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IQVIA Holdings (IQV) FY2025 results: revenue $16.3 billion, up 5.9% on the year

IQVIA Holdings Inc. (IQV) reported revenue of $16.3 billion for fiscal 2025, the year ended 31 December 2025, up 5.9% on the year before. Net income was $1.4 billion, down 0.9%, and diluted earnings per share $7.84. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$16.3 billion
+5.9% on the year
FY2018FY2025
Operating margin
13.4%
14.3% a year earlier
FY2018FY2025
Net income
$1.4 billion
-0.9% on the year
FY2018FY2025
Diluted EPS
$7.84
+4.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Backlog reached $32.7 billion: R&DS contracted backlog, including reimbursed expenses, was $32.7 billion, up 5.3% reported and 3.7% at constant currency. The third-quarter release reported $32.4 billion.
  • Full-year free cash flow was $2,051 million: Operating cash flow was $735 million in the fourth quarter against $885 million, and free cash flow $561 million against $721 million. For 2025 free cash flow equalled 99% of Adjusted Net Income.
Read the Q4 FY2025 earnings call summary

From this 10-K

IQVIA sells clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. It runs clinical trials on behalf of drug and device makers, and it holds and sells one of the largest collections of healthcare information in the world. It had approximately 93,000 employees in over 100 countries. It reported three segments in 2025, and effective 1 January 2026 reports two, Commercial Solutions and Research & Development Solutions.

IQVIA Holdings Inc., the 10-K for 2025

IQVIA sells clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. It runs clinical trials on behalf of drug and device makers, and it holds and sells one of the largest collections of healthcare information in the world. It had approximately 93,000 employees in over 100 countries. It reported three segments in 2025, and effective 1 January 2026 reports two, Commercial Solutions and Research & Development Solutions.

The data

More than 1.2 billion comprehensive, longitudinal, unique non-identified patient records, alongside sales, prescription, promotional and social media data, medical claims, electronic medical records and genomics data. The information set runs to approximately 68 petabytes of unique proprietary data sourced from approximately 150,000 data suppliers and covering over one million data feeds, and the company receives approximately 120 billion healthcare records annually. On that base it delivers information on approximately 90% of the world's pharmaceuticals as measured by 2024 sales, with product level tracking in 97 markets. Records are linked across disparate datasets through internally developed tokenisation engines, under privacy and security safeguards the filing describes at length.

Technology and Analytics

Cloud-based applications and the data business. The software covers customer relationship management, performance management, real-world evidence generation, compliance and safety reporting, incentive compensation, territory alignment, roster management, call planning, multi-channel marketing and master data management. The Global Market Insight family, including MIDAS, Analytics Link and Disease Insights, reports country-level metrics on pharmaceutical sales, prescribing trends, medical treatment and promotional activity across retail, hospital and mail order in over 100 countries. Real World Solutions builds evidence from claims, prescriptions, electronic medical records, genomics and patient reported outcomes, with access to profiles of over 4,600 real world data assets in more than 100 countries through the IQVIA Health Data Catalog. Consulting covers commercial model design, pricing and market access, and research and development strategy.

Research and Development Solutions

Running clinical trials for the industry: trial design, site identification, patient recruitment and the operational work of a study. Avacare Clinical Research Network is its site management organisation, orchestrating the activities of over 180 investigators across more than 20 therapeutic indications in nearly 50 locations, and decentralised approaches add direct-to-patient recruitment, remote nursing, data entry and study coordinator resource. Contracted backlog in this segment was $32.7 billion at 31 December 2025 against $31.1 billion a year earlier and $29.7 billion at the end of 2023, and the company states that approximately $8.3 billion of it will convert into work billed in the next 12 months.

Contract Sales and Medical

Contract sales and market access professionals deployed for biopharmaceutical and medical device companies at any stage of a product's life, from initial market entry to brands nearing patent expiry. Nurse-based patient engagement programmes work directly with patients on understanding their disease and their medication and on navigating reimbursement coverage. Medical services place educators at clinical trial sites to speed recruitment and retention, and field medical teams in front of key opinion leaders and healthcare decision makers before and after approval.

Clients and competition

Life sciences companies account for the majority of what the company sells, and nearly all of the top 100 global pharmaceutical and biotechnology companies are clients; payers, government and regulatory agencies, providers, distributors and pharmacies make up the rest. No single client accounted for 10% or more of total company revenues in 2025, 2024 or 2023, and the largest contributed approximately 5% in 2025. Competitors named in the filing include Accenture, Aetion, Panalgo, Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development, Relx, IBM, Infosys and Oracle. Of the approximately 93,000 employees, over 31,000 sit in Technology & Analytics Solutions, approximately 51,000 in Research & Development Solutions and approximately 7,000 in Contract Sales & Medical Solutions.

From IQVIA's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue16,31015,40514,984+5.9%
Cost of revenue10,88010,0309,745+8.5%
Gross profit5,4305,3755,239+1.0%
Gross margin33.3%34.9%35.0%
Selling, general and administrative1,9991,9922,053+0.4%
Operating income2,1822,2021,977-0.9%
Operating margin13.4%14.3%13.2%
Interest expense729670672+8.8%
Pre-tax income1,5911,6691,459-4.7%
Income tax252301101-16.3%
Effective tax rate15.8%18.0%6.9%
Net income1,3601,3731,358-0.9%
Net margin8.3%8.9%9.1%
Diluted EPS$7.84$7.49$7.29+4.7%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,6542,7162,149-2.3%
Capital expenditure603602649+0.2%
Free cash flow2,0512,1141,500-3.0%
Free cash flow margin12.6%13.7%10.0%
Cash from investing-2,305-1,444-1,603
Cash from financing-150-878-382
Depreciation and amortisation1,1441,1141,125+2.7%
Share-based compensation247206217+19.9%
Buybacks1,2441,350992-7.9%
Diluted shares, weighted174m183m186m-5.4%
Shares outstanding at period end170m176m182m-3.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity6,5036,0676,112+7.2%
Non-controlling interest1270.0n/a
Debt15,72413,98313,673+12.5%
Operating lease liabilities225173223+30.1%
Finance lease liabilities212218228-2.8%
Other liabilities7,1536,4586,445+10.8%
Total liabilities and equity29,94426,89926,681+11.3%
Fixed assets533535523-0.4%
Goodwill16,61614,71014,567+13.0%
Intangible assets4,9624,4994,839+10.3%
Investments161141120+14.2%
Cash and equivalents1,9801,7021,376+16.3%
Receivables3,4003,2043,381+6.1%
Other assets2,2922,1081,875+8.7%
Total assets29,94426,89926,681+11.3%

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