IQVIA (IQV) Financials

$170.68 -1.70 (-0.99%)

Closing price 03:59 PM Eastern

Extended Trading

$170.00 -0.68 (-0.40%)

As of 05:38 PM Eastern

Annual Income Statements for IQVIA

This table shows IQVIA's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	387	72	1,277	259	191	279	966	1,091	1,358	1,373	1,360
Consolidated Net Income / (Loss)	388	87	1,296	284	227	308	971	1,091	1,358	1,373	1,361
Net Income / (Loss) Continuing Operations	388	87	1,296	284	227	308	971	1,091	1,358	1,373	1,361
Total Pre-Tax Income	539	416	294	328	352	373	1,128	1,363	1,459	1,669	1,591
Total Operating Income	646	576	665	741	777	731	1,393	1,799	1,977	2,202	2,182
Total Gross Profit	1,621	2,067	3,401	3,666	3,788	3,859	4,641	5,028	5,239	5,375	5,430
Total Revenue	5,737	6,815	9,702	10,412	11,088	11,359	13,874	14,410	14,984	15,405	16,310
Operating Revenue	5,737	6,815	9,702	10,412	11,088	11,359	13,874	14,410	14,984	15,405	16,310
Total Cost of Revenue	4,116	4,748	6,301	6,746	7,300	7,500	9,233	9,382	9,745	10,030	10,880
Operating Cost of Revenue	4,116	4,748	6,301	6,746	7,300	7,500	9,233	9,382	9,745	10,030	10,880
Total Operating Expenses	975	1,491	2,736	2,925	3,011	3,128	3,248	3,229	3,262	3,173	3,248
Selling, General & Admin Expense	815	1,016	1,622	1,716	1,734	1,789	1,964	2,071	2,053	1,992	1,999
Depreciation Expense	128	289	1,011	1,141	1,202	1,287	1,264	1,130	1,125	1,114	1,144
Restructuring Charge	30	158	63	68	75	52	20	28	84	67	105
Total Other Income / (Expense), net	-107	-160	-371	-413	-425	-358	-265	-436	-518	-533	-591
Interest Expense	109	175	365	416	471	429	401	416	678	670	735
Interest & Investment Income	4.00	4.00	7.00	8.00	9.00	6.00	6.00	13	36	47	45
Other Income / (Expense), net	-2.00	11	-13	-5.00	37	65	130	-33	124	90	99
Income Tax Expense	159	325	-992	59	116	72	163	260	101	301	252
Other Gains / (Losses), net	8.00	-4.00	10	15	-9.00	7.00	6.00	-12	0.00	5.00	22
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	15	19	25	36	29	5.00	-	0.00	0.00	1.00
Basic Earnings per Share	$3.15	$0.48	$5.86	$1.27	$0.98	$1.46	$5.05	$5.82	$7.39	$7.57	$7.91
Weighted Average Basic Shares Outstanding	123M	149.10M	217.80M	203.70M	195.10M	191.30M	191.40M	187.60M	183.80M	181.30M	171.90M
Diluted Earnings per Share	$3.08	$0.47	$5.74	$1.24	$0.96	$1.43	$4.95	$5.72	$7.29	$7.49	$7.84
Weighted Average Diluted Shares Outstanding	125.60M	152M	222.60M	208.20M	199.60M	195M	195M	190.60M	186.30M	183.40M	173.50M
Weighted Average Basic & Diluted Shares Outstanding	122.90M	149.40M	217.90M	203.90M	192.34M	191.28M	190.49M	185.72M	181.50M	176.10M	169.70M

This table shows IQVIA's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	303	469	288	363	285	437	249	266	331	514	274
Consolidated Net Income / (Loss)	303	469	288	363	285	437	249	266	332	514	275
Net Income / (Loss) Continuing Operations	303	469	288	363	285	437	249	266	332	514	275
Total Pre-Tax Income	349	373	340	436	349	544	323	323	408	537	328
Total Operating Income	481	501	506	520	550	626	496	506	553	627	514
Total Gross Profit	1,310	1,390	1,293	1,326	1,378	1,378	1,298	1,323	1,373	1,436	1,355
Total Revenue	3,736	3,868	3,737	3,814	3,896	3,958	3,829	4,017	4,100	4,364	4,151
Operating Revenue	3,736	3,868	3,737	3,814	3,896	3,958	3,829	4,017	4,100	4,364	4,151
Total Cost of Revenue	2,426	2,478	2,444	2,488	2,518	2,580	2,531	2,694	2,727	2,928	2,796
Operating Cost of Revenue	2,426	2,478	2,444	2,488	2,518	2,580	2,531	2,694	2,727	2,928	2,796
Total Operating Expenses	829	889	787	806	828	752	802	817	820	809	841
Selling, General & Admin Expense	502	556	508	509	522	453	508	509	514	468	502
Depreciation Expense	297	316	264	269	278	303	265	276	286	317	288
Restructuring Charge	30	17	15	28	28	-4.00	29	32	20	24	51
Total Other Income / (Expense), net	-132	-128	-166	-84	-201	-82	-173	-183	-145	-90	-186
Interest Expense	181	187	166	163	170	171	169	182	189	195	192
Interest & Investment Income	14	12	11	12	13	11	11	10	13	11	10
Other Income / (Expense), net	35	47	-11	67	-44	78	-15	-11	31	94	-4.00
Income Tax Expense	51	-102	49	75	65	112	61	56	76	59	59
Other Gains / (Losses), net	5.00	-6.00	-3.00	2.00	1.00	5.00	-13	-1.00	0.00	36	6.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	-	0.00	-	1.00	-	1.00
Basic Earnings per Share	$1.66	$2.56	$1.58	$1.99	$1.57	$2.43	$1.42	$1.55	$1.94	$3.00	$1.63
Weighted Average Basic Shares Outstanding	182.90M	183.80M	181.90M	182.20M	182.10M	181.30M	175.70M	171.80M	170.20M	171.90M	168.40M
Diluted Earnings per Share	$1.63	$2.54	$1.56	$1.97	$1.55	$2.41	$1.40	$1.54	$1.93	$2.97	$1.61
Weighted Average Diluted Shares Outstanding	185.50M	186.30M	184.30M	184.30M	184.20M	183.40M	177.40M	173.20M	171.70M	173.50M	169.80M
Weighted Average Basic & Diluted Shares Outstanding	182.50M	181.50M	182.20M	182.30M	181.50M	176.10M	173M	170M	170.30M	169.70M	166.90M

This table details how cash moves in and out of IQVIA's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	110	221	-292	-68	-54	977	-448	-150	160	326	278
Net Cash From Operating Activities	476	860	970	1,254	1,417	1,959	2,942	2,260	2,149	2,716	2,654
Net Cash From Continuing Operating Activities	476	860	970	1,254	1,417	1,959	2,942	2,260	2,149	2,716	2,654
Net Income / (Loss) Continuing Operations	388	87	1,296	284	227	308	971	1,091	1,358	1,373	1,361
Consolidated Net Income / (Loss)	388	87	1,296	284	227	308	971	1,091	1,358	1,373	1,361
Depreciation Expense	128	289	1,011	1,141	1,202	1,287	1,264	1,130	1,125	1,114	1,144
Amortization Expense	17	33	12	11	13	18	17	15	18	21	23
Non-Cash Adjustments To Reconcile Net Income	-7.00	61	59	108	113	63	739	223	197	179	181
Changes in Operating Assets and Liabilities, net	-50	390	-1,408	-290	-138	283	-49	-199	-549	29	-55
Net Cash From Investing Activities	-67	1,731	-1,190	-810	-1,190	-796	-2,103	-2,006	-1,603	-1,444	-2,305
Net Cash From Continuing Investing Activities	-67	1,731	-1,190	-810	-1,190	-796	-2,103	-2,006	-1,603	-1,444	-2,305
Purchase of Property, Plant & Equipment	-78	-164	-369	-459	-582	-616	-640	-674	-649	-602	-603
Acquisitions	32	1,887	-854	-309	-588	-177	-1,458	-1,315	-876	-735	-1,714
Purchase of Investments	-23	-57	-	-44	-3.00	1.00	-15	-25	-45	-132	-42
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	25	75
Sale and/or Maturity of Investments	0.00	41	17	-	-22	-2.00	5.00	0.00	-38	-2.00	-20
Other Investing Activities, net	2.00	24	4.00	2.00	5.00	-2.00	5.00	8.00	5.00	2.00	-1.00
Net Cash From Financing Activities	-249	-2,284	-72	-452	-276	-217	-1,235	-329	-382	-878	-150
Net Cash From Continuing Financing Activities	-249	-2,284	-72	-452	-276	-217	-1,235	-329	-382	-878	-150
Repayment of Debt	-2,083	-1,958	-4,702	-3,083	-3,722	-2,532	-2,731	-2,664	-5,632	-1,133	-8,646
Repurchase of Common Equity	-515	-1,097	-2,620	-1,405	-949	-447	-406	-1,168	-992	-1,350	-1,244
Issuance of Debt	2,249	638	7,163	4,076	4,422	2,841	2,761	3,600	6,384	1,685	9,840
Other Financing Activities, net	39	36	87	-9.00	-9.00	-66	-101	-97	-142	-80	-100
Effect of Exchange Rate Changes	-50	-86	-	-60	-5.00	31	-52	-75	-4.00	-68	79

This table details how cash moves in and out of IQVIA's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-158	152	68	101	27	130	38	299	-225	166	-33
Net Cash From Operating Activities	583	747	522	588	721	885	568	443	908	735	618
Net Cash From Continuing Operating Activities	583	747	522	588	721	885	568	443	908	735	618
Net Income / (Loss) Continuing Operations	303	469	288	363	285	437	249	266	332	514	275
Consolidated Net Income / (Loss)	303	469	288	363	285	437	249	266	332	514	275
Depreciation Expense	297	316	264	269	278	303	265	276	286	317	288
Amortization Expense	5.00	5.00	5.00	6.00	5.00	5.00	5.00	6.00	6.00	6.00	6.00
Non-Cash Adjustments To Reconcile Net Income	47	36	47	46	36	50	86	44	51	-	77
Changes in Operating Assets and Liabilities, net	-69	-79	-82	-96	117	90	-37	-149	233	-102	-28
Net Cash From Investing Activities	-573	-212	-314	-221	-599	-310	-305	-346	-550	-1,104	-196
Net Cash From Continuing Investing Activities	-573	-212	-314	-221	-597	-312	-305	-346	-550	-1,104	-196
Purchase of Property, Plant & Equipment	-146	-179	-145	-143	-150	-164	-142	-151	-136	-174	-127
Acquisitions	-425	-7.00	-142	-79	-428	-86	-134	-181	-483	-916	-37
Purchase of Investments	-3.00	-25	-24	-24	49	-132	-32	-14	-21	6.00	-35
Sale and/or Maturity of Investments	-	-2.00	-3.00	-	-66	66	2.00	-	19	-22	1.00
Other Investing Activities, net	1.00	1.00	0.00	-	-2.00	4.00	1.00	-	-4.00	2.00	2.00
Net Cash From Financing Activities	-144	-420	-106	-260	-137	-375	-258	145	-572	535	-433
Net Cash From Continuing Financing Activities	-144	-420	-106	-260	-137	-375	-258	145	-572	535	-433
Repayment of Debt	-442	-3,311	-318	-353	-244	-218	-2,102	-1,784	-1,035	-3,725	-1,037
Repurchase of Common Equity	-144	-229	0.00	-	-200	-1,150	-375	-657	-	-212	-552
Issuance of Debt	450	3,125	275	100	310	1,000	2,260	2,600	500	4,480	1,200
Other Financing Activities, net	-8.00	-5.00	-63	-7.00	-3.00	-7.00	-41	-14	-37	-8.00	-44
Effect of Exchange Rate Changes	-24	37	-34	-6.00	-	-	33	57	-11	-	-22

This table presents IQVIA's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,926	21,208	22,857	22,549	23,251	24,564	24,689	25,337	26,681	26,899	29,944
Total Current Assets	2,412	3,337	3,554	3,874	4,126	5,090	4,763	4,981	5,596	5,829	6,249
Cash & Equivalents	977	1,198	959	891	837	1,814	1,366	1,216	1,376	1,702	1,980
Short-Term Investments	0.00	40	46	47	62	88	111	93	120	141	161
Accounts Receivable	1,166	1,707	2,097	2,394	2,582	2,410	2,551	2,917	3,381	3,204	3,400
Prepaid Expenses	51	123	146	151	138	159	156	151	141	154	162
Current Deferred & Refundable Income Taxes	135	34	47	69	56	56	58	43	32	36	27
Other Current Assets	83	235	259	322	451	563	521	561	546	592	519
Plant, Property, & Equipment, net	188	406	440	434	458	482	497	532	523	535	533
Total Noncurrent Assets	1,326	17,465	18,863	18,241	18,667	18,992	19,429	19,824	20,562	20,535	23,162
Long-Term Investments	85	82	78	142	152	162	164	162	239	374	432
Goodwill	720	10,727	11,850	11,800	12,159	12,654	13,301	13,921	14,567	14,710	16,616
Intangible Assets	368	6,390	6,591	5,951	5,514	5,205	4,943	4,820	4,839	4,499	4,962
Noncurrent Deferred & Refundable Income Taxes	43	89	109	109	119	114	124	118	166	194	357
Other Noncurrent Operating Assets	110	177	235	239	723	857	897	803	751	758	795
Total Liabilities & Shareholders' Equity	3,926	21,208	22,857	22,549	23,251	24,564	24,689	25,337	26,681	26,899	29,944
Total Liabilities	4,262	12,348	14,613	15,595	16,988	18,284	18,647	19,572	20,569	20,832	23,314
Total Current Liabilities	1,594	2,705	3,156	3,534	3,945	4,558	5,241	5,578	6,491	6,957	8,338
Short-Term Debt	49	92	103	100	100	149	91	152	718	1,145	1,840
Accounts Payable	145	250	322	2,295	2,512	2,813	2,981	3,316	3,564	3,684	3,751
Current Deferred Revenue	585	774	985	-	-	1,252	1,825	1,797	1,799	1,779	2,118
Current Deferred & Payable Income Tax Liabilities	35	76	72	100	108	102	137	161	116	156	140
Other Current Liabilities	19	20	10	1,039	1,225	242	207	152	294	193	489
Total Noncurrent Liabilities	2,668	9,643	11,457	12,061	13,043	13,726	13,406	13,994	14,078	13,875	14,976
Long-Term Debt	2,419	7,108	10,122	10,907	11,545	12,384	12,034	12,595	12,955	12,838	13,884
Noncurrent Deferred & Payable Income Tax Liabilities	66	2,133	895	736	646	338	410	464	202	196	179
Other Noncurrent Operating Liabilities	183	402	440	418	852	1,004	962	935	921	841	913
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-336	8,860	8,244	6,954	6,263	6,280	6,042	5,765	6,112	6,067	6,630
Total Preferred & Common Equity	-564	8,633	7,995	6,714	6,003	6,001	6,042	5,765	6,112	6,067	6,503
Total Common Equity	-564	8,633	7,995	6,714	6,003	6,001	6,042	5,765	6,112	6,067	6,503
Common Stock	9.00	10,602	10,782	10,901	11,049	11,095	10,777	10,898	11,028	11,143	11,378
Retained Earnings	-462	-399	538	807	998	1,277	2,243	3,334	4,692	6,065	7,425
Treasury Stock	0.00	-1,000	-3,374	-4,770	-5,733	-6,166	-6,572	-7,740	-8,741	-10,103	-11,357
Accumulated Other Comprehensive Income / (Loss)	-111	-570	49	-224	-311	-205	-406	-727	-867	-1,038	-943
Noncontrolling Interest	228	227	249	240	260	279	-	-	-	0.00	127

This table presents IQVIA's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	26,036	25,977	26,681	26,574	26,398	27,180	26,899	27,322	28,632	28,727	29,675
Total Current Assets	5,329	5,208	5,596	5,651	5,622	5,632	5,829	5,911	6,345	5,979	6,220
Cash & Equivalents	1,382	1,224	1,376	1,444	1,545	1,572	1,702	1,740	2,039	1,814	1,947
Short-Term Investments	110	108	120	131	133	140	141	136	149	158	156
Accounts Receivable	3,139	3,227	3,381	3,426	3,255	3,196	3,204	3,268	3,344	3,269	3,346
Prepaid Expenses	179	177	141	173	191	195	154	166	200	177	167
Current Deferred & Refundable Income Taxes	45	49	32	35	41	54	36	43	62	45	29
Other Current Assets	474	423	546	442	457	475	592	558	551	516	575
Plant, Property, & Equipment, net	510	498	523	513	503	513	535	533	536	525	516
Total Noncurrent Assets	20,197	20,271	20,562	20,410	20,273	21,035	20,535	20,878	21,751	22,223	22,939
Long-Term Investments	208	214	239	263	287	320	374	383	406	405	452
Goodwill	14,178	14,288	14,567	14,516	14,477	15,091	14,710	15,027	15,611	15,948	16,544
Intangible Assets	4,942	4,907	4,839	4,725	4,608	4,734	4,499	4,503	4,596	4,707	4,803
Noncurrent Deferred & Refundable Income Taxes	115	111	166	152	158	164	194	245	345	390	358
Other Noncurrent Operating Assets	754	751	751	754	743	726	758	720	793	773	782
Total Liabilities & Shareholders' Equity	26,036	25,977	26,681	26,574	26,398	27,180	26,899	27,322	28,632	28,727	29,675
Total Liabilities	20,288	20,172	20,569	20,230	19,684	20,213	20,832	21,337	22,846	22,439	23,326
Total Current Liabilities	6,543	6,589	6,491	6,448	6,620	6,992	6,957	7,179	7,572	8,508	8,329
Short-Term Debt	1,344	1,309	718	717	1,167	1,219	1,145	1,222	1,313	2,164	1,844
Accounts Payable	3,007	3,133	3,564	3,455	3,313	3,434	3,684	3,559	3,399	3,550	3,639
Current Deferred Revenue	1,844	1,838	1,799	1,914	1,811	1,824	1,779	1,940	2,123	2,160	2,261
Current Deferred & Payable Income Tax Liabilities	208	172	116	155	185	161	156	139	124	119	172
Other Current Liabilities	140	137	294	207	144	354	193	319	613	515	413
Total Noncurrent Liabilities	13,745	13,583	14,078	13,782	13,064	13,221	13,875	14,158	15,274	13,931	14,997
Long-Term Debt	12,433	12,322	12,955	12,819	12,091	12,293	12,838	13,108	14,177	12,793	13,989
Noncurrent Deferred & Payable Income Tax Liabilities	367	365	202	164	149	128	196	197	216	207	159
Other Noncurrent Operating Liabilities	945	896	921	799	824	800	841	853	881	931	849
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,748	5,805	6,112	6,344	6,714	6,967	6,067	5,985	5,786	6,288	6,349
Total Preferred & Common Equity	5,748	5,805	6,112	6,344	6,714	6,967	6,067	5,977	5,778	6,160	6,221
Total Common Equity	5,748	5,805	6,112	6,344	6,714	6,967	6,067	5,977	5,778	6,160	6,221
Common Stock	10,952	10,994	11,028	11,016	11,061	11,106	11,143	11,173	11,225	11,321	11,404
Retained Earnings	3,920	4,223	4,692	4,980	5,343	5,628	6,065	6,314	6,580	6,911	7,699
Treasury Stock	-8,364	-8,509	-8,741	-8,741	-8,741	-8,941	-10,103	-10,532	-11,145	-11,144	-11,914
Accumulated Other Comprehensive Income / (Loss)	-760	-903	-867	-911	-949	-826	-1,038	-978	-882	-928	-968
Noncontrolling Interest	-	-	-	-	-	-	-	8.00	8.00	128	128

This table displays calculated financial ratios and metrics derived from IQVIA's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.07%	18.79%	42.36%	7.32%	6.49%	2.44%	22.14%	3.86%	3.98%	2.81%	5.87%
EBITDA Growth	8.68%	15.21%	84.27%	12.72%	7.47%	3.55%	33.46%	3.82%	11.44%	5.64%	0.61%
EBIT Growth	7.69%	-8.85%	11.07%	12.88%	10.60%	-2.21%	91.33%	15.96%	18.97%	9.09%	-0.48%
NOPAT Growth	9.87%	-72.33%	2,208.58%	-79.11%	-14.28%	13.24%	102.02%	22.16%	26.40%	-1.92%	1.75%
Net Income Growth	8.68%	-77.58%	1,389.66%	-78.09%	-20.07%	35.68%	215.26%	12.36%	24.47%	1.10%	-0.87%
EPS Growth	13.24%	-84.74%	1,121.28%	-78.40%	-22.58%	48.96%	246.15%	15.56%	27.45%	2.74%	4.67%
Operating Cash Flow Growth	9.93%	80.67%	12.79%	29.28%	13.00%	38.25%	50.18%	-23.18%	-4.91%	26.38%	-2.28%
Free Cash Flow Firm Growth	-90.64%	-47,438.45%	101.94%	323.39%	-51.03%	28.07%	102.71%	-33.50%	-11.66%	143.26%	-105.52%
Invested Capital Growth	66.36%	1,277.57%	17.95%	-2.90%	-0.14%	-0.64%	-1.33%	3.12%	5.92%	-1.20%	10.92%
Revenue Q/Q Growth	1.96%	12.44%	2.60%	1.63%	1.90%	3.68%	2.50%	0.72%	0.87%	0.59%	2.55%
EBITDA Q/Q Growth	4.18%	10.48%	6.21%	5.42%	0.79%	6.27%	3.16%	0.97%	3.54%	4.35%	0.94%
EBIT Q/Q Growth	4.25%	-13.32%	5.33%	12.37%	-0.49%	13.07%	12.56%	-3.71%	7.74%	7.30%	0.75%
NOPAT Q/Q Growth	1.58%	-73.67%	2,968.26%	-81.17%	-18.70%	34.75%	18.72%	-5.12%	21.63%	-7.74%	4.06%
Net Income Q/Q Growth	5.10%	-78.87%	2,845.45%	-77.15%	-19.79%	55.56%	24.01%	-7.70%	21.68%	-2.28%	6.00%
EPS Q/Q Growth	5.12%	-85.54%	791.57%	-77.58%	-21.31%	58.89%	25.63%	-6.69%	22.32%	-1.71%	7.69%
Operating Cash Flow Q/Q Growth	-9.61%	38.79%	-18.07%	17.20%	13.27%	9.32%	-1.93%	-5.52%	9.53%	5.35%	-5.35%
Free Cash Flow Firm Q/Q Growth	-71.78%	-2,426.06%	101.76%	-49.43%	-34.64%	22.27%	-4.08%	-40.24%	661.18%	44.48%	-108.31%
Invested Capital Q/Q Growth	-5.89%	1,326.64%	8.40%	-1.08%	-0.09%	0.05%	1.58%	5.00%	0.89%	-3.33%	4.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.26%	30.33%	35.05%	35.21%	34.16%	33.97%	33.45%	34.89%	34.96%	34.89%	33.29%
EBITDA Margin	13.75%	13.34%	17.26%	18.13%	18.30%	18.50%	20.21%	20.20%	21.65%	22.25%	21.14%
Operating Margin	11.26%	8.45%	6.85%	7.12%	7.01%	6.44%	10.04%	12.48%	13.19%	14.29%	13.38%
EBIT Margin	11.23%	8.61%	6.72%	7.07%	7.34%	7.01%	10.98%	12.26%	14.02%	14.88%	13.99%
Profit (Net Income) Margin	6.76%	1.28%	13.36%	2.73%	2.05%	2.71%	7.00%	7.57%	9.06%	8.91%	8.34%
Tax Burden Percent	71.99%	20.91%	440.82%	86.59%	64.49%	82.57%	86.08%	80.04%	93.08%	82.26%	85.54%
Interest Burden Percent	83.70%	70.87%	45.09%	44.57%	43.24%	46.86%	74.06%	77.18%	69.44%	72.82%	69.75%
Effective Tax Rate	29.50%	78.13%	-337.42%	17.99%	32.95%	19.30%	14.45%	19.08%	6.92%	18.03%	15.84%
Return on Invested Capital (ROIC)	53.17%	1.59%	18.11%	3.55%	3.09%	3.51%	7.16%	8.67%	10.49%	10.06%	9.76%
ROIC Less NNEP Spread (ROIC-NNEP)	48.27%	0.52%	-3.36%	0.15%	0.22%	0.83%	5.06%	5.32%	6.33%	6.42%	5.95%
Return on Net Nonoperating Assets (RNNOA)	-127.78%	0.45%	-2.95%	0.19%	0.35%	1.40%	8.60%	9.81%	12.38%	12.49%	11.67%
Return on Equity (ROE)	-74.61%	2.04%	15.15%	3.74%	3.44%	4.91%	15.76%	18.48%	22.87%	22.55%	21.44%
Cash Return on Invested Capital (CROIC)	3.34%	-171.33%	1.64%	6.49%	3.23%	4.15%	8.50%	5.61%	4.74%	11.27%	-0.59%
Operating Return on Assets (OROA)	17.83%	4.67%	2.96%	3.24%	3.55%	3.33%	6.18%	7.06%	8.08%	8.56%	8.03%
Return on Assets (ROA)	10.75%	0.69%	5.88%	1.25%	0.99%	1.29%	3.94%	4.36%	5.22%	5.13%	4.79%
Return on Common Equity (ROCE)	-90.98%	1.93%	14.73%	3.62%	3.31%	4.70%	15.40%	18.48%	22.87%	22.55%	21.22%
Return on Equity Simple (ROE_SIMPLE)	-68.79%	1.01%	16.21%	4.23%	3.78%	5.13%	16.07%	18.92%	22.22%	22.63%	0.00%
Net Operating Profit after Tax (NOPAT)	455	126	2,909	608	521	590	1,192	1,456	1,840	1,805	1,836
NOPAT Margin	7.94%	1.85%	29.98%	5.84%	4.70%	5.19%	8.59%	10.10%	12.28%	11.72%	11.26%
Net Nonoperating Expense Percent (NNEP)	4.90%	1.07%	21.47%	3.40%	2.86%	2.68%	2.11%	3.35%	4.15%	3.64%	3.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.86%	9.30%	9.00%	8.22%
Cost of Revenue to Revenue	71.74%	69.67%	64.95%	64.79%	65.84%	66.03%	66.55%	65.11%	65.04%	65.11%	66.71%
SG&A Expenses to Revenue	14.21%	14.91%	16.72%	16.48%	15.64%	15.75%	14.16%	14.37%	13.70%	12.93%	12.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.99%	21.88%	28.20%	28.09%	27.16%	27.54%	23.41%	22.41%	21.77%	20.60%	19.91%
Earnings before Interest and Taxes (EBIT)	644	587	652	736	814	796	1,523	1,766	2,101	2,292	2,281
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	789	909	1,675	1,888	2,029	2,101	2,804	2,911	3,244	3,427	3,448
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.17	2.59	3.50	4.99	5.72	8.92	6.60	6.91	5.88	5.90
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.47	2.75	2.13	2.26	2.70	3.02	3.89	2.64	2.82	2.32	2.35
Price to Earnings (P/E)	21.84	260.03	16.20	90.74	156.97	123.12	55.80	34.88	31.09	25.98	28.23
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.58%	0.38%	6.17%	1.10%	0.64%	0.81%	1.79%	2.87%	3.22%	3.85%	3.54%
Enterprise Value to Invested Capital (EV/IC)	9.43	1.68	1.73	1.99	2.42	2.69	3.90	2.89	3.00	2.66	2.61
Enterprise Value to Revenue (EV/Rev)	1.76	3.64	3.10	3.23	3.68	3.97	4.64	3.42	3.61	3.08	3.17
Enterprise Value to EBITDA (EV/EBITDA)	12.78	27.31	17.96	17.83	20.13	21.47	22.96	16.95	16.70	13.84	14.98
Enterprise Value to EBIT (EV/EBIT)	15.66	42.30	46.13	45.75	50.17	56.66	42.27	27.93	25.78	20.69	22.65
Enterprise Value to NOPAT (EV/NOPAT)	22.14	197.06	10.34	55.40	78.39	76.45	54.03	33.89	29.44	26.28	28.13
Enterprise Value to Operating Cash Flow (EV/OCF)	21.19	28.87	31.01	26.85	28.82	23.02	21.88	21.83	25.20	17.46	19.47
Enterprise Value to Free Cash Flow (EV/FCFF)	352.51	0.00	114.45	30.26	74.93	64.62	45.51	52.43	65.17	23.46	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-7.35	0.81	1.24	1.58	1.86	2.00	2.01	2.21	2.24	2.30	2.37
Long-Term Debt to Equity	-7.20	0.80	1.23	1.57	1.84	1.97	1.99	2.18	2.12	2.12	2.09
Financial Leverage	-2.65	0.85	0.88	1.25	1.55	1.68	1.70	1.84	1.95	1.95	1.96
Leverage Ratio	-6.94	2.95	2.58	2.99	3.47	3.81	4.00	4.24	4.38	4.40	4.48
Compound Leverage Factor	-5.81	2.09	1.16	1.33	1.50	1.79	2.96	3.27	3.04	3.20	3.12
Debt to Total Capital	115.76%	44.83%	55.36%	61.28%	65.03%	66.62%	66.74%	68.86%	69.11%	69.74%	70.34%
Short-Term Debt to Total Capital	2.30%	0.57%	0.56%	0.56%	0.56%	0.79%	0.50%	0.82%	3.63%	5.71%	8.23%
Long-Term Debt to Total Capital	113.46%	44.26%	54.81%	60.73%	64.47%	65.83%	66.24%	68.04%	65.48%	64.03%	62.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.69%	1.41%	1.35%	1.34%	1.45%	1.48%	0.00%	0.00%	0.00%	0.00%	0.57%
Common Equity to Total Capital	-26.45%	53.75%	43.29%	37.38%	33.52%	31.90%	33.26%	31.14%	30.89%	30.26%	29.09%
Debt to EBITDA	3.13	7.92	6.10	5.83	5.74	5.97	4.32	4.38	4.21	4.08	4.56
Net Debt to EBITDA	1.78	6.47	5.46	5.26	5.22	4.98	3.74	3.87	3.68	3.43	3.81
Long-Term Debt to EBITDA	3.07	7.82	6.04	5.78	5.69	5.89	4.29	4.33	3.99	3.75	4.03
Debt to NOPAT	5.42	57.14	3.52	18.11	22.35	21.25	10.17	8.76	7.43	7.75	8.56
Net Debt to NOPAT	3.09	46.67	3.14	16.34	20.34	17.75	8.80	7.75	6.49	6.52	7.16
Long-Term Debt to NOPAT	5.31	56.41	3.48	17.95	22.16	20.99	10.10	8.65	7.04	7.11	7.56
Altman Z-Score	3.28	1.33	1.42	1.54	1.72	1.80	2.60	2.12	2.26	2.15	2.05
Noncontrolling Interest Sharing Ratio	-21.93%	5.34%	2.78%	3.22%	3.78%	4.30%	2.26%	0.00%	0.00%	0.00%	1.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.51	1.23	1.13	1.10	1.05	1.12	0.91	0.89	0.86	0.84	0.75
Quick Ratio	1.34	1.09	0.98	0.94	0.88	0.95	0.77	0.76	0.75	0.73	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	29	-13,544	263	1,113	545	698	1,415	941	831	2,022	-112
Operating Cash Flow to CapEx	610.26%	524.39%	262.87%	273.20%	243.47%	318.02%	459.69%	335.31%	331.12%	470.71%	502.65%
Free Cash Flow to Firm to Interest Expense	0.26	-77.39	0.72	2.67	1.16	1.63	3.53	2.26	1.23	3.02	-0.15
Operating Cash Flow to Interest Expense	4.37	4.91	2.66	3.01	3.01	4.57	7.34	5.43	3.17	4.05	3.61
Operating Cash Flow Less CapEx to Interest Expense	3.65	3.98	1.65	1.91	1.77	3.13	5.74	3.81	2.21	3.19	2.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.59	0.54	0.44	0.46	0.48	0.48	0.56	0.58	0.58	0.58	0.57
Accounts Receivable Turnover	5.36	4.74	5.10	4.64	4.46	4.55	5.59	5.27	4.76	4.68	4.94
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	30.33	22.95	22.94	23.83	24.86	24.17	28.34	28.01	28.41	29.12	30.54
Accounts Payable Turnover	32.44	24.04	22.03	5.16	3.04	2.82	3.19	2.98	2.83	2.77	2.93
Days Sales Outstanding (DSO)	68.12	76.94	71.56	78.72	81.90	80.20	65.26	69.25	76.71	78.01	73.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	11.25	15.18	16.57	70.80	120.18	129.58	114.52	122.49	128.85	131.88	124.71
Cash Conversion Cycle (CCC)	56.86	61.75	54.99	7.92	-38.27	-49.37	-49.27	-53.24	-52.14	-53.87	-50.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,070	14,740	17,386	16,881	16,857	16,749	16,526	17,041	18,050	17,833	19,781
Invested Capital Turnover	6.70	0.86	0.60	0.61	0.66	0.68	0.83	0.86	0.85	0.86	0.87
Increase / (Decrease) in Invested Capital	427	13,670	2,646	-505	-24	-108	-223	515	1,009	-217	1,948
Enterprise Value (EV)	10,086	24,829	30,079	33,669	40,835	45,100	64,384	49,332	54,165	47,433	51,665
Market Capitalization	8,452	18,722	20,688	23,502	29,981	34,352	53,900	38,056	42,227	35,667	38,387
Book Value per Share	($4.58)	$35.07	$37.83	$33.19	$30.94	$31.30	$31.63	$31.04	$33.49	$33.43	$38.19
Tangible Book Value per Share	($13.42)	($34.46)	($49.43)	($54.56)	($60.14)	($61.85)	($63.87)	($69.86)	($72.84)	($72.41)	($88.52)
Total Capital	2,132	16,060	18,469	17,961	17,908	18,813	18,167	18,512	19,785	20,050	22,354
Total Debt	2,468	7,200	10,225	11,007	11,645	12,533	12,125	12,747	13,673	13,983	15,724
Total Long-Term Debt	2,419	7,108	10,122	10,907	11,545	12,384	12,034	12,595	12,955	12,838	13,884
Net Debt	1,406	5,880	9,142	9,927	10,594	10,469	10,484	11,276	11,938	11,766	13,151
Capital Expenditures (CapEx)	78	164	369	459	582	616	640	674	649	577	528
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-110	-514	-504	-498	-618	-1,221	-1,864	-1,754	-1,673	-1,826	-2,390
Debt-free Net Working Capital (DFNWC)	867	724	501	440	281	681	-387	-445	-177	17	-249
Net Working Capital (NWC)	818	632	398	340	181	532	-478	-597	-895	-1,128	-2,089
Net Nonoperating Expense (NNE)	67	39	1,613	324	294	282	221	365	482	432	475
Net Nonoperating Obligations (NNO)	1,406	5,880	9,142	9,927	10,594	10,469	10,484	11,276	11,938	11,766	13,151
Total Depreciation and Amortization (D&A)	145	322	1,023	1,152	1,215	1,305	1,281	1,145	1,143	1,135	1,167
Debt-free, Cash-free Net Working Capital to Revenue	-1.92%	-7.54%	-5.19%	-4.78%	-5.57%	-10.75%	-13.44%	-12.17%	-11.17%	-11.85%	-14.65%
Debt-free Net Working Capital to Revenue	15.11%	10.62%	5.16%	4.23%	2.53%	6.00%	-2.79%	-3.09%	-1.18%	0.11%	-1.53%
Net Working Capital to Revenue	14.26%	9.27%	4.10%	3.27%	1.63%	4.68%	-3.45%	-4.14%	-5.97%	-7.32%	-12.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.15	$0.77	$6.01	$1.27	$0.98	$1.46	$5.05	$5.82	$7.39	$7.57	$7.91
Adjusted Weighted Average Basic Shares Outstanding	123.04M	149.10M	217.80M	203.70M	195.10M	191.30M	191.40M	187.60M	183.80M	181.30M	171.90M
Adjusted Diluted Earnings per Share	$3.08	$0.76	$5.88	$1.24	$0.96	$1.43	$4.95	$5.72	$7.29	$7.49	$7.84
Adjusted Weighted Average Diluted Shares Outstanding	125.63M	152M	222.60M	208.20M	199.60M	195M	195M	190.60M	186.30M	183.40M	173.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	119.38M	235.72M	208.25M	197.60M	192.34M	191.28M	190.49M	185.72M	181.50M	176.10M	169.70M
Normalized Net Operating Profit after Tax (NOPAT)	478	533	538	663	571	632	1,209	1,478	1,918	1,860	1,925
Normalized NOPAT Margin	8.33%	7.83%	5.54%	6.37%	5.15%	5.56%	8.71%	10.26%	12.80%	12.07%	11.80%
Pre Tax Income Margin	9.40%	6.10%	3.03%	3.15%	3.17%	3.28%	8.13%	9.46%	9.74%	10.83%	9.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.91	3.35	1.79	1.77	1.73	1.86	3.80	4.25	3.10	3.42	3.10
NOPAT to Interest Expense	4.18	0.72	7.97	1.46	1.11	1.38	2.97	3.50	2.71	2.69	2.50
EBIT Less CapEx to Interest Expense	5.19	2.42	0.78	0.67	0.49	0.42	2.20	2.63	2.14	2.56	2.39
NOPAT Less CapEx to Interest Expense	3.46	-0.22	6.96	0.36	-0.13	-0.06	1.38	1.88	1.76	1.83	1.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.77%	0.00%	0.00%	10.92%	7.93%	4.22%	78.06%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	133.51%	1,260.92%	202.16%	505.63%	425.99%	149.35%	119.88%	107.06%	73.05%	98.32%	91.40%

This table displays calculated financial ratios and metrics derived from IQVIA's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	169,700,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	169,700,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.61
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.88%	3.45%	2.33%	2.31%	4.28%	2.33%	2.46%	5.32%	5.24%	10.26%	8.41%
EBITDA Growth	14.25%	14.64%	1.33%	7.35%	-3.55%	16.46%	-1.70%	-9.86%	11.03%	3.16%	7.06%
EBIT Growth	11.21%	38.04%	-0.40%	8.70%	-1.94%	28.47%	-2.83%	-15.67%	15.42%	2.41%	6.03%
NOPAT Growth	8.02%	103.93%	14.38%	4.80%	8.97%	-22.08%	-7.10%	-2.85%	0.54%	12.27%	4.78%
Net Income Growth	7.07%	106.61%	-0.35%	22.22%	-5.94%	-6.82%	-13.54%	-26.72%	16.49%	17.62%	10.44%
EPS Growth	9.40%	109.92%	1.96%	23.90%	-4.91%	-5.12%	-10.26%	-21.83%	24.52%	23.24%	15.00%
Operating Cash Flow Growth	-32.45%	33.39%	25.18%	46.27%	23.67%	18.47%	8.81%	-24.66%	25.94%	-16.95%	8.80%
Free Cash Flow Firm Growth	-397.53%	-83.52%	-920.90%	125.57%	91.25%	292.49%	229.48%	-203.29%	126.49%	-294.63%	-396.00%
Invested Capital Growth	10.23%	5.92%	4.23%	1.02%	3.11%	-1.20%	0.08%	3.75%	2.28%	10.92%	8.70%
Revenue Q/Q Growth	0.21%	3.53%	-3.39%	2.06%	2.15%	1.59%	-3.26%	4.91%	2.07%	6.44%	-4.88%
EBITDA Q/Q Growth	1.87%	6.23%	-12.08%	12.83%	-8.47%	28.26%	-25.79%	3.46%	12.74%	19.18%	-22.99%
EBIT Q/Q Growth	-4.44%	6.20%	-9.67%	18.59%	-13.80%	39.13%	-31.68%	2.91%	17.98%	23.46%	-29.26%
NOPAT Q/Q Growth	-0.03%	55.34%	-32.12%	-0.58%	3.95%	11.07%	-19.07%	3.96%	7.58%	24.03%	-24.47%
Net Income Q/Q Growth	2.02%	54.79%	-38.59%	26.04%	-21.49%	53.33%	-43.02%	6.83%	24.81%	54.82%	-46.50%
EPS Q/Q Growth	2.52%	55.83%	-38.58%	26.28%	-21.32%	55.48%	-41.91%	10.00%	25.32%	53.89%	-45.79%
Operating Cash Flow Q/Q Growth	45.02%	28.13%	-30.12%	12.64%	22.62%	22.75%	-35.82%	-22.01%	104.97%	-19.05%	-15.92%
Free Cash Flow Firm Q/Q Growth	-28.61%	70.33%	19.16%	182.87%	-144.03%	752.55%	-45.62%	-166.11%	111.29%	-4,894.34%	17.30%
Invested Capital Q/Q Growth	0.36%	0.89%	-0.04%	-0.19%	2.44%	-3.33%	1.25%	3.47%	1.00%	4.84%	-0.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.06%	35.94%	34.60%	34.77%	35.37%	34.82%	33.90%	32.94%	33.49%	32.91%	32.64%
EBITDA Margin	21.90%	22.47%	20.44%	22.60%	20.25%	25.57%	19.61%	19.34%	21.37%	23.92%	19.37%
Operating Margin	12.87%	12.95%	13.54%	13.63%	14.12%	15.82%	12.95%	12.60%	13.49%	14.37%	12.38%
EBIT Margin	13.81%	14.17%	13.25%	15.39%	12.99%	17.79%	12.56%	12.32%	14.24%	16.52%	12.29%
Profit (Net Income) Margin	8.11%	12.13%	7.71%	9.52%	7.32%	11.04%	6.50%	6.62%	8.10%	11.78%	6.62%
Tax Burden Percent	86.82%	125.74%	84.71%	83.26%	81.66%	80.33%	77.09%	82.35%	81.37%	95.72%	83.84%
Interest Burden Percent	67.64%	68.07%	68.69%	74.28%	68.97%	77.27%	67.15%	65.25%	69.86%	74.48%	64.31%
Effective Tax Rate	14.61%	-27.35%	14.41%	17.20%	18.62%	20.59%	18.89%	17.34%	18.63%	10.99%	17.99%
Return on Invested Capital (ROIC)	9.57%	14.09%	9.88%	9.55%	9.68%	10.78%	9.02%	8.91%	9.36%	11.09%	8.96%
ROIC Less NNEP Spread (ROIC-NNEP)	8.63%	12.63%	8.62%	8.97%	8.30%	10.28%	7.73%	7.65%	8.37%	10.74%	7.81%
Return on Net Nonoperating Assets (RNNOA)	17.78%	24.69%	16.21%	16.82%	15.32%	20.00%	14.91%	14.81%	15.20%	21.07%	16.05%
Return on Equity (ROE)	27.36%	38.77%	26.09%	26.37%	25.00%	30.79%	23.93%	23.72%	24.56%	32.16%	25.01%
Cash Return on Invested Capital (CROIC)	-0.87%	4.74%	6.61%	9.65%	7.70%	11.27%	9.77%	5.93%	7.20%	-0.59%	1.51%
Operating Return on Assets (OROA)	8.17%	8.16%	7.63%	8.90%	7.48%	10.23%	7.22%	7.03%	8.10%	9.48%	7.17%
Return on Assets (ROA)	4.80%	6.99%	4.44%	5.50%	4.22%	6.35%	3.74%	3.78%	4.61%	6.76%	3.87%
Return on Common Equity (ROCE)	27.36%	38.77%	26.09%	26.37%	25.00%	30.79%	23.91%	23.70%	24.32%	31.84%	24.74%
Return on Equity Simple (ROE_SIMPLE)	19.22%	0.00%	21.39%	21.19%	20.17%	0.00%	22.32%	21.41%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	411	638	433	431	448	497	402	418	450	558	422
NOPAT Margin	10.99%	16.49%	11.59%	11.29%	11.49%	12.56%	10.51%	10.41%	10.98%	12.79%	10.16%
Net Nonoperating Expense Percent (NNEP)	0.94%	1.46%	1.26%	0.58%	1.38%	0.51%	1.29%	1.26%	0.98%	0.35%	1.16%
Return On Investment Capital (ROIC_SIMPLE)	-	3.22%	-	-	-	2.48%	1.98%	1.97%	2.12%	2.50%	1.90%
Cost of Revenue to Revenue	64.94%	64.06%	65.40%	65.23%	64.63%	65.18%	66.10%	67.07%	66.51%	67.09%	67.36%
SG&A Expenses to Revenue	13.44%	14.37%	13.59%	13.35%	13.40%	11.45%	13.27%	12.67%	12.54%	10.72%	12.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.19%	22.98%	21.06%	21.13%	21.25%	19.00%	20.95%	20.34%	20.00%	18.54%	20.26%
Earnings before Interest and Taxes (EBIT)	516	548	495	587	506	704	481	495	584	721	510
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	818	869	764	862	789	1,012	751	777	876	1,044	804
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.21	6.91	7.28	5.74	6.20	5.88	5.19	4.72	5.24	5.90	4.65
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.43	2.82	3.06	2.54	2.82	2.32	2.00	1.74	2.03	2.35	1.74
Price to Earnings (P/E)	32.28	31.09	34.01	27.07	30.75	25.98	23.27	22.04	25.17	28.23	20.90
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.10%	3.22%	2.94%	3.69%	3.25%	3.85%	4.30%	4.54%	3.97%	3.54%	4.79%
Enterprise Value to Invested Capital (EV/IC)	2.69	3.00	3.21	2.77	2.96	2.66	2.39	2.15	2.38	2.61	2.16
Enterprise Value to Revenue (EV/Rev)	3.24	3.61	3.84	3.29	3.57	3.08	2.78	2.56	2.83	3.17	2.55
Enterprise Value to EBITDA (EV/EBITDA)	15.36	16.70	17.78	15.04	16.65	13.84	12.63	12.07	13.17	14.98	12.10
Enterprise Value to EBIT (EV/EBIT)	24.67	25.78	27.56	23.21	25.60	20.69	18.93	18.37	19.88	22.65	18.33
Enterprise Value to NOPAT (EV/NOPAT)	31.80	29.44	30.43	26.08	27.95	26.28	24.27	22.80	25.50	28.13	22.82
Enterprise Value to Operating Cash Flow (EV/OCF)	24.52	25.20	25.67	20.42	21.21	17.46	15.61	15.35	16.05	19.47	15.66
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	65.17	49.51	28.83	39.07	23.46	24.47	36.95	33.49	0.00	148.90
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.35	2.24	2.13	1.97	1.94	2.30	2.39	2.68	2.38	2.37	2.49
Long-Term Debt to Equity	2.12	2.12	2.02	1.80	1.76	2.12	2.19	2.45	2.03	2.09	2.20
Financial Leverage	2.06	1.95	1.88	1.88	1.85	1.95	1.93	1.94	1.82	1.96	2.06
Leverage Ratio	4.50	4.38	4.26	4.21	4.16	4.40	4.37	4.40	4.22	4.48	4.62
Compound Leverage Factor	3.04	2.98	2.93	3.13	2.87	3.40	2.94	2.87	2.95	3.33	2.97
Debt to Total Capital	70.13%	69.11%	68.09%	66.38%	65.98%	69.74%	70.54%	72.81%	70.40%	70.34%	71.38%
Short-Term Debt to Total Capital	6.73%	3.63%	3.61%	5.84%	5.95%	5.71%	6.02%	6.17%	10.19%	8.23%	8.31%
Long-Term Debt to Total Capital	63.40%	65.48%	64.48%	60.54%	60.03%	64.03%	64.52%	66.63%	60.22%	62.11%	63.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%	0.60%	0.57%	0.58%
Common Equity to Total Capital	29.87%	30.89%	31.91%	33.62%	34.02%	30.26%	29.42%	27.16%	29.00%	29.09%	28.05%
Debt to EBITDA	4.35	4.21	4.16	4.00	4.11	4.08	4.20	4.65	4.38	4.56	4.52
Net Debt to EBITDA	3.86	3.68	3.60	3.41	3.50	3.43	3.54	3.87	3.68	3.81	3.79
Long-Term Debt to EBITDA	3.93	3.99	3.94	3.65	3.74	3.75	3.84	4.26	3.75	4.03	4.00
Debt to NOPAT	9.01	7.43	7.12	6.94	6.91	7.75	8.07	8.79	8.48	8.56	8.53
Net Debt to NOPAT	7.99	6.49	6.15	5.91	5.87	6.52	6.79	7.32	7.13	7.16	7.16
Long-Term Debt to NOPAT	8.14	7.04	6.74	6.33	6.28	7.11	7.38	8.05	7.25	7.56	7.54
Altman Z-Score	1.87	2.07	2.22	2.06	2.14	1.95	1.77	1.59	1.72	1.88	1.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.06%	0.97%	1.00%	1.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.79	0.86	0.88	0.85	0.81	0.84	0.82	0.84	0.70	0.75	0.75
Quick Ratio	0.69	0.75	0.78	0.75	0.70	0.73	0.72	0.73	0.62	0.66	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,250	-371	-300	249	-109	714	388	-257	29	-1,390	-1,149
Operating Cash Flow to CapEx	399.32%	417.32%	360.00%	411.19%	480.67%	539.63%	400.00%	293.38%	1,488.52%	422.41%	486.61%
Free Cash Flow to Firm to Interest Expense	-6.91	-1.98	-1.81	1.52	-0.64	4.18	2.30	-1.41	0.15	-7.13	-5.99
Operating Cash Flow to Interest Expense	3.22	3.99	3.14	3.61	4.24	5.18	3.36	2.43	4.80	3.77	3.22
Operating Cash Flow Less CapEx to Interest Expense	2.41	3.04	2.27	2.73	3.36	4.22	2.52	1.60	4.48	2.88	2.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.58	0.58	0.58	0.58	0.58	0.58	0.57	0.57	0.57	0.58
Accounts Receivable Turnover	5.06	4.76	4.64	4.74	4.77	4.68	4.63	4.76	4.92	4.94	5.03
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	29.56	28.41	29.18	29.92	30.30	29.12	29.63	30.22	30.64	30.54	31.71
Accounts Payable Turnover	3.17	2.83	2.97	3.11	3.02	2.77	2.88	3.08	3.02	2.93	3.10
Days Sales Outstanding (DSO)	72.08	76.71	78.59	77.00	76.54	78.01	78.83	76.71	74.19	73.90	72.57
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	115.15	128.85	122.98	117.26	120.72	131.88	126.53	118.66	121.02	124.71	117.87
Cash Conversion Cycle (CCC)	-43.07	-52.14	-44.40	-40.27	-44.18	-53.87	-47.69	-41.95	-46.83	-50.82	-45.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,890	18,050	18,042	18,007	18,447	17,833	18,056	18,682	18,868	19,781	19,627
Invested Capital Turnover	0.87	0.85	0.85	0.85	0.84	0.86	0.86	0.86	0.85	0.87	0.88
Increase / (Decrease) in Invested Capital	1,661	1,009	733	182	557	-217	14	675	421	1,948	1,571
Enterprise Value (EV)	48,114	54,165	57,850	49,817	54,680	47,433	43,125	40,167	44,998	51,665	42,347
Market Capitalization	36,029	42,227	46,152	38,524	43,200	35,667	31,046	27,263	32,290	38,387	28,941
Book Value per Share	$31.70	$33.49	$34.88	$36.85	$38.22	$33.43	$33.94	$33.40	$36.24	$38.19	$36.66
Tangible Book Value per Share	($73.12)	($72.84)	($70.90)	($67.90)	($70.53)	($72.41)	($76.96)	($83.40)	($85.26)	($88.52)	($89.13)
Total Capital	19,436	19,785	19,880	19,972	20,479	20,050	20,315	21,276	21,245	22,354	22,182
Total Debt	13,631	13,673	13,536	13,258	13,512	13,983	14,330	15,490	14,957	15,724	15,833
Total Long-Term Debt	12,322	12,955	12,819	12,091	12,293	12,838	13,108	14,177	12,793	13,884	13,989
Net Debt	12,085	11,938	11,698	11,293	11,480	11,766	12,071	12,896	12,580	13,151	13,278
Capital Expenditures (CapEx)	146	179	145	143	150	164	142	151	61	174	127
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,404	-1,673	-1,655	-1,509	-1,853	-1,826	-1,922	-2,102	-2,337	-2,390	-2,368
Debt-free Net Working Capital (DFNWC)	-72	-177	-80	169	-141	17	-46	86	-365	-249	-265
Net Working Capital (NWC)	-1,381	-895	-797	-998	-1,360	-1,128	-1,268	-1,227	-2,529	-2,089	-2,109
Net Nonoperating Expense (NNE)	108	169	145	68	163	60	153	152	118	44	147
Net Nonoperating Obligations (NNO)	12,085	11,938	11,698	11,293	11,480	11,766	12,071	12,896	12,580	13,151	13,278
Total Depreciation and Amortization (D&A)	302	321	269	275	283	308	270	282	292	323	294
Debt-free, Cash-free Net Working Capital to Revenue	-9.45%	-11.17%	-10.98%	-9.96%	-12.10%	-11.85%	-12.40%	-13.39%	-14.69%	-14.65%	-14.24%
Debt-free Net Working Capital to Revenue	-0.48%	-1.18%	-0.53%	1.12%	-0.92%	0.11%	-0.30%	0.55%	-2.30%	-1.53%	-1.59%
Net Working Capital to Revenue	-9.30%	-5.97%	-5.29%	-6.59%	-8.88%	-7.32%	-8.18%	-7.82%	-15.90%	-12.81%	-12.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.66	$2.56	$1.58	$1.99	$1.57	$2.43	$1.42	$1.55	$1.94	$3.00	$1.63
Adjusted Weighted Average Basic Shares Outstanding	182.90M	183.80M	181.90M	182.20M	182.10M	181.30M	175.70M	171.80M	170.20M	171.90M	168.40M
Adjusted Diluted Earnings per Share	$1.63	$2.54	$1.56	$1.97	$1.55	$2.41	$1.40	$1.54	$1.93	$2.97	$1.61
Adjusted Weighted Average Diluted Shares Outstanding	185.50M	186.30M	184.30M	184.30M	184.20M	183.40M	177.40M	173.20M	171.70M	173.50M	169.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	182.50M	181.50M	182.20M	182.30M	181.50M	176.10M	173M	170M	170.30M	169.70M	166.90M
Normalized Net Operating Profit after Tax (NOPAT)	436	363	446	454	470	494	426	445	466	579	463
Normalized NOPAT Margin	11.68%	9.37%	11.93%	11.90%	12.07%	12.48%	11.12%	11.07%	11.37%	13.28%	11.16%
Pre Tax Income Margin	9.34%	9.64%	9.10%	11.43%	8.96%	13.74%	8.44%	8.04%	9.95%	12.31%	7.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.85	2.93	2.98	3.60	2.98	4.12	2.85	2.72	3.09	3.70	2.66
NOPAT to Interest Expense	2.27	3.41	2.61	2.64	2.63	2.91	2.38	2.30	2.38	2.86	2.20
EBIT Less CapEx to Interest Expense	2.04	1.97	2.11	2.72	2.09	3.16	2.01	1.89	2.77	2.81	1.99
NOPAT Less CapEx to Interest Expense	1.46	2.45	1.74	1.76	1.75	1.95	1.54	1.47	2.06	1.97	1.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	74.19%	73.05%	63.60%	26.21%	30.53%	98.32%	129.31%	192.56%	169.94%	91.40%	102.45%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, four-year look at IQVIA (NYSE: IQV) focusing on trends in revenue, profitability, cash flow, and balance sheet metrics. The bullets highlight what may positively or negatively influence the stock, with positive items shown first, then neutral, then negative.

Revenue growth in Q4 2025: Operating revenue rose to $4.364B, up from $3.958B in Q4 2024 (about +10% YoY).
Earnings per share momentum: Diluted EPS in Q4 2025 was $2.97, up from $2.41 in Q4 2024.
Net income growth: Net income attributable to common shareholders reached $514M in Q4 2025, up from $437M in the year-ago period.
Solid free cash flow in Q4 2025: Free cash flow around $561M (CFO of $735M minus capex of $174M), indicating strong cash efficiency.
Margin dynamics: Gross margin declined to about 32.9% in Q4 2025 from roughly 34.8% in Q4 2024, suggesting margin compression.
Capex intensity: Capital expenditures were around $174M in Q4 2025, indicating steady but not aggressive investment in fixed assets.
Financing activity and liquidity signals: Debt issuance of about $4.48B and a net financing cash flow of roughly $0.54B imply greater leverage but provide liquidity headroom.
High leverage burden: Long-term debt around $12.79B and total liabilities near $22.44B, with cash around $1.81B, signaling a substantial net debt load.
Liquidity pressure on the balance sheet: As of mid-2025, current assets were about $5.98B versus current liabilities of $8.51B (roughly a 0.7x current ratio), indicating weaker near-term liquidity.
Investing cash outflows: Net cash from investing activities was about -$1.10B in Q4 2025, reflecting ongoing capital deployment and acquisitions.

05/14/26 05:08 PM ETAI Generated. May Contain Errors.

IQVIA Financials - Frequently Asked Questions

According to the most recent income statement we have on file, IQVIA's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

IQVIA's net income appears to be on an upward trend, with a most recent value of $1.36 billion in 2025, rising from $388 million in 2015. The previous period was $1.37 billion in 2024. View IQVIA's forecast to see where analysts expect IQVIA to go next.

IQVIA's total operating income in 2025 was $2.18 billion, based on the following breakdown:

Total Gross Profit: $5.43 billion
Total Operating Expenses: $3.25 billion

Over the last 10 years, IQVIA's total revenue changed from $5.74 billion in 2015 to $16.31 billion in 2025, a change of 184.3%.

IQVIA's total liabilities were at $23.31 billion at the end of 2025, a 11.9% increase from 2024, and a 447.0% increase since 2015.

In the past 10 years, IQVIA's cash and equivalents has ranged from $837 million in 2019 to $1.98 billion in 2025, and is currently $1.98 billion as of their latest financial filing in 2025.

Over the last 10 years, IQVIA's book value per share changed from -4.58 in 2015 to 38.19 in 2025, a change of -933.4%.

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Financial statements for NYSE:IQV last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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IQVIA (IQV) Financials

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IQVIA (IQV) Financials

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Key Financial Trends

IQVIA Financials - Frequently Asked Questions

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What is IQVIA's operating income?

How has IQVIA's revenue changed over the last 10 years?

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How has IQVIA's book value per share changed over the last 10 years?

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