	537	408	544	+31.6%	-1.3%
Income tax	59.0	76.0	112	-22.4%	-47.3%
Effective tax rate	11.0%	18.6%	20.6%
Net income	514	331	437	+55.3%	+17.6%
Net margin	11.8%	8.1%	11.0%
Diluted EPS	$2.99	$1.93	$2.42	+54.9%	+23.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	735	908	885	-19.1%	-16.9%
Capital expenditure	174	136	164	+27.9%	+6.1%
Free cash flow	561	772	721	-27.3%	-22.2%
Free cash flow margin	12.9%	18.8%	18.2%
Cash from investing	-1,104	-550	-310
Cash from financing	535	-572	-375
Depreciation and amortisation	317	286	303	+10.8%	+4.6%
Share-based compensation	60.0	55.0	48.0	+9.1%	+25.0%
Buybacks	212	0.0	1,150		-81.6%
Diluted shares, weighted	172m	172m	181m	+0.1%	-4.9%
Shares outstanding at period end	170m	170m	176m	-0.4%	-3.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	6,503	6,160	6,067	+5.6%	+7.2%
Non-controlling interest	127	128	0.0	-0.8%
Debt	15,724	14,957	13,983	+5.1%	+12.5%
Operating lease liabilities	225	233	173	-3.4%	+30.1%
Finance lease liabilities	212	n/a	218		-2.8%
Other liabilities	7,153	7,249	6,458	-1.3%	+10.8%
Total liabilities and equity	29,944	28,727	26,899	+4.2%	+11.3%
Fixed assets	533	525	535	+1.5%	-0.4%
Goodwill	16,616	15,948	14,710	+4.2%	+13.0%
Intangible assets	4,962	4,707	4,499	+5.4%	+10.3%
Investments	161	158	141	+1.9%	+14.2%
Cash and equivalents	1,980	1,814	1,702	+9.2%	+16.3%
Receivables	3,400	3,269	3,204	+4.0%	+6.1%
Other assets	2,292	2,306	2,108	-0.6%	+8.7%
Total assets	29,944	28,727	26,899	+4.2%	+11.3%

Questions

What was IQVIA Holdings' revenue in Q4 FY2025?

IQVIA Holdings (IQV) reported revenue of $4.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.3% on the same quarter a year earlier.

How much did IQVIA Holdings earn in Q4 FY2025?

Net income for Q4 FY2025 was $514 million, up 17.6% on the year, and diluted earnings per share $2.99.

When did IQVIA Holdings report Q4 FY2025 results?

IQVIA Holdings filed its 10-K for the year that ended with the quarter on 17 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,636	3,568	3,541	3,562	3,739	3,652	3,728	3,736	3,868	3,737	3,814	3,896	3,958	3,829	4,017	4,100	4,364	4,151	4,368	4,428
Cost of revenue	2,364	2,323	2,331	2,321	2,407	2,398	2,443	2,426	2,478	2,444	2,488	2,518	2,580	2,531	2,694	2,727	2,928	2,796	2,933	2,930
Gross profit	1,272	799	795	812	1,332	802	850	862	1,390	827	863	915	1,378	1,298	1,323	1,373	1,436	1,355	1,435	1,498
Gross margin	35%	22%	22%	23%	36%	22%	23%	23%	36%	22%	23%	23%	35%	34%	33%	33%	33%	33%	33%	34%
SG&A	542	488	483	517	583	513	482	502	556	508	509	522	453	508	509	514	468	502	574	569
Operating income	463	495	453	472	379	471	524	481	501	506	520	550	626	496	506	553	627	514	506	572
Operating margin	13%	14%	13%	13%	10%	13%	14%	13%	13%	14%	14%	14%	16%	13%	13%	13%	14%	12%	12%	13%
Interest expense	90.0	86.0	94.0	108	128	141	169	181	181	166	163	170	171	165	182	189	193	192	197	203
Pre-tax income	376	400	328	360	275	362	375	349	373	340	436	349	544	323	323	408	537	328	301	386
Tax rate	16%	18%	22%	19%	17%	20%	22%	15%	-27%	14%	17%	19%	21%	19%	17%	19%	11%	18%	20%	20%
Net income	318	325	256	283	227	289	297	303	469	288	363	285	437	249	266	331	514	274	256	350
Net margin	9%	9%	7%	8%	6%	8%	8%	8%	12%	8%	10%	7%	11%	7%	7%	8%	12%	7%	6%	8%
Diluted EPS	$1.62	$1.68	$1.34	$1.49	$1.20	$1.53	$1.59	$1.63	$2.54	$1.56	$1.97	$1.55	$2.42	$1.40	$1.54	$1.93	$2.99	$1.61	$1.53	$2.10
Operating cash flow	692	508	329	863	560	417	402	583	747	522	588	721	885	568	443	908	735	618	558	825
Capital expenditure	184	177	161	165	171	164	160	146	179	145	143	150	164	142	151	136	174	127	198	158
Free cash flow	508	331	168	698	389	253	242	437	568	377	445	571	721	426	292	772	561	491	360	667
Buybacks	204	403	490	210	65.0	129	490	144	229	0.0	0.0	200	1,150	375	657	0.0	212	552	398	0.0
Shares outstanding	191m	189m	187m	186m	186m	186m	183m	182m	182m	182m	182m	182m	176m	174m	170m	170m	170m	167m	165m	165m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 17 February 2026: the filing.