NYSE : IQV
IQVIA Holdings Inc. — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 267.33 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 44.06B
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Financial statements
IQVIA Holdings Inc. (IQV) reported revenue of 17.31B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 17.31B | 16.31B | 15.40B | 14.98B | 14.41B | 13.87B |
| Cost of Revenue | 11.59B | 10.88B | 10.03B | 9.74B | 9.38B | 9.23B |
| Gross Profit | 5.72B | 5.43B | 5.38B | 5.24B | 5.03B | 4.64B |
| Selling, General & Admin | 2.10B | 1.99B | 1.98B | 2.04B | 2.04B | 1.93B |
| Operating Expenses | 3.32B | 3.13B | 3.10B | 3.17B | 3.17B | 3.19B |
| Operating Income | 2.40B | 2.30B | 2.28B | 2.07B | 1.86B | 1.45B |
| Interest Expense | -785.00M | -729.00M | -670.00M | -672.00M | -416.00M | -375.00M |
| Interest & Investment Income | 40.00M | 45.00M | 47.00M | 36.00M | 13.00M | 6.00M |
| Earnings From Equity Investments | 101.00M | 22.00M | 5.00M | -12.00M | 6.00M | |
| Other Non Operating Income (Expenses) | -27.00M | 10.00M | -13.00M | 36.00M | -54.00M | 38.00M |
| EBT Excluding Unusual Items | 1.73B | 1.65B | 1.65B | 1.47B | 1.39B | 1.12B |
| Merger & Restructuring Charges | -174.00M | -105.00M | -67.00M | -84.00M | -28.00M | -20.00M |
| Gain (Loss) on Sale of Investments | 44.00M | 44.00M | 22.00M | 20.00M | -27.00M | 16.00M |
| Other Unusual Items | 50.00M | 28.00M | 71.00M | 52.00M | 15.00M | 17.00M |
| Pretax Income | 1.65B | 1.61B | 1.67B | 1.46B | 1.35B | 1.13B |
| Income Tax Expense | 254.00M | 252.00M | 301.00M | 101.00M | 260.00M | 163.00M |
| Earnings From Continuing Operations | 1.40B | 1.36B | 1.37B | 1.36B | 1.09B | 971.00M |
| Minority Interest in Earnings | -5.00M | -1.00M | -5.00M | |||
| Net Income | 1.39B | 1.36B | 1.37B | 1.36B | 1.09B | 966.00M |
| Net Income to Common | 1.39B | 1.36B | 1.37B | 1.36B | 1.09B | 966.00M |
| Shares Outstanding (Basic) | 167.25M | 171.90M | 181.30M | 183.80M | 187.60M | 191.40M |
| Shares Outstanding (Diluted) | 168.93M | 173.50M | 183.40M | 186.30M | 190.60M | 195.00M |
| EPS (Basic) | 8.33 | 7.91 | 7.57 | 7.39 | 5.82 | 5.05 |
| EPS (Diluted) | 8.25 | 7.84 | 7.49 | 7.29 | 5.72 | 4.95 |
| Free Cash Flow | 2.08B | 2.05B | 2.11B | 1.50B | 1.59B | 2.30B |
| Free Cash Flow Per Share | 12.31 | 11.82 | 11.53 | 8.05 | 8.32 | 11.80 |
| Gross Margin | 33.07% | 33.29% | 34.89% | 34.96% | 34.89% | 33.45% |
| Operating Margin | 13.89% | 14.09% | 14.79% | 13.82% | 12.91% | 10.42% |
| Profit Margin | 8.05% | 8.34% | 8.91% | 9.06% | 7.57% | 6.96% |
| Free Cash Flow Margin | 12.01% | 12.57% | 13.72% | 10.01% | 11.01% | 16.59% |
| EBITDA | 3.12B | 2.94B | 2.92B | 2.72B | 2.57B | 2.50B |
| EBITDA Margin | 18.01% | 18.01% | 18.96% | 18.16% | 17.84% | 18.01% |
| D&A For EBITDA | 714.00M | 640.00M | 642.00M | 650.00M | 711.00M | 1.05B |
| EBIT | 2.40B | 2.30B | 2.28B | 2.07B | 1.86B | 1.45B |
| EBIT Margin | 13.89% | 14.09% | 14.79% | 13.82% | 12.91% | 10.42% |
| Effective Tax Rate | 15.37% | 15.62% | 17.98% | 6.92% | 19.25% | 14.37% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.25B | 1.98B | 1.70B | 1.38B | 1.22B | 1.37B |
| Short-Term Investments | 173.00M | 161.00M | 141.00M | 120.00M | 93.00M | 111.00M |
| Cash & Short-Term Investments | 2.42B | 2.14B | 1.84B | 1.50B | 1.31B | 1.48B |
| Accounts Receivable | 3.29B | 3.40B | 3.20B | 3.38B | 2.92B | 2.55B |
| Other Receivables | 39.00M | 27.00M | 36.00M | 32.00M | 43.00M | 58.00M |
| Receivables | 3.33B | 3.43B | 3.24B | 3.41B | 2.96B | 2.61B |
| Prepaid Expenses | 210.00M | 162.00M | 154.00M | 141.00M | 151.00M | 156.00M |
| Other Current Assets | 487.00M | 519.00M | 592.00M | 546.00M | 561.00M | 521.00M |
| Total Current Assets | 6.45B | 6.25B | 5.83B | 5.60B | 4.98B | 4.76B |
| Property, Plant & Equipment | 847.00M | 823.00M | 773.00M | 819.00M | 863.00M | 903.00M |
| Long-Term Investments | 559.00M | 432.00M | 374.00M | 239.00M | 162.00M | 164.00M |
| Goodwill | 16.90B | 16.62B | 14.71B | 14.57B | 13.92B | 13.30B |
| Other Intangible Assets | 4.74B | 4.96B | 4.50B | 4.84B | 4.82B | 4.94B |
| Long-Term Deferred Tax Assets | 408.00M | 357.00M | 194.00M | 166.00M | 118.00M | 124.00M |
| Other Long-Term Assets | 571.00M | 505.00M | 520.00M | 455.00M | 472.00M | 491.00M |
| Total Assets | 30.47B | 29.94B | 26.90B | 26.68B | 25.34B | 24.69B |
| Accounts Payable | 3.68B | 780.00M | 736.00M | 709.00M | 645.00M | 621.00M |
| Accrued Expenses | 1.51B | 1.42B | 1.48B | 1.49B | 1.42B | |
| Current Portion of Long-Term Debt | 1.24B | 1.89B | 1.15B | 769.00M | 152.00M | 115.00M |
| Current Portion of Leases | 99.00M | |||||
| Current Income Taxes Payable | 171.00M | 140.00M | 156.00M | 116.00M | 161.00M | 137.00M |
| Current Unearned Revenue | 2.31B | 3.51B | 3.24B | 3.11B | 2.86B | 2.71B |
| Other Current Liabilities | 373.00M | 417.00M | 258.00M | 306.00M | 268.00M | 244.00M |
| Total Current Liabilities | 7.78B | 8.34B | 6.96B | 6.49B | 5.58B | 5.24B |
| Long-Term Debt | 14.82B | 13.88B | 12.84B | 12.96B | 12.60B | 12.03B |
| Long-Term Leases | 247.00M | 437.00M | 173.00M | 223.00M | 264.00M | 313.00M |
| Pension & Post-Retirement Benefits | 239.00M | 221.00M | 214.00M | 179.00M | 231.00M | |
| Long-Term Deferred Tax Liabilities | 157.00M | 179.00M | 196.00M | 202.00M | 464.00M | 410.00M |
| Other Long-Term Liabilities | 679.00M | 237.00M | 447.00M | 484.00M | 492.00M | 418.00M |
| Total Liabilities | 23.68B | 23.31B | 20.83B | 20.57B | 19.57B | 18.65B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Additional Paid-In Capital | 11.57B | 11.38B | 11.14B | 11.03B | 10.89B | 10.77B |
| Retained Earnings | 8.30B | 7.42B | 6.07B | 4.69B | 3.33B | 2.24B |
| Treasury Stock | -12.31B | -11.36B | -10.10B | -8.74B | -7.74B | -6.57B |
| Comprehensive Income & Other | -906.00M | -943.00M | -1.04B | -867.00M | -727.00M | -406.00M |
| Total Common Equity | 6.66B | 6.50B | 6.07B | 6.11B | 5.76B | 6.04B |
| Minority Interest | 131.00M | 127.00M | ||||
| Shareholders' Equity | 6.79B | 6.63B | 6.07B | 6.11B | 5.76B | 6.04B |
| Total Liabilities & Equity | 30.47B | 29.94B | 26.90B | 26.68B | 25.34B | 24.69B |
| Total Debt | 16.31B | 16.30B | 14.16B | 13.95B | 13.01B | 12.46B |
| Net Cash (Debt) | -13.89B | -14.16B | -12.32B | -12.45B | -11.70B | -10.98B |
| Net Cash Per Share | -82.24 | -81.64 | -67.16 | -66.83 | -61.40 | -56.33 |
| Filing Date Shares Outstanding | 164.80M | 169.70M | 176.10M | 181.50M | 185.72M | 190.49M |
| Total Common Shares Outstanding | 164.80M | 169.60M | 176.10M | 181.50M | 185.70M | 190.60M |
| Working Capital | -1.33B | -2.09B | -1.13B | -895.00M | -597.00M | -478.00M |
| Book Value Per Share | 40.41 | 38.34 | 34.45 | 33.67 | 31.04 | 31.70 |
| Tangible Book Value | -14.98B | -15.07B | -13.14B | -13.29B | -12.98B | -12.20B |
| Tangible Book Value Per Share | -90.89 | -88.89 | -74.63 | -73.25 | -69.88 | -64.02 |
| Land | 385.00M | 367.00M | 376.00M | 363.00M | 376.00M | |
| Machinery | 1.05B | 987.00M | 950.00M | 1.01B | 886.00M | |
| Order Backlog | 32.70B | 31.10B | 29.70B | 27.20B | 24.80B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.39B | 1.36B | 1.37B | 1.36B | 1.09B | 966.00M |
| Depreciation & Amortization | 714.00M | 640.00M | 642.00M | 650.00M | 711.00M | 1.05B |
| Other Amortization | 527.00M | 527.00M | 493.00M | 493.00M | 434.00M | 228.00M |
| Loss (Gain) From Sale of Assets | -10.00M | |||||
| Loss (Gain) From Sale of Investments | -17.00M | -44.00M | -22.00M | -20.00M | 27.00M | -16.00M |
| Loss (Gain) on Equity Investments | -101.00M | -22.00M | -5.00M | 12.00M | -6.00M | |
| Stock-Based Compensation | 303.00M | 247.00M | 206.00M | 217.00M | 194.00M | 170.00M |
| Other Operating Activities | -140.00M | -179.00M | -129.00M | -269.00M | -115.00M | -133.00M |
| Change in Accounts Receivable | -41.00M | 60.00M | 182.00M | -388.00M | -421.00M | -138.00M |
| Change in Accounts Payable | -96.00M | -96.00M | 115.00M | 267.00M | 427.00M | 244.00M |
| Change in Unearned Revenue | 242.00M | 242.00M | 9.00M | -29.00M | 31.00M | 591.00M |
| Change in Income Taxes | -299.00M | -299.00M | -155.00M | -164.00M | -128.00M | -2.00M |
| Change in Other Net Operating Assets | 250.00M | 218.00M | 7.00M | 34.00M | 7.00M | -15.00M |
| Operating Cash Flow | 2.74B | 2.65B | 2.72B | 2.15B | 2.26B | 2.94B |
| Capital Expenditures | -657.00M | -603.00M | -602.00M | -649.00M | -674.00M | -640.00M |
| Sale of Property, Plant & Equipment | 75.00M | 25.00M | ||||
| Cash Acquisitions | -1.50B | -1.71B | -735.00M | -876.00M | -1.31B | -1.46B |
| Investment in Securities | -80.00M | -62.00M | -134.00M | -83.00M | -25.00M | -10.00M |
| Other Investing Activities | 2.00M | -1.00M | 2.00M | 5.00M | 8.00M | 5.00M |
| Investing Cash Flow | -2.24B | -2.31B | -1.44B | -1.60B | -2.01B | -2.10B |
| Long-Term Debt Issued | 9.84B | 1.69B | 6.38B | 3.60B | 2.76B | |
| Long-Term Debt Repaid | -8.59B | -1.13B | -5.58B | -2.66B | -2.69B | |
| Net Debt Issued (Repaid) | 1.26B | 1.25B | 553.00M | 802.00M | 941.00M | 70.00M |
| Repurchase of Common Stock | -1.16B | -1.24B | -1.35B | -992.00M | -1.17B | -406.00M |
| Other Financing Activities | -135.00M | -153.00M | -81.00M | -192.00M | -102.00M | -899.00M |
| Financing Cash Flow | -34.00M | -150.00M | -878.00M | -382.00M | -329.00M | -1.24B |
| Foreign Exchange Rate Adjustments | -27.00M | 79.00M | -68.00M | -4.00M | -75.00M | -52.00M |
| Net Cash Flow | 435.00M | 278.00M | 326.00M | 160.00M | -150.00M | -448.00M |
| Free Cash Flow | 2.08B | 2.05B | 2.11B | 1.50B | 1.59B | 2.30B |
| Free Cash Flow Margin | 12.01% | 12.57% | 13.72% | 10.01% | 11.01% | 16.59% |
| Free Cash Flow Per Share | 12.31 | 11.82 | 11.53 | 8.05 | 8.32 | 11.80 |
| Levered Free Cash Flow | 2.12B | 2.22B | 1.94B | 1.45B | 1.48B | 2.10B |
| Unlevered Free Cash Flow | 2.58B | 2.65B | 2.34B | 1.86B | 1.73B | 2.32B |
| Cash Income Tax Paid | 395.00M | 395.00M | 255.00M | 222.00M | ||
| Change in Working Capital | 56.00M | 125.00M | 158.00M | -280.00M | -84.00M | 680.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 43.85B | 38.39B | 35.67B | 42.23B | 38.06B | 53.90B |
| Enterprise Value | 57.75B | 51.78B | 47.91B | 54.88B | 49.35B | 64.86B |
| Last Close Price | 267.33 | 225.41 | 196.51 | 231.38 | 204.89 | 282.14 |
| PE Ratio | 32.24 | 28.23 | 25.98 | 31.09 | 34.88 | 55.80 |
| Forward PE | 19.45 | 17.87 | 16.89 | 21.46 | 19.31 | 28.79 |
| PS Ratio | 2.54 | 2.35 | 2.31 | 2.82 | 2.64 | 3.88 |
| PB Ratio | 6.62 | 5.79 | 5.88 | 6.91 | 6.60 | 8.92 |
| P/FCF Ratio | 21.19 | 18.72 | 16.87 | 28.15 | 24.00 | 23.41 |
| P/OCF Ratio | 16.10 | 14.46 | 13.13 | 19.65 | 16.84 | 18.32 |
| PEG Ratio | 1.74 | 1.84 | 1.79 | 2.46 | 1.24 | 1.29 |
| EV/Sales Ratio | 3.35 | 3.17 | 3.11 | 3.66 | 3.42 | 4.67 |
| EV/EBITDA Ratio | 18.58 | 17.62 | 16.40 | 20.17 | 19.19 | 25.95 |
| EV/EBIT Ratio | 24.10 | 22.53 | 21.02 | 26.50 | 26.53 | 44.85 |
| EV/FCF Ratio | 27.87 | 25.25 | 22.66 | 36.58 | 31.11 | 28.18 |
| Debt / Equity Ratio | 2.40 | 2.46 | 2.33 | 2.28 | 2.26 | 2.06 |
| Debt / EBITDA Ratio | 4.97 | 5.26 | 4.60 | 4.84 | 4.75 | 4.64 |
| Debt / FCF Ratio | 7.85 | 7.95 | 6.70 | 9.30 | 8.20 | 5.41 |
| Net Debt / Equity Ratio | 2.05 | 2.14 | 2.03 | 2.04 | 2.03 | 1.82 |
| Net Debt / EBITDA Ratio | 4.46 | 4.82 | 4.22 | 4.58 | 4.55 | 4.40 |
| Net Debt / FCF Ratio | 6.68 | 6.91 | 5.83 | 8.30 | 7.38 | 4.77 |
| Asset Turnover | 0.58 | 0.57 | 0.57 | 0.58 | 0.58 | 0.56 |
| Quick Ratio | 0.74 | 0.67 | 0.73 | 0.76 | 0.77 | 0.78 |
| Current Ratio | 0.83 | 0.75 | 0.84 | 0.86 | 0.89 | 0.91 |
| Return on Equity (ROE) | 21.39% | 21.44% | 22.55% | 22.87% | 18.48% | 15.76% |
| Return on Assets (ROA) | 5.08% | 5.05% | 5.32% | 4.98% | 4.65% | 3.67% |
| Return on Invested Capital (ROIC) | 9.89% | 9.90% | 10.12% | 10.70% | 8.71% | 7.21% |
| Return on Capital Employed (ROCE) | 10.60% | 10.60% | 11.40% | 10.30% | 9.40% | 7.40% |
| Earnings Yield | 3.10% | 3.54% | 3.85% | 3.22% | 2.87% | 1.79% |
| FCF Yield | 4.72% | 5.34% | 5.93% | 3.55% | 4.17% | 4.27% |
| Buyback Yield / Dilution | 3.88% | 5.40% | 1.56% | 2.26% | 2.26% | -0.05% |